Optimal Inference for Spot Regressions

By Tim Bollerslev, Jia Li, and Yuexuan Ren

American Economic Review, March 2024

Betas from return regressions are commonly used to measure systematic financial market risks. "Good" beta measurements are essential for a range of empirical inquiries in finance and macroeconomics. We introduce a novel econometric framework for the nonpa...

The Gender Gap in Confidence: Expected but Not Accounted For

By Christine L. Exley and Kirby Nielsen

American Economic Review, March 2024

We investigate how the gender gap in confidence affects the views that evaluators (e.g., employers) hold about men and women. We find the confidence gap is contagious, causing evaluators to form overly pessimistic beliefs about women. This result arises e...

2024 AEA Poster Videos

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Watch videos from the 2024 AEA Annual Meeting Poster Session.

The Human Capital Stock: A Generalized Approach

By Benjamin F. Jones

American Economic Review, November 2014

This paper reconsiders the traditional approach to human capital measurement in the study of cross-country income differences. Within a broader class of neoclassical human capital aggregators, traditional accounting is found to be a theoretical lower boun...

The Human Capital Stock: A Generalized Approach: Comment

By Francesco Caselli and Antonio Ciccone

American Economic Review, March 2019

Jones (2014) examines development accounting with imperfect substitutability between different types of skills in the production of output. He finds that human capital variation can account for the totality of the variation in income across countries. We ...

The Human Capital Stock: A Generalized Approach: Reply

By Benjamin F. Jones

American Economic Review, March 2019

Human capital differences across countries can appear large or small depending on measurement methods. This Reply clarifies key assumptions and conceptual distinctions across accounting approaches. Accounting-based arguments for small human capital differ...

Aleksandr Gevorkyan on the Lebanese Diaspora

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What determines how much diaspora members stay financially engaged with their native country?

The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States

By Karel Mertens and Morten O. Ravn

American Economic Review, June 2013

This paper estimates the dynamic effects of changes in taxes in the United States. We distinguish between changes in personal and corporate income taxes and develop a new narrative account of federal tax liability changes in these two tax components. We...

The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States: Comment

By Carsten Jentsch and Kurt G. Lunsford

American Economic Review, July 2019

Mertens and Ravn (2013) estimate impulse response functions (IRFs) from income tax changes in a structural vector autoregression (SVAR) by using narrative accounts of tax liability changes as proxy variables. To produce confidence intervals for their IRFs...

The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States: Reply

By Karel Mertens and Morten O. Ravn

American Economic Review, July 2019

In this reply to a comment by Jentsch and Lunsford, we show that the evidence for economic and statistically significant macroeconomic effects of tax changes in Mertens and Ravn (2013) remains present for a range of asymptotically valid inference methods.

CSMGEP Profile: Ebonya Washington

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RAND

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Watch Melanie Zaber (RAND)

Why Is Productivity Slowing Down?

By Ian Goldin, Pantelis Koutroumpis, François Lafond, and Julian Winkler

Journal of Economic Literature, March 2024

We examine the contribution of different explanations to the slowdown of labor productivity. Comparing the post-2005 period with the preceding decade for five advanced economies, we seek to explain a slowdown of 0.8 to 1.8 pp. No single explanation acco...

New Russian Economic History

By Ekaterina Zhuravskaya ⓡ Sergei Guriev ⓡ Andrei Markevich

Journal of Economic Literature, March 2024

This survey discusses recent developments in the growing literature on the economic history of Russia in the nineteenth and twentieth centuries. Using novel data and modern empirical methods, this research provides important lessons for development and ...

Mediation, Military, and Money: The Promises and Pitfalls of Outside Interventions to End Armed Conflicts

By Dominic Rohner

Journal of Economic Literature, March 2024

Wars impose tremendous costs on societies and the question of how to end them is of foremost importance. Several hundred books and scientific articles have been written on peace agreements and third-party interventions. In this article I provide a criti...

From Outcome-Based to Language-Based Preferences

By Valerio Capraro, Joseph Y. Halpern, and Matjaž Perc

Journal of Economic Literature, March 2024

We review the literature on models that try to explain human behavior in social interactions described by normal-form games with monetary payoffs. We start by covering social and moral preferences. We then focus on the growing body of research showing tha...