JEL Classification System

Journal of Economic Literature, September 2020

Policy and Protocol on Third-Party Verifications

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The Road to Serfdom after 75 Years

By Bruce Caldwell

Journal of Economic Literature, September 2020

This paper revisits Friedrich Hayek's book, The Road to Serfdom, on the seventy-fifth anniversary of its publication. Though the book is well-known, its arguments are often mischaracterized. The paper traces the origins of the book, noting the va...

Policy Language and Information Effects in the Early Days of Federal Reserve Forward Guidance

By Kurt G. Lunsford

American Economic Review, September 2020

I show that the nature of the Federal Open Market Committee's (FOMC's) forward guidance language shapes the private sector's responses to monetary policy statements. From February 2000 to June 2003, the FOMC only gave forward guidance about economic outlo...

You don’t have to put on the red-light cameras

[Research Highlight]

September 10, 2020

Does monitoring traffic intersections make them safer?

Criminal Deterrence When There Are Offsetting Risks: Traffic Cameras, Vehicular Accidents, and Public Safety

By Justin Gallagher and Paul J. Fisher

American Economic Journal: Economic Policy, August 2020

Numerous cities have enacted electronic monitoring programs at traffic intersections in an effort to reduce the high number of vehicle accidents. The rationale is that the higher expected fines for running a red light will induce drivers to stop and lead ...

EconTrack: The AEA's Job Market Information Board

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Learning to insure against bad weather

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Why don't poor farmers take advantage of coverage for natural disasters?

Reviving distressed communities

[Research Highlight]

September 09, 2020

Tim Bartik of the Upjohn Institute on how economic development policy is shortchanging poor regions.

The DNA of New Exporters: Spin-offs and FDI at the Extensive Margin of Trade

By Bernardo S. Blum, Sebastian Claro, Ignatius Horstmann, and Trevor Tombe

American Economic Review: Insights, September 2020

Other than that new exporters account for a large part of aggregate export growth, we know little else. We document that aggregate export growth in Chile is driven by only a few new exporters. These exporters are new business entities, operate new plants,...

The DNA of new exporters

[Research Highlight]

September 20, 2020

Which companies are successful at selling abroad?

The next big thing

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A lot of cities want to be the next Silicon Valley, but transforming into a high-tech hub is not that easy.

Assistant Professor

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Nonrivalry and the Economics of Data

By Charles I. Jones and Christopher Tonetti

American Economic Review, September 2020

Data is nonrival: a person's location history, medical records, and driving data can be used by many firms simultaneously. Nonrivalry leads to increasing returns. As a result, there may be social gains to data being used broadly across firms, even in the ...

Front Matter

American Economic Review, October 2020

Sources of Displaced Workers' Long-Term Earnings Losses

By Marta Lachowska, Alexandre Mas, and Stephen A. Woodbury

American Economic Review, October 2020

We estimate the magnitudes of reduced earnings, work hours, and wage rates of workers displaced during the Great Recession using linked employer-employee panel data from Washington state. Displaced workers' earnings losses occurred mainly because hourly w...

Sources of Inaction in Household Finance: Evidence from the Danish Mortgage Market

By Steffen Andersen, John Y. Campbell, Kasper Meisner Nielsen, and Tarun Ramadorai

American Economic Review, October 2020

We build an empirical model to attribute delays in mortgage refinancing to psychological costs inhibiting refinancing until incentives are sufficiently strong; and behavior, potentially attributable to information-gathering costs, lowering the probability...

Upping the Ante: The Equilibrium Effects of Unconditional Grants to Private Schools

By Tahir Andrabi, Jishnu Das, Asim I. Khwaja, Selcuk Ozyurt, and Niharika Singh

American Economic Review, October 2020

We assess whether financing can help private schools, which now account for one-third of primary school enrollment in low- and middle-income countries. Our experiment allocated unconditional cash grants to either one (L) or all (H) private schools in a vi...

Misperceived Social Norms: Women Working Outside the Home in Saudi Arabia

By Leonardo Bursztyn, Alessandra L. González, and David Yanagizawa-Drott

American Economic Review, October 2020

We show that the vast majority of young married men in Saudi Arabia privately support women working outside the home (WWOH) and substantially underestimate support by other similar men. Correcting these beliefs increases men's (costly) willingness to help...

Business-Cycle Anatomy

By George-Marios Angeletos, Fabrice Collard, and Harris Dellas

American Economic Review, October 2020

We propose a new strategy for dissecting the macroeconomic time series, provide a template for the business-cycle propagation mechanism that best describes the data, and use its properties to appraise models of both the parsimonious and the medium-scale v...