The Emerging Market for Intelligence: How Firms Buy and Sell AI

[Symposium: Artificial Intelligence]

By Mert Demirer, Andrey Fradkin, and Nadav Tadelis

Journal of Economic Perspectives, Summer 2026

We describe the emerging business-to-business market for large language model (LLM) inference and document key empirical patterns in its supply, pricing, and dynamics, using data from OpenRouter. First, supply has expanded rapidly: the number of commercia...

Global Imbalances, Tariffs, and Industrial Policy

[Symposium: Tariffs]

By Pierre-Olivier Gourinchas, Gene Kindberg-Hanlon, Manasa Patnam, Lorenzo Rotunno, and Michele Ruta

Journal of Economic Perspectives, Summer 2026

Global imbalances denote the distribution of countries' current account balances, identically equal to the difference between two forward-looking aggregate variables: national saving and domestic investment. Industrial and trade policies have traditionall...

Recommendations for Further Reading

By Timothy Taylor

Journal of Economic Perspectives, Summer 2026

Front Matter

Journal of Economic Perspectives, Summer 2026

Nonresident Tuition and Human Capital Flows: Evidence from a Lottery

By Daniel Firoozi

American Economic Journal: Economic Policy

I use a randomized controlled trial to study how nonresident tuition affects where highly skilled workers eventually live and work. For every $10,000 of tuition relief, the university receives $1,903 from increased enrollment and loses $2,738 from reduc...

Reproducible Aggregation of Sample-Split Statistics

By David M. Ritzwoller and Joseph P. Romano

American Economic Review

Statistical inference is often simplified by sample-splitting. This simplification comes at the cost of the introduction of randomness not native to the data. We propose a simple procedure for sequentially aggregating statistics constructed with multipl...

(Visualizing) Plausible Treatment Effect Paths

By Simon Freyaldenhoven and Christian Hansen

American Economic Review: Insights

We study inference on dynamic treatment effects. We propose simple additions to standard visualizations aimed at enhancing their informativeness. First, we recommend reporting joint hypothesis tests and summary measures that are often of direct interest...

Gender and the Dismal Science: Women in the Early Years of the Economics Profession by Ann Mari May

By Donna K. Ginther

Journal of Economic Literature

JEP Recommendations for Further Reading

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

Truth Elicitation in a Nonstrategic Environment

By Jacob Glazer and Ariel Rubinstein

American Economic Review

A principal decides which party deserves a prize. Only the parties observe the state that determines who is deserving. The principal gives each party a text describing the conditions under which that party deserves the prize, and asks each to report th...

Past CTREE Annual Conferences

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Includes links to programs and schedule of events.

Platform Traps

By Andrei Hagiu and Julian Wright

American Economic Journal: Microeconomics

A novel feature of platforms such as marketplaces and social networks is that nonparticipants may become worse off as others join. We show that in such settings, rational agents can be induced to join a platform despite being better off without it—a p...

The Economics of Civil Service Protections

By Guo Xu

Journal of Economic Literature

The study of bureaucracy as a key dimension of state capacity has gained increasing attention in economics. What organizational features create an effective bureaucracy, however, remains subject to debate. This paper focuses on the central role of civil s...

Difference-in-Differences with a Continuous Treatment

By Brantly Callaway, Andrew Goodman-Bacon, and Pedro H. C. Sant'Anna

American Economic Review

This paper analyzes difference-in-differences designs with a continuous treatment. We show that treatment-on-the-treated-type parameters are identified under a parallel trends assumption analogous to the binary treatment case. However, comparing these p...

Micro and Macro Perspectives on Production-Based Markups

By John Fernald, Amit Gandhi, Dimitrije Ruzic, and James Traina

Journal of Economic Literature

We review the “production approach” to estimating markups, the ratio of price to marginal cost. The approach is scalable. It requires no model of consumer demand or market structure and applies broadly across firms, industries, and time. We organize o...

Other Officers and Administrators

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Devolving power to local governments

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Greater political autonomy yielded lasting economic gains in Brazilian communities.

Decentralizing Development: The Economic Impacts of Government Splits

By Ricardo Dahis and Christiane Szerman

American Economic Journal: Applied Economics, July 2026

Changes in political boundaries aimed at devolving power to local governments are common across many countries. We examine the economic impacts of government unit creation through splitting. Exploiting reforms that led to sharp increases in the number of ...

Generalized Double Auctions: Maximizing Welfare Guarantees in Bilateral Trade

By Wanchang Zhang

American Economic Review

This paper studies robust mechanism design in bilateral trade under limited information. I introduce a new class of mechanisms in which the buyer and seller submit a bid and an ask, and trade occurs when the bid–ask difference exceeds a random spread ...

Monetary Economics and Policy: A Foundation for Modern Currency Systems by Pierpaolo Benigno

By Jordi Galí

Journal of Economic Literature