Credit, Debt-Deflation, and the Great Depression Revisited

By Ben S. Bernanke

Journal of Economic Perspectives, Fall 2025

This article revisits the thesis of Bernanke (1983) that the disruption of private credit markets induced by deflation and falling nominal incomes helps to explain the depth and persistence of the Great Depression. This new look is motivated by economists...

Front Matter

Journal of Economic Perspectives, Fall 2025

Recommendations for Further Reading

By Timothy Taylor

Journal of Economic Perspectives, Fall 2025

Cryptocurrencies, central bank independence, and foreign aid

[News]

October 28, 2025

Reading recommendations from Timothy Taylor, managing editor of the Journal of Economic Perspectives.

Why Regulate Junk Fees?

By Neale Mahoney

Journal of Economic Perspectives, Fall 2025

This essay examines the growing prevalence of junk fees, including mandatory back-end fees and hidden add-on charges, which obscure the true cost of goods and services. Drawing on examples from event tickets, hotels, cable bills, restaurants, and financia...

CSMGEP Profiles: Kalena E. Cortes

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Orchestrating Impartiality: The Impact of "Blind" Auditions on Female Musicians

By Claudia Goldin and Cecilia Rouse

American Economic Review, September 2000

A change in the audition procedures of symphony orchestras—adoption of "blind" auditions with a "screen" to conceal the candidate's identity from the jury—provides a test for sex-biased hiring. Using data from actual auditions, in an individual fixed-...

Ombuds Drop-in Hour Available Today

[News]

November 07, 2025

View the AEA Member Announcement from November 12th, 2025.

Data Linkages and Privacy Regulation

By Rossella Argenziano and Alessandro Bonatti

American Economic Journal: Microeconomics

We assess the efficacy of privacy regulation when consumers are privacy conscious. We develop a model of data linkages where a consumer interacts sequentially with two firms: one firm collects data on consumer behavior, and the other firm leverages the...

The Missing Middle Managers: Labor Costs, Firm Structure, and Development

By Jonas Hjort, Hannes Malmberg, and Todd Schoellman

American Economic Review: Insights

Using data obtained from human resources consulting firms, we document the cost to large firms of hiring managers and business professionals in 146 countries worldwide. The average pay in the poorest decile of countries is $18,000 per year, which is 9....

TFPR: Dispersion and Cyclicality

By Russell Cooper and Ozgen Ozturk

American Economic Journal: Macroeconomics

This paper studies the determinants of the cyclicality of TFPR. The distribution of TFPR is dependent upon exogenous shocks and the endogenous determination of prices. An overlapping generations model studies the factors that shape the TFPR distribution. ...

Rational Misspecification: Framework and Applications

By Ran Eilat and Kfir Eliaz

American Economic Journal: Microeconomics

This paper proposes a framework for assessing whether misspecified decision makers would be willing to pay for information that can potentially make them less misspecified. We introduce a prior-free approach, based on “constrained” maximal regret, ...

Tariffs and local labor markets

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The impact of the 2002 Bush steel tariffs on jobs in steel-intensive industries.

URM Travel Grants

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Collective Bargaining Rights, Policing, and Civilian Deaths

By Jamein P. Cunningham and Rob Gillezeau

American Economic Journal: Economic Policy

Using an event-study design, we examine whether states' introduction of duty to bargain requirements for police unions led to meaningful changes in civilians killed by law enforcement. We find that the introduction of collective bargaining rights signific...

The Effect of Deactivating Facebook and Instagram on Users’ Emotional State

By Hunt Allcott, Matthew Gentzkow, Benjamin Wittenbrink, Taylor Brown, Juan C. Cisneros, Adriana Crespo-Tenorio, Drew Dimmery, Deen Freelon, Sandra González-Bailón, Andrew M. Guess, Young Mie Kim, David Lazer, Neil Malhotra, Devra Moehler, Sameer Nair-Desai, Brendan Nyhan, Jennifer Pan, Jaime Settle, Emily Thorson, Rebekah Tromble, Carlos Velasco Rivera, Arjun Wilkins, Magdalena Wojcieszak, Annie Franco, Chad Kiewiet de Jonge, Winter Mason, Natalie Jomini Stroud, and Joshua A. Tucker

American Economic Journal: Economic Policy

We estimate the effect of social media deactivation on users’ emotional state in two large randomized experiments before the 2020 U.S. election. People who deactivated Facebook for the six weeks before the election reported a 0.060 standard deviation...

CSWEP History

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Lawrence Summers, Clark Medalist 1993

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Lawrence Summers is the 1993 Clark Medalist

CSWEP Reports and Publications

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CSWEP Annual Surveys

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Information on the CSWEP Annual Survey