American Economic Review

Simon Johnson · Lukasz Rachel · Catherine Wolfram

Layer 1: Overview This paper asks what the optimal response of an exhaustible-resource producer is to sanctions in the form of a price cap, and how a sanctioning coalition should set the cap. The …

Giovanni Cespa · Xavier Vives

Layer 1: Overview Research question and motivation: The paper asks why market liquidity sometimes behaves in a stabilizing way (an illiquidity hike curbs liquidity demand and attracts liquidity …

Hassan Afrouzi · Marina Halac · Kenneth Rogoff · Pierre Yared

Layer 1: Overview Research question and motivation: Post-pandemic inflation across advanced economies rose to levels not seen since the early 1980s, reviving interest in central bank credibility. The …

Ferdinando Monte · Charly Porcher · Esteban Rossi-Hansberg

Layer 1: Overview Monte, Porcher, and Rossi-Hansberg ask why remote work surged abruptly and permanently after COVID-19 despite information-technology advances raising it only marginally between 1980 …

Sushant Acharya · Jess Benhabib

Layer 1: Overview Research question and motivation: A central tenet of monetary policy is that aggressively raising nominal rates more than one-for-one with inflation (the Taylor principle) nips …

Katrine Jakobsen · Henrik Kleven · Jonas Kolsrud · Camille Landais · Mathilde Munoz

Layer 1: Overview Research question and motivation: Proposals to tax top wealth (e.g., Saez and Zucman, 2019) face a recurring objection in public debate: that the wealthy will emigrate en masse and, …

Corina Boar · Denis Gorea · Virgiliu Midrigan

Layer 1: Overview Research question and motivation. A large literature argues that credit constraints are the dominant financial friction holding private businesses below their optimal scale, so that …

Patrick J. Kennedy · Christine L. Dobridge · Paul Landefeld · Jacob Mortenson

Layer 1: Overview This paper estimates the firm- and worker-level effects of the corporate income tax cuts in the 2017 Tax Cuts and Jobs Act (TCJA) — the largest corporate tax cut in U.S. history — to …

Rüdiger Bachmann · Kai Carstensen · Stefan Lautenbacher · Manuel Menkhoff · Martin Schneider

Layer 1: Overview Research question and motivation: A large literature shows that firms perceiving more uncertainty make more cautious intertemporal decisions (investment, hiring, price setting), but …

Horng Chern Wong

Layer 1: Overview Research question and motivation: Why do some firms pay persistently higher wages for observably similar workers, and what role do firms’ product-market power …

Atif Mian · Ludwig Straub · Amir Sufi

This paper develops a tractable continuous-time model to study the fiscal sustainability of government deficits and the joint dynamics of public debt, with two main ingredients: an endogenous interest …

Pierre-Olivier Gourinchas · Walker Ray · Dimitri Vayanos

Layer 1 — Core Argument The paper develops a two-country preferred-habitat model in which currency and bond markets are populated by different investor clienteles — currency traders with price-elastic …

Joel P. Flynn · George Nikolakoudis · Karthik A. Sastry

Research Question Modern macroeconomic models of aggregate supply universally restrict firms to price-setting — committing to a price and supplying whatever quantity the market demands. Flynn, …

Robert W. Hahn · Nathaniel Hendren · Robert D. Metcalfe · Ben Sprung-Keyser

This paper extends and applies the marginal value of public funds (MVPF) framework to evaluate the welfare consequences of 96 climate-related tax and spending policies in the United States. The MVPF …

Gaurav Khanna · Emir Murathanoglu · Caroline Theoharides · Dean Yang

Layer 1 — Overview Research Question This paper asks how persistent increases in international migrant income prospects affect long-run economic development in migrant-origin areas. The central …

Jonas Hjort · Xuan Li · Heather Sarsons

Layer 1 — Summary Many multinationals do not fully adjust wages to the local context of their foreign establishments; instead, they partially link the wages of foreign workers in a given position to …

