Carrot or Stick? The Evolution of Reciprocal Preferences in a Haystack Model

By Florian Herold

American Economic Review, April 2012

We study the evolution of both characteristics of reciprocity: the willingness to reward and the willingness to punish. First, both preferences for rewarding and preferences for punishing can survive provided that individuals interact within separate g...

Technology Capital and the US Current Account

By Ellen R. McGrattan and Edward C. Prescott

American Economic Review, September 2010

The US Bureau of Economic Analysis (BEA) estimates that the return on investments of foreign subsidiaries of US multinational companies over the period 1982-2006 averaged 9.4 percent annually after taxes; US subsidiaries of foreign multinationals averaged...

Competition in Loan Contracts

By Christine A. Parlour and Uday Rajan

American Economic Review, December 2001

We present a model of an unsecured loan market. Many lenders simultaneously offer loan contracts (a debt level and an interest rate) to a borrower. The borrower may accept more than one contract. Her payoff if she defaults increases in the total amount bo...

Incentives in Organizations

[Symposium: The Firm and its Boundaries]

By Robert Gibbons

Journal of Economic Perspectives, Fall 1998

In this paper, the author summarizes four new strands in agency theory that help him think about incentives in real organizations. As a point of departure, The author begins with a quick sketch of the classic agency model. He then discusses static models ...

General Index of JEL Volume 48, 2010

Journal of Economic Literature, December 2010

A Successful Accident: Recollections and Speculations about the CEA

[Symposium: Fifty Years of the Council of Economic Advisers]

By Herbert Stein

Journal of Economic Perspectives, Summer 1996

As originally conceived, the President's Council of Economic Advisers would have a unique relation with the president, using Keynesian analysis to advise him on maintaining full employment. After fifty years, the Council has evolved into being a useful co...

Dealing with Long-Term Deficits

By Martin Feldstein

American Economic Review, May 2016

The United States faces a rising future ratio of debt to GDP that, if allowed to continue, would have serious adverse consequences for the American economy. Fortunately, policy changes can increase the size of the future GDP and shrink the future budget d...

Front Matter

Journal of Economic Literature, June 2012

JEL Classification System

Journal of Economic Literature, December 2007

Minimax Play at Wimbledon

By Mark Walker and John Wooders

American Economic Review, December 2001

Do Vertical Mergers Facilitate Upstream Collusion?

By Volker Nocke and Lucy White

American Economic Review, September 2007

We investigate the impact of vertical mergers on upstream firms' ability to collude when selling to downstream firms in a repeated game. We show that vertical mergers give rise to an outlets effect: the deviation profits of cheating unintegrated firms ...

Extreme Walrasian Dynamics: The Gale Example in the Lab

By Sean Crockett, Ryan Oprea, and Charles Plott

American Economic Review, December 2011

We study David Gale's (1963) economy using laboratory markets. Tatonnement theory predicts prices will diverge from an equitable interior equilibrium toward infinity or zero depending only on initial prices. The inequitable equilibria determined by the...

Book Reviews

Journal of Economic Literature, September 2015

Electricity Consumption and Durable Housing: Understanding Cohort Effects

By Dora L. Costa and Matthew E. Kahn

American Economic Review, May 2011

We find that households living in California homes built in the 1960s and 1970s had high electricity consumption in 2000 relative to houses of more recent vintages because the price of electricity at the time of home construction was low. Homes built in t...

JEL Classifications

Journal of Economic Literature, June 2008

Birthdays, Schooling, and Crime: Regression-Discontinuity Analysis of School Performance, Delinquency, Dropout, and Crime Initiation

By Philip J. Cook and Songman Kang

American Economic Journal: Applied Economics, January 2016

Dropouts have high crime rates, but is there a direct causal link? This study, utilizing administrative data for six cohorts of public school children in North Carolina, demonstrates that those born just after the cut date for enrolling in public kinderga...

Front Matter

Journal of Economic Literature, March 2013

The Effect of Hurricane Katrina on the Labor Market Outcomes of Evacuees

By Jeffrey A. Groen and Anne E. Polivka

American Economic Review, May 2008

Analyzing the Spectrum of Asset Returns: Jump and Volatility Components in High Frequency Data

By Yacine Aït-Sahalia and Jean Jacod

Journal of Economic Literature, December 2012

This paper reports some of the recent developments in the econometric analysis of semimartingales estimated using high frequency financial returns. It describes a simple yet powerful methodology to decompose asset returns sampled at high frequency into t...

Monitoring Corruptible Politicians

By Gustavo J. Bobonis, Luis R. Cámara Fuertes, and Rainer Schwabe

American Economic Review, August 2016

Does monitoring corrupt activities induce a sustained reduction in corruption? Using longitudinal data on audits of municipal governments in Puerto Rico, we show corruption is considerably lower in municipalities with timely audits—before elections....