Global Savings and Global Investment: The Transmission of Identified Fiscal Shocks

By James Feyrer and Jay Shambaugh

American Economic Journal: Economic Policy, May 2012

This paper examines the effect of exogenous shocks to savings on world capital markets. Exogenous tax increases in the United States (from Romer and Romer 2010) are only partially offset by changes in domestic private savings, and only a small amount is a...

Income-Distribution Dynamics with Endogenous Fertility

By Michael Kremer and Daniel Chen

American Economic Review, May 1999

Symposium on Tax Reform

[Symposium: Tax Reform]

By Henry J. Aaron

Journal of Economic Perspectives, Summer 1987

The papers in this symposium are a representative sample of the diverse views economists hold on the political and economic advantages and disadvantages of the Tax Reform Act of 1986.

Can Downstream Waste Disposal Policies Encourage Upstream "Design for Environment"?

By Paul Calcott and Margaret Walls

American Economic Review, May 2000

E-Commerce: Measurement and Measurement Issues

By Barbara M. Fraumeni

American Economic Review, May 2001

Trade and the Great Divergence: The Family Connection

By Oded Galor and Andrew Mountford

American Economic Review, May 2006

Field Experiments in Class Size from the Early Twentieth Century

By Jonah Rockoff

Journal of Economic Perspectives, Fall 2009

A vast majority of adults believe that class size reductions are a good way to improve the quality of public schools. Reviews of the research literature, on the other hand, have provided mixed messages on the degree to which class size matters for student...

The Axiomatic Structure of Empirical Content

By Christopher P. Chambers, Federico Echenique, and Eran Shmaya

American Economic Review, August 2014

We define the empirical content of an economic theory as the least restrictive observationally equivalent theory. We show that the empirical content of a theory is captured by a certain kind of axiomatization, with axioms that are universal negations of c...

Assessing Strategic Risk

By R. J. Aumann and J. H. Dreze

American Economic Journal: Microeconomics, February 2009

In recent decades, subjective probabilities have been increasingly applied to an adversary's choices in strategic games (SGs). In games against nature (GANs), the subjective probability of a state can be elicited from lotteries yielding utility 1 if th...

The Journal of Economic Perspectives and the Marketplace of Ideas: A View from the Founding

[Symposium: 100 Issues of JEP]

By Joseph E. Stiglitz

Journal of Economic Perspectives, Spring 2012

I welcome the opportunity to join in the celebration of the twenty-fifth birthday of the Journal of Economic Perspectives. It is wonderful to see how this "baby," which I, along with Carl Shapiro and Timothy Taylor, nurtured through its formative...

Assignment Messages and Exchanges

By Paul Milgrom

American Economic Journal: Microeconomics, August 2009

"Assignment messages" are maximally general messages to describe substitutable preferences by means of a linear program. With "integer assignment messages," there exist integer-valued Walrasian allocations, extending a result of Lloyd S. Shapley and Ma...

Market Prices of Risk with Diverse Beliefs, Learning, and Catastrophes

By Timothy Cogley, Thomas J. Sargent, and Viktor Tsyrennikov

American Economic Review, May 2012

We compare market prices of risk in economies with identical patterns of endowments, priors, and information flows, but two different market structures, one with complete markets, another in which consumers can trade only a single risk-free bond. We study...

The Impact of Medical Liability Standards on Regional Variations in Physician Behavior: Evidence from the Adoption of National-Standard Rules

By Michael Frakes

American Economic Review, February 2013

I explore the association between regional variations in physician behavior and the geographical scope of malpractice standards of care. I estimate a 30-50 percent reduction in the gap between state and national utilization rates of various treatments ...

Contrasting Trends in Firm Volatility

By David Thesmar and Mathias Thoenig

American Economic Journal: Macroeconomics, October 2011

Over the past decades, the real and financial volatility of listed firms has increased, while the volatility of private firms has decreased. We first provide panel data evidence that, at the firm level, sales and employment volatility are impacted by chan...

What Explains Changes in Retirement Plans during the Great Recession?

By Gopi Shah Goda, John B. Shoven, and Sita Nataraj Slavov

American Economic Review, May 2011

We examine changes in subjective probabilities regarding retirement between the 2006 and 2008 waves of the Health and Retirement Study. Using a first-difference approach to eliminate individual heterogeneity, we find that the steep drop in asset prices in...

Anomalies: Closed-End Mutual Funds

By Charles M. C. Lee, Andrei Shleifer, and Richard H. Thaler

Journal of Economic Perspectives, Fall 1990

The pricing of closed-end funds presents several puzzles. The following are the four sets of facts that any theory of closed-end fund pricing must address. 1) New funds appear on the market at a premium and move rapidly to a discount. 2) Closed-end funds ...

Information Percolation

By Darrell Duffie, Gaston Giroux, and Gustavo Manso

American Economic Journal: Microeconomics, February 2010

We study the "percolation" of information of common interest through a large market as agents encounter and reveal information to each other over time. We provide an explicit solution for the dynamics of the cross-sectional distribution of posterior be...

Mechanisms for Repeated Trade

By Andrzej Skrzypacz and Juuso Toikka

American Economic Journal: Microeconomics, November 2015

How does feasibility of efficient repeated trade depend on the features of the environment such as persistence of values, private information about their evolution, or trading frequency? We derive a necessary and sufficient condition for efficient, unsubs...

A Retrospective Look at the U.S. Productivity Growth Resurgence

[Symposium: Productivity]

By Dale W. Jorgenson, Mun S. Ho, and Kevin J. Stiroh

Journal of Economic Perspectives, Winter 2008

It is widely recognized that information technology was critical to the dramatic acceleration of U.S. labor productivity growth in the mid 1990s. This paper traces the evolution of productivity estimates to document how and when this perception emerged. E...

Fallibility in Human Organizations and Political Systems

[Symposium: Organizations and Economics]

By Raaj Kumar Sah

Journal of Economic Perspectives, Spring 1991

This paper presents a perspective on some organizational consequences of human fallibility. It may be easier to get a flavor of the relevant issues by examining the role of fallibility in specific settings, rather than through abstract arguments. So, in t...