Karl M. Aspelund · Anna Russo

This paper investigates the problem of additionality — the likelihood that a conservation action is marginal to (i.e., caused by) an incentive — in the United States Department of Agriculture’s …

Eric Chyn · Diego Daruich

Overview Research question. How should governments design neighborhood-based policies to improve long-run outcomes for children, once one accounts for general equilibrium (GE) forces—endogenous rents, …

Luca Gagliardone · Mark Gertler · Simone Lenzu · Joris Tielens

Layer 1 — Overview Research Question This paper addresses a fundamental puzzle in macroeconomics: why do estimates of the New Keynesian Phillips curve (NKPC) slope differ sharply depending on whether …

Elliot Anenberg · Tess Scharlemann · Eileen van Straelen

Overview Research Question. Does monetary policy stimulate household borrowing and consumption by enabling cash-out mortgage refinancing (“the cash-out refinance channel”), or does it …

Felipe Gonçalves · Elisa Jácome · Emily Weisburst

This paper studies how immigration enforcement affects public safety, asking two questions: (1) what is the effect of increased enforcement on criminal victimization, and (2) how does increased …

Fernando Alvarez · Katarína Borovičková · Robert Shimer

Layer 1 — Overview Research Question. This paper asks two related questions. First, can one develop a robust, distribution-free estimator for the discrete-time mixed proportional hazard (MPH) model of …

Kristine W. Hankins · Morteza Momeni · David Sovich

Overview Research Question. Do import tariffs affect consumer credit terms, and does focusing solely on goods prices understate tariff pass-through to consumers? The paper also asks whether vertical …

Andreas Haupt · Zoë Hitzig

Haupt and Hitzig introduce a framework for comparing the privacy properties of different mechanism protocols. The core research question is: when a designer commits to implementing a social choice …

Taha Choukhmane

Overview Research question. Does automatic enrollment (auto-enrollment) in retirement savings plans increase lifetime wealth accumulation and welfare? The prior literature established large short-run …

Amanda Dahlstrand

This paper asks whether digital platforms can improve healthcare outcomes by enabling needs-based matching between patients and physicians unconstrained by geography. Amanda Dahlstrand studies digital …

Ingrid Huitfeldt · Victoria Marone · Daniel Waldinger

This paper studies the design of dynamic reassignment mechanisms—centralized systems that must not only provide good initial matches but also accommodate changes in agents’ preferences over …

Daniel L. Greenwald · Adam Guren

Overview Research Question. To what extent did an expansion and contraction of credit drive the 2000s housing boom and bust? The existing literature offers sharply divergent answers — ranging from …

Jonathon Hazell · Bledi Taska

Layer 1 — Summary Hazell and Taska use wages posted on online job vacancies — matched to job titles and establishment identifiers from Burning Glass Technologies — to measure the wage for new hires at …

Veronica Backer-Peral · Jonathon Hazell · Atif Mian

Each month a fraction of UK property leases are extended by 90 years or more, creating thousands of natural experiments in which the same property’s rent and capital value are revealed …

John Sturm Becko · André Sztutman

Overview Research Question. Can income tax schedules be justified as utilitarian-optimal without adopting extreme normative assumptions about how household welfare should be measured? The paper …

Gautam Gowrisankaran · Ashley Langer · Mar Reguant

This paper asks how rate-of-return (RoR) regulation in U.S. electricity markets affects the speed and efficiency of energy transitions, specifically the transition from coal to combined-cycle natural …

Diego Gentile Passaro · Fuhito Kojima · Bobak Pakzad-Hurson

Layer 1 — Overview Research Question This paper studies the labor market effects of “Equal Pay for Similar Work” (EPSW) policies — laws that require firms to pay equal wages to workers of …

Renato Faccini · Seungcheol Lee · Ralph Luetticke · Morten O. Ravn · Tobias Renkin

Overview Research Question. How do consumer credit spreads — the gap between household borrowing rates and deposit rates — affect aggregate business cycle dynamics and the distribution of consumption …

