The Task Force Report: The Reasoning behind the Recommendations

[Symposium: Brady Commission Report on the October 1987 Stock Market Crash]

By Bruce C. Greenwald and Jeremy Stein

Journal of Economic Perspectives, Summer 1988

This paper was prepared for the Symposium on the [October 1987] Stock Market Crash, held February 8, 1988, at Princeton University. The article provides a framework for thinking about the recommendations made by the Presidential Task Force on Market Mecha...

Tax Sensitivity and Home State Preferences in Internet Purchasing

By Glenn Ellison and Sara Fisher Ellison

American Economic Journal: Economic Policy, August 2009

Data on memory modules sales are used to explore aspects of e-retail demand. Aggregate sales are examined in state-level regressions. Discrete choice techniques are used to examine (incomplete) hourly sales data from a price comparison site. We find a ...

Rising U.S. Earnings Inequality and Family Labor Supply: The Covariance Structure of Intrafamily Earnings

By Dean R. Hyslop

American Economic Review, September 2001

This paper studies the labor supply contributions to individual and family earnings inequality during the period of rising wage inequality in the early 1980's. Working couples have positively correlated labor market outcomes, which are almost entirely att...

How Should Public Pension Plans Invest?

By Deborah J. Lucas and Stephen P. Zeldes

American Economic Review, May 2009

Non-white Poverty and Macroeconomy: The Impact of Growth

By Gary A. Hoover, Walter Enders, and Donald G. Freeman

American Economic Review, May 2008

Mobility, Targeting, and Private-School Vouchers

By Thomas J. Nechyba

American Economic Review, March 2000

This paper uses general-equilibrium simulations to explore the role of residential mobility in shaping the impact of different private-school voucher policies. The simulations are derived from a three-district model of low-, middle-, and high-income schoo...

Does Competition Among Public Schools Benefit Students and Taxpayers? Reply

By Caroline M. Hoxby

American Economic Review, December 2007

The Perils of Transparency in Bureaucracies

By Alessandro Gavazza and Alessandro Lizzeri

American Economic Review, May 2007

Requiring a Math Skills Unit: Results of a Randomized Experiment

By Susan Pozo and Charles A. Stull

American Economic Review, May 2006

Innovation Diffusion in Heterogeneous Populations: Contagion, Social Influence, and Social Learning

By H. Peyton Young

American Economic Review, December 2009

New ideas, products, and practices take time to diffuse, a fact that is often attributed to some form of heterogeneity among potential adopters. This paper examines three broad classes of diffusion models -- contagion, social influence, and social lear...

Sibling Rivalry in Africa

By Jonathan Morduch

American Economic Review, May 2000

An Empirical Framework for Large-Scale Policy Analysis, with an Application to School Finance Reform in Michigan

By Maria Marta Ferreyra

American Economic Journal: Economic Policy, February 2009

In this paper, I develop an empirical framework for the analysis of large-scale policies, and apply it to study the effects of school finance reform on the Detroit metropolitan area. Exploiting school finance reform in Michigan in 1994, I estimate a ge...

Did Credit Rating Agencies Make Unbiased Assumptions on CDOs?

By John M. Griffin and Dragon Yongjun Tang

American Economic Review, May 2011

We compare key CDO assumptions from two departments within the same rating agency but with different financial incentives. Assumptions made by the ratings division are more favorable than those by the surveillance department. The differences are not expla...

Report of the Editor: American Economic Journal: Macroeconomics

By Olivier Blanchard

American Economic Review, May 2009

Toward a Quantification of the Effects of Microsoft's Conduct

By Chris E. Hall and Robert E. Hall

American Economic Review, May 2000

Open Access and Dynamic Efficiency

By Tilman Klumpp and Xuejuan Su

American Economic Journal: Microeconomics, May 2010

In our model, production of a final good requires access to an excludable resource owned by an integrated firm. The quality of the resource depends on an investment by the owner and impacts the downstream demand curve. Under open access, the owner must s...

Professional Forecasters' View of Permanent and Transitory Shocks to GDP

By Spencer D. Krane

American Economic Journal: Macroeconomics, January 2011

This paper examines how the professional forecasters comprising the Blue Chip Economic Consensus view shocks to GDP. I use an unobserved components model of the forecast revisions to identify forecasters' perceptions of permanent and transitory shocks t...

A Continuous-Time Model of Multilateral Bargaining

By Attila Ambrus and Shih En Lu

American Economic Journal: Microeconomics, February 2015

We propose a finite-horizon continuous-time framework for coalitional bargaining, in which players can make offers at random discrete times. In our model: (i) expected payoffs in Markov perfect equilibrium (MPE) are unique, generating sharp predictions an...

Macroeconomics for a Modern Economy

By Edmund S. Phelps

American Economic Review, June 2007

Market Contagion: Evidence from the Panics of 1854 and 1857

By Morgan Kelly and Cormac O Grada

American Economic Review, December 2000

To test a model of contagion--where individuals hear some bad news and communicate it to their acquaintances, who then pass it on, leading to a market panic--requires a knowledge of the information networks of participants, something hitherto unavailable....