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Monetary Policy and Rational Asset Price Bubbles: Comment

By Franklin Allen, Gadi Barlevy, and Douglas Gale

American Economic Review, August 2025

Galí (2014) showed that a monetary policy rule that raises rates when bubbles exceed some steady-state benchmark can paradoxically lead to larger deviations from steady state. Nevertheless, this comment shows that a central bank can always dampen a bubbl...

www.aeaweb.org/articles?id=10.1257/aer.20230983

Keep Your Enemies Closer: Strategic Platform Adjustments during US and French Elections

By Rafael Di Tella, Randy Kotti, Caroline Le Pennec, and Vincent Pons

American Economic Review, August 2025

We study changes in political discourse during campaigns, using a novel dataset of candidate websites for US House elections, 2002–2016, and manifestos for French parliamentary and local elections, 1958–2022. We find that candidates move to the center...

www.aeaweb.org/articles?id=10.1257/aer.20231045

Cursed Sequential Equilibrium

By Meng-Jhang Fong, Po-Hsuan Lin, and Thomas R. Palfrey

American Economic Review, August 2025

This paper develops a framework to extend the strategic form analysis of cursed equilibrium (CE) developed by Eyster and Rabin (2005) to multistage games. The approach uses behavioral strategies rather than normal form mixed strategies and imposes sequent...

www.aeaweb.org/articles?id=10.1257/aer.20231130

Underbidding for Oil and Gas Tracts

By Julien Martin, Martin Pesendorfer, and Jack Shannon

American Economic Review, August 2025

Common values auction models, where bidder decisions depend on noisy signals of common values, provide predictions about Bayesian Nash equilibrium (BNE) outcomes. In settings where these common values can be estimated, these predictions can be tested. We ...

www.aeaweb.org/articles?id=10.1257/aer.20231356

The Negligible Effect of Free Contraception on Fertility: Experimental Evidence from Burkina Faso

By Pascaline Dupas, Seema Jayachandran, Adriana Lleras-Muney, and Pauline Rossi

American Economic Review, August 2025

We conducted a randomized trial among 14,545 households in rural Burkina Faso to test the oft-cited hypothesis that limited access to contraception is an important driver of high fertility rates in West Africa. We do not find support for this hypothesis. ...

www.aeaweb.org/articles?id=10.1257/aer.20241305

Monetary Policy and Rational Asset Price Bubbles

By Jordi Galí

American Economic Review, March 2014

I examine the impact of alternative monetary policy rules on a rational asset price bubble, through the lens of an overlapping generations model with nominal rigidities. A systematic increase in interest rates in response to a growing bubble is shown to e...

www.aeaweb.org/articles?id=10.1257/aer.104.3.721

Development programs in war zones

[Research Highlight]

July 29, 2025

Did development aid in Afghanistan help counter the Taliban’s insurgency?

www.aeaweb.org/research/development-programs-insurgencies-afghanistan

Can Development Programs Counter Insurgencies? Evidence from a Field Experiment in Afghanistan

By Andrew Beath, Fotini Christia, and Ruben Enikolopov

American Economic Journal: Applied Economics, July 2025

We exploit a randomized controlled trial conducted between 2007 and 2011 to identify the effect of Afghanistan's largest local governance and development program on the strength of the insurgency. We find that the program reduced violence, improved econom...

www.aeaweb.org/articles?id=10.1257/app.20230150

The Life-Cycle Implications of Temporary Employment Contracts

By Rosemary Kaiser

American Economic Journal: Macroeconomics

Employment protections often create two-tiered labor markets with substantial differences in job security. I estimate the effects of removing these protections using a quantitative life-cycle model, where younger workers are more likely to select into ...

www.aeaweb.org/articles?id=10.1257/mac.20230376

Work from Home and Disability Employment

By Nicholas Bloom, Gordon B. Dahl, and Dan-Olof Rooth

American Economic Review: Insights

There has been a dramatic rise in disability employment since the pandemic. At the same time, work from home (WFH) has risen four-fold. This paper asks whether the two are causally related. Controlling for compositional changes and labor market tightnes...

www.aeaweb.org/articles?id=10.1257/aeri.20240538

Different Paths to College Success: The Impact of Massachusetts’ Charter Schools on College Trajectories

By Sarah R. Cohodes and Astrid Pineda

American Economic Review: Insights

The charter school movement encompasses many school models. In Massachusetts in the 2010’s, the site of our study, urban charter schools primarily used “No Excuses” practices, whereas nonurban charters had greater model variety. Using randomized a...

www.aeaweb.org/articles?id=10.1257/aeri.20240391

Power Flows: Transmission Lines, Allocative Efficiency, and Corporate Profits

By Catherine Hausman

American Economic Review, August 2025

Accelerated investment in electricity transmission could reduce total costs and enhance renewable integration. I document static allocative inefficiencies induced by incomplete market integration in 2 major US markets; these have risen over time and total...

www.aeaweb.org/articles?id=10.1257/aer.20240276

Age at School Entry and Human Capital Development: Evidence from Lesotho

By Jan-Walter De Neve, Ramaele Moshoeshoe, and Jacob Bor

American Economic Journal: Applied Economics

There is scant evidence on the impact of school-entry age in lower-income countries. We assess the impact of school starting age on human capital development in Lesotho, exploiting an enrollment age threshold. Children who start primary school at an old...

www.aeaweb.org/articles?id=10.1257/app.20230709

Labor Market Power and Development

By Tristany Armangué-Jubert, Nezih Guner, and Alessandro Ruggieri

American Economic Review: Insights, June 2025

Imperfect competition in labor markets can lead to efficiency losses and lower aggregate output. This paper examines how variations in labor market competitiveness may account for differences in GDP per capita among countries. By structurally estimating a...

www.aeaweb.org/articles?id=10.1257/aeri.20230564