Emmanuel Dhyne · Ayumu Ken Kikkawa · Toshiaki Komatsu · Magne Mogstad · Felix Tintelnot

Layer 1 — Overview Research Question. The paper asks three related questions in the context of Belgium, a small open economy: (1) What do firms’ responses to demand shocks reveal about their …

N. Meltem Daysal · Hui Ding · Maya Rossin-Slater · Hannes Schwandt

This paper studies the short- and long-term consequences of intra-household respiratory disease transmission from older to younger siblings in Danish families. The central research questions are: (1) …

Hengjie Ai · Ravi Bansal · Hongye Guo · Amir Yaron

Layer 1: Overview This paper develops a revealed-preference theory that uses asset-market data to identify whether investors have a preference for early resolution of uncertainty (PER), a property of …

Jorge García-Hombrados · Marcel Jansen · Angel Martínez · Berkay Özcan · Pedro Rey-Biel · Antonio Roldán-Monés

This paper investigates how the ideological alignment between knowledge-disseminating institutions and policymakers affects the adoption of evidence-based policies. The core research question is …

Esther Duflo · Pascaline Dupas · Elizabeth Spelke · Mark Walsh

This paper provides experimental evidence on the intergenerational impacts of secondary education subsidies in a low-income context, leveraging a randomized controlled trial (RCT) conducted in rural …

Mathilde Muñoz

Overview Research Question. This paper asks whether differences in labor market regulations — specifically payroll taxes and minimum wages — shape countries’ comparative advantage in the …

Christoph Albert · Albrecht Glitz · Joan Llull

Labor Market Competition and the Assimilation of Immigrants Research Question Why have immigrant-native wage gaps widened substantially across arrival cohorts in the United States since the 1960s, and …

Daniel Björkegren · Joshua E. Blumenstock · Samsun Knight

This paper addresses the problem of algorithmic manipulation: when consequential decisions are encoded in machine learning algorithms, individuals strategically alter their behavior to achieve desired …

Alberto Bisin · Giulia Tura

Bisin and Tura study the cultural integration of immigrants in Italy by estimating a structural model of marital matching embedded with intra-household decisions — fertility, socialization of …

Vivek Bhattacharya · Gastón Illanes · David Stillerman

This paper by Bhattacharya, Illanes, and Stillerman makes two contributions to the debate over US antitrust enforcement stringency. First, it documents the price, quantity, and assortment effects of a …

Luca Fornaro · Federica Romei

In a multicountry model with nominal wage rigidities, two sectors (tradable with convex supply, nontradable with flat supply), and free capital mobility, the paper studies optimal monetary policy …

Gabriel Kreindler · Arya Gaduh · Tilman Graff · Rema Hanna · Benjamin A. Olken

This paper studies how commuter preferences over wait times, travel times, and transfers should shape the design of urban bus networks, using the world’s largest Bus Rapid Transit (BRT) system — …

Jan Eeckhout · Chunyang Fu · Wenjian Li · Xi Weng

Overview This paper asks whether and how optimal income taxation should change when firms have market power. The question is motivated by the documented rise in economy-wide markups since 1980, which …

Cecile Gaubert · Patrick Kline · Damian Vergara · Danny Yagan

Place-Based Redistribution: Overview Research Question Should national governments redistribute income to residents of poor areas through place-based transfers, or should redistribution rely solely on …

Emanuele Colonnelli · Valdemar Pinho Neto · Edoardo Teso

Layer 1 — Overview Research Question Do individual political views shape firm behavior and labor market outcomes in the private sector? Specifically, do business owners sort copartisan workers into …

Kenan Huremović · Gabriel Jiménez · Enrique Moral-Benito · José-Luis Peydró · Fernando Vega-Redondo

This paper provides the first integrated empirical analysis of how bank credit supply shocks propagate through both the production network and the financial network simultaneously, using the universe …

