Minutes of the Annual Business Meeting: San Francisco, CA, January 3, 2016

By Peter L. Rousseau

American Economic Review, May 2016

List of Online Reports

By Peter L. Rousseau

American Economic Review, May 2016

Front Matter

American Economic Journal: Macroeconomics, July 2022

Radical and Incremental Innovation: The Roles of Firms, Managers, and Innovators

By Daron Acemoglu, Ufuk Akcigit, and Murat Alp Celik

American Economic Journal: Macroeconomics, July 2022

We investigate the determinants of radical ("creative") innovations that break new ground in knowledge creation. We develop a model focusing on the choice between incremental and radical innovation and on how managers of different ages and human capital a...

The Term Structure of Growth-at-Risk

By Tobias Adrian, Federico Grinberg, Nellie Liang, Sheheryar Malik, and Jie Yu

American Economic Journal: Macroeconomics, July 2022

We show that the conditional distribution of forecasted GDP growth depends on financial conditions in a panel of 11 advanced economies. Financial conditions have a larger effect on the lower fifth percentile of conditional growth—which we call growth-at...

Public Education Inequality and Intergenerational Mobility

By Angela Zheng and James Graham

American Economic Journal: Macroeconomics, July 2022

Public school funding depends heavily on local property tax revenue. Consequently, low-income households have limited access to quality education in neighborhoods with high house prices. In a dynamic life-cycle model with neighborhood choice and endogenou...

Reputation, Bailouts, and Interest Rate Spread Dynamics

By Alessandro Dovis and Rishabh Kirpalani

American Economic Journal: Macroeconomics, July 2022

We propose a joint theory for interest rate dynamics and bailout decisions. Interest rate spreads are driven by time-varying fundamentals and expectations of future bailouts. Private agents are uncertain about the government's willingness to bail out and ...

Flexibility and Frictions in Multisector Models

By Jorge Miranda-Pinto and Eric R. Young

American Economic Journal: Macroeconomics, July 2022

We show that during the Great Recession, more-flexible sectors paid lower sectoral bond spreads. We rationalize this fact with a model with input-output linkages, heterogeneous elasticities, and binding working capital constraints in the use of intermedia...

Learning by Sharing: Monetary Policy and Common Knowledge

By Alexandre N. Kohlhas

American Economic Journal: Macroeconomics, July 2022

A common view states that central bank releases decrease central banks' own information about the economy and are harmful if about inefficient disturbances, such as cost-push shocks. This paper shows how neither is true in a microfounded macroeconomic mod...

Dynamic Capital Tax Competition under the Source Principle

By Till Gross, Paul Klein, and Miltiadis Makris

American Economic Journal: Macroeconomics, July 2022

We explore the short- and long-run implications of tax competition between jurisdictions, where governments can only tax capital at source. We do this in the context of a neoclassical growth model under commitment and capital mobility. We provide a new th...

The Decline of the Labor Share: New Empirical Evidence

By Drago Bergholt, Francesco Furlanetto, and Nicolò Maffei-Faccioli

American Economic Journal: Macroeconomics, July 2022

We use time series techniques to estimate the importance of four main explanations for the decline of the US labor income share: rising firm markups, falling bargaining power of workers, higher investment-specific technology growth, and more automated pro...

The Propagation of Demand Shocks through Housing Markets

By Elliot Anenberg and Daniel Ringo

American Economic Journal: Macroeconomics, July 2022

Housing demand stimulus produces a multiplier effect by freeing up owners attempting to sell their current home, allowing them to reenter the market as buyers. Exploiting a shock to first-time home buyer demand caused by a cut in mortgage insurance premiu...

The Neo-Fisher Effect: Econometric Evidence from Empirical and Optimizing Models

By Martín Uribe

American Economic Journal: Macroeconomics, July 2022

This paper assesses the presence and importance of the neo-Fisher effect in postwar data. It formulates and estimates an empirical and a New Keynesian model driven by stationary and nonstationary monetary and real shocks. In accordance with conventional w...

Cournot Fire Sales

By Thomas M. Eisenbach and Gregory Phelan

American Economic Journal: Macroeconomics, July 2022

In standard Walrasian macro-finance models, pecuniary externalities due to fire sales lead to excessive borrowing and insufficient liquidity holdings. We investigate whether imperfect competition (Cournot) improves welfare through internalizing the extern...

Hours, Occupations, and Gender Differences in Labor Market Outcomes

By Andrés Erosa, Luisa Fuster, Gueorgui Kambourov, and Richard Rogerson

American Economic Journal: Macroeconomics, July 2022

Goldin (2014) offers a narrative in which gender differences in home production responsibilities create gender gaps in labor market outcomes. We carry out a model-based quantitative assessment of this narrative and find that it can account for a significa...

Dynamics of Markups, Concentration, and Product Span

By Elhanan Helpman and Benjamin Niswonger

American Economic Journal: Macroeconomics, July 2022

We develop a model with a finite number of multiproduct firms together with a continuum of single-product firms and study the dynamics that arise from product innovation. Consistent with the available evidence, the model predicts rising markups and concen...

Optimal Taxation with Endogenous Default under Incomplete Markets

By Demian Pouzo and Ignacio Presno

American Economic Journal: Macroeconomics, July 2022

How are the optimal tax and debt policies affected if the government can default on its debt? We address this question from a normative perspective in an economy with noncontingent government debt, domestic default, and labor taxes. On one hand, default p...

Report of the Search Committee for the Editor of the AEJ: Macroeconomics

By Ben Bernanke

AEA Papers and Proceedings, May 2018

Report of the Search Committee to Appoint a Data Editor for the AEA

By Esther Duflo and Hilary Hoynes

AEA Papers and Proceedings, May 2018

List of Online Reports

By Peter L. Rousseau

AEA Papers and Proceedings, May 2018