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Nobel Lecture: The Institutional Origins of Shared Prosperity

By Simon Johnson

American Economic Review, June 2025

www.aeaweb.org/articles?id=10.1257/aer.115.6.1749

Nobel Lecture: Paths to the Periphery

By James A. Robinson

American Economic Review, June 2025

My research suggests that world inequality is explained by the incidence of extractive and inclusive institutions. But why do some countries have extractive institutions? I distinguish between two main reasons; first, power relations; second, the "normati...

www.aeaweb.org/articles?id=10.1257/aer.115.6.1787

Report of Independent Auditor

American Economic Review, June 2025

www.aeaweb.org/articles?id=10.1257/aer.115.6.2093

Front Matter

American Economic Review, June 2025

www.aeaweb.org/articles?id=10.1257/aer.115.6.i

The Geographic Flow of Bank Funding and Access to Credit: Branch Networks, Synergies, and Local Competition

By Victor Aguirregabiria, Robert Clark, and Hui Wang

American Economic Review, June 2025

Geographic dispersion of depositors, borrowers, and banks may prevent funding from flowing to high-loan-demand areas, limiting credit access. Using bank-county-year-level data, we provide evidence of geographic imbalance of deposits and loans and develop ...

www.aeaweb.org/articles?id=10.1257/aer.20200374

Who Benefits from Online Gig Economy Platforms?

By Christopher T. Stanton and Catherine Thomas

American Economic Review, June 2025

Online labor platforms for short-term remote work have many more job seekers than available jobs. Despite their relative abundance, workers capture a substantial share of the surplus from transactions. We draw this conclusion from demand estimates that im...

www.aeaweb.org/articles?id=10.1257/aer.20221189

Fiscal Policy and Credit Supply in a Crisis

By Diana Bonfim, Miguel A. Ferreira, Francisco Queiró, and Sujiao (Emma) Zhao

American Economic Review, June 2025

We measure how cuts to public procurement propagate through the banking system in a financial crisis. During the European sovereign debt crisis, the Portuguese government cut procurement spending by 4.3 percent of GDP. We find that this cut saddled banks ...

www.aeaweb.org/articles?id=10.1257/aer.20221499

Targeting Impact versus Deprivation

By Johannes Haushofer, Paul Niehaus, Carlos Paramo, Edward Miguel, and Michael Walker

American Economic Review, June 2025

A large literature has examined how best to target antipoverty programs to those most deprived in some sense (e.g., consumption). We examine the potential trade-off between this objective and targeting those most impacted by such programs. We work in the ...

www.aeaweb.org/articles?id=10.1257/aer.20221650

Corporate Discount Rates

By Niels Joachim Gormsen and Kilian Huber

American Economic Review, June 2025

We construct a dataset of firms' discount rates (i.e., required returns to capital) and perceived cost of capital using corporate conference calls. The relation between discount rates and the cost of capital is far below the one-to-one mapping assumed in ...

www.aeaweb.org/articles?id=10.1257/aer.20231246

Optimal Security Design for Risk-Averse Investors

By Alex Gershkov, Benny Moldovanu, Philipp Strack, and Mengxi Zhang

American Economic Review, June 2025

We use the tools of mechanism design combined with the theory of risk measures to analyze how a cash-constrained owner of an asset with known, stochastic returns raises capital from a population of investors who differ in their risk aversion and budget co...

www.aeaweb.org/articles?id=10.1257/aer.20231597