Aaron Chalfin · Felipe Goncalves

This paper studies how public sector workers balance professional motivations against private economic concerns, using arrest decisions by Dallas Police Department (DPD) officers as the empirical …

Gabriel Ehrlich · John Haltiwanger · Ron Jarmin · David Johnson · Ed Olivares · Luke Pardue · Matthew D. Shapiro · Laura Yi Zhao

Layer 1: Overview This paper implements and evaluates methods for constructing quality-adjusted price indices from item-level retail scanner data at scale — across hundreds of product categories, …

Amir Kermani · Francis Wong

Layer 1 — Overview Research Question This paper estimates the racial/ethnic gap in realized housing returns using administrative data on individual housing transactions, and investigates the …

Haruki Kono · Kota Saito · Alec Sandroni

This paper addresses a foundational gap in the random utility model (RUM) literature: existing axiomatizations by Falmagne (1978) and McFadden and Richter (1990) assume that whenever a menu is …

Manasvini Singh · Atheendar Venkataramani

Singh and Venkataramani ask whether resource scarcity causes discriminatory rationing of health care by patient race, with patient death as the starkest possible outcome of biased allocation …

Pedro Bordalo · Nicola Gennaioli · Andrei Shleifer · Stephen J. Terry

This paper incorporates diagnostic expectations — beliefs that overweight the representativeness of recent data, formalized as $E_t^\theta(A_{t+1}) = E_t(A_{t+1}) + \theta[E_t(A_{t+1}) - …

Ethan Ligon

This paper identifies and corrects a fundamental flaw in the standard methodology for testing efficient risk-sharing when shocks are covariate (affecting common prices rather than only individual …

Dirk Bergemann · Tibor Heumann · Michael C. Wang

Bergemann, Heumann, and Wang study consumer surplus when a monopolist simultaneously engages in second-degree price discrimination (screening consumers within each market segment through …

Daniel Haanwinckel

Layer 1 — Overview Research question. How do workforce composition (labor supply), labor demand, and minimum wage policy jointly determine the wage distribution in imperfectly competitive labor …

Felipe Brugués

Overview This paper studies the efficiency of self-enforced relational agreements in manufacturing supply chains when sellers have market power and contracts cannot be externally enforced. The setting …

Ingrid Haegele

This paper provides the first empirical evidence of talent hoarding in organizations — the practice whereby managers deliberately suppress workers’ internal mobility to retain productive team …

Mark Gertler · Christopher Huckfeldt · Antonella Trigari

This paper measures and models the role of temporary layoffs (TL) in cyclical unemployment dynamics, motivating the analysis by the extraordinary surge in temporary layoffs at the onset of the …

Michael Wiebe

This paper is a comment on Moretti (2021b), which studied agglomeration effects for innovation by testing whether the size of technology clusters causes patenting. The original paper (M21) used US …

Matthew A. Masten · Alexandre Poirier

Masten and Poirier demonstrate a previously unrecognized asymmetry in the coefficient stability literature: depending on how omitted variable bias is measured, it can be substantially easier for …

Luigi Iovino · Thorsten Martin · Julien Sauvagnat

This paper documents and quantifies an “environmental bias” embedded in the U.S. corporate income tax code: CO2-intensive (“dirty”) firms systematically face lower effective …

Iacopo Morchio · Christian Moser

Layer 1: Overview This paper uses linked employer-employee data from Brazil (RAIS, 2007–2014, covering 267 million worker-years, 56 million unique workers, and 607,000 employers) to document that the …

David Chan · Yiqun Chen

This paper studies the productivity of nurse practitioners (NPs) versus physicians performing overlapping tasks in Veterans Health Administration (VHA) emergency departments (EDs), exploiting a …

Gordon B. Dahl · Matthew Knepper

Layer 1 — Summary Research question and argument Dahl and Knepper address the long-standing puzzle of why workplace sexual harassment is chronically underreported despite high estimated prevalence. …