{"status":"ok","message-type":"work-list","message-version":"1.0.0","message":{"facets":{},"total-results":731,"items":[{"indexed":{"date-parts":[[2022,4,5]],"date-time":"2022-04-05T10:38:09Z","timestamp":1649155089269},"reference-count":0,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2016,7,1]]},"DOI":"10.1257\/mac.8.3.i","type":"journal-article","created":{"date-parts":[[2016,7,1]],"date-time":"2016-07-01T11:47:56Z","timestamp":1467373676000},"page":"i-vi","source":"Crossref","is-referenced-by-count":0,"title":["Front Matter"],"prefix":"10.1257","volume":"8","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.8.3.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:02Z","timestamp":1591127762000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.8.3.i"}},"issued":{"date-parts":[[2016,7,1]]},"references-count":0,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2016,7,1]]}},"alternative-id":["10.1257\/mac.8.3.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.8.3.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2016,7,1]]}},{"indexed":{"date-parts":[[2023,9,10]],"date-time":"2023-09-10T07:06:42Z","timestamp":1694329602347},"reference-count":30,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2016,4,1]]},"abstract":"<jats:p> This paper highlights a pecuniary externality that results in excessive financing costs. Firms borrow to finance purchases of an inelastically supplied input, bidding up its price. Since higher input prices necessitate more debt obligations, this leads to an increase in intermediation costs. A quantitative interpretation of the model suggests that it is optimal to tax financial intermediation by increasing the borrowing rate by 3 percentage points. (JEL E13, E44, G21, G32, H21, H25) <\/jats:p>","DOI":"10.1257\/mac.20140147","type":"journal-article","created":{"date-parts":[[2016,3,31]],"date-time":"2016-03-31T13:18:49Z","timestamp":1459430329000},"page":"215-237","source":"Crossref","is-referenced-by-count":3,"title":["Excessive Financing Costs in a Representative Agent Framework"],"prefix":"10.1257","volume":"8","author":[{"given":"Maya","family":"Eden","sequence":"first","affiliation":[{"name":"World Bank, 1818 H St. NW, Washington, DC, 20433 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1007\/s10887-015-9115-2"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.7.3400"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(01)00084-8"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.122.2.535"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/jep.27.2.29"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2009.00540.x"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdr039"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1017\/CBO9780511983566.007"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2012.01771.x"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/1891114"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/jep.27.2.3"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1111\/jeea.12130"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1162\/003355397555316"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.238"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1086\/262072"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1086\/261634"},{"issue":"3","key":"p_21","first-page":"523","volume":"59","author":"Korinek Anton","year":"2011","journal-title":"international Monetary Fund Economic review"},{"issue":"3","key":"p_22","first-page":"291","volume":"64","author":"Krueger Anne O","year":"1974","journal-title":"American Economic review"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2008.00494.x"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.3982\/QE40"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmateco.2013.12.003"},{"issue":"2","key":"p_28","first-page":"409","volume":"83","author":"Murphy Kevin M","year":"1993","journal-title":"American Economic review"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2004.04.011"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.3.158"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20120578"},{"issue":"1","key":"p_32","first-page":"134","volume":"85","author":"Ritter Joseph A","year":"1995","journal-title":"American Economic review"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2008.05.011"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjt007"},{"key":"p_36","first-page":"1","volume":"153","author":"Tobin James","year":"1984","journal-title":"Lloyds Bank review"},{"issue":"3","key":"p_37","first-page":"224","volume":"5","author":"Tullock Gordon","year":"1967","journal-title":"Western Economic Journal"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20140147","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:22Z","timestamp":1591127782000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20140147"}},"issued":{"date-parts":[[2016,4,1]]},"references-count":30,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2016,4,1]]}},"alternative-id":["10.1257\/mac.20140147"],"URL":"https:\/\/doi.org\/10.1257\/mac.20140147","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2016,4,1]]}},{"indexed":{"date-parts":[[2022,4,3]],"date-time":"2022-04-03T08:32:42Z","timestamp":1648974762969},"reference-count":0,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2010,4,1]]},"DOI":"10.1257\/mac.2.2.i","type":"journal-article","created":{"date-parts":[[2010,4,8]],"date-time":"2010-04-08T13:27:52Z","timestamp":1270733272000},"page":"i-ii","source":"Crossref","is-referenced-by-count":0,"title":["American Economic Journal: Macroeconomics"],"prefix":"10.1257","volume":"2","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.2.2.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:54:18Z","timestamp":1591127658000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.2.2.i"}},"issued":{"date-parts":[[2010,4,1]]},"references-count":0,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2010,4,1]]}},"alternative-id":["10.1257\/mac.2.2.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.2.2.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2010,4,1]]}},{"indexed":{"date-parts":[[2026,1,16]],"date-time":"2026-01-16T12:25:29Z","timestamp":1768566329255,"version":"3.49.0"},"reference-count":41,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2022,1,1]]},"abstract":"<jats:p> We show that in microdata, as well as in a search and matching model with flexible wages for new hires, wage rigidities of incumbent workers have substantial effects on separations and unemployment volatility. Allowing for an empirically relevant degree of wage rigidities for incumbent workers drives unemployment volatility as well as the volatility of vacancies and tightness to that in the data. Thus, the degree of wage rigidity for newly hired workers is not a sufficient statistic for determining the effect of wage rigidities on macroeconomic outcomes. This finding affects the interpretation of a large empirical literature on wage rigidities. (JEL E24, J23, J31, J41, J63) <\/jats:p>","DOI":"10.1257\/mac.20180314","type":"journal-article","created":{"date-parts":[[2021,12,30]],"date-time":"2021-12-30T13:05:02Z","timestamp":1640869502000},"page":"332-354","source":"Crossref","is-referenced-by-count":2,"title":["Endogenous Separations, Wage Rigidities, and Unemployment Volatility"],"prefix":"10.1257","volume":"14","author":[{"given":"Mikael","family":"Carlsson","sequence":"first","affiliation":[{"name":"Department of Economics, Uppsala University, Uppsala Center for Labor Studies and Sveriges Riksbank (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Andreas","family":"Westermark","sequence":"additional","affiliation":[{"name":"Research Department, Sveriges Riksbank (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.1.70"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2011.09.006"},{"key":"p_4","unstructured":"Cajner, Tomaz. 2011. \"Labor Market Frictions and Bargaining Costs: A Model of State Dependent Wage Setting.\" Unpublished."},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(83)90060-0"},{"issue":"4","key":"p_6","first-page":"669","volume":"80","author":"Card David","year":"1990","journal-title":"American Economic Review"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.4.1571"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12214"},{"key":"p_9","unstructured":"Carlsson, Mikael, and Andreas Westermark. 2022. \"Replication data for: Endogenous Separations, Wage Rigidities, and Unemployment Volatility.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/ E119548V1."},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.2.133"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1086\/688876"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_13","doi-asserted-by":"crossref","unstructured":"Christiano, Lawrence J., Mathias Trabandt, and Karl Walentin. 2010. \"DSGE Models for Monetary Policy Analysis.\" In Handbook of Monetary Economics, Vol. 3, edited by Benjamin M. Friedman and Michael Woodford, 285-368. Amsterdam: North-Holland.","DOI":"10.1016\/B978-0-444-53238-1.00007-7"},{"key":"p_14","unstructured":"Correia, Sergio. 2014. \"REGHDFE: Stata module to perform linear or instrumentalvariable regression absorbing any number of high-dimensional xed effects.\" Statistical Software Components, Boston College Department of Economics."},{"key":"p_15","unstructured":"Davis, Steven J., and Pawel M. Krolikowski. 2020. \"Sticky Wages on the Layoff Margin.\" https:\/\/www. aeaweb.org\/conference\/2020\/preliminary\/powerpoint\/4KT2fYbN."},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.3.482"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/mac.1.1.84"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2009.00535.x"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.4.68"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdaa004"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2008.00180.x"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2013.09.003"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1692"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828482"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1653"},{"key":"p_26","doi-asserted-by":"crossref","unstructured":"J\u00e4ger, Simon, Benjamin Schoefer, and Josef Zweim\u00fcller. 2019. \"Marginal Jobs and Job Surplus: A Test of the Ef ciency of Separations.\" NBER Working Paper 25492.","DOI":"10.3386\/w25492"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2005.02.011"},{"key":"p_28","doi-asserted-by":"crossref","unstructured":"Manning, Alan. 2011. \"Chapter 11-Imperfect Competition in the Labor Market.\" In Handbook of Labor Economics, Vol. 4B, edited by David Card and Orley Ashenfelter, 973-1041. Amsterdam: North-Holland.","DOI":"10.1016\/S0169-7218(11)02409-9"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.4.36"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.2307\/2297896"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9442.2007.00510.x"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20121186"},{"key":"p_33","first-page":"1985","author":"Nordstr\u00f6m Skans Oskar","year":"2009","journal-title":"Sweden"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.2307\/2297899"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA7562"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/app.2.3.1"},{"key":"p_37","unstructured":"Schoefer, Benjamin. 2015. \"The Financial Channel of Wage Rigidity.\" https:\/\/eml.berkeley. edu\/~schoefer\/schoefer_files\/Schoefer_FinancialChannelWageRigidity_jmp2015version.pdf."},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828572"},{"key":"p_39","doi-asserted-by":"crossref","unstructured":"Shimer, Robert. 2007. \"Reassesing the ins and outs of unemployment.\" NBER working paper 13421.","DOI":"10.3386\/w13421"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.02.001"},{"key":"p_41","unstructured":"Trygghetsr\u00e5det. 2017. \"Survey: Svenskarnas vilja att byta jobb.\" Unpublished."},{"key":"p_42","unstructured":"Wooldridge, Jeffrey M. 2002. Econometric Analysis of Cross Section and Panel Data. Cambridge, MA: MIT Press."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180314","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,12,30]],"date-time":"2021-12-30T13:06:28Z","timestamp":1640869588000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180314"}},"issued":{"date-parts":[[2022,1,1]]},"references-count":41,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2022,1,1]]}},"alternative-id":["10.1257\/mac.20180314"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180314","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2022,1,1]]}},{"indexed":{"date-parts":[[2025,9,28]],"date-time":"2025-09-28T06:46:19Z","timestamp":1759041979530},"reference-count":32,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2013,1,1]]},"abstract":"<jats:p> We explain why international nominal bonds and equity portfolios are biased domestically. In our model, holding domestic government nominal debt provides a hedge against shocks to bond returns and the impact on taxes they induce. For this result, only two features are essential: nominal risk and taxes only on domestic agents. A third feature explains domestically biased equity holdings: government spending falls on domestic goods. Then, an increase in government spending raises the returns on domestic equity, providing a hedge against the subsequent increase in taxes. A calibrated version of the model predicts asset holdings that quantitatively match the data. (JEL F30, G11, G15, H61, H63) <\/jats:p>","DOI":"10.1257\/mac.5.1.102","type":"journal-article","created":{"date-parts":[[2013,1,3]],"date-time":"2013-01-03T11:12:21Z","timestamp":1357211541000},"page":"102-134","source":"Crossref","is-referenced-by-count":8,"title":["Hedging Against the Government: A Solution to the Home Asset Bias Puzzle"],"prefix":"10.1257","volume":"5","author":[{"given":"Tiago C","family":"Berriel","sequence":"first","affiliation":[{"name":"Graduate School of Economics, Getulio Vargas Foundation (FGV\/EPGE) (FGV\/EPGE), Praia de Botafogo 190, sala 1119, 22250-900\u2013Rio de Janeiro, Brazil."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Saroj","family":"Bhattarai","sequence":"additional","affiliation":[{"name":"Pennsylvania State University, Department of Economics, 615 Kern Building, University Park, PA 16801."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"issue":"1","key":"p_1","first-page":"84","volume":"84","author":"Backus David K","year":"1994","journal-title":"American Economic review"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1086\/260266"},{"issue":"1","key":"p_3","first-page":"170","volume":"87","author":"Baxter Marianne","year":"1997","journal-title":"American Economic review"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1162\/JEEA.2008.6.2-3.414"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.1.144"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/mac.5.1.102"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1162\/003355302320935043"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1162\/003355398555793"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdq015"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2005.768_1.x"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00216"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(91)90023-H"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2008.00475.x"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0327.2006.00167.x"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1162\/00335530151144069"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2009.01.003"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1111\/j.1542-4774.2010.01010.x"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/mac.1.2.155"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2007.03.002"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1086\/521966"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.3.192"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.12.008"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(82)90032-0"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1162\/JEEA.2008.6.2-3.395"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2008.01.005"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(89)90042-1"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjq008"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1111\/1540-6261.00590"},{"issue":"1","key":"p_47","first-page":"90","volume":"5","author":"Schoenmaker Dirk","year":"2008","journal-title":"Investment Management and Financial Innovations"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2009.12.003"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.2307\/2673890"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.5.1.102","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T15:59:14Z","timestamp":1591113554000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.5.1.102"}},"issued":{"date-parts":[[2013,1,1]]},"references-count":32,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2013,1,1]]}},"alternative-id":["10.1257\/mac.5.1.102"],"URL":"https:\/\/doi.org\/10.1257\/mac.5.1.102","ISSN":["1945-7707","1945-7715"],"issn-type":[{"type":"print","value":"1945-7707"},{"type":"electronic","value":"1945-7715"}],"published":{"date-parts":[[2013,1,1]]}},{"indexed":{"date-parts":[[2024,8,12]],"date-time":"2024-08-12T21:14:09Z","timestamp":1723497249380},"reference-count":44,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2023,1,1]]},"abstract":"<jats:p> The European debt crisis presents a challenge to our understanding of the relationship between government bond yields and economic fundamentals. I argue that information frictions are an important missing element and support that claim with evidence on the evolution of GDP forecast errors after 2008. I build a quantitative model of sovereign default where output features rare disasters and agents learn about their realizations. Debt crises coincide with economic depressions and develop gradually while markets update their expectations about future income. Calibrated to the Portuguese economy, the model replicates the comovement of bond spreads and output before and after 2008. (JEL E23, E27, E32, E43, F34, H63) <\/jats:p>","DOI":"10.1257\/mac.20190189","type":"journal-article","created":{"date-parts":[[2022,12,30]],"date-time":"2022-12-30T14:54:41Z","timestamp":1672412081000},"page":"106-134","source":"Crossref","is-referenced-by-count":1,"title":["Learning about Debt Crises"],"prefix":"10.1257","volume":"15","author":[{"given":"Radoslaw","family":"Paluszynski","sequence":"first","affiliation":[{"name":"Department of Economics, University of Houston (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20180831"},{"key":"p_8","doi-asserted-by":"crossref","unstructured":"Aguiar, M., S. Chatterjee, H. Cole, and Z. Stangebye. 2016. \"Quantitative Models of Sovereign Debt Crises.\" In Handbook of Macroeconomics, Vol. 2, edited by John B. Taylor and Harald Uhlig, 1697-1755. Amsterdam: Elsevier.","DOI":"10.1016\/bs.hesmac.2016.04.005"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1086\/718934"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2005.05.005"},{"key":"p_11","doi-asserted-by":"crossref","unstructured":"Andritzky, Jochen R. 2012. \"Government Bonds and Their Investors: What Are the Facts and Do They Matter?\" IMF Working Paper 12\/158.","DOI":"10.5089\/9781475504514.001"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.3.690"},{"key":"p_13","doi-asserted-by":"crossref","unstructured":"Ayres, Joao, Gaston Navarro, Juan Pablo Nicolini, and Pedro Teles. 2019. \"Self-Ful Iling Debt Crises with Long Stagnations.\" Federal Reserve Bank of Minneapolis Working Paper 757.","DOI":"10.21034\/wp.757"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/2998540"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.121.3.823"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1080\/00036840121785"},{"key":"p_17","unstructured":"Bloomberg L.P. 2017. Bond yield data retrieved from Bloomberg database."},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2019.01.011"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20161471"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2011.11.003"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2013.07.001"},{"key":"p_22","doi-asserted-by":"crossref","unstructured":"Brunnermeier, Markus K., Harold James, and Jean-Pierre Landau. 2016. The Euro and the Battle of Ideas. Princeton: Princeton University Press.","DOI":"10.2307\/j.ctvc774qh"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.2674"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2018.12.006"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2016.03.002"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rds013"},{"key":"p_27","unstructured":"Consensus Economics, Inc. 2016. Economic Forecasts (proprietary data used under a license agreement). https:\/\/www.consensuseconomics.com\/ (accessed December 2016)."},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/mac.5.3.85"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.2307\/2296886"},{"key":"p_30","unstructured":"European Commission. 2020. Economic Forecasts. https:\/\/ec.europa.eu\/economy_finance\/publications\/ european_economy\/forecasts\/ (accessed December 2020)."},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1007\/s10614-007-9092-4"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(90)90093-9"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2009.07.002"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2010.03.001"},{"key":"p_35","unstructured":"International Monetary Fund. 2020. World Economic Outlook. Historical forecast data. www.imf.org\/ external\/pubs\/ft\/weo\/data\/WEOhistorical.xlsx (accessed December 2020)."},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1006\/redy.2001.0151"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(94)90036-1"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20141766"},{"issue":"2","key":"p_39","first-page":"1","volume":"3","author":"Lucas Robert E., Jr.","year":"1979","journal-title":"Federal Reserve Bank of Minneapolis Quarterly Review"},{"key":"p_40","unstructured":"OECD. 2020. OECD data. https:\/\/stats.oecd.org\/ (accessed December 2020)."},{"key":"p_41","unstructured":"Pain, Nigel, Christine Lewis, Thai-Thanh Dang, Yosuke Jin, and Pete Richardson. 2014. \"OECD Forecasts During and After the Financial Crisis: A Post Mortem.\" OECD Economics Department Working Paper 1107."},{"key":"p_42","unstructured":"Paluszynski, Radoslaw. 2021. \"The Ultralong Sovereign Default Risk.\" Unpublished."},{"key":"p_44","unstructured":"Paluszynski, Radoslaw. 2023. \"Replication data for: Learning about Debt Crises.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E143341V1."},{"key":"p_45","unstructured":"Rebelo, Sergio, Neng Wang, and Jinqiang Yang. 2021. \"Rare Disasters, Financial Development, and Sovereign Debt.\" Unpublished."},{"key":"p_46","doi-asserted-by":"crossref","unstructured":"Reinhart, Carmen M., and Kenneth S. Rogoff. 2009. This Time is Different: Eight Centuries of Financial Folly. Princeton: Princeton University Press.","DOI":"10.1515\/9781400831722"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2013.0005"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(88)90172-9"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2017.06.005"},{"key":"p_50","unstructured":"Standard and Poor's. 2014. Sovereign Rating and Country T&C Assessment Histories. New York: Standard and Poor's Rating Services."},{"key":"p_51","unstructured":"World Bank. 2020. Quarterly External Debt Statistics (QEDS). https:\/\/datatopics.worldbank.org\/debt\/ qeds (accessed December 2020)."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20190189","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,12,30]],"date-time":"2022-12-30T14:55:08Z","timestamp":1672412108000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20190189"}},"issued":{"date-parts":[[2023,1,1]]},"references-count":44,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2023,1,1]]}},"alternative-id":["10.1257\/mac.20190189"],"URL":"https:\/\/doi.org\/10.1257\/mac.20190189","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2023,1,1]]}},{"indexed":{"date-parts":[[2025,10,2]],"date-time":"2025-10-02T16:26:18Z","timestamp":1759422378052},"reference-count":21,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2021,1,1]]},"abstract":"<jats:p> We generalize recent results of Bassetto and Benhabib (2006) and Straub and Werning (2019) in a neoclassical model with endogenous labor-leisure choice where all agents are allowed to save and accumulate capital. We provide a sufficient condition under which optimal redistributive capital taxes remain at their allowed upper bound forever, even if the resulting equilibrium trajectory converges to a unique steady state with positive and finite consumption, capital, and labor. We then provide an interpretation of our sufficient condition. Using recent evidence on wealth distribution in the United\u00a0States, we argue that our sufficient condition is empirically plausible. (JEL D31, E21, H21, H23, H25, J22) <\/jats:p>","DOI":"10.1257\/mac.20180191","type":"journal-article","created":{"date-parts":[[2020,12,30]],"date-time":"2020-12-30T13:51:49Z","timestamp":1609336309000},"page":"114-150","source":"Crossref","is-referenced-by-count":3,"title":["Optimal Positive Capital Taxes at Interior Steady States"],"prefix":"10.1257","volume":"13","author":[{"given":"Jess","family":"Benhabib","sequence":"first","affiliation":[{"name":"New York University, 19 West Fourth Street, New York, NY 10003 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"B\u00e1lint","family":"Szo\u0151ke","sequence":"additional","affiliation":[{"name":"New York University, 19 West Fourth Street, New York, NY 10003 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"issue":"3","key":"p_1","first-page":"3","volume":"23","author":"Atkeson Andrew","year":"1999","journal-title":"Quarterly Review"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2006.02.001"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1080\/10236190601069192"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1889(94)90032-9"},{"key":"p_5","unstructured":"Benhabib, Jess, and B\u00e1lint Szo\u02ddke. 2021. \"Replication data for: Optimal Positive Capital Taxes at Interior Steady States.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E116622V1."},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.2307\/1911310"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/261949"},{"key":"p_8","unstructured":"Chari, V.V., Juan Pablo Nicolini, and Pedro Teles. 2016. \"More on the Optimal Taxation of Capital.\" https:\/\/www.eui.eu\/Documents\/DepartmentsCentres\/Economics\/Seminarsevents\/Teles.pdf."},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.1.25"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1006\/jeth.2001.2877"},{"key":"p_11","unstructured":"Greulich, Katharina, Sarolta Lacz\u00f3, and Albert Marcet. 2016. \"Pareto-Improving Optimal Capital and Labor Taxes.\" Barcelona Graduate School of Economics Working Paper 887."},{"key":"p_12","unstructured":"Hubbard, R. Glenn, and Kenneth L. Judd. 1987. \"Liquidity Constraints, Fiscal Policy, and Consumption.\" NBER Working Paper 943."},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/0047-2727(85)90020-9"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/1913386"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/S0047-2727(99)00016-X"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2013.02.001"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1111\/jpet.12354"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2017.10.004"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20150210"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.122.3.925"},{"key":"p_21","unstructured":"Wolff, Edward N. 2017. \"Household Wealth Trends in the United States, 1962 to 2016: Has Middle Class Wealth Recovered?\" NBER Working Paper 24085."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180191","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,12,30]],"date-time":"2020-12-30T13:53:27Z","timestamp":1609336407000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180191"}},"issued":{"date-parts":[[2021,1,1]]},"references-count":21,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2021,1,1]]}},"alternative-id":["10.1257\/mac.20180191"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180191","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2021,1,1]]}},{"indexed":{"date-parts":[[2026,4,7]],"date-time":"2026-04-07T17:01:05Z","timestamp":1775581265157,"version":"3.50.1"},"reference-count":10,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2015,1,1]]},"abstract":"<jats:p> We consider the effects of central bank purchases of a risky asset as an additional dimension of policy alongside \u201cconventional\u201d interest rate policy in a general-equilibrium model of asset pricing with endogenous collateral constraints. The effects of asset purchases depend on the way that they affect collateral constraints. We show that under some circumstances, central bank purchases relax financial constraints, increase aggregate demand, and may even achieve a Pareto improvement; but in other cases, they tighten financial constraints, reduce aggregate demand, and lower welfare. The latter case is almost certainly the one that arises if central bank purchases are sufficiently large. (JEL D51, E43, E44, E52, E58) <\/jats:p>","DOI":"10.1257\/mac.20140002","type":"journal-article","created":{"date-parts":[[2015,1,6]],"date-time":"2015-01-06T13:08:49Z","timestamp":1420549729000},"page":"1-43","source":"Crossref","is-referenced-by-count":14,"title":["Conventional and Unconventional Monetary Policy with Endogenous Collateral Constraints"],"prefix":"10.1257","volume":"7","author":[{"given":"Alo\u00edsio","family":"Ara\u00fajo","sequence":"first","affiliation":[{"name":"FGV\/EPGE and IMPA, Est. Dona Castorina 110, Rio de Janeiro-RJ, 22460-320, Brazil (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Susan","family":"Schommer","sequence":"additional","affiliation":[{"name":"IMPA, Est. Dona Castorina 110, Rio de Janeiro-RJ, 22460-320, Brazil (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Michael","family":"Woodford","sequence":"additional","affiliation":[{"name":"Columbia University, Department of Economics, 420 W. 118th Street, New York, NY 10027 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmateco.2004.11.001"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2010.09.004"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00343"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/jep.23.1.77"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.09.011"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.10.004"},{"issue":"1","key":"p_16","first-page":"5","volume":"9","author":"Gertler Mark","year":"2013","journal-title":"international Journal of central Banking"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2011.03.016"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1007\/s10479-012-1276-1"},{"issue":"3","key":"p_19","first-page":"267","volume":"71","author":"Wallace Neil","year":"1981","journal-title":"American Economic review"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20140002","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:34Z","timestamp":1591127854000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20140002"}},"issued":{"date-parts":[[2015,1,1]]},"references-count":10,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2015,1,1]]}},"alternative-id":["10.1257\/mac.20140002"],"URL":"https:\/\/doi.org\/10.1257\/mac.20140002","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2015,1,1]]}},{"indexed":{"date-parts":[[2026,3,26]],"date-time":"2026-03-26T14:14:29Z","timestamp":1774534469263,"version":"3.50.1"},"reference-count":26,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2016,1,1]]},"abstract":"<jats:p> We propose a theory of endogenous firm-level risk over the business cycle based on endogenous market exposure. Firms that reach a larger number of markets diversify market-specific demand shocks at a cost. The model is driven only by total factor productivity shocks and captures the observed countercyclity of firm-level risk. Using a panel of US firms we show that, consistent with our theoretical model, measures of market reach are procyclical, and the counter-cyclicality of firm-level risk is driven by those firms that adjust their market exposure, which are larger than those that do not. (JEL D21, D22, E23, E32, L25) <\/jats:p>","DOI":"10.1257\/mac.20130011","type":"journal-article","created":{"date-parts":[[2015,12,22]],"date-time":"2015-12-22T14:30:10Z","timestamp":1450794610000},"page":"148-198","source":"Crossref","is-referenced-by-count":21,"title":["Market Exposure and Endogenous Firm Volatility over the Business Cycle"],"prefix":"10.1257","volume":"8","author":[{"given":"Ryan A.","family":"Decker","sequence":"first","affiliation":[{"name":"Board of Governors of the Federal Reserve System, 20th Street and C Street NW, Washington, DC 20551 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Pablo N.","family":"D'Erasmo","sequence":"additional","affiliation":[{"name":"Federal Reserve Bank of Philadelphia, Research Department, Ten Independence Mall, Philadelphia, PA 19106 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Hernan","family":"Moscoso Boedo","sequence":"additional","affiliation":[{"name":"University of Cincinnati, Carl H. Lindner College of Business, Department of Economics, 330 Carl H. Lindner Hall, 2925 Campus Green Dr, Cincinnati, OH 45221 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA9623"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/657949"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2013.05.005"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.4.1392"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/mac.5.2.217"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.1.70"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA6248"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/jep.28.2.153"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjs044"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA9466"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.3.691"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/joie.12069"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2008.00528.x"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.1.27"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8769"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdu007"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00288"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.2307\/1913974"},{"key":"p_35","first-page":"11","author":"Kehrig Matthias","year":"2011","journal-title":"Center for Economic Studies (CES) Working Paper"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.1.378"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.2307\/2950569"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.2307\/2077967"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2015.03.011"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.2509"},{"key":"p_42","first-page":"12","author":"Tian Can","year":"2012","journal-title":"Penn Institute for Economic Research (PIER) Working Paper"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.02.003"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20130011","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:54:17Z","timestamp":1591127657000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20130011"}},"issued":{"date-parts":[[2016,1,1]]},"references-count":26,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2016,1,1]]}},"alternative-id":["10.1257\/mac.20130011"],"URL":"https:\/\/doi.org\/10.1257\/mac.20130011","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2016,1,1]]}},{"indexed":{"date-parts":[[2026,3,27]],"date-time":"2026-03-27T08:41:20Z","timestamp":1774600880806,"version":"3.50.1"},"reference-count":14,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2017,1,1]]},"abstract":"<jats:p> This paper develops a model of segmented financial markets in which the net worth of financial institutions limits the degree of arbitrage across the term structure. The model is embedded into the canonical Dynamic New Keynesian (DNK) framework. We estimate the model using data on the term premium. Our principal results include the following. First, the estimated segmentation coefficient implies a nontrivial effect of central bank asset purchases on yields and real activity. Second, there are welfare gains to having the central bank respond to the term premium, e.g., including the term premium in the Taylor Rule. Third, a policy that directly targets the term premium sterilizes the real economy from shocks originating in the financial sector. A term-premium peg can have significant welfare effects. (JEL E12, E23, E31, E43, E44, E52, E58) <\/jats:p>","DOI":"10.1257\/mac.20150179","type":"journal-article","created":{"date-parts":[[2016,12,29]],"date-time":"2016-12-29T13:40:33Z","timestamp":1483018833000},"page":"205-242","source":"Crossref","is-referenced-by-count":46,"title":["Targeting Long Rates in a Model with Segmented Markets"],"prefix":"10.1257","volume":"9","author":[{"given":"Charles T.","family":"Carlstrom","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of Cleveland"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Timothy S.","family":"Fuerst","sequence":"additional","affiliation":[{"name":"University of Notre Dame, 713 Flanner Hall, Notre Dame, IN 46556 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Matthias","family":"Paustian","sequence":"additional","affiliation":[{"name":"Board of Governors, 20th and C Street NW, Washington, DC 20551 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2013.04.009"},{"issue":"3","key":"p_2","first-page":"233","volume":"10","author":"Bauer Michael D","year":"2014","journal-title":"International Journal of central Banking"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12141"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2015.09.004"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2012.02549.x"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2010.00328.x"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(00)00028-3"},{"key":"p_10","first-page":"16","author":"Fuerst Timothy S","year":"2016","journal-title":"Federal Reserve Bank of Cleveland Working Paper"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.10.004"},{"issue":"1","key":"p_12","first-page":"5","volume":"9","author":"Gertler Mark","year":"2013","journal-title":"International Journal of central Banking"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/1883009"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.07.007"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.1.105"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.2307\/2673890"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20150179","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:47Z","timestamp":1591127867000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20150179"}},"issued":{"date-parts":[[2017,1,1]]},"references-count":14,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2017,1,1]]}},"alternative-id":["10.1257\/mac.20150179"],"URL":"https:\/\/doi.org\/10.1257\/mac.20150179","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2017,1,1]]}},{"indexed":{"date-parts":[[2026,3,25]],"date-time":"2026-03-25T04:07:57Z","timestamp":1774411677279,"version":"3.50.1"},"reference-count":40,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,4,1]]},"abstract":"<jats:p> A substantial fraction of workers are underemployed, i.e., employed in jobs for which they are overqualified, and that fraction\u2014the underemployment rate\u2014is higher in recessions. To explain these facts, we build a search model with an endogenous \u201cranking\u201d mechanism, in which high-skill applicants are systematically hired over less-skilled competing applicants. Some high-skill workers become underemployed in order to escape the competition for high-skill jobs and find a job more rapidly at the expense of less-skilled workers. Quantitatively, the model can capture the key characteristics of underemployment, notably the fact that both the underemployment rate and the wage loss associated with becoming underemployed increase in recessions. (JEL E24, E32, J24, J64) <\/jats:p>","DOI":"10.1257\/mac.20160220","type":"journal-article","created":{"date-parts":[[2019,4,2]],"date-time":"2019-04-02T13:03:09Z","timestamp":1554210189000},"page":"40-78","source":"Crossref","is-referenced-by-count":14,"title":["Underemployment and the Trickle-Down of Unemployment"],"prefix":"10.1257","volume":"11","author":[{"given":"Regis","family":"Barnichon","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of San Francisco, 101 Market Street, San Francisco, CA 94105, and CEPR (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Yanos","family":"Zylberberg","sequence":"additional","affiliation":[{"name":"University of Bristol, Priory Road Complex, Bristol BS81TU and CESifo (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1111\/1468-2354.t01-1-00012"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA7686"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2010.08.029"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2012.0018"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1465-7295.1985.tb01773.x"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.2307\/1928433"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1080\/15140326.2001.12040565"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.2307\/2297897"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2007.03.005"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/2296902"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.labeco.2010.05.004"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2011.0016"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2008.02210.x"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/0272-7757(81)90028-5"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA7953"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0335.00269"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(01)00140-4"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1692"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.7.2873"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.2307\/2297382"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1006\/redy.1999.0089"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjt015"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.2307\/2951643"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1111\/j.0950-0804.2006.00284.x"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1086\/262077"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.2307\/2534087"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.2307\/2971742"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1006\/jeth.1997.2278"},{"issue":"4","key":"p_37","first-page":"676","volume":"75","author":"Pissarides Christopher A","year":"1985","journal-title":"American Economic Review"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1037\/0021-9010.72.4.596"},{"issue":"5","key":"p_39","first-page":"833","volume":"45","author":"Reder M.W.","year":"1955","journal-title":"American Economic Review"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.11.3529"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1006\/jeth.2000.2713"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00213"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1086\/444551"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828572"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.02.001"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1086\/261674"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.2307\/2297888"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1765(86)90168-0"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160220","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:12Z","timestamp":1591127772000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160220"}},"issued":{"date-parts":[[2019,4,1]]},"references-count":40,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2019,4,1]]}},"alternative-id":["10.1257\/mac.20160220"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160220","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,4,1]]}},{"indexed":{"date-parts":[[2025,12,11]],"date-time":"2025-12-11T20:43:52Z","timestamp":1765485832757},"reference-count":31,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2014,10,1]]},"abstract":"<jats:p> Central banking in France from 1948 to 1973 was a paradigmatic example of a policy that relied on quantities rather than interest rates. Standard SVAR analyses support the common view that monetary policy was ineffective during this period. However, this approach fails to identify the stance of monetary policy since it does not account for the specificity of quantitative controls on money and credit. An alternative identification strategy based on a narrative approach suggests that monetary policy shocks had strong and lasting effects in the conventional direction and accounted for nearly half of the variance in output and price levels. (JEL E43, E44, E52, E58, G21, G28, N14) <\/jats:p>","DOI":"10.1257\/mac.6.4.137","type":"journal-article","created":{"date-parts":[[2014,10,8]],"date-time":"2014-10-08T12:11:10Z","timestamp":1412770270000},"page":"137-169","source":"Crossref","is-referenced-by-count":40,"title":["Monetary Policy without Interest Rates: Evidence from France\u2019s Golden Age (1948 to 1973) Using a Narrative Approach"],"prefix":"10.1257","volume":"6","author":[{"given":"Eric","family":"Monnet","sequence":"first","affiliation":[{"name":"Banque de France, DGEI-DCPM-DIACONJ, 31, rue Croix des Petits Champs, 75049 Paris, France (e-mail: )."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.3406\/reco.1951.406856"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1162\/003355398555775"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1111\/j.1465-7295.1995.tb01844.x"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.3406\/ecop.1999.5948"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1162\/003465398557843"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(98)00016-6"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.2.1"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.2307\/1344586"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.2307\/2946646"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.2307\/2118465"},{"key":"p_18","first-page":"137","author":"Hodgman Donald","year":"1973","journal-title":"Allocation techniques and Monetary Policy"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(94)01149-4"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.2307\/1991084"},{"issue":"1","key":"p_21","first-page":"78","volume":"83","author":"Kashyap Anil K","year":"1993","journal-title":"American Economic Review"},{"issue":"1","key":"p_23","first-page":"85","volume":"41","author":"Kriz M. A.","year":"1951","journal-title":"American Economic Review"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(97)00051-2"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(92)90031-V"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/j.jce.2006.10.004"},{"key":"p_29","first-page":"1998","author":"Mojon Beno\u00eet","year":"1998","journal-title":"Centre d'Etudes Prospectives et d'Informations Internationales (CEPII) Research Center Technical Report"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.4.137"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0084.2005.00113.x"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjq008"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/S0167-2231(98)00020-7"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/0002828042002651"},{"key":"p_39","first-page":"71","author":"Romer Christina","year":"1994","journal-title":"Proceedings of Jackson Hole Symposium"},{"key":"p_40","first-page":"11","author":"Romer Christina","year":"2002","journal-title":"Proceedings of Jackson Hole Symposium"},{"issue":"6","key":"p_41","first-page":"25","volume":"76","author":"Schreft Stacey","year":"1990","journal-title":"Federal Reserve Bank of Richmond Economic Review"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1016\/0014-2921(92)90041-T"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1017\/S1361491602000011"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.2307\/1991309"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1086\/605130"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.6.4.137","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:55:58Z","timestamp":1591127758000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.6.4.137"}},"issued":{"date-parts":[[2014,10,1]]},"references-count":31,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2014,10,1]]}},"alternative-id":["10.1257\/mac.6.4.137"],"URL":"https:\/\/doi.org\/10.1257\/mac.6.4.137","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2014,10,1]]}},{"indexed":{"date-parts":[[2025,12,30]],"date-time":"2025-12-30T13:30:17Z","timestamp":1767101417292,"version":"3.48.0"},"reference-count":44,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2026,1,1]]},"abstract":"<jats:p>During the Greek Depression, which saw a 22 percent decline in output, young firms and small firms experienced significantly steeper declines in sales growth compared to their mature and larger counterparts. This disparity was largely driven by adverse demand shocks and was further intensified by financing constraints (FCs), with a significant interaction between these two factors amplifying the impact. Firm-level heterogeneity played a critical role in shaping macroeconomic outcomes, with the disproportionate impact on young firms and small firms accounting for approximately one-quarter of the total output decline during the crisis. (JEL D22, E23, E32, E44, G32, L25)<\/jats:p>","DOI":"10.1257\/mac.20220125","type":"journal-article","created":{"date-parts":[[2025,12,30]],"date-time":"2025-12-30T13:28:23Z","timestamp":1767101303000},"page":"260-296","source":"Crossref","is-referenced-by-count":0,"title":["Anatomy of the Greek Depression with Firm-Level Data: The Importance of Demand Shocks"],"prefix":"10.1257","volume":"18","author":[{"given":"Stelios","family":"Giannoulakis","sequence":"first","affiliation":[{"name":"Athens University of Economics and Business, Department of Economics (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Plutarchos","family":"Sakellaris","sequence":"additional","affiliation":[{"name":"Athens University of Economics and Business, Department of Economics (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"crossref","unstructured":"Bernanke, Ben S., Mark Gertler, and Simon Gilchrist. 1999. \"The Financial Accelerator in a Quantitative Business Cycle Framework.\" In Handbook of Macroeconomics, Vol. 1C, edited by John B. Taylor and Michael Woodford, 1341-93. Elsevier.","DOI":"10.3386\/w6455"},{"key":"p_2","unstructured":"Chari, V.V., L. Christiano, and P. Kehoe. 2007. \"The Gertler-Gilchrist Evidence on Small and Large Firm Sales.\" Unpublished. https:\/\/scholar.google.com\/citations?view_op=view_citation &hl=el&user=b10FfC0AAAAJ&cstart=20&pagesize=80&citation_for_view=b10FfC0AAAA-J:4fKUyHm3Qg0C (accessed October 23, 2025)."},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjt031"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20210864"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150017"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-004-0553-x"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20181499"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1007\/s11187-011-9404-x"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1007\/BF00393278"},{"key":"p_10","unstructured":"Dinlersoz, Emin, Sebnem Kalemli-Ozcan, Henry Hyatt, and Veronika Penciakova. 2018. \"Leverage over the Life Cycle and Implications for Firm Growth and Shock Responsiveness.\" NBER Working Paper 25226."},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.12.011"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2022.04.004"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1057\/imfer.2013.15"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/2118465"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1093\/oep\/gpab061"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1002\/ijfe.2493"},{"key":"p_17","unstructured":"Giannoulakis, Stelios, and Plutarchos Sakellaris. 2026. Data and Code for: \"Anatomy of the Greek Depression with Firm-Level Data: The Importance of Demand Shocks.\" Nashville, TN: American Economic Association; distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. https:\/\/doi.org\/10.3886\/E230042V1."},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjw035"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvae041"},{"key":"p_20","first-page":"1","author":"Gourinchas Pierre-Olivier","year":"2016","journal-title":"NBER Macroeconomics Annual 31: (1)"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00288"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.2307\/1912352"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.2307\/2951583"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2015.0004"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvac018"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20220036"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.2.457"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1086\/674142"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2017.01.017"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1111\/iere.12354"},{"issue":"5","key":"p_31","first-page":"1023","volume":"52","author":"Mansfield Edwin","year":"1962","journal-title":"American Economic Review"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2020.01.008"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA10451"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.2509"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1111\/boer.12058"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.2307\/2171831"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhy063"},{"issue":"3","key":"p_38","first-page":"559","volume":"88","author":"Rajan Raghuram G","year":"1998","journal-title":"American Economic Review"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2019.01.007"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20141280"},{"issue":"4","key":"p_41","first-page":"1060","volume":"84","author":"Sharpe Steven A","year":"1994","journal-title":"American Economic Review"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1162\/rest_a_00733"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1177\/1536867X1201200209"},{"key":"p_44","unstructured":"Wooldridge, Jeffrey M. 2010. Econometric Analysis of Cross Section and Panel Data, 2nd ed. MIT Press."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20220125","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,12,30]],"date-time":"2025-12-30T13:28:47Z","timestamp":1767101327000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20220125"}},"issued":{"date-parts":[[2026,1,1]]},"references-count":44,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2026,1,1]]}},"alternative-id":["10.1257\/mac.20220125"],"URL":"https:\/\/doi.org\/10.1257\/mac.20220125","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2026,1,1]]}},{"indexed":{"date-parts":[[2026,1,5]],"date-time":"2026-01-05T22:11:51Z","timestamp":1767651111938},"reference-count":4,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2021,10,1]]},"abstract":"<jats:p> We develop a model where selection into marriage and household search generate a marital wage premium. Beyond selection, married individuals earn higher wages for two reasons. First, income pooling within a joint household raises risk-averse individuals\u2019 reservation wages. Second, married individuals climb the job ladder faster, as they internalize that higher wages increase their partner\u2019s selectivity over offers. Specialization according to comparative advantage in search generates a premium that increases in spousal education, as in the data. Quantitatively, household search explains 10\u201333 percent and 20\u201358 percent of the premium for males and females, respectively, and accounts for its increase with spousal education. (JEL D83, J12, J16, J24, J31, J64) <\/jats:p>","DOI":"10.1257\/mac.20180092","type":"journal-article","created":{"date-parts":[[2021,9,28]],"date-time":"2021-09-28T13:41:37Z","timestamp":1632836497000},"page":"55-109","source":"Crossref","is-referenced-by-count":11,"title":["Household Search and the Marital Wage Premium"],"prefix":"10.1257","volume":"13","author":[{"given":"Laura","family":"Pilossoph","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of New York (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Shu Lin","family":"Wee","sequence":"additional","affiliation":[{"name":"Carnegie Mellon University, Tepper School of Business (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"crossref","unstructured":"Achdou, Yves, Jiequn Han, Jean-Michel Lasry, Pierre-Louis Lions, and Benjamin Moll. 2017. \"Income and Wealth Distribution in Macroeconomics: A Continuous-Time Approach.\" NBER Working Paper 23732.","DOI":"10.3386\/w23732"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/0002828041301876"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1086\/298075"},{"key":"p_4","unstructured":"Becker, Gary S. 2009. A Treatise on the Family, Enlarged Edition. Cambridge, MA: Harvard University Press. F I1. H -S W H C A S"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180092","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,9,28]],"date-time":"2021-09-28T13:43:50Z","timestamp":1632836630000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180092"}},"issued":{"date-parts":[[2021,10,1]]},"references-count":4,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2021,10,1]]}},"alternative-id":["10.1257\/mac.20180092"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180092","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2021,10,1]]}},{"indexed":{"date-parts":[[2026,1,6]],"date-time":"2026-01-06T01:59:32Z","timestamp":1767664772165,"version":"3.41.0"},"reference-count":81,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2025,7,1]]},"abstract":"<jats:p> This paper studies the dynamic effects of an uncertainty shock on firm expectations. We conduct a survey that confronts managers from a representative firm sample with a model-consistent uncertainty shock scenario. An exogenous increase in uncertainty significantly reduces managers' expected investment, employment, and production in the short and mid run. We collect novel direct firm-level measures for different types of capital and labor adjustment costs. Adjustment costs vary strongly across types and sectors. They help explain firms' reactions to the shock, which provides evidence for the relevance of real options channels. We compare the findings to DSGE and VAR results. (JEL C83, D84, E22, E23, E24, G31, J23) <\/jats:p>","DOI":"10.1257\/mac.20220318","type":"journal-article","created":{"date-parts":[[2025,6,27]],"date-time":"2025-06-27T11:41:58Z","timestamp":1751024518000},"page":"36-73","source":"Crossref","is-referenced-by-count":1,"title":["Uncertainty Shocks, Adjustment Costs, and Firm Beliefs: Evidence from a Representative Survey"],"prefix":"10.1257","volume":"17","author":[{"given":"Andreas","family":"Dibiasi","sequence":"first","affiliation":[{"name":"KOF Swiss Economic Institute, ETH Zurich, and Free University of Bozen-Bolzano (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Heiner","family":"Mikosch","sequence":"additional","affiliation":[{"name":"KOF Swiss Economic Institute, ETH Zurich (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Samad","family":"Sarferaz","sequence":"additional","affiliation":[{"name":"KOF Swiss Economic Institute, ETH Zurich (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"issue":"2","key":"p_1","first-page":"51","volume":"8","author":"Abberger Klaus","year":"2014","journal-title":"KOF Analysen"},{"issue":"1","key":"p_2","first-page":"228","volume":"73","author":"Abel Andrew B","year":"1983","journal-title":"American Economic Review"},{"key":"p_3","doi-asserted-by":"crossref","unstructured":"Alfaro, Iv\u00e1n, Nicholas Bloom, and Xiaoji Lin. 2018. \"The Finance Uncertainty Multiplier.\" NBER Working Paper 24571.","DOI":"10.3386\/w24571"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdac008"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1086\/701792"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1162\/00335530360535153"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00499"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdy038"},{"key":"p_9","doi-asserted-by":"crossref","unstructured":"Bachmann, R\u00fcdiger, Kai Carstensen, Stefan Lautenbacher, and Martin Schneider. 2021. \"Uncertainty and Change: Survey Evidence of Firms' Subjective Beliefs.\" NBER Working Paper 29430.","DOI":"10.3386\/w29430"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/mac.5.2.217"},{"key":"p_11","doi-asserted-by":"crossref","unstructured":"Baker, Scott R., Nicholas Bloom, and Stephen J. Terry. 2020. \"Using Disasters to Estimate the Impact of Uncertainty.\" NBER Working Paper 27167.","DOI":"10.3386\/w27167"},{"key":"p_12","unstructured":"Baley, Isaac, and Andr\u00e9s Blanco. 2022. \"The Macroeconomics of Partial Irreversibility.\" Barcelona School of Economics Working Paper 1312."},{"key":"p_13","doi-asserted-by":"crossref","unstructured":"Barrero, Jose Maria, Nicholas Bloom, and Ian Wright. 2017. \"Short and Long Run Uncertainty.\" NBER Working Paper 23676.","DOI":"10.3386\/w23676"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA13960"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.2307\/1885568"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1002\/soej.12306"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmacro.2016.11.004"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA6248"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/jep.28.2.153"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2007.00426.x"},{"key":"p_21","doi-asserted-by":"crossref","unstructured":"Bloom, Nicholas, Philip Bunn, Scarlet Chen, Paul Mizen, Pawel Smietanka, and Gregory Thwaites. 2019. \"The Impact of Brexit on UK Firms.\" NBER Working Paper 26218.","DOI":"10.3386\/w26218"},{"key":"p_22","doi-asserted-by":"crossref","unstructured":"Bloom, Nicholas, Steven J. Davis, Lucia Foster, Brian Lucking, Scott Ohlmacher, and Itay Saporta-Eksten. 2020. \"Business-Level Expectations and Uncertainty.\" NBER Working Paper 28259.","DOI":"10.3386\/w28259"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA10927"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2018.11.003"},{"key":"p_25","doi-asserted-by":"crossref","unstructured":"Caggiano, Giovanni, Efrem Castelnuovo, and Gabriela Nodari. 2020. \"Uncertainty and Monetary Policy in Good and Bad Times: A Replication of the VAR Investigation by Bloom (2009).\" Centre for Applied Macroeconomic Analysis Working Paper 74\/2020.","DOI":"10.2139\/ssrn.3673644"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150147"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1093\/ej\/uez013"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2021.103805"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.1.27"},{"key":"p_30","unstructured":"Cochrane, William G. 1977. Sampling Techniques. 3rd ed. Hoboken, NJ: John Wiley & Sons."},{"key":"p_31","doi-asserted-by":"crossref","unstructured":"Coibion, Olivier, Dimitris Georgarakos, Yuriy Gorodnichenko, Geoff Kenny, and Michael Weber. 2021. \"The Effect of Macroeconomic Uncertainty on Household Spending.\" NBER Working Paper 28625.","DOI":"10.3386\/w28625"},{"key":"p_32","doi-asserted-by":"crossref","unstructured":"Coibion, Olivier, Dimitris Georgarakos, Yuriy Gorodnichenko, and Maarten van Rooij. 2019. \"How Does Consumption Respond to News about In ation? Field Evidence from a Randomized Control Trial.\" NBER Working Paper 26106.","DOI":"10.3386\/w26106"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20151299"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjab005"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjz029"},{"key":"p_36","doi-asserted-by":"crossref","unstructured":"Coibion, Olivier, Yuriy Gorodnichenko, and Michael Weber. 2019. \"Monetary Policy Communications and Their Effects on Household In ation Expectations.\" NBER Working Paper 25482.","DOI":"10.3386\/w25482"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2006.00389.x"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2007.06.002"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1257\/pandp.20191050"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1080\/03461238.1951.10432134"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20171330"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1111\/1467-9914.00074"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2018.01.002"},{"key":"p_44","unstructured":"Dibiasi, Andreas, Heiner Mikosch, and Samad Sarferaz. 2025. Data and Code for: \"Uncertainty Shocks, Adjustment Costs and Firm Beliefs: Evidence From a Representative Survey.\" Nashville, TN: American Economic Association; distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. https:\/\/doi.org\/10.3886\/E194701V1."},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2023.104383"},{"key":"p_46","doi-asserted-by":"crossref","unstructured":"Drechsel, Dirk, Heiner Mikosch, Samad Sarferaz, and Matthias Bannert. 2015. \"How Are Firms Affected by Exchange Rate Shocks? Evidence from Survey Based Impulse Responses.\" KOF Working Paper 371.","DOI":"10.2139\/ssrn.2567676"},{"key":"p_47","doi-asserted-by":"crossref","unstructured":"Drechsel, Dirk, Heiner Mikosch, Samad Sarferaz, and Matthias Bannert. 2022. \"What Do Firm Managers Tell Us about the Transmission Channels of Oil Price Shocks?\" KOF Working Paper 507.","DOI":"10.2139\/ssrn.4295298"},{"key":"p_48","doi-asserted-by":"crossref","unstructured":"Efron, Bradley, and Robert J. Tibshirani. 1993. An Introduction to the Bootstrap. New York: Chapman & Hall.","DOI":"10.1007\/978-1-4899-4541-9"},{"key":"p_49","unstructured":"European Commission. 2007. The Joint Harmonised EU Programme of Business and Consumer Surveys. User Guide. Brussels, Belgium: European Union."},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2020.06.005"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1111\/j.1475-4932.2007.00372.x"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdaa076"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1162\/rest_a_00994"},{"key":"p_54","doi-asserted-by":"crossref","unstructured":"Fuster, Andreas, and Basit Zafar. 2023. \"Survey Experiments on Economic Expectations.\" In Handbook of Economic Expectations, edited by R\u00fcdiger Bachmann, Giorgio Topa and Wilbert van der Klaauw, 107-130. London, UK: Academic Press.","DOI":"10.1016\/B978-0-12-822927-9.00010-0"},{"key":"p_55","doi-asserted-by":"crossref","unstructured":"Gilchrist, Simon, Jae W. Sim, and Egon Zakrajsek. 2014. \"Uncertainty, Financial Frictions, and Investment Dynamics.\" NBER Working Paper 20038.","DOI":"10.2139\/ssrn.2503636"},{"issue":"4","key":"p_56","first-page":"391","volume":"33","author":"Groeneveld Richard A","year":"1984","journal-title":"Series D (The Statistician)"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1162\/003355399555981"},{"issue":"3","key":"p_58","first-page":"523","volume":"29","author":"Gulen Huseyin","year":"2016","journal-title":"Review of Financial Studies"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1257\/jel.20211658"},{"key":"p_60","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.1416587112"},{"key":"p_61","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(72)90105-6"},{"key":"p_62","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.4.107"},{"key":"p_63","doi-asserted-by":"publisher","DOI":"10.1257\/pol.20180420"},{"key":"p_64","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2016.01.034"},{"key":"p_65","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2011.01707.x"},{"key":"p_66","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20131193"},{"key":"p_67","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjac030"},{"key":"p_68","doi-asserted-by":"publisher","DOI":"10.1086\/674142"},{"key":"p_69","doi-asserted-by":"crossref","unstructured":"Kumar, Saten, Yuriy Gorodnichenko, and Olivier Coibion. 2022. \"The Effect of Macroeconomic Uncertainty on Firm Decisions.\" NBER Working Paper 30288.","DOI":"10.3386\/w30288"},{"key":"p_70","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20160131"},{"key":"p_71","doi-asserted-by":"publisher","DOI":"10.3982\/QE1298"},{"key":"p_72","doi-asserted-by":"crossref","unstructured":"Link, Sebastian, Andreas Peichl, Christopher Roth, and Johannes Wohlfart. 2021. \"Information Frictions among Firms and Households.\" CEBI Working Paper 07\/21.","DOI":"10.2139\/ssrn.3815457"},{"key":"p_73","doi-asserted-by":"crossref","unstructured":"Liu, Haoyang, and Christopher Palmer. 2021. \"Are Stated Expectations Actual Beliefs? New Evidence for the Beliefs Channel of Investment Demand.\" NBER Working Paper 28926.","DOI":"10.3386\/w28926"},{"key":"p_74","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjq004"},{"key":"p_75","doi-asserted-by":"crossref","unstructured":"Mikosch, Heiner, Christopher Roth, Samad Sarferaz, and Johannes Wohlfart. 2021. \"Uncertainty and Information Acquisition: Evidence from Firms and Households.\" CESifo Working Paper 9462.","DOI":"10.2139\/ssrn.3982025"},{"key":"p_76","doi-asserted-by":"publisher","DOI":"10.1017\/S0003055418000837"},{"key":"p_77","doi-asserted-by":"crossref","unstructured":"Nickell, Stephen J. 1986. \"Dynamic Models of Labor Demand.\" In Handbook of Labor Economics, Vol. 1, edited by Orley C. Ashenfelter and Richard Layard, 473-522. Amsterdam: North-Holland.","DOI":"10.1016\/S1573-4463(86)01012-X"},{"key":"p_78","doi-asserted-by":"publisher","DOI":"10.2307\/1907687"},{"key":"p_79","doi-asserted-by":"publisher","DOI":"10.1086\/322828"},{"key":"p_80","doi-asserted-by":"publisher","DOI":"10.1162\/rest_a_00867"},{"key":"p_81","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-091622-010157"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20220318","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,6,27]],"date-time":"2025-06-27T11:42:10Z","timestamp":1751024530000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20220318"}},"issued":{"date-parts":[[2025,7,1]]},"references-count":81,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2025,7,1]]}},"alternative-id":["10.1257\/mac.20220318"],"URL":"https:\/\/doi.org\/10.1257\/mac.20220318","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2025,7,1]]}},{"indexed":{"date-parts":[[2026,3,17]],"date-time":"2026-03-17T06:19:06Z","timestamp":1773728346614,"version":"3.50.1"},"reference-count":46,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2014,4,1]]},"abstract":"<jats:p> We study the relationship between participation in free trade agreements (FTAs) and the sustainability of democracy. Our model shows that FTAs can critically reduce the incentive of authoritarian groups to seek power by destroying protectionist rents, thus making democracies last longer. This gives governments in unstable democracies an extra motive to form FTAs. Hence, greater democratic instability induces governments to boost their FTA commitments. In a dataset with 116 countries over 1960\u20132007, we find robust support for these predictions. They help to rationalize the rapid simultaneous growth of regionalism and of worldwide democratization since the late 1980s. (JEL D72, F13, F15, O19, O24) <\/jats:p>","DOI":"10.1257\/mac.6.2.29","type":"journal-article","created":{"date-parts":[[2014,3,27]],"date-time":"2014-03-27T13:18:01Z","timestamp":1395926281000},"page":"29-70","source":"Crossref","is-referenced-by-count":35,"title":["Free Trade Agreements and the Consolidation of Democracy"],"prefix":"10.1257","volume":"6","author":[{"given":"Xuepeng","family":"Liu","sequence":"first","affiliation":[{"name":"Kennesaw State University, 1000 Chastain Rd, Kennesaw, GA 30144 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Emanuel","family":"Ornelas","sequence":"additional","affiliation":[{"name":"London School of Economics and Sao Paulo School of Economics-FGV, Houghton Street, London, WC2A 2AE, United Kingdom (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.3.808"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1093\/wber\/lhp022"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0343.2011.00391.x"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.2307\/2298021"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1007\/BF02719326"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1146\/annurev.economics.102308.124500"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(03)00079-5"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2012.03.009"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1086\/250107"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00160"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.2.304"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1007\/s11127-009-9491-2"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.2202\/1948-1837.1010"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2008.08.003"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.4.1531"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1146\/annurev.economics.102308.124455"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0343.2006.00160.x"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1177\/0022002712446132"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1017\/S0020818309090171"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.05.002"},{"issue":"4","key":"p_27","first-page":"667","volume":"85","author":"Grossman Gene M","year":"1995","journal-title":"American Economic review"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.2307\/2297852"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1765(99)00130-5"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1093\/jleo\/15.1.222"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.3.896"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.2.29"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1353\/wp.0.0016"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1086\/250022"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.4.1374"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9701.2007.01082.x"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.2307\/2586014"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1162\/002081802760199863"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1017\/S002081830606005X"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.4.1"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1162\/003355302753650337"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1162\/003465302320259493"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2012.07.007"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.2307\/1911408"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1162\/003355305775097560"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2004.11.004"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.2307\/2937850"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1257\/mac.1.2.88"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1353\/jod.1996.0016"},{"issue":"6","key":"p_54","first-page":"1157","volume":"45","author":"Roy Martin","year":"2011","journal-title":"Journal of World Trade"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2006.07.007"},{"issue":"2","key":"p_57","first-page":"57","volume":"5","author":"Wantchekon Leonard","year":"2002","journal-title":"Journal of African Finance and Economic Development"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.6.2.29","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:21Z","timestamp":1591127901000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.6.2.29"}},"issued":{"date-parts":[[2014,4,1]]},"references-count":46,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2014,4,1]]}},"alternative-id":["10.1257\/mac.6.2.29"],"URL":"https:\/\/doi.org\/10.1257\/mac.6.2.29","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2014,4,1]]}},{"indexed":{"date-parts":[[2026,4,9]],"date-time":"2026-04-09T03:04:26Z","timestamp":1775703866596,"version":"3.50.1"},"reference-count":63,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2022,4,1]]},"abstract":"<jats:p> Credit spreads display occasional spikes and are more strongly countercyclical in times of elevated financial stress. Financial crises are extreme cases of this nonlinear behavior, featuring skyrocketing credit spreads, sharp losses in bank equity, and deep recessions. We develop and estimate a macroeconomic model with a banking sector in which banks\u2019 leverage constraints are occasionally binding and equity issuance is endogenous. The model captures the nonlinearities in the data and produces quantitatively realistic crises. Banks\u2019 precautionary equity issuance makes crises infrequent but does not prevent them altogether. A macroprudential policy inducing banks to issue more equity has considerable welfare benefits. (JEL E13, E32, E44, G01, G21, G28) <\/jats:p>","DOI":"10.1257\/mac.20180059","type":"journal-article","created":{"date-parts":[[2022,4,1]],"date-time":"2022-04-01T17:36:15Z","timestamp":1648834575000},"page":"469-507","source":"Crossref","is-referenced-by-count":9,"title":["Credit Spreads, Financial Crises, and Macroprudential Policy"],"prefix":"10.1257","volume":"14","author":[{"given":"Ozge","family":"Akinci","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of New York (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Albert","family":"Queralto","sequence":"additional","affiliation":[{"name":"Federal Reserve Board (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20161923"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1086\/511283"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2013.07.005"},{"key":"p_4","unstructured":"Akinci, \u00d6zge and Albert Queralto. 2022. \"Replication Data for: Credit Spreads, Financial Crises and Macroprudential Policy.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E124481V1."},{"key":"p_5","unstructured":"Aoki, Kosuke, Gianluca Benigno, and Nobuhiro Kiyotaki. 2016. \"Monetary and Financial Polices in Emerging Markets.\" Unpublished."},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1198\/073500104000000271"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhaa008"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2019.10.004"},{"key":"p_9","doi-asserted-by":"crossref","unstructured":"Benigno, Gianluca, Huigang Chen, Christopher Otrok, Alessandro Rebucci, and Eric R. Young. 2012. \"Optimal Policy for Macro-Financial Stability.\" Centre for Economic Progress Discussion Paper 1172.","DOI":"10.20955\/wp.2012.041"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2012.06.002"},{"key":"p_11","doi-asserted-by":"crossref","unstructured":"Bernanke, Ben S., Carol C. Bertaut, Laurie DeMarco, and Steven B. Kamin. 2011. \"International Capital Flows and the Return to Safe Assets in the United States, 2003-2007.\" Federal Reserve Board International Finance Discussion Paper 1014.","DOI":"10.2139\/ssrn.1837780"},{"key":"p_12","doi-asserted-by":"crossref","unstructured":"Bernanke, Ben S., Mark Gertler, and Simon Gilchrist. 1999. \"The Financial Accelerator in a Quantitative Business Cycle Framework.\" In Handbook of Macroeconomics, Vol. 1C, edited by John B. Taylor and Michael Woodford, 1341-93. Amsterdam: Elsevier.","DOI":"10.1016\/S1574-0048(99)10034-X"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.2.398"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.7.3400"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1086\/696280"},{"key":"p_16","first-page":"16","author":"Black Lamont","year":"2016","journal-title":"Federal Reserve Bank of Kansas City Working Paper"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1086\/686734"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1086\/685475"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.2.379"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1889(99)00016-0"},{"key":"p_21","doi-asserted-by":"crossref","unstructured":"Christiano, Lawrence J., Roberto Motto, and Massimo Rostagno. 2010. \"Financial Factors in Economic Fluctuations.\" European Central Bank Working Paper 1192.","DOI":"10.2139\/ssrn.1600166"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.1.27"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20140139"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2016.12.012"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdx010"},{"key":"p_26","doi-asserted-by":"crossref","unstructured":"Elenev, Vadim, Tim Landvoigt, and Stijn Van Nieuwerburgh. 2018. \"A Macroeconomic Model with Financially Constrained Producers and Intermediaries.\" NBER Working Paper 24757.","DOI":"10.3386\/w24757"},{"key":"p_27","doi-asserted-by":"crossref","unstructured":"Favara, Giovanni, Simon Gilchrist, Kurt F. Lewis, and Egon Zakrajsek. 2016. \"Recession Risk and the Excess Bond Premium.\" Unpublished.","DOI":"10.17016\/2380-7172.1739"},{"key":"p_28","doi-asserted-by":"crossref","unstructured":"Gertler, Mark, and Nobuhiro Kiyotaki. 2010. \"Financial Intermediation and Credit Policy in Business Cycle Analysis.\" In Handbook of Monetary Economics, Vol. 3, edited by Benjamin M. Friedman and Michael Woodford, 547-99. Amsterdam: Elsevier.","DOI":"10.1016\/B978-0-444-53238-1.00011-9"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.10.004"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20130665"},{"key":"p_31","doi-asserted-by":"crossref","unstructured":"Gertler, Mark, Nobuhiro Kiyotaki, and Andrea Prestipino. 2019. \"Credit Booms, Financial Crises and Macroprudential Policy.\" Unpublished.","DOI":"10.3386\/w27481"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2012.11.007"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdz032"},{"key":"p_34","doi-asserted-by":"crossref","unstructured":"Gilchrist, Simon, and Beno\u00eet Mojon. 2014. \"Credit Risk in the Euro Area.\" NBER Working Paper 20041.","DOI":"10.3386\/w20041"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.4.1692"},{"issue":"3","key":"p_36","first-page":"402","volume":"78","author":"Greenwood Jeremy","year":"1988","journal-title":"American Economic Review"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20180011"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2017.01.004"},{"key":"p_39","doi-asserted-by":"crossref","unstructured":"Hubrich, Kirstin, Antonello D'Agostino, Marianna erven\u00e1, Matteo Ciccarelli, Paolo Guarda, Markus Haavio, Philippe Jeanfils, et al. 2013. \"Financial Shocks and the Macroeconomy-Heterogeneity and Non-linearities.\" European Central Bank Occasional Paper 143.","DOI":"10.2139\/ssrn.2197230"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1765(80)90024-5"},{"key":"p_41","doi-asserted-by":"crossref","unstructured":"Jeanne, Olivier, and Anton Korinek. 2010. \"Managing Credit Booms and Busts: A Pigouvian Taxation Approach.\" NBER Working Paper 16377.","DOI":"10.3386\/w16377"},{"key":"p_42","unstructured":"Jeanne, Olivier, and Anton Korinek. 2016. \"Macroprudential Regulation versus Mopping Up after the Crash.\" NBER Working Paper 18675."},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.238"},{"key":"p_44","doi-asserted-by":"crossref","unstructured":"Kenny, Geoff, and Julian Morgan. 2011. \"Some Lessons from the Financial Crisis for the Economic Analysis.\" European Central Bank Occasional Paper 130.","DOI":"10.2139\/ssrn.1791644"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1086\/262072"},{"key":"p_46","doi-asserted-by":"crossref","unstructured":"Laeven, Luc, and Fabi\u00e1n Valencia. 2012. \"Systemic Banking Crises Database: An Update.\" IMF Working Papers 12\/163.","DOI":"10.5089\/9781475505054.001"},{"key":"p_47","unstructured":"Ljungqvist, Lars, and Thomas J. Sargent. 2012. Recursive Macroeconomic Theory. 3rd ed. Cambridge, MA: MIT Press."},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2008.00494.x"},{"key":"p_49","unstructured":"Marcet, Albert, and Guido Lorenzoni. 1998. \"Parameterized Expectations Approach; Some Practical Issues.\" Unpublished."},{"key":"p_50","unstructured":"Martinez-Miera, David, and Javier Suarez. 2014. \"Banks' Endogenous Systemic Risk Taking.\" Unpublished."},{"issue":"4","key":"p_51","first-page":"797","volume":"81","author":"Mendoza Enrique G","year":"1991","journal-title":"American Economic Review"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.5.1941"},{"key":"p_53","first-page":"37","volume":"1","author":"Merton Robert C","year":"2009","journal-title":"Video"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2004.04.011"},{"key":"p_55","first-page":"2015","author":"Nguyen Thien Tung","year":"2015","journal-title":"Ohio State University Charles A. Dice Center for Research in Financial Economics Working Paper"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2019.03.008"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.2.466"},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(02)00056-9"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1086\/688175"},{"key":"p_60","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.2.1029"},{"key":"p_61","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjr054"},{"key":"p_62","unstructured":"Stein, Jeremy C. 2014. \"Incorporating Financial Stability Considerations into a Monetary Policy Framework.\" Speech, International Research Forum on Monetary Policy, Washington, DC, March 21, 2014. https:\/\/www.federalreserve.gov\/newsevents\/speech\/stein20140321a.htm."},{"key":"p_63","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2005.04.003"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180059","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,4,1]],"date-time":"2022-04-01T17:40:16Z","timestamp":1648834816000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180059"}},"issued":{"date-parts":[[2022,4,1]]},"references-count":63,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2022,4,1]]}},"alternative-id":["10.1257\/mac.20180059"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180059","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2022,4,1]]}},{"indexed":{"date-parts":[[2026,4,29]],"date-time":"2026-04-29T10:53:38Z","timestamp":1777460018905,"version":"3.51.4"},"reference-count":26,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2009,1,1]]},"abstract":"<jats:p> I review research on the behavior of the labor wedge, the ratio between the marginal rate of substitution of consumption for leisure and the marginal product of labor. According to competitive, market-clearing macroeconomic models, the ratio is easy to measure and should be equal to the sum of consumption and labor taxes. The observation that the wedge is higher in continental Europe than in the United States has proved useful for understanding the extent to which taxes can explain differences in labor market outcomes. The observation that the ratio rises during recessions suggests some failure of competitive, market-clearing macroeconomic models at business cycle frequencies. The latter observation has guided recent research, including work on sticky wage models and job search models. (JEL E24, E32, J64) <\/jats:p>","DOI":"10.1257\/mac.1.1.280","type":"journal-article","created":{"date-parts":[[2009,2,12]],"date-time":"2009-02-12T23:37:12Z","timestamp":1234481832000},"page":"280-297","source":"Crossref","is-referenced-by-count":86,"title":["Convergence in Macroeconomics: The Labor Wedge"],"prefix":"10.1257","volume":"1","author":[{"given":"Robert","family":"Shimer","sequence":"first","affiliation":[{"name":"Department of Economics, University of Chicago, 5801 South Ellis Avenue, Chicago, IL 60637."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1086\/491590"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(77)90024-1"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.2307\/2228949"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0262.2007.00768.x"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(00)00028-3"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1162\/rest.89.1.44"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1086\/209862"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828482"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(85)90039-X"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2004.00138.x"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.2307\/2227704"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/250034"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1086\/259559"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1086\/261023"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/jep.3.3.79"},{"issue":"2","key":"p_22","first-page":"1","volume":"67","author":"Modigliani Franco","year":"1977","journal-title":"American Economic review"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.2307\/2297896"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/0167-2231(88)90014-0"},{"issue":"4","key":"p_26","first-page":"676","volume":"75","author":"Pissarides Christopher A","year":"1985","journal-title":"American Economic review"},{"issue":"1","key":"p_28","first-page":"2","volume":"28","author":"Prescott Edward C","year":"2004","journal-title":"Federal reserve Bank of Minneapolis Quarterly review"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(88)90042-6"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-006-0164-9"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1086\/654159"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828572"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1162\/154247603770383415"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.1.1.280","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:53:42Z","timestamp":1591127622000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.1.1.280"}},"issued":{"date-parts":[[2009,1,1]]},"references-count":26,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2009,1,1]]}},"alternative-id":["10.1257\/mac.1.1.280"],"URL":"https:\/\/doi.org\/10.1257\/mac.1.1.280","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2009,1,1]]}},{"indexed":{"date-parts":[[2026,2,7]],"date-time":"2026-02-07T11:21:26Z","timestamp":1770463286708,"version":"3.49.0"},"reference-count":41,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2023,7,1]]},"abstract":"<jats:p> In benchmark trade models that feature a constant trade elasticity, bilateral exports vary entirely on the intensive margin (exports per firm) or entirely on the extensive margin (number of firms). Our empirical analysis documents that roughly one-half of this variation occurs along each margin, implying that the trade elasticity is not constant. We estimate a generalized Melitz model with a joint log-normal distribution for firm productivity, fixed costs, and demand shifters. Using exact-hat algebra, we quantify how trade costs affect trade flows and welfare. Welfare effects are similar to those in the Melitz-Pareto model, but implied trade flows differ significantly. (JEL D22, D24, D43, F12, F14, L13) <\/jats:p>","DOI":"10.1257\/mac.20200269","type":"journal-article","created":{"date-parts":[[2023,6,30]],"date-time":"2023-06-30T12:29:54Z","timestamp":1688128194000},"page":"320-354","source":"Crossref","is-referenced-by-count":8,"title":["The Intensive Margin in Trade: How Big and How Important?"],"prefix":"10.1257","volume":"15","author":[{"given":"Ana M.","family":"Fernandes","sequence":"first","affiliation":[{"name":"World Bank (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Peter J.","family":"Klenow","sequence":"additional","affiliation":[{"name":"Stanford and NBER (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Sergii","family":"Meleshchuk","sequence":"additional","affiliation":[{"name":"IMF (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Martha Denisse","family":"Pierola","sequence":"additional","affiliation":[{"name":"Inter-American Development Bank (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Andr\u00e9s","family":"Rodr\u00edguez-Clare","sequence":"additional","affiliation":[{"name":"University of California, Berkeley and NBER (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20150956"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2020.103341"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1086\/657949"},{"issue":"1","key":"p_4","first-page":"46","volume":"86","author":"Arkolakis Costas","year":"2019","journal-title":"Review of Economic Studies"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.94"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150370"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20141743"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2017.05.001"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150281"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/000282803769206296"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/jep.21.3.105"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.2.487"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-080511-110928"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjr021"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA15455"},{"key":"p_16","unstructured":"Caliendo, Lorenzo, Robert C. Feenstra, John Romalis, and Alan M Taylor. 2020. \"Tariff Reductions, Entry, and Welfare: Theory and Evidence for the Last Two Decades.\" NBER Working Paper 21768."},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2018.04.002"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1707"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-4076(03)00100-3"},{"key":"p_20","doi-asserted-by":"crossref","unstructured":"Costinot, Arnaud, and Andr\u00e9s Rodr\u00edguez-Clare. 2014. \"Trade Theory with Numbers: Quantifying the Consequences of Globalization.\" In Handbook of International Economics, volume 4, edited by Gita Gopinath, Elhanan Helpman, and Kenneth Rogoff, 197-261. Amsterdam: Elsevier.","DOI":"10.1016\/B978-0-444-54314-1.00004-5"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1057\/imfsp.2008.17"},{"key":"p_22","doi-asserted-by":"crossref","unstructured":"Eaton, Jonathan, Marcela Eslava, Maurice Kugler, and James Tybout. 2007. \"Export Dynamics in Colombia: Firm-Level Evidence.