Skilled Labor Productivity and Cross-Country Income Differences

By Lutz Hendricks and Todd Schoellman

American Economic Journal: Macroeconomics, January 2023

This paper revisits the question of how allowing for imperfect substitution among workers with different skill levels affects the results of development accounting. We consider a range of models that nest the approaches in the literature and calibrate the...

Childcare Subsidies and Child Skill Accumulation in One- and Two-Parent Families

By Emily G. Moschini

American Economic Journal: Macroeconomics, January 2023

I examine the role of family structure and childcare subsidies in child skill accumulation. I establish empirically that skill accumulation is more responsive to childcare price for one-parent families than for two-parent families. I analyze the effects o...

Women, Wealth Effects, and Slow Recoveries

By Masao Fukui, Emi Nakamura, and Jón Steinsson

American Economic Journal: Macroeconomics, January 2023

Business cycle recoveries have slowed in recent decades. This slow-down comes entirely from female employment, as women's employment rates converged toward men's during the past half-century. But does the slowdown in the growth of female employment rates ...

Consumption Heterogeneity: Micro Drivers and Macro Implications

By Edmund Crawley and Andreas Kuchler

American Economic Journal: Macroeconomics, January 2023

We document heterogeneity in the marginal propensity to consume (MPC) across household characteristics relevant to understanding heterogeneous agent models and monetary policy transmission. We find a strong negative relationship between household liquid w...

Firm Entry and Exit and Aggregate Growth

By Jose Asturias, Sewon Hur, Timothy J. Kehoe, and Kim J. Ruhl

American Economic Journal: Macroeconomics, January 2023

Applying the Foster, Haltiwanger, and Krizan (2001) decomposition to plant-level manufacturing data from Chile and Korea, we find that the entry and exit of plants account for a larger fraction of aggregate productivity growth during periods of fast GDP g...

Firm Wages in a Frictional Labor Market

By Leena Rudanko

American Economic Journal: Macroeconomics, January 2023

This paper studies wage setting in a directed search model of multiworker firms facing within-firm equity constraints on wages. The constraints reduce wages, as firms exploit their monopsony power over their existing workers, rendering wages less responsi...

Fiscal Policy, Relative Prices, and Net Exports in a Currency Union

By Luisa Lambertini and Christian Proebsting

American Economic Journal: Macroeconomics, January 2023

The hoped-for silver lining of euro-area austerity programs was to raise external competitiveness and improve current accounts. Using product- and industry-level data for 12 countries over the period 1999–2018, we show that reductions in government spen...

Uncovering the Effects of the Zero Lower Bound with an Endogenous Financial Wedge

By Dan Cao, Wenlan Luo, and Guangyu Nie

American Economic Journal: Macroeconomics, January 2023

We study the effects of the zero lower bound (ZLB) on the severity of financial crises using an incomplete markets New Keynesian model with two occasionally binding constraints: a ZLB on the nominal interest rate and a borrowing constraint tied to an asse...

Assessing the Gains from E-Commerce

By Paul Dolfen, Liran Einav, Peter J. Klenow, Benjamin Klopack, Jonathan D. Levin, Larry Levin, and Wayne Best

American Economic Journal: Macroeconomics, January 2023

E-commerce represents a rapidly growing share of consumer spending in the United States. We use transactions-level data on credit and debit cards from Visa, Inc. between 2007 and 2017 to quantify the resulting consumer surplus. We estimate e-commerce reac...

Networks in Economics and Finance

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Hilton Riverside, Grand Salon A Sec 3 & 6 Chair: Lin Peng (CUNY-Baruch College) Authors: Matthew O. Jackson (Stanford University), Suraj Malladi (Cornell University) (presenting), David McAdams (Duke University), Syngjoo Choi (Seoul National University), Sanjeev Goyal (University of Cambridge) (presenting), Frederic Moisan (Emlyon Business School), Francesco D'Acunto (Georgetown University) (presenting), Alberto G. Rossi (Georgetown University), Michael Weber (University of Chicago), David Hirshleifer (University of Southern California), Lin Peng (CUNY-Baruch College and University of Cambridge) (presenting), Qiguang Wang (Hong Kong Baptist University) Discussants: Sudipta Sarangi (Virginia Tech), Ville Rantala (University of Miami), Harrison Hong (Columbia University), Liyan Yang (University of Toronto)

AEA/ AFA Joint Luncheon-Fee Event

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Hilton Riverside, Grand Ballroom B & C Chair: Susan Athey (Stanford University) Speaker: Gita Gopinath (Harvard University)

Big Data to Infer Beliefs, Information and Unobserved Costs

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Hilton Riverside, Grand Salon D Sec 19 & 22 Chair: Laura Veldkamp (Columbia University) Authors: Wenting Song (Bank of Canada) (presenting), Nana Addai (University of North Carolina-Greensboro) (presenting), Amanda Rae Heitz (FDIC and Tulane University) (presenting), Christopher Martin (Federal Deposit Insurance Corporation), Alexander Brenden Ufier (FDIC), Alistai Macaulay (University of Oxford) Discussants: Kristoffer P. Nimark (Cornell University), Galina Hale (University of California-Santa Cruz), Yiming Ma (Columbia University)

