Industrial Policy, Asian Miracle Style

[Symposium: The East Asian Tigers]

By Reda Cherif and Fuad Hasanov

Journal of Economic Perspectives, Fall 2025

We decipher the riddle of the meteoric rise of the Asian Miracles—Korea, Taiwan, Singapore and Hong Kong, and Japan before them—in the second half of the twentieth century. We argue that the secret of their success lies in the specific type of industr...

The World Bank's East Asian Miracle: Too Much a Product of Its Time?

[Symposium: The East Asian Tigers]

By Nancy Birdsall

Journal of Economic Perspectives, Fall 2025

The 1993 publication of a World Bank book on the East Asian Miracle explained the extraordinarily rapid growth of Japan and seven other economies of East Asia (at 5 percent a year) between 1965 and 1990 as grounded in those economies' adherence to market ...

Putting US Fiscal Policy on a Sustainable Path

[Symposium: Government Debt]

By Karen Dynan and Douglas Elmendorf

Journal of Economic Perspectives, Fall 2025

Even allowing for uncertainty about the future economy, current US fiscal policies are almost certainly unsustainable. Therefore, policymakers must decide when and in what ways to raise taxes and reduce spending to put debt on a lower trajectory. Acting s...

Sovereign Debt and Fiscal Integration in the European Union

[Symposium: Government Debt]

By Zsolt Darvas, Lennard Welslau, and Jeromin Zettelmeyer

Journal of Economic Perspectives, Fall 2025

This paper examines sovereign debt risks in the European Union, which has centralized monetary policy within the euro area, while fiscal policies remain national. Institutional reforms, including common banking supervision, the European Stability Mechanis...

Japan's Debt Puzzle: Sovereign Wealth Fund from Borrowed Money

[Symposium: Government Debt]

By Yili Chien, Wenxin Du, and Hanno Lustig

Journal of Economic Perspectives, Fall 2025

We analyze the risks associated with Japan's prolonged low-interest rate policies amid a global environment of rising rates. To finance its persistent deficits, the Japanese public sector depends on inexpensive domestic funding to invest in risky assets b...

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

Call for Proposals: The Hong Kong Institute for Monetary and Financial Research - Monetary Research Programmes

[News]

May 06, 2021

The deadline for submission is December 31, 2025.

JEP Recommendations for Further Reading

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Readings useful to teachers, as well as other articles that are of broader cultural interest.

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: Salvador Contreras

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CSMGEP Profiles: Kalena E. Cortes

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CSMGEP: Economist Profiles

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Read featured CSMGEP economist profiles.

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.

Dynamics of the Long Term Housing Yield: Evidence from Natural Experiments

By Verónica Bäcker-Peral, Jonathon Hazell, and Atif Mian

American Economic Review

Each month, a fraction of UK property leases are extended by 90 years or more. We construct a new dataset using thousands of these natural experiments since 2000, and estimate the expected long-term housing yield, y*. After remaining steady at around 5...

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...

Sequential Cursed Equilibrium

By Shani Cohen and Shengwu Li

American Economic Review

We propose an extensive-form solution concept, with players that neglect information from hypothetical events, but make inferences from observed events. Our concept modifies cursed equilibrium (Eyster and Rabin, 2005), and allows that players can be cu...