Pricing-to-Market and the Failure of Absolute PPP

By George Alessandria and Joseph P. Kaboski

American Economic Journal: Macroeconomics, January 2011

We show that deviations from the law of one price in tradable goods are an important source of violations of absolute purchasing power parity. Using highly disaggregated export data, we document systematic international price discrimination: at the US doc...

Changes in Business Cycles: Evidence and Explanations

[Symposium: Business Cycles]

By Christina D. Romer

Journal of Economic Perspectives, Spring 1999

This paper shows that the volatility of annual real macroeconomic indicators for the United States and the average severity of recessions have declined only slightly between the pre-World War I and post-World War II eras. Recessions have, however, become ...

For Better or for Worse?: Education and the Prevalence of Domestic Violence in Turkey

By Bilge Erten and Pinar Keskin

American Economic Journal: Applied Economics, January 2018

We exploit a change in the compulsory schooling law in Turkey to estimate the causal effects of education on the prevalence of domestic violence. By adopting a regression discontinuity design, we find that the reform increased women's schooling by one yea...

Will There Be Blood? Incentives and Displacement Effects in Pro-social Behavior

By Nicola Lacetera, Mario Macis, and Robert Slonim

American Economic Journal: Economic Policy, February 2012

We present evidence from nearly 14,000 American Red Cross blood drives and from a natural field experiment showing that economic incentives have a positive effect on blood donations without increasing the fraction of donors who are ineligible to donate. T...

Recent Developments in the Econometrics of Program Evaluation

By Guido W. Imbens and Jeffrey M. Wooldridge

Journal of Economic Literature, March 2009

Many empirical questions in economics and other social sciences depend on causal effects of programs or policies. In the last two decades, much research has been done on the econometric and statistical analysis of such causal effects. This recent theore...

Rethinking Federalism

[Symposium: Fiscal Federalism]

By Robert P. Inman and Daniel L. Rubinfeld

Journal of Economic Perspectives, Fall 1997

The appropriate federal structure of government is now a policy issue of major debate. This paper identifies three approaches and compares their strengths and weaknesses. Economic federalism recommends the use of competitive communities for the provision ...

Job Search Behavior over the Business Cycle

By Toshihiko Mukoyama, Christina Patterson, and Ayşegül Şahin

American Economic Journal: Macroeconomics, January 2018

We create a novel measure of job search effort exploiting the American Time Use and Current Population Surveys. We examine the cyclicality of search effort using time-series, cross-state, and individual variation and find that it is countercyclical. We th...

The Economic Effects of Energy Price Shocks

By Lutz Kilian

Journal of Economic Literature, December 2008

Large fluctuations in energy prices have been a distinguishing characteristic of the U.S. economy since the 1970s. Turmoil in the Middle East, rising energy prices in the United States, and evidence of global warming recently have reignited interest in...

Annotated Listing of New Books

Journal of Economic Literature, June 2014

Misallocation and Growth

By Boyan Jovanovic

American Economic Review, April 2014

This paper models growth via on-the-job learning when firms and workers are heterogeneous. It is an overlapping generations model in which young agents match with the old. More efficient assignments lead to faster long-run growth, more inequality, and ...

Shadow Economies: Size, Causes, and Consequences

By Friedrich Schneider and Dominik H. Enste

Journal of Economic Literature, March 2000

Using various methods, the size of the shadow economy in 76 developing, transition, and OECD countries is estimated. Average size varies from 12 percent of GDP for OECD countries, to 23 percent for transition countries and 39 percent for developing countr...

Post Walrasian and Post Marxian Economics

By Joseph E. Stiglitz

Journal of Economic Perspectives, Winter 1993

It is widely believed that the failure of the socialist experiment should have had a devastating effect on radical economics. Yet radical economics is not only alive and well, but flourishing. Years before the official demise of Marxist-socialism, they ha...

New Estimates of the Value of a Statistical Life Using Air Bag Regulations as a Quasi-experiment

By Chris Rohlfs, Ryan Sullivan, and Thomas Kniesner

American Economic Journal: Economic Policy, February 2015

Due to federal regulations, automobile air bag availability was a model-specific discontinuous function of model year for used vehicles in the 1990s and early 2000s. We use the discontinuities and the gradual increase in the supply of air bags to trace ou...

Tax Changes and Asset Pricing

By Clemens Sialm

American Economic Review, September 2009

The tax burden on equity securities has varied substantially over time and remains a source of continuing policy debate. This paper investigates whether investors were compensated for the tax burden of equity securities over the period between 1913 and...

The Next Generation of the Penn World Table

By Robert C. Feenstra, Robert Inklaar, and Marcel P. Timmer

American Economic Review, October 2015

We describe the theory and practice of real GDP comparisons across countries and over time. Version 8 of the Penn World Table expands on previous versions in three respects. First, in addition to comparisons of living standards using components of real GD...

The Response of Tail Risk Perceptions to Unconventional Monetary Policy

By Masazumi Hattori, Andreas Schrimpf, and Vladyslav Sushko

American Economic Journal: Macroeconomics, April 2016

We examine the impact of unconventional monetary policy (UMP) on stock market tail risk and risks of extreme interest rate movements. We find that UMP announcements substantially reduced option-implied equity market tail risks and interest rate risks. Mo...

Measuring Job-Finding Rates and Matching Efficiency with Heterogeneous Job-Seekers

By Robert E. Hall and Sam Schulhofer-Wohl

American Economic Journal: Macroeconomics, January 2018

Matching efficiency is the productivity of the process for matching job-seekers to available jobs. Job-finding is the output; vacant jobs and active job-seekers are the inputs. We develop a framework for measuring matching productivity when the population...

2017 AEA Poster Videos

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Watch videos from the 2017 AEA Annual Meeting Poster Session

Front Matter

Journal of Economic Literature, September 2016

Index of Authors of New Books

Journal of Economic Literature, December 2008