Report of the Task Force on Outreach to High School and Undergraduate Students in Economics

By Martha Olney

AEA Papers and Proceedings, May 2023

Report of the AEA Data Editor

By Lars Vilhuber

AEA Papers and Proceedings, May 2023

Report of the AEA Ombudsperson

By Leto Copeley

AEA Papers and Proceedings, May 2023

AEA Data Legality Policy and Explanations

AEA Papers and Proceedings, May 2023

Report of the Search Committee for the Editor for the American Economic Review: Insights

By Pinelopi Goldberg

AEA Papers and Proceedings, May 2023

Report of the Search Committee for the Editor for the American Economic Journal: Economic Policy

By Anna Aizer

AEA Papers and Proceedings, May 2023

Report of the Search Committee for the Editor for the American Economic Journal: Microeconomics

By Doug Bernheim

AEA Papers and Proceedings, May 2023

Front Matter

AEA Papers and Proceedings, May 2023

Distorted Innovation: Does the Market Get the Direction of Technology Right?

By Daron Acemoglu

AEA Papers and Proceedings, May 2023

In the presence of markup differences, externalities, and other social effects, the direction of innovation can be systematically distorted. I build a simple model of endogenous technology to study distortions in the direction of innovation. Empirical fin...

China in Tax Havens

By Christopher Clayton, Antonio Coppola, Amanda Dos Santos, Matteo Maggiori, and Jesse Schreger

AEA Papers and Proceedings, May 2023

We document the rise of China in offshore capital markets. Chinese firms use global tax havens to access foreign capital in both equity and bond markets. In the last 20 years, China's presence went from raising a negligible amount of capital in these mark...

The Secular Decrease in UK Safe Asset Market Power

By Jason Choi, Duong Dang, Rishabh Kirpalani, and Diego J. Perez

AEA Papers and Proceedings, May 2023

We document the decline in market power of the United Kingdom in safe assets and quantify the resulting losses. We estimate an increasing elasticity of demand for UK public debt during the latter half of the twentieth century. This is in sharp contrast to...

The Stock Connect to China

By Zhiguo He, Yuehan Wang, and Xiaoquan Zhu

AEA Papers and Proceedings, May 2023

As a bridge between Chinese mainland and international financial markets, the Stock Connect program allows investors on both sides to gain mutual access. By analyzing how cross-border flows respond to macro-related shocks, we show that compared with possi...

Debt Distress on China's Belt and Road

By Sebastian Horn, Bradley C. Parks, Carmen M. Reinhart, and Christoph Trebesch

AEA Papers and Proceedings, May 2023

This paper shows that China's lending boom to developing country sovereigns has largely ended and that debt distress and defaults are increasingly common. Chinese lenders react to this challenge through two main coping strategies: first, bilateral soverei...

Market Power, Financial Constraints, and Monetary Transmission

By Romain Duval, Davide Furceri, Raphael Lee, and Marina M. Tavares

AEA Papers and Proceedings, May 2023

There is growing evidence that corporate market power is increasing and affecting monetary policy transmission. This paper develops a partial equilibrium model that highlights the role of financial constraints in shaping the role of markups for the respon...

Monetary Policy, Market Power, and SMEs

By Annalisa Ferrando, Peter McAdam, Filippos Petroulakis, and Xavier Vives

AEA Papers and Proceedings, May 2023

Monetary policy aims to affect corporate borrowing by influencing the marginal costs of firms, but its potency can be conditioned by the degree of market competition. We first identify conditions under which changes in marginal costs have different effect...

The Wage Phillips Curve under Labor Market Power

By Anastasia Burya, Rui Mano, Yannick Timmer, and Anke Weber

AEA Papers and Proceedings, May 2023

Using the near universe of online vacancy postings in the United States, we explore linkages between labor market power and the trade-off between unemployment and wages. We estimate the Phillips curve at the commuting zone level and find that the relation...

Learning Curve: Progress in the Replication Crisis

By Noam Angrist, Claire Cullen, Micheal Ainomugisha, Sai Pramod Bathena, Peter Bergman, Colin Crossley, Thato Letsomo, Moitshepi Matsheng, Rene Marlon Panti, Shwetlena Sabarwal, and Tim Sullivan

AEA Papers and Proceedings, May 2023

We present detailed monitoring data across a five-country randomized trial of phone-based targeted tutoring—one of the largest multicountry replication efforts in education to date. We study an approach shown to work in Botswana and replicated in India,...

Exacerbated Inequalities: The Learning Loss from COVID-19 in Italy

By Michela Carlana, Eliana La Ferrara, and Carolina Lopez

AEA Papers and Proceedings, May 2023

Using administrative data on the universe of eighth graders, we study learning losses in Italy between 2021 and 2019 to estimate the effect of schools' closures due to the COVID-19 pandemic. We find an average learning loss of 0.14 SD in math and 0.05 SD ...

Behavioral Nudges Reduced Dropout Risk among Vulnerable Students during the Pandemic: Experimental Evidence from Brazil

By Guilherme Lichand, Julien Christen, and Eppie van Egeraat

AEA Papers and Proceedings, May 2023

In a companion paper (Lichand, Christen and Van Egeraat, 2022), we documented that learning losses in the context of the COVID-19 pandemic were magnified by the fact that most schools neglected students' socio-emotional skills during remote learning. Taki...

Emotional and Behavioral Impacts of Telementoring and Homeschooling Support on Children

By Hashibul Hassan, Asad Islam, Abu Siddique, and Liang Choon Wang

AEA Papers and Proceedings, May 2023

We examine the emotional and behavioral impacts of a randomized telementoring intervention on Bangladeshi primary school-aged children during COVID-19 school closures. We measured the prevalence of emotional, conduct, hyperactivity/inattention, and peer-r...