\" NBER Working Paper 13531.","DOI":"10.3386\/w13531"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8318"},{"key":"p_24","doi-asserted-by":"crossref","unstructured":"Eaton, Jonathan, Samuel Kortum, and Sebastian Sotelo. 2012. \"International Trade: Linking Micro and Macro.\" NBER Working Paper 17864.","DOI":"10.3386\/w17864"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2017.10.003"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2015.05.002"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2015.10.007"},{"key":"p_28","unstructured":"Fernandes, Ana M., Peter J. Klenow, Sergii Meleshchuk, Martha Denisse Pierola, and Andr\u00e9s Rodr\u00edguez-Clare. 2023. \"Replication Data for: The Intensive Margin in Trade: How Big and How Important?\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E168221V1."},{"key":"p_29","unstructured":"Fernandes, Ana, Martha Denisse Pierola, and Aldo Bortoluzzi. 2015. \"Exporter Dynamics Database 1997-2014, v3.\" World Bank Microdata Library, Survey ID number WLD_1997-2014_ExDD_ v03_M. https:\/\/microdata.worldbank.org\/index.php\/catalog\/2545\/study-description."},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00511"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1086\/712444"},{"key":"p_32","doi-asserted-by":"crossref","unstructured":"Head, Keith, and Thierry Mayer. 2014. \"Gravity Equations: Workhorse, Toolkit, and Cookbook.\" In Handbook of International Economics, volume 4, edited by Gita Gopinath, Elhanan Helpman, and Kenneth Rogoff, 131-96. Amsterdam: Elsevier.","DOI":"10.1016\/B978-0-444-54314-1.00003-3"},{"key":"p_33","first-page":"2021","author":"Head Keith","year":"2021","journal-title":"Centre for Economic Policy Research Working Paper"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.5.310"},{"issue":"5","key":"p_35","first-page":"950","volume":"70","author":"Krugman Paul","year":"1980","journal-title":"American Economic Review"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjr051"},{"key":"p_37","first-page":"2011","author":"Mayer Thierry","year":"2011","journal-title":"CEPII Working Paper"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00467"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20130351"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2016.10.006"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2015.07.002"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20200269","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,6,30]],"date-time":"2023-06-30T12:30:08Z","timestamp":1688128208000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20200269"}},"issued":{"date-parts":[[2023,7,1]]},"references-count":41,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2023,7,1]]}},"alternative-id":["10.1257\/mac.20200269"],"URL":"https:\/\/doi.org\/10.1257\/mac.20200269","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2023,7,1]]}},{"indexed":{"date-parts":[[2026,3,10]],"date-time":"2026-03-10T13:47:06Z","timestamp":1773150426384,"version":"3.50.1"},"reference-count":30,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2011,7,1]]},"abstract":"<jats:p> This paper demonstrates that an asset pricing model with least-squares learning can lead to bubbles and crashes as endogenous responses to the fundamentals driving asset prices. When agents are risk-averse they need to make forecasts of the conditional variance of a stock's return. Recursive updating of both the conditional variance and the expected return implies several mechanisms through which learning impacts stock prices. Extended periods of excess volatility, bubbles, and crashes arise with a frequency that depends on the extent to which past data is discounted. A central role is played by changes over time in agents' estimates of risk. (JEL D81, D83, E32, G01, G12) <\/jats:p>","DOI":"10.1257\/mac.3.3.159","type":"journal-article","created":{"date-parts":[[2011,7,5]],"date-time":"2011-07-05T15:33:44Z","timestamp":1309880024000},"page":"159-191","source":"Crossref","is-referenced-by-count":58,"title":["Learning about Risk and Return: A Simple Model of Bubbles and Crashes"],"prefix":"10.1257","volume":"3","author":[{"given":"William A","family":"Branch","sequence":"first","affiliation":[{"name":"University of California, Irvine, 3151 Social Science Plaza, Irvine, CA 92697-5100."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"George W","family":"Evans","sequence":"additional","affiliation":[{"name":"University of Oregon, 1285 University of Oregon, Eugene, OR 97403-1285 and University of St. Andrews."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","first-page":"2002","volume":"15","author":"Bernanke Ben S","year":"2002","journal-title":"Speech, New York Chapter of the National Association for Business Economics"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1765(79)90017-X"},{"key":"p_4","first-page":"295","author":"Blanchard Olivier J","year":"1982","journal-title":"crises in the Economic and Financial Structure: Bubbles, Bursts, and Shocks, ed. Paul Wachtel"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1111\/j.0960-1627.2005.00211.x"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhp112"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.3.159"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2007.10.003"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1017\/S1365100507070046"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00196"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1086\/261703"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.2307\/2233912"},{"issue":"4","key":"p_14","first-page":"922","volume":"81","author":"Evans George W","year":"1991","journal-title":"American Economic Review"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00034"},{"issue":"5","key":"p_17","first-page":"1189","volume":"81","author":"Froot Kenneth A","year":"1991","journal-title":"American Economic Review"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1765(01)00391-3"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.2307\/2999573"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2006.00867.x"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1111\/1540-6261.00456"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/000282803322655400"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(89)90032-X"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2006.01090.x"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(80)90007-0"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1080\/01621459.1960.10482064"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1111\/1540-6261.00560"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1086\/599014"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.2307\/2118462"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.2307\/2234974"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.2307\/2297792"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.4.1102"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.2307\/1884217"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.3.3.159","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:34Z","timestamp":1591127914000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.3.3.159"}},"issued":{"date-parts":[[2011,7,1]]},"references-count":30,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2011,7,1]]}},"alternative-id":["10.1257\/mac.3.3.159"],"URL":"https:\/\/doi.org\/10.1257\/mac.3.3.159","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2011,7,1]]}},{"indexed":{"date-parts":[[2026,3,4]],"date-time":"2026-03-04T09:37:21Z","timestamp":1772617041501,"version":"3.50.1"},"reference-count":58,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2021,4,1]]},"abstract":"<jats:p> We use quasi-random access to the Home Affordable Refinance Program (HARP) to identify the causal effect of refinancing into a lower-rate mortgage on borrower balance sheet outcomes. Refinancing substantially reduces borrower default rates on mortgages and other debt. Refinancing also causes borrowers to expand their use of debt instruments, such as auto loans, home equity lines, and other consumer debts that are proxies for spending. Borrowers that appear more constrained ex ante grow these debts more strongly after refinancing but also pay down credit card balances by more. These borrowers also have lower take-up of the refinancing opportunity. (JEL G51, G21, E52) <\/jats:p>","DOI":"10.1257\/mac.20180116","type":"journal-article","created":{"date-parts":[[2021,3,30]],"date-time":"2021-03-30T17:03:32Z","timestamp":1617123812000},"page":"254-291","source":"Crossref","is-referenced-by-count":18,"title":["How Do Mortgage Refinances Affect Debt, Default, and Spending? Evidence from HARP"],"prefix":"10.1257","volume":"13","author":[{"given":"Joshua","family":"Abel","sequence":"first","affiliation":[{"name":"Analysis Group, 111 Huntington Avenue, Boston, MA 02199 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Andreas","family":"Fuster","sequence":"additional","affiliation":[{"name":"Swiss National Bank, B\u00f6rsenstrasse 15, 8022 Zurich, Switzerland (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","unstructured":"Abel, Joshua, and Andreas Fuster. 2021. \"Replication data for: How Do Mortgage Re nances Affect Debt, Default, and Spending? Evidence from HARP.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/ E116461V1."},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1086\/691701"},{"key":"p_3","unstructured":"Agarwal, Sumit, Gene Amromin, Souphala Chomsisengphet, Tim Landvoigt, Tomasz Piskorski, Amit Seru, and Vincent Yao. 2017b. \"Mortgage Re nancing, Consumer Spending, and Competition: Evidence from the Home Affordable Re nance Program.\" NBER Working Paper 21512."},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1353\/eca.0.0067"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjx027"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2015.2272"},{"key":"p_7","first-page":"2014","author":"Amromin Gene","year":"2014","journal-title":"FRB Chicago Working Paper"},{"key":"p_8","unstructured":"Andersen, Steffen, John Y. Campbell, Kasper Meiser Nielsen, and Tarun Ramadorai. 2019. \"Sources of Inaction in Household Finance: Evidence from the Danish Mortgage Market.\" NBER Working Paper 21386."},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1080\/01621459.1996.10476902"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20160137"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjy021"},{"key":"p_12","doi-asserted-by":"crossref","unstructured":"Berger, David W., Konstantin Milbradt, Fabrice Tourre, and Joseph Vavra. 2018. \"Mortgage Prepayment and Path-Dependent Effects of Monetary Policy.\" NBER Working Paper 25157.","DOI":"10.3386\/w25157"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20140040"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhw079"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2006.00883.x"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1093\/rof\/rfs030"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12252"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.5.2108"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12842"},{"key":"p_20","unstructured":"CoreLogic. 2019. \"Home Price Indexes (HPI).\" Federal Reserve System RADAR Interface (accessed August 2019)."},{"key":"p_21","unstructured":"CRISM. 2019. \"Credit Risk Insights Servicing McDash.\" Federal Reserve System RADAR Interface (accessed August 2019)."},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.2307\/2938366"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20141313"},{"key":"p_24","doi-asserted-by":"crossref","unstructured":"Di Maggio, Marco, Amir Kermani, and Christopher Palmer. 2016. \"How Quantitative Easing Works: Evidence on the Re nancing Channel.\" NBER Working Paper 22638.","DOI":"10.3386\/w22638"},{"key":"p_25","first-page":"2012","volume":"6","author":"Dudley William C","year":"2012","journal-title":"Speech, New Jersey Bankers Association Economic Forum, Iselin, New Jersey"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2014.0013"},{"key":"p_27","first-page":"2015","author":"Ehrlich Gabriel","year":"2015","journal-title":"US Congressional Budget Of ce (CBO) Working Paper"},{"key":"p_28","doi-asserted-by":"crossref","unstructured":"Eichenbaum, Martin, Sergio Rebelo, and Arlene Wong. 2018. \"State Dependent Effects of Monetary Policy: The Re nancing Channel.\" NBER Working Paper 25152.","DOI":"10.3386\/w25152"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.2.490"},{"key":"p_30","unstructured":"Fannie Mae. 2019. \"Monthly Summary.\" Fannie Mae. http:\/\/fanniemae.com\/portal\/about-fm\/investorrelations\/monthly-summary.html (accessed August 2019)."},{"key":"p_31","unstructured":"Federal Housing Finance Agency Office of Inspector General (FHFAOIG). 2013. Home Affordable Refinance Program: A Mid-Program Assessment-Evaluation Report EVL-2013-006. Washington, DC: FHFAOIG."},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1257\/jep.29.2.25"},{"key":"p_33","unstructured":"Freddie Mac. 2019. \"Monthly Volume Summaries.\" Freddie Mac. https:\/\/web.archive.org\/ web\/20110302140033\/http:\/\/www.freddiemac.com\/investors\/volsum\/ (accessed August 2019)."},{"key":"p_34","unstructured":"Freddie Mac. 2020. \"30-Year Fixed Rate Mortgage Average in the United States (MORTGAGE30US).\" FRED Economics Data, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/ series\/MORTGAGE30US (accessed February 2020)."},{"key":"p_35","first-page":"10","author":"Fuster Andreas","year":"2010","journal-title":"Federal Reserve Bank of Boston Public Policy Discussion Paper"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/pol.20150007"},{"key":"p_37","first-page":"2018","author":"Ganong Peter","year":"2018","journal-title":"University of Chicago, Becker Friedman Institute Working Paper"},{"key":"p_38","unstructured":"Greenspan, Alan. 2004. \"Testimony Before the Committee on Financial Services, U.S. House of Representatives.\" February 11, 2004. https:\/\/www.federalreserve.gov\/boarddocs\/hh\/2004\/february\/testimony.htm."},{"key":"p_39","unstructured":"Greenwald, Daniel L. 2018. \"The Mortgage Credit Channel of Macroeconomic Transmission.\" http:\/\/ www.dlgreenwald.com\/uploads\/4\/5\/2\/8\/45280895\/mortgage_credit_channel_feb_2018.pdf."},{"key":"p_40","doi-asserted-by":"crossref","unstructured":"Guren, Adam M., Arvind Krishnamurthy, and Timothy J. McQuade. 2018. \"Mortgage Design in an Equilibrium Model of the Housing Market.\" NBER Working Paper 24446.","DOI":"10.3386\/w24446"},{"key":"p_41","unstructured":"HMDA. 2012. \"Home Mortgage Disclosure Act Records for the Year 2012.\" HMDA. https:\/\/www. consumerfinance.gov\/data-research\/hmda\/ historic-data\/ (accessed February 2020)."},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.2202\/1935-1682.2223"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1353\/mcb.2005.0009"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.4.107"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhy061"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20160042"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1007\/s11146-016-9566-z"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.2307\/1992718"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2016.01.031"},{"key":"p_50","first-page":"2011","author":"Remy Mitchell","year":"2011","journal-title":"US Congressional Budget Of ce (CBO) Working Paper"},{"key":"p_51","unstructured":"Scharfstein, David, andAdi Sunderam. 2016. \"Market Power in Mortgage Lending and the Transmission of Monetary Policy.\" www.hbs.edu\/faculty\/Pages\/download.aspx?name=Market%20Power%20 in%20Mortgage%20Lending%20and%20the%20Transmission%20of%20Monetary%20Policy. pdf."},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhw034"},{"key":"p_53","first-page":"A17","volume":"13","author":"Stiglitz Joseph E","year":"2012","journal-title":"New York Times"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1016\/j.jue.2016.03.007"},{"key":"p_55","unstructured":"US Census Bureau. 2019. \"American Community Survey.\" American FactFinder. https:\/\/factfinder. census.gov\/faces\/nav\/jsf\/pages\/download_center.xhtml (accessed August 2019)."},{"key":"p_56","unstructured":"Wong, Arlene. 2019. \"Re nancing and the Transmission of Monetary Policy to Consumption.\" https:\/\/static1.squarespace.com\/static\/576576adbe659449f97e0d35\/t\/5ce1f9f23fdc1e00014 f3d22\/1558313459256\/Paper_AERrevision_0519.pdf."},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1086\/261605"},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1111\/1540-6229.12104"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180116","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,3,30]],"date-time":"2021-03-30T17:05:12Z","timestamp":1617123912000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180116"}},"issued":{"date-parts":[[2021,4,1]]},"references-count":58,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2021,4,1]]}},"alternative-id":["10.1257\/mac.20180116"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180116","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2021,4,1]]}},{"indexed":{"date-parts":[[2026,5,16]],"date-time":"2026-05-16T03:53:40Z","timestamp":1778903620888,"version":"3.51.4"},"reference-count":28,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2016,1,1]]},"abstract":"<jats:p> Marriage has declined since 1960, with the drop being more significant for noncollege-educated individuals versus college-educated ones. Divorce has increased, more so for the noncollege-educated. Additionally, positive assortative mating has risen. Income inequality among households has also widened. A unified model of marriage, divorce, educational attainment, and married female labor-force participation is developed and estimated to fit the postwar US data. Two underlying driving forces are considered: technological progress in the household sector and shifts in the wage structure. The analysis emphasizes the joint role that educational attainment, married female labor-force participation, and marital structure play in determining income inequality. (JEL D13, D31, D83, I20, J12, J16, O33) <\/jats:p>","DOI":"10.1257\/mac.20130156","type":"journal-article","created":{"date-parts":[[2015,12,22]],"date-time":"2015-12-22T14:30:10Z","timestamp":1450794610000},"page":"1-41","source":"Crossref","is-referenced-by-count":75,"title":["Technology and the Changing Family: A Unified Model of Marriage, Divorce, Educational Attainment, and Married Female Labor-Force Participation"],"prefix":"10.1257","volume":"8","author":[{"given":"Jeremy","family":"Greenwood","sequence":"first","affiliation":[{"name":"Department of Economics, University of Pennsylvania, 3718 Locust Walk, Philadelphia, PA 19104 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Nezih","family":"Guner","sequence":"additional","affiliation":[{"name":"Instituci\u00f3 Catalana de Recerca i Estudis Avan\u00e7ats\u2014 Markets, Organizations and Votes in Economics (ICREA-MOVE), Universitat Autonoma de Barcelona and Barcelona Graduate School of Economics (GSE), Facultat d\u2019Economia, Universitat Autonoma de Barcelona, Edifici B\u2013Campus de Bellaterra, 08193 Bellaterra, Cerdanyola del Vall\u00e8s, Spain (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Georgi","family":"Kocharkov","sequence":"additional","affiliation":[{"name":"Department of Economics, University of Konstanz, Universit\u00e4tsstr. 10, 78457 Konstanz, Germany (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Cezar","family":"Santos","sequence":"additional","affiliation":[{"name":"FGV\/EPGE\u2013Escola Brasileira de Economia e Finan\u00e7as, Praia de Botafogo, 190\/1100, Rio de Janeiro, RJ 22250-900, Brazil (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1517"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmacro.2011.04.001"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2009.00548.x"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1162\/rest.90.1.81"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.5.1689"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.labeco.2009.04.008"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2011.00651.x"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2013.10.001"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8803"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.2307\/2297553"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1162\/0033553042476224"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2005.120.1.273"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1162\/003355301753265589"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12136"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1111\/1468-2354.t01-1-00091"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.5.348"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1111\/0034-6527.00326"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdr049"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1017\/dem.2014.7"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rds043"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.4054\/DemRes.2006.15.20"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.2307\/2527375"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2006.06.001"},{"issue":"4","key":"p_35","first-page":"9","volume":"10","author":"Prescott Edward C","year":"1986","journal-title":"Federal reserve Bank of Minneapolis Quarterly review"},{"key":"p_37","first-page":"1850","author":"Salcedo Alejandrina","year":"2012","journal-title":"Changes in U.S. Household Size"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1353\/dem.2005.0036"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1257\/jep.21.2.27"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1765(86)90168-0"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20130156","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:54:07Z","timestamp":1591127647000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20130156"}},"issued":{"date-parts":[[2016,1,1]]},"references-count":28,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2016,1,1]]}},"alternative-id":["10.1257\/mac.20130156"],"URL":"https:\/\/doi.org\/10.1257\/mac.20130156","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2016,1,1]]}},{"indexed":{"date-parts":[[2026,6,4]],"date-time":"2026-06-04T14:58:49Z","timestamp":1780585129132,"version":"3.54.1"},"reference-count":93,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2025,4,1]]},"abstract":"<jats:p> We investigate the impact of severe weather shocks on the US macroeconomy over the past 60 years. Using a nonlinear vector autoregressive model, we find robust evidence of time-varying effects. While negligible at the beginning of the sample, the impact becomes signifi-cant at the end, where an increase in the severe weather index reduces aggregate industrial production and consumption growth rates, and raises aggregate unemployment and inflation rates. The effects are persistent for up to 20 months. Our findings suggest limited adaptation to the increased severity of weather in the United States, at least at the macroeconomic level. (JEL E21, E23, E24, E31, Q54) <\/jats:p>","DOI":"10.1257\/mac.20220329","type":"journal-article","created":{"date-parts":[[2025,3,28]],"date-time":"2025-03-28T12:09:41Z","timestamp":1743163781000},"page":"315-341","source":"Crossref","is-referenced-by-count":12,"title":["Severe Weather and the Macroeconomy"],"prefix":"10.1257","volume":"17","author":[{"given":"Hee Soo","family":"Kim","sequence":"first","affiliation":[{"name":"Indiana University (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Christian","family":"Matthes","sequence":"additional","affiliation":[{"name":"Indiana University (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"To\u00e0n","family":"Phan","sequence":"additional","affiliation":[{"name":"Federal Reserve Bank of Richmond (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","unstructured":"Addoum, Jawad W., Piet Eichholtz, Eva Steiner, and Erkan Y\u00f6nder. 2021. \"Climate Change and Commercial Real Estate: Evidence from Hurricane Sandy.\" Preprint, SSRN. https:\/\/dx.doi.org\/10.2139\/ ssrn.3206257."},{"key":"p_2","unstructured":"American Academy of Actuaries, Canadian Institute of Actuaries, Casualty Actuarial Society, and Society of Actuaries. 2020. Actuaries Climate Index, 2020. http:\/\/actuariesclimateindex.org\/ (accessed March 11, 2020)."},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/pol.4.2.1"},{"key":"p_4","doi-asserted-by":"crossref","unstructured":"Bakkensen, Laura A., and Lint Barrage. 2019. \"Climate Shocks, Cyclones, and Economic Growth: Bridging the Micro-Macro Gap.\" Unpublished.","DOI":"10.3386\/w24893"},{"issue":"3","key":"p_5","doi-asserted-by":"crossref","first-page":"555","DOI":"10.1086\/685908","volume":"3","author":"Bakkensen Laura A","year":"2016","journal-title":"Journal of the Association of Environmental and Resource Economists"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/pandp.20201082"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2019.01.023"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1086\/684582"},{"key":"p_9","doi-asserted-by":"crossref","unstructured":"Batten, Sandra, Rhiannon Sowerbutts, and Misa Tanaka. 2020. \"Climate Change: Macroeconomic Impact and Implications for Monetary Policy.\" In Ecological, Societal, and Technological Risks and the Financial Sector, edited by Thomas Walker, Dieter Gramlich, Mohammad Bitar, and Pedram Fardina, 13-38. Palgrave Macmillan.","DOI":"10.1007\/978-3-030-38858-4_2"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.ijforecast.2021.02.008"},{"key":"p_11","doi-asserted-by":"crossref","unstructured":"Bayard, Kimberly, Ryan Decker, and Charles Gilbert. 2017. \"Natural Disasters and the Measurement of Industrial Production: Hurricane Harvey, a Case Study.\" FEDS Notes, October 2017.","DOI":"10.17016\/2380-7172.2086"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.4.1293"},{"key":"p_13","unstructured":"Berg, Kimberly A., Chadwick C. Curtis, and Nelson C. Mark. 2021. \"GDP and Temperature: Evidence on Cross-Country Response Heterogeneity.\" Unpublished."},{"key":"p_14","unstructured":"Board of Governors of the Federal Reserve System. 1919-2024a. Industrial Production: Total Index [INDPRO]. Federal Reserve Economic Data. https:\/\/fred.stlouisfed.org\/series\/INDPRO (accessed March 11, 2020)."},{"key":"p_15","unstructured":"Board of Governors of the Federal Reserve System. 1919-2024b. Industrial Production: Total Index [IPB50001N]. Federal Reserve Economic Data. https:\/\/fred.stlouisfed.org\/series\/IPB50001N (accessed May 24, 2021)."},{"key":"p_16","doi-asserted-by":"crossref","unstructured":"Board of Governors of the Federal Reserve System. 1954-2024. Federal Funds Effective Rate [FEDFUNDS]. Federal Reserve Economic Data. https:\/\/fred.stlouisfed.org\/series\/FEDFUNDS (accessed August 14, 2020).","DOI":"10.24149\/wp2417"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1002\/jae.2582"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20180733"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/pol.20130025"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1038\/nature15725"},{"key":"p_21","doi-asserted-by":"crossref","unstructured":"Cachon, Gerard P., Santiago Gallino, and Marcelo Olivares. 2012. \"Severe Weather and Automobile Assembly Productivity.\" Columbia Business School Research Paper 12\/37.","DOI":"10.2139\/ssrn.2099798"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.3368\/jhr.50.2.484"},{"key":"p_23","doi-asserted-by":"crossref","unstructured":"Canova, Fabio, and Filippo Ferroni. 2020. \"A Hitchhiker's Guide to Empirical Macro Models.\" Unpublished.","DOI":"10.21033\/wp-2021-15"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00413"},{"issue":"1","key":"p_25","doi-asserted-by":"crossref","first-page":"274","DOI":"10.1016\/j.jeconom.2019.05.014","volume":"214","author":"Chang Yoosoon","year":"2020","journal-title":"Journal of Econometrics"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_27","doi-asserted-by":"crossref","first-page":"331","DOI":"10.1086\/654451","volume":"16","author":"Cogley Timothy","year":"2002","journal-title":"NBER Macroeconomics Annual"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12574"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdad042"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2022.02.009"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.3.66"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1257\/jel.52.3.740"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/pol.20140296"},{"key":"p_34","doi-asserted-by":"crossref","unstructured":"Deryugina, Tatyana, and Solomon Hsiang. 2017. \"The Marginal Product of Climate.\" NBER Working Paper 24072.","DOI":"10.3386\/w24072"},{"key":"p_35","first-page":"14276","volume":"2003","author":"Diebold Francis X","year":"2020","journal-title":"Preprint, arXiv. https:\/\/doi.org\/10.48550\/arXiv."},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeem.2017.07.005"},{"issue":"3","key":"p_37","doi-asserted-by":"crossref","first-page":"347","DOI":"10.1175\/BAMS-89-3-347","volume":"89","author":"Emanuel Kerry","year":"2008","journal-title":"Bulletin of the American Meteorological Society"},{"key":"p_38","unstructured":"Federal Reserve Bank of St. Louis. 1946-2024. Spot Crude Oil Price: West Texas Intermediate (WTI) [WTISPLC]. Federal Reserve Economic Data. https:\/\/fred.stlouisfed.org\/series\/WTISPLC (accessed April 24, 2023)."},{"key":"p_39","doi-asserted-by":"crossref","first-page":"92","DOI":"10.1016\/j.jdeveco.2014.07.004","volume":"111","author":"Felbermayr Gabriel","year":"2014","journal-title":"Journal of Development Economics"},{"key":"p_40","doi-asserted-by":"crossref","first-page":"S19","DOI":"10.1002\/jae.3950080504","volume":"8","author":"Geweke J.","year":"1993","journal-title":"Journal of Applied Econometrics"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA10217"},{"key":"p_42","first-page":"2020","author":"Gourio Fran\u00e7ois","year":"2020","journal-title":"Federal Reserve Bank of Chicago Working Paper"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1086\/671766"},{"key":"p_44","doi-asserted-by":"crossref","unstructured":"Granger, Clive W. J., and Timo Ter\u00e4svirta. 1993. Modelling Non-linear Economic Relationships. Oxford University Press.","DOI":"10.1093\/oso\/9780198773191.001.0001"},{"key":"p_45","unstructured":"Hassler, John, and Per Krusell. 2018. \"Environmental Macroeconomics: The Case of Climate Change.\" In Handbook of Environmental Economics, Vol. 4, edited by Partha Dasgupta, Subhrendu K. Pattanayak, and V. Kerry Smith, 333-94. Elsevier."},{"key":"p_46","doi-asserted-by":"crossref","unstructured":"Herbst, Edward P., and Frank Schorfheide. 2016. Bayesian Estimation of DSGE Models. Princeton University Press.","DOI":"10.1515\/9781400873739"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhz146"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.4.1477"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-resource-100815-095343"},{"key":"p_50","doi-asserted-by":"crossref","unstructured":"Hsiang, Solomon M., and Amir S. Jina. 2014. \"The Causal Effect of Environmental Catastrophe on Long-Run Economic Growth: Evidence from 6,700 Cyclones.\" NBER Working Paper 20352.","DOI":"10.3386\/w20352"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1126\/science.aal4369"},{"issue":"2","key":"p_52","doi-asserted-by":"crossref","first-page":"1250011","DOI":"10.1142\/S201000781250011X","volume":"3","author":"Hsiang Solomon M","year":"2012","journal-title":"Climate Change Economics"},{"key":"p_53","unstructured":"Jaroci\u0144ski, Marek, and Peter Karadi. 2020a. Data and Code for: \"Deconstructing Monetary Policy Surprises-The Role of Information Shocks.\" American Economic Association [publisher]. https:\/\/ www.aeaweb.org\/journals\/dataset?id=10.1257\/mac.20180090 (accessed May 8, 2023)."},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20180090"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828518"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.4284\/0038-4038-77.4.973"},{"key":"p_57","first-page":"2021","author":"Kiley Michael T","year":"2021","journal-title":"Finance and Economics Discussion Series"},{"key":"p_58","unstructured":"Kim, Hee Soo, Christian Matthes, and To\u00e0n Phan. 2025. Data and Code for: \"Severe Weather and the Macroeconomy.\" Nashville, TN: American Economic Association; distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. https:\/\/doi.org\/10.3886\/E206581V1."},{"issue":"1","key":"p_59","first-page":"25","volume":"4","author":"Litterman Robert B","year":"1986","journal-title":"Journal of Business and Economic Statistics"},{"key":"p_60","doi-asserted-by":"crossref","unstructured":"Ludvigson, Sydney C., Sai Ma, and Serena Ng. 2020. \"COVID-19 and the Macroeconomic Effects of Costly Disasters.\" NBER Working Paper 26987.","DOI":"10.3386\/w26987"},{"key":"p_61","doi-asserted-by":"publisher","DOI":"10.1080\/07350015.2015.1086655"},{"key":"p_62","unstructured":"Mendelsohn, Robert. 2010. \"Climate Change and Economic Growth.\" In Globalization and Growth: Implications for a Post-crisis World, edited by Michael Spence and Danny Leipziger, 285-295. World Bank."},{"issue":"3","key":"p_63","doi-asserted-by":"crossref","first-page":"205","DOI":"10.1038\/nclimate1357","volume":"2","author":"Mendelsohn Robert","year":"2012","journal-title":"Nature Climate Change"},{"key":"p_64","doi-asserted-by":"crossref","unstructured":"Metcalf, Gilbert E., and James H. Stock. 2020. \"The Macroeconomic Impact of Europe's Carbon Taxes.\" NBER Working Paper 27488.","DOI":"10.3386\/w27488"},{"key":"p_65","doi-asserted-by":"crossref","unstructured":"Mumtaz, Haroon, and Piergiorgio Alessandri. 2021. \"The Macroeconomic Cost of Climate Volatility.\" Preprint, SSRN. https:\/\/dx.doi.org\/10.2139\/ssrn.3895032.","DOI":"10.2139\/ssrn.3895032"},{"key":"p_66","unstructured":"NOAA National Centers for Environmental Information (NCEI). 2024. US Billion-Dollar Weather and Climate Disasters (2024). https:\/\/www.doi.org\/10.25921\/stkw-7w73."},{"key":"p_67","doi-asserted-by":"publisher","DOI":"10.2307\/2233864"},{"issue":"2","key":"p_68","first-page":"313","volume":"83","author":"Nordhaus William D","year":"1993","journal-title":"American Economic Review"},{"key":"p_69","unstructured":"Nordhaus, William D. 2014. A Question of Balance: Weighing the Options on Global Warming Policies. Yale University Press."},{"key":"p_70","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2008.02.005"},{"key":"p_71","doi-asserted-by":"publisher","DOI":"10.1007\/s41885-017-0017-y"},{"key":"p_72","unstructured":"Phan, Toan, and Felipe Schwartzman. 2021. \"Climate Defaults and Financial Adaptation.\" Unpublished."},{"key":"p_73","doi-asserted-by":"publisher","DOI":"10.1098\/rsta.2016.0460"},{"key":"p_74","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2005.00353.x"},{"key":"p_75","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.6.2265"},{"key":"p_76","first-page":"2020","author":"Roth Tran Brigitte","year":"2022","journal-title":"Federal Reserve Bank of San Francisco Working Paper"},{"issue":"1","key":"p_77","first-page":"1","volume":"82","author":"Schelling Thomas C","year":"1992","journal-title":"American Economic Review"},{"key":"p_78","doi-asserted-by":"publisher","DOI":"10.2307\/1912017"},{"key":"p_79","doi-asserted-by":"publisher","DOI":"10.2307\/2938280"},{"key":"p_80","doi-asserted-by":"publisher","DOI":"10.1257\/000282806776157678"},{"key":"p_81","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"},{"issue":"6293","key":"p_82","doi-asserted-by":"crossref","first-page":"1517","DOI":"10.1126\/science.aaf7271","volume":"352","author":"Stott Peter","year":"2016","journal-title":"Science"},{"key":"p_83","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00082"},{"key":"p_84","unstructured":"US Bureau of Labor Statistics. 1913-2024. Consumer Price Index for All Urban Consumers: All Items in US City Average [CPIAUCNS]. Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/ series\/CPIAUCNS (accessed May 24, 2021)."},{"key":"p_85","unstructured":"US Bureau of Labor Statistics. 1947-2024. Consumer Price Index for All Urban Consumers: All Items in US City Average [CPIAUCSL]. Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/ series\/CPIAUCSL (accessed March 11, 2020)."},{"key":"p_86","unstructured":"US Bureau of Economic Analysis. 1948-2024a. Real Personal Consumption Expenditures [DPCERAM1M225NBEA]. Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/ DPCERAM1M225NBEA (accessed March 25, 2022)."},{"key":"p_87","unstructured":"US Bureau of Labor Statistics. 1948-2024b. Unemployment Rate [UNRATE]. Federal Reserve Economic Data. https:\/\/fred.stlouisfed.org\/series\/UNRATE (accessed August 18, 2020)."},{"key":"p_88","unstructured":"US Bureau of Labor Statistics. 1948-2024c. Unemployment Rate [UNRATENSA]. Federal Reserve Economic Data. https:\/\/fred.stlouisfed.org\/series\/UNRATENSA (accessed May 24, 2021)."},{"key":"p_89","unstructured":"US Bureau of Labor Statistics. 1957-2024. Consumer Price Index for All Urban Consumers: All Items Less Food and Energy in US City Average [CPILFESL]. Federal Reserve Economic Data. https:\/\/ fred.stlouisfed.org\/series\/CPILFESL (accessed December 28, 2020)."},{"key":"p_90","unstructured":"von Peter, Goetz, Sebastian von Dahlen, and Sweta C. Saxena. 2012. \"Unmitigated Disasters? New Evidence on the Macroeconomic Cost of Natural Catastrophes.\" BIS Working Paper 394."},{"key":"p_91","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2016.02.007"},{"key":"p_92","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12300"},{"key":"p_93","doi-asserted-by":"crossref","unstructured":"Lengwiler, Yvan. 2024. X-13 Toolbox for Seasonal Filtering. https:\/\/github.com\/fengineering-ch\/ x13tbx\/releases\/tag\/v1.58 (accessed April 24, 2023).","DOI":"10.1515\/bd-2024-0006"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20220329","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,3,28]],"date-time":"2025-03-28T12:12:19Z","timestamp":1743163939000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20220329"}},"issued":{"date-parts":[[2025,4,1]]},"references-count":93,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2025,4,1]]}},"alternative-id":["10.1257\/mac.20220329"],"URL":"https:\/\/doi.org\/10.1257\/mac.20220329","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2025,4,1]]}},{"indexed":{"date-parts":[[2026,6,11]],"date-time":"2026-06-11T02:26:49Z","timestamp":1781144809143,"version":"3.54.1"},"reference-count":20,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2010,4,1]]},"abstract":"<jats:p>Countries that trade more with each other exhibit higher business cycle correlation. This paper examines the mechanisms underlying this relationship using a large cross-country, industry-level panel dataset of manufacturing production and trade. We show that sector pairs that experience more bilateral trade exhibit stronger comovement. Vertical linkages in production are an important explanation behind this effect: bilateral international trade increases comovement significantly more in cross-border industry pairs that use each other as intermediate inputs. Our estimates imply that these vertical production linkages account for some 30 percent of the total impact of bilateral trade on the business cycle correlation. (JEL E32, F14, F43)<\/jats:p>","DOI":"10.1257\/mac.2.2.95","type":"journal-article","created":{"date-parts":[[2010,4,8]],"date-time":"2010-04-08T13:27:52Z","timestamp":1270733272000},"page":"95-124","source":"Crossref","is-referenced-by-count":107,"title":["Putting the Parts Together: Trade, Vertical Linkages, and Business Cycle Comovement"],"prefix":"10.1257","volume":"2","author":[{"given":"Julian","family":"di Giovanni","sequence":"first","affiliation":[{"name":"International Monetary Fund, 700 19th Street NW, Washington, DC 20431."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Andrei A","family":"Levchenko","sequence":"additional","affiliation":[{"name":"University of Michigan, 611 Tappan Street, Ann Arbor, MI 48109."}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(01)00098-8"},{"key":"p_3","doi-asserted-by":"crossref","first-page":"331","DOI":"10.1515\/9780691218052-015","author":"Backus David K","year":"1995","journal-title":"Frontiers of Business Cycle research, ed. Thomas F. Cooley"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2004.08.002"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2006.121.2.541"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.03.004"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2006.06.001"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(01)00095-2"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1093\/cep\/byh001"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.00327"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1006\/redy.1998.0028"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(99)00044-6"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2006.05.016"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(00)00093-3"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.2.371"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2005.07.002"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.2307\/2118400"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1086\/261128"},{"issue":"3","key":"p_27","first-page":"559","volume":"88","author":"Rajan Raghuram G","year":"1998","journal-title":"American Economic review"},{"issue":"1","key":"p_28","first-page":"1","volume":"4","author":"Ramanarayanan Ananth","year":"2009","journal-title":"Economic Letter, Federal reserve Bank of dallas"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1086\/344805"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.2.2.95","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,10,25]],"date-time":"2021-10-25T17:53:19Z","timestamp":1635184399000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.2.2.95"}},"issued":{"date-parts":[[2010,4,1]]},"references-count":20,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2010,4,1]]}},"alternative-id":["10.1257\/mac.2.2.95"],"URL":"https:\/\/doi.org\/10.1257\/mac.2.2.95","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2010,4,1]]}},{"indexed":{"date-parts":[[2026,6,11]],"date-time":"2026-06-11T14:00:01Z","timestamp":1781186401491,"version":"3.54.1"},"reference-count":25,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2024,4,1]]},"abstract":"<jats:p> We construct nationally representative firm-level longitudinal data for European countries using financial statements from the Orbis database. We validate our data by comparing its coverage and firm size distribution to official statistics. We showcase two applications to show the importance of firm representativeness in understanding macroeconomic outcomes. First, we show that small and medium-sized firms account for a large share of aggregate economic activity. Second, we document that firm representativeness is important for calculating industry concentration trends over time as the share of economic activity accounted by top firms in an industry changes with the firm samples used. (JEL C81, D22, G30, L11, L25, L60) <\/jats:p>","DOI":"10.1257\/mac.20220036","type":"journal-article","created":{"date-parts":[[2024,3,29]],"date-time":"2024-03-29T11:59:48Z","timestamp":1711713588000},"page":"353-374","source":"Crossref","is-referenced-by-count":32,"title":["How to Construct Nationally Representative Firm-Level Data from the Orbis Global Database: New Facts on SMEs and Aggregate Implications for Industry Concentration"],"prefix":"10.1257","volume":"16","author":[{"given":"\u015eebnem","family":"Kaleml\u0130-\u00d6zcan","sequence":"first","affiliation":[{"name":"University of Maryland, NBER, and CEPR (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Bent E.","family":"S\u00f8rensen","sequence":"additional","affiliation":[{"name":"University of Houston, and CEPR (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Carolina","family":"Villegas-Sanchez","sequence":"additional","affiliation":[{"name":"ESADE, Universitat Ramon Llull, and CEPR (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Vadym","family":"Volosovych","sequence":"additional","affiliation":[{"name":"Erasmus University Rotterdam (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Sevcan","family":"Ye\u015filta\u015f","sequence":"additional","affiliation":[{"name":"Ko\u00e7 University (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhn103"},{"key":"p_2","doi-asserted-by":"crossref","unstructured":"Amiti, Mary, and Sebastian Heise. 2021. \"U.S. Market Concentration and Import Competition.\" Federal Reserve Bank of New York Staff Reports 968.","DOI":"10.2139\/ssrn.3847929"},{"key":"p_3","unstructured":"Bajgar, Matej, Giuseppe Berlingieri, Sara Calligaris, Chiara Criscuolo, and Jonathan Timmis. 2019. \"Industry Concentration in Europe and North America.\" OECD Working Paper 18."},{"key":"p_4","unstructured":"Bajgar, Matej, Giuseppe Berlingieri, Sara Calligaris, Chiara Criscuolo, and Jonathan Timmis. 2020. \"Coverage and Representativeness of Orbis Data.\" Unpublished."},{"key":"p_5","unstructured":"Berlingieri, Giuseppe, Patrick Blanchenay, Sara Calligaris, and Chiara Criscuolo. 2017. \"The Multiprod Project: A Comprehensive Overview.\" OECD Science, Technology and Industry Working Paper 2017\/04."},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/aeri.20200316"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/707169"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/pandp.20181007"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjz041"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2021.103492"},{"key":"p_11","first-page":"129","author":"D\u00f6ttling Robin","year":"2017","journal-title":"ECB Forum on Central Banking: Investment and Growth in Advanced Economies"},{"key":"p_12","unstructured":"Eurostat. 1995-2014. \"Structural Business Statistics (SBS).\" https:\/\/ec.europa.eu\/eurostat\/cache\/ metadata\/en\/sbs esms.htm."},{"key":"p_13","doi-asserted-by":"crossref","unstructured":"Gourinchas, Pierre-Olivier, Sebnem Kalemli-\u00d6zcan, Veronika Penciakova, and Nick Sander. 2020. \"Estimating SME Failures in Real Time: An Application to the COVID-19 Crisis.\" NBER Working Paper 27877.","DOI":"10.3386\/w27877"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1093\/rof\/rfz007"},{"key":"p_15","doi-asserted-by":"crossref","unstructured":"Guti\u00e9rrez, Germ\u00e1n, and Thomas Philippon. 2017. \"Declining Competition and Investment in the U.S.\" Unpublished.","DOI":"10.3386\/w23583"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.7208\/chicago\/9780226454108.003.0001"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1111\/jeea.12089"},{"key":"p_18","unstructured":"Kalemli-\u00d6zcan, \u015eebnem, Bent S\u00f8rensen, Carolina Villegas-Sanchez, Vadym Volosovych, and Sevcan Ye\u015filta\u015f. 2024. \"Replication Data for: How to Construct Nationally Representative Firm-Level Data from the Orbis Global Database: New Facts on SMEs and Aggregate Implications for Industry Concentration.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E187541V1."},{"key":"p_19","unstructured":"OECD. 2000-2014a. \"AMNE and AFA Databases-Activity of Multinational Enterprises.\" https:\/\/ www.oecd.org\/sti\/ind\/amne.htm."},{"key":"p_20","unstructured":"OECD. 2000-2014b. \"STAN-STructural ANalysis Database.\" https:\/\/www.oecd.org\/sti\/ind\/ stanstructuralanalysisdatabase."},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1086\/712317"},{"key":"p_22","unstructured":"Van Reenen, John. 2018. \"Increasing Differences between Firms: Market Power and the Macro-economy.\" Centre for Economic Performance, LSE CEP Discussion Paper 1576."},{"key":"p_23","unstructured":"WRDS (Wharton Research Data Services). 1995-2014. \"Compustat Global.\" https:\/\/wrds-www.wharton.upenn.edu\/."},{"key":"p_24","unstructured":"WRDS. 2010. \"Bureau van Dijk (BvD)-Orbis.\" https:\/\/wrds-www.wharton.upenn.edu\/."},{"key":"p_25","unstructured":"WRDS. 2023. \"Bureau van Dijk (BvD)-Orbis.\" https:\/\/wrds-www.wharton.upenn.edu\/."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20220036","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,3,29]],"date-time":"2024-03-29T12:00:59Z","timestamp":1711713659000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20220036"}},"issued":{"date-parts":[[2024,4,1]]},"references-count":25,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2024,4,1]]}},"alternative-id":["10.1257\/mac.20220036"],"URL":"https:\/\/doi.org\/10.1257\/mac.20220036","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2024,4,1]]}},{"indexed":{"date-parts":[[2026,6,10]],"date-time":"2026-06-10T10:08:35Z","timestamp":1781086115279,"version":"3.54.1"},"reference-count":20,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2020,1,1]]},"abstract":"<jats:p>We formulate a theory of expectations updating that fits the dynamics of accuracy and disagreement in a new survey of professional forecasters. We document new stylized facts, including the puzzling persistence of disagreement as uncertainty resolves. Our theory explains these facts by allowing for different channels of heterogeneity. Agents produce an initial forecast based on heterogeneous priors and are heterogeneously \u201cinattentive.\u201d Updaters use Bayes\u2019 rule and interpret public information using possibly heterogeneous models. Structural estimation of our theory supports the conclusion that in normal times heterogeneous priors and inattention are enough to generate persistent disagreement, but not during the crisis. (JEL C53, D81, D83, D84, E31, E37)<\/jats:p>","DOI":"10.1257\/mac.20180235","type":"journal-article","created":{"date-parts":[[2020,1,2]],"date-time":"2020-01-02T14:11:55Z","timestamp":1577974315000},"page":"282-309","source":"Crossref","is-referenced-by-count":18,"title":["Heterogeneity, Inattention, and Bayesian Updates"],"prefix":"10.1257","volume":"12","author":[{"given":"Raffaella","family":"Giacomini","sequence":"first","affiliation":[{"name":"Department of Economics, University College London, Drayton House, 30 Gordon Street, London, WC1H 0AX, United Kingdom (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Vasiliki","family":"Skreta","sequence":"additional","affiliation":[{"name":"Department of Economics, University of Texas, 2225 Speedway, BRB 1.116, C3100, Austin, TX 78712; Department of Economics, University College London, Drayton House, 30 Gordon Street, London, WC1H 0AX, United Kingdom, and CEPR (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Javier","family":"Turen","sequence":"additional","affiliation":[{"name":"Instituto de Econom\u00eda, Pontificia Universidad Cat\u00f3lica de Chile, Vicu\u00f1a Mackenna 4860, 7820436, Santiago, Chile (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.2307\/1392447"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2013.08.005"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2006.04.006"},{"issue":"4","key":"p_5","first-page":"768","volume":"75","author":"Caskey John","year":"1985","journal-title":"American Economic Review"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1086\/665662"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20110306"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2013.06.007"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.2307\/2951768"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.2307\/2946656"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2008.02.002"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/S0167-2681(01)00219-0"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1162\/003355399555918"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1162\/003355302320935034"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0262.2004.00537.x"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2011.00404.x"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.2410"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.07.001"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2012.01.008"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(03)00029-1"},{"issue":"4","key":"p_25","doi-asserted-by":"crossref","first-page":"397","DOI":"10.1080\/07350015.1986.10509537","volume":"4","author":"Tauchen George","year":"1986","journal-title":"Journal of Business and Economic Statistics"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180235","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,7,29]],"date-time":"2024-07-29T15:29:37Z","timestamp":1722266977000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180235"}},"issued":{"date-parts":[[2020,1,1]]},"references-count":20,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2020,1,1]]}},"alternative-id":["10.1257\/mac.20180235"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180235","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2020,1,1]]}},{"indexed":{"date-parts":[[2022,4,5]],"date-time":"2022-04-05T23:16:48Z","timestamp":1649200608563},"reference-count":0,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2022,1,1]]},"DOI":"10.1257\/mac.14.1.i","type":"journal-article","created":{"date-parts":[[2021,12,30]],"date-time":"2021-12-30T13:05:02Z","timestamp":1640869502000},"page":"i-vi","source":"Crossref","is-referenced-by-count":0,"title":["Front Matter"],"prefix":"10.1257","volume":"14","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.14.1.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,12,30]],"date-time":"2021-12-30T13:06:29Z","timestamp":1640869589000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.14.1.i"}},"issued":{"date-parts":[[2022,1,1]]},"references-count":0,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2022,1,1]]}},"alternative-id":["10.1257\/mac.14.1.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.14.1.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2022,1,1]]}},{"indexed":{"date-parts":[[2022,4,3]],"date-time":"2022-04-03T15:23:45Z","timestamp":1648999425408},"reference-count":0,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2013,10,1]]},"DOI":"10.1257\/mac.5.4.i","type":"journal-article","created":{"date-parts":[[2013,10,3]],"date-time":"2013-10-03T13:58:03Z","timestamp":1380808683000},"page":"i-vi","source":"Crossref","is-referenced-by-count":0,"title":["Front Matter"],"prefix":"10.1257","volume":"5","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.5.4.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:52:23Z","timestamp":1591127543000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.5.4.i"}},"issued":{"date-parts":[[2013,10,1]]},"references-count":0,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2013,10,1]]}},"alternative-id":["10.1257\/mac.5.4.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.5.4.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2013,10,1]]}},{"indexed":{"date-parts":[[2022,3,31]],"date-time":"2022-03-31T02:35:31Z","timestamp":1648694131713},"reference-count":0,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2021,4,1]]},"DOI":"10.1257\/mac.13.2.i","type":"journal-article","created":{"date-parts":[[2021,3,30]],"date-time":"2021-03-30T17:03:32Z","timestamp":1617123812000},"page":"i-vi","source":"Crossref","is-referenced-by-count":0,"title":["Front Matter"],"prefix":"10.1257","volume":"13","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.13.2.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,3,30]],"date-time":"2021-03-30T17:03:42Z","timestamp":1617123822000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.13.2.i"}},"issued":{"date-parts":[[2021,4,1]]},"references-count":0,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2021,4,1]]}},"alternative-id":["10.1257\/mac.13.2.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.13.2.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2021,4,1]]}},{"indexed":{"date-parts":[[2023,12,30]],"date-time":"2023-12-30T00:32:00Z","timestamp":1703896320784},"reference-count":0,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2024,1,1]]},"DOI":"10.1257\/mac.16.1.i","type":"journal-article","created":{"date-parts":[[2023,12,29]],"date-time":"2023-12-29T13:31:45Z","timestamp":1703856705000},"page":"i-vi","source":"Crossref","is-referenced-by-count":0,"title":["Front Matter"],"prefix":"10.1257","volume":"16","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.16.1.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,12,29]],"date-time":"2023-12-29T13:34:08Z","timestamp":1703856848000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.16.1.i"}},"issued":{"date-parts":[[2024,1,1]]},"references-count":0,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2024,1,1]]}},"alternative-id":["10.1257\/mac.16.1.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.16.1.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2024,1,1]]}},{"indexed":{"date-parts":[[2026,4,13]],"date-time":"2026-04-13T20:43:32Z","timestamp":1776113012848,"version":"3.50.1"},"reference-count":43,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2024,10,1]]},"abstract":"<jats:p> It is often assumed that the elasticity of GDP with respect to capital is one-third, but this assumes zero markups and an aggregate production function. I estimate the elasticity allowing markups to vary by industry and with a rich input-output structure. Assumptions about capital costs provide bounds on elasticity. In the United States from 1948\u20131995, the capital elasticity ranged from 0.19\u20130.32 and shifted to 0. 24\u20130.37\u00a0 by 1996\u20132018. Excluding housing or decapitalizing intellectual property lowers bounds to as low as 0. 11\u20130.26. Based on these elasticities, common estimates of total factor productivity growth represent a lower bound. (JEL E13, E22, E23, E25, N12) <\/jats:p>","DOI":"10.1257\/mac.20220215","type":"journal-article","created":{"date-parts":[[2024,9,30]],"date-time":"2024-09-30T12:32:20Z","timestamp":1727699540000},"page":"470-504","source":"Crossref","is-referenced-by-count":3,"title":["The Elasticity of Aggregate Output with Respect to Capital and Labor"],"prefix":"10.1257","volume":"16","author":[{"given":"Dietrich","family":"Vollrath","sequence":"first","affiliation":[{"name":"University of Houston (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0335.2011.00906.x"},{"key":"p_2","doi-asserted-by":"crossref","unstructured":"Baqaee, David Rezza, and Emmanuel Farhi. 2018. \"The Microeconomic Foundations of Aggregate Production Functions.\" NBER working paper 25293.","DOI":"10.3386\/w25293"},{"key":"p_3","doi-asserted-by":"crossref","unstructured":"Baqaee, David Rezza, and Emmanuel Farhi. 2019. \"A Short Note on Aggregating Productivity.\" NBER working paper 25688.","DOI":"10.3386\/w25688"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjz030"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12909"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/jep.33.3.3"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(02)00161-7"},{"issue":"1","key":"p_8","first-page":"1","volume":"3","author":"Bentolila Samuel","year":"2003","journal-title":"B.E. Journal of Macroeconomics"},{"key":"p_9","unstructured":"Boskin, Michael J., Ellen R. Dulberger, Robert J. Gordon, Zvi Griliches, and Dale W. Jorgenson. 1996. Toward a More Accurate Measure of the Cost of Living. Washington, DC: Advisory Commission to Study the Consumer Price Index (US Senate)."},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-080218-030212"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1111\/j.1475-4991.2009.00343.x"},{"key":"p_12","doi-asserted-by":"crossref","unstructured":"Dao, Mai Chi, Mitali Das, Zsoka Koczan, and Weicheng Lian. 2017. \"Why is Labor Receiving a Smaller Share of Global Income? Theory and Empirical Evidence.\" IMF working papers 2017\/169.","DOI":"10.5089\/9781484311042.001"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjz041"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1086\/722986"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2013.0016"},{"issue":"70","key":"p_16","first-page":"47","volume":"1","author":"Estrada \u00c1ngel","year":"2014","journal-title":"Ensayos Econ\u00f3micos"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.2.29"},{"key":"p_18","first-page":"2012","author":"Fernald John G","year":"2014","journal-title":"Federal Reserve Bank of San Francisco working paper"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1086\/338747"},{"key":"p_20","doi-asserted-by":"crossref","unstructured":"Gomme, Paul, and Peter Rupert. 2004. \"Measuring Labors Share of Income.\" Federal Reserve Bank of Cleveland Policy Discussion Papers 7.","DOI":"10.2139\/ssrn.1024847"},{"key":"p_21","doi-asserted-by":"crossref","unstructured":"Guscina, Anastasia. 2006. \"Effects of Globalization on Labor's Share in National Income.\" IMF Working Papers 2006\/294.","DOI":"10.5089\/9781451865547.001"},{"key":"p_22","doi-asserted-by":"crossref","unstructured":"Guti\u00e9rrez, Germ\u00e1n, and Thomas Philippon. 2016. \"Investment-Less Growth: An Empirical Investigation.\" NBER working papers 22897.","DOI":"10.3386\/w22897"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1086\/261570"},{"key":"p_24","doi-asserted-by":"crossref","unstructured":"Hall, Robert E. 1990. \"Invariance Properties of Solow's Productivity Residual.\" In Growth, Productivity, Employment, edited by Peter Diamond, 71-112. Cambridge, MA: MIT Press.","DOI":"10.3386\/w3034"},{"issue":"3","key":"p_25","first-page":"391","volume":"57","author":"Hall Robert E","year":"1967","journal-title":"American Economic Review"},{"key":"p_26","unstructured":"Harrison, Ann. 2005. \"Has Globalization Eroded Labor's Share? Some Cross-Country Evidence.\" University Library of Munich, Germany MPRA Paper 39649."},{"key":"p_27","doi-asserted-by":"crossref","unstructured":"Jaumotte, Florence, and Irina Tytell. 2007. \"How has the Globalization of Labor Affected the Labor Income Share in Advanced Countries?\" IMF Working Papers 2007\/298.","DOI":"10.5089\/9781451868616.001"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjt032"},{"key":"p_29","doi-asserted-by":"crossref","unstructured":"Karabarbounis, Loukas, and Brent Neiman. 2019. \"Accounting for Factorless Income.\" In NBER Macroeconomics Annual, Vol. 33, edited by Martin Eichenbaum, Erik Hurst, and Valerie Ramey, 167-228. Chicago: University of Chicago Press.","DOI":"10.1086\/700894"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.5.1418"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA17477"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2020.06.007"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.4.88"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2016.0002"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjz020"},{"key":"p_36","unstructured":"United States Bureau of Economic Analysis. 1901-2022. \"Section 7 - Government Fixed Assets.\" Fixed Assets Accounts Tables. https:\/\/apps.bea.gov\/national\/FixedAssets\/Release\/XLS\/Section7All_xls. xlsx (accessed October 18, 2020)."},{"key":"p_37","unstructured":"United States Bureau of Economic Analysis. 1929-2022. \"Section 6 - Income and Employment by Industry.\" National Income and Product Accounts. https:\/\/apps.bea.gov\/national\/Release\/XLS\/ Survey\/Section6All_xls.xlsx (accessed October 18, 2020)."},{"key":"p_38","unstructured":"United States Bureau of Economic Analysis. 1947-2022. \"Section 3 - Private Fixed Assets by Industry.\" Fixed Assets Accounts Tables. https:\/\/apps.bea.gov\/national\/FixedAssets\/Release\/XLS\/ Section3All_xls.xlsx (accessed October 18, 2020)."},{"key":"p_39","unstructured":"United States Bureau of Economic Analysis. 1960-2023. \"Integrated Macroeconomic Accounts.\" Financial Accounts of the United States. https:\/\/apps.bea.gov\/national\/nipaweb\/Ni_FedBeaSna\/ SS_Data\/Section1All_xls.xlsx (accessed October 18, 2020)."},{"key":"p_40","unstructured":"United States Bureau of Economic Analysis. 1947-1999. \"Value Added by Industry, Gross Output by Industry, Intermediate Inputs by Industry, the Components of Value Added by Industry, and Employment by Industry, 1947-1997.\" Historical Industry Accounts Data. https:\/\/www.bea.gov\/ industry\/io-histannual (accessed October 18, 2020)."},{"key":"p_41","unstructured":"United States Bureau of Economic Analysis. 1997-2022. \"Make-Use Tables, Before Rede nitions.\" Input-Output Accounts Data. https:\/\/www.bea.gov\/industry\/input-output-accounts-data (accessed October 18, 2020)."},{"key":"p_42","unstructured":"United States Bureau of Labor Statistics. 1948-2023. \"Historical Total Factor Productivity Measures (SIC 1948-87 linked to NAICS 1987-present).\" Historical Productivity and Costs Measures. https:\/\/ www.bls.gov\/productivity\/tables\/total-factor-productivity-major-sectors-historical.xlsx (accessed October 18, 2020)."},{"key":"p_43","unstructured":"Vollrath, Dietrich. 2024. Data and Code for: \"The Elasticity of Aggregate Output with Respect to Capital and Labor.\" Nashville, TN: American Economic Association; distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. https:\/\/doi.org\/10.3886\/E194858V1."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20220215","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,9,30]],"date-time":"2024-09-30T12:34:21Z","timestamp":1727699661000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20220215"}},"issued":{"date-parts":[[2024,10,1]]},"references-count":43,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2024,10,1]]}},"alternative-id":["10.1257\/mac.20220215"],"URL":"https:\/\/doi.org\/10.1257\/mac.20220215","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2024,10,1]]}},{"indexed":{"date-parts":[[2026,4,15]],"date-time":"2026-04-15T15:05:04Z","timestamp":1776265504622,"version":"3.50.1"},"reference-count":16,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2011,10,1]]},"abstract":"<jats:p> We examine the allocation of hours of work across industrial sectors in OECD countries. We find large disparities across three sector groups, one that produces goods without home substitutes, and two others that have home substitutes but are treated differently by welfare policy. We attribute the disparities to the countries' tax and subsidy policies. High taxation substantially reduces hours in sectors that have close home substitutes but less so in other sectors. Subsidies increase hours in the subsidized sectors that have home substitutes. We compute these policy effects for 19 OECD countries. (JEL H24, H31, J22) <\/jats:p>","DOI":"10.1257\/mac.3.4.1","type":"journal-article","created":{"date-parts":[[2011,10,6]],"date-time":"2011-10-06T13:49:35Z","timestamp":1317908975000},"page":"1-26","source":"Crossref","is-referenced-by-count":16,"title":["Taxes, Social Subsidies, and the Allocation of Work Time"],"prefix":"10.1257","volume":"3","author":[{"given":"L. Rachel","family":"Ngai","sequence":"first","affiliation":[{"name":"London School of Economics, Centre for Economic Performance, Houghton Street, London WC2A 2AE, and Centre for Economic Policy and Research."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Christopher A","family":"Pissarides","sequence":"additional","affiliation":[{"name":"London School of Economics, Centre for Economic Performance, Houghton Street, London WC2A 2AE, and Centre for Economic Policy and Research."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/mac.1.1.111"},{"issue":"3","key":"p_2","first-page":"570","volume":"83","author":"Blundell Richard","year":"1993","journal-title":"American Economic review"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2003.02.001"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0327.2005.00132.x"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1111\/j.1465-7295.1982.tb00362.x"},{"issue":"3","key":"p_13","first-page":"1273","volume":"35","author":"Lindbeck Assar","year":"1997","journal-title":"Journal of Economic Literature"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/2527375"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2007.07.002"},{"issue":"4","key":"p_16","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1257\/mac.3.4.1","volume":"3","author":"Ngai L. Rachel","year":"2011","journal-title":"American Economic Journal: Macroeconomics. http:\/\/www.aeaweb.org\/ articles.php?doi=10.1257\/mac."},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.09.012"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2008.00523.x"},{"issue":"1","key":"p_20","first-page":"2","volume":"28","author":"Prescott Edward C","year":"2004","journal-title":"federal reserve Bank of Minneapolis Quarterly review"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-006-0164-9"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1086\/588029"},{"key":"p_25","first-page":"79","author":"Rosen Sherwin","year":"1997","journal-title":"the Welfare State in transition: reforming the Swedish Model, ed. Richard. B. Freeman, Robert Topel, and Birgitta Swedenborg"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1007\/BF01213946"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.3.4.1","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:11Z","timestamp":1591127831000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.3.4.1"}},"issued":{"date-parts":[[2011,10,1]]},"references-count":16,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2011,10,1]]}},"alternative-id":["10.1257\/mac.3.4.1"],"URL":"https:\/\/doi.org\/10.1257\/mac.3.4.1","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2011,10,1]]}},{"indexed":{"date-parts":[[2026,4,24]],"date-time":"2026-04-24T21:23:50Z","timestamp":1777065830853,"version":"3.51.4"},"reference-count":43,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2018,7,1]]},"abstract":"<jats:p> This paper develops a tractable model of post-retirement behavior with health status uncertainty and state-verification difficulties. The model distinguishes between annuitized and non-annuitized wealth and features means-tested Medicaid assistance with nursing home care. We show how to solve the potentially complex dynamic problem analytically, making it possible to characterize optimal behavior with phase diagrams. The analysis provides an integrated treatment of portfolio composition and consumption\/wealth accumulation choices. We show the model can explain both the \u201cretirement-saving puzzle\u201d and the \u201cannuity puzzle.\u201d (JEL D14, D15, G11, I18, I38, J14, J26) <\/jats:p>","DOI":"10.1257\/mac.20160343","type":"journal-article","created":{"date-parts":[[2018,7,3]],"date-time":"2018-07-03T12:56:59Z","timestamp":1530622619000},"page":"71-117","source":"Crossref","is-referenced-by-count":6,"title":["The Role of Annuitized Wealth in Post-retirement Behavior"],"prefix":"10.1257","volume":"10","author":[{"given":"John","family":"Laitner","sequence":"first","affiliation":[{"name":"Department of Economics, University of Michigan, 611 Tappan Ave., Ann Arbor, MI 48109 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Dan","family":"Silverman","sequence":"additional","affiliation":[{"name":"Department of Economics, W.P. Carey School of Business, Arizona State University, PO Box 879801, Tempe, AZ 85287 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Dmitriy","family":"Stolyarov","sequence":"additional","affiliation":[{"name":"Department of Economics, University of Michigan, 611 Tappan Ave, Ann Arbor, MI 48109 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"issue":"5","key":"p_1","first-page":"1177","volume":"82","author":"Altonji Joseph G","year":"1992","journal-title":"American Economic Review"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1086\/516388"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2010.01641.x"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/jep.25.4.143"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2007.02.010"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.3.1083"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1377\/hlthaff.2011.1307"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1162\/003355397555109"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/000282805775014281"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.2307\/2938366"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/651674"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20140015"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1086\/381475"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1111\/j.1542-4774.2012.01101.x"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1086\/379936"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.2307\/2937822"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00269"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/0167-2231(94)90004-3"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1086\/261987"},{"key":"p_26","first-page":"2009","author":"Hurd Michael D","year":"2009","journal-title":"Michigan Retirement Research Center Working Paper"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.3.29"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.2307\/2297582"},{"issue":"4","key":"p_34","first-page":"893","volume":"86","author":"Laitner John","year":"1996","journal-title":"American Economic Review"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/S0047-2727(00)00101-8"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2012.02.005"},{"key":"p_37","first-page":"2010","author":"Laitner John","year":"2010","journal-title":"Michigan Retirement Research Center Working Paper"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2008.09.003"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1093\/geront\/gnp111"},{"issue":"3","key":"p_43","first-page":"435","volume":"69","author":"Mirer Thad W","year":"1979","journal-title":"American Economic Review"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.5.1299"},{"issue":"3","key":"p_45","first-page":"297","volume":"76","author":"Modigliani Franco","year":"1986","journal-title":"American Economic Review"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00092"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2012.11.005"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1086\/261673"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1257\/jep.25.4.95"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20131584"},{"key":"p_54","first-page":"2009","author":"Scholz John Karl","year":"2009","journal-title":"Michigan Retirement Research Center Working Paper"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1086\/506335"},{"key":"p_56","first-page":"2004","author":"Sinclair Sven H","year":"2004","journal-title":"Congressional Budget Of ce Technical Paper"},{"key":"p_57","first-page":"2009","author":"Smith Karen E","year":"2009","journal-title":"Center for Retirement Research at Boston College Working Paper"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.2307\/2296058"},{"key":"p_60","doi-asserted-by":"publisher","DOI":"10.1086\/261605"},{"key":"p_61","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2015.01.003"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160343","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:59Z","timestamp":1591127819000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160343"}},"issued":{"date-parts":[[2018,7,1]]},"references-count":43,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2018,7,1]]}},"alternative-id":["10.1257\/mac.20160343"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160343","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2018,7,1]]}},{"indexed":{"date-parts":[[2025,9,28]],"date-time":"2025-09-28T20:37:43Z","timestamp":1759091863681},"reference-count":20,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2011,4,1]]},"abstract":"<jats:p> Recent empirical work finds a negative correlation between product market regulation and aggregate employment. We examine the effect of product market regulations on hours worked in a benchmark model of time allocation. Product market regulations affect market work in effectively the same fashion as labor or consumption taxes. For product market regulations to affect aggregate market work, the key driving force is the size of income transfers associated with the regulations, and the key propagation mechanism is the labor supply elasticity. We show that industry level analysis is of little help in assessing the aggregate effects of product market regulation. (JEL E24, J22, L51) <\/jats:p>","DOI":"10.1257\/mac.3.2.163","type":"journal-article","created":{"date-parts":[[2011,3,29]],"date-time":"2011-03-29T16:16:11Z","timestamp":1301415371000},"page":"163-188","source":"Crossref","is-referenced-by-count":8,"title":["Product Market Regulation and Market Work: A Benchmark Analysis"],"prefix":"10.1257","volume":"3","author":[{"given":"Lei","family":"Fang","sequence":"first","affiliation":[{"name":"Research Department, Federal Reserve Bank of Atlanta, 1000 Peachtree St. NE, Atlanta, GA, 30309."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Richard","family":"Rogerson","sequence":"additional","affiliation":[{"name":"Department of Economics and Woodrow Wilson School, Princeton University, Princeton, NJ 08544."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.5.1533"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1086\/262073"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/261796"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1162\/003355302320935052"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1162\/00335530360698450"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2003.02.001"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.3.523"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1162\/003355302753399436"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.11.002"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(01)00131-3"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0327.2005.00132.x"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.2307\/2527375"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(94)90021-3"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2005.06.007"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/S0927-5371(99)00005-6"},{"issue":"1","key":"p_27","first-page":"2","volume":"28","author":"Prescott Edward C","year":"2004","journal-title":"Federal Reserve Bank of Minneapolis Quarterly Review"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2006.05.002"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-006-0164-9"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1086\/588029"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1007\/BF01213946"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.3.2.163","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:53:02Z","timestamp":1591127582000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.3.2.163"}},"issued":{"date-parts":[[2011,4,1]]},"references-count":20,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2011,4,1]]}},"alternative-id":["10.1257\/mac.3.2.163"],"URL":"https:\/\/doi.org\/10.1257\/mac.3.2.163","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2011,4,1]]}},{"indexed":{"date-parts":[[2026,5,5]],"date-time":"2026-05-05T23:32:25Z","timestamp":1778023945985,"version":"3.51.4"},"reference-count":90,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2013,4,1]]},"abstract":"<jats:p> Concern has intensified in recent years that many instrumental variables used in widely-cited growth regressions may be invalid, weak, or both. Attempts to remedy this general problem remain inadequate. We show how a range of published studies can offer more evidence that their results are not spurious. Key steps include: grounding growth regressions in more generalized theoretical models, deployment of new methods for estimating sensitivity to violations of exclusion restrictions, opening the \u201cblack box\u201d of GMM with supportive evidence of instrument strength, and utilization of weak-instrument robust tests and estimators. (JEL C52, E23, F35, O41, O47) <\/jats:p>","DOI":"10.1257\/mac.5.2.152","type":"journal-article","created":{"date-parts":[[2013,3,27]],"date-time":"2013-03-27T12:08:19Z","timestamp":1364386099000},"page":"152-186","source":"Crossref","is-referenced-by-count":252,"title":["Blunt Instruments: Avoiding Common Pitfalls in Identifying the Causes of Economic Growth"],"prefix":"10.1257","volume":"5","author":[{"given":"Samuel","family":"Bazzi","sequence":"first","affiliation":[{"name":"University of California, San Diego, 9500 Gilman Dr. #0534, La Jolla, CA 92093-0534."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Michael A","family":"Clemens","sequence":"additional","affiliation":[{"name":"Center for Global Development, 1800 Massachusetts Ave. NW, Third Floor, Washington, DC 20036."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/jep.24.3.17"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.5.1369"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/000282805774669916"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/S0047-2727(98)00010-3"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(03)00081-3"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(82)90095-1"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1214\/aoms\/1177730090"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2008.05.002"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.2307\/2297968"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(94)01642-D"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1002\/jae.1044"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(94)90017-5"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/2937943"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1007\/BF00163340"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1177\/1536867X0800700402"},{"issue":"5","key":"p_17","first-page":"1072","volume":"76","author":"Baumol William J","year":"1986","journal-title":"American Economic Review"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/mac.5.2.152"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1007\/s10887-005-3533-5"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/S0378-4266(02)00408-9"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-4076(98)00009-8"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1080\/07474930008800475"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00093"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2007.01.018"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/0014-2921(95)00127-1"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(97)00033-0"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2004.0002"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1093\/wber\/15.2.229"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1111\/j.1368-423X.2009.00299.x"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.4.847"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.2202\/1534-6005.1021"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1007\/BF00141044"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2011.02482.x"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1017\/S0266466600007519"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1257\/jel.48.2.424"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1162\/003355303321675437"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1007\/s10887-008-9032-8"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1016\/j.jspi.2008.03.006"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(02)00206-4"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1257\/jel.47.2.373"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1257\/0002828041464560"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1002\/jae.623"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.4.869"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.3.379"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1162\/003355302753650292"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1016\/S0047-2727(99)00093-6"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.05.002"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1023\/B:JOEG.0000038933.16398.ed"},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1017\/S0266466609100026"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2010.09.009"},{"key":"p_61","doi-asserted-by":"publisher","DOI":"10.1080\/07474930801960261"},{"key":"p_62","doi-asserted-by":"publisher","DOI":"10.1162\/003355399555954"},{"key":"p_63","doi-asserted-by":"publisher","DOI":"10.2307\/1912775"},{"key":"p_64","doi-asserted-by":"publisher","DOI":"10.1007\/s10887-009-9040-3"},{"key":"p_65","author":"Hauk William R., Jr.","year":"2009","journal-title":"Journal of Economic Growth. Data provided by the authors (accessed"},{"key":"p_66","doi-asserted-by":"publisher","DOI":"10.1007\/s10887-006-9009-4"},{"key":"p_67","author":"Hausmann Ricardo","year":"2007","journal-title":"Journal of Economic Growth. Data provided by the authors (accessed"},{"key":"p_68","doi-asserted-by":"publisher","DOI":"10.1017\/S0266466609090707"},{"key":"p_70","doi-asserted-by":"publisher","DOI":"10.2307\/1913103"},{"key":"p_71","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321946921"},{"key":"p_72","doi-asserted-by":"publisher","DOI":"10.1162\/003355305774268165"},{"key":"p_73","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00353"},{"key":"p_74","doi-asserted-by":"publisher","DOI":"10.1198\/jbes.2009.08280"},{"key":"p_75","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2005.02.011"},{"key":"p_77","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(00)00017-9"},{"key":"p_78","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(00)00017-9"},{"key":"p_79","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.00127"},{"key":"p_80","doi-asserted-by":"publisher","DOI":"10.2307\/2534576"},{"key":"p_81","doi-asserted-by":"publisher","DOI":"10.2307\/2946696"},{"key":"p_82","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00438"},{"key":"p_83","doi-asserted-by":"publisher","DOI":"10.1257\/jep.20.4.111"},{"key":"p_84","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA6224"},{"key":"p_85","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2003.11.006"},{"key":"p_86","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2009.04.002"},{"key":"p_87","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2008.02189.x"},{"key":"p_88","doi-asserted-by":"publisher","DOI":"10.1257\/000282806777212396"},{"key":"p_90","doi-asserted-by":"publisher","DOI":"10.1162\/rest.90.4.643"},{"key":"p_93","doi-asserted-by":"publisher","DOI":"10.1257\/000282805774670059"},{"key":"p_94","doi-asserted-by":"publisher","DOI":"10.1177\/1536867X0900900106"},{"key":"p_95","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0084.2008.00542.x"},{"key":"p_96","doi-asserted-by":"publisher","DOI":"10.1016\/j.jjie.2006.06.008"},{"issue":"2","key":"p_97","first-page":"178","volume":"87","author":"Martin Xavier","year":"1997","journal-title":"American Economic review"},{"key":"p_98","doi-asserted-by":"publisher","DOI":"10.1257\/0002828042002570"},{"key":"p_99","doi-asserted-by":"publisher","DOI":"10.1007\/s10887-005-4719-6"},{"key":"p_100","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00151"},{"key":"p_102","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(00)00093-3"},{"key":"p_103","doi-asserted-by":"publisher","DOI":"10.1257\/jel.37.1.112"},{"key":"p_104","doi-asserted-by":"publisher","DOI":"10.1007\/s10887-005-3535-3"},{"key":"p_105","author":"Voitchovsky Sarah","year":"2005","journal-title":"Journal of Economic Growth. Data provided by the authors (accessed"},{"key":"p_106","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2004.02.005"},{"key":"p_107","doi-asserted-by":"publisher","DOI":"10.1162\/0034653041811770"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.5.2.152","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:52Z","timestamp":1591127932000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.5.2.152"}},"issued":{"date-parts":[[2013,4,1]]},"references-count":90,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2013,4,1]]}},"alternative-id":["10.1257\/mac.5.2.152"],"URL":"https:\/\/doi.org\/10.1257\/mac.5.2.152","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2013,4,1]]}},{"indexed":{"date-parts":[[2026,5,9]],"date-time":"2026-05-09T07:34:33Z","timestamp":1778312073254,"version":"3.51.4"},"reference-count":39,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2022,10,1]]},"abstract":"<jats:p>We study what happens to identified shocks and to dynamic responses when the data generating process features q disturbances but q<jats:sup>1<\/jats:sup>&lt; q variables are used in an empirical model. Identified shocks are linear combinations of current and past values of all structural disturbances and do not necessarily combine disturbances of the same type. Theory-based restrictions may be insufficient to obtain structural dynamics. We revisit the evidence regarding the transmission of house price and of uncertainty shocks. We provide suggestions on how to compare the dynamics of larger scale DSGEs models with smaller scale VARs. (JEL E12, E13, E23, E31, E43, R31)<\/jats:p>","DOI":"10.1257\/mac.20200054","type":"journal-article","created":{"date-parts":[[2022,9,30]],"date-time":"2022-09-30T12:05:09Z","timestamp":1664539509000},"page":"104-135","source":"Crossref","is-referenced-by-count":7,"title":["Mind the Gap! Stylized Dynamic Facts and Structural Models"],"prefix":"10.1257","volume":"14","author":[{"given":"Fabio","family":"Canova","sequence":"first","affiliation":[{"name":"Norwegian Business School, CAMP and CEPR (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Filippo","family":"Ferroni","sequence":"additional","affiliation":[{"name":"Federal Reserve Bank of Chicago (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","unstructured":"Adjemian, St\u00e9phane, Houtan Bastani, Michel Juillard, Fr\u00e9deric Karam\u00e9, Junior Maih, Ferhat Mihoubi, Willi Mutschler, et al. 2011. \"Dynare: Reference Manual Version 4.\" Centre Pour la Recherche Economique et ses Applications Dynare Working Paper 1."},{"issue":"1","key":"p_2","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1093\/restud\/rdx037","volume":"85","author":"Andreasan Martin M","year":"2018","journal-title":"Review of Economic Studies"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20181174"},{"key":"p_4","doi-asserted-by":"crossref","first-page":"34","DOI":"10.1016\/j.jedc.2017.07.006","volume":"83","author":"Arouba S. Boraan","year":"2017","journal-title":"Journal of Economic Dynamics and Control"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA13960"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2019.03.011"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.7.3045"},{"issue":"4","key":"p_8","first-page":"655","volume":"79","author":"Blanchard Olivier Jean","year":"1989","journal-title":"American Economic Review"},{"issue":"3","key":"p_9","doi-asserted-by":"crossref","first-page":"319","DOI":"10.1016\/0304-4076(93)90029-5","volume":"59","author":"Braun Phillip A","year":"1993","journal-title":"Journal of Econometrics"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.3982\/QE36"},{"key":"p_11","doi-asserted-by":"crossref","unstructured":"Canova, Fabio, and Filippo Ferroni. 2020. \"A Hitchhiker Guide to Empirical Macro Models.\" CEPR Discussion Paper 15446.","DOI":"10.21033\/wp-2021-15"},{"key":"p_12","unstructured":"Canova, Fabio, and Filippo Ferroni. 2022. \"Replication data for: Mind the Gap! Stylized Dynamic Facts and Structural Models.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.38886\/E135141V1."},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvx032"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdab010"},{"key":"p_15","doi-asserted-by":"crossref","unstructured":"Chari, V. V., Patrick J. Kehoe, and Ellen R. McGrattan. 2005. \"A Critique of Structural VARs Using Real Business Cycle Theory.\" Federal Reserve Bank of Minneapolis Research Department Working Paper 631.","DOI":"10.21034\/wp.631"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_17","doi-asserted-by":"crossref","unstructured":"Christiano, Lawrence J., Mathias Trabant, and Karl Walentin. 2010. \"DSGE Models for Monetary Policy Analysis.\" NBER Working Paper 16074.","DOI":"10.3386\/w16074"},{"issue":"3","key":"p_18","doi-asserted-by":"crossref","first-page":"345","DOI":"10.1080\/07350015.1997.10524712","volume":"15","author":"Faust Jon","year":"1997","journal-title":"Journal of Business and Economic Statistics"},{"key":"p_19","doi-asserted-by":"crossref","unstructured":"Fern\u00e1ndez-Villaverde, Jes\u00fas, Juan F. Rubio-Ram\u00edrez, and Thomas J. Sargent. 2005. \"A,B,C's (and D's) of Understanding VARs.\" NBER Technical Working Paper 0308.","DOI":"10.2139\/ssrn.717963"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.1021"},{"issue":"2","key":"p_21","doi-asserted-by":"crossref","first-page":"221","DOI":"10.1002\/jae.2665","volume":"34","author":"Forni Mario","year":"2018","journal-title":"Journal of Applied Econometrics"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.1.249"},{"key":"p_23","doi-asserted-by":"crossref","unstructured":"Giacomini, Raffaella. 2013. \"The Relationship between DSGE and VAR Models.\" In Advances in Econometrics, Vol. 32, edited by Thomas B. Fomby, Lutz Kilian, and Anthony Murphy, 1-25. Bingley, West Yorkshire: Emerald Group Publishing.","DOI":"10.1108\/S0731-9053(2013)0000031001"},{"key":"p_24","unstructured":"Hansen, Lars Peter, and Thomas J. Sargent. 1991. \"Two Dif culties in Interpreting Vector Autoregressions.\" In Rational Expectations Econometrics, edited by Lars Peter Hansen and Thomas J. Sargent, 77-119. Boulder, CO: Westview Press Boulder."},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/0002828054201477"},{"key":"p_26","doi-asserted-by":"crossref","unstructured":"Kilian, Lutz, and Helmut L\u00fctkepohl. 2017. Structural Vector Autoregressive Analysis. Cambridge, UK: Cambridge University Press.","DOI":"10.1017\/9781108164818"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8337"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1093\/oxrep\/grx058"},{"issue":"3","key":"p_29","doi-asserted-by":"crossref","first-page":"283","DOI":"10.1016\/0304-4076(84)90023-X","volume":"26","author":"L\u00fctkepohl Helmut","year":"1984","journal-title":"Journal of Econometrics"},{"key":"p_30","unstructured":"Marcet, Albert. 1991. \"Temporal Aggregation of Economic Time Series.\" In Rational Expectations Econometrics, edited by Lars Peter Hansen and Thomas J. Sargent, 237-281. Boulder, CO: Westview Press."},{"key":"p_31","unstructured":"Miranda-Agrippino, Silvia, and Giovanni Ricco. 2019. \"Identi cation with External Instruments in Structural VARs under Partial Invertibility.\" Unpublished."},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2022.104120"},{"key":"p_34","doi-asserted-by":"crossref","unstructured":"Rabanal, Pau. 2018. \"An Estimated DSGE Model to Analyze Housing Market Policies in Hong Kong SAR.