Competition and Incentives with Motivated Agents

By Timothy Besley and Maitreesh Ghatak

American Economic Review, June 2005

A unifying theme in the literature on organizations such as public bureaucracies and private nonprofits is the importance of mission, as opposed to profit, as an organizational goal. Such mission-oriented organizations are frequently staffed by motivated ...

Making Yourself Attractive: Pre-marital Investments and the Returns to Education in the Marriage Market

By Jeanne Lafortune

American Economic Journal: Applied Economics, April 2013

I explore how a gender's scarcity may impact educational investments using exogenous variation in the marriage market of second generation Americans in early twentieth century. I find that worse marriage market conditions spur higher pre-marital investme...

The Polarization of the U.S. Labor Market

By David H. Autor, Lawrence F. Katz, and Melissa S. Kearney

American Economic Review, May 2006

Risk Matters: The Real Effects of Volatility Shocks

By Jesús Fernández-Villaverde, Pablo Guerrón-Quintana, Juan F. Rubio-Ramírez, and Martin Uribe

American Economic Review, October 2011

We show how changes in the volatility of the real interest rate at which small open emerging economies borrow have an important effect on variables like output, consumption, investment, and hours. We start by documenting the strong evidence of time-varyin...

On James Buchanan's Contributions to Public Economics

By Thomas Romer

Journal of Economic Perspectives, Fall 1988

The 1986 Nobel Prize in economic science was awarded to James Buchanan. What the Nobel committee recognized in making its award was Buchanan's central role in the gradual transformation of the way economists and political scientists study governments and ...

Teacher Mobility Responses to Wage Changes: Evidence from a Quasi-natural Experiment

By Torberg Falch

American Economic Review, May 2011

This paper utilizes a Norwegian experiment with exogenous wage changes to study teachers' turnover decisions. Within a completely centralized wage setting system, teachers in schools with a high degree of teacher vacancies in the past got a wage premium o...

The Macroeconomic Effects of Monetary Policy: A New Measure for the United Kingdom

By James Cloyne and Patrick Hürtgen

American Economic Journal: Macroeconomics, October 2016

This paper estimates the effects of monetary policy based on a new, extensive real-time dataset for the United Kingdom. Employing the Romer-Romer identification approach we construct a new measure of monetary policy innovations and find that a 1 percentag...

Patents and Innovation: Evidence from Economic History

[Symposium: Patents]

By Petra Moser

Journal of Economic Perspectives, Winter 2013

What is the optimal system of intellectual property rights to encourage innovation? Empirical evidence from economic history can help to inform important policy questions that have been difficult to answer with modern data: For example, does the existence...

A Comment on Bernheim's Appraisal of Neuroeconomics

By Faruk Gul and Wolfgang Pesendorfer

American Economic Journal: Microeconomics, August 2009

This paper comments on "On the Potential of Neuroeconomics: A Critical (but Hopeful) Appraisal" by B. Douglas Beinheim (JEL D01, D87)

The Effects of Environmental Regulation on Technology Diffusion: The Case of Chlorine Manufacturing

By Lori D. Snyder, Nolan H. Miller, and Robert N. Stavins

American Economic Review, May 2003

Estimating Regulation-Induced Substitution: The Effect of the Clean Air Act on Water and Ground Pollution

By Michael Greenstone

American Economic Review, May 2003

The Instructional Use and Teaching Preparation of Graduate Students in U.S. Ph.D.-Granting Economics Departments

By William B. Walstad and William E. Becker

American Economic Review, May 2003

A Model Teacher-Education Program for Economics

By Michael K. Salemi

American Economic Review, May 2003

Animal Spirits Through Creative Destruction

By Patrick Francois and Huw Lloyd-Ellis

American Economic Review, June 2003

We show how a Schumpeterian process of creative destruction can induce rational, herd behavior by entrepreneurs across diverse sectors as if fueled by "animal spirits." Consequently, a multisector economy, in which productivity improvements are made by in...

Wages and Employment in the United States and Germany: What Explains the Differences?

By Paul Beaudry and David A. Green

American Economic Review, June 2003

Over the last 20 years the wage-education relationships in the United States and Germany have evolved very differently, while the education compositions of employment have evolved in a parallel fashion. In this paper, we show how these patterns shed light...

Dynamic Speculative Attacks

By Christophe Chamley

American Economic Review, June 2003

This paper presents a model of rational Bayesian agents with speculative attacks in a regime of exchange rate which is pegged within a band. Speculators learn from the observation of the exchange rate within the band whether their mass is sufficiently lar...

Forward and Backward Intergenerational Goods: Why Is Social Security Good for the Environment?

By Antonio Rangel

American Economic Review, June 2003

This paper studies the ability of nonmarket institutions to invest optimally in forward intergenerational goods (FIGs), such as education and the environment, when agents are selfish or exhibit paternalistic altruism. We show that backward intergeneration...

Risk Sharing and Industrial Specialization: Regional and International Evidence

By Sebnem Kalemli-Ozcan, Bent E. Sørensen, and Oved Yosha

American Economic Review, June 2003

Simple Menus of Contracts in Cost-Based Procurement and Regulation

By William P. Rogerson

American Economic Review, June 2003

Consequences of Bank Distress During the Great Depression

By Charles W. Calomiris and Joseph R. Mason

American Economic Review, June 2003