Journal of Economic Literature

Valerie A. Ramey

Surveying theory, aggregate U.S. time-series evidence, and the newer cross-state/cross-locality literature on the government-spending multiplier, Ramey concludes that the multiplier for a temporary, …

Peter Blair Henry

The literature's standard finding -- that countries with open capital accounts do not grow faster -- tests a prediction the neoclassical growth model never makes, because in that model liberalization …

Barbara Rossi

Asked whether anything forecasts exchange rates, this survey's answer is "it depends" -- on the predictor, the horizon, the sample, the model and the evaluation test. Predictability shows up most …

Nicolas Coeurdacier · Hélène Rey

A survey of why international investors hold a disproportionate share of domestic equities, bonds and bank assets ("home bias") despite the diversification gains foreign holdings would offer, …

Òscar Jordà · Alan M. Taylor

This 2025 Journal of Economic Literature survey takes stock of local projections (LP) as a general framework for estimating impulse responses, arguing that LPs "help bridge the divide between current …

Richard Clarida · Jordi Galí · Mark Gertler

This widely cited survey derives monetary policy design from a simple forward-looking New Keynesian model, showing that optimal policy without commitment requires raising the nominal rate more than …