\" IMF Working Paper 18\/90.","DOI":"10.5089\/9781484347577.001"},{"issue":"7","key":"p_35","doi-asserted-by":"crossref","first-page":"2048","DOI":"10.1016\/j.jmoneco.2006.09.002","volume":"54","author":"Ravenna Federico","year":"2007","journal-title":"Journal of Monetary Economics"},{"key":"p_36","unstructured":"Rossi, Barbara. 2018. \"Identifying and Estimating the Effects of Unconventional Monetary Policy in the Data: How to Do It and What Have We Learned?\" Unpublished."},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2009.00578.x"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1017\/S136510050605019X"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12593"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20180328"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20200054","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,10,5]],"date-time":"2024-10-05T00:58:55Z","timestamp":1728089935000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20200054"}},"issued":{"date-parts":[[2022,10,1]]},"references-count":39,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2022,10,1]]}},"alternative-id":["10.1257\/mac.20200054"],"URL":"https:\/\/doi.org\/10.1257\/mac.20200054","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2022,10,1]]}},{"indexed":{"date-parts":[[2025,10,2]],"date-time":"2025-10-02T16:25:12Z","timestamp":1759422312087},"reference-count":57,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,10,1]]},"abstract":"<jats:p> We study how factors that hinder the reallocation of inputs across firms influence aggregate productivity growth. We extend Hopenhayn and Rogerson\u2019s (1993) firm-dynamics model to allow for endogenous innovation. We evaluate the effects of firing taxes on reallocation, innovation, and productivity growth. We find firing taxes can have opposite effects on entrants\u2019 innovation and incumbents\u2019 innovation, and the overall outcome depends on the relative strengths of these forces. In the entrant-driven growth calibration, firing taxes reduce aggregate productivity growth, whereas aggregate productivity growth increases in the incumbent-driven growth calibration. (JEL D24, E23, E24, J23, J24, J62, K31, O31, O47) <\/jats:p>","DOI":"10.1257\/mac.20170170","type":"journal-article","created":{"date-parts":[[2019,10,1]],"date-time":"2019-10-01T14:09:44Z","timestamp":1569938984000},"page":"235-270","source":"Crossref","is-referenced-by-count":3,"title":["Barriers to Reallocation and Economic Growth: The Effects of Firing Costs"],"prefix":"10.1257","volume":"11","author":[{"given":"Toshihiko","family":"Mukoyama","sequence":"first","affiliation":[{"name":"Georgetown University, 37th and O Streets, N.W., Washington, DC 20057 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Sophie","family":"Osotimehin","sequence":"additional","affiliation":[{"name":"Universit\u00e9 du Qu\u00e9bec \u00e0 Montr\u00e9al, C.P. 8888, succ. Centre-ville, Montr\u00e9al, Qu\u00e9bec, H3C 3P8 Canada (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2015.01.001"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1086\/674106"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00177"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.2307\/2951599"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.2307\/2297900"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.2307\/2118417"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1086\/697901"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1162\/rest.88.2.211"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2007.02055.x"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1126\/science.1062081"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1093\/icc\/dtn028"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1111\/iere.12176"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0327.2009.00221.x"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1093\/rapstu\/rav010"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150281"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(94)90050-7"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2006.121.2.541"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1086\/209967"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/aer.p20161025"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1111\/j.1475-4991.2009.00343.x"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1086\/261480"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1146\/annurev.economics.050708.142940"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.10.010"},{"issue":"4","key":"p_34","first-page":"1661","volume":"28","author":"Griliches Zvi","year":"1990","journal-title":"Journal of Economic Literature"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.2307\/2298044"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.2307\/2098589"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/j.labeco.2013.10.001"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.2307\/2951541"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1086\/261909"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.4.829"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.4.1403"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1889(93)90024-M"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1086\/422563"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2004.12.019"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.2307\/2171741"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1016\/j.labeco.2009.07.005"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.2307\/2937895"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.122.3.1103"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdq028"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1103\/PhysRevE.59.4945"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1007\/s10887-011-9077-y"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(03)00005-9"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.09.012"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2019.02.003"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.10.013"},{"key":"p_60","doi-asserted-by":"publisher","DOI":"10.1016\/S0378-4371(99)00572-5"},{"key":"p_61","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.05.002"},{"key":"p_62","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(88)90042-6"},{"key":"p_63","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2008.05.011"},{"key":"p_64","doi-asserted-by":"publisher","DOI":"10.1086\/261725"},{"key":"p_65","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(01)00093-9"},{"key":"p_66","doi-asserted-by":"publisher","DOI":"10.1017\/S1365100506050358"},{"key":"p_67","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2005.10.002"},{"key":"p_68","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2007.02.004"},{"issue":"5","key":"p_69","first-page":"1290","volume":"88","author":"Segerstrom Paul S","year":"1998","journal-title":"American Economic Review"},{"key":"p_70","doi-asserted-by":"publisher","DOI":"10.1111\/1468-2354.00038"},{"issue":"1","key":"p_71","first-page":"40","volume":"35","author":"Sutton John","year":"1997","journal-title":"Journal of Economic Literature"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20170170","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:38Z","timestamp":1591127858000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20170170"}},"issued":{"date-parts":[[2019,10,1]]},"references-count":57,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2019,10,1]]}},"alternative-id":["10.1257\/mac.20170170"],"URL":"https:\/\/doi.org\/10.1257\/mac.20170170","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,10,1]]}},{"indexed":{"date-parts":[[2025,10,22]],"date-time":"2025-10-22T18:15:47Z","timestamp":1761156947453},"reference-count":36,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2020,7,1]]},"abstract":"<jats:p>We analyze the effects on inflation and output of unconventional open-market operations due to the possible income losses on the central bank\u2019s balance sheet. We first state a general Neutrality Property, and characterize the theoretical conditions supporting it. We then discuss three non-neutrality cases. First, with no treasury\u2019s support, sizeable (current or expected) balance sheet losses can undermine the central bank\u2019s solvency and should be resolved through an increase in inflation. Second, a central bank might also engineer higher inflation in the case it wants to limit or reduce losses because of political constraints or to seek more financial independence. Third, if the treasury is unable or unwilling to tax households to cover the central bank\u2019s losses, the wealth transfer to the private sector also leads to higher inflation. (JEL E23, E31, E52, E58)<\/jats:p>","DOI":"10.1257\/mac.20180030","type":"journal-article","created":{"date-parts":[[2020,6,26]],"date-time":"2020-06-26T12:16:19Z","timestamp":1593173779000},"page":"175-226","source":"Crossref","is-referenced-by-count":10,"title":["Non-Neutrality of Open-Market Operations"],"prefix":"10.1257","volume":"12","author":[{"given":"Pierpaolo","family":"Benigno","sequence":"first","affiliation":[{"name":"Department of Economics and Finance, LUISS Guido Carli, Viale Romania 32, 00197 Rome, Italy, and EIEF (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Salvatore","family":"Nistic\u00f2","sequence":"additional","affiliation":[{"name":"\u201cSapienza\u201d Universit\u00e0 di Roma, Dip. di Scienze Sociali ed Economiche, Piazzale Aldo Moro 5, 00185 Rome, Italy, and LUISS Guido Carli (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20140002"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828473"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2004.06.001"},{"key":"p_7","first-page":"2013","author":"Bassetto Marco","year":"2013","journal-title":"Federal Reserve Bank of Chicago Working Paper"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150073"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.2202\/1935-1690.1770"},{"key":"p_13","first-page":"1","volume":"8","author":"Buiter William H","year":"2014","journal-title":"Economics: The Open-Access, Open-Assessment E-Journal"},{"issue":"2","key":"p_14","first-page":"237","volume":"11","author":"Carpenter Seth","year":"2015","journal-title":"International Journal of Central Banking"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.2307\/2297709"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2015.03.007"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.09.011"},{"key":"p_18","first-page":"1","author":"Del Negro Marco","year":"2015","journal-title":"Journal of Monetary Economics 73 (C)"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2003.0010"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2015.05.014"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2015.08.001"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.08.005"},{"key":"p_24","first-page":"2012","author":"Gust Christopher J","year":"2016","journal-title":"Board of Governors of the Federal Reserve System Finance and Economics Discussion Series"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.1.474"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2011.0019"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(91)90007-B"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1016\/0167-2231(84)90003-4"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.2307\/1913597"},{"issue":"2","key":"p_32","first-page":"199","volume":"11","author":"Park Seok Gil","year":"2015","journal-title":"International Journal of Central Banking"},{"key":"p_33","first-page":"2014","author":"Quinn Stephen","year":"2014","journal-title":"Federal Reserve Bank of Atlanta Working Paper"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.3.135"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2015.06.001"},{"issue":"2","key":"p_38","first-page":"382","volume":"72","author":"Sargent Thomas J","year":"1982","journal-title":"American Economic Review"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0335.2010.00875.x"},{"issue":"1","key":"p_42","first-page":"78","volume":"77","author":"Sargent Thomas J","year":"1987","journal-title":"American Economic Review"},{"issue":"3","key":"p_43","first-page":"1","volume":"5","author":"Sargent Thomas J","year":"1981","journal-title":"Federal Reserve Bank of Minneapolis Quarterly Review"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1007\/BF01215378"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.2.563"},{"issue":"2","key":"p_50","doi-asserted-by":"crossref","first-page":"335","DOI":"10.2307\/30035902","volume":"52","author":"Stella Peter","year":"2005","journal-title":"IMF Staff Papers"},{"issue":"3","key":"p_51","first-page":"267","volume":"71","author":"Wallace Neil","year":"1981","journal-title":"American Economic Review"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1007\/BF01215377"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.2307\/2673890"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180030","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,10,3]],"date-time":"2023-10-03T00:00:24Z","timestamp":1696291224000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180030"}},"issued":{"date-parts":[[2020,7,1]]},"references-count":36,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2020,7,1]]}},"alternative-id":["10.1257\/mac.20180030"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180030","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2020,7,1]]}},{"indexed":{"date-parts":[[2025,12,12]],"date-time":"2025-12-12T13:24:55Z","timestamp":1765545895438},"reference-count":32,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2014,4,1]]},"abstract":"<jats:p> Recent empirical work suggests that small price changes are relatively common. This evidence has been used to criticize classic menu-cost models. In this paper, we use scanner data from a national supermarket chain and micro data from the Consumer Price Index to reassess the importance of small price changes. We argue that the vast majority of these changes are due to measurement error. We conclude that the evidence on the prevalence of small price changes is much too weak to be used as a litmus test of nominal rigidity models. (JEL C82, E31, L11, L81) <\/jats:p>","DOI":"10.1257\/mac.6.2.137","type":"journal-article","created":{"date-parts":[[2014,3,27]],"date-time":"2014-03-27T13:18:01Z","timestamp":1395926281000},"page":"137-155","source":"Crossref","is-referenced-by-count":40,"title":["How Frequent Are Small Price Changes?"],"prefix":"10.1257","volume":"6","author":[{"given":"Martin","family":"Eichenbaum","sequence":"first","affiliation":[{"name":"Northwestern University, 2001 Sheridan Road, Evanston, IL 60208 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Nir","family":"Jaimovich","sequence":"additional","affiliation":[{"name":"Duke University, Department of Economics, Box 90097, 213 Social Sciences, Durham, NC 27708 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Sergio","family":"Rebelo","sequence":"additional","affiliation":[{"name":"Northwestern University, Leverone Hall, Evanston, IL 60208 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Josephine","family":"Smith","sequence":"additional","affiliation":[{"name":"New York University Stern School of Business, Kaufman Management Center 44 West Fourth Street, 9-86 New York, NY 10012 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjr043"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.2307\/2296440"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1086\/422559"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.2798"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.3.691"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.05.006"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00053"},{"key":"p_14","first-page":"2005","author":"Campbell Jeffrey R","year":"2010","journal-title":"Federal Reserve Bank of Chicago Working Paper"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.2307\/2937923"},{"issue":"7","key":"p_16","first-page":"24","volume":"119","author":"Cardenas Elaine","year":"1996","journal-title":"Monthly Labor-Review"},{"issue":"4","key":"p_17","first-page":"637","volume":"76","author":"Carlton Dennis W","year":"1986","journal-title":"American Economic Review"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1162\/003355399556106"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.1.234"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.2.137"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1086\/589522"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1086\/512625"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.1.304"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.2307\/2118517"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.3.863"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1002\/mde.1383"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.3.769"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.2307\/1885395"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1162\/003355302320935034"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA6735"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.2.430"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.4.1415"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2006.00396.x"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.2307\/2297284"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.03.004"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(03)00029-1"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.06.014"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1162\/003465304323031085"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.6.2.137","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:00Z","timestamp":1591127880000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.6.2.137"}},"issued":{"date-parts":[[2014,4,1]]},"references-count":32,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2014,4,1]]}},"alternative-id":["10.1257\/mac.6.2.137"],"URL":"https:\/\/doi.org\/10.1257\/mac.6.2.137","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2014,4,1]]}},{"indexed":{"date-parts":[[2026,5,14]],"date-time":"2026-05-14T08:53:11Z","timestamp":1778748791241,"version":"3.51.4"},"reference-count":39,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,7,1]]},"abstract":"<jats:p> We analyze the relationships between bubbles, capital flows, and economic activities in a rational bubble model with two large open economies. We establish a reinforcing relationship between global imbalances and bubbles. Capital flows from South to North facilitate the emergence and the size of bubbles in the North. Bubbles in the north in turn facilitate South-to-North capital flows. The model can simultaneously explain several stylized features of recent bubble episodes. (JEL E32, E44, F44, G01, G14, O16) <\/jats:p>","DOI":"10.1257\/mac.20140286","type":"journal-article","created":{"date-parts":[[2019,6,28]],"date-time":"2019-06-28T12:58:02Z","timestamp":1561726682000},"page":"209-251","source":"Crossref","is-referenced-by-count":10,"title":["Asset Bubbles and Global Imbalances"],"prefix":"10.1257","volume":"11","author":[{"given":"Daisuke","family":"Ikeda","sequence":"first","affiliation":[{"name":"Deputy Head and Senior Economist, Financial System Research Division, The Bank of Japan, 2-1-1 Nihonbashi-Hongokucho, Chuo-ku, Tokyo, Japan (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Toan","family":"Phan","sequence":"additional","affiliation":[{"name":"Economist, Research Department, The Federal Reserve Bank of Richmond, 701 E Byrd Street, Richmond, VA 23219 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.2307\/2297746"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2015.05.002"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.1.189"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2013.10.008"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2018.06.005"},{"issue":"1","key":"p_9","first-page":"14","volume":"79","author":"Bernanke Ben","year":"1989","journal-title":"American Economic Review"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1086\/670271"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20160307"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.1.358"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.10.005"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2004.0004"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.2381"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0262.2007.00768.x"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1093\/oep\/gpt027"},{"issue":"5","key":"p_18","first-page":"1126","volume":"55","author":"Diamond Peter A","year":"1965","journal-title":"American Economic Review"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjs023"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdr039"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdt004"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/B978-0-444-54314-1.00010-0"},{"key":"p_24","author":"Greenspan Alan","year":"2009","journal-title":"Wall Street Journal"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2016.12.018"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdw059"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-015-0928-1"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2014.10.003"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1086\/262072"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1057\/imfer.2011.1"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.3033"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-080217-053534"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1162\/jeea.2005.3.2-3.714"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1086\/599706"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.2.51"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmateco.2014.06.002"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.10.3186"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.2.339"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1086\/258100"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.1.196"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1057\/be.2014.13"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.2307\/1913232"},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.2307\/1884677"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20140286","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:14Z","timestamp":1591127894000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20140286"}},"issued":{"date-parts":[[2019,7,1]]},"references-count":39,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2019,7,1]]}},"alternative-id":["10.1257\/mac.20140286"],"URL":"https:\/\/doi.org\/10.1257\/mac.20140286","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,7,1]]}},{"indexed":{"date-parts":[[2026,5,19]],"date-time":"2026-05-19T11:48:51Z","timestamp":1779191331439,"version":"3.51.4"},"reference-count":30,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2020,10,1]]},"abstract":"<jats:p> Motivated by the long-standing debate on competitive devaluation, we propose a new perspective on how monetary and exchange rate policies can contribute to a country\u2019s international competitiveness. We refocus the analysis on the implications of monetary stabilization for a country\u2019s comparative advantage. We develop a two-country New Keynesian model with two tradable sectors in each country: one perfectly competitive, the other producing differentiated goods under monopolistic competition subject to sunk entry costs and nominal rigidities and hence more sensitive to macroeconomic uncertainty. Monetary policy can disproportionately foster competitiveness of differentiated goods firms, ultimately affecting the composition of domestic output and exports. (JEL E12, E23, E52, F11, F31) <\/jats:p>","DOI":"10.1257\/mac.20160094","type":"journal-article","created":{"date-parts":[[2020,9,30]],"date-time":"2020-09-30T12:47:33Z","timestamp":1601470053000},"page":"246-286","source":"Crossref","is-referenced-by-count":14,"title":["Beyond Competitive Devaluations: The Monetary Dimensions of Comparative Advantage"],"prefix":"10.1257","volume":"12","author":[{"given":"Paul R.","family":"Bergin","sequence":"first","affiliation":[{"name":"Department of Economics, University of California at Davis, One Shields Avenue, Davis, CA 95616 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Giancarlo","family":"Corsetti","sequence":"additional","affiliation":[{"name":"Faculty of Economics, Cambridge University, Sidgwick Avenue, Cambridge CB3 9DD, United Kingdom (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/0022051042177649"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1086\/261838"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00265"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.08.011"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2006.05.002"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1057\/imfer.2012.19"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2006.121.2.541"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2013.12.010"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2004.03.005"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2013.07.002"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2006.08.005"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1162\/00335530151144069"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2004.06.002"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1111\/j.1542-4774.2011.01038.x"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00266"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2017.05.010"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.6.2530"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1162\/003355305774268246"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1353\/eca.0.0069"},{"issue":"5","key":"p_27","first-page":"950","volume":"70","author":"Krugman Paul","year":"1980","journal-title":"American Economic Review"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2009.11.001"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2014.01.011"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2009.00276.x"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2009.02302.x"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.122.2.569"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(99)00034-3"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2009.02280.x"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1086\/659371"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(98)00009-9"},{"issue":"1","key":"p_38","first-page":"168","volume":"85","author":"Stockman Alan C","year":"1995","journal-title":"American Economic Review"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160094","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,9,30]],"date-time":"2020-09-30T12:48:28Z","timestamp":1601470108000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160094"}},"issued":{"date-parts":[[2020,10,1]]},"references-count":30,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2020,10,1]]}},"alternative-id":["10.1257\/mac.20160094"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160094","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2020,10,1]]}},{"indexed":{"date-parts":[[2026,3,18]],"date-time":"2026-03-18T10:18:12Z","timestamp":1773829092581,"version":"3.50.1"},"reference-count":39,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2015,7,1]]},"abstract":"<jats:p> We study the implications of offshoring on innovation, technology, and wage inequality in a Ricardian model with directed technical change. Profit maximization determines both the extent of offshoring and the direction of technological progress. A fall in the offshoring cost induces technical change with an ambiguous factor bias. When the initial cost of offshoring is high, an increase in offshoring opportunities causes a fall in the real wages of unskilled workers in industrial countries, skill-biased technical change and rising skill premia. When the offshoring cost is sufficiently low, instead, offshoring induces technical change biased in favor of the unskilled workers. (JEL J24, J31, L24, O33) <\/jats:p>","DOI":"10.1257\/mac.20130302","type":"journal-article","created":{"date-parts":[[2015,7,1]],"date-time":"2015-07-01T13:39:46Z","timestamp":1435757986000},"page":"84-122","source":"Crossref","is-referenced-by-count":65,"title":["Offshoring and Directed Technical Change"],"prefix":"10.1257","volume":"7","author":[{"given":"Daron","family":"Acemoglu","sequence":"first","affiliation":[{"name":"Department of Economics, Massachusetts Institite of Technology, 77 Massachusetts Avenue, Cambridge MA 02142-1347 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Gino","family":"Gancia","sequence":"additional","affiliation":[{"name":"CREi and Barcelona GSE, Ramon Trias Fargas 25-27, 08005-Barcelona, Spain (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Fabrizio","family":"Zilibotti","sequence":"additional","affiliation":[{"name":"University of Zurich, Department of Economics, Sch\u00f6nberggasse 1, CH-8001 Zurich, Switzerland (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1162\/003355398555838"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00226"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00242"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0262.2007.00797.x"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/S0169-7218(11)02410-5"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2010.09.001"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1162\/00335530151144104"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/0002828054825600"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/121.1.31"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.6.2121"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1162\/rest.90.2.300"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1162\/003355303322552801"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2013.10.002"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2011.02440.x"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2006.121.2.541"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2014.04.001"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1162\/003465305775098233"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rds023"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/S1062-9408(01)00043-2"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.iref.2004.12.002"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.3.153"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2009.01.007"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2008.02156.x"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2012.04.069"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1146\/annurev.economics.050708.143333"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1111\/jeea.12072"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(99)00011-2"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2006.00393.x"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.5.1978"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8700"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1086\/262002"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.00470"},{"key":"p_43","first-page":"223","volume":"3","author":"Linden Greg","year":"2011","journal-title":"Journal of international commerce and Economics"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-007-0322-8"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.2.227"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1086\/261725"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1257\/0895330042162403"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.1.196"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1257\/000282803322157052"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20130302","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:10Z","timestamp":1591127770000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20130302"}},"issued":{"date-parts":[[2015,7,1]]},"references-count":39,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2015,7,1]]}},"alternative-id":["10.1257\/mac.20130302"],"URL":"https:\/\/doi.org\/10.1257\/mac.20130302","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2015,7,1]]}},{"indexed":{"date-parts":[[2026,3,17]],"date-time":"2026-03-17T16:21:49Z","timestamp":1773764509491,"version":"3.50.1"},"reference-count":36,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2017,7,1]]},"abstract":"<jats:p> When the policy rate is at the zero lower bound (ZLB), an increase in uncertainty regarding the future path of exogenous shocks alters the conditional expectations of relevant prices facing households and firms. Accordingly, an increase in uncertainty alters consumption, inflation, and output to a greater extent when the policy rate is constrained than otherwise. Using an empirically rich sticky-price model calibrated to match key features of the US economy, I find that uncertainty can exacerbate the decline of output by about 10\u00a0percent in a deep recession that pushes the policy rate to the ZLB. (JEL E23, E31, E32, E43, E52, E58) <\/jats:p>","DOI":"10.1257\/mac.20140253","type":"journal-article","created":{"date-parts":[[2017,6,29]],"date-time":"2017-06-29T13:38:21Z","timestamp":1498743501000},"page":"186-221","source":"Crossref","is-referenced-by-count":35,"title":["Uncertainty at the Zero Lower Bound"],"prefix":"10.1257","volume":"9","author":[{"given":"Taisuke","family":"Nakata","sequence":"first","affiliation":[{"name":"Division of Research and Statistics, Federal Reserve Board, 20th Street and Constitution Avenue N.W., Washington, DC 20551 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1353\/mcb.2006.0089"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.11.003"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2013.05.005"},{"key":"p_6","first-page":"14","author":"Basu Susanto","year":"2015","journal-title":"Federal Reserve Bank of Kansas City Working Paper"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1006\/jeth.1999.2585"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/jep.28.2.153"},{"key":"p_10","first-page":"14","author":"Bloom Nicholas","year":"2014","journal-title":"Center for Economic Studies (CES) Discussion Paper"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.07.012"},{"key":"p_12","first-page":"2013","author":"Braun R. Anton","year":"2013","journal-title":"Federal Reserve Bank of Atlanta Working Paper"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2014.08.018"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1086\/659312"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.1.27"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.3.398"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1353\/mcb.2006.0031"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2003.0010"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1111\/jeea.12059"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2015.05.014"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20121236"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.6.2530"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2015.03.007"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1002\/jae.1106"},{"key":"p_27","first-page":"2012","author":"Gust Christopher","year":"2016","journal-title":"Board of Governors of the Federal Reserve System Finance and Economics Discussion Paper"},{"key":"p_28","first-page":"2012","author":"Gust Christopher","year":"2012","journal-title":"Board of Governors of the Federal Reserve System Finance and Economics Discussion Paper"},{"key":"p_29","first-page":"2014","author":"Hills Timothy S","year":"2014","journal-title":"Board of Governors of the Federal Reserve System Finance and Economics Discussion Paper"},{"key":"p_30","first-page":"2016","author":"Hills Timothy S","year":"2016","journal-title":"Board of Governors of the Federal Reserve System Finance and Economics Discussion Paper"},{"key":"p_31","first-page":"2014","author":"Johannsen Benjamin K","year":"2014","journal-title":"Board of Governors of the Federal Reserve System Finance and Economics Discussion Paper"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1353\/mcb.2005.0053"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20131193"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2016.03.002"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2016.07.002"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.3982\/QE364"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2016.09.011"},{"issue":"2","key":"p_42","first-page":"73","volume":"4","author":"Nakov Anton","year":"2008","journal-title":"International Journal of central Banking"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2014.05.010"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1515\/bejm-2013-0185"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12054"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20140253","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:38Z","timestamp":1591127918000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20140253"}},"issued":{"date-parts":[[2017,7,1]]},"references-count":36,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2017,7,1]]}},"alternative-id":["10.1257\/mac.20140253"],"URL":"https:\/\/doi.org\/10.1257\/mac.20140253","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2017,7,1]]}},{"indexed":{"date-parts":[[2026,3,14]],"date-time":"2026-03-14T06:48:04Z","timestamp":1773470884562,"version":"3.50.1"},"reference-count":33,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2018,7,1]]},"abstract":"<jats:p> Using a rich dataset on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB). The on-impact output multiplier is 1.5 in the ZLB period and 0.6 outside of it. We estimate that government spending shocks increase both private consumption and investment during the ZLB period, but crowd them out in the normal period. There is evidence that expected inflation increases more in the ZLB period than in the normal period. (JEL E21, E22, E23, E31, E43, E52, E62) <\/jats:p>","DOI":"10.1257\/mac.20170131","type":"journal-article","created":{"date-parts":[[2018,7,3]],"date-time":"2018-07-03T12:56:59Z","timestamp":1530622619000},"page":"247-277","source":"Crossref","is-referenced-by-count":57,"title":["Government Spending Multipliers under the Zero Lower Bound: Evidence from Japan"],"prefix":"10.1257","volume":"10","author":[{"given":"Wataru","family":"Miyamoto","sequence":"first","affiliation":[{"name":"Canadian Economic Analysis Department, the Bank of Canada, 234 Wellington Street, Ottawa, Ontario, Canada, K1A 0G9 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Thuy Lan","family":"Nguyen","sequence":"additional","affiliation":[{"name":"Economics Department, Santa Clara University, 500 El Camino Real, Santa Clara, CA 95053 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Dmitriy","family":"Sergeyev","sequence":"additional","affiliation":[{"name":"Department of Economics, Bocconi University, via Rontgen 1, Milano, MI, Italy, 20135 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2014.11.003"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1214\/aoms\/1177730090"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/pol.4.2.1"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/261024"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjq002"},{"issue":"3","key":"p_9","first-page":"315","volume":"83","author":"Baxter Marianne","year":"1993","journal-title":"American Economic Review"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1162\/003355302320935043"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2016.09.001"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12076"},{"key":"p_13","first-page":"2012","author":"Caldara Dario","year":"2012","journal-title":"Federal Reserve Board Finance and Economics Discussion Series Working Paper"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/pol.4.3.118"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1086\/659312"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/664820"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1086\/665662"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jjie.2011.09.006"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-080315-015306"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2014.11.004"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2010.02355.x"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2013.02.006"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/j.jjie.2015.09.003"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2012.10.011"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828518"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdu016"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.1.190"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.05.009"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1080\/00401706.2013.806694"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1002\/jae.1079"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.3.753"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/jel.49.3.673"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjq008"},{"key":"p_40","first-page":"2014","author":"Rendahl Pontus","year":"2014","journal-title":"Centre for Macroeconomics (CFM) Discussion Paper"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2007.00014.x"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.1.1"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20170131","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:54Z","timestamp":1591127814000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20170131"}},"issued":{"date-parts":[[2018,7,1]]},"references-count":33,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2018,7,1]]}},"alternative-id":["10.1257\/mac.20170131"],"URL":"https:\/\/doi.org\/10.1257\/mac.20170131","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2018,7,1]]}},{"indexed":{"date-parts":[[2026,3,27]],"date-time":"2026-03-27T10:52:24Z","timestamp":1774608744470,"version":"3.50.1"},"reference-count":30,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2012,10,1]]},"abstract":"<jats:p> This paper assesses how various approaches to modeling the separation margin affect the quantitative ability of the Mortensen-Pissarides labor matching model. The model with a constant separation rate fails to produce realistic volatility and productivity responsiveness of the separation rate and worker flows. The specification with endogenous separation succeeds along these dimensions. Allowing for on-the-job search enables the model to replicate the Beveridge curve. All specifications, however, fail to generate sufficient volatility of the job finding rate. While adopting the Hagedorn-Manovskii calibration remedies this problem, the volume of job-to-job transitions in the on-the-job search specification becomes essentially zero. (JEL E24, J41, J64) <\/jats:p>","DOI":"10.1257\/mac.4.4.68","type":"journal-article","created":{"date-parts":[[2012,9,27]],"date-time":"2012-09-27T22:18:43Z","timestamp":1348784323000},"page":"68-93","source":"Crossref","is-referenced-by-count":43,"title":["Exogenous versus Endogenous Separation"],"prefix":"10.1257","volume":"4","author":[{"given":"Shigeru","family":"Fujita","sequence":"first","affiliation":[{"name":"Research Department, Federal Reserve Bank of Philadelphia, 10 Independence Mall, Philadelphia, PA 19106."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Garey","family":"Ramey","sequence":"additional","affiliation":[{"name":"Department of Economics, University of California, San Diego, 9500 Gilman Drive, La Jolla, CA 92093."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"issue":"1","key":"p_1","first-page":"112","volume":"86","author":"Andolfatto David","year":"1996","journal-title":"American Economic Review"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2010.08.029"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1111\/j.1465-7295.1997.tb01902.x"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1111\/j.1465-7295.1985.tb01773.x"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1111\/1468-2354.00048"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(99)00022-7"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2007.04.008"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.3.482"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1002\/jae.1111"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2006.12.008"},{"key":"p_13","first-page":"12","author":"Fujita Shigeru","year":"2011","journal-title":"Federal Reserve Bank of Philadelphia Working Paper"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.4.68"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1692"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828482"},{"issue":"3","key":"p_17","first-page":"19","volume":"91","author":"Hornstein Andreas","year":"2005","journal-title":"Federal Reserve Bank of Richmond Economic Quarterly"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.labeco.2006.02.007"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.12.001"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1086\/660864"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(95)01216-8"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1889(94)90050-7"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2007.01.004"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9442.2007.00515.x"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.2307\/2297896"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9442.2007.00510.x"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.2307\/2297899"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA7562"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828572"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1765(86)90168-0"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2005.03.004"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2006.03.001"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.4.4.68","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:52:52Z","timestamp":1591127572000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.4.4.68"}},"issued":{"date-parts":[[2012,10,1]]},"references-count":30,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2012,10,1]]}},"alternative-id":["10.1257\/mac.4.4.68"],"URL":"https:\/\/doi.org\/10.1257\/mac.4.4.68","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2012,10,1]]}},{"indexed":{"date-parts":[[2025,12,30]],"date-time":"2025-12-30T13:30:13Z","timestamp":1767101413576,"version":"3.48.0"},"reference-count":63,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2026,1,1]]},"abstract":"<jats:p>We assess the empirical relevance of different macroeconomic modeling approaches to wealth concentration, using the joint distribution of earnings, capital income, and net worth in combination with an OLG model of household heterogeneity. We find large earnings disparities to be the primary source of US wealth concentration. This reflects the fact that labor income, from salaries but also from entrepreneurship, is a major income source for top income and wealth groups in the data. Bequests and differences in rates of return on capital together explain about half the holdings of the wealthiest households. (JEL D31, E25, G51, J23, J31, L26)<\/jats:p>","DOI":"10.1257\/mac.20210174","type":"journal-article","created":{"date-parts":[[2025,12,30]],"date-time":"2025-12-30T13:28:23Z","timestamp":1767101303000},"page":"187-222","source":"Crossref","is-referenced-by-count":0,"title":["Accounting for Wealth Concentration in the United States"],"prefix":"10.1257","volume":"18","author":[{"given":"Bar\u0131\u015f","family":"Kaymak","sequence":"first","affiliation":[{"name":"Research Department, Federal Reserve Bank of Cleveland (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"David","family":"Leung","sequence":"additional","affiliation":[{"name":"Department of Economics, National Taiwan University (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Markus","family":"Poschke","sequence":"additional","affiliation":[{"name":"Department of Economics, McGill University (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.2307\/2118417"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.3.168"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20170666"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1093\/ej\/ueaa021"},{"key":"p_5","first-page":"2010","author":"Bakija Jon","year":"2012","journal-title":"Williams College Department of Economics Working Paper"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2014.08.004"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20151684"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8416"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/jel.20161390"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjaa041"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20121549"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20170441"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1007\/s10436-009-0121-2"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1086\/NTJ41789273"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1086\/508032"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2017.10.001"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1086\/375382"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1086\/378526"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2004.00302.x"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2017.06.002"},{"key":"p_21","doi-asserted-by":"crossref","unstructured":"De Nardi, Mariacristina, Giulio Fella, and Gonzalo Paz Pardo. 2016. \"The Implications of Richer Earnings Dynamics for Consumption and Wealth.\" NBER Working Paper 21917.","DOI":"10.3386\/w21917"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvz010"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2015.10.005"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA14835"},{"key":"p_25","doi-asserted-by":"crossref","unstructured":"Feiveson, Laura, and John Sabelhaus. 2018. \"How Does Intergenerational Wealth Transmission Affect Wealth Concentration?\" Board of Governors of the Federal Reserve System FEDS Notes.","DOI":"10.17016\/2380-7172.2209"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA13569"},{"key":"p_27","unstructured":"Geerolf, Fran\u00e7ois. 2016. \"A Theory of Pareto Distributions.\" Unpublished."},{"key":"p_28","unstructured":"Gravelle, Jane G. 2014. \"International Corporate Tax Rate Comparisons and Policy Implications.\" Congressional Research Service."},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2014.01.003"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjac047"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA14603"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1017\/S1365100516001152"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1086\/656632"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjx018"},{"key":"p_35","doi-asserted-by":"crossref","unstructured":"Hubmer, Joachim, Per Krusell, and Anthony A. Smith Jr. 2020. \"Sources of US Wealth Inequality: Past, Present, and Future.\" NBER Macroeconomics Annual, Vol. 35.","DOI":"10.1086\/712332"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1889(93)90024-M"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(96)01291-3"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1086\/261658"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1257\/jep.29.1.29"},{"key":"p_40","unstructured":"Kaymak, Bari\u015f, David Leung, and Markus Poschke. 2026. Data and Code for: \"Accounting for Wealth Concentration in the United States.\" Nashville, TN: American Economic Association; distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. https:\/\/doi. org\/10.3886\/E210004V1."},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2015.10.004"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150170"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.1.91"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1086\/250034"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1086\/708815"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1086\/713098"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.10.3186"},{"key":"p_48","unstructured":"National Income and Product Accounts. 2006-2019. National Income and Product Accounts. US Bureau of Economic Analysis."},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2015.11.002"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1086\/725790"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1162\/00335530360535135"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1257\/jep.21.1.3"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjx043"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1006\/redy.1999.0077"},{"issue":"5","key":"p_55","first-page":"845","volume":"71","author":"Rosen Sherwin","year":"1981","journal-title":"American Economic Review"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.2025368118"},{"key":"p_57","unstructured":"SCF. 2001-2019. Survey of Consumer Finances. Board of Governors of the Federal Reserve System."},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjz020"},{"key":"p_59","unstructured":"Social Security Administration. 2013. Social Security Bulletin, Vol. 73 (1). Social Security Administration."},{"issue":"3","key":"p_60","first-page":"393","volume":"82","author":"Solon Gary","year":"1992","journal-title":"American Economic Review"},{"key":"p_61","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjy025"},{"key":"p_62","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2019.04.001"},{"key":"p_63","doi-asserted-by":"publisher","DOI":"10.1111\/roiw.12279"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20210174","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,12,30]],"date-time":"2025-12-30T13:28:32Z","timestamp":1767101312000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20210174"}},"issued":{"date-parts":[[2026,1,1]]},"references-count":63,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2026,1,1]]}},"alternative-id":["10.1257\/mac.20210174"],"URL":"https:\/\/doi.org\/10.1257\/mac.20210174","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2026,1,1]]}},{"indexed":{"date-parts":[[2025,12,30]],"date-time":"2025-12-30T15:39:49Z","timestamp":1767109189217},"reference-count":25,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2015,4,1]]},"abstract":"<jats:p> We examine the implications of workhorse trade models for how aggregate productivity, real GDP and real consumption, as measured by statistical agencies, respond to changes in trade costs. In a range of models, changes in measured productivity are equal to the inverse of an export-share weighted average of changes in variable trade costs incurred domestically. Under certain conditions, despite the multiple biases in the CPI, measured real consumption captures the first-order effects of changes in variable trade costs on welfare. Through the lens of these results, we interpret some of the empirical work on measured gains from trade. (JEL E21, E23, F11, F43) <\/jats:p>","DOI":"10.1257\/mac.20120008","type":"journal-article","created":{"date-parts":[[2015,4,6]],"date-time":"2015-04-06T14:17:29Z","timestamp":1428329849000},"page":"181-218","source":"Crossref","is-referenced-by-count":18,"title":["Measured Aggregate Gains from International Trade"],"prefix":"10.1257","volume":"7","author":[{"given":"Ariel","family":"Burstein","sequence":"first","affiliation":[{"name":"Department of Economics, University of California at Los Angeles, 8283 Bunche Hall, Los Angeles, CA and National Bureau of Economic Research (NBER) (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Javier","family":"Cravino","sequence":"additional","affiliation":[{"name":"Department of Economics, University of Michigan, 635b Lorch Hall, Ann Arbor, MI (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/0022051042177649"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.94"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.2.444"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1086\/653690"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/jel.38.3.569"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/000282803769206296"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(98)00027-0"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2006.121.2.541"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1707"},{"issue":"5","key":"p_20","first-page":"823","volume":"67","author":"Dornbusch R., S.","year":"1977","journal-title":"American Economic review"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00352"},{"issue":"1","key":"p_23","first-page":"157","volume":"84","author":"Feenstra Robert C","year":"1994","journal-title":"American Economic review"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/pol.5.1.59"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.3.379"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/089533003321164930"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.4.1403"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.04.001"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1257\/jel.48.4.1005"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2013.02.003"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2003.07.002"},{"issue":"5","key":"p_38","first-page":"950","volume":"70","author":"Krugman Paul","year":"1980","journal-title":"American Economic review"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00467"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00205"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.05.002"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1257\/0002828042002633"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20120008","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:55:05Z","timestamp":1591127705000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20120008"}},"issued":{"date-parts":[[2015,4,1]]},"references-count":25,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2015,4,1]]}},"alternative-id":["10.1257\/mac.20120008"],"URL":"https:\/\/doi.org\/10.1257\/mac.20120008","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2015,4,1]]}},{"indexed":{"date-parts":[[2026,2,12]],"date-time":"2026-02-12T14:39:55Z","timestamp":1770907195818,"version":"3.50.1"},"reference-count":50,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2025,10,1]]},"abstract":"<jats:p> We build a model to study how the countercyclicality of temporary layoffs affects unemployment, firm entry and exit, and macroeconomic fluctuations. The model can quantitatively generate the rich cyclical dynamics of temporary layoffs, unemployment, and firms in US data. The cyclicality of temporary layoffs plays a key role in limiting the contraction in job creation and the rise in unemployment during recessions. Amid factual wage dynamics, the countercyclical buffer from temporary layoffs extends beyond the labor market and contributes to shallower contractions in the number of firms and GDP, but has little influence on the pace of recoveries. (JEL E23, E24, E32, J23, J63) <\/jats:p>","DOI":"10.1257\/mac.20230217","type":"journal-article","created":{"date-parts":[[2025,9,29]],"date-time":"2025-09-29T12:30:07Z","timestamp":1759149007000},"page":"1-44","source":"Crossref","is-referenced-by-count":1,"title":["Temporary Layoffs, Firm Entry and Exit Dynamics, and Aggregate Fluctuations"],"prefix":"10.1257","volume":"17","author":[{"given":"Sanjay K.","family":"Chugh","sequence":"first","affiliation":[{"name":"Department of Economics, Ohio State University"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Alan","family":"Finkelstein Shapiro","sequence":"additional","affiliation":[{"name":"Department of Economics, Tufts University (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmacro.2022.103482"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2010.08.029"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2021.103752"},{"key":"p_4","doi-asserted-by":"crossref","unstructured":"Bernstein, Joshua, Alexander W. Richter, and Nathaniel A. Throckmorton. 2021b. \"Nonlinear Search and Matching Explained.\" Federal Reserve Bank of Dallas Working Paper 2106.","DOI":"10.24149\/wp2106"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA17955"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1086\/665825"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2015.11.002"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2021.02.001"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2021.104398"},{"key":"p_10","unstructured":"Chugh, Sanjay K., and Alan Finkelstein Shapiro. 2025. Data and Code for: \"Temporary Layoffs, Firm Entry and Exit Dynamics, and Aggregate Fluctuations.\" Nashville, TN: American Economic Association; distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. https:\/\/doi.org\/10.3886\/E214301V1."},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150017"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150040"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1086\/260491"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2018.05.005"},{"key":"p_15","doi-asserted-by":"crossref","unstructured":"Forsythe, Eliza, Lisa B. Kahn, Fabian Lange, and David G. Wiczer. 2020. \"Searching, Recalls, and Tightness: An Interim Report on the COVID Labor Market.\" NBER Working Paper 28083.","DOI":"10.3386\/w28083"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20131496"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2006.12.008"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.4.68"},{"key":"p_19","doi-asserted-by":"crossref","unstructured":"Gallant, Jessica, Kory Kroft, Fabian Lange, and Matthew J. Notowidigdo. 2020. \"Temporary Unemployment and Labor Market Dynamics during the COVID-19 Recession.\" NBER Working Paper 27924.","DOI":"10.3386\/w27924"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2023.104494"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20161420"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1086\/597302"},{"key":"p_23","unstructured":"Gertler, Mark, Christopher Huckfeldt, and Antonella Trigari. 2024. \"Temporary Layoffs, Loss-of-Recall and Cyclical Unemployment Dynamics.\" Unpublished."},{"key":"p_24","doi-asserted-by":"crossref","unstructured":"Gregory, Victoria, Guido Menzio, and David G. Wiczer. 2020. \"Pandemic Recession: L or V-Shaped?\" NBER Working Paper 27105.","DOI":"10.21034\/wp.766"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828482"},{"key":"p_26","doi-asserted-by":"crossref","unstructured":"Hall, Robert E., and Marianna Kudlyak. 2020. \"Unemployed with Jobs and without Jobs.\" NBER Working Paper 27886.","DOI":"10.3386\/w27886"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2017.06.003"},{"key":"p_28","unstructured":"Hawkins, William B. 2011. \"Do Large-Firm Bargaining Models Amplify and Propagate Aggregate Productivity Shocks?\" Unpublished."},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20131702"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20170176"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20220181"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2020.01.009"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1111\/iere.12448"},{"key":"p_34","unstructured":"Rossi, Lorenza. 2016. \"Productivity Shocks and Uncertainty Shocks in a Model with Endogenous Firms Exit and Inef cient Banks.\" Universita di Pavia Department of Economics and Management Working Paper Series 128 (10-16)."},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2019.01.001"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2019.01.007"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1162\/154247604323068159"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828572"},{"key":"p_39","unstructured":"US Bureau of Economic Analysis. n.d. Real Gross Domestic Product [GDPC1]. Federal Reserve Economic Data, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/GDPC1 (accessed March 7, 2025)."},{"key":"p_40","unstructured":"US Bureau of Labor Statistics. n.d.a. Business Employment Dynamics: Establishment Births Total Private All Size Classes Number of Establishments U.S. Totals Level Quarterly Seasonally Adjusted: BDS0000000000000000120007LQ5. https:\/\/data.bls.gov\/PDQWeb\/bd (accessed March 7, 2025)."},{"key":"p_41","unstructured":"US Bureau of Labor Statistics. n.d.b. Business Employment Dynamics: Establishment Births Total Private All Size Classes Number of Establishments U.S. Totals Rate Quarterly Seasonally Adjusted: BDS0000000000000000120007RQ5. https:\/\/data.bls.gov\/PDQWeb\/bd (accessed March 7, 2025)."},{"key":"p_42","unstructured":"US Bureau of Labor Statistics. n.d.c. Business Employment Dynamics: Establishment Deaths Total Private All Size Classes Number of Establishments U.S. Totals Level Quarterly Seasonally Adjusted: BDS0000000000000000120008LQ5. https:\/\/data.bls.gov\/PDQWeb\/bd (accessed March 7, 2025)."},{"key":"p_43","unstructured":"US Bureau of Labor Statistics. n.d.d. Business Employment Dynamics: Establishment Deaths Total Private All Size Classes Number of Establishments U.S. Totals Rate Quarterly Seasonally Adjusted: BDS0000000000000000120008RQ5. https:\/\/data.bls.gov\/PDQWeb\/bd (accessed March 7, 2025)."},{"key":"p_44","unstructured":"US Bureau of Labor Statistics. n.d.e Employment Level [CE16OV]. Federal Reserve Economic Data, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/CE16OV (accessed March 7, 2025)."},{"key":"p_45","unstructured":"US Bureau of Labor Statistics. n.d.f. Job Losers on Layoff as a Percent of Total Unemployed [LNS13023654]. Federal Reserve Economic Data, Federal Reserve Bank of St. Louis. https:\/\/fred. stlouisfed.org\/series\/LNS13023654 (accessed March 7, 2025)."},{"key":"p_46","unstructured":"US Bureau of Labor Statistics. n.d.g. Job Openings: Total Private [JTS1000JOL]. Federal Reserve Economic Data, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/JTS1000JOL (accessed March 7, 2025)."},{"key":"p_47","unstructured":"US Bureau of Labor Statistics. n.d.h. Unemployment Level - Job Losers on Lay-off [LNS13023653]. Federal Reserve Economic Data, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/ series\/LNS13023653 (accessed March 7, 2025)."},{"key":"p_48","unstructured":"US Bureau of Labor Statistics. n.d.i. Unemployment Level [UNEMPLOY]. Federal Reserve Economic Data, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/UNEMPLOY (accessed March 7, 2025)."},{"key":"p_49","unstructured":"US Bureau of Labor Statistics. n.d.j. Unemployment Rate [UNRATE]. Federal Reserve Economic Data, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/UNRATE (accessed March 7, 2025)."},{"key":"p_50","first-page":"2010","author":"Zaharieva Anna","year":"2010","journal-title":"University of Konstanz Working Paper Series"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20230217","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,9,29]],"date-time":"2025-09-29T12:30:58Z","timestamp":1759149058000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20230217"}},"issued":{"date-parts":[[2025,10,1]]},"references-count":50,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2025,10,1]]}},"alternative-id":["10.1257\/mac.20230217"],"URL":"https:\/\/doi.org\/10.1257\/mac.20230217","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2025,10,1]]}},{"indexed":{"date-parts":[[2026,5,16]],"date-time":"2026-05-16T01:39:14Z","timestamp":1778895554185,"version":"3.51.4"},"reference-count":30,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2023,1,1]]},"abstract":"<jats:p> E-commerce represents a rapidly growing share of consumer spending in the United States. We use transactions-level data on credit and debit cards from Visa, Inc. between 2007 and 2017 to quantify the resulting consumer surplus. We estimate e-commerce reached 8 percent of consumption by 2017, yielding the equivalent of a 1 percent boost to their consumption, or over $1,000 per household per year. While some of the gains arose from avoiding travel costs to local merchants, most of the gains stemmed from substituting to merchants available online but not locally. Higher income consumers gained more, as did consumers in more densely populated counties. (JEL D12, E21, G51, L81, L86) <\/jats:p>","DOI":"10.1257\/mac.20210049","type":"journal-article","created":{"date-parts":[[2022,12,30]],"date-time":"2022-12-30T14:54:41Z","timestamp":1672412081000},"page":"342-370","source":"Crossref","is-referenced-by-count":40,"title":["Assessing the Gains from E-Commerce"],"prefix":"10.1257","volume":"15","author":[{"given":"Paul","family":"Dolfen","sequence":"first","affiliation":[{"name":"Uber (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Liran","family":"Einav","sequence":"additional","affiliation":[{"name":"Department of Economics, Stanford University and NBER (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Peter J.","family":"Klenow","sequence":"additional","affiliation":[{"name":"Department of Economics, Stanford University and NBER (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Benjamin","family":"Klopack","sequence":"additional","affiliation":[{"name":"Department of Economics, Texas A&M University (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Jonathan D.","family":"Levin","sequence":"additional","affiliation":[{"name":"Graduate School of Business, Stanford University and NBER (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Larry","family":"Levin","sequence":"additional","affiliation":[{"name":"Flexport Inc. (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Wayne","family":"Best","sequence":"additional","affiliation":[{"name":"Visa, Inc. (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjv028"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2006.121.2.541"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.3.691"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.49.11.1580.20580"},{"key":"p_5","unstructured":"Brynjolfsson, Erik, and JooHee Oh. 2012. \"The Attention Economy: Measuring the Value of Free Digital Services on the Internet.\" Unpublished."},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20160542"},{"key":"p_7","first-page":"291","author":"Cavallo Alberto","year":"2019","journal-title":"Jackson Hole Economic Symposium Conference Proceedings (Federal Reserve Bank of Kansas City)"},{"key":"p_8","doi-asserted-by":"crossref","unstructured":"Cohen, Peter, Robert Hahn, Jonathan Hall, Steven Levitt, and Robert Metcalfe. 2016. \"Using Big Data to Estimate Consumer Surplus: The Case of Uber.\" NBER Working Paper 22627.","DOI":"10.3386\/w22627"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/aeri.20190382"},{"key":"p_10","unstructured":"Dolfen, Paul Liran Einav, Peter J. Klenow, Benjamin Klopack. Jonathan D. Levin, and Wayne Best. 2022. \"Replication data for Assessing the Gains from E-Commerce.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.38886\/E154121V1."},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/pol.20140293"},{"key":"p_12","unstructured":"Farrell, Diana, Lindsay Relihan, and Marvin Ward Jr. 2018. Shopping, Near and Far: Local Commerce in the Digital Age. JPMorgan Chase Institute."},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/000282806777212521"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/pandp.20181038"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdu033"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20161385"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.2307\/2951541"},{"key":"p_18","doi-asserted-by":"crossref","unstructured":"Huang, Yufeng, and Bart J. Bronnenberg. 2020. \"Gains from Convenience and the Value of E-commerce.\" Unpublished.","DOI":"10.2139\/ssrn.3596460"},{"key":"p_19","unstructured":"Internal Revenue Service. 2015. \"SOI Tax Stats - County Data, including AGI.\" IRS SOI Tax Stats. https:\/\/www.irs.gov\/pub\/irs-soi\/15incyallagi.csv. (accessed August 1, 2017)."},{"key":"p_20","doi-asserted-by":"crossref","unstructured":"Jo, Yoon J., Misaki Matsumura, and David E. Weinstein. 2019. \"The Impact of E-commerce on Relative Prices and Consumer Welfare.\" NBER Working Paper 26506.","DOI":"10.3386\/w26506"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1111\/1756-2171.12255"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjz031"},{"key":"p_23","unstructured":"Relihan, Lindsay. 2017. \"Is Online Retail Killing Coffee Shops? Estimating the Winners and Losers of Online Retail using Customer Transaction Microdata.\" Unpublished."},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/jep.31.2.165"},{"key":"p_25","unstructured":"U.S. Bureau of Labor Statistics. 2007-2017a. \"Gross Domestic Product (GDPA).\" https:\/\/fred.stlouisfed.org\/series\/GDPA. (accessed August 10, 2021)."},{"key":"p_26","unstructured":"U.S. Bureau of Labor Statistics. 2007-2017b. \"Personal Consumption Expenditures: Total for United States (USPCE).\" https:\/\/fred.stlouisfed.org\/series\/USPCE. (accessed August 10, 2021)."},{"key":"p_27","unstructured":"U.S. Census Bureau. 2010. \"SUBHD0401: Density per square mile of land area - Population.\" 2010 Census. (accessed March 18, 2018)."},{"key":"p_28","unstructured":"U.S. Census Bureau. 2015. \"2014 Poverty and Median Household Income Estimates.\" Small Area Income and Poverty Estimates (SAIPE) Program. https:\/\/www.census.gov\/data\/datasets\/2014\/ demo\/saipe\/2014-state-and-county.html. (accessed August 1, 2017)."},{"key":"p_29","unstructured":"Varian, Hal. 2013. \"The Value of the Internet Now and in the Future.\" The Economist, March 10."},{"key":"p_30","unstructured":"Visa Inc. 2007-2017. Payment card transaction data. Foster City: California. Multiple electronic les. Accessed 2021-08-01."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20210049","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,12,30]],"date-time":"2022-12-30T14:56:36Z","timestamp":1672412196000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20210049"}},"issued":{"date-parts":[[2023,1,1]]},"references-count":30,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2023,1,1]]}},"alternative-id":["10.1257\/mac.20210049"],"URL":"https:\/\/doi.org\/10.1257\/mac.20210049","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2023,1,1]]}},{"indexed":{"date-parts":[[2026,6,1]],"date-time":"2026-06-01T14:23:04Z","timestamp":1780323784251,"version":"3.54.1"},"reference-count":21,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2014,10,1]]},"abstract":"<jats:p>I use a novel loan-level dataset covering lending by official creditors to developing country governments to construct an instrument for government spending. Loans from official creditors typically finance multiyear public spending projects, with disbursements linked to the stages of project implementation. The identification strategy exploits the long lags between approval and eventual disbursement of these loans to isolate a predetermined component of public spending associated with past loan approval decisions taken before the realization of contemporaneous shocks. In a large sample of 102 developing countries over the period 1970\u20132010, the one-year spending multiplier is reasonably-precisely estimated to be around 0.4. (JEL E62, F34, F35, H50, O23)<\/jats:p>","DOI":"10.1257\/mac.6.4.170","type":"journal-article","created":{"date-parts":[[2014,10,8]],"date-time":"2014-10-08T12:11:10Z","timestamp":1412770270000},"page":"170-208","source":"Crossref","is-referenced-by-count":52,"title":["Government Spending Multipliers in Developing Countries: Evidence from Lending by Official Creditors"],"prefix":"10.1257","volume":"6","author":[{"given":"Aart","family":"Kraay","sequence":"first","affiliation":[{"name":"1818 H Street NW, Washington, DC 20433 (e-mail: )."}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/pol.4.2.1"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1086\/261024"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjq002"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1162\/003355302320935043"},{"issue":"2","key":"p_6","first-page":"197","volume":"3","author":"Chang Charles","year":"2002","journal-title":"Global Economy Journal"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/pol.4.3.118"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/pol.4.2.46"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2010.02355.x"},{"issue":"3","key":"p_17","doi-asserted-by":"crossref","first-page":"761","DOI":"10.1111\/j.2517-6161.1992.tb01449.x","volume":"54","author":"Hadi Ali S","year":"1992","journal-title":"Journal of the royal statistical society"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1353\/eca.0.0069"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2012.10.011"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828518"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjs008"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.4.170"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.09.002"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00438"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.3.753"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/jel.49.3.673"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjq008"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.2307\/2171753"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1257\/pol.4.3.251"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.6.4.170","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,6,3]],"date-time":"2024-06-03T16:18:23Z","timestamp":1717431503000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.6.4.170"}},"issued":{"date-parts":[[2014,10,1]]},"references-count":21,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2014,10,1]]}},"alternative-id":["10.1257\/mac.6.4.170"],"URL":"https:\/\/doi.org\/10.1257\/mac.6.4.170","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2014,10,1]]}},{"indexed":{"date-parts":[[2026,6,6]],"date-time":"2026-06-06T04:11:04Z","timestamp":1780719064754,"version":"3.54.1"},"reference-count":46,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,1,1]]},"abstract":"<jats:p>We document that fluctuations in part-time employment play a major role in movements in hours per worker during cyclical swings in the labor market. Building on this result, we develop a stock-flow framework to describe the dynamics of part-time employment. The evolution of part-time employment is predominantly explained by cyclical changes in transitions between full-time and part-time employment. Those transitions occur overwhelmingly at the same employer, entail sizable changes in individual working hours and are associated with an increase in involuntary part-time work. Our findings provide a novel understanding of the cyclical dynamics of labor adjustment on the intensive margin. (JEL E24, E32, J22, J23)<\/jats:p>","DOI":"10.1257\/mac.20160078","type":"journal-article","created":{"date-parts":[[2019,1,3]],"date-time":"2019-01-03T14:54:42Z","timestamp":1546527282000},"page":"389-435","source":"Crossref","is-referenced-by-count":23,"title":["Employment Adjustment and Part-Time Work: Lessons from the United States and the United Kingdom"],"prefix":"10.1257","volume":"11","author":[{"given":"Daniel","family":"Borowczyk-Martins","sequence":"first","affiliation":[{"name":"Department of Economics, Copenhagen Business School, Porcel\u00e6nshaven 16A, 2000 Frederiksberg, Denmark (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Etienne","family":"Lal\u00c9","sequence":"additional","affiliation":[{"name":"Department of Economics, Universit\u00e9 du Qu\u00e9bec \u00e0 Montr\u00e9al, C.P. 8888, Succ. centre ville, Montr\u00e9al (QC) H3C 3P8, Canada (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.3982\/TE1061"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1086\/298183"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.2307\/145735"},{"issue":"320","key":"p_4","doi-asserted-by":"crossref","first-page":"698","DOI":"10.1111\/ecca.12030","volume":"80","author":"Benito Andrew","year":"2013","journal-title":"Economica"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.2307\/2534505"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.3.482"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/588245"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12138"},{"key":"p_9","first-page":"2016","author":"Borowczyk-Martins Daniel","year":"2016","journal-title":"Sciences Po Economics Discussion Papers"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1093\/oep\/gpl033"},{"issue":"2","key":"p_12","first-page":"87","volume":"100","author":"Canon Maria E","year":"2014","journal-title":"Federal Reserve Bank of Richmond Economic Quarterly"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.3.476"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjr013"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1057\/elmr.2010.6"},{"issue":"2","key":"p_19","first-page":"13","volume":"41","author":"Cohany Sharon R","year":"1994","journal-title":"Employment and Earnings"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2007.06.002"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.2307\/2526955"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00277"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2015.01.004"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/mac.5.1.1"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/mac.1.1.84"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1086\/682407"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdw010"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2009.00535.x"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12139"},{"issue":"7","key":"p_33","first-page":"1","volume":"10","author":"Ilg Randy","year":"2010","journal-title":"Issues in Labor Statistics"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.3.804"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2006.02.005"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20131702"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.2307\/2109399"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-080614-115601"},{"issue":"4","key":"p_40","first-page":"1","volume":"138","author":"Lal\u00e9 Etienne","year":"2015","journal-title":"Monthly Labor Review"},{"issue":"2","key":"p_42","first-page":"3","volume":"124","author":"Martel Jennifer L","year":"2001","journal-title":"Monthly Labor Review"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.2509"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20121186"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2011.11.005"},{"key":"p_47","first-page":"98","author":"Okun Arthur M","year":"1962","journal-title":"Proceedings of the Business and Economic Statistics Section"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.2307\/2534087"},{"key":"p_49","first-page":"179","author":"Development","year":"1990","journal-title":"OECD Employment Outlook"},{"issue":"9","key":"p_51","first-page":"10","volume":"116","author":"Polivka Anne E","year":"1993","journal-title":"Monthly Labor Review"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.2307\/1914301"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2008.05.011"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.02.001"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2011.02428.x"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.2307\/2118426"},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1111\/iere.12239"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160078","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,7,13]],"date-time":"2024-07-13T19:54:18Z","timestamp":1720900458000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160078"}},"issued":{"date-parts":[[2019,1,1]]},"references-count":46,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2019,1,1]]}},"alternative-id":["10.1257\/mac.20160078"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160078","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,1,1]]}},{"indexed":{"date-parts":[[2026,6,4]],"date-time":"2026-06-04T16:20:01Z","timestamp":1780590001956,"version":"3.54.1"},"reference-count":38,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2023,4,1]]},"abstract":"<jats:p> This paper investigates the interrelationship between urbanization, structural transformation, and the post-2000 Chinese housing boom through the lens of a dynamic spatial equilibrium model that features migration and a rich housing market structure with mortgages. Urbanization and structural transformation emerge as key drivers of China's house price boom, while at the same time rising house prices impede these forces of economic transition. Policies to boost urbanization can be undone by the endogenous price response. Land supply expansion ameliorates this negative feedback. Overall, housing markets powerfully shape the path of economic development. (JEL E23, O18, P23, P25, R23, R31, R58) <\/jats:p>","DOI":"10.1257\/mac.20160142","type":"journal-article","created":{"date-parts":[[2023,3,31]],"date-time":"2023-03-31T12:56:21Z","timestamp":1680267381000},"page":"413-440","source":"Crossref","is-referenced-by-count":29,"title":["Rural-Urban Migration, Structural Transformation, and Housing Markets in China"],"prefix":"10.1257","volume":"15","author":[{"given":"Carlos","family":"Garriga","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of St. Louis (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Aaron","family":"Hedlund","sequence":"additional","affiliation":[{"name":"Purdue University and Federal Reserve Bank of St. Louis (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Yang","family":"Tang","sequence":"additional","affiliation":[{"name":"Nanyang Technological University (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Ping","family":"Wang","sequence":"additional","affiliation":[{"name":"Washington University in St. Louis, Federal Reserve Bank of St. Louis, and NBER (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2004.06.004"},{"key":"p_2","doi-asserted-by":"crossref","unstructured":"Bond, Eric, Raymond Riezman, and Ping Wang. 2016. \"Urbanization and Economic Development: A Tale of Two Barriers.\" CESifo Working Paper 5742.","DOI":"10.2139\/ssrn.2745169"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2009.00544.x"},{"key":"p_5","doi-asserted-by":"crossref","unstructured":"Chen, Kaiji. \"China's Housing Policy and Housing Boom and their Macroeconoimc Impacts,\" Oxford Research Encyclopedia of Economics and Finance, 2020. https:\/\/doi.org\/10.1093\/acrefore\/978019 0625979.013.591.","DOI":"10.1093\/acrefore\/9780190625979.013.591"},{"key":"p_6","doi-asserted-by":"crossref","unstructured":"Chen, Kaiji, Qing Wang, Tong Xu, and Tao Zha. 2020. \"Aggregate and Distributional Impacts of LTV Policy: Evidence from China's Micro Data.\" NBER Working Paper 28092.","DOI":"10.3386\/w28092"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20140234"},{"key":"p_8","unstructured":"China Family Panel Studies, 2012, 2014, and 2016. Peking University. https:\/\/opendata.pku.edu.cn\/ dataverse\/CFPS?language=en."},{"key":"p_9","unstructured":"China One Percent Population Survey, 2005. National Bureau Statistical of China. http:\/\/english. china.org.cn\/english\/government\/115861.htm."},{"key":"p_10","unstructured":"China Population Census, 2000 and 2010. National Bureau Statistical of China. http:\/\/www.stats.gov. cn\/english\/Statisticaldata\/CensusData\/rkpc2010\/indexch.htm."},{"key":"p_11","unstructured":"China Statistical Yearbook, 2005, 2008, 2011, and 2015. National Bureau Statistical of China. http:\/\/ www.stats.gov.cn\/english\/Statisticaldata\/AnnualData\/."},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2007.06.023"},{"key":"p_13","doi-asserted-by":"crossref","unstructured":"Davis, Morris, and Stijn Van Nieuwerburgh. \"Housing, Finance and the Macroeconomy.\" In Handbook of Regional and Urban Economics, Volume 5, edited by Gilles Duranton, J. Vernon Henderson, and William C. Strange, 753-811. Amsterdam: Elsevier.","DOI":"10.1016\/B978-0-444-59531-7.00012-0"},{"key":"p_14","unstructured":"Deng, Yongheng, Yang Tang, Ping Wang, and Jing Wu. 2022. \"Spatial Misallocation in Chinese Housing and Land Markets.\" NBER Working Paper 27230."},{"key":"p_15","unstructured":"Fan, Xiaoyan, Zheng Song, and Yikai Wang. 2010. \"Estimation Income Processes in China.\" Center for Institutions, Policy and Culture in the Development Process Working Paper 202."},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/685953"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1086\/689606"},{"key":"p_18","unstructured":"Gale, Fred, James Hansen, and Michael Jewison. 2015. China's Growing Demand for Agricultural Imports. Washington, DC: United States Department of Agriculture."},{"key":"p_19","unstructured":"Garriga, Carlos, and Aaron Hedlund. 2018. \"Housing Finance, Boom-Bust Episodes, and Macroeconomic Fragility.\" Unpublished."},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20170772"},{"key":"p_21","unstructured":"Garriga, Carlos, Aaron Hedlund, Yang Tang, and Ping Wang. 2023. \"Replication data for: Rural-Urban Migration, Structural Transformation, and Housing Markets in China.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.38886\/E174841V1."},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20140193"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.2307\/135771"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdaa018"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1111\/iere.12316"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/00028280260344731"},{"key":"p_28","doi-asserted-by":"crossref","unstructured":"Herrendorf, Berthold, Richard Rogerson, and \u00c1kos Valentinyi. 2014. \"Growth and Structural Transformation.\" In Handbook of Economic Growth, Vol. 2, edited by Philippe Aghion and Steven N. Durlauf, 855-941. Amsterdam: Elsevier.","DOI":"10.1016\/B978-0-444-53540-5.00006-9"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.4.1403"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/0002828054201477"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.2.125"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1111\/iere.12196"},{"key":"p_33","doi-asserted-by":"crossref","unstructured":"Liao, Pei-Ju, Ping Wang, Yin-Chi Wang, and Chong Kee Yip. 2020. \"To Stay or to Migrate? When Becker Meets Harris-Todaro.\" NBER Working Paper 27767.","DOI":"10.3386\/w27767"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2016.05.001"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1086\/379942"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.1.429"},{"key":"p_37","doi-asserted-by":"crossref","unstructured":"Piazzesi, Monika, and Martin Schneider. 2016. \"Housing and Macroeconomics.