The Size Distribution of Firms and Industrial Water Pollution: A Quantitative Analysis of China

By Ji Qi, Xin Tang, and Xican Xi

American Economic Journal: Macroeconomics, January 2021

We argue that misallocation across firms amplifies industrial water pollution by distorting the firm size distribution in China. Firm-level data indicate that larger firms are more likely to use clean technology but face higher distortions. In a heterogen...

The Productivity J-Curve: How Intangibles Complement General Purpose Technologies

By Erik Brynjolfsson, Daniel Rock, and Chad Syverson

American Economic Journal: Macroeconomics, January 2021

General purpose technologies (GPTs) like AI enable and require significant complementary investments. These investments are often intangible and poorly measured in national accounts. We develop a model that shows how this can lead to underestimation of pr...

Ten Facts on Declining Business Dynamism and Lessons from Endogenous Growth Theory

By Ufuk Akcigit and Sina T. Ates

American Economic Journal: Macroeconomics, January 2021

In this paper, we review the literature on declining business dynamism and its implications in the United States and propose a unifying theory to analyze the symptoms and the potential causes of this decline. We first highlight 10 pronounced stylized fa...

The Labor Market Impact of Immigration: Job Creation versus Job Competition

By Christoph Albert

American Economic Journal: Macroeconomics, January 2021

This paper studies the labor market effects of both documented and undocumented immigration in a search model featuring nonrandom hiring. As immigrants accept lower wages, they are preferably chosen by firms and therefore have higher job finding rates tha...

Interactions and Coordination between Monetary and Macroprudential Policies

By Alejandro Van der Ghote

American Economic Journal: Macroeconomics, January 2021

I study monetary and macroprudential policy intervention in a general equilibrium economy with recurrent boom-bust cycles. Recurrence causes forward-looking variables to also react to policy intervention during phases in which the intervention is inactive...

College Quality and Attendance Patterns: A Long-Run View

By Lutz Hendricks, Christopher Herrington, and Todd Schoellman

American Economic Journal: Macroeconomics, January 2021

We construct a time series of college attendance patterns for the United States and document a reversal: family background was a better predictor of college attendance before World War II, but academic ability was afterward. We construct a model of colleg...

Sectoral Price Facts in a Sticky-Price Model

By Carlos Carvalho, Jae Won Lee, and Woong Yong Park

American Economic Journal: Macroeconomics, January 2021

We develop a multisector sticky-price DSGE model that can endogenously deliver differential responses of prices to aggregate and sectoral shocks. Input-output production linkages and a (standard) monetary policy rule contribute to a slow response of price...

CSWEP CeMENT Director: Martha Bailey

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CSMGEP Profiles: Gary Hoover

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Professor and Chair, Department of Economics, University of Oklahoma

CSMGEP: Gary Hoover, co-chair

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Antitrust and innovation

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How did the 1956 consent decree against Bell Labs spur new inventions?

Call for papers: 11th Portuguese Finance Network Conference

[News]

January 05, 2021

Invitation for submissions to PFN2021

Call for Papers: Stanford Institute for Theoretical Economics (SITE) 2021 Summer Workshops

[News]

January 05, 2021

Call for Papers: Stanford Institute for Theoretical Economics (SITE) 2021 Summer Workshops

Social well-being and academic success

[Research Highlight]

December 22, 2020

Northwestern’s Kirabo Jackson discusses how schools can help their students by fostering socioemotional development.

School Effects on Socioemotional Development, School-Based Arrests, and Educational Attainment

By C. Kirabo Jackson, Shanette C. Porter, John Q. Easton, Alyssa Blanchard, and Sebastián Kiguel

American Economic Review: Insights, December 2020

Using value-added models on data from Chicago Public Schools, we find that high schools impact students' self-reported socioemotional development (SED) by enhancing social well-being and promoting hard work. Conditional on their test score impacts, school...

Media coverage of the 2021 Annual Meeting

[News]

January 06, 2021

Sessions on COVID-19, stimulus checks, and financial regulations received widespread attention.

CSMGEP: Isaiah Andrews

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CSMGEP: Trevon Logan, ex officio

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CSMGEP: Omari Swinton, ex officio

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Markets for Innovation - Part 1

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