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Long-Term Securities and Banking Crises

By Jianjun Miao, Zhouxiang Shen, and Dongling Su

American Economic Journal: Macroeconomics

We incorporate banks into a DSGE framework to study how interest rate hikes affect the macroeconomy. The procyclical bank balance sheets and long-term bond prices amplify adverse shocks, which can trigger a bank run. We introduce a macroprudential pol...

Alcohol, Labor, and Agriculture

By David M. A. Murphy

American Economic Journal: Economic Policy

I evaluate a randomized control trial in rural Kenya in which selected households received cognitive behavioral therapy and medication to reduce alcohol abuse. Sixteen months post-intervention, the program decreased the likelihood of positive spot brea...

Responses to Extreme Temperatures: Migrant Networks and International Migration from El Salvador

By Ana Maria Ibáñez, Juliana Quigua, Maria Jimena Romero, and Andrea Velásquez

American Economic Journal: Economic Policy

We show that exposure to extreme temperatures significantly increases international migration from El Salvador, where nearly a quarter of the population lives in the United States. Extreme temperatures reduce corn yields, leading producers to decrease th...

Self-Enforced Job Matching

By Ce Liu, Ziwei Wang, and Hanzhe Zhang

American Economic Journal: Microeconomics

Complementarities and peer effects are common in matching markets, yet incorporating them often leads to the nonexistence of stable matchings. We observe that matching is often an ongoing process rather than a static allocation, where long-lived firms i...

Preferences for Firearms

By Sarah Moshary, Bradley T. Shapiro, and Sara Drango

American Economic Review: Insights, September 2025

This paper provides a critical input into crafting effective firearms policy: an understanding of consumer demand for guns. We estimate individual-level price sensitivity and substitution patterns across gun types using stated-choice experiments. We find ...