\" In Handbook of Macroeconomics, Volume 2, edited by John B. Taylor and Harald Uhlig, 1547-640. Amsterdam: Elsevier.","DOI":"10.1016\/bs.hesmac.2016.06.003"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20150811"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1016\/j.chieco.2016.03.008"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1257\/jep.26.4.103"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160142","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,3,31]],"date-time":"2023-03-31T12:58:26Z","timestamp":1680267506000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160142"}},"issued":{"date-parts":[[2023,4,1]]},"references-count":38,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2023,4,1]]}},"alternative-id":["10.1257\/mac.20160142"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160142","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2023,4,1]]}},{"indexed":{"date-parts":[[2026,6,7]],"date-time":"2026-06-07T06:31:53Z","timestamp":1780813913373,"version":"3.54.1"},"reference-count":38,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2020,1,1]]},"abstract":"<jats:p>What determines the earnings of a worker relative to his peers in the same occupation? What makes a worker fail in one occupation but succeed in another? More broadly, what are the factors that determine the productivity of a worker-occupation match? To help answer questions like these, we propose an empirical measure of multidimensional skill mismatch that is based on the discrepancy between the portfolio of skills required by an occupation and the portfolio of abilities possessed by a worker for learning those skills. This measure arises naturally in a dynamic model of occupational choice and human capital accumulation with multidimensional skills and Bayesian learning about one\u2019s ability to learn skills. Not only does mismatch depress wage growth in the current occupation, it also leaves a scarring effect\u2014by stunting skill acquisition\u2014that reduces wages in future occupations. Mismatch also predicts different aspects of occupational switching behavior. We construct the empirical analog of our skill mismatch measure from readily available US panel data on individuals and occupations and find empirical support for these implications. The magnitudes of these effects are large: moving from the worst- to best-matched decile can improve wages by 11 percent per year for the rest of one\u2019s career. (JEL E24, J24, J31, J41)<\/jats:p>","DOI":"10.1257\/mac.20160241","type":"journal-article","created":{"date-parts":[[2020,1,2]],"date-time":"2020-01-02T09:11:55Z","timestamp":1577956315000},"page":"210-244","source":"Crossref","is-referenced-by-count":62,"title":["Multidimensional Skill Mismatch"],"prefix":"10.1257","volume":"12","author":[{"given":"Fatih","family":"Guvenen","sequence":"first","affiliation":[{"name":"University of Minnesota, 4-101 Hanson Hall, 1925 Fourth Street South, Minneapolis, MN 55455, Fedearl Reserve Bank of Minneapolis, and NBER (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Burhan","family":"Kuruscu","sequence":"additional","affiliation":[{"name":"University of Toronto, 150 St. George Street, Toronto, ON M5S 3G7, Canada (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Satoshi","family":"Tanaka","sequence":"additional","affiliation":[{"name":"University of Queensland, Level 6 Colin Clark Building, Blair Drive, QLD 4072, Australia (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"David","family":"Wiczer","sequence":"additional","affiliation":[{"name":"Stony Brook University, 100 Nicolls Road, Social & Behavioral Sciences Building, 6th Floor, Stony Brook, NY 11794 (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1086\/666536"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1162\/003355301556329"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.2307\/2297568"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1177\/001979390505800304"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/663356"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0084.1987.mp49004006.x"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1353\/jhr.2010.0006"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1086\/259291"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/jel.39.4.1137"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.3368\/jhr.50.2.317"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.2307\/2946706"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20160848"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1086\/649786"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2016.08.003"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1086\/491606"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdu037"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.687"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1086\/504455"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.7.2923"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/j.labeco.2004.04.005"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1086\/260808"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2008.00473.x"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2008.00524.x"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1086\/648671"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.2307\/2297896"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1086\/209919"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdt048"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1086\/209960"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1086\/659346"},{"issue":"2","key":"p_39","first-page":"137","volume":"8","author":"Perry Anja","year":"2014","journal-title":"Methods, Data, Analyses"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1086\/588180"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.2307\/145087"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1093\/oxfordjournals.oep.a041827"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-080511-111011"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.3368\/jhr.52.1.0215-6940R"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1086\/261744"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.2307\/2118478"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1086\/662066"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160241","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T15:56:33Z","timestamp":1591113393000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160241"}},"issued":{"date-parts":[[2020,1,1]]},"references-count":38,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2020,1,1]]}},"alternative-id":["10.1257\/mac.20160241"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160241","relation":{"has-preprint":[{"id-type":"doi","id":"10.21034\/wp.729","asserted-by":"object"}]},"ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2020,1,1]]}},{"indexed":{"date-parts":[[2026,6,11]],"date-time":"2026-06-11T17:10:35Z","timestamp":1781197835234,"version":"3.54.1"},"reference-count":31,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2015,1,1]]},"abstract":"<jats:p> We provide evidence on the transmission of monetary policy shocks in a setting with both economic and financial variables. We first show that shocks identified using high frequency surprises around policy announcements as external instruments produce responses in output and inflation that are typical in monetary VAR analysis. We also find, however, that the resulting \u201cmodest\u201d movements in short rates lead to \u201clarge\u201d movements in credit costs, which are due mainly to the reaction of both term premia and credit spreads. Finally, we show that forward guidance is important to the overall strength of policy transmission. (JEL E31, E32, E43, E44, E52, G01) <\/jats:p>","DOI":"10.1257\/mac.20130329","type":"journal-article","created":{"date-parts":[[2015,1,6]],"date-time":"2015-01-06T13:08:49Z","timestamp":1420549729000},"page":"44-76","source":"Crossref","is-referenced-by-count":624,"title":["Monetary Policy Surprises, Credit Costs, and Economic Activity"],"prefix":"10.1257","volume":"7","author":[{"given":"Mark","family":"Gertler","sequence":"first","affiliation":[{"name":"Department of Economics, New York University, 19 W. 4th Street, NY, 10003, and National Bureau of Economic Research (NBER) (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Peter","family":"Karadi","sequence":"additional","affiliation":[{"name":"DG Research, European Central Bank, Neue Mainzer Strasse 66, Frankfurt am Main, 60323, Germany, and Centre for Economic Policy Research (CEPR) (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(98)00097-X"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2013.09.006"},{"issue":"4","key":"p_3","first-page":"901","volume":"82","author":"Bernanke Ben S","year":"1992","journal-title":"American Economic Review"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/jep.9.4.27"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2005.0002"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2012.0004"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.2307\/2109845"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.1.27"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1162\/003355300554692"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/000282802320189069"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2003.11.001"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.10.004"},{"issue":"1","key":"p_18","first-page":"5","volume":"90","author":"Gertler Mark","year":"2013","journal-title":"international Journal of central Banking"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.4.1692"},{"issue":"1","key":"p_21","first-page":"55","volume":"1","author":"G\u00fcrkaynak Refet S","year":"2005","journal-title":"international Journal of central Banking"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2007.06.029"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.1.70"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.08.010"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2009.00223.x"},{"key":"p_26","first-page":"2012","author":"Hanson Samuel G","year":"2012","journal-title":"Finance and Economics Discussion Series (FEDS) Discussion Paper"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(01)00055-1"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.4.1212"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.04.003"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.3.429"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1257\/0002828042002651"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.2307\/2527344"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2012.0005"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1198\/073500102288618658"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.10.3154"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20130329","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:28Z","timestamp":1591127848000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20130329"}},"issued":{"date-parts":[[2015,1,1]]},"references-count":31,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2015,1,1]]}},"alternative-id":["10.1257\/mac.20130329"],"URL":"https:\/\/doi.org\/10.1257\/mac.20130329","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2015,1,1]]}},{"indexed":{"date-parts":[[2022,4,3]],"date-time":"2022-04-03T23:47:37Z","timestamp":1649029657170},"reference-count":0,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2017,10,1]]},"DOI":"10.1257\/mac.9.4.i","type":"journal-article","created":{"date-parts":[[2017,9,27]],"date-time":"2017-09-27T12:51:33Z","timestamp":1506516693000},"page":"i-vi","source":"Crossref","is-referenced-by-count":0,"title":["Front Matter"],"prefix":"10.1257","volume":"9","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.9.4.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:54Z","timestamp":1591127814000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.9.4.i"}},"issued":{"date-parts":[[2017,10,1]]},"references-count":0,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2017,10,1]]}},"alternative-id":["10.1257\/mac.9.4.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.9.4.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2017,10,1]]}},{"indexed":{"date-parts":[[2025,10,2]],"date-time":"2025-10-02T16:14:20Z","timestamp":1759421660851},"reference-count":71,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2022,7,1]]},"abstract":"<jats:p> A common view states that central bank releases decrease central banks' own information about the economy and are harmful if about inefficient disturbances, such as cost-push shocks. This paper shows how neither is true in a microfounded macroeconomic model in which households and firms learn from central bank releases and the central bank learns from the observation of firm prices. Central bank releases make private sector and central bank expectations closer to common knowledge. This helps transmit dispersed information between the private sector and the central bank. As a result, the release of additional central bank information decreases the central bank's own uncertainty and can be beneficial, irrespective of the efficacy of macroeconomic fluctuations. A calibrated example suggests that the benefits of disclosure are substantial. (JEL D82, D83, D84, E12, E52, E58) <\/jats:p>","DOI":"10.1257\/mac.20190311","type":"journal-article","created":{"date-parts":[[2022,6,30]],"date-time":"2022-06-30T12:22:02Z","timestamp":1656591722000},"page":"324-364","source":"Crossref","is-referenced-by-count":2,"title":["Learning by Sharing: Monetary Policy and Common Knowledge"],"prefix":"10.1257","volume":"14","author":[{"given":"Alexandre N.","family":"Kohlhas","sequence":"first","affiliation":[{"name":"Institute for International Economic Studies (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1086\/657923"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2012.02.001"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-004-0587-0"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20110865"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20161996"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0262.2007.00783.x"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1162\/JEEA.2009.7.1.11"},{"key":"p_8","doi-asserted-by":"crossref","unstructured":"Auclert, Adrien, Matthew Rognlie, and Ludwig Straub. 2020. \"Micro Jumps, Macro Humps: Monetary Policy and Business Cycles in an Estimated HANK Model.\" NBER Working Paper 26647.","DOI":"10.3386\/w26647"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.06.001"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/jel.46.4.910"},{"key":"p_11","unstructured":"Broadbent, Ben. 2013. Speech delivered at the Mile End Group of Queen Mary, University of London, May 2013."},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.4.1571"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1162\/003355300554692"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdu015"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.12.003"},{"key":"p_16","unstructured":"Cukierman, Alex, and Allan H. Meltzer. 1986. \"The Credibility of Monetary Announcements.\" In Monetary Policy and Uncertainty, edited by Manfred J. M. Neumann and Robert J. Barro, 39-67. Baden-Baden: Nomos Verlagsgesellschaft."},{"key":"p_17","doi-asserted-by":"crossref","unstructured":"Eggertsson, Gauti B. 2010. \"The Paradox of Toil.\" Federal Reserve Bank of New York Staff Report 433.","DOI":"10.2139\/ssrn.1561766"},{"key":"p_18","doi-asserted-by":"crossref","unstructured":"El-Shagi, Makram, Sebastian Giesen, and Alexander Jung. 2014. \"Does the Federal Reserve Staff Still Beat Private Forecasters?\" ECB Working Paper 1635.","DOI":"10.2139\/ssrn.2385925"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20130337"},{"key":"p_20","unstructured":"Gal\u00ed, Jordi. 2008. Monetary Policy, Inflation, and the Business Cycle: An Introduction to the New Keynesian Framework. Princeton, NJ: Princeton University Press."},{"key":"p_21","doi-asserted-by":"crossref","unstructured":"Gosselin, Pierre, Aileen Lotz, and Charles Wyplosz. 2007. \"Interest Rate Signals and Central Bank Transparency.\" In NBER International Seminar on Macroeconomics, edited by Richard Clarida and Francesco Giavazzi, 9-62. Chicago: University of Chicago Press.","DOI":"10.1086\/653990"},{"issue":"3","key":"p_22","first-page":"145","volume":"4","author":"Gosselin Pierre","year":"2008","journal-title":"International Journal of Central Banking"},{"key":"p_23","unstructured":"Harsanyi, John C., and Reinhard Selten. 1988. A General Theory of Equilibrium Selected in Games. Cambridge, MA: MIT Press Books."},{"key":"p_24","unstructured":"Hellwig, Christian. 2005. \"Heterogeneous Information and the Bene ts of Public Information Disclosures.\" http:\/\/www.econ.ucla.edu\/people\/papers\/Hellwig\/Hellwig283.pdf."},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.3.35"},{"issue":"2","key":"p_26","first-page":"65","volume":"87","author":"Issing Otmar","year":"2005","journal-title":"Louis Review"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.4.1561"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1086\/261055"},{"key":"p_29","unstructured":"Kohlhas, Alexandre N. 2022. \"Replication data for: Learning by Sharing: Monetary Policy and Common Knowledge.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.38886\/E124281V1."},{"key":"p_30","first-page":"2005","volume":"9","author":"Kohn Donald","year":"2005","journal-title":"Speech, The Annual Meeting of the American Economic Association, Philadelphia, Pennsylvania"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.5.2050"},{"key":"p_32","author":"Lorenzoni Guido","year":"2009","journal-title":"American Economic Review. https:\/\/www.openicpsr.org\/openicpsr\/project\/113343\/version\/V1\/view."},{"key":"p_33","unstructured":"Lucas, Robert E. 1987. Models of Business Cycles. Oxford, UK: Basil Blackwell."},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(72)90142-1"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20150063"},{"issue":"2","key":"p_36","first-page":"853","volume":"84","author":"Melosi Leonardo","year":"2016","journal-title":"Review of Economic Studies"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/000282802762024610"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2006.0008"},{"key":"p_39","doi-asserted-by":"crossref","unstructured":"Mulligan, Casey B. 2010. \"Simple Analytics and Empirics of the Government Spending Multiplier.\" NBER Working Paper 15800.","DOI":"10.3386\/w15800"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdr018"},{"issue":"5","key":"p_41","first-page":"1313","volume":"85","author":"Nagel Rosemarie","year":"1995","journal-title":"American Economic Review"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2007.12.008"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.8.2320"},{"key":"p_44","unstructured":"Nimark, Kristoffer. 2017. \"Dynamic Higher Order Expectations.\" Unpublished."},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2019.02.001"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2006.12.009"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdt024"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1016\/S0167-2231(98)00002-5"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1257\/jep.27.4.17"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.3.429"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1086\/261117"},{"key":"p_52","unstructured":"Rudebusch, Glenn D., and John C. Williams. 2008. \"Revealing the Secrets of the Temple: The Value of Publishing Central Bank Interest Rate Projections.\" In Asset Prices and Monetary Policy, edited by John Y. Campbell, 247-289. Chicago: University of Chicago Press."},{"issue":"4","key":"p_53","first-page":"3","volume":"22","author":"Runkle David E","year":"1998","journal-title":"Federal Reserve Bank of Minneapolis Quarterly Review"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2003.08.008"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1257\/000282806776157650"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(03)00030-8"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1889(03)00039-3"},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1086\/261166"},{"key":"p_59","unstructured":"Uhlig, Harald. 2006. \"The Smets-Wouters Model: Monetary and Fiscal Policy.\" https:\/\/econweb.ucsd. edu\/~vramey\/econ214\/Uhlig_SmetsWouters_Lecture_v2.pdf."},{"key":"p_60","doi-asserted-by":"crossref","unstructured":"Veldkamp, Laura L. 2011. Information Choice in Macroeconomics and Finance. Princeton, NJ: Princeton University Press.","DOI":"10.2307\/j.ctvcm4j91"},{"key":"p_61","doi-asserted-by":"publisher","DOI":"10.1006\/game.1997.0562"},{"key":"p_62","doi-asserted-by":"publisher","DOI":"10.1093\/res\/rdw062"},{"key":"p_63","doi-asserted-by":"crossref","unstructured":"Vives, Xavier, and Liyan Yang. 2017. \"Costly Interpretation of Asset Prices.\" Unpublished.","DOI":"10.2139\/ssrn.2763813"},{"issue":"1","key":"p_64","first-page":"5","volume":"3","author":"Walsh Carl E","year":"2007","journal-title":"International Journal of Central Banking"},{"key":"p_65","first-page":"2013","volume":"11","author":"Weale Martin","year":"2013","journal-title":"Speech, National Institute of Economic and Social Research, London"},{"key":"p_66","doi-asserted-by":"crossref","unstructured":"Werning, Iv\u00e1n. 2015. \"Incomplete Markets and Aggregate Demand.\" NBER Working Paper 21448.","DOI":"10.3386\/w21448"},{"key":"p_67","unstructured":"Wiederholt, Mirko. 2017. \"Empirical Properties of In ation Expectations and the Zero Lower Bound.\" Unpublished."},{"key":"p_68","doi-asserted-by":"publisher","DOI":"10.1111\/j.1365-2966.2008.00455.x"},{"key":"p_69","doi-asserted-by":"crossref","unstructured":"Woodford, Michael. 2002a. \"Imperfect Common Knowledge and the Effects of Monetary Policy.\" NBER Working Paper 8673.","DOI":"10.3386\/w8673"},{"key":"p_70","unstructured":"Woodford, Michael. 2002b. Interest and Prices: Foundations of a Theory of Monetary Policy. Princeton, NJ: Princeton University Press."},{"key":"p_71","doi-asserted-by":"crossref","unstructured":"Woodford, Michael. 2005. \"Central Bank Communication and Policy Effectiveness.\" NBER Working Paper 11898.","DOI":"10.3386\/w11898"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20190311","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,6,30]],"date-time":"2022-06-30T12:23:01Z","timestamp":1656591781000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20190311"}},"issued":{"date-parts":[[2022,7,1]]},"references-count":71,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2022,7,1]]}},"alternative-id":["10.1257\/mac.20190311"],"URL":"https:\/\/doi.org\/10.1257\/mac.20190311","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2022,7,1]]}},{"indexed":{"date-parts":[[2025,12,30]],"date-time":"2025-12-30T13:30:13Z","timestamp":1767101413103,"version":"3.48.0"},"reference-count":0,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2026,1,1]]},"DOI":"10.1257\/mac.18.1.i","type":"journal-article","created":{"date-parts":[[2025,12,30]],"date-time":"2025-12-30T13:28:23Z","timestamp":1767101303000},"page":"i-vi","source":"Crossref","is-referenced-by-count":0,"title":["Front Matter"],"prefix":"10.1257","volume":"18","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.18.1.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,12,30]],"date-time":"2025-12-30T13:28:30Z","timestamp":1767101310000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.18.1.i"}},"issued":{"date-parts":[[2026,1,1]]},"references-count":0,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2026,1,1]]}},"alternative-id":["10.1257\/mac.18.1.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.18.1.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2026,1,1]]}},{"indexed":{"date-parts":[[2026,5,9]],"date-time":"2026-05-09T07:20:15Z","timestamp":1778311215910,"version":"3.51.4"},"reference-count":14,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2010,1,1]]},"abstract":"<jats:p> We document substantial within-country (cross-municipality) differences in incomes for a large number of countries in the Americas. A significant fraction of the within-country differences cannot be explained by observed human capital. We conjecture that the sources of within-country and between-country differences are related. As a first step toward a unified framework, we propose a simple model incorporating differences in technological know-how across countries and differences in productive efficiency within countries. (JEL E23, I31, J31, O15, O18, O47, R23) <\/jats:p>","DOI":"10.1257\/mac.2.1.169","type":"journal-article","created":{"date-parts":[[2009,12,23]],"date-time":"2009-12-23T15:34:44Z","timestamp":1261582484000},"page":"169-188","source":"Crossref","is-referenced-by-count":105,"title":["Productivity Differences Between and Within Countries"],"prefix":"10.1257","volume":"2","author":[{"given":"Daron","family":"Acemoglu","sequence":"first","affiliation":[{"name":"Department of Economics, Massachusetts Institute of Technology, 50 Memorial Drive, Cambridge, MA 02139."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Melissa","family":"Dell","sequence":"additional","affiliation":[{"name":"Department of Economics, Massachusetts Institute of Technology, 50 Memorial Drive, Cambridge, MA 02139."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.1.267"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.2307\/2951599"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/0002828054825574"},{"issue":"1","key":"p_10","first-page":"54","volume":"86","author":"Ciccone Antonio","year":"1996","journal-title":"American Economic Review"},{"key":"p_12","first-page":"35","author":"De Ferranti David","year":"2004","journal-title":"Inequality in Latin America: Breaking with History?"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.2.198"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.122.2.601"},{"key":"p_18","first-page":"17","author":"Escobal Javier","year":"2005","journal-title":"Spatial Inequality and Development, ed. Ravi Kanbur and Anthony Venables"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1353\/wp.2006.0018"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1162\/003355399555954"},{"key":"p_25","first-page":"1970","author":"Londo\u00f1o Juan Luis","year":"2000","journal-title":"Latin America"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.2307\/2118477"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/0305-750X(93)90048-E"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1086\/261725"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.2.1.169","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:54:50Z","timestamp":1591127690000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.2.1.169"}},"issued":{"date-parts":[[2010,1,1]]},"references-count":14,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2010,1,1]]}},"alternative-id":["10.1257\/mac.2.1.169"],"URL":"https:\/\/doi.org\/10.1257\/mac.2.1.169","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2010,1,1]]}},{"indexed":{"date-parts":[[2026,5,7]],"date-time":"2026-05-07T18:11:00Z","timestamp":1778177460716,"version":"3.51.4"},"reference-count":24,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2011,4,1]]},"abstract":"<jats:p> This paper examines the relationship between family ownership and the quality of labor relations. We find that family ownership is more prevalent in countries in which labor relations are hostile, consistent with the notion that family firms are particularly effective at coping with difficult labor relations. Our results are robust to controlling for minority shareholder protection and other potential determinants of family ownership. To address endogeneity issues, we show that, controlling for industry- and country-fixed effects, industries that are more labor dependent have relatively more family ownership in countries with worse labor relations. (JEL G32, G34, J52, J53) <\/jats:p>","DOI":"10.1257\/mac.3.2.218","type":"journal-article","created":{"date-parts":[[2011,3,29]],"date-time":"2011-03-29T16:16:11Z","timestamp":1301415371000},"page":"218-245","source":"Crossref","is-referenced-by-count":44,"title":["Family Firms and Labor Relations"],"prefix":"10.1257","volume":"3","author":[{"given":"Holger M","family":"Mueller","sequence":"first","affiliation":[{"name":"NYU Stern School of Business, 44 West Fourth Street, New York, NY 10012 and NBER, CEPR, and ECGI."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Thomas","family":"Philippon","sequence":"additional","affiliation":[{"name":"NYU Stern School of Business, 44 West Fourth Street, New York, NY 10012 and NBER and CEPR."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1111\/1540-6261.00567"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.122.2.647"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/376950"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2007.122.4.1351"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1162\/0033553042476215"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(00)00067-2"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1086\/261354"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2007.02.007"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1086\/595015"},{"issue":"4","key":"p_14","first-page":"93","volume":"42","author":"Donnelley Robert G","year":"1964","journal-title":"Harvard Business Review"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(02)00146-0"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2004.00716.x"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1057\/palgrave.jibs.8400213"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1111\/j.1354-7798.2005.00287.x"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2000.0008"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00115"},{"issue":"2","key":"p_23","first-page":"333","volume":"87","author":"La Porta Rafael","year":"1997","journal-title":"American Economic Review"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1086\/250042"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1257\/0002828054825646"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.5.1559"},{"issue":"3","key":"p_28","first-page":"559","volume":"88","author":"Rajan Raghuram G","year":"1998","journal-title":"American Economic Review"},{"key":"p_30","first-page":"33","author":"Shleifer Andrei","year":"1988","journal-title":"Corporate Takeovers: Causes and Consequences, ed. Alan J. Auerbach"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1162\/JEEA.2007.5.4.709"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2004.12.005"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.3.2.218","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:53:04Z","timestamp":1591127584000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.3.2.218"}},"issued":{"date-parts":[[2011,4,1]]},"references-count":24,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2011,4,1]]}},"alternative-id":["10.1257\/mac.3.2.218"],"URL":"https:\/\/doi.org\/10.1257\/mac.3.2.218","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2011,4,1]]}},{"indexed":{"date-parts":[[2024,8,9]],"date-time":"2024-08-09T22:31:58Z","timestamp":1723242718472},"reference-count":0,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,1,1]]},"DOI":"10.1257\/mac.11.1.i","type":"journal-article","created":{"date-parts":[[2019,1,3]],"date-time":"2019-01-03T14:54:42Z","timestamp":1546527282000},"page":"i-vi","source":"Crossref","is-referenced-by-count":1,"title":["Front Matter"],"prefix":"10.1257","volume":"11","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.11.1.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:54:22Z","timestamp":1591127662000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.11.1.i"}},"issued":{"date-parts":[[2019,1,1]]},"references-count":0,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2019,1,1]]}},"alternative-id":["10.1257\/mac.11.1.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.11.1.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,1,1]]}},{"indexed":{"date-parts":[[2025,1,1]],"date-time":"2025-01-01T05:20:04Z","timestamp":1735708804964,"version":"3.32.0"},"reference-count":84,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2025,1,1]]},"abstract":"<jats:p> The Soviet regime forcedly sent millions of enemies of the people, i.e. the educated elite considered a threat to the regime, to Gulag camps across the USSR. We use this large-scale episode of terror as a natural experiment to provide evidence on the long-run persistence of human capital across generations and its effect on economic growth. We combine archive data from the Gulag with the 2018 Russian firm census to show that areas around camps with a larger share of enemies among camp prisoners are more prosperous today, as captured by firms' wages and profits, and night lights per capita. (JEL D22, J24, J82, N34, N94, P31, R12) <\/jats:p>","DOI":"10.1257\/mac.20220231","type":"journal-article","created":{"date-parts":[[2024,12,31]],"date-time":"2024-12-31T13:14:22Z","timestamp":1735650862000},"page":"310-342","source":"Crossref","is-referenced-by-count":0,"title":["Enemies of the People"],"prefix":"10.1257","volume":"17","author":[{"given":"Gerhard","family":"Toews","sequence":"first","affiliation":[{"name":"New Economic School (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Pierre-Louis","family":"V\u00e9zina","sequence":"additional","affiliation":[{"name":"King's College London (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"crossref","unstructured":"Abadie, Alberto, Susan Athey, Guido W. Imbens, and Jeffrey Wooldridge. 2017. \"When Should You Adjust Standard Errors for Clustering?\" NBER Working Paper 24003.","DOI":"10.3386\/w24003"},{"key":"p_2","doi-asserted-by":"crossref","unstructured":"Abowd, John M., John Haltiwanger, Ron Jarmin, Julia Lane, Paul Lengermann, Kristin McCue, Kevin McKinney, and Kristin Sandusky. 2005. \"The Relation among Human Capital, Productivity, and Market Value: Building Up from Micro Evidence.\" In Measuring Capital in the New Economy, edited by Carol Corrado, John Haltiwanger, and Daniel Sichel, 153-204. Chicago: University of Chicago Press.","DOI":"10.7208\/chicago\/9780226116174.003.0006"},{"key":"p_3","doi-asserted-by":"crossref","unstructured":"Acemoglu, Daron, and Joshua Angrist. 2001. \"How Large Are Human Capital Externalities? Evidence from Compulsory Schooling Laws.\" In NBER Macroeconomics Annual, vol. 15, edited by Ben S. Bernanke and Kenneth Rogoff, 9-74. Cambridge, MA: MIT Press.","DOI":"10.2307\/3585383"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.1.169"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjr018"},{"key":"p_6","unstructured":"Ahrens, Achim, Christian B. Hansen, and Mark E. Schaffer. 2018. \"LASSOPACK: Stata Module for Lasso, Square-Root Lasso, Elastic Net, Ridge, Adaptive Lasso Estimation and Cross-Validation.\" Unpublished."},{"key":"p_7","doi-asserted-by":"crossref","unstructured":"Alesina, Alberto, Marlon Seror, David Yang, Yang You, and Weihong Zeng. 2020. \"Persistence through Revolutions.\" Bristol Economics Discussion Papers 20\/722.","DOI":"10.3386\/w27053"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.2307\/3649985"},{"key":"p_9","unstructured":"Applebaum, A. 2010. Gulag: A History of the Soviet Camps. London, UK: Penguin."},{"key":"p_10","doi-asserted-by":"crossref","unstructured":"Barenberg, Alan. 2014. Gulag Town, Company Town: Forced Labor and Its Legacy in Vorkuta. New Haven, CT: Yale University Press.","DOI":"10.12987\/yale\/9780300179446.001.0001"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20141781"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.3.92"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20181518"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjs011"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20170491"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20171787"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20191414"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2006.00380.x"},{"key":"p_19","unstructured":"Cohen, Stephen F. 1983. Social Dimensions of De-Stalinization, 1953-64. National Council for Soviet and East European Research."},{"key":"p_20","doi-asserted-by":"crossref","unstructured":"Cohen, Stephen F. 2012. The Victims Return: Survivors of the Gulag after Stalin. London, UK: IB Tauris.","DOI":"10.5040\/9780755621194"},{"key":"p_21","unstructured":"Dexter, K., and I. Rodionov. 2017. \"The Factories, Research and Design Establishments of the Soviet Defence Industry: A Guide: Ver. 18.\" Coventry, UK: University of Warwick, Department of Economics."},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1086\/446119"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12505"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1007\/s10887-016-9130-y"},{"key":"p_25","unstructured":"Ertz, S. 2008. \"Making Sense of the Gulag: Analyzing and Interpreting the Function of the Stalinist Camp System.\" PERSA Working Paper 50."},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20190285"},{"key":"p_27","doi-asserted-by":"crossref","unstructured":"Fitzpatrick, Sheila. 1993. \"The Impact of the Great Purges on Soviet Elites: A Case Study from Moscow and Leningrad Telephone Directories of the 1930s.\" In Stalinist Terror: New Perspectives, edited by John Arch Getty and Roberta Thompson Manning, 247-260. Cambridge, UK: Cambridge University Press.","DOI":"10.1017\/CBO9780511626012.013"},{"key":"p_28","doi-asserted-by":"crossref","unstructured":"Fox, Jeremy T., and Val\u00e9rie Smeets. \"Does Input Quality Drive Measured Differences in Firm Productivity?\" International Economic Review 52 (4): 961-89.","DOI":"10.1111\/j.1468-2354.2011.00656.x"},{"key":"p_29","doi-asserted-by":"crossref","unstructured":"Fuchs-Schuendeln, N., and T.A. Hassan. 2016. \"Natural Experiments in Macroeconomics.\" In Handbook of Macroeconomics, Vol. 2, edited by John B. Taylor and Harald Uhlig, 923-1012. Amsterdam: Elsevier.","DOI":"10.1016\/bs.hesmac.2016.03.008"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1086\/230755"},{"key":"p_31","doi-asserted-by":"crossref","unstructured":"Getty, J. Arch, and William Chase. 1993. \"Patterns of Repression Among the Soviet Elite in the Late 1930s: A Biographical Approach.\" In Stalinist Terror: New Perspectives, edited by John Arch Getty and Roberta Thompson Manning, 225-246. Cambridge, UK: Cambridge University Press.","DOI":"10.1017\/CBO9780511626012.012"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.2307\/2166597"},{"key":"p_33","doi-asserted-by":"crossref","unstructured":"Getty, John Arch, and Roberta Thompson Manning. 1993. Stalinist Terror: New Perspectives. Cambridge, UK: Cambridge University Press.","DOI":"10.1017\/CBO9780511626012"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1086\/705904"},{"key":"p_35","unstructured":"Gregory, Paul R., and Valery Lazarev. 2013. The Economics of Forced Labor: The Soviet Gulag. Stanford, CA: Hoover Institution Press."},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20160255"},{"key":"p_37","doi-asserted-by":"crossref","unstructured":"Harrison, Mark. \"The Dictator and Defense.\" In Guns and Rubles: The Defense Industry in the Stalinist State, edited by Mark Harrison, 1-30. New Haven, CT: Yale University Press.","DOI":"10.12987\/yale\/9780300125245.003.0001"},{"key":"p_38","unstructured":"Haskel, Jonathan, Denise Hawkes, and Sonia Pereira. 2005. \"Skills, Human Capital and the Plant Productivity Gap: UK Evidence from Matched Plant, Worker and Workforce Data.\" CEPR Discussion Paper 5334."},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.2.994"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1257\/000282802760015676"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjx047"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20200256"},{"key":"p_43","first-page":"2020","volume":"22","author":"Higgins Andrew","year":"2020","journal-title":"The New York Times"},{"key":"p_44","first-page":"1936","author":"Hoffman David L","year":"1993","journal-title":"Purges in Moscow Factories"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.1.84"},{"key":"p_46","unstructured":"Hosford, David, Pamela Kachurin, and Thomas Lamont. 2006. Gulag: Soviet Prison Camps and Their Legacy. Washington, DC: US National Park Service."},{"key":"p_47","doi-asserted-by":"crossref","unstructured":"Hvide, Hans K., and Paul Oyer. 2018. \"Dinner Table Human Capital and Entrepreneurship.\" CEPR Discussion Paper 12608.","DOI":"10.3386\/w24198"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1023\/B:PROD.0000022093.59352.5e"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00540"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.11.3752"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjz023"},{"key":"p_52","doi-asserted-by":"crossref","unstructured":"Joyce, Christopher. 2006. \"The Soviet Penal System and the Great Terror.\" In Stalin's Terror Revisited, edited by Melanie Ili , 90-115. London, UK: Palgrave Macmillan.","DOI":"10.1057\/9780230597334_5"},{"key":"p_53","doi-asserted-by":"crossref","unstructured":"Kapelko, Natalia, and Andrei Markevich. 2014. \"The Political Legacy of the Gulag Archipelago.\" Unpublished.","DOI":"10.2139\/ssrn.2516635"},{"key":"p_54","unstructured":"Khlevnyuk, Oleg. 2001. \"The Economy of the Gulag.\" In Behind the Facade of Stalin's Command Economy: Evidence from the State and Party Archives, edited by Paul Gregory, 111-130. Stanford, CA: Hoover Institution Press."},{"key":"p_55","doi-asserted-by":"crossref","unstructured":"Khlevnyuk, Oleg. 2003. \"The Objectives of the Great Terror, 1937-1938.\" In Stalinism, edited by David L. Hoffman, 82-104. New York, NY: Wiley.","DOI":"10.1002\/9780470758380.ch4"},{"key":"p_56","unstructured":"Khlevnyuk, Oleg. 2004. The History of the Gulag: From Collectivization to the Great Terror Annals of Communism. New Haven, CT: Yale University Press."},{"key":"p_57","unstructured":"Kozlov, V. P., Y. N. Afanasiev, A. O. Chubar'ian, R. Conquest, E. Danielson, T. Emmons, P. Gregory, et al. 2004. The History of Stalin's Gulag, Late 1920s-Early 1950s: Collected Documents in 7 Volumes. Moscow: Rosspen."},{"key":"p_58","doi-asserted-by":"crossref","unstructured":"Lonsky, Jakub. 2020. \"Gulags, Crime, and Elite Violence: Origins and Consequences of the Russian Ma a.\" Unpublished.","DOI":"10.2139\/ssrn.3726319"},{"key":"p_59","doi-asserted-by":"crossref","unstructured":"Manning, Roberta T. 1993. \"The Great Purges in a Rural District: Belyi Raion Revisited.\" In Stalinist Terror: New Perspectives, edited by John Arch Getty and Roberta Thompson Manning, 168-197. Cambridge, UK: Cambridge University Press.","DOI":"10.1017\/CBO9780511626012.009"},{"key":"p_60","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvad040"},{"key":"p_61","unstructured":"Mikhailova, Tatiana. 2012. \"Gulag, WWII and the Long-Run Patterns of Soviet City Growth.\" Unpublished."},{"key":"p_62","doi-asserted-by":"publisher","DOI":"10.1016\/j.jce.2015.01.005"},{"key":"p_63","doi-asserted-by":"crossref","unstructured":"Murard, Elie, and Seyhun Orcan Sakalli. 2018. \"Mass Refugee In ow and Long-Run Prosperity: Lessons from the Greek Population Resettlement.\" IZA Discussion Paper 11613.","DOI":"10.2139\/ssrn.3209707"},{"key":"p_64","doi-asserted-by":"crossref","unstructured":"Nakamura, Emi, J\u00f3sef Sigurdsson, and J\u00f3n Steinsson. 2016. \"The Gift of Moving: Intergenerational Consequences of a Mobility Shock.\" NBER Working Paper 22392.","DOI":"10.3386\/w22392"},{"key":"p_65","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2022.104629"},{"key":"p_66","doi-asserted-by":"publisher","DOI":"10.1080\/07350015.2016.1227711"},{"key":"p_67","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjw003"},{"key":"p_68","doi-asserted-by":"publisher","DOI":"10.1007\/s10887-016-9139-2"},{"key":"p_69","doi-asserted-by":"publisher","DOI":"10.1257\/app.20150532"},{"key":"p_70","unstructured":"Roth, Andrew. 2021. \"`A Lifetime Sentence': Children of the Gulag Fight to Return from Exile.\" The Guardian, February 2021."},{"key":"p_71","doi-asserted-by":"publisher","DOI":"10.1017\/S0003055419000066"},{"key":"p_72","unstructured":"Shalamov, V. 1980. Kolyma Tales. New York, NY: W.W. & Norton."},{"key":"p_73","doi-asserted-by":"publisher","DOI":"10.2307\/2496785"},{"key":"p_74","unstructured":"Solzhenitsyn, Aleksandr. 1973. The Gulag Archipelago, 1918-56: An Experiment in Literary Investigation. New York, NY: Harper Row."},{"key":"p_75","unstructured":"Spark-Interfax. 2020. \"Russian Firm Census.\" https:\/\/spark-interfax.com (accessed October, 1, 2021)."},{"key":"p_76","doi-asserted-by":"publisher","DOI":"10.1093\/ej\/ueaa132"},{"key":"p_77","unstructured":"Toewes, Gerhard, and Pierre-Louis V\u00e9zina. 2025. Data and Code for: \"Enemies of the People.\" Nashville, TN: American Economic Association; distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. https:\/\/doi.org\/10.3886\/E195301V1."},{"key":"p_78","doi-asserted-by":"publisher","DOI":"10.3406\/cmr.1998.2538"},{"key":"p_79","first-page":"1","volume":"15","author":"Violante Giovanni L","year":"2008","journal-title":"The New Palgrave Dictionary of Economics 2nd Edition"},{"key":"p_80","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00565"},{"key":"p_81","doi-asserted-by":"crossref","unstructured":"Wheatcroft, Stephen G. 2013. \"The Great Terror in Historical Perspective: The Records of the Statistical Department of the Investigative Organs of OGPU\/NKVD.\" In The Anatomy of Terror, edited by James Harris, 286-305. Oxford, UK: Oxford University Press.","DOI":"10.1093\/acprof:oso\/9780199655663.003.0016"},{"key":"p_82","doi-asserted-by":"publisher","DOI":"10.1177\/0022343317751261"},{"key":"p_83","doi-asserted-by":"publisher","DOI":"10.1257\/jel.20221564"},{"key":"p_84","unstructured":"Zimmermann, Julia. 2022. \"Enemies within the Gates: Evidence from Stalin's Ethnic Cleansing Campaigns.\" Unpublished."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20220231","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,12,31]],"date-time":"2024-12-31T13:14:58Z","timestamp":1735650898000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20220231"}},"issued":{"date-parts":[[2025,1,1]]},"references-count":84,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2025,1,1]]}},"alternative-id":["10.1257\/mac.20220231"],"URL":"https:\/\/doi.org\/10.1257\/mac.20220231","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2025,1,1]]}},{"indexed":{"date-parts":[[2025,10,20]],"date-time":"2025-10-20T18:47:21Z","timestamp":1760986041811},"reference-count":55,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2021,7,1]]},"abstract":"<jats:p>I study the optimal inflation target in a quantitative menu cost model with a zero lower bound on interest rates. I find that the optimal inflation target is 3.5 percent, which is higher than in models commonly used for monetary policy analysis. Key to this result is that inflation has a small effect on resource misallocation when the model features firm-level shocks, which are necessary to match the empirical distribution of price changes. A higher inflation target decreases price flexibility at the zero lower bound, and through this mechanism, it reduces the severity of recessions when the monetary authority is constrained. (JEL E12, E31, E32, E42, E52)<\/jats:p>","DOI":"10.1257\/mac.20180198","type":"journal-article","created":{"date-parts":[[2021,6,29]],"date-time":"2021-06-29T12:22:11Z","timestamp":1624969331000},"page":"108-141","source":"Crossref","is-referenced-by-count":15,"title":["Optimal Inflation Target in an Economy with Menu Costs and a Zero Lower Bound"],"prefix":"10.1257","volume":"13","author":[{"given":"Andr\u00e9s","family":"Blanco","sequence":"first","affiliation":[{"name":"Department of Economics, University of Michigan (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjy022"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20140500"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1162\/jeea.2006.4.2-3.575"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA10662"},{"key":"p_5","doi-asserted-by":"crossref","unstructured":"Andrade, Philippe, Jordi Gal\u00ed, Herv\u00e9 Le Bihan, and Julien Matheron. 2018. \"The Optimal In ation Target and the Natural Rate of Interest.\" NBER Working Paper 24328.","DOI":"10.3386\/w24328"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2018.06.001"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20170402"},{"key":"p_8","doi-asserted-by":"crossref","unstructured":"Baley, Isaac, and Andr\u00e9s Blanco. 2019b. \"Aggregate Dynamics in Lumpy Economies.\" http:\/\/www. isaacbaley.com\/uploads\/6\/7\/3\/5\/6735245\/baleyblanco_fcr_main.pdf.","DOI":"10.2139\/ssrn.3462318"},{"issue":"2","key":"p_9","first-page":"17","volume":"13","author":"Ball Laurence M","year":"2013","journal-title":"Central Bank Review"},{"key":"p_10","doi-asserted-by":"crossref","unstructured":"Barsky, Robert B., Mark Bergen, Shantanu Dutta, and Daniel Levy. 2003. \"What Can the Price Gap between Branded and Private-Label Products Tell Us about Markups?\" In Scanner Data and Price Indexes, edited by Robert C. Feenstra and Matthew D. Shapiro, 165-228. Chicago: University of Chicago Press.","DOI":"10.7208\/chicago\/9780226239668.003.0009"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.3.29"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2010.00334.x"},{"key":"p_13","unstructured":"Blanco, Andr\u00e9s. 2021. \"Replication data for: Optimal In ation Target in an Economy with Menu Costs and a Zero Lower Bound.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E118523V1."},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2019.09.010"},{"key":"p_15","unstructured":"Board of Governors of the Federal Reserve System. 1955-2017. \"Effective Federal Funds Rate (FEDFUNDS).\" Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/FEDFUNDS (accessed September 24, 2018)."},{"key":"p_16","doi-asserted-by":"crossref","unstructured":"Burstein, Ariel, and Christian Hellwig. 2007. \"Prices and Market Shares in a Menu Cost Model.\" NBER Working Paper 13455.","DOI":"10.3386\/w13455"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.2.438"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(83)90060-0"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321455142"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rds013"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2011.11.006"},{"key":"p_22","first-page":"2015","author":"Diercks Anthony M","year":"2015","journal-title":"Finance and Economics Discusion Series"},{"key":"p_23","unstructured":"Diercks, Anthony M. 2019. \"The Reader's Guide to Optimal Monetary Policy.\" Unpublished."},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-080315-015306"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1162\/003355399556106"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1086\/589522"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1086\/512625"},{"issue":"3","key":"p_28","first-page":"402","volume":"78","author":"Greenwood Jeremy","year":"1988","journal-title":"American Economic Review"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.12.004"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2017.0004"},{"key":"p_31","doi-asserted-by":"crossref","unstructured":"Klenow, Peter J., and Benjamin A. Malin. 2010. \"Microeconomic Evidence on Price-Setting.\" In Handbook of Monetary Economics, Vol. 3, edited Benjamin M. Friedman and Michael Woodford, 231-84. Amsterdam: North-Holland.","DOI":"10.1016\/B978-0-444-53238-1.00006-5"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.3.863"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1086\/250034"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321455133"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA6735"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.4.1415"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.3.961"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjy017"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00194"},{"key":"p_40","unstructured":"Phelps, Edmund S. 1972. Inflation Policy and Unemployment Theory: The Cost-Benefit Approach to Monetary Planning. New York: Macmillan."},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2008.08.010"},{"key":"p_42","doi-asserted-by":"crossref","unstructured":"Schmitt-Groh\u00e9, Stephanie, and Mart\u00edn Uribe. 2010. \"Chapter 13-The Optimal Rate of In ation.\" In Handbook of Monetary Economics, Vol. 3, edited by Benjamin M. Friedman and Michael Woodford, 653-722. Amsterdam: North-Holland.","DOI":"10.1016\/B978-0-444-53454-5.00001-3"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.2307\/1992697"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.4.1663"},{"key":"p_45","unstructured":"UK Office for National Statistics. 1996-2005. \"CPI and RPI Item Indices and Price Quotes.\" UK Of ce for National Statistics."},{"key":"p_46","unstructured":"UK Office for National Statistics. 2006-2017. \"Consumer Price In ation Item Indices and Price Quotes.\" UK Of ce for National Statistics. https:\/\/www.ons.gov.uk\/economy\/inflationandpriceindices\/ datasets\/consumerpriceindicescpiandretailpricesindexrpiitemindicesandpricequotes (accessed September 24, 2018)."},{"key":"p_47","unstructured":"US Bureau of Economic Analysis. 1947-2017a. \"Gross Domestic Product: Implicit Price De ator (A191RI1Q225SBEA).\" Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/ A191RI1Q225SBEA (accessed September 24, 2018)."},{"issue":"1","key":"p_48","first-page":"5","volume":"1","author":"US Bureau of Economic Analysis.","year":"1947","journal-title":"Table"},{"key":"p_49","unstructured":"US Bureau of Labor Statistics. 1947-2017. \"Major Sector Productivity and Costs: Total Nonfarm Business, Hourly Compensation, Seasonally Adjusted-PRS85006103.\" US Department of Labor. http:\/\/data.bls.gov\/cgi-bin\/srgate (accessed September 24, 2018)."},{"key":"p_50","unstructured":"US Bureau of Labor Statistics. 1948-1976. \"Major Sector Productivity and Costs: Total Nonfarm Business, Hourly Compensation, Seasonally Adjusted-LFU800000000.\" US Department of Labor. http:\/\/data.bls.gov\/cgi-bin\/srgate (accessed September 24, 2018)."},{"key":"p_51","unstructured":"US Bureau of Labor Statistics. 1976-2017. \"Major Sector Productivity and Costs: Total Nonfarm Business, Hourly Compensation, Seasonally Adjusted-LNS10000000.\" US Department of Labor. http:\/\/data.bls.gov\/cgi-bin\/srgate (accessed September 24, 2018)."},{"key":"p_52","unstructured":"Walsh, Carl E. 2009. \"Using Monetary Policy to Stabilize Economic Activity.\" Paper presented at the Financial Stability and Macroeconomic Policy Federal Reserve Bank of Kansas City Symposium, Jackson Hole, WY, August 20-22."},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1353\/eca.0.0066"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.06.014"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1162\/003465304323031085"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180198","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,1,1]],"date-time":"2023-01-01T23:38:19Z","timestamp":1672616299000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180198"}},"issued":{"date-parts":[[2021,7,1]]},"references-count":55,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2021,7,1]]}},"alternative-id":["10.1257\/mac.20180198"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180198","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2021,7,1]]}},{"indexed":{"date-parts":[[2025,6,30]],"date-time":"2025-06-30T13:08:57Z","timestamp":1751288937831},"reference-count":30,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,10,1]]},"abstract":"<jats:p> Post-financial crisis recoveries tend to be slow and accompanied by slowdowns in total factor productivity (TFP) and permanent losses in GDP. To prevent them, how should monetary policy be conducted? We address this issue by developing a model with endogenous TFP growth in which an adverse financial shock can induce a slow recovery. In the model, a welfare-maximizing monetary policy rule features a strong response to output, and the welfare gain from output stabilization is much larger than when TFP expands exogenously. Moreover, inflation stabilization results in a sizable welfare loss, while nominal GDP stabilization works well, albeit causing high interest rate volatility. (JEL E12, E23, E32, E43, E44, E52, G01) <\/jats:p>","DOI":"10.1257\/mac.20160048","type":"journal-article","created":{"date-parts":[[2019,10,1]],"date-time":"2019-10-01T14:09:44Z","timestamp":1569938984000},"page":"82-112","source":"Crossref","is-referenced-by-count":9,"title":["Slow Post-financial Crisis Recovery and Monetary Policy"],"prefix":"10.1257","volume":"11","author":[{"given":"Daisuke","family":"Ikeda","sequence":"first","affiliation":[{"name":"Bank of Japan, 2-1-1 Nihonbashi-Hongokucho, Chuo-ku, Tokyo, 103-8660, Japan (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Takushi","family":"Kurozumi","sequence":"additional","affiliation":[{"name":"Bank of Japan, 2-1-1 Nihonbashi-Hongokucho, Chuo-ku, Tokyo, 103-8660, Japan (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.2307\/2951599"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20170269"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/0002828042002615"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdx063"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2018.07.001"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(83)90060-0"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.1.439"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.3.523"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20170367"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1057\/imfer.2014.27"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(00)00028-3"},{"issue":"3","key":"p_17","first-page":"402","volume":"78","author":"Greenwood Jeremy","year":"1988","journal-title":"American Economic Review"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.2307\/2937947"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.3982\/QE702"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1006\/redy.2001.0149"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.238"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321455133"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2017.10.006"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.2307\/2534087"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(03)00065-5"},{"issue":"5","key":"p_31","first-page":"1138","volume":"85","author":"Ramey Garey","year":"1995","journal-title":"American Economic Review"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1057\/imfer.2015.1"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1086\/261725"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2006.07.002"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8050"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150220"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1016\/0167-2231(93)90009-L"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(96)90040-9"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160048","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:41Z","timestamp":1591127861000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160048"}},"issued":{"date-parts":[[2019,10,1]]},"references-count":30,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2019,10,1]]}},"alternative-id":["10.1257\/mac.20160048"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160048","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,10,1]]}},{"indexed":{"date-parts":[[2026,3,9]],"date-time":"2026-03-09T18:52:17Z","timestamp":1773082337983,"version":"3.50.1"},"reference-count":81,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2022,1,1]]},"abstract":"<jats:p> We show that the observed polarization of employment toward the high- and low-skill occupations disappears when only native workers are considered. Instead, low-skilled immigration explains employment growth at the low tail of the skill distribution. Moreover, while employment rose, wages remained subdued in low-skill occupations. A data-disciplined structural model accounts for this evidence: Offshoring and automation negatively affect middle-skill occupations but enhance employment and wages for the high-skilled. Low-skill employment is sheltered from offshoring and automation, as it consists of manual, non-tradable services. However, low-skilled immigration depresses low-skill wages and encourages native workers to move into skilled occupations through training. (JEL F16, J24, J31, J61, M53) <\/jats:p>","DOI":"10.1257\/mac.20180205","type":"journal-article","created":{"date-parts":[[2021,12,30]],"date-time":"2021-12-30T13:05:02Z","timestamp":1640869502000},"page":"355-389","source":"Crossref","is-referenced-by-count":12,"title":["Offshoring, Automation, Low-Skilled Immigration, and Labor Market Polarization"],"prefix":"10.1257","volume":"14","author":[{"given":"Federico S.","family":"Mandelman","sequence":"first","affiliation":[{"name":"Research Economist and Policy Adviser, Federal Reserve Bank of Atlanta (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Andrei","family":"Zlate","sequence":"additional","affiliation":[{"name":"Principal\u00a0Economist, Federal Reserve Board, Division of Monetary\u00a0Affairs (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"crossref","unstructured":"Acemoglu, Daron, and David Autor. 2011. \"Chapter 12-Skills, Tasks and Technologies: Implications for Employment and Earnings.\" In Handbook of Labor Economics, Vol. 4B, edited by David Card and Orley Ashenfelter, 1043-1171. Replication les at https:\/\/economics.mit.edu\/faculty\/dautor\/ data\/acemoglu (accessed July 13, 2013).","DOI":"10.1016\/S0169-7218(11)02410-5"},{"key":"p_2","doi-asserted-by":"crossref","unstructured":"Acemoglu, Daron, and Pascual Restrepo. 2017. \"Robots and Jobs: Evidence from US Labor Markets.\" NBER Working Paper 23285.","DOI":"10.3386\/w23285"},{"issue":"1","key":"p_3","first-page":"112","volume":"86","author":"Andolfatto David","year":"1996","journal-title":"American Economic Review"},{"issue":"5","key":"p_4","first-page":"1065","volume":"85","author":"Angrist Joshua D","year":"1995","journal-title":"American Economic Review"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.5.1553"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1162\/003355303322552801"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2012.10.005"},{"key":"p_8","doi-asserted-by":"crossref","unstructured":"Beerli, Andreas, and Giovanni Peri. 2016. \"The Labor Market Effects of Opening the Border: Evidence from Switzerland.\" http:\/\/legacy.iza.org\/en\/papers\/1054_20032017.pdf.","DOI":"10.3386\/w21319"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.3982\/QE1031"},{"key":"p_10","doi-asserted-by":"crossref","unstructured":"Borjas, George J., Jeffrey Grogger, and Gordon H. Hanson. 2008. \"Imperfect Substitution between Immigrants and Natives: A Reappraisal.\" NBER Working Paper 13887.","DOI":"10.3386\/w13887"},{"key":"p_11","unstructured":"Cavenaile, L. 2017. \"Offshoring, Computerization, Labor Market Polarization and Top Income Inequality.\" Unpublished."},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1086\/669170"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2017.09.006"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1086\/589756"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2009.586.x"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/654135"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1111\/jeea.12110"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2017.12.003"},{"key":"p_19","doi-asserted-by":"crossref","unstructured":"ESCAP-World Bank. 2020. \"ESCAP-World Bank: International Trade Costs.\" World Bank Group. https:\/\/datacatalog.worldbank.org\/dataset\/escap-world-bank-international-trade-costs (accessed April 20, 2020).","DOI":"10.1596\/978-1-4648-1619-2"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2014.08.008"},{"key":"p_21","doi-asserted-by":"crossref","unstructured":"Firpo, Sergio, Nicole M. Fortin, and Thomas Lemieux. 2011. \"Occupational Tasks and Changes in the Wage Structure.\" IZA Discussion Papers 5542.","DOI":"10.2139\/ssrn.1778886"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/jep.9.2.23"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1162\/003355305774268246"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.8.2509"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2010.06.003"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.5.1978"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8700"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.2307\/145322"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(85)90039-X"},{"key":"p_30","doi-asserted-by":"crossref","unstructured":"Hanson, Gordon H. 2006. \"Illegal Immigration from Mexico to the United States.\" NBER Working Paper 12141.","DOI":"10.3386\/w12141"},{"key":"p_31","doi-asserted-by":"crossref","unstructured":"Hanson, Gordon H., and Matthew J. Slaughter. 2016. \"High-Skilled Immigration and the Rise of STEM Occupations in U.S. Employment.\" NBER Working Paper 22623.","DOI":"10.3386\/w22623"},{"key":"p_32","doi-asserted-by":"crossref","unstructured":"Helpman, Elhanan. 2018. Globalization and Inequality. Cambridge, MA: Harvard University Press.","DOI":"10.4159\/9780674988958"},{"key":"p_33","doi-asserted-by":"crossref","unstructured":"Hummels, David, Rasmus Jorgensen, Jakob Munch, and Chong Xiang. 2010. \"The Wage and Employment Effects of Outsourcing: Evidence from Danish Matched Worker-Firm Data.\" https:\/\/ www.krannert.purdue.edu\/faculty\/hummelsd\/research\/HJMX%20Danish%20outsourcing%20 version%209.pdf.","DOI":"10.3386\/w17496"},{"key":"p_34","doi-asserted-by":"crossref","unstructured":"Hunt, Jennifer. 2012. \"The Impact of Immigration on the Educational Attainment of Natives.\" NBER Working Paper 18047.","DOI":"10.3386\/w18047"},{"key":"p_35","first-page":"15","author":"Jackson O.","year":"2015","journal-title":"Federal Reserve Bank of Boston Working Paper"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1162\/rest_a_00875"},{"key":"p_37","doi-asserted-by":"crossref","unstructured":"Jaimovich, Nir, and Henry E. Siu. 2017. \"High-Skilled Immigration, STEM Employment, and Non-routine-Biased Technical Change.\" In High-Skilled Migration to the United States and Its Economic Consequences, edited by Gordon H. Hanson, William R. Kerr, and Sarah Turner. Chicago: University of Chicago Press.","DOI":"10.3386\/w23185"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.2307\/2118323"},{"key":"p_39","doi-asserted-by":"crossref","unstructured":"Keller, Wolfgang, and H\u00e2le Utar. 2016. \"International Trade and Job Polarization: Evidence at the Worker-Level.\" NBER Working Paper 22315.","DOI":"10.3386\/w22315"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.08.003"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(88)90030-X"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.10.011"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2014.03.003"},{"key":"p_44","unstructured":"Krogstad, Jens Manuel, Jeffrey S. Passel, and D'Vera Cohn. 2019. \"Five Facts about Illegal Immigration in the U.S.\" Pew Research Center, June 12. https:\/\/www.pewresearch.org\/fact-tank\/2019\/06\/12\/5- facts-about-illegal-immigration-in-the-u-s\/."},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00150"},{"key":"p_46","doi-asserted-by":"crossref","unstructured":"Lee, Sang Yoon (Tim), and Yongseok Shin. 2017. \"Horizontal and Vertical Polarization: Task-Speci c Technological Change in a Multi-sector Economy.\" NBER Working Paper 23283.","DOI":"10.3386\/w23283"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2016.01.004"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2012.01.004"},{"key":"p_49","unstructured":"Mandelman, Federico S., and Andrei Zlate. 2022. \"Replication Data for: Offshoring, Automation, Low-skilled Immigration, and Labor Market Polarization.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi. org\/10.3886\/E118722V1."},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00467"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1111\/j.1465-7295.2011.00439.x"},{"key":"p_52","doi-asserted-by":"crossref","unstructured":"Novy, Dennis. 2006. \"Is the Iceberg Melting Less Quickly? International Trade Costs after World War II.\" Warwick Economic Research Paper 764.","DOI":"10.2139\/ssrn.944421"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.5.1925"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1111\/j.1542-4774.2011.01052.x"},{"key":"p_55","unstructured":"Passel, Jeffrey S., and D'Vera Cohn. 2016a. Size of U.S. Unauthorized Immigrant Workforce Stable after the Great Recession. Washington, DC: Pew Research Center."},{"key":"p_56","unstructured":"Passel, Jeffrey S., and D'Vera Cohn. 2016b. \"Unauthorized Immigrant Population Stable for Half a Decade.\" Pew Research Center, September 21. https:\/\/www.pewresearch.org\/fact-tank\/2016\/09\/21\/ unauthorized-immigrant-population-stable-for-half-a-decade\/."},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1257\/app.1.3.135"},{"key":"p_58","unstructured":"Pew Research Center. 2019. \"Unauthorized Immigrant Population Trends for States, Birth Countries and Regions.\" Pew Research Center. https:\/\/www.pewresearch.org\/hispanic\/interactives\/ unauthorized-trends\/ (accessed April 20, 2020)."},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(88)90042-6"},{"key":"p_60","unstructured":"Ruggles, S.J., T. Alexander, K. Genadek, R. Goeken, M.B. Schroeder, and M. Sobek. 2010. \"Integrated Public Use Microdata Series USA: Version 5.0 and Subsequent Edits [Dataset].\" Minneapolis: University of Minnesota. https:\/\/usa.ipums.org\/usa\/ (accessed July 13, 2013)."},{"issue":"1","key":"p_61","first-page":"168","volume":"85","author":"Stockman Alan C","year":"1995","journal-title":"American Economic Review"},{"key":"p_62","unstructured":"US Bureau of Economic Analysis (BEA). 2018. \"Standard Fixed Assets Tables.\" US BEA. https:\/\/apps. bea.gov\/iTable\/index_FA.cfm."},{"key":"p_63","unstructured":"US Bureau of Economic Analysis (BEA). 2020a. \"Direct Investment and Multinational Enterprises: Comprehensive Data.\" US BEA. https:\/\/www.bea.gov\/international\/direct-investment-andmultinational-enterprises-comprehensive-data (accessed April 20, 2020)."},{"key":"p_64","unstructured":"US Bureau of Economic Analysis. 2020b. \"Exports of Goods and Services [EXPGS].\" FRED, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/EXPGS (accessed July 26, 2020)."},{"key":"p_65","unstructured":"US Bureau of Economic Analysis. 2020c. \"Imports of Goods and Services [IMPGS].\" FRED, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/IMPGS (accessed July 26, 2020)."},{"key":"p_66","unstructured":"US Bureau of Economic Analysis. 2020d. \"Gross Domestic Product [GDP].\" FRED, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/GDP (accessed July 26, 2020)."},{"key":"p_67","unstructured":"US Bureau of Economic Analysis, and US Census Bureau. 2020a. \"U.S. Exports of Goods by F.A.S. Basis to Canada, Mexico, Germany, Japan, the United Kingdom, South Korea [EXPCA].\" FRED, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/EXPCA (accessed April 20, 2020)."},{"key":"p_68","unstructured":"US Bureau of Economic Analysis, and US Census Bureau. 2020b. \"U.S. Imports of Goods by Customs Basis from Canada, Mexico, Germany, Japan, the United Kingdom, South Korea [IMPCA].\" FRED, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/IMPCA (accessed April 20, 2020)."},{"key":"p_69","unstructured":"US Bureau of Labor Statistics. 2020a. \"Labor Force Statistics from the Current Population Survey.\" US Bureau of Labor Statistics. https:\/\/www.bls.gov\/cps\/ (accessed April 20, 2020)."},{"key":"p_70","unstructured":"US Bureau of Labor Statistics. 2020b. \"Average Hourly Earnings of Production and Nonsupervisory Employees, Transportation and Warehousing [CES4300000008].\" FRED, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/CES4300000008 (accessed April 20, 2020)."},{"key":"p_71","unstructured":"US Bureau of Labor Statistics. 2020c. \"Average Hourly Earnings of Production and Nonsupervisory Employees, Mining and Logging [CES1000000008].\" FRED, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/CES1000000008 (accessed April 20, 2020)."},{"key":"p_72","unstructured":"US Bureau of Labor Statistics. 2020d. \"Average Hourly Earnings of Production and Nonsupervisory Employees, Construction [CES2000000008].\" FRED, Federal Reserve Bank of St. Louis. https:\/\/ fred.stlouisfed.org\/series\/CES2000000008 (accessed April 20, 2020)."},{"key":"p_73","unstructured":"US Bureau of Labor Statistics. 2020e. \"Average Hourly Earnings of Production and Nonsupervisory Employees, Utilities [CES4422000008].\" FRED, Federal Reserve Bank of St. Louis. https:\/\/fred. stlouisfed.org\/series\/CES4422000008 (accessed April 20, 2020)."},{"key":"p_74","unstructured":"US Bureau of Labor Statistics. 2020f. \"Average Hourly Earnings of Production and Nonsupervisory Employees, Goods-Producing [CES0600000008].\" FRED, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/CES0600000008 (accessed April 20, 2020)."},{"key":"p_75","unstructured":"US Census Bureau. 1987. \"Change in the Undocumented Alien Population in the United States, 1979-1983, Winter 1987.\" https:\/\/pubmed.ncbi.nlm.nih.gov\/12280904\/ (accessed April 20, 2020)."},{"key":"p_76","unstructured":"US Census Bureau. 1985. \"Census of Population and Housing, 1980 (United States): Public Use Microdata Sample: 5 Percent Sample (Computer File). ICPSR Version.\" Washington, DC: US Bureau of the Census (producer, 1985); Ann Arbor, MI: Inter-university Consortium for Political and Social Research (distributor, 1987)."},{"key":"p_77","unstructured":"US Census Bureau. 1995. \"Census of Population and Housing, 1990 (United States): Public Use Microdata Sample: 5 Percent Sample (Computer File). ICPSR Version.\" Washington, DC: US Bureau of the Census (producer); Ann Arbor, Michigan: Inter-university Consortium for Political and Social Research (distributor, 1996)."},{"key":"p_78","unstructured":"US Census Bureau. 2003. \"Census of Population and Housing, 2000 (United States): Public Use Microdata Sample: 5 Percent Sample (Computer File). ICPSR Version.\" Washington, DC: US Bureau of the Census (producer); Ann Arbor, Michigan: Inter-university Consortium for Political and Social Research (distributor, 2003)."},{"key":"p_79","doi-asserted-by":"publisher","DOI":"10.1111\/imre.12022"},{"key":"p_80","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2013.11.008"},{"key":"p_81","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2016.01.004"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180205","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,12,30]],"date-time":"2021-12-30T13:07:01Z","timestamp":1640869621000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180205"}},"issued":{"date-parts":[[2022,1,1]]},"references-count":81,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2022,1,1]]}},"alternative-id":["10.1257\/mac.20180205"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180205","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2022,1,1]]}},{"indexed":{"date-parts":[[2026,4,11]],"date-time":"2026-04-11T01:07:11Z","timestamp":1775869631140,"version":"3.50.1"},"reference-count":33,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2018,1,1]]},"abstract":"<jats:p> An ideologically biased expert faces trade-offs in model design. The perceived model must be autocoherent\u2014its use by all agents delivers a self-confirming equilibrium. Policy may be influenced by manipulating the Keynesian multiplier or the Phillips curve parameters. Ideological bias may arise in a way that resembles well-known historical controversies. A larger reported Keynesian multiplier is favored by more left-wing economists, as is a flatter inflation output trade-off. Some combinations of parameters must be truthfully revealed, illustrating the tight link between parameter identification and the scope for bias that is implied by the autocoherence conditions. (JEL A11, D72, E12, E13, E52, E61, E62) <\/jats:p>","DOI":"10.1257\/mac.20140154","type":"journal-article","created":{"date-parts":[[2018,1,4]],"date-time":"2018-01-04T14:14:44Z","timestamp":1515075284000},"page":"216-241","source":"Crossref","is-referenced-by-count":7,"title":["The Possibility of Ideological Bias in Structural Macroeconomic Models"],"prefix":"10.1257","volume":"10","author":[{"given":"Gilles","family":"Saint-Paul","sequence":"first","affiliation":[{"name":"Paris School of Economics, 48 Boulevard Jourdan, 75014 Paris, France, and New York University Abu Dhabi (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2000.0001"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/0002828054825655"},{"issue":"4","key":"p_3","first-page":"693","volume":"55","author":"Ando Albert","year":"1965","journal-title":"American Economic review"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1162\/00335530151144078"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.2307\/1912186"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8299"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/jel.37.4.1661"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.2307\/1913390"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1889(02)00137-9"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.2307\/2297970"},{"issue":"1","key":"p_11","first-page":"1","volume":"58","author":"Friedman Milton","year":"1968","journal-title":"American Economic review"},{"issue":"3","key":"p_13","first-page":"1387","volume":"36","author":"Fuchs Victor R","year":"1998","journal-title":"Journal of Economic Literature"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/2951716"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2008.07.007"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.1.249"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.2307\/2534140"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.2307\/2534215"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2004.12.006"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2007.01234.x"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/0167-2231(94)00018-2"},{"issue":"2","key":"p_23","first-page":"21","volume":"77","author":"Kretzmer Peter E","year":"1992","journal-title":"Federal reserve Bank of Kansas city Economic review"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(72)90142-1"},{"issue":"3","key":"p_26","first-page":"326","volume":"63","author":"Lucas Robert E., Jr.","year":"1973","journal-title":"American Economic review"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.2307\/2552025"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.2307\/2946692"},{"issue":"4","key":"p_29","first-page":"9","volume":"10","author":"Prescott Edward C","year":"1986","journal-title":"Federal reserve Bank of Minneapolis Quarterly review"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.2307\/1885679"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1111\/jeea.12035"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1086\/260465"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.1.5"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.4.1193"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"},{"issue":"4","key":"p_40","first-page":"23","volume":"10","author":"Summers Lawrence H","year":"1986","journal-title":"Federal reserve Bank of Minneapolis Quarterly review"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20140154","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:44Z","timestamp":1591127804000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20140154"}},"issued":{"date-parts":[[2018,1,1]]},"references-count":33,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2018,1,1]]}},"alternative-id":["10.1257\/mac.20140154"],"URL":"https:\/\/doi.org\/10.1257\/mac.20140154","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2018,1,1]]}},{"indexed":{"date-parts":[[2026,4,8]],"date-time":"2026-04-08T06:05:41Z","timestamp":1775628341418,"version":"3.50.1"},"reference-count":31,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2023,4,1]]},"abstract":"<jats:p> The concentration of risk within the financial system leads to systemic instability. We propose a theory to explain the structure of the financial system and show how it alters the risk-taking incentives of financial institutions when the government optimally intervenes during crises. By issuing interbank claims, risky institutions endogenously become large and interconnected. This concentrated structure enables institutions to share the risk of systemic crises in a privately optimal way but leads to excessive risk taking even by peripheral institutions. Interconnectedness and excessive risk taking reinforce one another. Macroprudential regulation that limits the interconnectedness of risky institutions improves welfare. (JEL D82, E44, G01, G21, G28) <\/jats:p>","DOI":"10.1257\/mac.20210333","type":"journal-article","created":{"date-parts":[[2023,3,31]],"date-time":"2023-03-31T12:56:21Z","timestamp":1680267381000},"page":"35-64","source":"Crossref","is-referenced-by-count":5,"title":["Collective Moral Hazard and the Interbank Market"],"prefix":"10.1257","volume":"15","author":[{"given":"Levent","family":"Altinoglu","sequence":"first","affiliation":[{"name":"Federal Reserve Board of Governors (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Joseph E.","family":"Stiglitz","sequence":"additional","affiliation":[{"name":"Columbia University (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"crossref","unstructured":"Acemoglu, Daron, Asuman Ozdaglar, and Alireza Tahbaz-Salehi. 2014. \"Systemic Risk in Endogenous Financial Networks.\" Unpublished.","DOI":"10.3386\/w18727"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfs.2009.02.001"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.3390\/jrfm13080183"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfi.2006.06.001"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1057\/s41308-018-0052-x"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12087"},{"key":"p_7","first-page":"2019","author":"Chang Jin-Wook","year":"2019","journal-title":"Finance and Economics Discussion Series (FEDS) Working Paper"},{"key":"p_8","doi-asserted-by":"crossref","unstructured":"Chang, Briana, and Shengxing Zhang. 2021. \"Risk Concentration and Interconnectedness in OTC Markets.\" Unpublished.","DOI":"10.2139\/ssrn.3808072"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20150157"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdx010"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2019.09.005"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2019.05.019"},{"key":"p_13","doi-asserted-by":"crossref","unstructured":"Di Maggio, Marco, and Alireza Tahbaz-Salehi. 2014. \"Financial Intermediation Networks.\" Unpublished.","DOI":"10.2139\/ssrn.2492007"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2020.105157"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.10.3115"},{"key":"p_16","doi-asserted-by":"crossref","unstructured":"Erol, Selman. 2018. \"Network Hazard and Bailouts.\" Unpublished.","DOI":"10.2139\/ssrn.3034406"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.60"},{"key":"p_18","doi-asserted-by":"crossref","unstructured":"Freixas, Xavier. 1999. \"Optimal Bail-out, Conditionality, and Creative Ambiguity.\" CEPR Working Paper 2238.","DOI":"10.2139\/ssrn.199054"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.2307\/2601198"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12036"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2011.05.005"},{"key":"p_22","unstructured":"Kanik, Zafer. 2021. \"Fragility, Rescues, and Stability in Financial Networks.\" Unpublished."},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhz117"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdv044"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2005.00821.x"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2008.00494.x"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2018.3248"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2016.06.001"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2004.00308.x"},{"key":"p_30","doi-asserted-by":"crossref","unstructured":"Shu, Chong. 2019. \"Endogenous Risk-Exposure and Systemic Instability.\" Unpublished.","DOI":"10.2139\/ssrn.3076076"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hht008"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20210333","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,3,31]],"date-time":"2023-03-31T13:01:17Z","timestamp":1680267677000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20210333"}},"issued":{"date-parts":[[2023,4,1]]},"references-count":31,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2023,4,1]]}},"alternative-id":["10.1257\/mac.20210333"],"URL":"https:\/\/doi.org\/10.1257\/mac.20210333","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2023,4,1]]}},{"indexed":{"date-parts":[[2026,6,2]],"date-time":"2026-06-02T22:17:25Z","timestamp":1780438645822,"version":"3.54.1"},"reference-count":31,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2017,4,1]]},"abstract":"<jats:p> China\u2019s housing prices have been growing nearly twice as fast as national income over the past decade, despite a high vacancy rate and a high rate of return to capital. This paper interprets China\u2019s housing boom as a rational bubble emerging naturally from its economic transition. The bubble arises because high capital returns driven by resource reallocation are not sustainable in the long run. Rational expectations of a strong future demand for alternative stores of value can thus induce currently productive agents to speculate in the housing market. Our model can quantitatively account for China\u2019s paradoxical housing boom. (JEL O16, O18, P24, P25, R21, R31) <\/jats:p>","DOI":"10.1257\/mac.20140234","type":"journal-article","created":{"date-parts":[[2017,4,5]],"date-time":"2017-04-05T13:09:08Z","timestamp":1491397748000},"page":"73-114","source":"Crossref","is-referenced-by-count":146,"title":["The Great Housing Boom of China"],"prefix":"10.1257","volume":"9","author":[{"given":"Kaiji","family":"Chen","sequence":"first","affiliation":[{"name":"Economics Department, Emory University, 1602 Fishburne Drive, Atlanta, GA 30322, and the Research Department of the Federal Reserve Bank of Atlanta (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Yi","family":"Wen","sequence":"additional","affiliation":[{"name":"Research Division, Federal Reserve Bank of St. Louis, P.O. Box 422, St. Louis, MO, 63166, and School of Economics and Management, Tsinghua University (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.2307\/2297746"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12189"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2007.0000"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1006\/jcec.2000.1681"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.5.1964"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1086\/670271"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.10.005"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/S1049-0078(01)00083-5"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20130105"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdr039"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.3.721"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1111\/jeea.12072"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2012.03.004"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(93)90014-7"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.01.005"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-006-0201-8"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(93)90036-F"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.3033"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2015.08.004"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.2.422"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.10.3186"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1023\/A:1015181911497"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.05.002"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.1.196"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.2307\/1913232"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1016\/j.habitatint.2010.11.010"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2011.03.016"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1007\/s11146-013-9416-1"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1016\/j.regsciurbeco.2011.03.003"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1016\/j.jue.2014.12.006"},{"key":"p_52","first-page":"4","volume":"8","author":"Yi Gang","year":"2008","journal-title":"Economic Research Journal (Jin Ji Yan Jiu)"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20140234","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:54:35Z","timestamp":1591127675000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20140234"}},"issued":{"date-parts":[[2017,4,1]]},"references-count":31,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2017,4,1]]}},"alternative-id":["10.1257\/mac.20140234"],"URL":"https:\/\/doi.org\/10.1257\/mac.20140234","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2017,4,1]]}},{"indexed":{"date-parts":[[2026,6,5]],"date-time":"2026-06-05T21:08:18Z","timestamp":1780693698139,"version":"3.54.1"},"reference-count":34,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2018,10,1]]},"abstract":"<jats:p>A dynamic stochastic occupational choice model with heterogeneous agents is developed to evaluate the impact of a corporate income tax reduction on employment. In this framework, the key margin is the endogenous entrepreneurial choice of the legal form of organization. A reduction in the corporate income tax burden encourages adoption of the C corporation legal form, which reduces capital constraints on firms. Improved capital reallocation increases the overall productive efficiency in the economy and therefore expands the labor market. Relative to the benchmark economy, a corporate income tax cut can reduce the nonemployment rate by up to 7 percent. (JEL E24, H25, H32, J23, J24)<\/jats:p>","DOI":"10.1257\/mac.20140103","type":"journal-article","created":{"date-parts":[[2018,10,1]],"date-time":"2018-10-01T13:01:06Z","timestamp":1538398866000},"page":"270-304","source":"Crossref","is-referenced-by-count":15,"title":["Corporate Income Tax, Legal Form of Organization, and Employment"],"prefix":"10.1257","volume":"10","author":[{"given":"Daphne","family":"Chen","sequence":"first","affiliation":[{"name":"Vega Economics, 1625 Shattuck Ave Suite 200, Berkeley, CA 94706 (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Shi","family":"Qi","sequence":"additional","affiliation":[{"name":"Economics Department, College of William and Mary, P.O. Box 8795 Williamsburg, VA 23187 (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Don","family":"Schlagenhauf","sequence":"additional","affiliation":[{"name":"Federal Reserve Bank of St. Louis, St. Louis, MO 63102 (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2010.00601.x"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1086\/tpe.20.20061903"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.5.1964"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/508032"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1111\/j.1465-7295.2012.00467.x"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.1.25"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.03.016"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/pol.6.2.19"},{"issue":"1","key":"p_10","first-page":"2","volume":"34","author":"D\u00edaz-Gim\u00e9nez Javier","year":"2011","journal-title":"Federal Reserve Bank of Minneapolis Quarterly Review"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2004.00135.x"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1006\/redy.2000.0117"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.5.1263"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/S0047-2727(98)00009-7"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2003.05.002"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/0047-2727(94)90055-8"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.1.131"},{"issue":"2","key":"p_21","doi-asserted-by":"crossref","first-page":"317","DOI":"10.1086\/NTJ41789070","volume":"47","author":"Gouveia Miguel","year":"1994","journal-title":"National Tax Journal"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1086\/261627"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/S0047-2727(01)00085-8"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.01.005"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1086\/261809"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1086\/261909"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.4.1403"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2011.0017"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.2307\/3003596"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1997.tb04810.x"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjs022"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.4.1212"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.2.422"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1006\/redy.1999.0077"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.05.002"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.11.003"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1016\/0047-2727(76)90022-0"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1765(86)90168-0"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20140103","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,9,3]],"date-time":"2022-09-03T02:23:44Z","timestamp":1662171824000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20140103"}},"issued":{"date-parts":[[2018,10,1]]},"references-count":34,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2018,10,1]]}},"alternative-id":["10.1257\/mac.20140103"],"URL":"https:\/\/doi.org\/10.1257\/mac.20140103","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2018,10,1]]}},{"indexed":{"date-parts":[[2026,5,20]],"date-time":"2026-05-20T08:57:33Z","timestamp":1779267453855,"version":"3.51.4"},"reference-count":25,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2016,1,1]]},"abstract":"<jats:p> This paper studies a dynamic production economy with financial intermediation. It is assumed that claims held on intermediaries cannot be fully enforced such that intermediation is subject to intermediary equity requirements. It is shown that competitive equilibria are not constrained efficient whenever the aggregate amount of intermediary equity in the economy is low enough to limit production. Specifically, a constrained social planner can achieve a Pareto improvement by creating long-term rents for intermediaries, which immediately reduces intermediary equity requirements. The constrained-efficient allocation can be implemented by a positive tax on future intermediary activity. (JEL D21, D82, D86, G21, G28) <\/jats:p>","DOI":"10.1257\/mac.20140043","type":"journal-article","created":{"date-parts":[[2015,12,22]],"date-time":"2015-12-22T14:30:10Z","timestamp":1450794610000},"page":"98-118","source":"Crossref","is-referenced-by-count":5,"title":["Optimal Intermediary Rents"],"prefix":"10.1257","volume":"8","author":[{"given":"Josef","family":"Schroth","sequence":"first","affiliation":[{"name":"Bank of Canada, 234 Laurier Avenue West, Ottawa, Ontario K1A 0G9, Canada (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"issue":"4","key":"p_1","first-page":"439","volume":"1","author":"\u00c1brah\u00e1m \u00c1rp\u00e1d","year":"2006","journal-title":"Theoretical Economics"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1111\/0034-6527.00285"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00137"},{"issue":"3","key":"p_5","first-page":"257","volume":"73","author":"Bernanke Ben S","year":"1983","journal-title":"American Economic review"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.2307\/2534592"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.7.3400"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2010.02.009"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.2307\/1911310"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/S1042-9573(03)00046-9"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00296"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2009.00540.x"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.122.2.487"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.2307\/1891114"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.1.147"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1162\/003355397555316"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2009.12.001"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/0047-2727(85)90020-9"},{"issue":"1","key":"p_24","first-page":"18","volume":"28","author":"Kashyap Anil K","year":"2004","journal-title":"Federal reserve Bank of chicago Economic Perspectives"},{"issue":"5","key":"p_25","first-page":"1183","volume":"80","author":"Keeley Michael C","year":"1990","journal-title":"American Economic review"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-0531(03)00255-2"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.2307\/2298103"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2008.00494.x"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/S0378-4266(84)80046-1"},{"key":"p_30","first-page":"12","author":"Monnet Cyril","year":"2012","journal-title":"Federal Reserve Bank of Philadelphia Working Paper"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.2307\/2971710"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20140043","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:53:57Z","timestamp":1591127637000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20140043"}},"issued":{"date-parts":[[2016,1,1]]},"references-count":25,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2016,1,1]]}},"alternative-id":["10.1257\/mac.20140043"],"URL":"https:\/\/doi.org\/10.1257\/mac.20140043","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2016,1,1]]}},{"indexed":{"date-parts":[[2026,6,12]],"date-time":"2026-06-12T15:50:03Z","timestamp":1781279403730,"version":"3.54.1"},"reference-count":59,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2023,4,1]]},"abstract":"<jats:p> Population aging is expected to slow US economic growth. We use variation in the predetermined component of population aging across states to estimate the impact of aging on growth in GDP per capita for 1980\u20132010. We find that each 10 percent increase in the fraction of the population age 60+ decreased per capita GDP by 5.5 percent. One-third of the reduction arose from slower employment growth; two-thirds due to slower labor productivity growth. Labor compensation and wages also declined in response. Our estimate implies population aging reduced the growth rate in GDP per capita by 0.3 percentage points per year during 1980\u20132010. (JEL E23, E24, J11, J14, J31, O47) <\/jats:p>","DOI":"10.1257\/mac.20190196","type":"journal-article","created":{"date-parts":[[2023,3,31]],"date-time":"2023-03-31T12:56:21Z","timestamp":1680267381000},"page":"306-332","source":"Crossref","is-referenced-by-count":208,"title":["The Effect of Population Aging on Economic Growth, the Labor Force, and Productivity"],"prefix":"10.1257","volume":"15","author":[{"given":"Nicole","family":"Maestas","sequence":"first","affiliation":[{"name":"Harvard University and NBER (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Kathleen J.","family":"Mullen","sequence":"additional","affiliation":[{"name":"University of Oregon and NBER (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"David","family":"Powell","sequence":"additional","affiliation":[{"name":"RAND (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2014.0015"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2006.0012"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.p20171101"},{"key":"p_4","unstructured":"Administration on Aging. 