International Contagion through Leveraged Financial Institutions

By Eric van Wincoop

American Economic Journal: Macroeconomics, July 2013

The 2008–2009 financial crises, while originating in the United States, witnessed a drop in asset prices and output that was at least as large in the rest of the world. We investigate, in the context of a simple two-country model, whether this could ...

Sharing the Burden: Monetary and Fiscal Responses to a World Liquidity Trap

By David Cook and Michael B. Devereux

American Economic Journal: Macroeconomics, July 2013

This paper analyzes optimal policy responses to a global liquidity trap. The key feature of this environment is that relative prices respond perversely. A fall in demand in one country causes an appreciation of its terms of trade, exacerbating the initia...

Strategic Private Experimentation

By Mike Felgenhauer and Elisabeth Schulte

American Economic Journal: Microeconomics, November 2014

We consider a model of persuasion in which an agent who tries to persuade a decision maker can sequentially acquire imperfect signals. The agent's information acquisition is unobservable and he has the option to hide unfavorable signals. Nevertheless, if ...

Human Capital and the Lifetime Costs of Impatience

By Brian C. Cadena and Benjamin J. Keys

American Economic Journal: Economic Policy, August 2015

In this paper, we examine the role of impatience in human capital formation—arguably the most important investment decision individuals make during their lifetimes. We focus on a set of investment behaviors that cannot be explained solely by variation i...

Credit Constraints and Growth in a Global Economy

By Nicolas Coeurdacier, Stéphane Guibaud, and Keyu Jin

American Economic Review, September 2015

We show that in an open-economy OLG model, the interaction between growth differentials and household credit constraints—more severe in fast-growing countries—can explain three prominent global trends: a divergence in private saving rates between adva...

Averting Catastrophes: The Strange Economics of Scylla and Charybdis

By Ian W. R. Martin and Robert S. Pindyck

American Economic Review, October 2015

Faced with numerous potential catastrophes—nuclear and bioterrorism, mega-viruses, climate change, and others—which should society attempt to avert? A policy to avert one catastrophe considered in isolation might be evaluated in cost-benefit terms. Bu...

Wintertime for Deceptive Advertising?

By Jonathan Zinman and Eric Zitzewitz

American Economic Journal: Applied Economics, January 2016

Casual empiricism suggests that deceptive advertising about product quality is prevalent, and several classes of theories explore its causes and consequences. We provide unusually sharp empirical evidence on its extent, mechanics, and dynamics. Ski resort...

Are Sticky Prices Costly? Evidence from the Stock Market

By Yuriy Gorodnichenko and Michael Weber

American Economic Review, January 2016

We show that after monetary policy announcements, the conditional volatility of stock market returns rises more for firms with stickier prices than for firms with more flexible prices. This differential reaction is economically large and strikingly robust...

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Big Loans to Small Businesses: Predicting Winners and Losers in an Entrepreneurial Lending Experiment

By Gharad Bryan, Dean Karlan, and Adam Osman

American Economic Review

We experimentally study the impact of relatively large enterprise loans in Egypt. Larger loans generate small average impacts, but machine learning using psychometric data reveals that ”top-performers” (those with the highest predicted treatment ef...

Comparisons of Signals

By Benjamin Brooks, Alexander Frankel, and Emir Kamenica

American Economic Review

Blackwell (1953) studied (equivalent) comparisons of experiments; he characterized when one experiment is more valuable than another regardless of the preferences of the agent. We study (various, non-equivalent) comparisons of signals. Among other comp...

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