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 …

Pinelopi K. Goldberg · Michael M. Knetter

This 1997 Journal of Economic Literature survey by Pinelopi Goldberg and Michael Knetter synthesizes nearly 700 articles on the relationship between exchange rates and goods prices, organizing the …

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 …

Jonathan A. Parker

This 2011 *Journal of Economic Literature* forum essay by Jonathan Parker argues that as of early 2009 economists had no good measure of how government spending affects output specifically in a …

Lutz Kilian

This 2008 Journal of Economic Literature survey reviews the methodological developments that, in the author's view, have overturned the older consensus that oil and energy price shocks are simply …

Kenneth Rogoff

This 1996 Journal of Economic Literature survey by Kenneth Rogoff states the purchasing power parity (PPP) puzzle as a reconciliation problem: the empirical literature finds that real exchange rates …

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 …