2014. \"Projected Future Growth of the Older Population.\" U.S. Department of Health and Human Services. https:\/\/web.archive.org\/web\/20151019072234\/http:\/\/www.aoa. gov\/Aging_Statistics\/future_growth\/docs\/By_Age_Total_Population.xls (accessed on October 3, 2014)."},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2017.10.004"},{"key":"p_6","doi-asserted-by":"crossref","unstructured":"Aiyar, Shekhar, Christian Ebeke, and Xiaobo Shao. 2016. \"The Impact of Workforce Aging on European Productivity.\" International Monetary Fund Working Paper 16\/238.","DOI":"10.5089\/9781475559729.001"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20170114"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1086\/261816"},{"key":"p_9","doi-asserted-by":"crossref","unstructured":"Bartik, Timothy J. 1991. Who Benefits from State and Local Economic Development Policies? Kalamazoo, MI: W.E. Upjohn Institute for Employment Research.","DOI":"10.17848\/9780585223940"},{"key":"p_10","doi-asserted-by":"crossref","unstructured":"Bianchi, Nicola, Giulia Bovini, Jin Li, Matteo Paradisi, and Michael L. Powell. 2021. \"Career Spillovers in Internal Labor Markets.\" NBER Working Paper 28605.","DOI":"10.3386\/w28605"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.2307\/2534556"},{"key":"p_12","doi-asserted-by":"crossref","unstructured":"Bloom, David, David Canning, and Jaypee Sevilla. 2003. The Demographic Dividend: A New Perspective on the Economic Consequences of Population Change. Santa Monica, CA: RAND Corporation.","DOI":"10.7249\/MR1274"},{"key":"p_13","unstructured":"Bornstein, Gideon. 2020. \"Entry and Pro ts in an Aging Economy: The Role of Consumer Inertia.\" Unpublished."},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1111\/1467-9914.17.specialissue.2"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdab030"},{"key":"p_16","unstructured":"Bureau of Economic Analysis. 1979-2009. \"Gross Domestic Product by State and Personal Income by State.\" https:\/\/www.bea.gov\/data\/gdp\/gdp-state."},{"key":"p_17","unstructured":"Bureau of Economic Analysis. 2006. Gross Domestic Product by State Estimation Methodology. Washington, DC: U.S. Department of Commerce."},{"key":"p_18","doi-asserted-by":"crossref","unstructured":"Carta, Francesca, Francesco D'Amuri, and Till M. von Wachter. 2021. \"Workforce Aging, Pension Reforms, and Firm Outcomes.\" NBER Working Paper 28407.","DOI":"10.3386\/w28407"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.2307\/2534525"},{"key":"p_20","unstructured":"Daniele, Federica, Taku Honiden, and Alexander C. Lembcke. 2020. \"Ageing and Productivity Growth in OECD Regions: Combatting the Economic Impact of Ageing Through Productivity Growth?\" In Ageing and Fiscal Challenges Across Levels of Government, edited by Junghum Kim and Sean Dougherty, 41-62. Paris: OECD Publishing."},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/jep.28.3.3"},{"key":"p_22","doi-asserted-by":"crossref","unstructured":"Engbom, Niklas. 2019. Firm and Worker Dynamics in an Aging Labor Market. Federal Reserve Bank of Minneapolis Working Paper 756.","DOI":"10.21034\/wp.756"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/aeri.20180383"},{"key":"p_24","doi-asserted-by":"crossref","unstructured":"Fernald, John G. \"Reassessing Longer-Run U.S. Growth: How Low?\" 2016. Federal Reserve Bank of San Francisco Working Paper 2016-18.","DOI":"10.24148\/wp2016-18"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.5.44"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1162\/rest.89.1.100"},{"key":"p_27","first-page":"78","volume":"34","author":"Feyrer James","year":"2008","journal-title":"Population and Development Review"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1057\/s41308-021-00138-4"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2015.10.012"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1162\/003465302317411569"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20181047"},{"key":"p_32","doi-asserted-by":"crossref","unstructured":"Gordon, Robert J. 2017. The Rise and Fall of American Growth: The U.S. Standard of Living Since the Civil War. Princeton, NJ: Princeton University Press.","DOI":"10.1515\/9781400888955"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1162\/003355399555954"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1080\/07350015.2016.1167058"},{"key":"p_35","unstructured":"J\u00e4ger, Simon and J\u00f6rg Heining. 2019. \"How Substitutable Are Workers? Evidence from Worker Deaths.\" Unpublished."},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.3.804"},{"key":"p_37","doi-asserted-by":"crossref","unstructured":"Karahan, Fatih, Benjamin Pugsley, and Ay\u015feg\u00fcl \u015eahin. 2019. \"Demographic Origins of the Startup De cit.\" NBER Working Paper 25874.","DOI":"10.3386\/w25874"},{"key":"p_38","doi-asserted-by":"crossref","unstructured":"Karahan, Fatih, and Serena Rhee. 2014. \"Population Aging, Migration Spillovers, and the Decline in Interstate Migration.\" Federal Reserve Bank of New York Staff Report 699.","DOI":"10.2139\/ssrn.2521761"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2003.11.003"},{"key":"p_40","unstructured":"Kozeniauskas, Nicholas. 2022. \"What's Driving the Decline in Entrepreneurship?\" Unpublished."},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1086\/698750"},{"key":"p_42","unstructured":"Maestas, Nicole, Kathleen J. Mullen, and David Powell. 2023. \"Replication data for The Effect of Population Aging on Economic Growth, the Labor Force and Productivity.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.38886\/E173781V1."},{"key":"p_43","doi-asserted-by":"crossref","unstructured":"Maestas, Nicole, Kathleen J. Mullen, and David Powell. 2013. \"The Effect of Local Labor Demand Conditions on the Labor Supply Outcomes of Older Americans.\" RAND Working Paper WR-1019.","DOI":"10.7249\/WR1019"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.3.753"},{"key":"p_45","unstructured":"National Research Council of the National Academies. 2012. Aging and the Macroeconomy: Long-Term Implications of an Older Population. Washington, D.C.: The National Academies Press."},{"key":"p_46","unstructured":"Posey, Kirby, Edward Welniak, and Charles Nelson. 2003. \"Income in the American Community Survey: Comparisons to Census 2000.\" https:\/\/www.census.gov\/content\/dam\/Census\/library\/ working-papers\/2003\/acs\/2003_Nelson_01.pdf (accessed August 18, 2018)."},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00137"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1257\/jel.49.3.673"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.17310\/ntj.2008.1.03"},{"key":"p_50","unstructured":"Ruggles, Steven, Katie Genadek, Ronald Goeken, Josiah Grover, and Matthew Sobek. 2015. \"Integrated Public Use Microdata Series: Version 6.0\" IPUMS USA. https:\/\/www.ipums.org\/projects\/ ipums-usa\/d010.v6.0."},{"key":"p_51","doi-asserted-by":"crossref","unstructured":"Salgado, Sergio. 2020. \"Technical Change and Entrepreneurship.\" Unpublished.","DOI":"10.2139\/ssrn.3616568"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1162\/rest.88.4.641"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.5.218"},{"key":"p_54","first-page":"2007","author":"Sheiner Louise","year":"2007","journal-title":"The Federal Reserve Board Finance and Economics Discussion Series"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1162\/00335530152466287"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1017\/S1474747215000086"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.2202\/1935-1690.1464"},{"key":"p_58","unstructured":"Yamarik, Steven. 2017. \"Merged Data Series for 1947-07 using SIC and NAICS codes.\" https:\/\/home. csulb.edu\/~syamarik\/."},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1111\/j.1465-7287.2011.00282.x"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20190196","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,3,31]],"date-time":"2023-03-31T12:56:54Z","timestamp":1680267414000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20190196"}},"issued":{"date-parts":[[2023,4,1]]},"references-count":59,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2023,4,1]]}},"alternative-id":["10.1257\/mac.20190196"],"URL":"https:\/\/doi.org\/10.1257\/mac.20190196","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2023,4,1]]}},{"indexed":{"date-parts":[[2022,4,1]],"date-time":"2022-04-01T17:05:24Z","timestamp":1648832724653},"reference-count":0,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2010,1,1]]},"DOI":"10.1257\/mac.2.1.i","type":"journal-article","created":{"date-parts":[[2009,12,23]],"date-time":"2009-12-23T15:34:44Z","timestamp":1261582484000},"page":"i-ii","source":"Crossref","is-referenced-by-count":1,"title":["American Economic Journal: Macroeconomics"],"prefix":"10.1257","volume":"2","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.2.1.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:54:29Z","timestamp":1591127669000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.2.1.i"}},"issued":{"date-parts":[[2010,1,1]]},"references-count":0,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2010,1,1]]}},"alternative-id":["10.1257\/mac.2.1.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.2.1.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2010,1,1]]}},{"indexed":{"date-parts":[[2022,3,31]],"date-time":"2022-03-31T01:38:27Z","timestamp":1648690707805},"reference-count":0,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,10,1]]},"DOI":"10.1257\/mac.11.4.i","type":"journal-article","created":{"date-parts":[[2019,10,1]],"date-time":"2019-10-01T14:09:44Z","timestamp":1569938984000},"page":"i-vi","source":"Crossref","is-referenced-by-count":0,"title":["Front Matter"],"prefix":"10.1257","volume":"11","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.11.4.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:10Z","timestamp":1591127890000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.11.4.i"}},"issued":{"date-parts":[[2019,10,1]]},"references-count":0,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2019,10,1]]}},"alternative-id":["10.1257\/mac.11.4.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.11.4.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,10,1]]}},{"indexed":{"date-parts":[[2025,10,31]],"date-time":"2025-10-31T07:36:16Z","timestamp":1761896176839},"reference-count":33,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2015,10,1]]},"abstract":"<jats:p> This paper argues that the correlation of business cycles across countries is largely due to linkages between multinational firms and their foreign affiliates. There are very few foreign affiliates in France, but they contribute considerably to aggregate economic activities. We exploit the heterogeneity in the presence and origin of foreign affiliates across French regions to identify their impact on comovement. We find a positive impact of foreign affiliates' presence on the comovement of business cycles between their regions of location and their countries of origin. This effect is not primarily driven by foreign affiliates' trade with their countries of origin. (JEL E32, F14, F23, F44) <\/jats:p>","DOI":"10.1257\/mac.20130234","type":"journal-article","created":{"date-parts":[[2015,9,30]],"date-time":"2015-09-30T12:45:35Z","timestamp":1443617135000},"page":"134-159","source":"Crossref","is-referenced-by-count":21,"title":["The Few Leading the Many: Foreign Affiliates and Business Cycle Comovement"],"prefix":"10.1257","volume":"7","author":[{"given":"J\u00d6rn","family":"Kleinert","sequence":"first","affiliation":[{"name":"University of Graz, Universitatsstrasse 15\/F4, 8010 Graz, (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Julien","family":"Martin","sequence":"additional","affiliation":[{"name":"Universit\u00e9 du Qu\u00e9bec \u00e0 Montr\u00e8al, C.P. 8888, Montreal, QC H3C 3P8, Canada, (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Farid","family":"Toubal","sequence":"additional","affiliation":[{"name":"\u00c9cole Normale Sup\u00e9rieure de Cachan, Paris School of Economics, and Cepii, 61 Avenue du President Wilson, 94230 Cachan, France, (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.5.2096"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(01)00098-8"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9442.2009.01580.x"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.4.1120"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1086\/261838"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2004.08.002"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.4.1664"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.2.444"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2007.122.4.1351"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.2307\/1885718"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0327.2005.00133.x"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.03.004"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.1.149"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2006.06.001"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(01)00095-2"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.2.95"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1086\/669161"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA11041"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1093\/cep\/byh001"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.00327"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8769"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.121.4.1383"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1111\/ecca.12064"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.2307\/2953682"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmacro.2011.06.001"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(99)00013-6"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2007.05.003"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1007\/s10290-006-0093-5"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2005.07.002"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1086\/258815"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(84)80001-X"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2008.05.012"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2010.06.002"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20130234","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:29Z","timestamp":1591127849000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20130234"}},"issued":{"date-parts":[[2015,10,1]]},"references-count":33,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2015,10,1]]}},"alternative-id":["10.1257\/mac.20130234"],"URL":"https:\/\/doi.org\/10.1257\/mac.20130234","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2015,10,1]]}},{"indexed":{"date-parts":[[2026,1,16]],"date-time":"2026-01-16T12:39:29Z","timestamp":1768567169076,"version":"3.49.0"},"reference-count":41,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2021,7,1]]},"abstract":"<jats:p> This paper develops a dynamic model of innovation and international trade in which agents can direct their research efforts to specific goods in the economy. Trade affects the direction of innovation through its impact on the expected market size for an invention, leading to a two-way relationship between trade and technology absent in standard quantitative Ricardian models. Following a theory-consistent strategy to estimate the extent of endogenous adjustments in technology, I find that they can account for about half of the observed variance in comparative advantage in production in a sample of 29 countries and 18 manufacturing industries. In addition, the model suggests that standard Ricardian models overestimate the reductions in real income from increases in trade costs and underestimate the rise in real income due to trade liberalizations. (JEL F11, F14, L60, O31, O32) <\/jats:p>","DOI":"10.1257\/mac.20180295","type":"journal-article","created":{"date-parts":[[2021,6,29]],"date-time":"2021-06-29T12:22:11Z","timestamp":1624969331000},"page":"357-396","source":"Crossref","is-referenced-by-count":12,"title":["Comparative Advantage in Innovation and Production"],"prefix":"10.1257","volume":"13","author":[{"given":"Mariano","family":"Somale","sequence":"first","affiliation":[{"name":"Federal Reserve Board (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1162\/0033553041502144"},{"key":"p_2","doi-asserted-by":"crossref","unstructured":"Alvarez, Fernando E., Francisco J. Buera, and Robert E. Lucas, Jr. 2013. \"Idea Flows, Economic Growth, and Trade.\" NBER Working Paper 19667.","DOI":"10.3386\/w19667"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/0022051042177649"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.94"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20141743"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/000282803769206296"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.1.304"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdu035"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2010.07.004"},{"key":"p_10","doi-asserted-by":"crossref","unstructured":"Costinot, Arnaud, and Andr\u00e9s Rodr\u00edguez-Clare. 2014. \"Trade Theory with Numbers: Quantifying the Consequences of Globalization.\" In Handbook of International Economics, Vol. 4, edited by Gita Gopinath, Elhanan Helpman and Kenneth Rogoff, 197-261. Amsterdam: North-Holland.","DOI":"10.1016\/B978-0-444-54314-1.00004-5"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdr033"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjz003"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(98)00063-4"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(02)00088-0"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1057\/imfsp.2008.17"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(01)00129-5"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00352"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/jep.26.2.65"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/0008-4085.00082"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1086\/261653"},{"issue":"4","key":"p_21","first-page":"796","volume":"80","author":"Grossman Gene M","year":"1990","journal-title":"American Economic Review"},{"key":"p_22","unstructured":"Grossman, Gene M., and Elhanan Helpman. 1991. Innovation and Growth in the Global Economy. Cambridge, MA: MIT Press."},{"key":"p_23","doi-asserted-by":"crossref","unstructured":"Grossman, Gene M., and Elhanan Helpman. 1995. \"Technology and Trade.\" In Handbook of International Economics, Vol. 3, edited by Gene M. Grossman and Kenneth Rogoff, 1279-1337.","DOI":"10.1016\/S1573-4404(05)80005-X"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/0002828042002688"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.4.858"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1086\/262002"},{"issue":"5","key":"p_27","first-page":"950","volume":"70","author":"Krugman Paul","year":"1980","journal-title":"American Economic Review"},{"key":"p_28","doi-asserted-by":"crossref","unstructured":"Kucheryavyy, Konstantin, Gary Lyn, and Andr\u00e9s Rodriguez-Clare. 2016. \"Grounded by Gravity: A Well-Behaved Trade Model with Industry-Level Economies of Scale.\" NBER Working Paper 22484.","DOI":"10.3386\/w22484"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2016.01.005"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.3.1051"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20130351"},{"key":"p_32","doi-asserted-by":"crossref","unstructured":"OECD. 2012. \"STAN Bilateral Trade Database by Industry and End-Use Category.\" OECD Structural Analysis Statistics Database. https:\/\/doi.org\/10.1787\/data-00599-en (accessed July 2014).","DOI":"10.1787\/data-00599-en"},{"key":"p_33","doi-asserted-by":"crossref","unstructured":"Perla, Jesse, Christopher Tonetti, and Michael E. Waugh. 2015. \"Equilibrium Technology Diffusion, Trade, and Growth.\" NBER Working Paper 20881.","DOI":"10.3386\/w20881"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.2307\/2937946"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjv032"},{"key":"p_36","doi-asserted-by":"crossref","unstructured":"Schmookler, Jacob. 1966. Invention and Economic Growth. Cambridge, MA: Harvard University Press.","DOI":"10.4159\/harvard.9780674432833"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2010.11.006"},{"key":"p_38","unstructured":"Somale, Mariano. 2021. \"Replication data for: Comparative Advantage in Innovation and Production.\" American Economic Association [ publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E118824V1."},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1016\/0022-1996(93)90048-3"},{"key":"p_40","unstructured":"United Nations Industrial Development Organization (UNIDO). 2012. \"INDSTAT 2 Industrial Statistics Database at 2-digit level of ISIC Revision 3.\" UNIDO. https:\/\/stat.unido.org\/database\/ INDSTAT%202%202020,%20ISIC%20Revision%203;jsessionid=1DF0E6F508CE2375E55CEB D97EBA0FC4 (accessed March 2014)."},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.5.2093"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180295","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,6,29]],"date-time":"2021-06-29T12:25:04Z","timestamp":1624969504000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180295"}},"issued":{"date-parts":[[2021,7,1]]},"references-count":41,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2021,7,1]]}},"alternative-id":["10.1257\/mac.20180295"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180295","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2021,7,1]]}},{"indexed":{"date-parts":[[2025,10,2]],"date-time":"2025-10-02T06:02:15Z","timestamp":1759384935643},"reference-count":24,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2013,7,1]]},"abstract":"<jats:p> The 2008 \u20132009 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 have been the result of transmission through leveraged financial institutions. The paper highlights what the various transmission mechanisms associated with balance sheet losses are. For realistic parameters we find that the model cannot account for the global nature of the crisis, both in terms of the size of the impact and the extent of transmission. (JEL E32, E44, F44, G01, G21) <\/jats:p>","DOI":"10.1257\/mac.5.3.152","type":"journal-article","created":{"date-parts":[[2013,7,1]],"date-time":"2013-07-01T11:33:38Z","timestamp":1372678418000},"page":"152-189","source":"Crossref","is-referenced-by-count":13,"title":["International Contagion through Leveraged Financial Institutions"],"prefix":"10.1257","volume":"5","author":[{"given":"Eric van","family":"Wincoop","sequence":"first","affiliation":[{"name":"University of Virginia, Department of Economics, P O Box 400182, Charlottesville, VA 22903."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1086\/262109"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.7.3674"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2012.07.006"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA6248"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhn098"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2362.2010.01253.x"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1093\/jjfinec\/nbl005"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0327.2012.00286.x"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2010.12.007"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2003.08.005"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2007.03.002"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdr036"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.2.732"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2010.12.009"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2012.07.001"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2012.03.002"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2010.12.005"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00373"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(85)90061-3"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0327.2011.00263.x"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2012.01.006"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0106.2010.00507.x"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2011.08.012"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(01)00078-2"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.5.3.152","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:06Z","timestamp":1591127886000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.5.3.152"}},"issued":{"date-parts":[[2013,7,1]]},"references-count":24,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2013,7,1]]}},"alternative-id":["10.1257\/mac.5.3.152"],"URL":"https:\/\/doi.org\/10.1257\/mac.5.3.152","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2013,7,1]]}},{"indexed":{"date-parts":[[2025,10,2]],"date-time":"2025-10-02T16:11:45Z","timestamp":1759421505535},"reference-count":52,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2022,4,1]]},"abstract":"<jats:p> This paper uses a risk-shifting model to analyze policy responses to asset price booms. We show risk shifting leads to inefficient asset and credit booms in which asset prices can exceed fundamentals. However, the inefficiencies associated with risk shifting arise independently of whether the asset is a bubble. Given evidence of risk shifting, policymakers may not need to determine if assets are bubbles to justify intervention. We then show that some of the main candidate interventions against asset booms have ambiguous welfare implications: tighter monetary policy can mitigate some inefficiencies but at a cost, while leverage restrictions may raise asset prices and lead to more leveraged speculation rather than less. Policy responses are more effective when they disproportionately discourage riskier investments. (JEL D82, E23, E32, E44, E52, G01, G12) <\/jats:p>","DOI":"10.1257\/mac.20200041","type":"journal-article","created":{"date-parts":[[2022,4,1]],"date-time":"2022-04-01T17:36:15Z","timestamp":1648834575000},"page":"243-280","source":"Crossref","is-referenced-by-count":7,"title":["Asset Price Booms and Macroeconomic Policy: A Risk-Shifting Approach"],"prefix":"10.1257","volume":"14","author":[{"given":"Franklin","family":"Allen","sequence":"first","affiliation":[{"name":"Brevan Howard Centre, Imperial College London (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Gadi","family":"Barlevy","sequence":"additional","affiliation":[{"name":"Economic Research, Federal Reserve Bank of Chicago (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Douglas","family":"Gale","sequence":"additional","affiliation":[{"name":"Department of Economics, New York University (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"crossref","unstructured":"Acharya, Sushant, and Keshav Dogra. 2018. The Side Effects of Safe Asset Creation. Federal Reserve Bank of New York Staff Report 842.","DOI":"10.2139\/ssrn.3134704"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12113"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.00499"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.2307\/2298101"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmateco.2014.05.005"},{"key":"p_6","author":"Asriyan Vladimir","year":"2021","journal-title":"The Review of Economic Studies. https:\/\/doi.org\/10.1093\/restud\/rdab083."},{"key":"p_7","unstructured":"Atkinson, Tyler, David Luttrell, and Harvey Rosenblum. 2013. How Bad Was It? The Costs and Consequences of the 2007-09 Financial Crisis. Federal Reserve Bank of Dallas Staff Papers 20."},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2018.04.007"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2014.07.012"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2020.09.001"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2018.06.005"},{"issue":"4","key":"p_12","first-page":"17","volume":"84","author":"Bernanke Ben","year":"1999","journal-title":"Federal Reserve Bank of Kansas City Economic Review"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.2.253"},{"key":"p_14","doi-asserted-by":"crossref","unstructured":"Borio, Claudio, and Philip Lowe. 2002. \"Asset Prices, Financial and Monetary Stability: Exploring the Nexus.\" BIS Working Paper 114.","DOI":"10.2139\/ssrn.846305"},{"issue":"1","key":"p_15","first-page":"223","volume":"85","author":"Caballero Ricardo J","year":"2018","journal-title":"Review of Economic Studies"},{"key":"p_16","doi-asserted-by":"crossref","unstructured":"Caballero, Ricardo J., and Alp Simsek. 2020. \"Prudential Monetary Policy.\" Unpublished.","DOI":"10.3386\/w25977"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20170133"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.2307\/1884225"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2015.02.002"},{"issue":"1","key":"p_20","first-page":"71","volume":"11","author":"Dubecq Simon","year":"2015","journal-title":"International Journal of Central Banking"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA11883"},{"key":"p_22","unstructured":"Farhi, Emmanuel, and Iv\u00e1n Werning. 2021. \"Taming a Minsky Cycle.\" https:\/\/bcf.princeton.edu\/ wp-content\/uploads\/2021\/02\/Combined-Slides-2.pdf."},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.3.721"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20180427"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2005.00349.x"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(01)00093-9"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1057\/s41308-017-0043-3"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(84)90034-5"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(93)90014-7"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1086\/715074"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdw059"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/S0378-4266(01)00268-0"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2006.00867.x"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(76)90026-X"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1993.tb04026.x"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2015.08.005"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1988.tb03966.x"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20140289"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.3033"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA14057"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjx017"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20160782"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1016\/0304-405X(77)90015-0"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1057\/imfer.2010.3"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.2.466"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20160211"},{"key":"p_47","unstructured":"Saunders, Anthony, and Berry Wilson. 1995. \"Contingent Liability in Banking: Useful Policy for Developing Countries?\" World Bank Policy Research Working Paper 1538."},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1086\/378531"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA9956"},{"key":"p_50","unstructured":"Stein, Jeremy C. 2013. \"Overheating in Credit Markets: Origins, Measurement, and Policy Responses.\" Speech, Federal Reserve Bank of St. Louis Research Symposium, St. Louis, MO, February 7, 2013. https:\/\/www.federalreserve.gov\/newsevents\/speech\/stein20130207a.htm."},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2017.07.004"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(98)00042-7"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20200041","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,4,1]],"date-time":"2022-04-01T17:37:26Z","timestamp":1648834646000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20200041"}},"issued":{"date-parts":[[2022,4,1]]},"references-count":52,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2022,4,1]]}},"alternative-id":["10.1257\/mac.20200041"],"URL":"https:\/\/doi.org\/10.1257\/mac.20200041","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2022,4,1]]}},{"indexed":{"date-parts":[[2026,6,6]],"date-time":"2026-06-06T19:24:26Z","timestamp":1780773866171,"version":"3.54.1"},"reference-count":23,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2015,10,1]]},"abstract":"<jats:p>A central result in international macroeconomics is that a government cannot simultaneously opt for open financial markets, fixed exchange rates, and monetary autonomy; rather, it is constrained to choosing no more than two of these three. This paper considers whether partial capital controls and limited exchange rate flexibility allow for full monetary policy autonomy. We find partial capital controls do not generally allow for greater monetary control than with open capital accounts, unless they are quite extensive, but a moderate amount of exchange rate flexibility does allow for some degree of monetary autonomy, especially in emerging and developing economies. (JEL E52, F32, F33)<\/jats:p>","DOI":"10.1257\/mac.20130237","type":"journal-article","created":{"date-parts":[[2015,9,30]],"date-time":"2015-09-30T12:45:35Z","timestamp":1443617135000},"page":"33-66","source":"Crossref","is-referenced-by-count":104,"title":["Rounding the Corners of the Policy Trilemma: Sources of Monetary Policy Autonomy"],"prefix":"10.1257","volume":"7","author":[{"given":"Michael W.","family":"Klein","sequence":"first","affiliation":[{"name":"Fletcher School, Tufts University, 160 Packard Avenue, Medford, MA 02155 and NBER (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Jay C.","family":"Shambaugh","sequence":"additional","affiliation":[{"name":"George Washington University, 1957 E Street, NW, Suite 502, Washington DC 20052 and NBER (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2010.01.005"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.7.3400"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2010.00303.x"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1162\/003355302753650274"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2005.05.010"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(98)00016-6"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/jep.15.2.3"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2004.03.006"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.3.203"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.2.403"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2012.0015"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2006.01.001"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2007.10.003"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1057\/imfer.2011.19"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.2307\/2937922"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/000282803769206250"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2007.00056.x"},{"issue":"1","key":"p_26","doi-asserted-by":"crossref","first-page":"75","DOI":"10.2307\/30035887","volume":"51","author":"Obstfeld Maurice","year":"2004","journal-title":"iMF staff Papers"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.2.57"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1057\/imfer.2011.15"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1162\/003355304772839515"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1057\/imfsp.2008.28"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1162\/003355304772839605"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20130237","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,6,11]],"date-time":"2024-06-11T13:38:16Z","timestamp":1718113096000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20130237"}},"issued":{"date-parts":[[2015,10,1]]},"references-count":23,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2015,10,1]]}},"alternative-id":["10.1257\/mac.20130237"],"URL":"https:\/\/doi.org\/10.1257\/mac.20130237","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2015,10,1]]}},{"indexed":{"date-parts":[[2026,6,10]],"date-time":"2026-06-10T05:12:49Z","timestamp":1781068369620,"version":"3.54.1"},"reference-count":62,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2021,1,1]]},"abstract":"<jats:p> We argue that misallocation across firms amplifies industrial water pollution by distorting the firm size distribution in China. Firm-level data indicate that larger firms are more likely to use clean technology but face higher distortions. In a heterogeneous firms model with an endogenous choice of pollution treatment technologies, we show that distortions that increase with firm-level TFP lower the adoption of clean technology, amplify aggregate pollution intensity, and lower aggregate output. Quantitatively, eliminating these correlated distortions would increase output by 30 percent and decrease pollution by 20 percent. Meanwhile, environmental regulations have sizable impact on pollution but limited effects on aggregate output. (JEL O13, O14, P28, P31, Q52, Q53, Q58) <\/jats:p>","DOI":"10.1257\/mac.20180227","type":"journal-article","created":{"date-parts":[[2020,12,30]],"date-time":"2020-12-30T13:51:49Z","timestamp":1609336309000},"page":"151-183","source":"Crossref","is-referenced-by-count":30,"title":["The Size Distribution of Firms and Industrial Water Pollution: A Quantitative Analysis of China"],"prefix":"10.1257","volume":"13","author":[{"given":"Ji","family":"Qi","sequence":"first","affiliation":[{"name":"Chinese Academy for Environmental Planning, Room 709-B BeiKeChuangYe Tower, No.10 Dayangfang, Beiyuan Road, Beijing, China, 100012 (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Xin","family":"Tang","sequence":"additional","affiliation":[{"name":"Center for Economic Development and Research, Economics and Management School, Wuhan University, and International Monetary Fund, 700 19th St. NW, Washington D.C. 20431 (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Xican","family":"Xi","sequence":"additional","affiliation":[{"name":"China Center for Economic Studies, School of Economics, Fudan University, and Shanghai Institute of International Finance and Economics, 600 Guoquan Road, Shanghai, China, 200433 (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.131"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.6.1667"},{"key":"p_3","unstructured":"Akcigit, Ufuk, Harun Alp, and Michael Peters. Forthcoming. \"Lack of Selection and Limits to Delegation: Firm Dynamics in Developing Countries.\" American Economic Review. https:\/\/www.aeaweb.org\/ articles?id= 10.1257\/aer.20180555."},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/431289"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.2307\/2534764"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeem.2017.10.008"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.1.305"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00293"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150281"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.10.001"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2010.02351.x"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.1.304"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1086\/375382"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2017.01.005"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-063016-103756"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2006.121.1.229"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.03.016"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.5.1286"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.2307\/2118421"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/002205104773558047"},{"key":"p_21","unstructured":"Dasgupta, Susmita, Robert E.B. Lucas, and David Wheeler. 1998. \"Small Manufacturing Plants, Pollution, and Poverty: New Evidence from Brazil and Mexico.\" World Bank Policy Research Working Paper WPS2029."},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/j.jce.2015.10.012"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeem.2018.07.006"},{"key":"p_24","unstructured":"Grossman, Gene M., and Alan B. Krueger. 1993. \"Environmental Impacts of a North American Free Trade Agreement.\" In The Mexico-U.S. Free Trade Agreement, edited by Peter M. Garber 13-56. Cambridge, MA: MIT Press."},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2018.01.004"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.01.005"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-082912-110223"},{"key":"p_28","doi-asserted-by":"crossref","unstructured":"Hopenhayn, Hugo A. 2014b. \"On the Measure of Distortions.\" NBER Working Paper 20404.","DOI":"10.3386\/w20404"},{"issue":"2","key":"p_29","first-page":"61","volume":"36","author":"Hsieh Chang-Tai","year":"2006","journal-title":"Brookings Papers on Economic Activity"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.4.1403"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qju014"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.5.2177"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2012.11.004"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1017\/S1365100515001121"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2015.09.001"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.2307\/3003596"},{"key":"p_37","unstructured":"Martin, Leslie A. 2011. \"Energy Ef ciency Gains from Trade: Greenhouse Gas Emission and India's Manufacturing Firms.\" https:\/\/arefiles.ucdavis.edu\/uploads\/filer_public\/2014\/03\/27\/martinenergy-efficiencynov.pdf."},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00467"},{"key":"p_39","unstructured":"Ministry of Ecology and Environment of China. 2007. \"The National General Survey of Pollution Sources.\" http:\/\/www.mee.gov.cn\/gkml\/hbb\/bgg\/201002\/t20100210_185698.htm (accessed November 15, 2019)."},{"key":"p_40","unstructured":"National Bureau of Statistics of China. 2002. \"Industrial Classi cation for National Economic Activities.\" http:\/\/www.stats.gov.cn\/tjsj\/tjbz\/hy bz\/201905\/P020190716349644060705.pdf (accessed November 15, 2019)."},{"key":"p_41","unstructured":"National Bureau of Statistics of China. 2004. \"The National Economic Census.\" http:\/\/www.stats.gov. cn\/ztjc\/zdtjgz\/zgjjpc (accessed November 15, 2019)."},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1021\/acs.est.6b03835"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.2307\/2171831"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1086\/261933"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.5.1216"},{"key":"p_46","unstructured":"Qi, Ji, Xin Tang, and Xican Xi. 2021. \"Replication data for: The Size Distribution of Firms and Industrial Water Pollution: A Quantitative Analysis of China.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E112005V1."},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1016\/j.atmosenv.2017.09.039"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.05.002"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.11.003"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1257\/jep.31.3.151"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20151272"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.1.196"},{"key":"p_53","unstructured":"State Council of the People's Republic of China. 2007. \"Decree of the State Council of the People's Republic of China (No. 508): The Regulations on the National General Survey of Pollution Sources.\" http:\/\/www.gov.cn\/gongbao\/content\/2019\/content_5468891.htm."},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeem.2015.06.002"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20150811"},{"key":"p_56","unstructured":"US Census Bureau. 2002. \"The North American Industry Classi cation System.\" https:\/\/www.census. gov\/cgi-bin\/sssd\/naics\/naicsrch?chart=2002."},{"key":"p_57","unstructured":"US Census Bureau. 2004. \"The Statistics of U.S. Businesses.\" https:\/\/www.census.gov\/programssurveys\/susb.html (accessed November 15, 2019)."},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1093\/reep\/rep009"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1889(98)00079-7"},{"key":"p_60","unstructured":"World Bank. 2007. Cost of Pollution in China: Economic Estimates of Physical Damages. Washington, DC: World Bank Publications."},{"key":"p_61","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.1806645115"},{"key":"p_62","doi-asserted-by":"publisher","DOI":"10.1257\/jel.51.3.731"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180227","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,12,30]],"date-time":"2020-12-30T13:55:11Z","timestamp":1609336511000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180227"}},"issued":{"date-parts":[[2021,1,1]]},"references-count":62,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2021,1,1]]}},"alternative-id":["10.1257\/mac.20180227"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180227","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2021,1,1]]}},{"indexed":{"date-parts":[[2026,6,4]],"date-time":"2026-06-04T01:26:58Z","timestamp":1780536418405,"version":"3.54.1"},"reference-count":55,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2021,1,1]]},"abstract":"<jats:p>This paper studies the labor market effects of both documented and undocumented immigration in a search model featuring nonrandom hiring. As immigrants accept lower wages, they are preferably chosen by firms and therefore have higher job finding rates than natives, consistent with evidence found in US data. Immigration leads to the creation of additional jobs but also raises competition for natives. The dominant effect depends on the fall in wage costs, which is larger for undocumented immigration than it is for legal immigration. The model predicts a dominating job creation effect for the former, reducing natives\u2019 unemployment rate, but not for the latter. (JEL E24, J15, J23, J31, J61, M51)<\/jats:p>","DOI":"10.1257\/mac.20190042","type":"journal-article","created":{"date-parts":[[2020,12,30]],"date-time":"2020-12-30T13:51:49Z","timestamp":1609336309000},"page":"35-78","source":"Crossref","is-referenced-by-count":20,"title":["The Labor Market Impact of Immigration: Job Creation versus Job Competition"],"prefix":"10.1257","volume":"13","author":[{"given":"Christoph","family":"Albert","sequence":"first","affiliation":[{"name":"Centro de Estudios Monetarios y Financieros, Calle Casado del Alisal 5, 28014 Madrid, Spain (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","unstructured":"Albert, Christoph. 2021. \"Replication data for: The Labor Market Impact of Immigration: Job Creation versus Job Competition.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E112301V1."},{"key":"p_2","unstructured":"Anastasopoulos, Jason, George J. Borjas, Gavin G. Cook, and Michael Lachanski. 2018. \"Job Vacancies, the Beveridge Curve, and Supply Shocks: The Frequency and Content of Help-Wanted Ads in Pre- and Post-Mariel Miami.\" NBER Working Paper 24580."},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1177\/0739986310373210"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2010.08.029"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20140116"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20160220"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1465-7295.1985.tb01773.x"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.2307\/1928433"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvx035"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.2307\/2297897"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1086\/298065"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1162\/003355303322552810"},{"key":"p_13","doi-asserted-by":"crossref","unstructured":"Borjas, George J. 2017a. \"The Earnings of Undocumented Immigrants.\" NBER Working Paper 23236.","DOI":"10.3386\/w23236"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/j.labeco.2017.02.004"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1111\/jors.12009"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.2307\/2296902"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1086\/209979"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.2.1"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/iere.12043"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2015.07.005"},{"key":"p_21","unstructured":"Colas, Mark. 2018. \"Dynamic Responses to Immigration.\" Federal Reserve Bank of Minneapolis, Opportunity and Inclusive Growth Institute Working Paper 6."},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvw017"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.regsciurbeco.2017.09.004"},{"key":"p_24","unstructured":"Flood, Sarah, Miriam King, Steven Ruggles, and J. Robert Warren. 2015. \"Integrated Public Use Microdata Series, Current Population Survey: Version 5.0. [dataset].\" IPUMS, University of Minnesota, Minneapolis, MN. https:\/\/doi.org\/10.18128\/D030.V5.0 (accessed September 5, 2017)."},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1086\/662143"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1080\/00036846.2013.786802"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1692"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1653"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.2307\/1912775"},{"key":"p_30","unstructured":"Hofferth, Sandra L., Sarah M. Flood, and Matthew Sobek. 2018. \"American Time Use Survey (ATUS) Data Extract Builder: Version 2.7 [dataset].\" IPUMS, University of Maryland, College Park, MD and University of Minnesota, Minneapolis, MN. https:\/\/doi.org\/10.18128\/D060.V2.7 (accessed April 30, 2019)."},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1002\/soej.12020"},{"key":"p_32","doi-asserted-by":"crossref","unstructured":"Jaeger, David A., Joakim Ruist, and Jan Stuhler. 2018. \"Shift-Share Instruments and the Impact of Immigration.\" NBER Working Paper 24285.","DOI":"10.3386\/w24285"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1177\/019791839603000402"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1086\/339611"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjr011"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2010.06.030"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1111\/jors.12005"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1017\/dem.2017.14"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1111\/j.1542-4774.2011.01049.x"},{"key":"p_40","doi-asserted-by":"crossref","unstructured":"Mincer, Jacob. 1991. \"Education and Unemployment.\" NBER Working Paper 3838.","DOI":"10.3386\/w3838"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2005.09.002"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.2307\/2297896"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20160202"},{"key":"p_44","unstructured":"NBER. 2017. \"Current Population Survey (CPS) Basic Monthly Data [dataset].\" NBER. http:\/\/www. nber.org\/data\/cps_basic.html (accessed November 13, 2017)."},{"key":"p_45","doi-asserted-by":"crossref","unstructured":"Ortega, Francesc, and Amy Hsin. 2018. \"Occupational Barriers and the Labor Market Penalty from Lack of Legal Status.\" IZA Discussion Paper 11680.","DOI":"10.2139\/ssrn.3234203"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1111\/j.1542-4774.2011.01052.x"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1007\/s12122-012-9134-0"},{"key":"p_48","unstructured":"Passel, Jeffrey S., and D'Vera Cohn. 2014. \"Unauthorized Immigrant Totals Rise in 7 States, Fall in 14 States: Decline in Those from Mexico Fuels Most State Decreases.\" Pew Research Center, November 18. https:\/\/www.pewresearch.org\/hispanic\/2014\/11\/18\/unauthorized-immigrant-totalsrise-in-7-states-fall-in-14\/."},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1257\/app.1.3.135"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA7562"},{"key":"p_51","unstructured":"Raphael, Steven, and Lucas Ronconi. 2009. \"The Labor Market Impact of State-Level Immigration Legislation Targeted at Unauthorized Immigrants.\" http:\/\/laborcenter.berkeley.edu\/pdf\/2009\/ ronconi_raphael09.pdf."},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1007\/s001480050092"},{"key":"p_53","unstructured":"Ruggles, S., M. Sobek, T. Alexander, C.A. Fitch, R. Goeken, P.K. Hall, M. King, and C. Ronnander. 2016. \"Integrated Public Use Microdata Series: Version 4.0 [Machine-readable database].\" IPUMS, University of Minnesota, Minneapolis, MN. https:\/\/doi.org\/10.18128\/D010.V9.0 (accessed November 7, 2017)."},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828572"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.02.001"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20190042","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,12,10]],"date-time":"2022-12-10T00:45:16Z","timestamp":1670633116000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20190042"}},"issued":{"date-parts":[[2021,1,1]]},"references-count":55,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2021,1,1]]}},"alternative-id":["10.1257\/mac.20190042"],"URL":"https:\/\/doi.org\/10.1257\/mac.20190042","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2021,1,1]]}},{"indexed":{"date-parts":[[2026,6,3]],"date-time":"2026-06-03T11:51:27Z","timestamp":1780487487654,"version":"3.54.1"},"reference-count":30,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2010,4,1]]},"abstract":"<jats:p>We study sources and consequences of fluctuations in the US housing market. Slow technological progress in the housing sector explains the upward trend in real housing prices of the last 40 years. Over the business cycle, housing demand and housing technology shocks explain one-quarter each of the volatility of housing investment and housing prices. Monetary factors explain less than 20 percent, but have played a bigger role in the housing cycle at the turn of the century. We show that the housing market spillovers are nonnegligible, concentrated on consumption rather than business investment, and have become more important over time. (JEL E23, E32, E44, O33, R31)<\/jats:p>","DOI":"10.1257\/mac.2.2.125","type":"journal-article","created":{"date-parts":[[2010,4,8]],"date-time":"2010-04-08T13:27:52Z","timestamp":1270733272000},"page":"125-164","source":"Crossref","is-referenced-by-count":681,"title":["Housing Market Spillovers: Evidence from an Estimated DSGE Model"],"prefix":"10.1257","volume":"2","author":[{"given":"Matteo","family":"Iacoviello","sequence":"first","affiliation":[{"name":"Boston College, Department of Economics, 140 Commonwealth Ave, Chestnut Hill, MA, 02467."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Stefano","family":"Neri","sequence":"additional","affiliation":[{"name":"Banca d'Italia, Research Department, Via Nazionale 91, 00184 Roma, Italy."}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1080\/07474930701220071"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.984"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1086\/261796"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/jep.9.4.27"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2009.00567.x"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.10.016"},{"issue":"1","key":"p_10","first-page":"1","volume":"5","author":"Case Karl E","year":"2005","journal-title":"Journal of Macroeconomics: Advances in Macroeconomics"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(00)00026-X"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2005.00345.x"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1198\/073500107000000016"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.10.012"},{"key":"p_18","first-page":"2007","author":"Edge Rochelle M","year":"2007","journal-title":"Board of Governors of the Federal Reserve System Finance and Economics Discussion Series"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(92)90012-Q"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1086\/511994"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6229.2008.00225.x"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(02)00172-1"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1006\/redy.1998.0046"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1086\/261797"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(99)00044-6"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1257\/0002828054201477"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.2307\/2937826"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2006.383_1.x"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/jep.14.2.99"},{"issue":"2","key":"p_32","first-page":"41","volume":"92","author":"Rappaport Jordan","year":"2007","journal-title":"Federal reserve Bank of kansas city Economic review"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1086\/339746"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1086\/261560"},{"issue":"1","key":"p_37","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1080\/10835547.2008.12091212","volume":"30","author":"Wheaton William C","year":"2008","journal-title":"Journal of real Estate research"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1353\/mcb.2003.0032"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.2.2.125","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,10,25]],"date-time":"2021-10-25T17:53:15Z","timestamp":1635184395000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.2.2.125"}},"issued":{"date-parts":[[2010,4,1]]},"references-count":30,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2010,4,1]]}},"alternative-id":["10.1257\/mac.2.2.125"],"URL":"https:\/\/doi.org\/10.1257\/mac.2.2.125","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2010,4,1]]}},{"indexed":{"date-parts":[[2026,5,14]],"date-time":"2026-05-14T16:21:38Z","timestamp":1778775698143,"version":"3.51.4"},"reference-count":28,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2020,10,1]]},"abstract":"<jats:p> We use satellite-recorded nighttime lights as an independent benchmark of economic activity in order to generate three findings in the study of PPP-adjusted estimates of GDP. First, PPP-adjusted estimates better describe poor economies than do market exchange rate-based estimates today, although this was not the case in the late 1990s. Second, estimates of PPPs have been steadily improving from one price survey round to the next. Third, it has tended to be optimal to only use the latest price data and to revise existing PPP-adjusted estimates whenever a new price survey is released. (JEL E23, E31, F31, O11, O57) <\/jats:p>","DOI":"10.1257\/mac.20190037","type":"journal-article","created":{"date-parts":[[2020,9,30]],"date-time":"2020-09-30T12:47:33Z","timestamp":1601470053000},"page":"71-108","source":"Crossref","is-referenced-by-count":4,"title":["Shining a Light on Purchasing Power Parities"],"prefix":"10.1257","volume":"12","author":[{"given":"Maxim","family":"Pinkovskiy","sequence":"first","affiliation":[{"name":"Research Department, Federal Reserve Bank of New York, 33 Liberty Street, New York, NY 10045 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Xavier","family":"Sala-i-Martin","sequence":"additional","affiliation":[{"name":"Department of Economics, Columbia University, 1022 International Affairs Building, 420 118th Street, New York, NY 10027 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.2307\/2635758"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.2.1093"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.2307\/2937943"},{"key":"p_4","first-page":"237","volume":"6","author":"Barro Robert J","year":"1999","journal-title":"Swedish Economic Policy Review"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1086\/261816"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.7125\/APAN.30.17"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1111\/1475-4991.00018"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.1017031108"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150153"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.3.66"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1111\/j.1475-4991.2005.00152.x"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.5194\/sg-7-23-2012"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/S0034-4257(98)00098-4"},{"issue":"6","key":"p_17","first-page":"727","volume":"63","author":"Elvidge Christopher D","year":"1997","journal-title":"Photogrammetric Engineering & Remote Sensing"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20130954"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.2174\/1874923201003010147"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2016.07.009"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/jep.15.4.57"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.2.994"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.2307\/2232127"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2012.10.022"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA9613"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjt029"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1007\/s10887-016-9139-2"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjw003"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2006.121.2.351"},{"key":"p_35","first-page":"1950","author":"Summers Robert","year":"1991","journal-title":"An Expanded Set of International Comparisons"},{"issue":"07","key":"p_36","first-page":"5","volume":"8","author":"Sutton Paul C","year":"2007","journal-title":"International Journal of Ecological Economics & Statistics"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20190037","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,9,30]],"date-time":"2020-09-30T12:47:44Z","timestamp":1601470064000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20190037"}},"issued":{"date-parts":[[2020,10,1]]},"references-count":28,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2020,10,1]]}},"alternative-id":["10.1257\/mac.20190037"],"URL":"https:\/\/doi.org\/10.1257\/mac.20190037","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2020,10,1]]}},{"indexed":{"date-parts":[[2026,1,18]],"date-time":"2026-01-18T16:14:34Z","timestamp":1768752874701,"version":"3.49.0"},"reference-count":74,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2021,4,1]]},"abstract":"<jats:p> From late 2008 to 2014, oil and equity returns were more positively correlated than in other periods. In addition, we show that both oil and equity returns became more responsive to macroeconomic news. We provide empirical evidence that these changes resulted from the zero lower bound (ZLB) on nominal interest rates, consistent with the theoretical predictions of a model that includes the ZLB. Although the ZLB alters the economic environment in theory, supportive empirical evidence has been lacking. Our paper provides clear evidence of the ZLB altering the economic environment. (JEL E12, E32, E43, G12, G14, Q43) <\/jats:p>","DOI":"10.1257\/mac.20180488","type":"journal-article","created":{"date-parts":[[2021,3,30]],"date-time":"2021-03-30T17:03:32Z","timestamp":1617123812000},"page":"214-253","source":"Crossref","is-referenced-by-count":16,"title":["Oil, Equities, and the Zero Lower Bound"],"prefix":"10.1257","volume":"13","author":[{"given":"Deepa D.","family":"Datta","sequence":"first","affiliation":[{"name":"Federal Reserve Board, 20th and C St. NW, Washington, DC 20551 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Benjamin K.","family":"Johannsen","sequence":"additional","affiliation":[{"name":"Federal Reserve Board, 20th and C St. NW, Washington, DC 20551 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Hannah","family":"Kwon","sequence":"additional","affiliation":[{"name":"(email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Robert J.","family":"Vigfusson","sequence":"additional","affiliation":[{"name":"Federal Reserve Board, 20th and C St. NW, Washington, DC 20551 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","unstructured":"Action Economics, LLC. 1980-2017. \"Action Economics Weekly Survey, Historical Indicator and Survey Data\" (accessed August 6, 2019)."},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321455151"},{"key":"p_3","doi-asserted-by":"crossref","unstructured":"Baker, Scott R., Nicholas Bloom, and Steven J. Davis. 2016. \"Measuring Economic Policy Uncertainty.\" NBER Working Paper 21633.","DOI":"10.3386\/w21633"},{"key":"p_4","unstructured":"Baker, Scott R., Nicholas Bloom, and Steven J. Davis. 2018. \"Economic Policy Uncertainty.\" http:\/\/ policyuncertainty.com\/media\/All_Daily_Policy_Data.csv (accessed March 19, 2018)."},{"key":"p_5","unstructured":"Banco de M\u00e9xico. 2019. \"Statistics, Financial Markets (Exchange Rate, Interest Rates, and Derivatives).\" http:\/\/www.banxico.org.mx\/estadisticas\/statistics.html (accessed November 23, 2019)."},{"key":"p_6","doi-asserted-by":"crossref","unstructured":"Barsky, Robert B., Susanto Basu, and Keyoung Lee. 2014. \"Whither News Shocks?\" NBER Working Paper 20666.","DOI":"10.3386\/w20666"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.03.011"},{"key":"p_8","unstructured":"Bernanke, Ben S. 2015. \"The Taylor Rule: A Benchmark for Monetary Policy?\" Ben Bernanke's Blog Brookings, April 28. https:\/\/www.brookings.edu\/blog\/ben-bernanke\/2015\/04\/28\/the-taylor-rule-abenchmark-for-monetary-policy\/."},{"key":"p_9","unstructured":"Bloomberg Finance LP. 2019. \"Bloomberg Terminals (Open, Anywhere, and Disaster Recovery Licenses).\" (accessed June 29, 2019)."},{"key":"p_10","unstructured":"Board of Governors of the Federal Reserve System (US). 2019a. \"Federal Funds Target Range-Lower Limit [DFEDTARL].\" https:\/\/fred.stlouisfed.org\/series\/DFEDTARL (accessed June 29, 2019)."},{"key":"p_11","unstructured":"Board of Governors of the Federal Reserve System (US). 2019b. \"Federal Funds Target Range-Upper Limit [DFEDTARU].\" https:\/\/fred.stlouisfed.org\/series\/DFEDTARU (accessed June 29, 2019)."},{"key":"p_12","unstructured":"Board of Governors of the Federal Reserve System (US). 2019c. \"1-Year Treasury Constant Maturity Rate [DGS1].\" https:\/\/fred.stlouisfed.org\/series\/DGS1 (accessed August 6, 2019)."},{"key":"p_13","unstructured":"Board of Governors of the Federal Reserve System (US). 2019d. \"10-Year Treasury Constant Maturity Rate [DGS10].\" https:\/\/fred.stlouisfed.org\/series\/DGS10 (accessed August 6, 2019)."},{"key":"p_14","unstructured":"Board of Governors of the Federal Reserve System (US). 2019e. \"2-Year Treasury Constant Maturity Rate [DGS2].\" https:\/\/fred.stlouisfed.org\/series\/DGS2 (accessed August 6, 2019)."},{"key":"p_15","unstructured":"Board of Governors of the Federal Reserve System (US). 2019f. \"Federal Funds Target Rate (DISCONTINUED) [DFEDTAR].\" https:\/\/fred.stlouisfed.org\/series\/DFEDTAR (accessed June 29, 2019)."},{"key":"p_16","unstructured":"Board of Governors of the Federal Reserve System (US). 2019g. \"Japan \/ U.S. Foreign Exchange Rate [DEXJPUS].\" https:\/\/fred.stlouisfed.org\/series\/DEXJPUS (accessed June 29, 2019)."},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2010.10.006"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2012.08.002"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2005.00742.x"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1086\/659312"},{"key":"p_22","unstructured":"Commodity Futures Trading Commission. 2019. \"Commitments of Traders.\" https:\/\/cftc.gov\/Market-Reports\/CommitmentsofTraders\/index.htm."},{"key":"p_23","unstructured":"Datta, Deepa D., Benjamin K. Johannsen, Hannah Kwon, and Robert J. Vigfusson. 2021. \"Replication data for: Oil, Equities, and the Zero Lower Bound.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/ E115982V1."},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2008.08.003"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2014.11.004"},{"key":"p_26","doi-asserted-by":"crossref","unstructured":"Eggertsson, Gauti B. 2011. \"What Fiscal Policy is Effective at Zero Interest Rates?\" In NBER Macroeconomics Annual, Vol. 25, edited by Daron Acemoglu and Michael Woodford, 59-112. Chicago: University of Chicago Press.","DOI":"10.1086\/657529"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2013.11.006"},{"key":"p_28","doi-asserted-by":"crossref","unstructured":"Eichenbaum, Martin, Benjamin K. Johannsen, and Sergio Rebelo. 2017. \"Monetary Policy and the Predictability of Nominal Exchange Rates.\" NBER Working Paper 23158.","DOI":"10.3386\/w23158"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1111\/jeea.12059"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.5547\/01956574.34.3.2"},{"key":"p_31","doi-asserted-by":"crossref","unstructured":"Favara, Giovanni, Simon Gilchrist, Kurt F. Lewis, and Egon Zakrajsek. 2016. Updating the Recession Risk and the Excess Bond Premium. Washington, DC: Board of Governors of the Federal Reserve System.","DOI":"10.17016\/2380-7172.1836"},{"key":"p_32","unstructured":"Federal Reserve Bank of Atlanta. 2016. \"Wu-Xia Shadow Federal Funds Rate.\" https:\/\/www.frbatlanta. org\/-\/media\/documents\/cqer\/researchcq\/shadow_rate\/WuXiaShadowRate.xlsx (accessed October 21, 2016)."},{"key":"p_33","unstructured":"Federal Reserve Bank of Philadelphia. 2018a. \"Core Price Index for Personal Consumption Expenditures (PCONX).\" https:\/\/www.philadelphiafed.org\/research-and-data\/real-time-center\/real-timedata\/data-files\/pconx (accessed February 5, 2018)."},{"key":"p_34","unstructured":"Federal Reserve Bank of Philadelphia. 2018b. \"Output Gap from the Board of Governors.\" https:\/\/ www.philadelphiafed.org\/-\/media\/research-and-data\/real-time-center\/greenbook-data\/greenbook_ output_gap_web.xls (accessed February 5, 2018)."},{"key":"p_35","unstructured":"Federal Reserve Bank of Philadelphia. 2018c. \"Real GNP\/GDP (ROUTPUT) Quarterly Vintages (Billions of real dollars, seasonally adjusted).\" https:\/\/www.philadelphiafed.org\/research-and-data\/ real-time-center\/real-time-data\/data-files\/routput (accessed February 5, 2018)."},{"key":"p_36","unstructured":"Federal Reserve Bank of San Francisco. 2018. \"Total Factor Productivity.\" https:\/\/www.frbsf.org\/ economic-research\/indicators-data\/total-factor-productivity-tfp\/ (accessed December 14, 2018)."},{"key":"p_37","unstructured":"Federal Reserve Bank of St. Louis. 2018. \"Real Potential Gross Domestic Product (GDPPOT).\" https:\/\/ alfred.stlouisfed.org\/series\/downloaddata?seid=GDPPOT (accessed February 5, 2018)."},{"key":"p_38","first-page":"2012","author":"Fernald John","year":"2014","journal-title":"Federal Reserve Bank of San Francisco Working Paper"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12184"},{"key":"p_40","unstructured":"French, Kenneth R. 2019. \"Data Library.\" http:\/\/mba.tuck.dartmouth.edu\/pages\/faculty\/ken.french\/ data_library.html (accessed August 5, 2019)."},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1162\/rest_a_00723"},{"key":"p_42","first-page":"2020","author":"Gourio Fran\u00e7ois","year":"2020","journal-title":"Federal Reserve Bank of Chicago Working Paper"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.08.005"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20121437"},{"key":"p_45","unstructured":"Hamilton, James D. 1994. Time Series Analysis. Princeton, NJ: Princeton University Press."},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1111\/iere.12099"},{"key":"p_47","unstructured":"Haver Analytics. 2019. \"Haver Analytics, Financial Indicators, Country Daily Statistics (INTDAILY).\" (accessed June 29, 2019)."},{"key":"p_48","unstructured":"International Monetary Fund. 2019. \"Interest Rates, Discount Rate for Japan [INTDSRJPM193N].\" https:\/\/fred.stlouisfed.org\/series\/INTDSRJPM193N (accessed June 29, 2019)."},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1016\/j.eneco.2011.10.008"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20131193"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.3.1053"},{"key":"p_52","unstructured":"Kilian, Lutz. 2019. \"Updated and Corrected Version of Global Real Economic Activity in Industrial Commodity Markets.\" http:\/\/www-personal.umich.edu\/~lkilian\/reaupdate.txt (accessed July 6, 2019)."},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2009.00568.x"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00086"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcomm.2016.07.005"},{"key":"p_56","unstructured":"Ludvigson, Sydney C. 2018. \"UNCERTAINTY DATA: Updated Macro, Real, Financial Uncertainty Indexes.\" https:\/\/www.sydneyludvigson.com\/s\/MacroFinanceUncertainty_201712_update.zip (accessed March 1, 2018)."},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjy004"},{"key":"p_58","unstructured":"New York Mercantile Exchange. 1983-2017. \"NYMEX Futures and Options Daily Settlement Report.\""},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12445"},{"key":"p_60","doi-asserted-by":"crossref","unstructured":"Ramey, Valerie A. 2016. \"Macroeconomic Shocks and Their Propagation.\" NBER Working Paper 21978.","DOI":"10.3386\/w21978"},{"key":"p_61","doi-asserted-by":"crossref","unstructured":"Restrepo-Echavarria, Paulina, and Brian Reinbold. 2018. \"The Relationship between Oil and Equities at the Zero Lower Bound.\" Regional Economist, April 2. https:\/\/www.stlouisfed.org\/publications\/ regional-economist\/first-quarter-2018\/oil-equities-zero.","DOI":"10.17016\/FEDS.2018.058"},{"key":"p_62","doi-asserted-by":"publisher","DOI":"10.1016\/j.eneco.2014.06.011"},{"key":"p_63","doi-asserted-by":"publisher","DOI":"10.1017\/S1365100516000365"},{"key":"p_64","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"},{"key":"p_65","unstructured":"Stock, James H., and Mark W. Watson. 2003. Introduction to Econometrics. 3rd ed. London: Pearson Education Limited."},{"key":"p_66","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.10.3154"},{"key":"p_67","doi-asserted-by":"publisher","DOI":"10.2469\/faj.v68.n6.5"},{"key":"p_68","unstructured":"U.S. Bureau of Labor Statistics. 2019. \"Consumer Price Index for All Urban Consumers: All Items in U.S. City Average [CPIAUCSL].\" FRED, Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed. org\/series\/CPIAUCSL (accessed August 1, 2019)."},{"key":"p_69","unstructured":"U.S. Energy Information Administration. 2018. \"Petroleum & Other Liquids, Data, Spot Prices.\" https:\/\/www.eia.gov\/dnav\/pet\/pet_pri_spt_s1_d.htm (accessed February 1, 2018)."},{"key":"p_70","unstructured":"U.S. Energy Information Administration. 2019a. \"International (Data).\" https:\/\/www.eia.gov\/beta\/ international\/data\/browser\/ (accessed August 1, 2019)."},{"key":"p_71","unstructured":"U.S. Energy Information Administration. 2019b. \"Petroleum Marketing Monthly.\" https:\/\/www.eia. gov\/petroleum\/marketing\/monthly\/ (accessed August 1, 2019)."},{"key":"p_72","doi-asserted-by":"publisher","DOI":"10.1086\/701421"},{"key":"p_73","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.1.1"},{"key":"p_74","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12300"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180488","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,3,30]],"date-time":"2021-03-30T17:05:46Z","timestamp":1617123946000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180488"}},"issued":{"date-parts":[[2021,4,1]]},"references-count":74,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2021,4,1]]}},"alternative-id":["10.1257\/mac.20180488"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180488","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2021,4,1]]}},{"indexed":{"date-parts":[[2026,5,27]],"date-time":"2026-05-27T23:23:32Z","timestamp":1779924212671,"version":"3.53.1"},"reference-count":14,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2009,1,1]]},"abstract":"<jats:p>Macroeconomists have largely converged on method, model design, reduced-form shocks, and principles of policy advice. Our main disagreements today are about implementing the methodology. Some think New Keynesian models are ready to be used for quarter-to-quarter quantitative policy advice. We do not. Focusing on the state-of-the-art version of these models, we argue that some of its shocks and other features are not structural or consistent with microeconomic evidence. Since an accurate structural model is essential to reliably evaluate the effects of policies, we conclude that New Keynesian models are not yet useful for policy analysis. (JEL E12, E60)<\/jats:p>","DOI":"10.1257\/mac.1.1.242","type":"journal-article","created":{"date-parts":[[2009,2,12]],"date-time":"2009-02-12T18:37:12Z","timestamp":1234463832000},"page":"242-266","source":"Crossref","is-referenced-by-count":146,"title":["New Keynesian Models: Not Yet Useful for Policy Analysis"],"prefix":"10.1257","volume":"1","author":[{"given":"V. V","family":"Chari","sequence":"first","affiliation":[{"name":"Research Department, Federal Reserve Bank of Minneapolis, 90 Hennepin Avenue, P.O. Box 291, Minneapolis, MN 55480-0291, and University of Minnesota."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Patrick J","family":"Kehoe","sequence":"additional","affiliation":[{"name":"Research Department, Federal Reserve Bank of Minneapolis, 90 Hennepin Avenue, P.O. Box 291, Minneapolis, MN 55480-0291, and University of Minnesota."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Ellen R","family":"McGrattan","sequence":"additional","affiliation":[{"name":"Research Department, Federal Reserve Bank of Minneapolis, 90 Hennepin Avenue, P.O. Box 291, Minneapolis, MN 55480-0291, and University of Minnesota."}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1086\/422559"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0262.2007.00768.x"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/421169"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1086\/533504"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.2307\/2946712"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1086\/512625"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2007.00091.x"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(83)90049-1"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.00619"},{"issue":"2","key":"p_16","first-page":"1","volume":"67","author":"Modigliani Franco","year":"1977","journal-title":"American Economic review"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.4.1415"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1162\/154247603770383415"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.1.1.242","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T15:53:29Z","timestamp":1591113209000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.1.1.242"}},"issued":{"date-parts":[[2009,1,1]]},"references-count":14,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2009,1,1]]}},"alternative-id":["10.1257\/mac.1.1.242"],"URL":"https:\/\/doi.org\/10.1257\/mac.1.1.242","relation":{"has-preprint":[{"id-type":"doi","id":"10.21034\/wp.664","asserted-by":"object"},{"id-type":"doi","id":"10.21034\/sr.409","asserted-by":"object"}]},"ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2009,1,1]]}},{"indexed":{"date-parts":[[2026,3,28]],"date-time":"2026-03-28T08:26:01Z","timestamp":1774686361934,"version":"3.50.1"},"reference-count":18,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2009,1,1]]},"abstract":"<jats:p> We argue civic virtue plays a key role in explaining the design of public insurance against unemployment risks by solving moral hazard issues which hinder the efficiency of unemployment insurance. We show, in a simple model, that economies with stronger civic virtues are more prone to provide insurance through unemployment benefits rather than through job protection. We provide cross-country empirical evidence of a strong correlation between civic attitudes and the design of unemployment benefits and employment protection in OECD countries over the period 1980 to 2003. We then use an epidemiological approach to estimate the existence of a potential causal relationship from inherited civic virtue to labor market insurance institutions. (JEL: J41, J65, J68, Z13) <\/jats:p>","DOI":"10.1257\/mac.1.1.111","type":"journal-article","created":{"date-parts":[[2009,2,12]],"date-time":"2009-02-12T23:37:12Z","timestamp":1234481832000},"page":"111-145","source":"Crossref","is-referenced-by-count":101,"title":["Civic Virtue and Labor Market Institutions"],"prefix":"10.1257","volume":"1","author":[{"given":"Yann","family":"Algan","sequence":"first","affiliation":[{"name":"Paris School of Economics, Paris East University, IZA, 48 boulevard Jourdan, 75014 Paris, France."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Pierre","family":"Cahuc","sequence":"additional","affiliation":[{"name":"Ecole Polytechnique, 15 Boulevard Gabriel-Peri, 92245 Malakoff, France, CREST, CEPR, and IZA."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_35","first-page":"65","author":"Algan Yann","year":"2005","journal-title":"nBER International Macroeconomics Annual, ed J. Frenkel and C. Pissarides"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1016\/S0927-5371(00)00007-5"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1086\/260388"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.2307\/2296397"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1257\/0895330042632735"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1016\/0047-2727(89)90030-3"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1086\/261664"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1086\/250030"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1086\/260491"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1162\/0033553042476224"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0327.2005.00132.x"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1162\/JEEA.2007.5.5.927"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1257\/0002828041464498"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1162\/003355300554890"},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1016\/0047-2727(93)90107-5"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1162\/003355300555475"},{"issue":"4","key":"p_60","first-page":"1473","volume":"121","author":"Lindbeck Assar","year":"2006","journal-title":"Quarterly Journal of Economics"},{"key":"p_64","doi-asserted-by":"publisher","DOI":"10.2307\/2998596"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.1.1.111","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:53:47Z","timestamp":1591127627000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.1.1.111"}},"issued":{"date-parts":[[2009,1,1]]},"references-count":18,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2009,1,1]]}},"alternative-id":["10.1257\/mac.1.1.111"],"URL":"https:\/\/doi.org\/10.1257\/mac.1.1.111","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2009,1,1]]}},{"indexed":{"date-parts":[[2026,3,30]],"date-time":"2026-03-30T14:53:44Z","timestamp":1774882424372,"version":"3.50.1"},"reference-count":57,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2026,4,1]]},"abstract":"<jats:p>We exploit substantial variation in land-market institutions across Indian states and detailed household-level panel data to assess the effect of land-market distortions on agricultural productivity. We develop a model of heterogeneous farms and distorted land markets, featuring (i) state-level barriers to land-market participation and (ii) idiosyncratic (farm-level) distortions to farm size. We separately identify and estimate the two sources of land-market distortions in each state. We find substantial differences across states in rental barriers with large negative effects on agricultural productivity. Distortions associated with land-market participation contribute substantially to agricultural productivity differences across Indian states. (JEL D24, O13, O18, Q12, Q15, Q24)<\/jats:p>","DOI":"10.1257\/mac.20210358","type":"journal-article","created":{"date-parts":[[2026,3,30]],"date-time":"2026-03-30T14:02:37Z","timestamp":1774879357000},"page":"378-408","source":"Crossref","is-referenced-by-count":0,"title":["Misallocation in Indian Agriculture"],"prefix":"10.1257","volume":"18","author":[{"given":"Marijn","family":"Bolhuis","sequence":"first","affiliation":[{"name":"International Monetary Fund (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Swapnika","family":"Rachapalli","sequence":"additional","affiliation":[{"name":"University of British Columbia (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Diego","family":"Restuccia","sequence":"additional","affiliation":[{"name":"University of Toronto and NBER (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.6.1667"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA16598"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150222"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1397"},{"key":"p_5","unstructured":"Agriculture Census Division. 2011. Agriculture Census of India 2010-11. http:\/\/agcensus.dacnet.nic. in\/nationalholdingtype.aspx (accessed September 6, 2017)."},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.foodpol.2021.102168"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/j.foodpol.2024.102678"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1093\/ej\/ueae106"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1086\/338744"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/0002828054825574"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvab034"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150281"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2020.01.001"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1162\/003355300554809"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1162\/003355304772839533"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2015.08.001"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2021.09.004"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjaa020"},{"key":"p_19","unstructured":"Bolhuis, Marijn, Swapnika Rachapalli, and Diego Restuccia. 2026. Data and Code for: \"Misallocation in Indian Agriculture.\" Nashville, TN: American Economic Association; distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. Https:\/\/doi.org\/10.3886\/ E225781V1."},{"key":"p_20","unstructured":"Census of India. 2011. \"Main Workers Classi ed by Age, Industrial Category, and Sex.\" https:\/\/ censusindia.gov.in\/nada\/index.php\/catalog (accessed April 10, 2024)."},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdaa072"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20140171"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2019.102388"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2021.04.006"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20170229"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/S1574-0072(01)10009-5"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2007.08.002"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1080\/00220380902725670"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20130853"},{"key":"p_30","unstructured":"Desai, Sonalde, Reeve Vanneman, and National Council of Applied Economic Research. 2005. India Human Development Survey (IHDS), 2004-2005. Distributed by Inter-university Consortium for Political and Social Research. https:\/\/doi.org\/10.3886\/ICPSR22626.v12."},{"key":"p_31","unstructured":"Desai, Sonalde, Reeve Vanneman, and National Council of Applied Economic Research. 2012. India Human Development Survey-II (IHDS-II), 2011-12. Distributed by Inter-university Consortium for Political and Social Research. https:\/\/doi.org\/10.3886\/ICPSR36151.v6."},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1086\/601447"},{"key":"p_33","doi-asserted-by":"crossref","unstructured":"Foster, Andrew D., and Mark R. Rosenzweig. 2017. \"Are There Too Many Farms in the World? Labor-Market Transaction Costs, Machine Capacities and Optimal Farm Size.\" NBER Working Paper 23909.","DOI":"10.3386\/w23909"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/000282802320189177"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1086\/711369"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2018.11.001"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1080\/00220381003706460"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.2307\/2951541"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.4.1403"},{"key":"p_40","unstructured":"India Department of Land Resource. 2020. Report of Computer-ization of Land Records. https:\/\/ dilrmp.gov.in\/dilrmpold\/PhyscialComponent\/CLR\/state-level (accessed June 30, 2020)."},{"key":"p_41","unstructured":"India Ministry of Statistics and Programme Implementation. 2011-2017. Gross and Net Value Added by Economic Acctivities. https:\/\/mospi.gov.in\/GSVA-NSVA (accessed September 5, 2018)."},{"key":"p_42","unstructured":"India Labour Bureau. 2015. Consumer Price Index for Agricultural Labourers and Rural Labourers 2005-06 to 2013-14. https:\/\/www.data.gov.in\/resource\/consumer-price-index-agriculturallabourers-and-rural-labourers-2005-06-2013-14 (accessed February 18, 2019)."},{"key":"p_43","unstructured":"India NITI Aayog. 2016. Report of the Expert Committee and Model Law on Agricultural Land Leasing. Government of India."},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.09.006"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2020.102465"},{"key":"p_46","unstructured":"Mishra, Prachee, and Roopal Suhag. 2017. Land Records and Titles in India. https:\/\/www.prsindia. org\/policy\/discussion-papers\/land-records-and-titles-india (accessed June 24, 2020)."},{"key":"p_47","unstructured":"Organization for Economic Co-operation and Development. 2022. Consumer Price Indices (CPIs, HICPs), COICOP 1999: Consumer Price Index: Total for India. Federal Reserve Bank of St. Louis. https:\/\/fred.stlouisfed.org\/series\/INDCPIALLMINMEI (accessed October 18, 2023)."},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1016\/j.foodpol.2018.03.015"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1111\/caje.12364"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.05.002"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1257\/jep.31.3.151"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2007.11.006"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1086\/261874"},{"key":"p_54","unstructured":"Timmer, Marcel, Gaaitzen J. de Vries, and Klaas De Vries. 2015. \"Patterns of Structural Change in Developing Countries.\" In Routledge Handbook of Industry and Development, edited by John Weiss and Michael Tribe, 65-83. Routledge."},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.02.003"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.63567\/cdvtr019"},{"key":"p_57","unstructured":"World Bank. 2007. Land Policies for Growth and Poverty Reduction. World Bank."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20210358","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,3,30]],"date-time":"2026-03-30T14:03:45Z","timestamp":1774879425000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20210358"}},"issued":{"date-parts":[[2026,4,1]]},"references-count":57,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2026,4,1]]}},"alternative-id":["10.1257\/mac.20210358"],"URL":"https:\/\/doi.org\/10.1257\/mac.20210358","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2026,4,1]]}},{"indexed":{"date-parts":[[2023,12,27]],"date-time":"2023-12-27T13:32:14Z","timestamp":1703683934948},"reference-count":17,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2018,4,1]]},"abstract":"<jats:p> Employer learning provides a link between wage and employment dynamics. Workers who are selectively terminated when their low productivity is revealed subsequently earn lower wages. If learning is asymmetric across employers, randomly separated high-productivity workers are treated similarly when hired from unemployment, but recover as their next employer learns their type. I provide empirical evidence supporting this link, then study whether employer learning is an empirically important factor in wage and employment dynamics. In a calibrated structural model, learning accounts for 78 percent of wage losses after unemployment, 24 percent of life-cycle wage growth, and 13 percent of cross-sectional dispersion observed in data. (JEL D83, E24, J23, J24, J31, J62) <\/jats:p>","DOI":"10.1257\/mac.20160136","type":"journal-article","created":{"date-parts":[[2018,3,28]],"date-time":"2018-03-28T12:54:21Z","timestamp":1522241661000},"page":"154-183","source":"Crossref","is-referenced-by-count":4,"title":["A Quantitative Theory of Information, Worker Flows, and Wage Dispersion"],"prefix":"10.1257","volume":"10","author":[{"given":"Amanda M.","family":"Michaud","sequence":"first","affiliation":[{"name":"Indiana University, Wylie Hall 105, 100 S. Woodlawn, Bloomington, IN 47405 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","first-page":"96","author":"Acemoglu D.","year":"1996","journal-title":"Massachusetts Institute of Technology (MIT) Department of Economics Working Paper"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.2307\/1879431"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1162\/003355301556329"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1086\/259291"},{"key":"p_7","first-page":"2015","author":"Burdett Ken","year":"2015","journal-title":"Institute for Social and Economic Research Working Paper"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.2307\/2527292"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.1.572"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1086\/298273"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/2297359"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1086\/260531"},{"issue":"4","key":"p_16","first-page":"685","volume":"83","author":"Jacobson Louis S","year":"1993","journal-title":"American Economic Review"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1086\/260808"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/app.5.4.165"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.664"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20140064"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1086\/508730"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1086\/261010"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160136","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:18Z","timestamp":1591127898000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160136"}},"issued":{"date-parts":[[2018,4,1]]},"references-count":17,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2018,4,1]]}},"alternative-id":["10.1257\/mac.20160136"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160136","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2018,4,1]]}},{"indexed":{"date-parts":[[2025,10,20]],"date-time":"2025-10-20T18:25:57Z","timestamp":1760984757431},"reference-count":18,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2013,1,1]]},"abstract":"<jats:p> Time use data on work and leisure is presented for a broad group of OECD countries. The home production model explicitly accounts for taxes and public expenditures on day care and elder care, substitutes for work households perform at home. Taxes are important for matching time use patterns in Canada, the UK, and continental Europe, but cannot explain the high levels of market work and low levels of home work observed in Scandinavia. Subsidies of services like day care that substitute for home work are shown to be quantitatively important for bringing both market and home work predictions in line with the data. (JEL D13, E62, J13, J14) <\/jats:p>","DOI":"10.1257\/mac.5.1.168","type":"journal-article","created":{"date-parts":[[2013,1,3]],"date-time":"2013-01-03T16:12:21Z","timestamp":1357229541000},"page":"168-192","source":"Crossref","is-referenced-by-count":33,"title":["Taxes and Time Use: Fiscal Policy in a Household Production Model"],"prefix":"10.1257","volume":"5","author":[{"given":"Kelly S","family":"Ragan","sequence":"first","affiliation":[{"name":"Stockholm School of Economics, Box 6501 Stockholm 113 83 Sweden."