Coase and Cap-and-Trade: Evidence on the Independence Property from the European Carbon Market

By Aleksandar Zaklan

American Economic Journal: Economic Policy, May 2023

I examine the Coasean independence property in a large multinational cap-and-trade scheme for greenhouse gas emissions, the EU Emissions Trading System. I analyze whether emissions of power producers are independent from allowance allocations by leveragin...

The Health Impacts of Hospital Delivery Practices

By David Card, Alessandra Fenizia, and David Silver

American Economic Journal: Economic Policy, May 2023

Treatment practices vary widely across hospitals, often with little connection to patients' medical needs. We assess impacts of these differences in delivery practices at childbirth. We find that infants quasi-randomly delivered at hospitals with higher C...

Ask and You Shall Receive? Gender Differences in Regrades in College

By Cher Hsuehhsiang Li and Basit Zafar

American Economic Journal: Economic Policy, May 2023

Using administrative data from a large public university, we show that male students are 18.6 percent more likely than female students to receive favorable grade changes made by instructors. Surveys of students and instructors reveal that regrade requests...

Optimal Income Taxation with Spillovers from Employer Learning

By Ashley C. Craig

American Economic Journal: Economic Policy, May 2023

I study optimal income taxation when human capital investment is imperfectly observable by employers. In the model, Bayesian inference about worker productivity compresses the wage distribution, lowering the private return to human capital investment. An ...

Climate Change and Labor Reallocation: Evidence from Six Decades of the Indian Census

By Maggie Liu, Yogita Shamdasani, and Vis Taraz

American Economic Journal: Economic Policy, May 2023

How do rising temperatures affect long-term labor reallocation in developing economies? In this paper we examine how increases in temperature impact structural transformation and urbanization within Indian districts between 1951 and 2011. We find that ris...

Borrowing Costs after Sovereign Debt Relief

By Valentin Lang, David Mihalyi, and Andrea F. Presbitero

American Economic Journal: Economic Policy, May 2023

Can debt moratoria help countries weather negative shocks? We exploit the Debt Service Suspension Initiative (DSSI) to study the bond market effects of deferring official debt repayments. Using daily data on sovereign bond spreads and synthetic control me...

Does Pay Transparency Affect the Gender Wage Gap? Evidence from Austria

By Andreas Gulyas, Sebastian Seitz, and Sourav Sinha

American Economic Journal: Economic Policy, May 2023

We study the 2011 Austrian pay transparency law, which requires firms above a size threshold to publish internal reports on the gender pay gap. Using an event-study design, we show that the policy had no discernible effects on male and female wages, thus ...

The impact of bubbly episodes

[Research Highlight]

April 27, 2023

How do economic bubbles and crashes affect long-run economic growth?

Bubbles, Crashes, and Economic Growth: Theory and Evidence

By Pablo A. Guerron-Quintana, Tomohiro Hirano, and Ryo Jinnai

American Economic Journal: Macroeconomics, April 2023

We analyze the ups and downs in economic growth in recent decades by constructing a model with recurrent bubbles, crashes, and endogenous growth. Once realized, bubbles crowd in investment and stimulate economic growth, but expectation about future bubble...

Technology, Taxation, and Corruption: Evidence from the Introduction of Electronic Tax Filing

By Oyebola Okunogbe and Victor Pouliquen

American Economic Journal: Economic Policy, February 2022

Many e-government initiatives introduce technology to improve efficiency and avoid potential human bias. Using experimental variation, we examine the impact of electronic tax filing (to replace in-person submission to tax officials) using data from Tajiki...

The Rise of the Machines: Automation, Horizontal Innovation, and Income Inequality

By David Hémous and Morten Olsen

American Economic Journal: Macroeconomics, January 2022

We build an endogenous growth model with automation (the replacement of low-skill workers with machines) and horizontal innovation (the creation of new products). Over time, the share of automation innovations endogenously increases through an increase in...

Common Ownership in America: 1980–2017

By Matthew Backus, Christopher Conlon, and Michael Sinkinson

American Economic Journal: Microeconomics, August 2021

We empirically assess the implications of the common ownership hypothesis from a historical perspective using the set of S&P 500 firms from 1980 to 2017. We show that the dramatic rise in common ownership in the time series is driven primarily by the rise...

Guillermo Calvo, Distinguished Fellow 2023

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Drew Fudenberg, Distinguished Fellow 2023

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Maurice Obstfeld, Distinguished Fellow 2023

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Olivia Mitchell, Distinguished Fellow 2023

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The 2023 AEJ Best Paper Awards Have Been Announced

[News]

April 20, 2023

Learn more about the papers chosen as the 2023 AEJ Best Papers.

Gabriel Zucman, Clark Medalist 2023

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American Economic Association Announces Award Recipients for 2023

[News]

April 20, 2023

View recipients of the 2023 awards, including the Clark Medalist, Distinguished Fellows, Foreign Honorary Members, and AEJ Best Paper Awards.