Bosses, Mentors, and Careers

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Hilton Riverside, Grand Salon D Sec 19 & 22 Chair: Kathryn Shaw (Stanford University) Authors: Jason Sandvik (Tulane University), Richard Saouma (Michigan State University), Nathan Seegert (University of Utah), Christopher Stanton (Harvard University) (presenting), Ingrid Haegele (Ludwig Maximilian University of Munich) (presenting), Alan Benson (University of Minnesota) (presenting), Danielle Li (Massachusetts Institute of Technology and NBER), Kelly Shue (Yale University), Benjamin Anderson (Colgate University), Wayne A. Grove (Le Moyne College) (presenting) Discussants: Wayne A. Grove (Le Moyne College), Alan Benson (University of Minnesota), Christopher Stanton (Harvard University), Ingrid Haegele (Ludwig Maximilian University of Munich)

China and U.S. In the International Monetary System

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Hilton Riverside, Grand Salon D Sec 19 & 22 Chair: Carmen M. Reinhart (Harvard University and World Bank) Authors: Amanda Dos Santos (Columbia University), Christopher Clayton (Yale University) (presenting), Matteo Maggiori (Stanford University), Jesse Schreger (Columbia University), Jason Choi (University of Wisconsin-Madison), Rishabh Kirpalani (University of Wisconsin-Madison), Diego Perez (New York University) (presenting), Zhiguo He (University of Chicago) (presenting), Yuehan Wang (Central University of Finance and Economics), Xiaoquan Zhu (University of International Business and Economics), Sebastian Horn (Kiel Institute), Carmen M. Reinhart (Harvard University and World Bank) (presenting), Christoph Trebesch (Kiel Institute), Brad Parks (College of William & Mary) Discussants: Ricardo Reis (London School of Economics), Kenneth Rogoff (Harvard University), Antonio Coppola (Stanford University), Wenxin Du (University of Chicago)

Impacts of Curriculum, College, and Vocational Training on Educational Outcomes

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Hilton Riverside, Grand Salon D Sec 19 & 22 Chair: Francisca Antman (University of Colorado Boulder) Authors: Jennifer Seager (George Washington University) (presenting), Sarah Baird (George Washington University), T.M. Asaduzzaman (World Bank), Shwetlena Sabarwal (World Bank), Amita Vyas (George Washington University), Xiaoxiao Li (Villanova University) (presenting), Sebastian Linde (Medical College of Wisconsin), Hajime Shimao (McGill University), Alina Malkova (Florida Institute of Technology) (presenting), Fulya Ersoy (Loyola Marymount University) (presenting), Graham Beattie (Loyola Marymount University) Discussants: Bryce Millet Steinberg (Brown University), Celeste K. Carruthers (University of Tennessee), Tisha Emerson (Baylor University), Laura Ahlstrom (Oklahoma State University)

Efficient and Effective Course Preparation

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Hilton Riverside, Grand Salon A Sec 3 & 6 Chair: Wendy Stock (Montana State University) Panelists: Martha L. Olney (University of California-Berkeley), Justin Wolfers (University of Michigan), Jennifer Imazeki (San Diego State University), Gregory Mankiw (Harvard University)

How Can Department Chairs Influence Diversity, Equity and Belonging in the Economics Profession?

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Hilton Riverside, Grand Ballroom D Chair: Donna K. Ginther (University of Kansas) Panelists: Donna Gilleskie (University of North Carolina-Chapel Hill), Trevon Logan (Ohio State University), Linda Hooks (Washington & Lee University), Joshua Rosenbloom (Iowa State University)

Economic Uses and Applications of AI and Big Data

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Hilton Riverside, Grand Salon D Sec 19 & 22 Chair: Laura Veldkamp (Columbia University) Authors: Roxana Mihet (Swiss Finance Institute & HEC Lausanne) (presenting), Mehmet Canayaz (Pennsylvania State University), Ilja Kantorovitch (Pompeu Fabra University), Lea Stern (University of Washington) (presenting), Victor Lyonnet (Ohio State University), Jillian Grennan (University of California-Berkeley) (presenting), Allison Luedtke (St. Olaf College) (presenting), Crolina Mattsson (Leiden Institute for Advanced Computer Science), Frank Takes (Leiden Institute for Advanced Computer Science), Ian Appel (University of Virginia) Discussants: Daniel Rock (University of Pennsylvania), Romana Nanda (Imperial College London), Jason Sandvik (Tulane University), Wenhao Li (University of Southern California)

Interventions to Close Gender Gaps: What Works and What Can Backfire

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Hilton Riverside, Grand Salon D Sec 19 & 22 Chair: Olga Shurchkov (Wellesley College) Authors: Belinda Archibong (Columbia University) (presenting), Francis Annan (George State University), Oyebola Okunogbe (World Bank), Ifeatu Oliobi (Columbia University), Stephanie Owen (Colby College) (presenting), Ursina Schaede (University of Zurich) (presenting), Ville Mankki (University of Turku), Mallory Avery (Monash University) (presenting) Discussants: Julia Seither (University of Rosario), Mary Kaltenberg (Pace University), Tatiana Mocanu (University of Illinois-Urbana-Champaign), Michaela Pagel (Columbia University)