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.5.1533"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.122.3.969"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.2307\/1926774"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0327.2005.00132.x"},{"issue":"2","key":"p_16","first-page":"471","volume":"29","author":"Juster F. Thomas","year":"1991","journal-title":"Journal of Economic Literature"},{"key":"p_18","first-page":"1950","author":"McDaniel Cara","year":"2007","journal-title":"Investment, Labor, and Capital in the OECD"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.4.27"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.2307\/2527375"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.4.1"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.09.012"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2008.00523.x"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1257\/000282802320188916"},{"issue":"1","key":"p_27","first-page":"2","volume":"28","author":"Prescott Edward C","year":"2004","journal-title":"Federal reserve Bank of Minneapolis Quarterly review"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1257\/mac.5.1.168"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/mac.1.2.189"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-006-0164-9"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1086\/588029"},{"issue":"2","key":"p_33","first-page":"729","volume":"34","author":"Rosen Sherwin","year":"1996","journal-title":"Journal of Economic Literature"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.5.1.168","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:22Z","timestamp":1591127902000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.5.1.168"}},"issued":{"date-parts":[[2013,1,1]]},"references-count":18,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2013,1,1]]}},"alternative-id":["10.1257\/mac.5.1.168"],"URL":"https:\/\/doi.org\/10.1257\/mac.5.1.168","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2013,1,1]]}},{"indexed":{"date-parts":[[2025,12,30]],"date-time":"2025-12-30T15:24:50Z","timestamp":1767108290267},"reference-count":25,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2021,4,1]]},"abstract":"<jats:p>Standard international transmission mechanism of productivity shocks predicts a weak endogenous linkage between trade and business cycle synchronization: a problem known as the trade-comovement puzzle. We provide the foundational analysis of the puzzle, pointing to three natural candidate resolutions: (i) financial market frictions, (ii) Greenwood-Hercowitz-Huffman preferences, and (iii) dynamic trade elasticity that is low in the short run but high in the long run. We show the effects of each of these candidate resolutions analytically and evaluate them quantitatively. We find that while (i) and (ii) fall short of the data, (iii) goes a long way toward resolving the puzzle. (JEL E32, F14, F44)<\/jats:p>","DOI":"10.1257\/mac.20170386","type":"journal-article","created":{"date-parts":[[2021,3,30]],"date-time":"2021-03-30T17:03:32Z","timestamp":1617123812000},"page":"78-120","source":"Crossref","is-referenced-by-count":9,"title":["The Trade-Comovement Puzzle"],"prefix":"10.1257","volume":"13","author":[{"given":"Lukasz A.","family":"Drozd","sequence":"first","affiliation":[{"name":"Research Department, Federal Reserve Bank of Philadelphia, 10 N Independence Mall W, Philadelphia, PA 19106 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Sergey","family":"Kolbin","sequence":"additional","affiliation":[{"name":"Amazon, 400 9th Ave N., Seattle, WA 98109 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Jaromir B.","family":"Nosal","sequence":"additional","affiliation":[{"name":"Department of Economics, Boston College, 140 Commonwealth Avenue, Maloney Hall, Chestnut Hill, MA 02467 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/0022051042177649"},{"key":"p_2","doi-asserted-by":"crossref","unstructured":"Backus, David K., Patrick J. Kehoe, and Finn E. Kydland. 1995. \"International Business Cycle: Theory and Evidence.\" In Frontiers of Business Cycle Research, edited by Thomas F. Cooley, 331-356. Princeton: Princeton University Press.","DOI":"10.2307\/j.ctv14163jx.17"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2004.08.002"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.2307\/136392"},{"key":"p_5","doi-asserted-by":"crossref","unstructured":"Calder\u00f3n, C\u00e9sar A., Alberto Chong, and Ernesto Stein. 2002. \"Trade Intensity and Business Cycle Synchronization: Are Developing Countries Any Different?\" Inter-American Development Bank (IDB) Working Paper 400.","DOI":"10.2139\/ssrn.1817272"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(01)00095-2"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1111\/0008-4085.00094"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(91)90023-H"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2008.00475.x"},{"key":"p_10","doi-asserted-by":"crossref","unstructured":"de Soyres, Fran\u00e7ois, and Alexandre Gaillard. 2020. \"Value-Added and Productivity Linkages across Countries.\" Unpublished.","DOI":"10.17016\/ifdp.2019.1266"},{"key":"p_11","unstructured":"Drozd, Lukasz A., Sergey Kolbin, and Jaromir B. Nosal. 2021. Replication data for: \"The Trade-Comovement Puzzle.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E112496V1."},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.364"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00352"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.00327"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.4.858"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2007.05.003"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.4.39"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2005.07.002"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2015.02.004"},{"key":"p_20","unstructured":"Mazzenga, Elisabetta, and Morten O. Ravn. 2002. \"International Business Cycles: The Quantitative Role of Transportation Costs.\" CEPR Discussion Paper 3530."},{"key":"p_21","first-page":"2001","author":"Otto Glenn","year":"2001","journal-title":"Reserve Bank of Australia Research Discussion Paper"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2007.10.001"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/0161-8938(92)90033-9"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1162\/rest.89.3.416"},{"key":"p_25","unstructured":"Ruhl, Kim J. 2008. \"The International Elasticity Puzzle.\" https:\/\/kimjruhl.com\/s\/ElasticityMarch08. pdf."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20170386","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,10,24]],"date-time":"2023-10-24T11:50:48Z","timestamp":1698148248000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20170386"}},"issued":{"date-parts":[[2021,4,1]]},"references-count":25,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2021,4,1]]}},"alternative-id":["10.1257\/mac.20170386"],"URL":"https:\/\/doi.org\/10.1257\/mac.20170386","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2021,4,1]]}},{"indexed":{"date-parts":[[2026,4,28]],"date-time":"2026-04-28T05:15:18Z","timestamp":1777353318581,"version":"3.51.4"},"reference-count":38,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,1,1]]},"abstract":"<jats:p> This paper analyzes optimal fiscal policy with ambiguity aversion and endogenous government spending. We show that without ambiguity, optimal surplus-to-output ratios are acyclical and that there is no rationale for either reduction or further accumulation of public debt. In contrast, ambiguity about the cycle can generate optimally policies that resemble \u201causterity\u201d measures. Optimal policy prescribes higher taxes in adverse times and front-loaded fiscal consolidations that lead to a balanced primary budget in the long run. This is the case when interest rates are sufficiently responsive to cyclical shocks, that is, when the intertemporal elasticity of substitution is sufficiently low. (JEL D81, E32, E43, E62, H21, H61, H63) <\/jats:p>","DOI":"10.1257\/mac.20160085","type":"journal-article","created":{"date-parts":[[2019,1,3]],"date-time":"2019-01-03T09:54:42Z","timestamp":1546509282000},"page":"89-131","source":"Crossref","is-referenced-by-count":8,"title":["Fiscal Austerity in Ambiguous Times"],"prefix":"10.1257","volume":"11","author":[{"given":"Axelle","family":"Ferriere","sequence":"first","affiliation":[{"name":"Paris School of Economics, 48 Bd Jourdan, 75014 Paris, France (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Anastasios G.","family":"Karantounias","sequence":"additional","affiliation":[{"name":"Research Department, Federal Reserve Bank of Atlanta, 1000\u00a0Peachtree Street NE, Atlanta, GA 30309 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.2307\/1344590"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1889(94)00850-X"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1162\/154247603322256774"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-016-1008-x"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/0047-2727(72)90021-7"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.3982\/QE250"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2008.11.014"},{"issue":"2","key":"p_8","first-page":"38","volume":"33","author":"Barlevy Gadi","year":"2009","journal-title":"Economic Perspectives"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-061109-080355"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.1.144"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.02.004"},{"issue":"2","key":"p_12","doi-asserted-by":"crossref","first-page":"617","DOI":"10.1093\/qje\/qjw041","volume":"132","author":"Bhandari Anmol","year":"2017","journal-title":"Quarterly Journal of Economics"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2011.11.001"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12011"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdx035"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2012.10.017"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(90)90006-6"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2012.04.004"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2009.07.002"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1111\/jeea.12030"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.9.2680"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-financial-120209-133940"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.06.001"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.2.60"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.8.2368"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.3982\/TE899"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdy005"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2008.00491.x"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.2307\/1907722"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2010.02.002"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1889(80)90052-4"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(83)90049-1"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(95)01233-8"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20140337"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1006\/redy.2000.0122"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8155"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA9619"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(00)00012-X"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160085","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T15:53:33Z","timestamp":1591113213000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160085"}},"issued":{"date-parts":[[2019,1,1]]},"references-count":38,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2019,1,1]]}},"alternative-id":["10.1257\/mac.20160085"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160085","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,1,1]]}},{"indexed":{"date-parts":[[2026,4,24]],"date-time":"2026-04-24T21:18:55Z","timestamp":1777065535298,"version":"3.51.4"},"reference-count":27,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,10,1]]},"abstract":"<jats:p> The inefficiencies related to endogenous product creation and variety under monopolistic competition are two-fold: one static\u2014the mis-alignment between consumers and producers regarding the value of a new variety; and one dynamic\u2014time variation in markups. When production factors (labor and physical capital ) are elastic and traded in competitive markets, further distortions appear. Appropriate taxation schemes can restore optimality if they preserve entry incentives. Quantitatively, the welfare costs of each distortion by itself amounts to 2 to 5 percent of consumption. But their overall cost when jointly present is greatly magnified, and generates up to a 25 percent welfare loss. (JEL D21, D43, H21, H25, H32, L13) <\/jats:p>","DOI":"10.1257\/mac.20170303","type":"journal-article","created":{"date-parts":[[2019,10,1]],"date-time":"2019-10-01T14:09:44Z","timestamp":1569938984000},"page":"140-174","source":"Crossref","is-referenced-by-count":24,"title":["Monopoly Power and Endogenous Product Variety: Distortions and Remedies"],"prefix":"10.1257","volume":"11","author":[{"given":"Florin O.","family":"Bilbiie","sequence":"first","affiliation":[{"name":"Department of Economics, University of Lausanne and CEPR; Internef, Quartier Chamberonne, CH-1015 Lausanne, Switzerland (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Fabio","family":"Ghironi","sequence":"additional","affiliation":[{"name":"Department of Economics, University of Washington, EABCN, CEPR,\u00a0and NBER; Savery Hall, Box 353330, Seattle, WA 98195 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Marc J.","family":"Melitz","sequence":"additional","affiliation":[{"name":"Department of Economics, Harvard University, CEPR, and NBER; Littauer Center 215, Cambridge, MA 02138 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20130470"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1765(96)00834-8"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.08.011"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1111\/1756-2171.12155"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.02.006"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1086\/665825"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2015.11.002"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12293"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2010.02384.x"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2015.03.003"},{"issue":"3","key":"p_17","first-page":"297","volume":"67","author":"Dixit Avinash K","year":"1977","journal-title":"American Economic Review"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1086\/700732"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.11.002"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2010.10.005"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2016.05.017"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2014.10.009"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2012.07.001"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1765(02)00181-7"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.2307\/1911655"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1889(03)00096-4"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.2307\/2967480"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1017\/S1365100512000272"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1111\/ecin.12159"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.2307\/2555627"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2014.09.001"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.2307\/2297319"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA9986"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20170303","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:40Z","timestamp":1591127860000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20170303"}},"issued":{"date-parts":[[2019,10,1]]},"references-count":27,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2019,10,1]]}},"alternative-id":["10.1257\/mac.20170303"],"URL":"https:\/\/doi.org\/10.1257\/mac.20170303","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,10,1]]}},{"indexed":{"date-parts":[[2026,4,23]],"date-time":"2026-04-23T17:24:13Z","timestamp":1776965053166,"version":"3.51.4"},"reference-count":33,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2010,7,1]]},"abstract":"<jats:p> We examine two behavioral traits essential to Confucianism, and put forward hypotheses as to whether these behavioral traits impede or are conducive to \u201cleading\u201d or \u201cfollower\u201d mode growth. A dynamic leader-follower general equilibrium model with appropriately specified \u201cConfucian\u201d parameters is shown to generate results that correspond to some of the main features of East Asian economies: their miracle growths, subsequent slowdowns, trade surpluses, and persistent accumulations of foreign exchange reserves. We calibrate the model to assess the quantitative importance of these cultural effects and examine their implications for future evolution of these economies. (JEL E23, O17, O41, O47, P24, Z12, Z13) <\/jats:p>","DOI":"10.1257\/mac.2.3.206","type":"journal-article","created":{"date-parts":[[2010,7,8]],"date-time":"2010-07-08T13:47:04Z","timestamp":1278596824000},"page":"206-234","source":"Crossref","is-referenced-by-count":23,"title":["Confucianism and the East Asian Miracle"],"prefix":"10.1257","volume":"2","author":[{"given":"Ming-Yih","family":"Liang","sequence":"first","affiliation":[{"name":"Department of Economics, National Taiwan University, 3F, No. 96, Hsin-Hai Road, Section 1, Taipei, Taiwan 106."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1162\/00335530151144104"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1007\/BF00138862"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.2307\/1519761"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1023\/A:1009746629269"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.2307\/1885506"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4068(82)90039-8"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.00146"},{"issue":"3","key":"p_12","first-page":"297","volume":"67","author":"Dixit Avinash K","year":"1977","journal-title":"American Economic review"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.5.1184"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/00028280260136372"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1086\/261727"},{"issue":"4","key":"p_18","first-page":"908","volume":"83","author":"King Robert G","year":"1993","journal-title":"American Economic review"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1086\/260755"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/jep.20.2.3"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1086\/452150"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.2307\/2951551"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.2307\/2232499"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.2307\/2946696"},{"issue":"1","key":"p_26","first-page":"69","volume":"56","author":"Nelson Richard R","year":"1966","journal-title":"American Economic review"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(81)90003-X"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1080\/00220389808422518"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.2307\/2224098"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.2.301"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.2307\/2937946"},{"issue":"2","key":"p_32","first-page":"56","volume":"77","author":"Romer Paul M","year":"1987","journal-title":"American Economic review"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1086\/261725"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.2307\/2118402"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.2307\/2297319"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1080\/01436599714623"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.2307\/2232084"},{"issue":"2","key":"p_38","first-page":"1","volume":"23","author":"Wan Henry Y., Jr.","year":"1995","journal-title":"Academia Economic Papers"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1086\/259599"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.2307\/2946695"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.2.3.206","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:55:37Z","timestamp":1591127737000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.2.3.206"}},"issued":{"date-parts":[[2010,7,1]]},"references-count":33,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2010,7,1]]}},"alternative-id":["10.1257\/mac.2.3.206"],"URL":"https:\/\/doi.org\/10.1257\/mac.2.3.206","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2010,7,1]]}},{"indexed":{"date-parts":[[2026,5,19]],"date-time":"2026-05-19T11:49:55Z","timestamp":1779191395752,"version":"3.51.4"},"reference-count":33,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2022,10,1]]},"abstract":"<jats:p> We model the world economy as one system of endogenous input-output relationships subject to frictions and study how the world\u2019s input-output structure and world\u2019s GDP change due to changes in frictions. We derive a sufficient statistic to identify frictions from the observed world input-output matrix, which we fully match for the year 2011. We show how changes in internal frictions impact the whole structure of the world\u2019s economy and that they have a much larger effect on world\u2019s GDP than external frictions. We also use our approach to study the role of internal frictions during the Great Recession of 2007\u20132009. (JEL D57, E16, E23, E32, F41, G01) <\/jats:p>","DOI":"10.1257\/mac.20190410","type":"journal-article","created":{"date-parts":[[2022,9,30]],"date-time":"2022-09-30T12:05:09Z","timestamp":1664539509000},"page":"274-308","source":"Crossref","is-referenced-by-count":9,"title":["Distortions and the Structure of the World Economy"],"prefix":"10.1257","volume":"14","author":[{"given":"Lorenzo","family":"Caliendo","sequence":"first","affiliation":[{"name":"Yale University (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Fernando","family":"Parro","sequence":"additional","affiliation":[{"name":"Pennsylvania State University (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Aleh","family":"Tsyvinski","sequence":"additional","affiliation":[{"name":"Yale University (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"crossref","unstructured":"Adamopoulos, Tasso, Loren Brandt, Jessica Leight, and Diego Restuccia. 2017. \"Misallocation, Selection and Productivity: A Quantitative Analysis with Panel Data from China.\" NBER Working Paper 23039.","DOI":"10.3386\/w23039"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2012.10.014"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321455214"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA15362"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20160353"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1086\/653690"},{"key":"p_7","unstructured":"Atkeson, Andy, and Ariel Burstein. 2017. \"The Aggregate Implications of Innovative Investment in the Garcia-Macia, Hsieh, and Klenow Model.\" Unpublished."},{"key":"p_8","doi-asserted-by":"crossref","unstructured":"Bartelme, Dominick, and Yuriy Gorodnichenko. 2015. \"Linkages and Economic Development.\" NBER Working Paper 21251.","DOI":"10.3386\/w21251"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA15202"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.5.1418"},{"key":"p_11","doi-asserted-by":"crossref","unstructured":"Basu, Susanto, and John G. Fernald. 2001. \"Why is Productivity Procyclical? Why Do We Care?\" In New Developments in Productivity Analysis, Studies in Income and Wealth, Vol. 63, edited by Charles R. Hulten, Edwin R. Dean and Michael J. Harper, 225-302. Chicago: University of Chicago Press.","DOI":"10.7208\/chicago\/9780226360645.003.0007"},{"key":"p_12","unstructured":"Brandt, Loren, Gueorgui Kambourov, and Kjetil Storesletten. 2016. \"Firm Entry and Regional Growth Disparities: The Effect of SOEs in China.\" Unpublished."},{"key":"p_13","unstructured":"Boehm, Johannes. 2015. \"The Impact of Contract Enforcement Costs on Outsourcing and Aggregate Productivity.\" Unpublished."},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdu035"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdx082"},{"key":"p_16","unstructured":"Caliendo, Lorenzo, Fernando Parro, and Aleh Tsyvinski. 2022. \"Replication data for: Distortions and the Structure of the World Economy.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E 136342V1."},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjaa044"},{"key":"p_18","doi-asserted-by":"crossref","unstructured":"De Gortari, Alonso. 2019. \"Disentangling Global Value Chains.\" Unpublished.","DOI":"10.3386\/w25868"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00352"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20101557"},{"key":"p_21","unstructured":"Fadinger, Harald, Christian Ghiglino, and Mariya Teteryatnikova. 2016. \"Income Differences and Input-Output Structure.\" CEPR Discussion Paper 11547."},{"issue":"1","key":"p_22","first-page":"333","volume":"86","author":"Fajgelbaum Pablo D","year":"2019","journal-title":"Review of Economic Studies"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.4.1403"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.2.1"},{"key":"p_25","doi-asserted-by":"crossref","unstructured":"Jones, Charles I. 2013. \"Misallocation, Economic Growth, and Input-Output Economics.\" In Advances in Economics and Econometrics, Tenth World Congress, Volume II, edited by Daron Acemoglu, Manuel Arellano, and Eddie Dekel, 419-56. New York: Cambridge University Press.","DOI":"10.1017\/CBO9781139060028.011"},{"issue":"6","key":"p_26","first-page":"823","volume":"64","author":"Leontief Wassily","year":"1974","journal-title":"American Economic Review"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1057\/imfer.2010.11"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00467"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.05.002"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.11.003"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2013.10.001"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1111\/roie.12178"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20150811"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20190410","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,9,30]],"date-time":"2022-09-30T12:07:28Z","timestamp":1664539648000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20190410"}},"issued":{"date-parts":[[2022,10,1]]},"references-count":33,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2022,10,1]]}},"alternative-id":["10.1257\/mac.20190410"],"URL":"https:\/\/doi.org\/10.1257\/mac.20190410","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2022,10,1]]}},{"indexed":{"date-parts":[[2026,1,18]],"date-time":"2026-01-18T07:51:07Z","timestamp":1768722667061,"version":"3.49.0"},"reference-count":13,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,4,1]]},"abstract":"<jats:p>We study the importance of wage rigidities for the monetary policy transmission mechanism. Using uniquely rich micro data on Swedish wage negotiations, we isolate periods when the labor market is covered by fixed-wage contracts. Importantly, negotiations are coordinated in time but their seasonal patterns are far from deterministic. Using a two-regime VAR model, we document that monetary policy shocks have a larger impact on production during fixed-wage episodes as compared to the average response. The results do not seem to be driven by the periodic structure, nor the seasonality, of the renegotiation episodes. (JEL E23, E24, E52, J31, J41)<\/jats:p>","DOI":"10.1257\/mac.20160213","type":"journal-article","created":{"date-parts":[[2019,4,2]],"date-time":"2019-04-02T13:03:09Z","timestamp":1554210189000},"page":"171-192","source":"Crossref","is-referenced-by-count":10,"title":["Fixed-Wage Contracts and Monetary Non-neutrality"],"prefix":"10.1257","volume":"11","author":[{"given":"Maria","family":"Bj\u00f6rklund","sequence":"first","affiliation":[{"name":"Department of Economics, Uppsala University, P.O. Box 513, SE-751 20 Uppsala, Sweden (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Mikael","family":"Carlsson","sequence":"additional","affiliation":[{"name":"Department of Economics, Uppsala University, P.O. Box 513, SE-751 20 Uppsala, Sweden and Sveriges Riksbank (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Oskar","family":"Nordstr\u00f6m Skans","sequence":"additional","affiliation":[{"name":"Department of Economics, Uppsala University, P.O. Box 513, SE-751 20 Uppsala, Sweden and UCLS and IZA (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.labeco.2012.03.010"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.labeco.2012.03.007"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(00)00028-3"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828518"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.636"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.08.003"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjq008"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmacro.2013.04.004"},{"issue":"4","key":"p_13","doi-asserted-by":"crossref","first-page":"437","DOI":"10.1080\/07350015.1987.10509609","volume":"5","author":"Runkle David E","year":"1987","journal-title":"Journal of Business and Economic Statistics"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/1912017"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/0014-2921(92)90041-T"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160213","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,7,16]],"date-time":"2024-07-16T14:32:54Z","timestamp":1721140374000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160213"}},"issued":{"date-parts":[[2019,4,1]]},"references-count":13,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2019,4,1]]}},"alternative-id":["10.1257\/mac.20160213"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160213","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,4,1]]}},{"indexed":{"date-parts":[[2026,4,14]],"date-time":"2026-04-14T14:43:10Z","timestamp":1776177790293,"version":"3.50.1"},"reference-count":19,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2010,1,1]]},"abstract":"<jats:p> Researchers have made much progress in the past 25 years in accounting for the proximate determinants of income levels: physical capital, human capital, and Total Factor Productivity (TFP). But we still know little about why these factors vary. We argue that TFP exerts a powerful influence on output not only directly, but also indirectly, through its effect on physical and human capital accumulation. We discuss why TFP varies across countries, highlighting misallocation of inputs across firms and industries as a key determinant. (JEL E22, E23, F21, F35, O10, O40) <\/jats:p>","DOI":"10.1257\/mac.2.1.207","type":"journal-article","created":{"date-parts":[[2009,12,23]],"date-time":"2009-12-23T15:34:44Z","timestamp":1261582484000},"page":"207-223","source":"Crossref","is-referenced-by-count":148,"title":["Development Accounting"],"prefix":"10.1257","volume":"2","author":[{"given":"Chang-Tai","family":"Hsieh","sequence":"first","affiliation":[{"name":"Graduate School of Business, University of Chicago, 5807 South Woodlawn Avenue, Chicago, IL 60637 and National Bureau of Economic Research."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Peter J.","family":"Klenow","sequence":"additional","affiliation":[{"name":"579 Serra Mall, Stanford University, Stanford, CA 94305 and the National Bureau of Economic Research."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.2307\/2937943"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(93)90023-9"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/0895330042632735"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00237"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.122.2.535"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.07.004"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(00)00103-3"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1086\/338747"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.01.005"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1162\/003355399555954"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/000282802760015676"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1086\/261909"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.562"},{"issue":"4","key":"p_28","first-page":"942","volume":"82","author":"Levine Ross","year":"1992","journal-title":"American Economic Review"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.2307\/2118477"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1086\/316102"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1023\/A:1026551519329"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.05.002"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.122.3.1265"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.2.1.207","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:54:34Z","timestamp":1591127674000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.2.1.207"}},"issued":{"date-parts":[[2010,1,1]]},"references-count":19,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2010,1,1]]}},"alternative-id":["10.1257\/mac.2.1.207"],"URL":"https:\/\/doi.org\/10.1257\/mac.2.1.207","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2010,1,1]]}},{"indexed":{"date-parts":[[2026,4,9]],"date-time":"2026-04-09T04:32:55Z","timestamp":1775709175040,"version":"3.50.1"},"reference-count":29,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2011,4,1]]},"abstract":"<jats:p> We derive a linear-quadratic model that is consistent with sticky prices and search and matching frictions in the labor market. We show that the second-order approximation to the welfare of the representative agent depends on inflation and \u201cgaps\u201d that involve current and lagged unemployment. Our approximation makes explicit how welfare costs are generated by the presence of search frictions. These costs are distinct from the costs associated with relative price dispersion and fluctuations in consumption that appear in standard new Keynesian models. We show the labor market structure has important implications for optimal monetary policy. (JEL E24, E31, E52) <\/jats:p>","DOI":"10.1257\/mac.3.2.130","type":"journal-article","created":{"date-parts":[[2011,3,29]],"date-time":"2011-03-29T16:16:11Z","timestamp":1301415371000},"page":"130-162","source":"Crossref","is-referenced-by-count":53,"title":["Welfare-Based Optimal Monetary Policy with Unemployment and Sticky Prices: A Linear-Quadratic Framework"],"prefix":"10.1257","volume":"3","author":[{"given":"Federico","family":"Ravenna","sequence":"first","affiliation":[{"name":"HEC Montreal, Institute of Applied Economics, 3000 Chemin de la C\u00f4te-Sainte-Catherine, Montr\u00e9al (Qu\u00e9bec), H3T 2A7 and University of California, Santa Cruz, Deptartment of Economics."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Carl E","family":"Walsh","sequence":"additional","affiliation":[{"name":"University of California, Santa Cruz, Deptartment of Economics, 1156 High St. Santa Cruz, CA 95064."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2007.00015.x"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.2.1"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1765(00)00296-2"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2009.04.007"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1162\/003355300554692"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(99)00022-7"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.2307\/2118365"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.3.482"},{"key":"p_12","first-page":"2003","author":"Edge Rochelle M","year":"2003","journal-title":"Board of Governors of the Federal Reserve System, Finance and Economics Discussion Series"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/mac.1.1.84"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(00)00028-3"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2007.06.011"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1086\/597302"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2008.00180.x"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828482"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.2307\/2297382"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.12.001"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2008.08.002"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.2307\/2297896"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/jep.11.3.55"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA7562"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.01.004"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2008.06.006"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.03.006"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828572"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.03.007"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2008.00185.x"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2005.03.004"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.3.2.130","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:53:09Z","timestamp":1591127589000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.3.2.130"}},"issued":{"date-parts":[[2011,4,1]]},"references-count":29,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2011,4,1]]}},"alternative-id":["10.1257\/mac.3.2.130"],"URL":"https:\/\/doi.org\/10.1257\/mac.3.2.130","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2011,4,1]]}},{"indexed":{"date-parts":[[2026,2,5]],"date-time":"2026-02-05T10:59:28Z","timestamp":1770289168347,"version":"3.49.0"},"reference-count":41,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,10,1]]},"abstract":"<jats:p> Optimal forward guidance is the simple policy of keeping interest rates low for some optimally determined number of periods after the liquidity trap ends and moving to normal-times optimal policy thereafter. I solve for the optimal duration in closed form in a new Keynesian model and show that it is close to fully optimal Ramsey policy. The simple rule \u201cannounce a duration of half of the trap\u2019s duration times the disruption\u201d is a good approximation, including in a medium-scale dynamic stochastic general equilibrium (DSGE) model. By anchoring expectations of Delphic agents (who mistake commitment for bad news), the simple rule is also often welfare-preferable to Odyssean commitment. (JEL D84, E12, E43, E52, E56) <\/jats:p>","DOI":"10.1257\/mac.20170335","type":"journal-article","created":{"date-parts":[[2019,10,1]],"date-time":"2019-10-01T14:09:44Z","timestamp":1569938984000},"page":"310-345","source":"Crossref","is-referenced-by-count":11,"title":["Optimal Forward Guidance"],"prefix":"10.1257","volume":"11","author":[{"given":"Florin O.","family":"Bilbiie","sequence":"first","affiliation":[{"name":"Department of Economics, University of Lausanne, Internef, Quartier Chamberonne, CH-1015, Lausanne, Switzerland and the Center for Economic and Policy Research (CEPR) (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1353\/mcb.2006.0089"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.11.003"},{"key":"p_5","first-page":"2019","author":"Bassetto Marco","year":"2019","journal-title":"Federal Reserve Bank of Chicago Working Paper"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1006\/jeth.1999.2585"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/339713"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20160186"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2007.07.008"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2014.08.019"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2012.0004"},{"key":"p_15","first-page":"2016","author":"Campbell Jeffrey R","year":"2016","journal-title":"Federal Reserve Bank of Chicago Working Paper"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2015.09.004"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2010.00328.x"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2003.0010"},{"key":"p_22","first-page":"37","author":"Filardo Andrew","year":"2014","journal-title":"BIS Quarterly Review"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1162\/003465397557150"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20170110"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1353\/mcb.2005.0053"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/mac.5.2.1"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2016.03.002"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.2307\/2534694"},{"key":"p_32","first-page":"2015","author":"Laubach Thomas","year":"2015","journal-title":"Federal Reserve Bank of San Francisco Working Paper"},{"issue":"1","key":"p_33","first-page":"143","volume":"6","author":"Levin Andrew","year":"2010","journal-title":"International Journal of Central Banking"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20150063"},{"issue":"2","key":"p_35","first-page":"853","volume":"84","author":"Melosi Leonardo","year":"2017","journal-title":"Review of Economic Studies"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdu016"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2016.09.011"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2016.11.001"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2017.09.001"},{"issue":"2","key":"p_41","first-page":"73","volume":"4","author":"Nakov Anton","year":"2008","journal-title":"International Journal of Central Banking"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.2307\/1885679"},{"issue":"2","key":"p_44","first-page":"194","volume":"28","author":"Rogoff Kenneth","year":"1998","journal-title":"Brookings Papers on Economic Activity"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12054"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150220"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.2.1029"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.07.015"},{"issue":"1","key":"p_51","first-page":"150","volume":"85","author":"Walsh Carl E","year":"1995","journal-title":"American Economic Review"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321455278"},{"key":"p_56","first-page":"2013","author":"Williams John C","year":"2013","journal-title":"FRBSF Economic Letter"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.1.1"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20170335","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:04Z","timestamp":1591127884000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20170335"}},"issued":{"date-parts":[[2019,10,1]]},"references-count":41,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2019,10,1]]}},"alternative-id":["10.1257\/mac.20170335"],"URL":"https:\/\/doi.org\/10.1257\/mac.20170335","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,10,1]]}},{"indexed":{"date-parts":[[2026,1,31]],"date-time":"2026-01-31T03:20:38Z","timestamp":1769829638130,"version":"3.49.0"},"reference-count":26,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2014,7,1]]},"abstract":"<jats:p> We show that the behavior of entrepreneurs facing incomplete financial markets and risky investment can explain why accelerations of productivity growth in developing countries tend to be associated with current account improvements. Under uninsurable investment risk, entrepreneurs have to largely rely on self-financing so that, when productivity growth rises, entrepreneurs increase saving to finance new investment. The key insight is that saving has to increase more than investment to also allow for the accumulation of precautionary assets that entrepreneurs hold for self-insurance against investment risk. Numerical simulations show that this net saving increase can generate a current account improvement in line with the empirical evidence. (JEL E21, E22, F32, F41, F43, G32, L26) <\/jats:p>","DOI":"10.1257\/mac.6.3.102","type":"journal-article","created":{"date-parts":[[2014,6,30]],"date-time":"2014-06-30T13:03:08Z","timestamp":1404133388000},"page":"102-123","source":"Crossref","is-referenced-by-count":16,"title":["Growth and Capital Flows with Risky Entrepreneurship"],"prefix":"10.1257","volume":"6","author":[{"given":"Damiano","family":"Sandri","sequence":"first","affiliation":[{"name":"International Monetary Fund, Research Department, 700 19th St. NW, Washington, DC 20431 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2006.11.001"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2011.02.001"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2004.00670.x"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2012.08.003"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.1.358"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.3.341"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2005.06.012"},{"key":"p_13","first-page":"2012","author":"DeBacker Jason","year":"2012","journal-title":"Federal Reserve Board Finance and Economics Discussion Series Working Paper"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.3.391"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.1.474"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdt004"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1007\/s10887-005-4712-0"},{"key":"p_18","first-page":"55","volume":"38","author":"Houthakker Hendrik S","year":"1961","journal-title":"Bulletin of the international statistical institute"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1162\/003355300555033"},{"issue":"2","key":"p_20","first-page":"92","volume":"80","author":"Lucas Robert E., Jr.","year":"1990","journal-title":"American Economic review"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.2307\/2171960"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2005.02.008"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1086\/599706"},{"key":"p_25","first-page":"197","author":"Modigliani Franco","year":"1970","journal-title":"induction, Growth and Trade: Essays in Honour of sir roy Harrod"},{"issue":"3","key":"p_26","first-page":"297","volume":"76","author":"Modigliani Franco","year":"1986","journal-title":"American Economic review"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/00028280260344452"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2007.0016"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1093\/wber\/14.3.481"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.3.102"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.1.196"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321947399"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.6.3.102","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:32Z","timestamp":1591127852000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.6.3.102"}},"issued":{"date-parts":[[2014,7,1]]},"references-count":26,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2014,7,1]]}},"alternative-id":["10.1257\/mac.6.3.102"],"URL":"https:\/\/doi.org\/10.1257\/mac.6.3.102","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2014,7,1]]}},{"indexed":{"date-parts":[[2026,3,6]],"date-time":"2026-03-06T02:52:24Z","timestamp":1772765544046,"version":"3.50.1"},"reference-count":60,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2020,7,1]]},"abstract":"<jats:p> To match aggregate consumption dynamics, macroeconomic models must generate \u201cexcess smoothness\u201d in consumption expenditures. But microfounded models are calibrated to match micro data, which exhibit no \u201cexcess smoothness.\u201d So standard microfounded models fail to match the macro smoothness facts. We show that the micro and macro evidence are both consistent with a microfounded model where consumers know their personal circumstances but have \u201csticky expectations\u201d about the macroeconomy. Aggregate consumption sluggishness reflects consumers\u2019 imperfect attention to aggregate shocks. Our proposed degree of inattention has negligible utility costs because aggregate shocks constitute a tiny proportion of the uncertainty that consumers face. (JEL D83, D84, E21, E23, E24) <\/jats:p>","DOI":"10.1257\/mac.20180286","type":"journal-article","created":{"date-parts":[[2020,6,26]],"date-time":"2020-06-26T12:16:19Z","timestamp":1593173779000},"page":"40-76","source":"Crossref","is-referenced-by-count":23,"title":["Sticky Expectations and Consumption Dynamics"],"prefix":"10.1257","volume":"12","author":[{"given":"Christopher D.","family":"Carroll","sequence":"first","affiliation":[{"name":"Johns Hopkins University, 3400 N. Charles Street, Baltimore, MD 21218 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Edmund","family":"Crawley","sequence":"additional","affiliation":[{"name":"Federal Reserve Board, 20th St. and Constitution Ave. NW, Washington, DC 20551 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Jiri","family":"Slacalek","sequence":"additional","affiliation":[{"name":"European Central Bank, 60640 Frankfurt am Main, Germany (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Kiichi","family":"Tokuoka","sequence":"additional","affiliation":[{"name":"International Monetary Fund, 700 19th Street, NW, Washington, DC 20431 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Matthew N.","family":"White","sequence":"additional","affiliation":[{"name":"University of Delaware, 210 South College Ave., Newark, DE 19716 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1086\/528721"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/100.Supplement.823"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.5.2272"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjw024"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/261297"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.5.1887"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2018.01.002"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.09.002"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.3.681"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.2307\/2297552"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1162\/00335530360535207"},{"issue":"5","key":"p_15","first-page":"1397","volume":"84","author":"Carroll Christopher D","year":"1994","journal-title":"American Economic Review"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.2307\/2171853"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.3982\/QE694"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00122"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA9390"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20110306"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1162\/rest.2006.88.1.10"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.3.391"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2007.01.003"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2017.0000"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2016.12.003"},{"key":"p_28","first-page":"18","author":"Fuhrer Jeff","year":"2018","journal-title":"Federal Reserve Bank of Boston Working Paper"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qju024"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA9446"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1086\/260724"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2017.03.009"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321455377"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.4.107"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.5.1589"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/jep.22.1.3"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20160042"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2014.0002"},{"key":"p_40","first-page":"95","author":"Kennickell Arthur B","year":"1995","journal-title":"Board of Governors of the Federal Reserve System Working Paper"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjy014"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.4.1432"},{"issue":"3","key":"p_44","first-page":"326","volume":"63","author":"Lucas Robert E., Jr.","year":"1973","journal-title":"American Economic Review"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.3.631"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2007.07.003"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2017.08.005"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.3.769"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdv027"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1162\/003355302320935034"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1257\/000282806777212297"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1080\/01621459.1960.10482064"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhy055"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150331"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.6.2530"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.2307\/2171801"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1162\/00346530152480117"},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2006.03.001"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(03)00029-1"},{"key":"p_60","doi-asserted-by":"publisher","DOI":"10.1257\/000282806777212431"},{"key":"p_61","doi-asserted-by":"publisher","DOI":"10.2202\/1935-1690.1444"},{"key":"p_62","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.4.947"},{"key":"p_64","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.03.003"},{"issue":"4","key":"p_65","first-page":"922","volume":"82","author":"Wilcox David W","year":"1992","journal-title":"American Economic Review"},{"key":"p_67","doi-asserted-by":"publisher","DOI":"10.2307\/1907574"},{"key":"p_68","doi-asserted-by":"publisher","DOI":"10.1086\/261605"},{"key":"p_69","doi-asserted-by":"publisher","DOI":"10.2307\/2937848"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180286","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,26]],"date-time":"2020-06-26T12:16:45Z","timestamp":1593173805000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180286"}},"issued":{"date-parts":[[2020,7,1]]},"references-count":60,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2020,7,1]]}},"alternative-id":["10.1257\/mac.20180286"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180286","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2020,7,1]]}},{"indexed":{"date-parts":[[2026,4,30]],"date-time":"2026-04-30T08:39:48Z","timestamp":1777538388021,"version":"3.51.4"},"reference-count":11,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2016,1,1]]},"abstract":"<jats:p> This paper derives the optimal lending contract in the financial accelerator model of Bernanke, Gertler, and Gilchrist (1999), henceforth, BGG. The optimal contract includes indexation to the aggregate return on capital, household consumption, and the return to internal funds. This triple indexation results in a dampening of fluctuations in leverage and the risk premium. Hence, compared with the contract originally imposed by BGG, the privately optimal contract implies essentially no financial accelerator. (JEL D11, D81, D86, D92, E13, G31, L26) <\/jats:p>","DOI":"10.1257\/mac.20120024","type":"journal-article","created":{"date-parts":[[2015,12,22]],"date-time":"2015-12-22T14:30:10Z","timestamp":1450794610000},"page":"119-147","source":"Crossref","is-referenced-by-count":14,"title":["Optimal Contracts, Aggregate Risk, and the Financial Accelerator"],"prefix":"10.1257","volume":"8","author":[{"given":"Charles T.","family":"Carlstrom","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of Cleveland, 1455 East Sixth Street, Cleveland, OH 44101 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Timothy S.","family":"Fuerst","sequence":"additional","affiliation":[{"name":"Department of Economics, University of Notre Dame, 713 Flanner Hall, Notre Dame, IN, 46556 and Federal Reserve Bank of Cleveland, 1455 East Sixth Street, Cleveland, OH 44101 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Matthias","family":"Paustian","sequence":"additional","affiliation":[{"name":"Federal Reserve Board, 20th Street and Constitution Avenue N.W., Washington, DC 20551 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.2.379"},{"issue":"5","key":"p_3","first-page":"893","volume":"87","author":"Carlstrom Charles T","year":"1997","journal-title":"American Economic review"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2014.06.009"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.2307\/2297737"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.2307\/2297859"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1086\/262072"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-0531(03)00098-X"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/2937855"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(79)90031-0"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(86)90074-7"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/8.1.91"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20120024","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:53:58Z","timestamp":1591127638000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20120024"}},"issued":{"date-parts":[[2016,1,1]]},"references-count":11,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2016,1,1]]}},"alternative-id":["10.1257\/mac.20120024"],"URL":"https:\/\/doi.org\/10.1257\/mac.20120024","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2016,1,1]]}},{"indexed":{"date-parts":[[2026,5,12]],"date-time":"2026-05-12T19:27:11Z","timestamp":1778614031045,"version":"3.51.4"},"reference-count":31,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,4,1]]},"abstract":"<jats:p> I provide new empirical evidence on the negative relationship between financial frictions and productivity growth over a firm\u2019s life cycle. I show that a model of firm dynamics with incremental innovation cannot explain this evidence. However, further including radical innovation, which is very risky but potentially very productive, allows for the joint replication of several stylized facts about the dynamics of young and old firms and the differences in productivity growth in industries with different degrees of financing frictions. These frictions matter because they act as a barrier to entry that reduces competition and the risk-taking of young firms. (JEL D22, D24, D25, G32, L25, L60, O31) <\/jats:p>","DOI":"10.1257\/mac.20160298","type":"journal-article","created":{"date-parts":[[2019,4,2]],"date-time":"2019-04-02T13:03:09Z","timestamp":1554210189000},"page":"275-309","source":"Crossref","is-referenced-by-count":50,"title":["Financing Constraints, Radical versus Incremental Innovation, and Aggregate Productivity"],"prefix":"10.1257","volume":"11","author":[{"given":"Andrea","family":"Caggese","sequence":"first","affiliation":[{"name":"Economics Department, Pompeu Fabra University, Room 20.159, Carrer Ramon Trias Fargas 25, 08005, Barcelona, Spain, UPF, CREI, and Barcelona GSE (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00177"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1086\/697901"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2009.01492.x"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2008.01.001"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150281"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/000282803769206296"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.2307\/2235494"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2006.121.2.541"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.5.1964"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2012.05.009"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2008.02200.x"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.10.004"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1111\/joie.12069"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2006.121.1.229"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA11150"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.2437"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdt011"},{"key":"p_24","first-page":"2014","author":"Falato Antonio","year":"2014","journal-title":"Federal Reserve Board Finance and Economics Discussion Paper"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1111\/ecca.12172"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.10.010"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1162\/0033553041502162"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.4.1403"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qju014"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1086\/422563"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00246"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.2.422"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1086\/262040"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00481"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1111\/1756-2171.12005"},{"issue":"3","key":"p_41","first-page":"559","volume":"88","author":"Rajan Raghuram G","year":"1998","journal-title":"American Economic Review"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2009.04.026"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160298","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:08Z","timestamp":1591127768000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160298"}},"issued":{"date-parts":[[2019,4,1]]},"references-count":31,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2019,4,1]]}},"alternative-id":["10.1257\/mac.20160298"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160298","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,4,1]]}},{"indexed":{"date-parts":[[2026,5,14]],"date-time":"2026-05-14T12:54:33Z","timestamp":1778763273588,"version":"3.51.4"},"reference-count":42,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2024,10,1]]},"abstract":"<jats:p> We argue that the threat of automation weakens workers\u2019 bargaining power in wage negotiations, dampening wage adjustments and amplifying unemployment fluctuations. We make this argument based on a business cycle model with labor market search frictions, generalized to incorporate automation decisions. In the model, procyclical automation threats create endogenous real wage rigidity that amplifies labor market fluctuations. The automation mechanism is consistent with empirical evidence. It is also quantitatively important for explaining the large volatilities of unemployment and vacancies relative to that of real wages, a puzzling observation through the lens of standard business cycle models. (JEL E13, E24, E32, J31, J63, J64) <\/jats:p>","DOI":"10.1257\/mac.20220181","type":"journal-article","created":{"date-parts":[[2024,9,30]],"date-time":"2024-09-30T12:32:20Z","timestamp":1727699540000},"page":"311-349","source":"Crossref","is-referenced-by-count":9,"title":["Automation, Bargaining Power, and Labor Market Fluctuations"],"prefix":"10.1257","volume":"16","author":[{"given":"Sylvain","family":"Leduc","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of San Francisco (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Zheng","family":"Liu","sequence":"additional","affiliation":[{"name":"Federal Reserve Bank of San Francisco (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0167-2231(01)00058-6"},{"key":"p_2","doi-asserted-by":"crossref","unstructured":"Acemoglu, Daron, Gary W. Anderson, David N. Beede, Cathy Buffington, Eric E. Childress, Emin Dinlersoz, Lucia S. Foster, et al. 2022. \"Automation and the Workforce: A Firm-Level View from the 2019 Annual Business Survey.\" NBER Working Paper 30659.","DOI":"10.3386\/w30659"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/pandp.20231037"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/pandp.20201003"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20160696"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1086\/705716"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA19815"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.01.002"},{"key":"p_9","doi-asserted-by":"crossref","unstructured":"Antr\u00e0s, Pol. 2020. \"De-Globalisation? Global Value Chains in the Post-COVID-19 Age.\" NBER Working Paper 28115.","DOI":"10.3386\/w28115"},{"key":"p_10","unstructured":"Arnoud, Antoine. 2018. \"Automation Threat and Wage Bargaining.\" Unpublished."},{"key":"p_11","unstructured":"Arseneau, David M., and Sylvain Leduc. 2014. \"Threatening to Offshore in a Search Model of the Labor Market.\" Unpublished."},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/jep.29.3.3"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1162\/003355303322552801"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2010.08.029"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2018.05.014"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.2.1"},{"key":"p_17","first-page":"21","author":"Cheng Hong","year":"2021","journal-title":"Federal Reserve Bank of Philadelphia Working Paper"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.3.482"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2016.08.008"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1080\/10438599.2023.2233081"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2017.12.003"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2013.0016"},{"key":"p_23","doi-asserted-by":"crossref","unstructured":"Fernald, John G. 2015. \"Productivity and Potential Output before, during, and after the Great Recession.\" In NBER Macroeconomics Annual 2014, Vol. 29, edited by Jonathan A. Parker and Michael Woodford, 1-51. Chicago: University of Chicago Press.","DOI":"10.1086\/680580"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2006.12.008"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1086\/597302"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1162\/rest_a_00754"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1692"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1653"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2007.08.003"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjt032"},{"key":"p_31","unstructured":"Krueger, Alan B. 2018. \"Luncheon Address: Re ections on Dwindling Worker Bargaining Power and Monetary Policy.\" In Changing Market Structure and Implications for Monetary Policy: A Symposium Sponsored by the Federal Reserve Bank of Kansas City, Jackson Hole, Wyo., Aug. 23-25, 2018, edited by Federal Reserve Bank of Kansas City, 267-82, Kansas City: Federal Reserve Bank of Kansas City."},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00150"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20170176"},{"key":"p_34","unstructured":"Leduc, Sylvain, and Zheng Liu. 2024. Data and Code for: \"Automation, Bargaining Power, and Labor Market Fluctuations.\" Nashville, TN: American Economic Association, distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. https:\/\/doi.org\/10.3886\/ E193242V2."},{"key":"p_35","unstructured":"Manyika, James, Michael Chui, Mehdi Miremadi, Jacques Bughin, Katy George, Paul Willmott, and Martin Dewhurst. 2017. A Future That Works: Automation, Employment, and Productivity. Chicago: McKinsey Global Institute."},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.2307\/1879403"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.10.005"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828572"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2020.0000"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdaa027"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1162\/003355398555847"},{"key":"p_42","doi-asserted-by":"crossref","unstructured":"Zolas, Nikolas, Zachary Kroff, Erik Brynjolfsson, Kristina McElheran, David N. Beede, Cathy Buffington, Nathan Goldschlag, Lucia Foster, and Emin Dinlersoz. 2020. \"Advanced Technologies Adoption and Use by US Firms: Evidence from the Annual Business Survey.\" NBER Working Paper 28290.","DOI":"10.3386\/w28290"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20220181","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,9,30]],"date-time":"2024-09-30T12:32:44Z","timestamp":1727699564000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20220181"}},"issued":{"date-parts":[[2024,10,1]]},"references-count":42,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2024,10,1]]}},"alternative-id":["10.1257\/mac.20220181"],"URL":"https:\/\/doi.org\/10.1257\/mac.20220181","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2024,10,1]]}},{"indexed":{"date-parts":[[2026,5,15]],"date-time":"2026-05-15T07:35:22Z","timestamp":1778830522604,"version":"3.51.4"},"reference-count":38,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2010,7,1]]},"abstract":"<jats:p> The value of communication is analyzed in a model in which agents' expectations need not be consistent with central bank policy. Without communication, the Taylor principle is not sufficient for macroeconomic stability: divergent learning dynamics are possible. Three communication strategies are contemplated to ensure consistency between private forecasts and monetary policy strategy: communicating the precise details of policy; communicating only the variables on which policy decisions are conditioned; and communicating the inflation target. The former strategies restore the Taylor principle as a sufficient condition for anchoring expectations. The latter strategy, in general, fails to protect against expectations-driven fluctuations. (JEL E32, E43, E52, E58) <\/jats:p>","DOI":"10.1257\/mac.2.3.235","type":"journal-article","created":{"date-parts":[[2010,7,8]],"date-time":"2010-07-08T13:47:04Z","timestamp":1278596824000},"page":"235-271","source":"Crossref","is-referenced-by-count":77,"title":["Central Bank Communication and Expectations Stabilization"],"prefix":"10.1257","volume":"2","author":[{"given":"Stefano","family":"Eusepi","sequence":"first","affiliation":[{"name":"Macroeconomic and Monetary Studies Function, Federal Reserve Bank of New York, 33 Liberty St, New York, NY 10045."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Bruce","family":"Preston","sequence":"additional","affiliation":[{"name":"Department of Economics, Columbia University, New York, NY 10027 and Centre of Applied Macroeconomic Analysis, Australian National University, and National Bureau of Economic Research."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-004-0587-0"},{"key":"p_2","first-page":"157","author":"Batini Nicoletta","year":"1999","journal-title":"Monetary Policy rules, ed. John B. Taylor"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(02)00144-7"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2007.00062.x"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(83)90060-0"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(98)00016-6"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1162\/003355300554692"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.2307\/1912324"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00268"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1111\/1468-2354.00114"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1353\/mcb.2002.0037"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2006.10.003"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1086\/256579"},{"issue":"1","key":"p_21","first-page":"1","volume":"58","author":"Friedman Milton","year":"1968","journal-title":"American Economic review"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.00082"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2003.07.006"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/000282803322157016"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1086\/261655"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(89)90032-X"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2006.05.004"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2006.11.007"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/000282802762024610"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.1.37"},{"key":"p_37","first-page":"201","author":"Orphanides Athanasios","year":"2005","journal-title":"The inflation-Targeting debate, ed. Ben S. Bernanke and Michael Woodford"},{"issue":"2","key":"p_38","first-page":"81","volume":"1","author":"Preston Bruce","year":"2005","journal-title":"international Journal of central Banking"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.01.008"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2007.12.009"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.2307\/2297284"},{"key":"p_43","first-page":"57","author":"Rotemberg Julio J","year":"1999","journal-title":"Monetary Policy rules, ed. John B. Taylor"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.7208\/chicago\/9780226092126.003.0007"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1162\/154247603770383415"},{"issue":"1","key":"p_47","first-page":"32","volume":"79","author":"Stein Jeremy C","year":"1989","journal-title":"American Economic review"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(99)00007-0"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1257\/000282806776157650"},{"key":"p_50","first-page":"19","author":"Svensson Lars E. O.","year":"2005","journal-title":"The inflation-Targeting debate, ed. Ben S. Bernanke and Michael Woodford"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1016\/0167-2231(93)90009-L"},{"issue":"1","key":"p_52","first-page":"5","volume":"3","author":"Walsh Carl E","year":"2007","journal-title":"international Journal of central Banking"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(96)90040-9"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.2.3.235","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:55:22Z","timestamp":1591127722000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.2.3.235"}},"issued":{"date-parts":[[2010,7,1]]},"references-count":38,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2010,7,1]]}},"alternative-id":["10.1257\/mac.2.3.235"],"URL":"https:\/\/doi.org\/10.1257\/mac.2.3.235","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2010,7,1]]}},{"indexed":{"date-parts":[[2026,5,5]],"date-time":"2026-05-05T10:00:35Z","timestamp":1777975235685,"version":"3.51.4"},"reference-count":35,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,7,1]]},"abstract":"<jats:p> I develop a spatial-equilibrium model to quantify the distributional impacts of international trade in an economy with intranational trade and migration costs. Focusing on China, I find that international trade increases both between-region inequality among workers with similar skills and within-region inequality between skilled and unskilled workers, with the former accounting for 75 percent of the overall inequality increase. Ignoring spatial frictions will underestimate trade\u2019s impact on the overall inequality and overestimate its impact on the aggregate skill premium. I further study how internal trade and Hukou reforms affect the domestic economy and the impacts of international trade. (JEL F14, F16, J24, O18, P23, P33, R12) <\/jats:p>","DOI":"10.1257\/mac.20150055","type":"journal-article","created":{"date-parts":[[2019,6,28]],"date-time":"2019-06-28T12:58:02Z","timestamp":1561726682000},"page":"252-288","source":"Crossref","is-referenced-by-count":56,"title":["Internal Geography, Labor Mobility, and the Distributional Impacts of Trade"],"prefix":"10.1257","volume":"11","author":[{"given":"Jingting","family":"Fan","sequence":"first","affiliation":[{"name":"Pennsylvania State University, 607 Kern Building, University Park, PA 16802 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA10876"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qju016"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2006.07.006"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2005.04.002"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.6.2121"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/mac.5.2.32"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdu035"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2015.10.001"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/mic.20140145"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1093\/jeg\/lbu008"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20131706"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA10457"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20161214"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20101199"},{"issue":"5","key":"p_18","first-page":"823","volume":"67","author":"Dornbusch R., S.","year":"1977","journal-title":"American Economic Review"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00352"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/jel.45.1.39"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjt056"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2011.12.006"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2009.00552.x"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9361.2005.00265.x"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/app.20160395"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3878(95)00055-0"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00150"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1093\/wber\/15.3.451"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1162\/003355303321675455"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/mac.5.2.72"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9396.2005.00514.x"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20141449"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2016.04.003"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2013.10.001"},{"key":"p_39","first-page":"28","volume":"1","author":"Sun W., C.","year":"2011","journal-title":"Economic Research Journal"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2016.10.011"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1257\/app.2.4.1"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(01)00168-4"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20150055","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:11Z","timestamp":1591127891000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20150055"}},"issued":{"date-parts":[[2019,7,1]]},"references-count":35,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2019,7,1]]}},"alternative-id":["10.1257\/mac.20150055"],"URL":"https:\/\/doi.org\/10.1257\/mac.20150055","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,7,1]]}},{"indexed":{"date-parts":[[2026,6,10]],"date-time":"2026-06-10T21:38:05Z","timestamp":1781127485425,"version":"3.54.1"},"reference-count":19,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,10,1]]},"abstract":"<jats:p> The valuation of government debt is subject to strategic uncertainty. Pessimistic lenders, fearing default, bid down the price of debt, leaving a government with a higher debt burden. This increases the likelihood of default, thus confirming the pessimism of lenders. Can monetary interventions mitigate debt fragility? With one-period commitment to a state-contingent policy, the monetary authority can indeed overcome strategic uncertainty. Under discretion, debt fragility remains unless reputation effects are sufficiently strong. Simpler forms of interventions, such as an inflation target, cannot eliminate debt fragility. (JEL E31, E43, E52, E62, G01, H63) <\/jats:p>","DOI":"10.1257\/mac.20170167","type":"journal-article","created":{"date-parts":[[2019,10,1]],"date-time":"2019-10-01T14:09:44Z","timestamp":1569938984000},"page":"38-81","source":"Crossref","is-referenced-by-count":5,"title":["\u201cWhatever It Takes\u201d Is All You Need: Monetary Policy and Debt Fragility"],"prefix":"10.1257","volume":"11","author":[{"given":"Antoine","family":"Camous","sequence":"first","affiliation":[{"name":"University of Mannheim, Department of Economics, L7 3-5 68131 Mannheim, Germany (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Russell","family":"Cooper","sequence":"additional","affiliation":[{"name":"European University Institute, Department of Economics, Via della Fontanelle 18, 50014 San Domenico di Fiesole, Firenze, Italy, and Penn State University, Department of Economics (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.1.47"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2017.11.004"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(83)90051-X"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2004.06.001"},{"issue":"1","key":"p_6","first-page":"43","volume":"79","author":"Bulow Jeremy","year":"1989","journal-title":"American Economic Review"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(78)90044-2"},{"issue":"4","key":"p_8","first-page":"647","volume":"78","author":"Calvo Guillermo A","year":"1988","journal-title":"American Economic Review"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.2307\/2298130"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1006\/jeth.1998.2421"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1086\/261706"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00123"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2009.08.010"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1111\/jeea.12184"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.2307\/2296886"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.2307\/2527112"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2018.05.002"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.2307\/1885679"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(79)90002-4"},{"issue":"1","key":"p_25","first-page":"98","volume":"87","author":"Svensson Lars E.O.","year":"1997","journal-title":"American Economic Review"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20170167","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:06Z","timestamp":1591127886000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20170167"}},"issued":{"date-parts":[[2019,10,1]]},"references-count":19,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2019,10,1]]}},"alternative-id":["10.1257\/mac.20170167"],"URL":"https:\/\/doi.org\/10.1257\/mac.20170167","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,10,1]]}},{"indexed":{"date-parts":[[2026,6,11]],"date-time":"2026-06-11T05:48:37Z","timestamp":1781156917417,"version":"3.54.1"},"reference-count":42,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2012,7,1]]},"abstract":"<jats:p>This paper uses historical fluctuations in temperature within countries to identify its effects on aggregate economic outcomes. We find three primary results. First, higher temperatures substantially reduce economic growth in poor countries. Second, higher temperatures may reduce growth rates, not just the level of output. Third, higher temperatures have wide-ranging effects, reducing agricultural output, industrial output, and political stability. These findings inform debates over climate's role in economic development and suggest the possibility of substantial negative impacts of higher temperatures on poor countries. (JEL E23, O13, Q54, Q56)<\/jats:p>","DOI":"10.1257\/mac.4.3.66","type":"journal-article","created":{"date-parts":[[2012,6,27]],"date-time":"2012-06-27T13:15:33Z","timestamp":1340802933000},"page":"66-95","source":"Crossref","is-referenced-by-count":1085,"title":["Temperature Shocks and Economic Growth: Evidence from the Last Half Century"],"prefix":"10.1257","volume":"4","author":[{"given":"Melissa","family":"Dell","sequence":"first","affiliation":[{"name":"Department of Economics, Massachusetts Institute of Technology, 50 Memorial Drive, Cambridge, MA 02139."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Benjamin F","family":"Jones","sequence":"additional","affiliation":[{"name":"Kellogg School of Management, 2001 Sheridan Road, Evanston, IL 60208."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Benjamin A","family":"Olken","sequence":"additional","affiliation":[{"name":"Department of Economics, Massachusetts Institute of Technology, 50 Memorial Drive, Cambridge, MA 02139."}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.5.1369"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1162\/003355302320935025"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1038\/345219a0"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1007\/BF00138862"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1162\/rest.2010.11212"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1002\/jae.1163"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/S0160-2527(99)00008-4"},{"key":"p_9","first-page":"1","author":"Kennedy P., J. J.","year":"2006","journal-title":"Journal of Geophysical research 111 (D12)"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8183"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.4.124"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1198\/jbes.2010.07136"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1037\/0022-3514.37.3.337"},{"issue":"4","key":"p_14","first-page":"227","volume":"2","author":"Jaroci\u0144ski Marek","year":"2010","journal-title":"American Economic Journal: Macroeconomics"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1093\/aje\/155.1.80"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.4.1"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.2.198"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.3.66"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.1.354"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1162\/rest.91.4.659"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1093\/oxfordjournals.bjc.a048222"},{"key":"p_22","first-page":"85","author":"Luke John","year":"2001","journal-title":"American Journal of Tropical Medicine and hygiene 64 (1, 2)"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.2307\/2708627"},{"key":"p_25","first-page":"1875","author":"Gleditsch Kristian","year":"2006","journal-title":"A Database of Leaders"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.1009510107"},{"issue":"3","key":"p_33","first-page":"489","volume":"42","author":"Lefgren Lars","year":"2007","journal-title":"Journal of human resources"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.2.454"},{"key":"p_36","volume":"76","author":"James Link","year":"1970","journal-title":"AShrAE Transactions"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.3.1006"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1007\/s00382-004-0442-9"},{"key":"p_42","first-page":"189","volume":"78","author":"Kok G., R.","year":"1982","journal-title":"South African Journal of Science"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1017\/S1355770X01000055"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1086\/421174"},{"key":"p_47","first-page":"13","volume":"110","author":"Polcher T., J.","year":"2005","journal-title":"Journal of Geophysical research"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.0509842103"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1016\/0169-8141(92)90018-U"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1023\/B:JOEG.0000031425.72248.85"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1038\/415680a"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1093\/oxfordjournals.jae.a020932"},{"issue":"1","key":"p_56","doi-asserted-by":"crossref","first-page":"113","DOI":"10.1162\/rest.2006.88.1.113","volume":"88","author":"Hanemann W. Michael","year":"2006","journal-title":"review of Economics and Statistics"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9353.2006.00304.x"},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.0906865106"},{"key":"p_60","doi-asserted-by":"publisher","DOI":"10.1176\/ajp.154.12.1711"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.4.3.66","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,1,19]],"date-time":"2022-01-19T16:36:15Z","timestamp":1642610175000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.4.3.66"}},"issued":{"date-parts":[[2012,7,1]]},"references-count":42,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2012,7,1]]}},"alternative-id":["10.1257\/mac.4.3.66"],"URL":"https:\/\/doi.org\/10.1257\/mac.4.3.66","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2012,7,1]]}},{"indexed":{"date-parts":[[2022,3,30]],"date-time":"2022-03-30T19:08:22Z","timestamp":1648667302655},"reference-count":0,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2016,4,1]]},"DOI":"10.1257\/mac.8.2.i","type":"journal-article","created":{"date-parts":[[2016,3,31]],"date-time":"2016-03-31T13:18:49Z","timestamp":1459430329000},"page":"i-vi","source":"Crossref","is-referenced-by-count":0,"title":["Front Matter"],"prefix":"10.1257","volume":"8","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.8.2.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:22Z","timestamp":1591127782000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.8.2.i"}},"issued":{"date-parts":[[2016,4,1]]},"references-count":0,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2016,4,1]]}},"alternative-id":["10.1257\/mac.8.2.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.8.2.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2016,4,1]]}},{"indexed":{"date-parts":[[2022,4,4]],"date-time":"2022-04-04T18:49:54Z","timestamp":1649098194794},"reference-count":0,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2017,1,1]]},"DOI":"10.1257\/mac.9.1.i","type":"journal-article","created":{"date-parts":[[2016,12,29]],"date-time":"2016-12-29T13:40:33Z","timestamp":1483018833000},"page":"i-vi","source":"Crossref","is-referenced-by-count":0,"title":["Front Matter"],"prefix":"10.1257","volume":"9","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.9.1.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:43Z","timestamp":1591127863000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.9.1.i"}},"issued":{"date-parts":[[2017,1,1]]},"references-count":0,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2017,1,1]]}},"alternative-id":["10.1257\/mac.9.1.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.9.1.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2017,1,1]]}},{"indexed":{"date-parts":[[2023,9,30]],"date-time":"2023-09-30T16:13:44Z","timestamp":1696090424830},"reference-count":22,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2023,10,1]]},"abstract":"<jats:p> The amount of information produced about firms\u2019 productivities and about the quality of collateral backing their loans varies over time. These information dynamics determine the evolution of credit, output and productivity, which feeds back into incentives to produce information. We characterize this intricate dynamic relation. A credit boom happens when information about collateral depreciates. A financial crisis happens when information about collateral is suddenly generated. Information about firms\u2019 individual productivities over credit booms can prevent or tame the crisis, acting as an endogenous macroprudential force. (JEL D24, D83, E32, E44, G01, G32) <\/jats:p>","DOI":"10.1257\/mac.20210101","type":"journal-article","created":{"date-parts":[[2023,9,29]],"date-time":"2023-09-29T12:04:43Z","timestamp":1695989083000},"page":"372-400","source":"Crossref","is-referenced-by-count":0,"title":["Information Dynamics and Macro Fluctuations"],"prefix":"10.1257","volume":"15","author":[{"given":"Kyriakos","family":"Chousakos","sequence":"first","affiliation":[{"name":"Bank of America (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Gary","family":"Gorton","sequence":"additional","affiliation":[{"name":"Yale University and NBER (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Guillermo","family":"Ordo\u00f1ez","sequence":"additional","affiliation":[{"name":"University of Pennsylvania and NBER (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdab046"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20190789"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/S0378-4266(02)00408-9"},{"key":"p_4","unstructured":"Chousakos, Kyriakos, Gary Gorton, and Guillermo Ordo\u00f1ez. 2018. \"Global Information Spillovers.\" In Monetary Policy and Global Spillovers Volume 25, edited by Ernesto Past\u00e9n, Enrique Mendoza, and Diego Saravia, 137-81."},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-financial-110118-123041"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20140782"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1997.tb02726.x"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvw023"},{"issue":"4","key":"p_9","first-page":"1641","volume":"132","author":"Fajgelbaum Pablo","year":"2017","journal-title":"Quarterly Review of Economics"},{"key":"p_10","unstructured":"Farboodi, Maryam, and P\u00e9ter Kondor. 2021. \"Cleansing by Tight Credit: Rational Cycles and Endogenous Lending Standards.\" Unpublished."},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.03.017"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2003.08.002"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.2.343"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvy058"},{"key":"p_15","unstructured":"Holmstr\u00f6m, Bengt. 2015. \"Understanding the Role of Debt in the Financial System.\" BIS Working Paper 479."},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.3033"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1086\/673886"},{"key":"p_18","unstructured":"Petriconi, Silvio. 2019. \"Bank Competition, Information Choice and Inef cient Lending Booms.\" Unpublished."},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.3.1011"},{"key":"p_20","unstructured":"Straub, Ludwig, and Robert Ulbricht. 2021. \"Endogenous Uncertainty and Credit Crunches.\" Unpublished."},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.02.003"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2006.00397.x"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20210101","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,9,29]],"date-time":"2023-09-29T12:06:18Z","timestamp":1695989178000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20210101"}},"issued":{"date-parts":[[2023,10,1]]},"references-count":22,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2023,10,1]]}},"alternative-id":["10.1257\/mac.20210101"],"URL":"https:\/\/doi.org\/10.1257\/mac.20210101","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2023,10,1]]}},{"indexed":{"date-parts":[[2025,12,4]],"date-time":"2025-12-04T10:04:58Z","timestamp":1764842698308},"reference-count":80,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2023,1,1]]},"abstract":"<jats:p>Business cycle recoveries have slowed in recent decades. This slowdown comes entirely from female employment, as women\u2019s employment rates converged toward men\u2019s during the past half-century. But does the slowdown in the growth of female employment rates translate into a slowdown for overall employment rates? We estimate the extent to which women \u201ccrowd out\u201d men in the labor market across US states, and find that it is small. Through the lens of a general equilibrium model with home production, we show this statistic implies that 60-75 percent of the slowdown in recent business cycle recoveries can be explained by female convergence.(JEL D13, E24, E32, J16, J21)<\/jats:p>","DOI":"10.1257\/mac.20200312","type":"journal-article","created":{"date-parts":[[2022,12,30]],"date-time":"2022-12-30T14:54:41Z","timestamp":1672412081000},"page":"269-313","source":"Crossref","is-referenced-by-count":8,"title":["Women, Wealth Effects, and Slow Recoveries"],"prefix":"10.1257","volume":"15","author":[{"given":"Masao","family":"Fukui","sequence":"first","affiliation":[{"name":"Department of Economics, Boston University (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Emi","family":"Nakamura","sequence":"additional","affiliation":[{"name":"Department of Economics, University of California, Berkeley (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"J\u00f3n","family":"Steinsson","sequence":"additional","affiliation":[{"name":"Department of Economics, University of California, Berkeley (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2014.0015"},{"key":"p_2","doi-asserted-by":"crossref","unstructured":"Acemoglu, Daron, and David Autor. 2011. \"Skills, Tasks and Technologies: Implications for Employment and Earnings.\" In Handbook of Labor Economics, Vol. 4B, edited by David Card and Orley Ashenfelter, 1043-1171. Amsterdam: Elsevier.","DOI":"10.1016\/S0169-7218(11)02410-5"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1086\/383100"},{"key":"p_4","doi-asserted-by":"crossref","unstructured":"Aguiar, Mark, Mark Bils, Kerwin Kofi Charles, and Erik Hurst. 2017. \"Leisure Luxuries and the Labor Supply of Young Men.\" NBER Working Paper 23552.","DOI":"10.3386\/w23552"},{"key":"p_5","doi-asserted-by":"crossref","unstructured":"Aguiar, M., and E. Hurst. 2016. \"The Macroeconomics of Time Allocation.\" In Handbook of Macroeconomics, Vol. 2, edited by John B. Taylor and Harald Uhlig, 203-53. Amsterdam: Elsevier.","DOI":"10.1016\/bs.hesmac.2016.06.004"},{"key":"p_6","doi-asserted-by":"crossref","unstructured":"Albanesi, Stefania. 2019. \"Changing Business Cycles: The Role of Women's Employment.\" NBER Working Paper 25655.","DOI":"10.3386\/w25655"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/686035"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2017.12.005"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/S0927-5371(00)00007-5"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1517"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.5.1553"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/app.6.2.178"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1086\/261796"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdx063"},{"key":"p_15","unstructured":"Berger, David. 2018. ``Countercyclical Restructuring and Jobless Recoveries.\" Unpublished."},{"key":"p_16","unstructured":"Blank, Rebecca M., and Jonah Gelbach. 2006. \"Are Less-Educated Women Crowding Less-Educated Men Out of the Labor Market?\" In Black Males Left Behind, edited by Ronald B. Mincy, 87-119. Washington, DC: Urban Institute Press."},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.3.251"},{"key":"p_18","doi-asserted-by":"crossref","unstructured":"Blundell, Richard, and Thomas Macurdy. 1999. \"Labor Supply: A Review of Alternative Approaches.\" In Handbook of Labor Economics, Vol. 3A, edited by Orley C. Ashenfelter and David Card, 1559-1695. Amsterdam: Elsevier.","DOI":"10.1016\/S1573-4463(99)03008-4"},{"key":"p_19","doi-asserted-by":"crossref","unstructured":"Boerma, Joe, and Loukas Karabarbounis. 2017. \"Inferring Inequality with Home Production.\" Unpublished.","DOI":"10.3386\/w24166"},{"key":"p_20","doi-asserted-by":"crossref","unstructured":"Boppart, Timo, and Per Krusell. 2016. \"Labor Supply in the Past, Present, and Future: A Balanced-Growth Perspective.\" NBER Working Paper 22215.","DOI":"10.3386\/w22215"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1162\/003355303322552810"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1086\/209979"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2005.01037.x"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1086\/498123"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2013.0013"},{"key":"p_26","unstructured":"Council of Economic Advisors. 2017. Economic Report of the President. Washington, DC: U.S. Government Printing Of ce."},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjw032"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.1.472"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1257\/mac.1.1.146"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1162\/0033553042476224"},{"issue":"1","key":"p_31","first-page":"69","volume":"37","author":"Figura Andrew","year":"2006","journal-title":"Brookings Papers on Economic Activity"},{"key":"p_32","unstructured":"Flood, Sarah, Miriam King, Renae Rodgers, Steven Ruggles, and J.Robert Warren. 2020. Integrated Public Use Microdata Series, Current Population Survey: Version 8.0. Integrated Public Use Microdata Series. https:\/\/doi.org\/10.18128\/D030.V5.0."},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA7767"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.1997.tb00001.x"},{"key":"p_35","unstructured":"Fukui, Masao, Emi Nakamura, and Jon Steinsson. 2022. \"Replication data for Women, Wealth Effects, and Slow Recoveries.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.38886\/E149321V1."},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2019.11.005"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1111\/j.1542-4774.2011.01023.x"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1093\/ej\/ueaa065"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1257\/000282806777212350"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.4.1091"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1086\/340778"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1086\/261797"},{"issue":"3","key":"p_43","first-page":"402","volume":"78","author":"Greenwood Jeremy","year":"1988","journal-title":"American Economic Review"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1111\/0034-6527.00326"},{"key":"p_45","unstructured":"Groshen, Erica L., and Simon Potter. 2003. \"Has Structural Change Contributed to a Jobless Recovery?\" In Current Issues in Economics and Finance, Vol. 9, Article 8. New York, NY: Federal Reserve Bank of New York."},{"key":"p_46","doi-asserted-by":"crossref","unstructured":"Hall, R.E. 2016. \"Macroeconomics of Persistent Slumps.\" In Handbook of Macroeconomics, Vol. 2, edited by John B. Taylor and Harald Uhlig, 2131-81. Amsterdam: Elsevier.","DOI":"10.1016\/bs.hesmac.2016.03.010"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(85)90039-X"},{"key":"p_48","doi-asserted-by":"crossref","unstructured":"Head, Keith, and Thierry Mayer. 2014. ``Gravity Equations: Workhorse, Toolkit, and Cookbook.\" In Handbook of International Economics, Vol. 4, edited by Gita Gopinath, Elhanan Helpman, and Kenneth Rogoff, 131-95. Amsterdam: North Holland.","DOI":"10.1016\/B978-0-444-54314-1.00003-3"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1016\/j.rie.2017.03.002"},{"key":"p_50","doi-asserted-by":"crossref","unstructured":"Hong, Gihoon, and John McLaren. 2015. \"Are Immigrants a Shot in the Arm for the Local Economy?\" NBER Working Paper 21123.","DOI":"10.3386\/w21123"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA11427"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.4.1097"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1162\/rest_a_00875"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1017\/dem.2014.7"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1086\/209847"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1257\/jep.20.3.27"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1257\/jel.49.4.961"},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(88)90030-X"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rds043"},{"issue":"4","key":"p_60","first-page":"555","volume":"87","author":"Koenders Kathryn","year":"2005","journal-title":"Federal Reserve Bank of Saint Louis Review"},{"key":"p_61","unstructured":"Kubota, So. 2016. \"Child Care Costs and Stagnating Female Labor Force Participation in the US.\" Unpublished."},{"key":"p_62","doi-asserted-by":"crossref","unstructured":"McGrattan, Ellen R., and Richard Rogerson. 2008. \"Changes in the Distribution of Family Hours Worked Since 1950.\" In Frontiers of Family Economics, edited by Peter Rupert, 115-138. Bingley, UK: Emerald Group Publishing Limited.","DOI":"10.1016\/S1574-0129(08)00003-3"},{"key":"p_63","unstructured":"Mitman, Kurt, and Stanislav Rabinovich. 2014. \"Do Unemployment Bene t Extensions Explain the Emergence of Jobless Recoveries?\" Unpublished."},{"issue":"5","key":"p_64","first-page":"787","volume":"69","author":"Nakamura Masao","year":"1979","journal-title":"American Economic Review"},{"key":"p_65","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.3.753"},{"key":"p_66","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150253"},{"key":"p_67","unstructured":"Olsson, Jonna. 2020. \"Structural Transformation of the Labor Market and the Aggregate Economy.\" Unpublished."},{"key":"p_68","doi-asserted-by":"crossref","unstructured":"Petterson, Marco Stenborg, David Seim, and Jesse M. Shapiro. 2022. \"Bounds on a Slope from Size Restrictions on Economic Shocks.\" Unpublished.","DOI":"10.1257\/mic.20210365"},{"key":"p_69","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhy063"},{"key":"p_70","doi-asserted-by":"publisher","DOI":"10.1017\/S0022050709000333"},{"key":"p_71","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2017.09.002"},{"key":"p_72","unstructured":"Restrepo, Pascual. 2015. \"Skill Mismatch and Structural Unemployment.\" Unpublished."},{"key":"p_73","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(88)90042-6"},{"key":"p_74","unstructured":"Ruggles, Steven, Sarah Flood, Sophia Foster, Ronald Goeken, Jose Pacas, Megan Schouweiler, and Matthew Sobek. 2021. IPUMS USA: Version 11.0. Integrated Public Use Microdata Series. https:\/\/ doi.org\/10.18128\/D010.V11.0 (accessed )."},{"key":"p_75","doi-asserted-by":"crossref","unstructured":"Sacerdote, Bruce. 2017. \"Fifty Years of Growth in American Consumption, Income, and Wages.\" NBER Working Paper 23292.","DOI":"10.3386\/w23292"},{"key":"p_76","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150220"},{"key":"p_77","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2012.10.024"},{"key":"p_78","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2012.0005"},{"key":"p_79","unstructured":"Tolbert, Charles M., and Molly Sizer. 1996. \"U.S. Commuting Zones and Labor Market Areas: A 1990 Update.\" U.S. Department of Agriculture Economic Research Service Staff Paper 9614."},{"key":"p_80","doi-asserted-by":"publisher","DOI":"10.2307\/146191"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20200312","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,12,3]],"date-time":"2023-12-03T19:30:56Z","timestamp":1701631856000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20200312"}},"issued":{"date-parts":[[2023,1,1]]},"references-count":80,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2023,1,1]]}},"alternative-id":["10.1257\/mac.20200312"],"URL":"https:\/\/doi.org\/10.1257\/mac.20200312","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2023,1,1]]}},{"indexed":{"date-parts":[[2025,7,24]],"date-time":"2025-07-24T11:52:30Z","timestamp":1753357950756},"reference-count":57,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2022,7,1]]},"abstract":"<jats:p>We explore the short- and long-run implications of tax competition between jurisdictions, where governments can only tax capital at source. We do this in the context of a neoclassical growth model under commitment and capital mobility. We provide a new theoretical perspective on the dynamic capital tax externalities that emerge in this model. Numerically, we show that the net capital tax externality is positive in the short run but converges to zero in the long run. We also find that noncooperative source-based capital taxes are initially positive and slowly decline toward zero. (JEL D62, H25, H71, H73, H87)<\/jats:p>","DOI":"10.1257\/mac.20190340","type":"journal-article","created":{"date-parts":[[2022,6,30]],"date-time":"2022-06-30T12:22:02Z","timestamp":1656591722000},"page":"365-410","source":"Crossref","is-referenced-by-count":2,"title":["Dynamic Capital Tax Competition under the Source Principle"],"prefix":"10.1257","volume":"14","author":[{"given":"Till","family":"Gross","sequence":"first","affiliation":[{"name":"Carleton University (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Paul","family":"Klein","sequence":"additional","affiliation":[{"name":"Stockholm University (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Miltiadis","family":"Makris","sequence":"additional","affiliation":[{"name":"University of Essex (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.2307\/1907353"},{"issue":"3","key":"p_2","first-page":"3","volume":"23","author":"Atkeson Andrew","year":"1999","journal-title":"Federal Reserve Bank of Minneapolis Quarterly Review"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2018.09.007"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.regsciurbeco.2009.01.005"},{"key":"p_5","doi-asserted-by":"crossref","unstructured":"Becker, Daniel, and Michael Rauscher. 2007. \"Fiscal Competition in Space and Time: An Endogenous-Growth Approach.\" CESifo Working Paper 2048.","DOI":"10.2139\/ssrn.998768"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0327.2007.00179.x"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/0166-0462(91)90062-R"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/S0094-1190(03)00039-1"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.2307\/1911310"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/0166-0462(93)90031-9"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1889(95)00871-3"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.1522640113"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1006\/juec.1994.1026"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.38.10.886"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2007.09.005"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9779.2007.00312.x"},{"key":"p_17","unstructured":"European Commission. 2001. \"Company Taxation in the Internal Market.\" Commission of the European Communities Staff Working Paper 1681."},{"key":"p_18","unstructured":"European Union. 2003. Council Directive 2003\/ 48\/EC of June 2003 on Taxation of Savings Income in the Form of Interest Payments. Luxembourg: Of cial Journal of the European Union L157\/38."},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.2307\/1912057"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1889(80)90053-6"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2014.11.001"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2014.04.002"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2020.10.010"},{"key":"p_24","unstructured":"Gross, Till, Paul Klein, and Miltiadis Makris. 2022. \"Replication data for: Dynamic Capital Tax Competition under the Source Principle.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E124901V1."},{"key":"p_25","unstructured":"Holehouse, Matthew. 2015. \"France and Germany Behind Plans for `Common EU Corporation Tax.'\" Telegraph, May 26. http:\/\/www.telegraph.co.uk\/news\/worldnews\/europe\/eu\/11630468\/Franceand-Germany-behind-plans-for-common-EU-corporation-tax.html."},{"key":"p_26","unstructured":"International Monetary Fund. 2020. \"Debt.\" Historical Public Debt Database. https:\/\/www.imf. org\/external\/datamapper\/DEBT1@DEBT\/FAD_G20Adv\/FAD_G20Emg\/FAD_LIC\/ (accessed December 23, 2020)."},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/000282804322970797"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/000282802760015784"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.2307\/2297462"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00230"},{"key":"p_31","doi-asserted-by":"crossref","unstructured":"Klein, Paul, Vincenzo Quadrini, and Jos\u00e9-V\u00edctor R\u00edos-Rull. 2005. \"Optimal Time-Consistent Taxation with International Mobility of Capital.\" Advances in Macroeconomics 5 (1).","DOI":"10.2202\/1534-6013.1142"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2009.09.001"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1765(02)00056-3"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1023\/A:1008613015303"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2005.06.005"},{"key":"p_36","first-page":"2252950","volume":"1","author":"Lynch Suzanne","year":"2015","journal-title":"Irish Times"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/j.jue.2005.09.001"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2004.07.002"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.36.1.48"},{"key":"p_40","unstructured":"Nicod\u00e8me, Ga\u00ebtan. 2006. \"Corporate Tax Competition and Coordination in the European Union: What Do We Know? Where Do We Stand?\" European Economy-European Commission Economic Papers 250."},{"key":"p_41","unstructured":"Norman, P. 2000a. \"Portugal Pledges to Resolve Tax Deadlock.\" Financial Times, 7 January 2000."},{"key":"p_42","unstructured":"Norman, P. 2000b. \"UK to Offer Withholding Tax.\" Financial Times, 25 February 2000."},{"key":"p_43","unstructured":"Organisation for Economic Co-Operation and Development. 1998. Harmful Tax Competition-An Emerging Global Issue. Paris: OECD Publications."},{"key":"p_44","unstructured":"Organisation for Economic Co-Operation and Development. 1999. \"Statutory Corporate Income Tax Rates 1981-1999.\" OECD Tax Database. http:\/\/www.oecd.org\/tax\/tax-policy\/tax-database\/ Table-II.1_1981-1999.xls (accessed March 18, 2021)."},{"key":"p_45","unstructured":"Organisation for Economic Co-Operation and Development. 2017. Revenue Statistics 1965-2016. Paris: OECD Publishing."},{"key":"p_46","unstructured":"Organisation for Economic Co-Operation and Development. 2020a. \"Central Government Debt.\" OECD. Stat. https:\/\/stats.oecd.org\/Index.aspx?DataSetCode=GOV_DEBT (accessed on December 23, 2020)."},{"key":"p_47","unstructured":"Organisation for Economic Co-Operation and Development. 2020b. \"Tax Revenue.\" OECD. https:\/\/ doi.org\/10.1787\/d98b8cf5-en (accessed on December 23, 2020)."},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2004.10.001"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1016\/S0047-2727(03)00062-8"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2010.11.014"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1016\/S0047-2727(02)00055-5"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1016\/0094-1190(86)90045-8"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1016\/0166-0462(91)90066-V"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1086\/NTJ41789394"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1016\/S0047-2727(03)00057-4"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1023\/A:1018322225197"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1016\/0094-1190(86)90048-3"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20190340","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,9,28]],"date-time":"2024-09-28T04:51:59Z","timestamp":1727499119000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20190340"}},"issued":{"date-parts":[[2022,7,1]]},"references-count":57,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2022,7,1]]}},"alternative-id":["10.1257\/mac.20190340"],"URL":"https:\/\/doi.org\/10.1257\/mac.20190340","ISSN":["1945-7707","1945-7715"],"issn-type":[{"type":"print","value":"1945-7707"},{"type":"electronic","value":"1945-7715"}],"published":{"date-parts":[[2022,7,1]]}},{"indexed":{"date-parts":[[2026,3,20]],"date-time":"2026-03-20T16:52:19Z","timestamp":1774025539060,"version":"3.50.1"},"reference-count":47,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2010,10,1]]},"abstract":"<jats:p>We assess the degree of consumption smoothing implicit in a calibrated life-cycle version of the standard incomplete-markets model, and we compare it to the empirical estimates of Richard Blundell, Luigi Pistaferri, and Ian Preston (2008) (BPP hereafter) on US data. Households in the data have access to more consumption insurance against permanent earnings shocks than in the model. BPP estimate that 36 percent of permanent shocks are insurable, whereas the model's counterpart of the BPP estimator varies between 7 percent and 22 percent, depending on the tightness of debt limits. We also show that the BPP estimator has a downward bias that grows as borrowing limits become tighter. (JEL D31, D91, E21).<\/jats:p>","DOI":"10.1257\/mac.2.4.53","type":"journal-article","created":{"date-parts":[[2010,10,13]],"date-time":"2010-10-13T14:42:27Z","timestamp":1286980947000},"page":"53-87","source":"Crossref","is-referenced-by-count":115,"title":["How Much Consumption Insurance Beyond Self-Insurance?"],"prefix":"10.1257","volume":"2","author":[{"given":"Greg","family":"Kaplan","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of Minneapolis, 90 Hennepin Avenue, Minneapolis, MN 55401, and University of Pennsylvania."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Giovanni L","family":"Violante","sequence":"additional","affiliation":[{"name":"New York University, 19 West Fourth Street, New York, NY 10013, Centre for Economic Policy Research, Institute for Fiscal Studies (IFS), and National Bureau of Economic Research."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.2307\/1912561"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.2307\/1885065"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/262058"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1086\/209836"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1162\/003355398555694"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.5.1887"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.2307\/2297552"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1162\/003355397555109"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2005.09.013"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1086\/375382"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1086\/261785"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1093\/oep\/gpi019"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.2307\/2938366"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1086\/261941"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(03)00078-3"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.2307\/2534704"},{"issue":"1","key":"p_21","first-page":"1","volume":"6","author":"Fisher Jonathan D","year":"2006","journal-title":"Journal of Economic Analysis and Policy: topics in Economic Analysis and Policy"},{"issue":"2","key":"p_22","doi-asserted-by":"crossref","first-page":"317","DOI":"10.1086\/NTJ41789070","volume":"47","author":"Gouveia Miguel","year":"1994","journal-title":"national tax Journal"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.687"},{"key":"p_24","first-page":"1970","author":"Guvenen Fatih","year":"2009","journal-title":"Wage Distribution"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1086\/322821"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.2307\/1912638"},{"key":"p_27","first-page":"1967","author":"Heathcote Jonathan","year":"2010","journal-title":"An Empirical Analysis of Economic Inequality in the United States"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1162\/jeea.2005.3.2-3.765"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.02.001"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1146\/annurev.economics.050708.142922"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1086\/261987"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1889(93)90024-M"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(96)01291-3"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.10.013"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1007\/BF01213942"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.2.387"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.2307\/2938334"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1162\/jeea.2005.3.2-3.340"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2006.00373.x"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00354"},{"key":"p_45","first-page":"1960","author":"Lillard Lee A","year":"1979","journal-title":"American Scientists"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1086\/261784"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(82)90096-3"},{"key":"p_48","first-page":"37","author":"Mitchell Olivia S","year":"2006","journal-title":"Benefits Quarterly, (4)"},{"key":"p_50","doi-asserted-by":"crossref","first-page":"98","DOI":"10.1515\/9780691218052-008","author":"R\u00edos-Rull Jos\u00e9-V\u00edctor","year":"1995","journal-title":"Frontiers of Business cycles Research, ed. Thomas F. Cooley"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1086\/260704"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321455368"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1016\/0165-1765(87)90042-5"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.4.947"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2003.06.005"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(76)90074-0"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.2.4.53","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,11,11]],"date-time":"2021-11-11T19:58:05Z","timestamp":1636660685000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.2.4.53"}},"issued":{"date-parts":[[2010,10,1]]},"references-count":47,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2010,10,1]]}},"alternative-id":["10.1257\/mac.2.4.53"],"URL":"https:\/\/doi.org\/10.1257\/mac.2.4.53","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2010,10,1]]}},{"indexed":{"date-parts":[[2025,12,31]],"date-time":"2025-12-31T20:04:50Z","timestamp":1767211490262},"reference-count":29,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2011,1,1]]},"abstract":"<jats:p> We explore how the underemployment problem of less-developed economies is related to income inequality. Consumers have nonhomothetic preferences over differentiated products of formal-sector goods and thus inequality affects the composition of aggregate demand via the price-setting behavior of firms. We find that high inequality divides the formal sector into mass producers and exclusive producers (which serve only the rich); high inequality generates an equilibrium where many workers are crowded into the informal economy; and an increase in subsistence productivity raises the unskilled workers' wages and boosts employment due to the higher purchasing power of poorer households. (JEL D31, D43, E24, E26, J24) <\/jats:p>","DOI":"10.1257\/mac.3.1.242","type":"journal-article","created":{"date-parts":[[2011,1,4]],"date-time":"2011-01-04T19:59:48Z","timestamp":1294171188000},"page":"242-272","source":"Crossref","is-referenced-by-count":4,"title":["Exclusive Goods and Formal-Sector Employment"],"prefix":"10.1257","volume":"3","author":[{"given":"Reto","family":"Foellmi","sequence":"first","affiliation":[{"name":"University of Berne and CEPR, Department of Economics, Schanzeneckstrasse 1, CH-3001 Berne."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Josef","family":"Zweim\u00fcller","sequence":"additional","affiliation":[{"name":"University of Zurich, Bluemlisalpstrasse 10, CH-8006 Z\u00fcrich and CEPR, Institute for Empirical Research in Economics."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.2307\/2534687"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1086\/298116"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2006.08.001"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1007\/BF00150199"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.2307\/2233329"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.2307\/2937878"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(85)90085-7"},{"issue":"3","key":"p_9","first-page":"297","volume":"67","author":"Dixit Avinash K","year":"1977","journal-title":"American Economic review"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2006.03.004"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1162\/003355302753399436"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.06.006"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/0035-5054(94)90003-5"},{"issue":"5","key":"p_14","first-page":"810","volume":"77","author":"Flam Harry","year":"1987","journal-title":"American Economic review"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2005.10.002"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2003.06.003"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2006.00403.x"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/0034-6527.00312"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.2307\/1882629"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1086\/317684"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1086\/341873"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1111\/j.0008-4085.2005.00324.x"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.2307\/2937810"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1006\/jcec.2000.1645"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2006.01085.x"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.2307\/2233665"},{"issue":"1","key":"p_31","first-page":"105","volume":"31","author":"Silvestre Joaquim","year":"1993","journal-title":"Journal of Economic Literature"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3878(02)00008-1"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/jep.14.1.151"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/jel.38.1.11"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.3.1.242","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:16Z","timestamp":1591127776000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.3.1.242"}},"issued":{"date-parts":[[2011,1,1]]},"references-count":29,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2011,1,1]]}},"alternative-id":["10.1257\/mac.3.1.242"],"URL":"https:\/\/doi.org\/10.1257\/mac.3.1.242","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2011,1,1]]}},{"indexed":{"date-parts":[[2026,4,20]],"date-time":"2026-04-20T11:10:29Z","timestamp":1776683429740,"version":"3.51.2"},"reference-count":24,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2020,7,1]]},"abstract":"<jats:p> We examine UK debt management using a new monthly dataset on the quantity and market price of every individual bond issued by the government since 1694. Our bond-by-bond dataset identifies variations in the market value of debt and so captures investors\u2019 one-period holding returns, which is the cost of debt management in the government\u2019s intertemporal budget constraint. We find a substantial cost advantage in favor of issuing short bonds, even when considering some of the operational risks implied by cash flows and gross redemptions. (JEL F34, G15, H63, N23, N24, N43, N44) <\/jats:p>","DOI":"10.1257\/mac.20180263","type":"journal-article","created":{"date-parts":[[2020,6,26]],"date-time":"2020-06-26T12:16:19Z","timestamp":1593173779000},"page":"227-257","source":"Crossref","is-referenced-by-count":17,"title":["Managing the UK National Debt 1694\u20132018"],"prefix":"10.1257","volume":"12","author":[{"given":"Martin","family":"Ellison","sequence":"first","affiliation":[{"name":"Department of Economics, University of Oxford, Manor Road Building, Manor Road, Oxford, OX1 2UQ, United Kingdom, and CEPR (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Andrew","family":"Scott","sequence":"additional","affiliation":[{"name":"London Business School, 26 Sussex Place, Marylebone, London, NW1 4SA, United Kingdom, and CEPR (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1086\/343744"},{"issue":"2","key":"p_2","first-page":"804","volume":"28","year":"2012","journal-title":"Oxford Review of Economic Policy"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1162\/003355302760193977"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/260807"},{"key":"p_5","first-page":"1","volume":"4","author":"Barro Robert J","year":"2003","journal-title":"Annals of Economics and Finance"},{"key":"p_6","first-page":"2011","author":"Bolder David Jamieson","year":"2011","journal-title":"Bank of Canada Discussion Paper"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2003.06.002"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2017.12.012"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1086\/261580"},{"key":"p_11","first-page":"1727","author":"Clark Gregory","year":"2001","journal-title":"England"},{"key":"p_12","first-page":"1688","author":"Dickson P.G.M.","year":"1967","journal-title":"A Study in the Development of Public Credit"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdy061"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.08.005"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hht013"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.3.192"},{"issue":"1","key":"p_19","first-page":"101","volume":"29","author":"Harley C.K.","year":"1976","journal-title":"Economic History Review"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1017\/S0022050700014030"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hht034"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.05.012"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2007.02130.x"},{"key":"p_27","first-page":"1756","author":"O'Brien Patrick Karl","year":"2008","journal-title":"The Management of Britain's National Debt"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1007\/978-1-349-06788-6_2"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2018.02.004"},{"key":"p_32","first-page":"97","author":"Waggoner Daniel F","year":"1997","journal-title":"Federal Reserve Bank of Atlanta Working Paper"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180263","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,26]],"date-time":"2020-06-26T12:16:40Z","timestamp":1593173800000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180263"}},"issued":{"date-parts":[[2020,7,1]]},"references-count":24,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2020,7,1]]}},"alternative-id":["10.1257\/mac.20180263"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180263","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2020,7,1]]}},{"indexed":{"date-parts":[[2026,4,15]],"date-time":"2026-04-15T15:06:30Z","timestamp":1776265590679,"version":"3.50.1"},"reference-count":89,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2025,1,1]]},"abstract":"<jats:p> In this paper we identify demand shocks that can have a permanent effect on output through hysteresis effects. We call these shocks permanent demand shocks. They are found to be quantitatively important in the United States, in particular in samples starting in the 1980s. Recessions driven by permanent demand shocks lead to a permanent decline in employment and investment, while output per worker is largely unaffected. We find strong evidence that hysteresis transmits through a rise in long-term unemployment and a decline in labor force participation and disproportionately affects the least productive workers. (JEL C51, E22, E23, E24, E32, J22, J24) <\/jats:p>","DOI":"10.1257\/mac.20220163","type":"journal-article","created":{"date-parts":[[2024,12,31]],"date-time":"2024-12-31T13:14:22Z","timestamp":1735650862000},"page":"35-70","source":"Crossref","is-referenced-by-count":5,"title":["Estimating Hysteresis Effects"],"prefix":"10.1257","volume":"17","author":[{"given":"Francesco","family":"Furlanetto","sequence":"first","affiliation":[{"name":"Norges Bank and BI Norwegian Business School (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Antoine","family":"Lepetit","sequence":"additional","affiliation":[{"name":"Board of Governors of the Federal Reserve System (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"\u00d8rjan","family":"Robstad","sequence":"additional","affiliation":[{"name":"Norges Bank (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Juan","family":"Rubio-Ram\u00edrez","sequence":"additional","affiliation":[{"name":"Emory University, FEDEA, Federal Reserve Bank of Atlanta, and BBVA Research. (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"P\u00e5l","family":"Ulvedal","sequence":"additional","affiliation":[{"name":"Nord University and Norges Bank (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2019.0004"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2010.01.001"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20181174"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00646"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20161852"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20170269"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA14468"},{"key":"p_8","first-page":"2023","author":"Arias Jonas E","year":"2023","journal-title":"Federal Reserve Bank of Atlanta Working Paper"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.4337\/ejeep.2014.02.02"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.2307\/2534680"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20201229"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.5.1418"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA12356"},{"key":"p_14","first-page":"22","author":"Benati Luca","year":"2022","journal-title":"Federal Reserve Bank of Richmond Working Paper"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdx063"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00508"},{"key":"p_17","first-page":"2012","volume":"24","author":"Berger David","year":"2012","journal-title":"Paper presented at the Annual Meeting of the Society for Economic Dynamics, Limassol, Cyprus"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/S0167-2231(99)00007-X"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2021.02.001"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2018.07.001"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20160186"},{"key":"p_22","doi-asserted-by":"crossref","unstructured":"Bianchi, Francesco, Giovanni Nicol\u00f2, and Dongho Song. 2023. \"In ation and Real Activity over the Business Cycle.\" NBER Working Paper 31075.","DOI":"10.3386\/w31075"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/jep.32.1.97"},{"key":"p_24","doi-asserted-by":"crossref","unstructured":"Blanchard, Olivier, Eugenio Cerutti, and Lawrence Summers. 2015. \"In ation and Activity - Two Explorations and Their Monetary Policy Implications.\" NBER Working Paper 21726.","DOI":"10.3386\/w21726"},{"issue":"4","key":"p_25","first-page":"655","volume":"79","author":"Blanchard Olivier","year":"1989","journal-title":"American Economic Review"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1086\/654013"},{"key":"p_27","doi-asserted-by":"crossref","unstructured":"Bluedorn, John C., and Daniel Leigh. 2019. \"Hysteresis in Labor Markets? Evidence from Professional Long-Term Forecasts.\" IMF Working Paper 2019\/114.","DOI":"10.5089\/9781498315692.001"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(02)00145-9"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2011.07.005"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/jel.20211584"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.1.439"},{"key":"p_32","doi-asserted-by":"crossref","unstructured":"Cesa-Bianchi, Ambrogio, and Andrea Ferrero. 2020. \"The Transmission of Keynesian Supply Shocks.\" Bank of England Working Paper 934.","DOI":"10.2139\/ssrn.3900545"},{"key":"p_33","doi-asserted-by":"crossref","unstructured":"Christiano, Lawrence J., Martin Eichenbaum, and Robert Vigfusson. 2003. \"What Happens after a Technology Shock?\" NBER Working Paper 9819.","DOI":"10.3386\/w9819"},{"key":"p_34","doi-asserted-by":"crossref","unstructured":"Cloyne, James, Joseba Martinez, Haroon Mumtaz, and Paolo Surico. 2022. \"Short-Term Tax Cuts, Long-Term Stimulus.\" NBER Working Paper 30246.","DOI":"10.3386\/w30246"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2013.0013"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2018.0020"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2020.0004"},{"key":"p_38","unstructured":"DeLong, Brad, Larry Summers, and Laurence Ball. 2014. Fiscal Policy and Full Employment. Washington, DC: Center on Budget and Policy Priorities."},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1080\/07474938408800053"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(97)00058-5"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1093\/icc\/dty010"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1162\/rest_a_00957"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2011.02474.x"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2017.11.007"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1016\/S0167-2231(99)00009-3"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1080\/07350015.1997.10524712"},{"key":"p_47","doi-asserted-by":"crossref","unstructured":"Fazzari, Steven, and Alejandro Gonz\u00e1lez. 2023. \"How Large Are Hysteresis Effects? Estimates from a Keynesian Growth Model.\" Forum for Macroeconomics and Macroeconomic Policies Working Paper 89.","DOI":"10.2139\/ssrn.4508691"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2007.06.031"},{"key":"p_49","first-page":"2012","author":"Fernald John","year":"2014","journal-title":"Federal Reserve Bank of San Francisco Working Paper"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2017.0000"},{"key":"p_51","doi-asserted-by":"crossref","unstructured":"Fern\u00e1ndez-Villaverde, Jes\u00fas, Federico Mandelman, Yang Yu, and Francesco Zanetti. 2019. \"Search Complementarities, Aggregate Fluctuations, and Fiscal Policy.\" NBER Working Paper 26210.","DOI":"10.3386\/w26210"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1086\/505048"},{"key":"p_53","unstructured":"Fornaro, Luca, and Martin Wolf. 2020. \"The Scars of Supply Shocks.\" CEPR Discussion Paper 15423."},{"key":"p_54","unstructured":"Furlanetto, Francesco, Antoine Lepetit, \u00d8rjan Robstad, Juan Rubio-Ram\u00edrez, and P\u00e5l Ulvedal. 2025. Data and Code for: \"Estimating Hysteresis Effects.\" Nashville, TN: American Economic Association; distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. https:\/\/doi.org\/10.3886\/E194141V1."},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12898"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.1.249"},{"key":"p_57","unstructured":"Gal\u00ed, Jordi, and M. Hammour. 1992. \"Long Run Effects of Business Cycles.\" Unpublished."},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(03)00037-0"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1086\/ma.19.3585339"},{"key":"p_60","doi-asserted-by":"publisher","DOI":"10.1007\/s00181-003-0159-3"},{"key":"p_61","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2020.06.005"},{"key":"p_62","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00483"},{"key":"p_63","doi-asserted-by":"publisher","DOI":"10.1257\/aer.p20151102"},{"key":"p_64","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20201063"},{"key":"p_65","doi-asserted-by":"publisher","DOI":"10.3982\/QE702"},{"key":"p_66","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20160048"},{"key":"p_67","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(96)00027-X"},{"key":"p_68","doi-asserted-by":"publisher","DOI":"10.1162\/rest_a_00875"},{"key":"p_69","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828518"},{"key":"p_70","first-page":"2020","author":"Jord\u00e0 \u00d2scar","year":"2020","journal-title":"Federal Reserve Bank of San Francisco Working Paper"},{"key":"p_71","doi-asserted-by":"publisher","DOI":"10.1086\/707735"},{"key":"p_72","doi-asserted-by":"crossref","unstructured":"Lavoie, Marc. 2022. Post-Keynesian Economics: New Foundations. Cheltenham, UK: Edward Elgar Publishing.","DOI":"10.4337\/9781839109621"},{"key":"p_73","unstructured":"Maffei-Faccioli, Nicol\u00f2. 2021. \"Identifying the Sources of the Slowdown in Growth: Demand versus Supply.\" Norges Bank Working Paper 9\/2021."},{"key":"p_74","doi-asserted-by":"publisher","DOI":"10.1086\/658303"},{"key":"p_75","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA18756"},{"key":"p_76","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2017.10.006"},{"key":"p_77","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2011.00462.x"},{"key":"p_78","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA17813"},{"key":"p_79","doi-asserted-by":"publisher","DOI":"10.1086\/696277"},{"key":"p_80","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2009.00578.x"},{"key":"p_81","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2021.103708"},{"key":"p_82","doi-asserted-by":"publisher","DOI":"10.1086\/654078"},{"key":"p_83","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12593"},{"key":"p_84","doi-asserted-by":"publisher","DOI":"10.1257\/aer.p20151103"},{"key":"p_85","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2004.05.007"},{"key":"p_86","doi-asserted-by":"publisher","DOI":"10.1086\/707179"},{"key":"p_87","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20180328"},{"key":"p_88","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12300"},{"key":"p_89","doi-asserted-by":"publisher","DOI":"10.1086\/701809"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20220163","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,12,31]],"date-time":"2024-12-31T13:15:18Z","timestamp":1735650918000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20220163"}},"issued":{"date-parts":[[2025,1,1]]},"references-count":89,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2025,1,1]]}},"alternative-id":["10.1257\/mac.20220163"],"URL":"https:\/\/doi.org\/10.1257\/mac.20220163","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2025,1,1]]}},{"indexed":{"date-parts":[[2026,4,27]],"date-time":"2026-04-27T12:20:27Z","timestamp":1777292427614,"version":"3.51.4"},"reference-count":38,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2012,10,1]]},"abstract":"<jats:p> While the degree of policy inertia in central banks' reaction functions is a central ingredient in theoretical and empirical monetary economics, the source of the observed policy inertia in the United States is controversial, with tests of competing hypotheses, such as interest-smoothing and persistent-shocks, being inconclusive. This paper employs real time data; nested specifications with flexible time series structures; narratives; interest rate forecasts of the Fed, financial markets, and professional forecasters; and instrumental variables to discriminate between competing explanations of policy inertia. The evidence strongly favors the interest-smoothing explanation and thus can help resolve a key puzzle in monetary economics. (JEL C53, E43, E47, E52, E58) <\/jats:p>","DOI":"10.1257\/mac.4.4.126","type":"journal-article","created":{"date-parts":[[2012,9,27]],"date-time":"2012-09-27T22:18:43Z","timestamp":1348784323000},"page":"126-162","source":"Crossref","is-referenced-by-count":112,"title":["Why Are Target Interest Rate Changes so Persistent?"],"prefix":"10.1257","volume":"4","author":[{"given":"Olivier","family":"Coibion","sequence":"first","affiliation":[{"name":"International Monetary Fund, 700 19th St. NW, Washington, DC 20006, University of Texas at Austin and National Bureau of Economic Research (NBER)."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Yuriy","family":"Gorodnichenko","sequence":"additional","affiliation":[{"name":"University of California, Berkeley, 530 Evans Hall, Berkeley, CA 94720 and NBER."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2006.04.006"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.5.1418"},{"issue":"1","key":"p_4","first-page":"1","volume":"91","author":"Bauer Andrew R","year":"2006","journal-title":"Federal Reserve Bank of Atlanta Economic Review"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.4.1293"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA6248"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1353\/mcb.2006.0065"},{"issue":"2","key":"p_9","first-page":"411","volume":"57","author":"Brainard William C","year":"1967","journal-title":"American Economic Review"},{"key":"p_10","first-page":"2007","author":"Carlson Mark","year":"2007","journal-title":"Board of Governors Federal Reserve System (FRS) Finance and Economics Discussion Paper"},{"issue":"2","key":"p_11","first-page":"1","volume":"3","author":"Carrillo Julio","year":"2007","journal-title":"International Journal of Central Banking"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1162\/003355300554692"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.1.43"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.1.341"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/665662"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.4.126"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.06.007"},{"key":"p_19","author":"English William B","year":"2003","journal-title":"B. E. Journal of Macroeconomics 3 (1): Article 5."},{"key":"p_20","author":"Faust Jon","year":"2004","journal-title":"B. E. Journal of Macroeconomics 4 (1): Article 10."},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.1.249"},{"key":"p_22","author":"Gerlach-Kristen Petra","year":"2004","journal-title":"B. E. Journal of Macroeconomics 4 (1): Article 3."},{"key":"p_23","author":"Goodhart Charles A. E.","year":"2005","journal-title":"B. E. Journal of Macroeconomics 5 (1): Article 18."},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.3.1"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1162\/0034653043125158"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2007.00091.x"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2010.00364.x"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.3.1053"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.06.009"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/000282804322970760"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(03)00065-5"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.3.429"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/0002828042002651"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.3.763"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(02)00149-6"},{"issue":"4","key":"p_37","first-page":"85","volume":"2","author":"Rudebusch Glenn D","year":"2006","journal-title":"International Journal of Central Banking"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1353\/mcb.2006.0046"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/0167-2231(93)90009-L"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2006.04.009"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00270"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.4.4.126","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:52:55Z","timestamp":1591127575000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.4.4.126"}},"issued":{"date-parts":[[2012,10,1]]},"references-count":38,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2012,10,1]]}},"alternative-id":["10.1257\/mac.4.4.126"],"URL":"https:\/\/doi.org\/10.1257\/mac.4.4.126","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2012,10,1]]}},{"indexed":{"date-parts":[[2026,4,22]],"date-time":"2026-04-22T15:06:06Z","timestamp":1776870366679,"version":"3.51.2"},"reference-count":15,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2010,1,1]]},"abstract":"<jats:p> Recent papers argue that the misallocation of resources can explain large cross-country TFP differences. This argument is underpinned by empirical evidence documenting substantial dispersion in the marginal products of resources, particularly capital, in developing countries. But why does misallocation persists? That is, why don't distortions disappear on their own? This is particularly true for capital misallocation, a point we illustrate in a simple model of capital accumulation with credit constraints. We distinguish between misallocation on the intensive and the extensive margin, and show that the former should disappear asymptotically under general conditions, while the latter may persist. We conclude by discussing possible theories of persistent misallocation. (JEL D24, E22, G31, G32, L26) <\/jats:p>","DOI":"10.1257\/mac.2.1.189","type":"journal-article","created":{"date-parts":[[2009,12,23]],"date-time":"2009-12-23T15:34:44Z","timestamp":1261582484000},"page":"189-206","source":"Crossref","is-referenced-by-count":133,"title":["Why Does Misallocation Persist?"],"prefix":"10.1257","volume":"2","author":[{"given":"Abhijit V.","family":"Banerjee","sequence":"first","affiliation":[{"name":"Massachusetts Institute of Technology, 50 Memorial Drive, Cambridge, MA 02142."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Benjamin","family":"Moll","sequence":"additional","affiliation":[{"name":"University of Chicago, 1126 E. 59th St., Chicago, IL 60637."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.2307\/2971707"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2007.0000"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1086\/261876"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.122.2.535"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(83)90081-9"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.4.1329"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1006\/redy.2000.0117"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.2307\/2297811"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.4.1403"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1007\/s00199-006-0201-8"},{"issue":"4","key":"p_23","first-page":"908","volume":"83","author":"King Robert G","year":"1993","journal-title":"American Economic Review"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.2307\/2971708"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.05.002"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.2307\/1914229"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/000282806777212503"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.2.1.189","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:54:38Z","timestamp":1591127678000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.2.1.189"}},"issued":{"date-parts":[[2010,1,1]]},"references-count":15,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2010,1,1]]}},"alternative-id":["10.1257\/mac.2.1.189"],"URL":"https:\/\/doi.org\/10.1257\/mac.2.1.189","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2010,1,1]]}},{"indexed":{"date-parts":[[2026,4,23]],"date-time":"2026-04-23T04:46:18Z","timestamp":1776919578892,"version":"3.51.2"},"reference-count":24,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2016,7,1]]},"abstract":"<jats:p> This is the first paper documenting the frequency and size of price adjustments using micro data from both the high-inflation period in the 1970s and 1980s, and the period of low inflation since the early 1990s. When inflation is high and volatile, prices change more frequently and in smaller magnitudes. When inflation is low and stable, prices change less frequently but in larger magnitudes. The frequency of price changes is more important for the variation in inflation when inflation is high and volatile. When inflation is low and stable, the magnitude of the price changes is more important than the frequency. (JEL E31, E32, L11) <\/jats:p>","DOI":"10.1257\/mac.20140095","type":"journal-article","created":{"date-parts":[[2016,7,1]],"date-time":"2016-07-01T11:47:56Z","timestamp":1467373676000},"page":"175-194","source":"Crossref","is-referenced-by-count":18,"title":["Inflation and Price Adjustments: Micro Evidence from Norwegian Consumer Prices 1975\u20132004"],"prefix":"10.1257","volume":"8","author":[{"given":"Fredrik","family":"Wulfsberg","sequence":"first","affiliation":[{"name":"Oslo Business School, Oslo and Akershus University College of Applied Sciences, PO Box 4 St. Olavs plass, 0130 Oslo, Norway (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1162\/1542476054430834"},{"key":"p_5","first-page":"17","volume":"13","author":"Ball Laurence","year":"2013","journal-title":"central Bank review"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.2307\/2234746"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.2307\/2296440"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0084.2007.00473.x"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1086\/422559"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2010.00334.x"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2007.06.020"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(83)90060-0"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/1884277"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/jep.20.2.171"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.2.137"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.3.1221"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1086\/512625"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1214\/aos\/1176346577"},{"key":"p_23","first-page":"37","volume":"25","author":"H\u00f8j Jens Toshiyasu Kato","year":"1995","journal-title":"oEcD Economic studies"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.3.863"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1002\/mde.1383"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA6735"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.4.1415"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-061109-080430"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9442.2010.01620.x"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.2307\/2297067"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1086\/260845"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20140095","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:02Z","timestamp":1591127762000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20140095"}},"issued":{"date-parts":[[2016,7,1]]},"references-count":24,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2016,7,1]]}},"alternative-id":["10.1257\/mac.20140095"],"URL":"https:\/\/doi.org\/10.1257\/mac.20140095","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2016,7,1]]}},{"indexed":{"date-parts":[[2026,5,7]],"date-time":"2026-05-07T02:35:19Z","timestamp":1778121319151,"version":"3.51.4"},"reference-count":29,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2017,10,1]]},"abstract":"<jats:p> We investigate the role of \u201cnoise\u201d shocks as a source of business cycle fluctuations. To do so we set up a simple model of imperfect information and derive restrictions for identifying the noise shock in a VAR model. The novelty of our approach is that identification is reached by means of dynamic rotations of the reduced-form residuals. We find that noise shocks generate hump-shaped responses of GDP, consumption and investment, and account for a sizable fraction of their prediction error variance at business cycle horizons. (JEL C32, D83, E12, E23, E32, E43) <\/jats:p>","DOI":"10.1257\/mac.20150359","type":"journal-article","created":{"date-parts":[[2017,9,27]],"date-time":"2017-09-27T12:51:33Z","timestamp":1506516693000},"page":"122-152","source":"Crossref","is-referenced-by-count":31,"title":["Noisy News in Business Cycles"],"prefix":"10.1257","volume":"9","author":[{"given":"Mario","family":"Forni","sequence":"first","affiliation":[{"name":"Dipartimento di Economia \u201cMarco Biagi,\u201d CEPR, and RECent, Universit\u00e0 di Modena e Reggio Emilia, Via Berengario 51, 41121 Modena, Italy (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Luca","family":"Gambetti","sequence":"additional","affiliation":[{"name":"Departament d\u2019Economia i Historia Economica, Universitat Autonoma de Barcelona, Office B3.1130, Edifici B, Bellaterra 08193, Barcelona, Spain (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Marco","family":"Lippi","sequence":"additional","affiliation":[{"name":"Einaudi Institute for Economics and Finance, Via Sallustiana 62, 00187 Roma, Italy (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Luca","family":"Sala","sequence":"additional","affiliation":[{"name":"Dipartimento di Economia \u201cEttore Bocconi\u201d, IGIER and Baffi Center, Universit\u00e0 Bocconi, Via Roentgen 1, 20136 Milano, Italy (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2011.03.001"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.4.1343"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.5.1418"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2010.11.002"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2003.10.003"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.4.1293"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.7.3045"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.09.010"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.3982\/QE393"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1086\/665662"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.03.003"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.1021"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.04.005"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12111"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1017\/S026646660809052X"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1162\/jeea.2006.4.2-3.455"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.4.1692"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.4.1097"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1162\/003465398557465"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8337"},{"issue":"3","key":"p_32","first-page":"644","volume":"83","author":"Lippi Marco","year":"1993","journal-title":"American Economic Review"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1016\/0304-4076(93)01570-C"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.5.2050"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2009.00566.x"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(72)90142-1"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1162\/003355302320935034"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2010.02361.x"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8050"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(03)00029-1"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20150359","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:06Z","timestamp":1591127826000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20150359"}},"issued":{"date-parts":[[2017,10,1]]},"references-count":29,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2017,10,1]]}},"alternative-id":["10.1257\/mac.20150359"],"URL":"https:\/\/doi.org\/10.1257\/mac.20150359","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2017,10,1]]}},{"indexed":{"date-parts":[[2026,5,21]],"date-time":"2026-05-21T01:09:55Z","timestamp":1779325795397,"version":"3.51.4"},"reference-count":26,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2016,10,1]]},"abstract":"<jats:p> While the 2008\u20132009 financial crisis originated in the United States, output, consumption, and investment declined by similar magnitudes around the globe. Given the partial integration of both goods and financial markets, what can account for the remarkable global business cycle synchronicity during this period? To address this question, we develop a two-country model allowing for self-fulfilling business cycle panics. We show that a business cycle panic will necessarily be synchronized across countries as long as there is a minimum level of economic integration. Several factors, including tight credit, made the global economy particularly vulnerable to a global panic in 2008. (JEL E12, E32, E44, E58, F44, G01) <\/jats:p>","DOI":"10.1257\/mac.20140092","type":"journal-article","created":{"date-parts":[[2016,10,3]],"date-time":"2016-10-03T12:32:52Z","timestamp":1475497972000},"page":"177-198","source":"Crossref","is-referenced-by-count":11,"title":["The Great Recession: A Self-Fulfilling Global Panic"],"prefix":"10.1257","volume":"8","author":[{"given":"Philippe","family":"Bacchetta","sequence":"first","affiliation":[{"name":"HEC Lausanne and Swiss Finance Institute, Internef 523, University of Lausanne, 1015 Lausanne, Switzerland (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Eric","family":"van Wincoop","sequence":"additional","affiliation":[{"name":"Department of Economics, University of Virginia, PO Box 400182, Charlottesville, VA 22903 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(99)00053-7"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.03.015"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321455214"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.7.3674"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2012.07.006"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA11085"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(91)90023-H"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2010.12.007"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjs023"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2011.02474.x"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2012.02.003"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1057\/imfer.2014.10"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1057\/imfer.2016.1"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1057\/imfer.2010.13"},{"key":"p_21","first-page":"81","author":"International Monetary Fund","year":"2013","journal-title":"World Economic outlook"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2013.02.014"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2012.07.001"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2011.11.003"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.2307\/2534694"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.1.32"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2011.0003"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.5.1631"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2014.05.013"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0106.2010.00507.x"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1006\/jeth.1996.2195"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/mac.5.3.152"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20140092","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:16Z","timestamp":1591127896000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20140092"}},"issued":{"date-parts":[[2016,10,1]]},"references-count":26,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2016,10,1]]}},"alternative-id":["10.1257\/mac.20140092"],"URL":"https:\/\/doi.org\/10.1257\/mac.20140092","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2016,10,1]]}},{"indexed":{"date-parts":[[2026,6,3]],"date-time":"2026-06-03T12:20:10Z","timestamp":1780489210388,"version":"3.54.1"},"reference-count":25,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2012,1,1]]},"abstract":"<jats:p> We illustrate the corrosive effect of even small amounts of adverse selection in an asset market and show how it can lead to the total breakdown of trade. The problem is the failure of \u201cmarket confidence,\u201d defined as approximate common knowledge of an upper bound on expected losses. Small probability events can unravel market confidence. We discuss the role of contagious adverse selection and the problem of \u201ctoxic assets\u201d in the recent financial crisis. (JEL D82, G01, G12, G14) <\/jats:p>","DOI":"10.1257\/mac.4.1.1","type":"journal-article","created":{"date-parts":[[2012,1,11]],"date-time":"2012-01-11T14:34:48Z","timestamp":1326292488000},"page":"1-21","source":"Crossref","is-referenced-by-count":48,"title":["Contagious Adverse Selection"],"prefix":"10.1257","volume":"4","author":[{"given":"Stephen","family":"Morris","sequence":"first","affiliation":[{"name":"Princeton University, Department of Economics, Princeton, NJ 08544."}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Hyun Song","family":"Shin","sequence":"additional","affiliation":[{"name":"Princeton University, Department of Economics, Princeton, NJ 08544."}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfi.2008.12.002"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.2307\/1879431"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1214\/aos\/1176343654"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1111\/1475-679X.00117"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1006\/jeth.1995.1005"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/4.2.255"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.2.594"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjq007"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/jep.23.1.77"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.2307\/2951491"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/jep.23.1.3"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2007.09.006"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1086\/261155"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/422628"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-4101(02)00048-4"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1990.tb05080.x"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1086\/262072"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/0899-8256(89)90017-1"},{"issue":"3","key":"p_27","first-page":"587","volume":"88","author":"Morris Stephen","year":"1998","journal-title":"American Economic review"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1162\/jeea.2007.5.2-3.594"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.2307\/2951700"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1017\/CBO9780511528309.008"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.2307\/2297461"},{"issue":"3","key":"p_35","first-page":"385","volume":"79","author":"Rubinstein Ariel","year":"1989","journal-title":"American Economic review"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1006\/jfin.2000.0294"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.4.1.1","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:48Z","timestamp":1591127868000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.4.1.1"}},"issued":{"date-parts":[[2012,1,1]]},"references-count":25,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2012,1,1]]}},"alternative-id":["10.1257\/mac.4.1.1"],"URL":"https:\/\/doi.org\/10.1257\/mac.4.1.1","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2012,1,1]]}},{"indexed":{"date-parts":[[2026,6,2]],"date-time":"2026-06-02T16:35:28Z","timestamp":1780418128350,"version":"3.54.1"},"reference-count":13,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2015,10,1]]},"abstract":"<jats:p> Using a comprehensive dataset of all medium and large enterprises in China between 1998 and 2007, we show that industrial policies allocated to competitive sectors or that foster competition in a sector increase productivity growth. We measure competition using the Lerner Index and include as industrial policies subsidies tax holidays, loans, and tariffs. Measures to foster competition include policies that are more dispersed across firms in a sector or measures that encourage younger and more productive enterprises. (JEL L11, L25, L52, O14, O25, O47, P31) <\/jats:p>","DOI":"10.1257\/mac.20120103","type":"journal-article","created":{"date-parts":[[2015,9,30]],"date-time":"2015-09-30T12:45:35Z","timestamp":1443617135000},"page":"1-32","source":"Crossref","is-referenced-by-count":343,"title":["Industrial Policy and Competition"],"prefix":"10.1257","volume":"7","author":[{"given":"Philippe","family":"Aghion","sequence":"first","affiliation":[{"name":"Department of Economics, Harvard University, Littauer Center 22, 1805 Cambridge Street, Cambridge, MA 02138, and National Bureau of Economic Research (NBER) (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Jing","family":"Cai","sequence":"additional","affiliation":[{"name":"Department of Economics, University of Michigan, 611 Tappan Street, 365A Lorch Hall, Ann Arbor, MI 48109 (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Mathias","family":"Dewatripont","sequence":"additional","affiliation":[{"name":"Banque National de Belgique and Universit\u00e9 libre de Bruxelles (ECARES), 50 avenue F.D. Roosevelt, C.P. 114-04, 1050 Bruxelles, Belgique (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Luosha","family":"Du","sequence":"additional","affiliation":[{"name":"China Development Bank, 18 fuxingmen neidajie, xichengqu, Beijing, China 100031 (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Ann","family":"Harrison","sequence":"additional","affiliation":[{"name":"The Wharton School, University of Pennsylvania, 2016 Steinberg Hall-Dietrich Hall, Philadelphia, Pennsylvania 19104, and NBER (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Patrick","family":"Legros","sequence":"additional","affiliation":[{"name":"Universit\u00e9 libre de Bruxelles (ECARES), 50 avenue F.D. Roosevelt, C.P. 114-04, 1050 Bruxelles, Belgium (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1162\/0033553053970214"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.asieco.2011.01.001"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.worlddev.2014.06.005"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/000282806777212206"},{"issue":"4","key":"p_7","first-page":"1090","volume":"84","author":"Harrison Ann E","year":"1994","journal-title":"American Economic review"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1093\/wber\/lhs029"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.2307\/2951541"},{"issue":"5","key":"p_12","first-page":"1142","volume":"72","author":"Krueger Anne O","year":"1984","journal-title":"American Economic review"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00467"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.4.158"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.2307\/2171831"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00205"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.2202\/1935-1682.2161"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20120103","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:45Z","timestamp":1591127865000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20120103"}},"issued":{"date-parts":[[2015,10,1]]},"references-count":13,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2015,10,1]]}},"alternative-id":["10.1257\/mac.20120103"],"URL":"https:\/\/doi.org\/10.1257\/mac.20120103","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2015,10,1]]}},{"indexed":{"date-parts":[[2026,6,5]],"date-time":"2026-06-05T09:32:10Z","timestamp":1780651930301,"version":"3.54.1"},"reference-count":38,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2016,7,1]]},"abstract":"<jats:p> China has experienced remarkably stable growth and inflation in recent years according to official statistics. We use systematic discrepancies between cross-sectional and time-series Engel curves to construct alternative estimates of Chinese growth and inflation. Our estimates suggest that official statistics present a smoothed version of reality. Official inflation rose in the 2000s, but our estimates indicate that true inflation was still higher and consumption growth was overstated. In contrast, inflation was overstated and growth understated during the low-inflation 1990s. These patterns hold for the food Engel curve, and for numerous other categories, such as grain as a fraction of food. (JEL C82, E21, E23, E31, O11, P24) <\/jats:p>","DOI":"10.1257\/mac.20150074","type":"journal-article","created":{"date-parts":[[2016,7,1]],"date-time":"2016-07-01T11:47:56Z","timestamp":1467373676000},"page":"113-144","source":"Crossref","is-referenced-by-count":38,"title":["Are Chinese Growth and Inflation Too Smooth? Evidence from Engel Curves"],"prefix":"10.1257","volume":"8","author":[{"given":"Emi","family":"Nakamura","sequence":"first","affiliation":[{"name":"Graduate School of Business, Columbia University, 3022 Broadway, New York, NY 10027 (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"J\u00f3n","family":"Steinsson","sequence":"additional","affiliation":[{"name":"Department of Economics, Columbia University, 420 W 118 Street, New York, NY 10027 (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Miao","family":"Liu","sequence":"additional","affiliation":[{"name":"Booth School of Business, University of Chicago, 5807 South Woodlawn Avenue, Chicago, IL 60637 (e-mail: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/jep.12.1.27"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20120599"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.2.1093"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1111\/j.1475-4932.2009.00594.x"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1111\/j.0008-4085.2005.00289.x"},{"issue":"2","key":"p_9","first-page":"37","volume":"18","author":"Bennett Merrill K","year":"1941","journal-title":"Wheat studies of the Food research Institute"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.2.637"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1086\/250009"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.4.1006"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1162\/asep.2010.9.1.1"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/323279"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/jep.12.1.37"},{"issue":"3","key":"p_19","first-page":"312","volume":"70","author":"Deaton Angus","year":"1980","journal-title":"American Economic review"},{"key":"p_21","first-page":"1","volume":"9","author":"Engel Ernst","year":"1895","journal-title":"International statistical Institute Bulletin"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.5.1707"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/S0165-1765(99)00219-0"},{"key":"p_24","first-page":"2014","author":"Fernald John G","year":"2014","journal-title":"Federal Reserve Bank of San Francisco (FRBSF) Economic Letter"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2011.06.009"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1080\/09603107.2010.491441"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2007.06.005"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.4.1727"},{"key":"p_32","first-page":"173","author":"Griliches Zvi","year":"1961","journal-title":"The Price statistics of the Federal Government"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.3.619"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/089533003321164930"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9442.2007.00487.x"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/j.jce.2011.03.003"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.2307\/2534705"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.7.3277"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1257\/jep.12.1.59"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1257\/000282803322655455"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1257\/app.1.2.53"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1016\/S1043-951X(01)00062-1"},{"issue":"1","key":"p_54","first-page":"53","volume":"2","author":"Rawski Thomas G","year":"2002","journal-title":"Jingjixue (China Economic Quarterly)"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1086\/262020"},{"key":"p_60","doi-asserted-by":"publisher","DOI":"10.2307\/2981038"},{"issue":"3","key":"p_61","first-page":"9","volume":"79","author":"Triplett Jack E","year":"1997","journal-title":"Federal reserve Bank of st. Louis review"},{"key":"p_62","doi-asserted-by":"publisher","DOI":"10.1162\/ASEP_a_00064"},{"key":"p_64","doi-asserted-by":"publisher","DOI":"10.1086\/668501"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20150074","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:55:51Z","timestamp":1591127751000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20150074"}},"issued":{"date-parts":[[2016,7,1]]},"references-count":38,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2016,7,1]]}},"alternative-id":["10.1257\/mac.20150074"],"URL":"https:\/\/doi.org\/10.1257\/mac.20150074","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2016,7,1]]}},{"indexed":{"date-parts":[[2026,5,17]],"date-time":"2026-05-17T06:19:38Z","timestamp":1778998778099,"version":"3.51.4"},"reference-count":43,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2020,10,1]]},"abstract":"<jats:p> What is the role of migration in regional evolutions? I document that within-US migration causes a reduction in the unemployment rate of the receiving city over several years. To establish this causal effect, I construct an instrument using out-migration of other places and predict its destination from historical patterns. The decline in unemployment is due to housing. Housing is durable, so increased demand causes a surge of new houses and construction jobs. Additionally, migrants\u2019 housing demand raises prices, increasing borrowing and nontradable employment. This finding implies the endogenous response of migration amplifies local labor demand shocks by about a third. (JEL J61, J64, R21, R23, R31) <\/jats:p>","DOI":"10.1257\/mac.20180363","type":"journal-article","created":{"date-parts":[[2020,9,30]],"date-time":"2020-09-30T12:47:33Z","timestamp":1601470053000},"page":"147-179","source":"Crossref","is-referenced-by-count":21,"title":["The Migration Accelerator: Labor Mobility, Housing, and Demand"],"prefix":"10.1257","volume":"12","author":[{"given":"Greg","family":"Howard","sequence":"first","affiliation":[{"name":"Department of Economics, University of Illinois at Urbana-Champaign, 10 David Kinley Hall, 1407 W. Gregory Drive, Urbana, IL 61801 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20160575"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1111\/j.1542-4774.2011.01021.x"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.6.2121"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1086\/298213"},{"key":"p_7","first-page":"1","author":"Bartik Timothy J","year":"1991","journal-title":"Who Benefits from State and Local Economic Development Policies?"},{"issue":"3","key":"p_8","first-page":"315","volume":"83","author":"Baxter Marianne","year":"1993","journal-title":"American Economic Review"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20141374"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdx060"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.2307\/2534556"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1162\/003355303322552810"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1177\/0019793917692945"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1086\/209949"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1086\/653488"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/app.20140095"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.10.016"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1177\/001979399004300205"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1086\/209979"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.08.001"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/0014-2921(94)00102-2"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/jep.30.4.31"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1086\/427465"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1111\/jors.12010"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1353\/urb.2004.0006"},{"issue":"1","key":"p_39","first-page":"126","volume":"60","author":"Harris John R","year":"1970","journal-title":"American Economic Review"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1016\/S0927-5371(96)00019-X"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828518"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1111\/iere.12209"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1017\/S0022050718000591"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.2.54"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjt020"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA10451"},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1257\/jep.25.3.173"},{"issue":"4","key":"p_62","first-page":"657","volume":"51","author":"Mundell Robert A","year":"1961","journal-title":"American Economic Review"},{"key":"p_63","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.3.753"},{"key":"p_65","doi-asserted-by":"publisher","DOI":"10.2307\/1883123"},{"key":"p_66","doi-asserted-by":"publisher","DOI":"10.1016\/j.regsciurbeco.2006.11.004"},{"key":"p_67","first-page":"1970","author":"Roth Jean","year":"2007","journal-title":"Intercensal County Population Data"},{"key":"p_70","doi-asserted-by":"publisher","DOI":"10.1162\/003465303322369687"},{"key":"p_71","doi-asserted-by":"publisher","DOI":"10.1016\/j.jue.2006.07.004"},{"key":"p_72","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.3.1253"},{"key":"p_73","doi-asserted-by":"publisher","DOI":"10.1162\/00335530152466287"},{"key":"p_74","doi-asserted-by":"publisher","DOI":"10.1086\/701422"},{"key":"p_75","doi-asserted-by":"publisher","DOI":"10.1086\/261560"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180363","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,9,30]],"date-time":"2020-09-30T12:47:38Z","timestamp":1601470058000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180363"}},"issued":{"date-parts":[[2020,10,1]]},"references-count":43,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2020,10,1]]}},"alternative-id":["10.1257\/mac.20180363"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180363","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2020,10,1]]}},{"indexed":{"date-parts":[[2026,5,20]],"date-time":"2026-05-20T15:10:37Z","timestamp":1779289837485,"version":"3.51.4"},"reference-count":103,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2026,4,1]]},"abstract":"<jats:p>This paper investigates the adoption, diffusion, and long-run impact of the public mechanical clock, one of the most important high-technology machines in history, on European economic growth and development. We avoid endogeneity by considering the relationship between the adoption of such clocks and an instrumental variable based on the appearance of repeated solar eclipses. Solar eclipses triggered a medieval cultural movement in which people sought to understand the motion of stars and clocks, which resulted in astronomic instruments and symbols of prestige. We find a significant increase in population, especially between 1500 and 1700, in early adopter cities. (JEL J11, N13, N33, N73, O31, O33)<\/jats:p>","DOI":"10.1257\/mac.20230039","type":"journal-article","created":{"date-parts":[[2026,3,30]],"date-time":"2026-03-30T14:02:37Z","timestamp":1774879357000},"page":"523-560","source":"Crossref","is-referenced-by-count":1,"title":["Time for Growth"],"prefix":"10.1257","volume":"18","author":[{"given":"Lars","family":"Boerner","sequence":"first","affiliation":[{"name":"Martin Luther University of Halle-Wittenberg, DAFM, King's College London, and Halle Institute for Economic Research (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Battista","family":"Severgnini","sequence":"additional","affiliation":[{"name":"Copenhagen Business School (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjac001"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.5.1369"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/0002828054201305"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/700936"},{"key":"p_5","doi-asserted-by":"crossref","unstructured":"Angrist, Joshua D., and J\u00f6rn-Steffen Pischke. 2008. Mostly Harmless Econometrics. Princeton University Press.","DOI":"10.2307\/j.ctvcm4j72"},{"key":"p_6","doi-asserted-by":"crossref","unstructured":"Anselin, Luc. 2001. \"Spatial Econometrics.\" In A Companion to Theoretical Econometrics, edited by Badi H. Baltagi, 310-330. Blackwell Publishing.","DOI":"10.1002\/9780470996249.ch15"},{"key":"p_7","unstructured":"Baillie, G.H. 1929. Watchmakers and Clockmakers of the World, 2nd ed. Read Books."},{"key":"p_8","unstructured":"Bairoch, Paul. 1988. Cities and Economic Development: From the Dawn of History to the Present. University of Chicago Press."},{"key":"p_9","unstructured":"Bairoch, Paul, Jean Batou, and Pierre Chevre. 1988. The Population of European Cities from 800 to 1850. Librairie Droz."},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.2307\/2937943"},{"key":"p_11","doi-asserted-by":"crossref","unstructured":"Bezza, Giuseppe. 2014. \"Representation of the Skies and the Astrological Chart.\" In A Companion to Astrology in the Renaissance, edited by Brendan Dooley, 59-86. Brill.","DOI":"10.1163\/9789004262300_004"},{"key":"p_12","unstructured":"Bilfinger, Gustav. 1892. Die Mittelalterlichen Horen und die Modernen Stunden: Ein Beitrag zur Kulturgeschichte. Kohlhammer Verlag."},{"key":"p_13","doi-asserted-by":"crossref","unstructured":"Blandhol, Christine, John Bonney, Magne Mogstad, and Alexander Torgovitsky. 2022. \"When is TSLS Actually LATE?\" NBER Working Paper 29709.","DOI":"10.3386\/w29709"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdv039"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0262.2006.00750.x"},{"key":"p_16","unstructured":"Boerner, Lars, and Battista Severgnini. 2026. Data and Code for: \"Time for Growth.\" Nashville, TN: American Economic Association; distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. https:\/\/doi.org\/10.3886\/E226641V1."},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2021.103826"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00284"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2020.12.001"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1111\/jeea.12117"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00237"},{"key":"p_22","unstructured":"Cardwell, Donald. 1972. Turning Points in Western Technology: A Study of Technology, Science and History. Science History Publications."},{"key":"p_23","unstructured":"Cardwell, Donald. 1994. The Fontana History of Technology. Fontana Press."},{"key":"p_24","doi-asserted-by":"crossref","unstructured":"Carlino, Gerald, and William R Kerr. 2015. \"Agglomeration and Innovation.\" In Handbook of Regional and Urban Economics, Vol. 5, edited by Dave Donaldson and Stephen J. Redding, 349-404. Elsevier.","DOI":"10.1016\/B978-0-444-59517-1.00006-4"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.2.328"},{"key":"p_26","unstructured":"Cipolla, Carlo M. 1967. Clocks and Culture, 1300-1700. Norton."},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1177\/1536867X231162031"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.3.65"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2003.07.003"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150175"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20181169"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1086\/467294"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1080\/07350015.2020.1753528"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjr035"},{"key":"p_35","unstructured":"Dittmar, Jeremiah. 2012. \"Cities, Markets, and Growth: The Emergence of Zipfs Law.\" Unpublished."},{"issue":"2","key":"p_36","first-page":"959","volume":"87","author":"Dittmar Jeremiah E","year":"2020","journal-title":"Review of Economic Studies"},{"key":"p_37","unstructured":"Dohrn-van Rossum, Gerhard. 1996. History of the Hour: Clocks and Modern Temporal Orders. University of Chicago Press."},{"key":"p_38","unstructured":"Eser, Thomas. 2014. \"Die \u00e4teste Taschenuhr der Welt? Der Henlein-Uhrenstreit; Der Band erscheint zur Ausstellung.\" 4. Dezember 2014 bis 12. April 2015 im Germanischen Nationalmuseum. Verlag d. Germanischen Nationalmuseums."},{"key":"p_39","unstructured":"Espenak, Fred. 2015. \"Eclipse Predictions.\" NASA\/GSFC, http:\/\/eclipse.gsfc.nasa. gov\/eclipse.html."},{"key":"p_40","unstructured":"Gaab, Hans. 2006. \"Die Grosse N\u00fcrnbergische Uhr.\" In Beitrage zur Astronomiegeschichte, Vol. 8, edited by Wolfgang R. Dick und J\u00fcrgen Hamel, 43-90. Wissenschaftlicher Verlag Harri Deutsch."},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20150020"},{"key":"p_42","doi-asserted-by":"crossref","unstructured":"Germann, Nadja. 2011. \"Natural Philosophy in Earlier Latin Thought.\" In The Cambridge History of Medieval Philosophy, edited by Robert Pasnau, 217-231. Cambridge:Cambridge University Press.","DOI":"10.1017\/CHOL9780521762168.018"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1086\/261856"},{"key":"p_44","first-page":"1300","author":"Glennie Paul","year":"2009","journal-title":"A History of Timekeeping in England and Wales"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2021.03.014"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.2307\/1905380"},{"key":"p_47","doi-asserted-by":"crossref","unstructured":"Haber, F. C. 1975. \"The Cathederal Clock and the Cosmological Clock Metapher.\" In The Study of Time II, Proceedings of the second Conference of the International Society for the Study of Time Lake Yamanaka-Japan edited by J.T. Fraser and N. Lawrence, 399-416. Springer.","DOI":"10.1007\/978-3-642-50121-0_30"},{"key":"p_48","unstructured":"Hamel, J\u00fcrgen. 2014. \"Astronomie im 14. und 15. Jahrhundert. Der wissenschaftliche Hintergrund der astronomischen Uhren im Ostseeraum.\" In Mittelalterliche astronomische Grossuhren, edited by Uta Jahnke, Manfred Schuhkowski, and Wolfgang Fehlberg, 125-154. Akademische Verlagsanstalt."},{"key":"p_49","unstructured":"Jacobs, Jane. 2016. The Economy of Cities. Vintage."},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.2307\/2118401"},{"key":"p_51","unstructured":"Jedin, Hubert, Kenneth Scott Latourette, Hans Quast, and Jochen Martin. 1970. Atlas zur Kirchengeschichte Die christlichen Kirchen in Geschichte und Gegenwart. Herder."},{"key":"p_52","unstructured":"King, David A. 2011. Astrolabes from Medieval Europe. Ashgate Variorum."},{"key":"p_53","doi-asserted-by":"crossref","unstructured":"Kung, James Kai-sing, Omer Ozak, Louis Putterman, and Shuang Shi. 2022. \"Millet, Rice, and Isolation: Origins and Persistence of the World's Most Enduring Mega-State.\" IZA Discussion Papers 15348.","DOI":"10.31235\/osf.io\/g8mye"},{"key":"p_54","unstructured":"Landes, David. 1983. Revolution in Time. Harvard University Press."},{"key":"p_55","unstructured":"Le Goff, Jacques. 1982. Time, Work, and Culture in the Middle Ages. University of Chicago Press."},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1080\/02664763.2015.1126240"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12498"},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(88)90168-7"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1086\/674363"},{"key":"p_60","unstructured":"Lunardi, Heinrich. 1974. 900 Jahre N\u00fcrnberg 600 Jahre N\u00fcrnberger Uhren. Universitaets-Verlagsbuchhandlung GmbH."},{"key":"p_61","unstructured":"MacKinnon, David Peter. 2008. Introduction to Statistical Mediation Analysis. Routledge."},{"key":"p_62","doi-asserted-by":"crossref","unstructured":"Maddison, Angus. 2001. The World Economy: A Millennial Perspective. OECD.","DOI":"10.1787\/9789264189980-en"},{"key":"p_63","doi-asserted-by":"publisher","DOI":"10.1093\/jeea\/jvac014"},{"key":"p_64","doi-asserted-by":"publisher","DOI":"10.2307\/2118477"},{"key":"p_65","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00144"},{"key":"p_66","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.4.1368"},{"key":"p_67","unstructured":"Marshall, Alfred. 1920. Principles of Economics (London, 1920). Macmillan."},{"key":"p_68","first-page":"3","volume":"41","author":"Marx Karl","year":"1863","journal-title":"Marx and Engels Collected Works"},{"key":"p_69","unstructured":"McCluskey, Stephen C. 2000. Astronomies and Cultures in Early Medieval Europe. Cambridge University Press."},{"key":"p_70","unstructured":"Mentgen, Gert. 2005. Astrologie und \u00d6ffentlichkeit im Mittelalter. Hiersemann, A."},{"key":"p_71","unstructured":"Mihm, Margret, and Arend Mihm. 2007. Mittelalterliche Stadtrechnungen im historischen Prozess, Die \u00e4lteste Duisburger \u00dcberlieferung (1348-1449). B\u00f6hlau Verlag."},{"key":"p_72","doi-asserted-by":"publisher","DOI":"10.1257\/jep.37.2.203"},{"key":"p_73","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20191277"},{"key":"p_74","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA19465"},{"issue":"1","key":"p_75","first-page":"69","volume":"56","author":"Nelson Richard R","year":"1966","journal-title":"American Economic Review"},{"key":"p_76","unstructured":"North, John D. 1987. \"Medieval Concepts of Celestial In uence.\" In Astrology, Science, and Society: Historical Essays, edited by Patrick Curry, 5-19. Boydell Press."},{"key":"p_77","doi-asserted-by":"crossref","unstructured":"Nothaft, C. Philipp E. 2018. Scandalous Error: Calendar Reform and Calendrical Astronomy in Medieval Europe. Oxford University Press.","DOI":"10.1093\/oso\/9780198799559.001.0001"},{"key":"p_78","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00161"},{"key":"p_79","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjr009"},{"key":"p_80","unstructured":"N\u00fcssli, Christos. 2011. \"Geographical Maps.\" History and Geography of Europe and the World. http:\/\/ www.euratlas.com\/about.html (accessed January 12, 2024)."},{"key":"p_81","unstructured":"Oestmann, G\u00fcnther. 2014. Geschichte, Konstruktion und Anwendung des Astrolabiums bei Zifferblaettern astronomischer Uhren. Athena-Verlag."},{"key":"p_82","unstructured":"\u00d6zak, \u00d6mer. 2010. \"The Voyage of Homo-Economicus: Some Economic Measures of Distance.\" Unpublished."},{"key":"p_83","doi-asserted-by":"publisher","DOI":"10.1007\/s10887-018-9154-6"},{"key":"p_84","first-page":"153","author":"Price Derek J","year":"1956","journal-title":"Discovery: The Magazine of Scientific Progress"},{"key":"p_85","unstructured":"Reske, Christoph, and Josef Benzing. 2015. Die Buchdrucker des 16. und 17. Jahrhunderts im deutschen Sprachgebiet. Auf der Grundlage des gleichnamigen Werkes von Josef Benzing. Harrassowitz Verlag."},{"key":"p_86","unstructured":"Rogers, Everett M. 2003. Diffusion of Innovations, 5th Edition. Free Press."},{"key":"p_87","doi-asserted-by":"publisher","DOI":"10.1086\/261420"},{"key":"p_88","doi-asserted-by":"publisher","DOI":"10.1177\/1536867X19830877"},{"key":"p_89","unstructured":"Rosenberg, Nathan, and L.E. Birdzell Jr. 1986. How the West Grew Rich: The Economic Transformation of the Industrial World. Basic Books."},{"key":"p_90","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00368"},{"key":"p_91","unstructured":"Samso, Julio. 2007. \"Alfons X.\" In Biographical Encyclopedia of Astronomers, edited by Thomas Kockey, Virginia Trimble, Thomas R. Williams, Katherine Bracher, Richard A. Jarrell, Jordan D. March\u00e9 II, JoAnn Palmeri, and Daniel W.E. Green, 29-31. Springer."},{"key":"p_92","unstructured":"Sombart, Werner. 1921. Luxus und Kapitalismus. Duncker & Humblot."},{"key":"p_93","doi-asserted-by":"publisher","DOI":"10.1177\/002182869802900403"},{"key":"p_94","doi-asserted-by":"crossref","unstructured":"Stephenson, F. Richard. 1997. Historical Eclipses and Earth's Rotation. Cambridge University Press.","DOI":"10.1017\/CBO9780511525186"},{"key":"p_95","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2020.09.008"},{"key":"p_96","doi-asserted-by":"publisher","DOI":"10.2307\/2853618"},{"key":"p_97","doi-asserted-by":"crossref","unstructured":"Truitt, Elly R. 2015. Medieval Robots: Mechanism, Magic, Nature, and Art. University of Pennsylvania Press.","DOI":"10.9783\/9780812291407"},{"key":"p_98","unstructured":"Ungerer, Alfred. 1931. Les Horloges Astronomiques et Monumentales les Plus Remarquables de l'Antiquit\u00e9 \u00e0 nos Jours. Chez l'auteur."},{"key":"p_99","doi-asserted-by":"publisher","DOI":"10.1016\/j.econedurev.2018.09.001"},{"key":"p_100","doi-asserted-by":"crossref","unstructured":"Van Zanden, Jan Luiten. 2009. The Long Road to the Industrial Revolution: The European Economy in a Global Perspective, 1000-1800. Brill.","DOI":"10.1163\/ej.9789004175174.i-346"},{"key":"p_101","unstructured":"Weber, Max. 1930. The Protestant Ethic and the Spirit of Capitalism. Talcott Parsons."},{"key":"p_102","unstructured":"White, Linn. 1966. Medieval Technology and Social Change. Oxford University Press."},{"key":"p_103","unstructured":"Zinner, Ernst. 1939. Die \u00c4ltesten R\u00e4deruhren und Modernen Sonnenuhren; Forschungen \u00fcber den Ursprung der Modernen Wissenschaft. Naturforschende Gesellschaft."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20230039","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,3,30]],"date-time":"2026-03-30T14:02:46Z","timestamp":1774879366000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20230039"}},"issued":{"date-parts":[[2026,4,1]]},"references-count":103,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2026,4,1]]}},"alternative-id":["10.1257\/mac.20230039"],"URL":"https:\/\/doi.org\/10.1257\/mac.20230039","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2026,4,1]]}},{"indexed":{"date-parts":[[2022,3,29]],"date-time":"2022-03-29T06:30:23Z","timestamp":1648535423494},"reference-count":0,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2018,10,1]]},"DOI":"10.1257\/mac.10.4.i","type":"journal-article","created":{"date-parts":[[2018,10,1]],"date-time":"2018-10-01T13:01:06Z","timestamp":1538398866000},"page":"i-vi","source":"Crossref","is-referenced-by-count":0,"title":["Front Matter"],"prefix":"10.1257","volume":"10","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.10.4.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:06Z","timestamp":1591127826000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.10.4.i"}},"issued":{"date-parts":[[2018,10,1]]},"references-count":0,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2018,10,1]]}},"alternative-id":["10.1257\/mac.10.4.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.10.4.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2018,10,1]]}},{"indexed":{"date-parts":[[2022,3,30]],"date-time":"2022-03-30T20:17:12Z","timestamp":1648671432381},"reference-count":0,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2016,10,1]]},"DOI":"10.1257\/mac.8.4.i","type":"journal-article","created":{"date-parts":[[2016,10,3]],"date-time":"2016-10-03T12:32:52Z","timestamp":1475497972000},"page":"i-vi","source":"Crossref","is-referenced-by-count":0,"title":["Front Matter"],"prefix":"10.1257","volume":"8","member":"11","container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.8.4.i","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:25Z","timestamp":1591127905000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.8.4.i"}},"issued":{"date-parts":[[2016,10,1]]},"references-count":0,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2016,10,1]]}},"alternative-id":["10.1257\/mac.8.4.i"],"URL":"https:\/\/doi.org\/10.1257\/mac.8.4.i","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2016,10,1]]}},{"indexed":{"date-parts":[[2024,9,9]],"date-time":"2024-09-09T07:59:38Z","timestamp":1725868778761},"reference-count":5,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2020,4,1]]},"abstract":"<jats:p> This paper investigates whether and how unconventional interventions in 2008\u20132010 unfroze the credit market. We construct a dataset of 198 interventions for 16 countries during 2008\u20132010 and examine heterogeneous responses in stock prices to the interventions across 7,873 nonfinancial firms in those countries. Stock prices increase when the interventions are announced, particularly for firms with greater intrinsic need for external capital. This pattern is corroborated by subsequent expansions in firm investment, R&amp;D expenditure, and employment. Among various forms of interventions, recapitalization of banks appears particularly effective in channeling the intervention effects from financial to nonfinancial sectors. (JEL E44, E58, G01, G14, G21, G31, G32) <\/jats:p>","DOI":"10.1257\/mac.20160023","type":"journal-article","created":{"date-parts":[[2020,3,30]],"date-time":"2020-03-30T12:55:41Z","timestamp":1585572941000},"page":"284-309","source":"Crossref","is-referenced-by-count":2,"title":["Did Unconventional Interventions Unfreeze the Credit Market?"],"prefix":"10.1257","volume":"12","author":[{"given":"Hui","family":"Tong","sequence":"first","affiliation":[{"name":"International Monetary Fund, 700 19th Street, NW, Washington, DC 20431 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Shang-Jin","family":"Wei","sequence":"additional","affiliation":[{"name":"Graduate School of Business, Columbia University, 619 Uris Hall, 3022 Broadway, New York, NY 10027, Fudan Fanhai International School of Finance, Australian National University, and NBER (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2011.12.001"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1057\/jibs.2011.17"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhr086"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2010.08.006"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1080\/07350015.2013.858631"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160023","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:54:20Z","timestamp":1591127660000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160023"}},"issued":{"date-parts":[[2020,4,1]]},"references-count":5,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2020,4,1]]}},"alternative-id":["10.1257\/mac.20160023"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160023","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2020,4,1]]}},{"indexed":{"date-parts":[[2026,4,11]],"date-time":"2026-04-11T00:00:08Z","timestamp":1775865608691,"version":"3.50.1"},"reference-count":21,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2012,7,1]]},"abstract":"<jats:p>This paper presents new empirical evidence regarding the cyclicality of skill acquisition activities. The paper studies both training and schooling episodes at the individual level using quarterly data from the NLSY79 for a period of 19 years. We find that aggregate schooling is strongly countercyclical, while aggregate training is acyclical. Several training categories, however, behave procyclically. The results also indicate that firm-financed training is procyclical, while training financed through other means is countercyclical; and that the cyclicality of skill acquisition investments depends significantly on the educational level and the employment status of the individual. (JEL E24, E32, I20, J24)<\/jats:p>","DOI":"10.1257\/mac.4.3.128","type":"journal-article","created":{"date-parts":[[2012,6,27]],"date-time":"2012-06-27T13:15:33Z","timestamp":1340802933000},"page":"128-152","source":"Crossref","is-referenced-by-count":26,"title":["The Cyclicality of Skill Acquisition: Evidence from Panel Data"],"prefix":"10.1257","volume":"4","author":[{"given":"Fabio","family":"M\u00e9ndez","sequence":"first","affiliation":[{"name":"Economics Department, University of Arkansas, Business Building 402, Fayetteville, AR 72701."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Facundo","family":"Sep\u00falveda","sequence":"additional","affiliation":[{"name":"Economics Department, Universidad de Santiago de Chile, Alameda 3363, Santiago."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1086\/209870"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.2307\/146230"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1007\/s10663-008-9079-y"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1006\/redy.2000.0124"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/S0176-2680(03)00039-9"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1093\/oep\/55.1.148"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1111\/1467-9914.00202"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-9485.2007.00435.x"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(97)00026-3"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1086\/261866"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/497819"},{"issue":"2","key":"p_17","doi-asserted-by":"crossref","first-page":"186","DOI":"10.1515\/jbnst-2010-0204","volume":"230","author":"G\u00f6rlitz Katja","year":"2010","journal-title":"Journal of Economics and Statistics (Jahrb\u00fccher f\u00fcr National\u00f6konomie und Statistik)"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1080\/10438590600983010"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1023\/A:1009888907797"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2006.00372.x"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2007.04.003"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1006\/redy.2002.0176"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.3.128"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(98)00011-7"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.2307\/2118343"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.2307\/2118426"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.4.3.128","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,1,19]],"date-time":"2022-01-19T16:36:09Z","timestamp":1642610169000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.4.3.128"}},"issued":{"date-parts":[[2012,7,1]]},"references-count":21,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2012,7,1]]}},"alternative-id":["10.1257\/mac.4.3.128"],"URL":"https:\/\/doi.org\/10.1257\/mac.4.3.128","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2012,7,1]]}},{"indexed":{"date-parts":[[2026,3,30]],"date-time":"2026-03-30T14:53:26Z","timestamp":1774882406379,"version":"3.50.1"},"reference-count":41,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2026,4,1]]},"abstract":"<jats:p>I develop a general equilibrium model featuring multidimensional skills and partial specialization in tasks to quantify the impact of several determinants on within-occupation inequality growth from 1980 to 2000. The model introduces a new mechanism by which demand shifts affect inequality: Workers within the same occupation perform multiple and different tasks. I structurally estimate the model using microdata and account for inequality growth due to three sources: changes in occupation demand, changes in the task content of occupations, and changes in labor composition. My findings indicate that changes in task content explain the majority of within-occupation inequality growth. (JEL D63, J21, J22, J23, J24)<\/jats:p>","DOI":"10.1257\/mac.20230209","type":"journal-article","created":{"date-parts":[[2026,3,30]],"date-time":"2026-03-30T14:02:37Z","timestamp":1774879357000},"page":"112-147","source":"Crossref","is-referenced-by-count":0,"title":["Partial Specialization and Heterogeneous Task Assignments"],"prefix":"10.1257","volume":"18","author":[{"given":"Chen","family":"Liu","sequence":"first","affiliation":[{"name":"National University of Singapore (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00020"},{"key":"p_2","doi-asserted-by":"crossref","unstructured":"Acemoglu, Daron, and David Autor. 2011. \"Skills, Tasks and Technologies: Implications for Employment and Earnings.\" In Handbook of Labor Economics Vol. 4, edited by David Card and Orley Ashenfelter, 1043-171. Elsevier.","DOI":"10.1016\/S0169-7218(11)02410-5"},{"key":"p_3","unstructured":"Ad\u00e3o, Rodrigo. 2015. \"Worker Heterogeneity, Wage Inequality, and International Trade: Theory and Evidence from Brazil.\" Unpublished."},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20150956"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2006.07.006"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2018.05.008"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/app.20190070"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.5.1553"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1086\/669332"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1257\/000282806777212620"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1162\/rest.90.2.300"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1162\/003355303322552801"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.2307\/2555829"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/2171802"},{"issue":"3","key":"p_15","first-page":"371","volume":"82","author":"Bound John","year":"1992","journal-title":"American Economic Review"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20170291"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjt006"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-4076(00)00029-4"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1086\/655858"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjx022"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00352"},{"key":"p_22","unstructured":"Firpo, Sergio, Nicole M. Fortin, and Thomas Lemieux. 2014. \"Occupational Tasks and Changes in the Wage Structure.\" Unpublished."},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1086\/262014"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.2307\/2938303"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/j.labeco.2012.05.014"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdw025"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20161570"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA11427"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1086\/261881"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.2307\/2118323"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0262.00150"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.2.948"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.3.461"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00079"},{"issue":"2","key":"p_35","first-page":"718","volume":"84","author":"Lindenlaub Ilse","year":"2017","journal-title":"Review of Economic Studies"},{"key":"p_36","unstructured":"Liu, Chen. 2026. Data and Code for: \"Partial Specialization and Heterogeneous Task Assignments.\" Nashville, TN: American Economic Association; distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. https:\/\/doi.org\/10.3886\/E209643V1."},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/app.5.1.65"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-061109-080402"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1086\/523657"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjy025"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1086\/499972"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20230209","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,3,30]],"date-time":"2026-03-30T14:03:04Z","timestamp":1774879384000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20230209"}},"issued":{"date-parts":[[2026,4,1]]},"references-count":41,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2026,4,1]]}},"alternative-id":["10.1257\/mac.20230209"],"URL":"https:\/\/doi.org\/10.1257\/mac.20230209","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2026,4,1]]}},{"indexed":{"date-parts":[[2026,2,13]],"date-time":"2026-02-13T05:13:39Z","timestamp":1770959619034,"version":"3.50.1"},"reference-count":37,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2011,7,1]]},"abstract":"<jats:p> We introduce a novel method for estimating a monetary policy rule using macroeconomic news. We estimate directly the policy rule agents use to form their expectations by linking news' effects on forecasts of both economic conditions and monetary policy. Evidence between 1994 and 2007 indicates that the market-perceived Federal Reserve policy rule changed: the output response vanished, and the inflation response path became more gradual but larger in long-run magnitude. These response coefficient estimates are robust to measurement and theoretical issues with both potential output and the inflation target. (JEL C51, E31, E43, E52, E58) <\/jats:p>","DOI":"10.1257\/mac.3.3.1","type":"journal-article","created":{"date-parts":[[2011,7,5]],"date-time":"2011-07-05T15:33:44Z","timestamp":1309880024000},"page":"1-28","source":"Crossref","is-referenced-by-count":25,"title":["Estimating the Market-Perceived Monetary Policy Rule"],"prefix":"10.1257","volume":"3","author":[{"given":"James D","family":"Hamilton","sequence":"first","affiliation":[{"name":"University of California, San Diego, Department of Economics, 9500 Gilman Drive, La Jolla, CA 92093."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Seth","family":"Pruitt","sequence":"additional","affiliation":[{"name":"Federal Reserve Board, 20th St. and Constitution Ave. NW, Washington, DC 20551."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Scott","family":"Borger","sequence":"additional","affiliation":[{"name":"Office of Immigration Statistics, 800 K Street NW, Washington, DC 20001."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.85732"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321455151"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.2307\/2951764"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdq006"},{"issue":"6","key":"p_6","first-page":"1","volume":"14","author":"Bartolini Leonardo","year":"2008","journal-title":"current issues in Economics and Finance"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1353\/mcb.2006.0065"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.2307\/2109845"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1162\/003355300554692"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.5.2101"},{"issue":"3","key":"p_12","first-page":"44","volume":"22","author":"Evans Charles L","year":"1998","journal-title":"Economic Perspectives"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2006.05.015"},{"key":"p_16","first-page":"311","author":"Goodfriend Marvin","year":"2005","journal-title":"The inflation Targeting debate, ed. Ben S. Bernanke and Michael Woodford"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828446"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1198\/073500106000000387"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.08.010"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2009.00223.x"},{"issue":"3","key":"p_22","doi-asserted-by":"crossref","first-page":"1","DOI":"10.1257\/mac.3.3.1","volume":"3","author":"Hamilton James D","year":"2011","journal-title":"American Economic Journal: Macroeconomics. http:\/\/www.aeaweb.org\/ articles.php?doi=10.1257\/mac."},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.2307\/1912775"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1002\/jae.3950080302"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2007.00091.x"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(01)00054-X"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.2307\/1913610"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.4.964"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1162\/003465302760556422"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2004.01.004"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.2307\/2297604"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.04.003"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.121.3.867"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1162\/003465302317411604"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(02)00149-6"},{"issue":"4","key":"p_38","first-page":"85","volume":"2","author":"Rudebusch Glenn D","year":"2006","journal-title":"international Journal of central Banking"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.09.004"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1198\/073500102317351921"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.2307\/1992303"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2009.00292.x"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.05.001"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.3.3.1","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:40Z","timestamp":1591127920000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.3.3.1"}},"issued":{"date-parts":[[2011,7,1]]},"references-count":37,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2011,7,1]]}},"alternative-id":["10.1257\/mac.3.3.1"],"URL":"https:\/\/doi.org\/10.1257\/mac.3.3.1","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2011,7,1]]}},{"indexed":{"date-parts":[[2025,10,31]],"date-time":"2025-10-31T07:25:32Z","timestamp":1761895532928},"reference-count":29,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2012,10,1]]},"abstract":"<jats:p> We estimate how spending in Texas responded to a 1997 constitutional amendment that relaxed severe restrictions on home equity lending. We use this event as a natural experiment to estimate the importance of credit constraints. If households are credit-constrained, such an increase in credit availability will increase their spending. We find that Texas retail sales at the county and state levels increased significantly after the amendment, lending support to the credit-constraint hypothesis. We confirm these findings and refine our interpretation of the estimated aggregate-level responses using household-level data on home equity loans. (JEL D14, E21, G21, G28) <\/jats:p>","DOI":"10.1257\/mac.4.4.94","type":"journal-article","created":{"date-parts":[[2012,9,27]],"date-time":"2012-09-27T22:18:43Z","timestamp":1348784323000},"page":"94-125","source":"Crossref","is-referenced-by-count":26,"title":["Home Equity Lending and Retail Spending: Evidence from a Natural Experiment in Texas"],"prefix":"10.1257","volume":"4","author":[{"given":"Chadi S","family":"Abdallah","sequence":"first","affiliation":[{"name":"Department of Economics, Farmer School of Business, Miami University, Oxford, OH 45406."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"William D","family":"Lastrapes","sequence":"additional","affiliation":[{"name":"Department of Economics, Terry College of Business, University of Georgia, Athens, GA 30602."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1198\/jasa.2009.ap08746"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/000282803321455188"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/mac.4.4.94"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/528721"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/S0047-2727(99)00112-7"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1162\/003355304772839588"},{"issue":"7","key":"p_8","first-page":"441","volume":"86","author":"Brady Peter J","year":"2000","journal-title":"Federal reserve Bulletin"},{"issue":"22","key":"p_9","first-page":"1","volume":"4","author":"Buiter Willem H","year":"2010","journal-title":"Economics-The open-Access, open Accessment E-Journal"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.2307\/1391964"},{"key":"p_12","author":"Case Karl E","year":"2005","journal-title":"B. E. Journal of Macroeconomics: Advances in Macroeconomics 5 (1): Article 1."},{"issue":"3","key":"p_16","first-page":"1","volume":"2","author":"Duca Conley John","year":"1998","journal-title":"Federal reserve Bank of dallas southwest Economy"},{"issue":"2","key":"p_17","first-page":"123","volume":"87","author":"Garrett Thomas A","year":"2005","journal-title":"Federal reserve Bank of st. Louis review"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1162\/003355302753399472"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1353\/mcb.2005.0009"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jhe.2004.09.004"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/0002828054201477"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/mac.2.2.125"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.2307\/2118429"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1086\/262072"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.3.1080"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.6.2487"},{"key":"p_29","author":"Lucas Charlotte-Anne","year":"1994","journal-title":"dallas Morning News"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.5.2132"},{"key":"p_33","first-page":"1","author":"Skelton Edward C","year":"1997","journal-title":"Federal reserve Bank of dallas Financial Industry Issues Third Quarter"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.4.947"},{"key":"p_36","author":"Stutz Terrence","year":"1994","journal-title":"dallas Morning News"},{"key":"p_37","author":"Stutz Terrence","year":"1997","journal-title":"dallas Morning News"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/j.jue.2006.11.003"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1086\/261605"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.4.4.94","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:52:51Z","timestamp":1591127571000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.4.4.94"}},"issued":{"date-parts":[[2012,10,1]]},"references-count":29,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2012,10,1]]}},"alternative-id":["10.1257\/mac.4.4.94"],"URL":"https:\/\/doi.org\/10.1257\/mac.4.4.94","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2012,10,1]]}},{"indexed":{"date-parts":[[2026,3,8]],"date-time":"2026-03-08T22:07:12Z","timestamp":1773007632554,"version":"3.50.1"},"reference-count":50,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2023,4,1]]},"abstract":"<jats:p> Microeconomic evidence reveals a direct link between firms' current earnings and their access to debt. This paper studies macroeconomic implications of earnings-based borrowing constraints. In a macro model, firms with earnings-based constraints borrow more in response to positive investment shocks, whereas firms with collateral constraints borrow less. Empirically, aggregate and firm-level credit responds to identified investment shocks according to the predictions with earnings-based constraints. Moreover, with sticky prices, earnings-based constraints imply that supply shocks are quantitatively more important. This is validated in an estimated version of the model, highlighting the importance of carefully modeling credit constraints to understand policy trade-offs. (JEL E22, E32, G31, G32) <\/jats:p>","DOI":"10.1257\/mac.20210099","type":"journal-article","created":{"date-parts":[[2023,3,31]],"date-time":"2023-03-31T12:56:21Z","timestamp":1680267381000},"page":"1-34","source":"Crossref","is-referenced-by-count":12,"title":["Earnings-Based Borrowing Constraints and Macroeconomic Fluctuations"],"prefix":"10.1257","volume":"15","author":[{"given":"Thomas","family":"Drechsel","sequence":"first","affiliation":[{"name":"Department of Economics, University of Maryland (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"crossref","unstructured":"Adler, Konrad. 2020. \"Financial Covenants, Firm Financing, and Investment.\" Unpublished.","DOI":"10.2139\/ssrn.3728683"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2011.03.001"},{"issue":"1","key":"p_3","first-page":"14","volume":"79","author":"Bernanke Ben S","year":"1989","journal-title":"American Economic Review"},{"key":"p_4","doi-asserted-by":"crossref","unstructured":"Bernanke, Ben S., Mark Gertler, and Simon Gilchrist. 1999. \"The Financial Accelerator in a Quantitative Business Cycle Framework.\" In Handbook of Macroeconomics 1C, edited by John B. Taylor and Michael Woodford, 1341-1393. Amsterdam: Elsevier.","DOI":"10.1016\/S1574-0048(99)10034-X"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2019.01.013"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2006.06.012"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.2381"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2008.01391.x"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.13074"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.1.27"},{"key":"p_12","unstructured":"Cloyne, James, Clodomiro Ferreira, Maren Froemel, and Paolo Surico. 2018. \"Investment, Financial Frictions and the Dynamic Effects of Monetary Policy.\" Unpublished."},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdx058"},{"key":"p_14","doi-asserted-by":"crossref","unstructured":"Dinlersoz, Emin, Sebnem Kalemli-Ozcan, Henry Hyatt, and Veronika Penciakova. 2018. \"Leverage over the Life Cycle and Implications for Firm Growth and Shock Responsiveness.\" NBER Working Paper 25226.","DOI":"10.3386\/w25226"},{"key":"p_15","unstructured":"Drechsel, Thomas. 2023. \"Replication data for: Earnings-Based Borrowing Constraints and Macroeconomic Fluctuations.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.38886\/E167862V1."},{"key":"p_16","unstructured":"Drechsel, Thomas, and Seho Kim. 2022. \"Macroprudential Policy with Earnings-Based Borrowing Constraints.\" Unpublished."},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12435"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1086\/505048"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00406"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.10.004"},{"key":"p_21","first-page":"5184","author":"Greenwald Daniel","year":"2018","journal-title":"MIT Sloan Research Paper"},{"key":"p_22","first-page":"5909","author":"Greenwald Daniel","year":"2019","journal-title":"MIT Sloan Research Paper"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjx005"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.2307\/1912538"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2005.00758.x"},{"key":"p_26","doi-asserted-by":"crossref","unstructured":"Ingholt, Marcus Molbak. 2020. \"Multiple Credit Constraints and Time-Varying Macroeconomic Dynamics.\" Unpublished.","DOI":"10.2139\/ssrn.3977548"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(00)00047-7"},{"key":"p_28","unstructured":"Jeenas, Priit. 2019. \"Firm Balance Sheet Liquidity, Monetary Policy Shocks, and Investment Dynamics.\" Unpublished."},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.238"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828518"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.12.008"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2010.08.004"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1086\/674142"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1111\/1468-5876.00069"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1086\/262072"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjaa030"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2021.102752"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8994"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1257\/000282806777211676"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1257\/jep.32.3.59"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12755"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA15949"},{"issue":"3","key":"p_43","first-page":"209","volume":"97","author":"Quadrini Vincenzo","year":"2011","journal-title":"Economic Quarterly"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2013.03.002"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2009.01476.x"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"},{"key":"p_47","unstructured":"Standard & Poor's Global Ratings. 2013. Corporate Methodology: Ratios and Adjustments. New York: Standard & Poor's Global Ratings."},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1093\/revfin\/hhm007"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjab020"},{"key":"p_50","unstructured":"Xiao, Jasmine. 2018. \"Capital Allocation and Investment Dynamics in Credit Crises.\" Unpublished."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20210099","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,3,31]],"date-time":"2023-03-31T13:02:20Z","timestamp":1680267740000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20210099"}},"issued":{"date-parts":[[2023,4,1]]},"references-count":50,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2023,4,1]]}},"alternative-id":["10.1257\/mac.20210099"],"URL":"https:\/\/doi.org\/10.1257\/mac.20210099","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2023,4,1]]}},{"indexed":{"date-parts":[[2026,3,9]],"date-time":"2026-03-09T01:22:41Z","timestamp":1773019361234,"version":"3.50.1"},"reference-count":57,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2024,1,1]]},"abstract":"<jats:p> Can the macroeconomic effects of credit supply shocks be large even when a small share of firms is credit constrained? I use UK firm-level accounting data to discipline a heterogeneous-firm model where the interaction between real and financial frictions induces precautionary cash holdings. In the data, firms increased their cash ratios during the Great Recession, and cash-intensive firms displayed higher employment growth. A tightening of firms\u2019 credit conditions generates the same dynamics in the model. Unconstrained firms preemptively respond to credit supply shocks; this precautionary channel, when appropriately quantified, crucially matters for the aggregate dynamics and firm-level patterns. (JEL D22, E24, E32, E44, G32) <\/jats:p>","DOI":"10.1257\/mac.20210269","type":"journal-article","created":{"date-parts":[[2023,12,29]],"date-time":"2023-12-29T13:31:45Z","timestamp":1703856705000},"page":"356-386","source":"Crossref","is-referenced-by-count":1,"title":["Firms\u2019 Precautionary Savings and Employment during a Credit Crisis"],"prefix":"10.1257","volume":"16","author":[{"given":"Davide","family":"Melcangi","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of New York (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1086\/669176"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/13.1.191"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.1.426"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20150191"},{"key":"p_5","unstructured":"Bank of England. \"Labor Share, Whole Economy Excluding Rents: Share of GDP Excluding Rent in the United Kingdom [LSWESGDPUKA].\"Accessed 2021."},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2014.08.003"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2009.01492.x"},{"key":"p_8","doi-asserted-by":"crossref","unstructured":"Bernanke, Ben S., Mark Gertler, and Simon Gilchrist. 1999. \"The Financial Accelerator in a Quantitative Business Cycle Framework.\" In Handbook of Macroeconomics, Vol. 1, Part C, edited by John B. Taylor and Michael Woodford, 1341-93. Amsterdam: Elsevier.","DOI":"10.1016\/S1574-0048(99)10034-X"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA6248"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA10927"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2013.02.006"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2014.11.001"},{"key":"p_13","doi-asserted-by":"crossref","unstructured":"Caglio, Cecilia R., R. Matthew Darst, and Sebnem Kalemli-\u00d6zcan. 2021. \"Risk-Taking and Monetary Policy Transmission: Evidence from Loans to SMEs and Large Firms.\" NBER Working Paper No. 28685.","DOI":"10.2139\/ssrn.3829383"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2010.02.009"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjt031"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_17","doi-asserted-by":"crossref","unstructured":"Christiano, Lawrence, Roberto Motto, and Massimo Rostagno. 2010. \"Financial Factors in Economic Fluctuations.\" ECB Working Paper No. 1192.","DOI":"10.2139\/ssrn.1600166"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.5.1286"},{"key":"p_19","unstructured":"Corugedo, Emilio Fernandez, Michael McMahon, Stephen Millard, and Lukasz Rachel. 2011. \"Understanding the Macroeconomic Effects of Working Capital in the United Kingdom.\" Bank of England Working Paper No. 422."},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdx058"},{"key":"p_21","unstructured":"Cui, Wei. 2017. \"Macroeconomic Effects of Delayed Capital Liquidation.\" CFM Discussion Paper Series CFM-DP2017-19."},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/aer.p20161078"},{"key":"p_23","doi-asserted-by":"crossref","unstructured":"Dittmar, Amy K., and Ran Duchin. 2010. \"The Dynamics of Cash.\" Ross School of Business Paper No. 1138.","DOI":"10.2139\/ssrn.1569529"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.12.011"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.04.006"},{"key":"p_26","doi-asserted-by":"crossref","unstructured":"Falato, Antonio, Dalida Kadyrzhanova, and Jae Sim. 2013. \"Rising Intangible Capital, Shrinking Debt Capacity, and the US Corporate Savings Glut.\" Society for Economic Dynamics Paper No. 1151.","DOI":"10.2139\/ssrn.2350863"},{"key":"p_27","unstructured":"FAME, Bureau van Dijk. Accessed 2016."},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2016.03.017"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhx045"},{"key":"p_30","doi-asserted-by":"crossref","unstructured":"Gilchrist, Simon, Jae W. Sim, and Egon Zakrajsek. 2014. \"Uncertainty, Financial Frictions, and Investment Dynamics.\" NBER Working Paper No. 20038.","DOI":"10.2139\/ssrn.2503636"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20150248"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1016\/j.jcorpfin.2006.05.002"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2007.01255.x"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2009.12.001"},{"key":"p_35","unstructured":"Jeenas, Priit. 2019. \"Firm Balance Sheet Liquidity, Monetary Policy Shocks, and Investment Dynamics.\" Unpublished."},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.238"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1086\/674142"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1086\/262072"},{"key":"p_39","doi-asserted-by":"crossref","unstructured":"Kiyotaki, Nobuhiro, and John Moore. 2012. \"Liquidity, Business Cycles, and Monetary Policy.\"","DOI":"10.3386\/w17934"},{"issue":"2","key":"p_40","first-page":"97","volume":"46","author":"Lintner John","year":"1956","journal-title":"American Economic Review Papers and Proceedings"},{"key":"p_41","unstructured":"Melcangi, Davide. 2024. \"Replication Data for: Firms' Precautionary Savings and Employment during a Credit Crisis.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E185582V1."},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.5.1941"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1093\/rof\/rfy020"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.6.2509"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1007\/s11187-021-00488-3"},{"key":"p_46","unstructured":"Office for National Statistics. 2021a. \"Claimant count and vacancies time series (UNEM).\""},{"key":"p_47","unstructured":"Office for National Statistics. 2021b. \"Labour market statistics time series (LMS).\""},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2013.10.001"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2017.07.003"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2009.01478.x"},{"key":"p_51","unstructured":"Schoefer, Benjamin. 2015. \"The Financial Channel of Wage Rigidity.\" Unpublished."},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1016\/j.jbankfin.2009.05.010"},{"issue":"1","key":"p_53","first-page":"1","volume":"6","author":"Strebulaev Ilya A","year":"2012","journal-title":"Foundations and Trends\u00ae in Finance"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1086\/261342"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.2307\/2938261"},{"key":"p_56","doi-asserted-by":"crossref","unstructured":"Xiao, Jasmine. 2019. \"Borrowing to Save and Investment Dynamics.\" Unpublished.","DOI":"10.2139\/ssrn.3478294"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2017.08.001"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20210269","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2023,12,29]],"date-time":"2023-12-29T13:34:23Z","timestamp":1703856863000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20210269"}},"issued":{"date-parts":[[2024,1,1]]},"references-count":57,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2024,1,1]]}},"alternative-id":["10.1257\/mac.20210269"],"URL":"https:\/\/doi.org\/10.1257\/mac.20210269","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2024,1,1]]}},{"indexed":{"date-parts":[[2026,3,6]],"date-time":"2026-03-06T05:14:41Z","timestamp":1772774081137,"version":"3.50.1"},"reference-count":29,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2018,4,1]]},"abstract":"<jats:p> This paper studies the consequences of predation when firms deploy guard labor as a means of protecting themselves. We build a simple model and combine it with data for 144 countries from the World Bank enterprise surveys, which ask about firm-level experiences with predation and spending on protection. We use the model to estimate the output loss caused by the misallocation of labor across firms and from production to protection. The loss due to protection effort is substantial and patterns of state protection at the micro level can have a profound impact on aggregate output losses. Various extensions are discussed. (JEL D22, D24, J24, K40, L84, O17) <\/jats:p>","DOI":"10.1257\/mac.20160120","type":"journal-article","created":{"date-parts":[[2018,3,28]],"date-time":"2018-03-28T12:54:21Z","timestamp":1522241661000},"page":"184-221","source":"Crossref","is-referenced-by-count":28,"title":["Predation, Protection, and Productivity: A Firm-Level Perspective"],"prefix":"10.1257","volume":"10","author":[{"given":"Timothy","family":"Besley","sequence":"first","affiliation":[{"name":"Department of Economics, London School of Economics and Political Science, Houghton Street, London, WC2A 2AE, United Kingdom, and CIFAR (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Hannes","family":"Mueller","sequence":"additional","affiliation":[{"name":"Institut d\u2019An\u00e0lisi Econ\u00f2mica (CSIC), Campus UAB, 08193 Bellaterra, Barcelona, Spain, MOVE, and Barcelona GSE (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.5.1369"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1162\/003355398555522"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1093\/jleo\/19.1.218"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.1.305"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/259394"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1086\/323766"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1086\/262008"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1111\/jeea.12114"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2007.122.4.1351"},{"issue":"5","key":"p_17","first-page":"867","volume":"67","author":"Clotfelter Charles T","year":"1977","journal-title":"American Economic Review"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2011.02419.x"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1162\/003355302753399436"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-080614-115808"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2013.0016"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2007.122.4.1561"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-0297.2004.00254.x"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1086\/595561"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.8.2509"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1162\/003465302317331919"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1162\/003355399555954"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.4.1403"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2006.01.009"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.2307\/3003596"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.2307\/3559034"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1093\/jleo\/ewu014"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.05.002"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1111\/j.1465-7295.1967.tb01923.x"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-6435.1971.tb00624.x"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12196"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160120","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:27Z","timestamp":1591127907000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160120"}},"issued":{"date-parts":[[2018,4,1]]},"references-count":29,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2018,4,1]]}},"alternative-id":["10.1257\/mac.20160120"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160120","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2018,4,1]]}},{"indexed":{"date-parts":[[2025,9,28]],"date-time":"2025-09-28T06:45:50Z","timestamp":1759041950627},"reference-count":13,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2011,10,1]]},"abstract":"<jats:p> How should monetary policy respond to changes in financial conditions? We consider a simple model where firms are subject to shocks which may force them to default on their debt. Firms' assets and liabilities are nominal and predetermined. Monetary policy can therefore affect the real value of funds used to finance production. In this model, allowing for inflation volatility in response to aggregate shocks can be optimal; the optimal response to adverse financial shocks is to lower interest rates and to engineer some inflation; and the Taylor rule may implement allocations that have opposite cyclical properties to the optimal ones. (JEL G32, E31, E43, E44, E52) <\/jats:p>","DOI":"10.1257\/mac.3.4.112","type":"journal-article","created":{"date-parts":[[2011,10,6]],"date-time":"2011-10-06T13:49:35Z","timestamp":1317908975000},"page":"112-142","source":"Crossref","is-referenced-by-count":14,"title":["Monetary Policy and the Financing of Firms"],"prefix":"10.1257","volume":"3","author":[{"given":"Fiorella De","family":"Fiore","sequence":"first","affiliation":[{"name":"European Central Bank, Directorate General Research, Postfach 160319, D-60066 Frankfurt am Main."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Pedro","family":"Teles","sequence":"additional","affiliation":[{"name":"Banco de Portugal, R. Francisco Ribeiro N. 2 1150 Lisboa, Portugal, Universidade Catolica Portuguesa, and Centre for Economic Policy Research."}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Oreste","family":"Tristani","sequence":"additional","affiliation":[{"name":"European Central Bank, Directorate General Research, Postfach 160319, D-60066 Frankfurt am Main."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00263"},{"key":"p_3","first-page":"1341","author":"Bernanke Ben S","year":"1999","journal-title":"Handbook of Macroeconomics, ed. John B. Taylor and Michael Woodford"},{"issue":"5","key":"p_4","first-page":"893","volume":"87","author":"Carlstrom Charles T","year":"1997","journal-title":"American Economic Review"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1007\/s001990050236"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2010.00329.x"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1353\/mcb.2004.0023"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.4.112"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2006.11.006"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/1907327"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(01)00093-9"},{"key":"p_16","first-page":"2004","author":"Levin Andrew T","year":"2004","journal-title":"The Federal Reserve Board Finance and Economics Discussion Series Staff Working Paper"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.01.004"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1086\/261342"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.3.4.112","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:15Z","timestamp":1591127835000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.3.4.112"}},"issued":{"date-parts":[[2011,10,1]]},"references-count":13,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2011,10,1]]}},"alternative-id":["10.1257\/mac.3.4.112"],"URL":"https:\/\/doi.org\/10.1257\/mac.3.4.112","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2011,10,1]]}},{"indexed":{"date-parts":[[2026,4,28]],"date-time":"2026-04-28T09:46:31Z","timestamp":1777369591010,"version":"3.51.4"},"reference-count":9,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2017,1,1]]},"abstract":"<jats:p> This paper proposes a model that explains the joint occurrence of liquidity traps and jobless growth recoveries. Its key elements are downward nominal wage rigidity, a Taylor-type interest rate feedback rule, the zero lower bound on nominal interest rates, and a confidence shock. Absent a change in policy, the model predicts that low inflation and high unemployment become chronic. With capital accumulation, the model predicts, in addition, an investment slump. The paper identifies a New Fisherian effect, whereby raising the nominal interest rate to its intended target for an extended period of time can boost inflationary expectations and thereby foster employment. (JEL E24, E31, E32, E43, E52, F44, G01) <\/jats:p>","DOI":"10.1257\/mac.20150220","type":"journal-article","created":{"date-parts":[[2016,12,29]],"date-time":"2016-12-29T13:40:33Z","timestamp":1483018833000},"page":"165-204","source":"Crossref","is-referenced-by-count":67,"title":["Liquidity Traps and Jobless Recoveries"],"prefix":"10.1257","volume":"9","author":[{"given":"Stephanie","family":"Schmitt-Groh\u00e9","sequence":"first","affiliation":[{"name":"Department of Economics, Columbia University, 420 West 118th Street, New York, NY 10027, CEPR, and NBER (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Mart\u00edn","family":"Uribe","sequence":"additional","affiliation":[{"name":"Department of Economics, Columbia University, 420 West 118th Street, New York, NY 10027, and NBER (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.1.70"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1006\/jeth.1999.2585"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2003.0010"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.2202\/1935-1690.1651"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.2307\/2534694"},{"issue":"2","key":"p_14","first-page":"1","volume":"21","author":"Kuroda Sachiko","year":"2003","journal-title":"Monetary and Economic studies"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdu016"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/688175"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2012.10.024"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20150220","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:57:50Z","timestamp":1591127870000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20150220"}},"issued":{"date-parts":[[2017,1,1]]},"references-count":9,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2017,1,1]]}},"alternative-id":["10.1257\/mac.20150220"],"URL":"https:\/\/doi.org\/10.1257\/mac.20150220","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2017,1,1]]}},{"indexed":{"date-parts":[[2026,5,15]],"date-time":"2026-05-15T02:43:41Z","timestamp":1778813021933,"version":"3.51.4"},"reference-count":25,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2013,1,1]]},"abstract":"<jats:p> I examine the causal effect of bank failures during the Great Depression using the quasi-experimental setup of Richardson and Troost (2009). The experiment is based on Mississippi being divided into two Federal Reserve districts, which followed different policies for liquidity provision. This translated into variation in bank failures across the state. Employing a plant-level sample from the Census of Manufactures, I find that banking failures had a negative effect on revenue stemming from a fall in physical output. I find no effect on employment at the plant-level and a large decline at the county-level. (JEL E32, E44, G21, G33, N12, N22, N92) <\/jats:p>","DOI":"10.1257\/mac.5.1.81","type":"journal-article","created":{"date-parts":[[2013,1,3]],"date-time":"2013-01-03T16:12:21Z","timestamp":1357229541000},"page":"81-101","source":"Crossref","is-referenced-by-count":35,"title":["Identifying the Effects of Bank Failures from a Natural Experiment in Mississippi during the Great Depression"],"prefix":"10.1257","volume":"5","author":[{"given":"Nicolas L","family":"Ziebarth","sequence":"first","affiliation":[{"name":"Department of Economics, Tippie College of Business, University of Iowa, W344 Pappajohn Business Building, 21 E. Market Street, Iowa City, IA 52245."}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/jep.15.4.69"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1257\/000282805775014326"},{"issue":"3","key":"p_4","first-page":"257","volume":"73","author":"Bernanke Ben S","year":"1983","journal-title":"American Economic Review"},{"issue":"1","key":"p_5","first-page":"82","volume":"76","author":"Bernanke Ben S","year":"1986","journal-title":"American Economic Review"},{"key":"p_6","first-page":"1929","author":"Bertin Amy L","year":"1996","journal-title":"Blast Furnaces"},{"key":"p_7","first-page":"1929","author":"Bresnahan Timothy F","year":"1991","journal-title":"The American Motor Vehicles Industry"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/000282803322157188"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1086\/599015"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/000282802320188934"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.524"},{"issue":"1","key":"p_17","first-page":"151","volume":"24","author":"Eggertsson Gauti B","year":"2006","journal-title":"Monetary and Economic studies"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1017\/S0022050700011906"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.1.394"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.2307\/2209516"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.1.155"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1413"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.2.34"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1257\/aer.90.1.30"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1994.tb04418.x"},{"issue":"2","key":"p_29","first-page":"57","volume":"88","author":"Raff Daniel M. G.","year":"1998","journal-title":"American Economic Review"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1016\/S0363-3268(07)25002-5"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1086\/649603"},{"key":"p_33","first-page":"1919","author":"Rosenbloom Joshua L","year":"1999","journal-title":"Manufacturing"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.2307\/2118426"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1257\/mac.5.1.81"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.5.1.81","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:24Z","timestamp":1591127904000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.5.1.81"}},"issued":{"date-parts":[[2013,1,1]]},"references-count":25,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2013,1,1]]}},"alternative-id":["10.1257\/mac.5.1.81"],"URL":"https:\/\/doi.org\/10.1257\/mac.5.1.81","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2013,1,1]]}},{"indexed":{"date-parts":[[2026,1,18]],"date-time":"2026-01-18T21:22:00Z","timestamp":1768771320981,"version":"3.49.0"},"reference-count":69,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2021,4,1]]},"abstract":"<jats:p> Despite increases in the college earnings premium to persistently high levels, investment in college education remains low. We can understand this apparent puzzle by considering the risk of attending college and, in particular, the possibility of failing to graduate. Students with a reasonable probability of completing college already enroll, and for those who do not enroll, the low chance of completion blunts the impact of the rising college premium. In the absence of improved college readiness, our quantitative results suggest that continuing long-standing trends in skill-biased technological change can be expected primarily to increase earnings inequality rather than college attainment. (JEL E24, I22, I23, J24, J31, O33) <\/jats:p>","DOI":"10.1257\/mac.20160396","type":"journal-article","created":{"date-parts":[[2021,3,30]],"date-time":"2021-03-30T17:03:32Z","timestamp":1617123812000},"page":"168-213","source":"Crossref","is-referenced-by-count":13,"title":["Risk, the College Premium, and Aggregate Human Capital Investment"],"prefix":"10.1257","volume":"13","author":[{"given":"Kartik","family":"Athreya","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of Richmond, 701 E Byrd St, Richmond VA 23219 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Janice","family":"Eberly","sequence":"additional","affiliation":[{"name":"Kellogg School of Management, Northwestern University, 211 Campus Drive, Evanston, IL 60208, and NBER (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1086\/702241"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1086\/298317"},{"key":"p_3","unstructured":"Altonji, Joseph, Prashant Bharadwaj, and Fabian Lange. 2008. \"The Anemic Response of Skill Investment to Skill Premium Growth.\" https:\/\/voxeu.org\/article\/anemic-response-skill-investmentskill-premium-growth."},{"key":"p_4","unstructured":"Amromin, Gene, Janice Eberly, and John Mondragon. 2016. \"The Housing Crisis and the Rise in Student Loans.\" https:\/\/www.fdic.gov\/news\/conferences\/consumersymposium\/2016\/documents\/ Mondragon_paper.pdf."},{"key":"p_5","unstructured":"Athreya, Kartik, and Janice Eberly. 2021. \"Replication data for: Risk, the College Premium, and Aggregate Human Capital Investment.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E111145V1."},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1162\/003355303322552801"},{"key":"p_7","unstructured":"Blandin, Adam, and Christopher Herrington. 2018. \"Family Structure, Human Capital Investment, and Aggregate College Attainment.\" https:\/\/economics.virginia.edu\/sites\/economics.virginia.edu\/ files\/macro\/Blandin.pdf."},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/app.2.3.129"},{"key":"p_9","doi-asserted-by":"crossref","unstructured":"Bowen, William G., Matthew M. Chingos, and Michael S. McPherson. 2009. Crossing the Finish Line: Completing College at America's Public Universities. Cambridge: Princeton University Press.","DOI":"10.1515\/9781400831463"},{"key":"p_10","doi-asserted-by":"crossref","unstructured":"Brown, Jeffrey, Chichun Fang, and Francisco Gomes. 2012. \"Risk and Returns to Education.\" NBER Working Paper 18300.","DOI":"10.3386\/w18300"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdr032"},{"key":"p_12","unstructured":"Bruno, Rosalind R. 1984. Educational Attainment in the United States: March 1981 and 1980. Washington, DC: US Bureau of the Census."},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1198\/073500103288619007"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1111\/1468-0297.00075"},{"key":"p_15","unstructured":"Carneiro, Pedro, and James J. Heckman. 2003. \"Human Capital Policy.\" In Inequality in America: What Role for Human Capital Policies, edited by James J. Heckman and Alan B. Krueger, 77-240. Cambridge: MIT Press."},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1111\/1468-2354.t01-1-00074"},{"key":"p_17","unstructured":"Castex, Gonzalo. 2011. \"Accounting for Changes in College Attendance Pro le: A Quantitative Life-Cycle Analysis.\" https:\/\/pdfs.semanticscholar.org\/27af\/c05f30aa1df946223d45c944ba5eeabb 6223.pdf?_ga=2.76204445.908777651.1587485886-1198465338.1558030782."},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2017.03.002"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20130139"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1111\/ecoj.12598"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.3982\/QE100"},{"key":"p_22","unstructured":"Chen, Stacey H. 2002. \"Is Investing in College Education Risky?\" https:\/\/pdfs.semanticscholar. org\/6ea5\/b3cc6a43b2fd36443ceb41373abf35120ad9.pdf."},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1162\/rest.90.2.275"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1093\/oep\/gpi019"},{"key":"p_25","unstructured":"Cunningham, Alisa F., and Deborah A. Santiago. 2008. Student Aversion to Borrowing: Who Borrows and Who Doesn't. Washington, DC: Institute for Higher Education Policy and Excelencia in Education."},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1162\/rest.88.2.348"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2018.07.003"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.5.44"},{"key":"p_29","unstructured":"Garriga, Carlos, and Mark P. Keightley. 2007. \"A General Equilibrium Theory of College with Education Subsidies, In-School Labor Supply, and Borrowing Constraints.\" https:\/\/pdfs.semanticscholar.org\/ 7956\/11c2b81c46269c7c820c52a3e092ae1fdf78.pdf?_ga=2.28621244.1018615866.1587652168-1198465338.1558030782."},{"key":"p_30","unstructured":"Goldin, Claudia, and Lawrence F. Katz. 2008. The Race between Education and Technology. Cambridge: Harvard University Press."},{"key":"p_31","unstructured":"Gottschalck, Alfred O. 2008. Net Worth and the Assets of Households: 2002. Washington, DC: United States Census Bureau."},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1126\/science.1128898"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1162\/rest.2010.12366"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1006\/redy.1997.0008"},{"issue":"2","key":"p_35","first-page":"381","volume":"88","author":"Heckman James J","year":"1998","journal-title":"American Economic Review"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1086\/587037"},{"key":"p_37","unstructured":"Hendricks, Lutz. 2012. The Evolution of U.S. Wages: Skill Prices versus Human Capital. https:\/\/ economicdynamics.org\/meetpapers\/2012\/paper_320.pdf."},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1111\/iere.12297"},{"key":"p_39","unstructured":"Hryshko, Dmytro. 2010. \"RIP to HIP: The Data Reject Heterogeneous Labor Income Pro les.\" https:\/\/ economics.sas.upenn.edu\/sites\/default\/files\/filevault\/event_papers\/moneymacro121020080.pdf."},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/0167-2231(94)90004-3"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1086\/261987"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(99)00058-6"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.2307\/1937919"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1086\/669964"},{"key":"p_45","unstructured":"Jones, Charles. 2014. Macroeconomics, 3rd ed. New York: WW Norton & Company."},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1086\/684856"},{"key":"p_47","unstructured":"Judd, Kenneth L. 2000. \"Is Education as Good as Gold? A Portfolio Analysis of Human Capital Investment.\" https:\/\/web.stanford.edu\/~judd\/papers\/educmay.pdf."},{"key":"p_48","unstructured":"Kane, Thomas J. 2001. \"College-Going and Inequality: A Literature Review.\" https:\/\/www.russellsage. org\/sites\/all\/files\/u4\/Kane.pdf."},{"issue":"3","key":"p_49","first-page":"600","volume":"85","author":"Kane Thomas J","year":"1995","journal-title":"American Economic Review"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1086\/260251"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1111\/j.0020-6598.2005.00308.x"},{"key":"p_52","unstructured":"Lee, Sang Yoon, Yongseok Shin, and Donghoon Lee. 2017. \"The Option Value of Human Capital: Higher Education and Wage Inequality.\" http:\/\/www.syleetim.net\/materials\/hc_option.pdf."},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.6.2487"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1016\/0272-7757(89)90016-2"},{"key":"p_55","unstructured":"Matsuda, Kazushige. 2018. \"Optimal Timing of College Subsidies: Enrollment, Graduation, and the Skill Premium.\" https:\/\/scholar.princeton.edu\/sites\/default\/files\/matsuda\/files\/km_jmp2.pdf."},{"key":"p_56","unstructured":"National Center for Education Statistics. 1972. \"National Longitudinal Study of 1972 (NLS:72).\" National Center for Education Statistics. https:\/\/nces.ed.gov\/surveys\/nls72\/."},{"key":"p_57","unstructured":"National Center for Education Statistics. 1988. \"National Education Longitudinal Study of 1988 (NELS:88).\" National Center for Education Statistics. https:\/\/nces.ed.gov\/surveys\/nels88\/ (accessed May 30, 2017)."},{"key":"p_58","unstructured":"National Center for Education Statistics. 2002. \"Educational Longitudinal Study of 2002 (ELS:2002).\" National Center for Education Statistics. https:\/\/nces.ed.gov\/surveys\/els2002\/."},{"key":"p_59","first-page":"11","author":"Ozdagli Ali K","year":"2011","journal-title":"Federal Reserve Bank of Boston Working Papers"},{"key":"p_60","doi-asserted-by":"publisher","DOI":"10.1111\/iere.12022"},{"key":"p_61","unstructured":"Scott-Clayton, Judith, and Susan Dynarski. 2007. College Grants on a Postcard: A Proposal for Simple and Predictable Student Aid. Washington, DC: Brookings Institution."},{"key":"p_62","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.05.012"},{"key":"p_63","unstructured":"Snyder, Thomas D. Cristobal de Brey, and Sally A. Dillow. 2019. Digest of Education Statistics 2017. Washington, DC: National Center for Education Statistics."},{"key":"p_64","doi-asserted-by":"publisher","DOI":"10.1257\/app.4.1.49"},{"key":"p_65","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.5.2163"},{"key":"p_66","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2003.06.005"},{"key":"p_67","doi-asserted-by":"publisher","DOI":"10.3982\/QE326"},{"key":"p_68","unstructured":"US Bureau of Labor Statistics. 1979-1994. \"National Longitudinal Study of Youth.\" United States Department of Labor. https:\/\/www.bls.gov\/nls\/nlsy79.htm (accessed May 17, 2017)."},{"key":"p_69","doi-asserted-by":"publisher","DOI":"10.1111\/sjoe.12076"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20160396","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2021,3,30]],"date-time":"2021-03-30T17:04:23Z","timestamp":1617123863000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20160396"}},"issued":{"date-parts":[[2021,4,1]]},"references-count":69,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2021,4,1]]}},"alternative-id":["10.1257\/mac.20160396"],"URL":"https:\/\/doi.org\/10.1257\/mac.20160396","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2021,4,1]]}},{"indexed":{"date-parts":[[2026,1,22]],"date-time":"2026-01-22T10:59:34Z","timestamp":1769079574847,"version":"3.49.0"},"reference-count":17,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2020,1,1]]},"abstract":"<jats:p> We present a sticky price model that features the coexistence of many price changes, most of which are temporary, with a modest flexibility of the aggregate price level. Stickiness is introduced in the form of a price plan, namely a set of two prices: either price can be charged at any moment but changing the plan entails a menu cost. We analytically solve for the optimal plan and for the aggregate output response to a monetary shock. We present evidence consistent with the model implications using scanner data, as well as Consumer Price Index data across a wide range of inflation rates. (JEL D22, E31, E52, L11, O11, O23) <\/jats:p>","DOI":"10.1257\/mac.20180383","type":"journal-article","created":{"date-parts":[[2020,1,2]],"date-time":"2020-01-02T14:11:55Z","timestamp":1577974315000},"page":"104-152","source":"Crossref","is-referenced-by-count":4,"title":["Temporary Price Changes, Inflation Regimes, and the Propagation of Monetary Shocks"],"prefix":"10.1257","volume":"12","author":[{"given":"Fernando","family":"Alvarez","sequence":"first","affiliation":[{"name":"Department of Economics, University of Chicago, 1126 East 59th Street, Chicago, IL 60637 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Francesco","family":"Lippi","sequence":"additional","affiliation":[{"name":"Luiss University and Einaudi Institute for Economics and Finance (EIEF), Via Sallustiana 62, 00184 Rome, Italy (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjy022"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20140500"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA10662"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.2307\/2296440"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1086\/422559"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2007.06.020"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1257\/jep.30.2.151"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.2307\/2298051"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.1.234"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1080\/1540496X.2014.1013870"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/512625"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.2.844"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.12.004"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.3.863"},{"key":"p_21","first-page":"2014","author":"Kryvtsov Oleksiy","year":"2014","journal-title":"Bank of Canada Working Paper"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.4.1415"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.2307\/2297067"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180383","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:48Z","timestamp":1591127808000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180383"}},"issued":{"date-parts":[[2020,1,1]]},"references-count":17,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2020,1,1]]}},"alternative-id":["10.1257\/mac.20180383"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180383","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2020,1,1]]}},{"indexed":{"date-parts":[[2026,2,24]],"date-time":"2026-02-24T09:50:15Z","timestamp":1771926615210,"version":"3.50.1"},"reference-count":74,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2024,4,1]]},"abstract":"<jats:p> Someone who lives in an economically depressed place was probably born there. And having workers with local ties who prefer to live in their birthplaces leads to smaller migration responses in depressed places. Smaller migration responses lead to lower real incomes and make incomes more volatile, a form of hysteresis. Local ties can also persist for generations. Subsidies to economically depressed places cause smaller distortions, because few people want to move to depressed places. Finally, subsidies to productive places increase aggregate productivity, as they induce more migration. (JEL J22, J23, J31, J61, R23, Z13) <\/jats:p>","DOI":"10.1257\/mac.20210326","type":"journal-article","created":{"date-parts":[[2024,3,29]],"date-time":"2024-03-29T11:59:48Z","timestamp":1711713588000},"page":"287-317","source":"Crossref","is-referenced-by-count":9,"title":["Local Ties in Spatial Equilibrium"],"prefix":"10.1257","volume":"16","author":[{"given":"Mike","family":"Zabek","sequence":"first","affiliation":[{"name":"Board of Governors of the Federal Reserve System (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"crossref","unstructured":"Albanesi, Stefania. 2019. \"Changing Business Cycles: The Role of Women's Employment.\" NBER Working Paper 25655.","DOI":"10.3386\/w25655"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1086\/605309"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00550"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2018.0002"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.6.2121"},{"key":"p_6","doi-asserted-by":"crossref","unstructured":"Bartik, Timothy J. 1991. Who Benefits from State and Local Economic Development Policies? Kalamazoo, MI: W. E. Upjohn Institute for Employment Research.","DOI":"10.17848\/9780585223940"},{"key":"p_7","doi-asserted-by":"crossref","unstructured":"Bartik, Timothy J. 2009. \"What Proportion of Children Stay in the Same Location as Adults, and How Does This Vary across Location and Groups?\" Upjohn Institute Working Paper 09-145.","DOI":"10.17848\/wp09-145"},{"issue":"1","key":"p_8","first-page":"R4","volume":"56","author":"Bartik Timothy J","year":"2019","journal-title":"Journal of Human Resources. https:\/\/doi.org\/10.3368\/jhr."},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1016\/j.jue.2013.08.005"},{"key":"p_10","doi-asserted-by":"crossref","unstructured":"Bilal, Adrien, and Esteban Rossi-Hansberg. 2018. \"Location as an Asset.\" NBER Working Paper 24867.","DOI":"10.21034\/iwp.12"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20120642"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.2307\/2534556"},{"key":"p_13","doi-asserted-by":"crossref","unstructured":"Borusyak, Kirill, Peter Hull, and Xavier Jaravel. 2018. \"Quasi-Experimental Shift-Share Research Designs.\" NBER Working Paper 24997.","DOI":"10.3386\/w24997"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1086\/209949"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.2.897"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/app.20140095"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjy006"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20150572"},{"key":"p_19","first-page":"19","author":"Coate Patrick","year":"2019","journal-title":"Federal Reserve Bank of Philadelphia Working Paper"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.08.001"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20160034"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00642"},{"key":"p_23","first-page":"2013","author":"Davis Morris A","year":"2013","journal-title":"Federal Reserve Bank of Chicago Working Paper"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20131706"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00696"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA14246"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1162\/003355399556133"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/j.jue.2017.07.002"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1353\/eca.0.0005"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1086\/427465"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1257\/jep.31.1.161"},{"key":"p_32","doi-asserted-by":"crossref","unstructured":"Goldsmith-Pinkham, Paul, Isaac Sorkin, and Henry Swift. 2018. \"Bartik Instruments: What, When, Why, and How.\" NBER Working Paper 24408.","DOI":"10.3386\/w24408"},{"key":"p_33","unstructured":"Green, David A., Rene Morissette, and Benjamin M. Sand. 2017. \"Economy Wide Spillovers From Booms: Long Distance Commuting and the Spread of Wage Effects.\" Unpublished."},{"key":"p_34","unstructured":"Gregory, Jesse. 2013. \"The Impact of Post-Katrina Rebuilding Grants on the Resettlement Choices of New Orleans Homeowners.\" Unpublished."},{"key":"p_35","doi-asserted-by":"crossref","unstructured":"Hornbeck, Richard, and Enrico Moretti. 2018. \"Who Bene ts from Productivity Growth? Direct and Indirect Effects of Local TFP Growth on Wages, Rents, and Inequality.\" NBER Working Paper 24661.","DOI":"10.3386\/w24661"},{"key":"p_36","doi-asserted-by":"crossref","unstructured":"Hsieh, Chang-Tai, and Enrico Moretti. 2015. \"Housing Constraints and Spatial Misallocation.\" NBER Working Paper 21154.","DOI":"10.3386\/w21154"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1086\/694587"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1086\/666588"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1111\/iere.12209"},{"key":"p_40","doi-asserted-by":"crossref","unstructured":"Kearney, Melissa S., and Phillip B. Levine. 2015. \"Early Childhood Education by MOOC: Lessons from Sesame Street.\" NBER Working Paper 21229.","DOI":"10.3386\/w21229"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA4657"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1257\/aer.103.3.238"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjt034"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-080213-041024"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdt049"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1016\/j.labeco.2020.101877"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2003.07.010"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1353\/jhr.2012.0031"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20131026"},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1257\/jep.25.3.173"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1007\/s13524-017-0551-9"},{"key":"p_52","unstructured":"Monras, Joan, and Christoph Albert. 2018. \"Immigration and Spatial Equilibrium: The Role of Expenditures in the Country of Origin.\" CEPR Discussion Paper 12842."},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1162\/003355303321675455"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdab062"},{"key":"p_55","doi-asserted-by":"crossref","unstructured":"Neumark, David, and Helen Simpson. 2015. \"Place-Based Policies.\" In Handbook of Regional and Urban Economics, Vol. 5, edited by Gilles Duranton, J. Vernon Henderson, and William C. Strange, 1197-287. Amsterdam: Elsevier.","DOI":"10.1016\/B978-0-444-59531-7.00018-1"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1086\/706048"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdaa029"},{"key":"p_58","doi-asserted-by":"publisher","DOI":"10.1016\/j.jue.2004.07.002"},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1146\/annurev-economics-063016-103713"},{"key":"p_60","doi-asserted-by":"publisher","DOI":"10.1086\/261120"},{"key":"p_61","unstructured":"Rosen, Sherwin. 1979. \"Wage-Based Indexes of Urban Quality of Life.\" In Current Issues in Urban Economics, edited by Peter M. Mieszkowski and Mahlon R. Straszheim, 74-104. Baltimore: Johns Hopkins University Press."},{"key":"p_62","unstructured":"Ruggles, Steven, J. Trent Alexander, Katie Genadek, Ronald Goeken, Matthew B. Schroeder, and Matthew Sobek. 2010. \"Integrated Public Use Microdata Series: Version 5.0 [Machine-readable database].\" Minneapolis: University of Minnesota."},{"key":"p_63","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.3.1253"},{"key":"p_64","doi-asserted-by":"crossref","unstructured":"Shoag, Daniel, and Nicholas Carollo. 2016. \"The Causal Effect of Place: Evidence from Japanese-American Internment.\" HKS Faculty Research Working Paper RWP16-022.","DOI":"10.2139\/ssrn.2798253"},{"key":"p_65","doi-asserted-by":"publisher","DOI":"10.1257\/app.20180055"},{"key":"p_66","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20141702"},{"key":"p_67","unstructured":"Tolbert, Charles M., and Molly Sizer. 1996. US Commuting Zones and Labor Market Areas: A 1990 Update. Washington, DC: US Department of Agriculture."},{"key":"p_68","doi-asserted-by":"crossref","unstructured":"Topa, Giorgio. 2011. \"Labor Markets and Referrals.\" In Handbook of Social Economics, Vol. 1, edited by Jess Benhabib, Alberto Bisin, and Matthew O. Jackson, 1193-221. Amsterdam: Elsevier.","DOI":"10.1016\/B978-0-444-53707-2.00005-0"},{"key":"p_69","unstructured":"Train, Kenneth E. 2009. Discrete Choice Methods with Simulation. 2nd ed. New York:Cambridge University Press."},{"key":"p_70","unstructured":"US Census Bureau. 2013. \"Cartographic Boundary Files for Counties in 1990.\" https:\/\/www.census. gov\/geographies\/mapping- les\/timeseries\/geo\/carto-boundary- le.1990.html."},{"issue":"3","key":"p_71","first-page":"R2","volume":"57","author":"Wilson Riley","year":"2020","journal-title":"Journal of Human Resources. https:\/\/doi.org\/10.3368\/jhr."},{"key":"p_72","doi-asserted-by":"crossref","unstructured":"Yagan, Danny. 2017. \"Employment Hysteresis from the Great Recession.\" NBER Working Paper 23844.","DOI":"10.3386\/w23844"},{"key":"p_73","unstructured":"Zabek, Mike. 2018. \"Essays on Places and Economic Inequality.\" PhD diss. University of Michigan."},{"key":"p_74","unstructured":"Zabek, Mike. 2024. \"Replication Data for: Local Ties in Spatial Equilibrium.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.3886\/E192051V1."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20210326","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,3,29]],"date-time":"2024-03-29T12:00:24Z","timestamp":1711713624000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20210326"}},"issued":{"date-parts":[[2024,4,1]]},"references-count":74,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2024,4,1]]}},"alternative-id":["10.1257\/mac.20210326"],"URL":"https:\/\/doi.org\/10.1257\/mac.20210326","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2024,4,1]]}},{"indexed":{"date-parts":[[2026,6,3]],"date-time":"2026-06-03T22:11:05Z","timestamp":1780524665300,"version":"3.54.1"},"reference-count":24,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2015,7,1]]},"abstract":"<jats:p> There are two major problems in identifying the output effects of banking panics of the pre\u2013Great Depression era. First, it is not clear when panics occurred because prior panic series differ in their identification of panic episodes. Second, establishing the direction of causality is tricky. This paper addresses these two problems (i) by deriving a new panic series for the 1825\u20131929 period and (ii) by studying the output effects of major banking panics via vector autoregression (VAR) and narrative-based methods. The new series has important implications for the history of financial panics in the United States. (JEL E32, E44, G21, N11, N12, N21, N22) <\/jats:p>","DOI":"10.1257\/mac.20130265","type":"journal-article","created":{"date-parts":[[2015,7,1]],"date-time":"2015-07-01T13:39:46Z","timestamp":1435757986000},"page":"295-330","source":"Crossref","is-referenced-by-count":45,"title":["A New History of Banking Panics in the United States, 1825\u20131929: Construction and Implications"],"prefix":"10.1257","volume":"7","author":[{"given":"Andrew J.","family":"Jalil","sequence":"first","affiliation":[{"name":"Department of Economics, Occidental College, 1600 Campus Road, Los Angeles, CA 90041 (e-mail: )."}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"issue":"5","key":"p_2","first-page":"41","volume":"80","author":"Bordo Michael D","year":"1998","journal-title":"Louis Review"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/662961"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.1.439"},{"key":"p_8","first-page":"1790","author":"Davis Joseph H","year":"2004","journal-title":"Industrial Production"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1017\/S0022050706000040"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.05.001"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1086\/261155"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.2307\/1907327"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1093\/oxfordjournals.oep.a041885"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1006\/exeh.1993.1012"},{"key":"p_18","first-page":"2013","author":"Hausman Joshua","year":"2013","journal-title":"Berkeley Economic History Laboratory Working Paper"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1086\/261552"},{"key":"p_24","first-page":"11","author":"Lucas Robert E","year":"2011","journal-title":"Federal Reserve Bank of Minneapolis Economic Policy Paper"},{"issue":"1","key":"p_27","first-page":"125","volume":"76","author":"Miron Jeffrey A","year":"1986","journal-title":"American Economic Review"},{"issue":"3","key":"p_30","first-page":"587","volume":"88","author":"Morris Stephen","year":"1998","journal-title":"American Economic Review"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1017\/S0022050703001785"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjq008"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/S0167-2231(98)00020-7"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1086\/649603"},{"issue":"2","key":"p_39","first-page":"3","volume":"24","author":"Rolnick Arthur J","year":"2000","journal-title":"Federal Reserve Bank of Minneapolis Quarterly Review"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(88)90045-1"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1257\/0002828042002651"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.3.763"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1086\/605130"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20130265","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:02Z","timestamp":1591127762000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20130265"}},"issued":{"date-parts":[[2015,7,1]]},"references-count":24,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2015,7,1]]}},"alternative-id":["10.1257\/mac.20130265"],"URL":"https:\/\/doi.org\/10.1257\/mac.20130265","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2015,7,1]]}},{"indexed":{"date-parts":[[2026,5,27]],"date-time":"2026-05-27T19:33:29Z","timestamp":1779910409012,"version":"3.53.1"},"reference-count":56,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2022,7,1]]},"abstract":"<jats:p> Public school funding depends heavily on local property tax revenue. Consequently, low-income households have limited access to quality education in neighborhoods with high house prices. In a dynamic life-cycle model with neighborhood choice and endogenous local school quality, we show that this property tax funding mechanism reduces intergenerational mobility and accounts for the spatial correlation between house prices and mobility. A housing voucher experiment improves access to schools, with benefits that can last for multiple generations. Additionally, a policy that redistributes property tax revenues equally across schools improves mobility and welfare. However, the benefits can take generations to be realized. (JEL H71, H75, I21, I22, J62, R23, R31) <\/jats:p>","DOI":"10.1257\/mac.20180466","type":"journal-article","created":{"date-parts":[[2022,6,30]],"date-time":"2022-06-30T12:22:02Z","timestamp":1656591722000},"page":"250-282","source":"Crossref","is-referenced-by-count":14,"title":["Public Education Inequality and Intergenerational Mobility"],"prefix":"10.1257","volume":"14","author":[{"given":"Angela","family":"Zheng","sequence":"first","affiliation":[{"name":"McMaster University (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"James","family":"Graham","sequence":"additional","affiliation":[{"name":"University of Sydney (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2020.104142"},{"key":"p_2","doi-asserted-by":"crossref","unstructured":"Aizer, Anna, and Fl\u00e1vio Cunha. 2012. \"The Production of Human Capital: Endowments, Investments and Fertility.\" NBER Working Paper 18429.","DOI":"10.3386\/w18429"},{"key":"p_3","unstructured":"American Community Survey. 2009-2013. \"American Community Survey: Education Tabulation.\" Education Demographic and Geographic Estimates. https:\/\/nces.ed.gov\/programs\/edge\/ Demographic\/ACS (accessed March to May 2020)."},{"key":"p_4","author":"Attanasio Orazio","year":"2020","journal-title":"Journal of Human Resources 0719-10299R1."},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/S0047-2727(03)00024-0"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1086\/522381"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/524674"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1016\/0014-2921(94)90118-X"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.2307\/2297851"},{"key":"p_10","doi-asserted-by":"crossref","unstructured":"Bergman, Peter, Raj Chetty, Stefanie DeLuca, Nathaniel Hendren, Lawrence F. Katz, and Christopher Palmer. 2019. \"Creating Moves to Opportunity: Experimental Evidence on Barriers to Neighborhood Choice.\" NBER Working Paper 26164.","DOI":"10.3386\/w26164"},{"key":"p_11","doi-asserted-by":"crossref","unstructured":"Biasi, Barbara. 2019. \"School Finance Equalization Increases Intergenerational Mobility: Evidence from a Simulated-Instruments Approach.\" NBER Working Paper 25600.","DOI":"10.3386\/w25600"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1162\/003355399556070"},{"key":"p_13","unstructured":"Board of Governors of the Federal Reserve System. 2019. \"Survey of Consumer Finances.\" Board of Governors of the Federal Reserve System. https:\/\/www.federalreserve.gov\/econres\/scfindex.htm."},{"key":"p_14","unstructured":"Bureau of Labor Statistics. 1999. \"Public Use Microdata Data Files-Interview. Consumer Expenditure Surveys.\" https:\/\/www.bls.gov\/cex (accessed March to May 2020)."},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1086\/704759"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.1.215"},{"key":"p_17","doi-asserted-by":"crossref","unstructured":"Chetty, Raj, John N. Friedman, Nathaniel Hendren, Maggie R. Jones, and Sonya R. Porter. 2018. \"The Opportunity Atlas: Mapping the Childhood Roots of Social Mobility.\" NBER Working Paper 25147.","DOI":"10.3386\/w25147"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20150572"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qju022"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jue.2007.03.004"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.2.31"},{"key":"p_22","unstructured":"Dallas Housing Authority. 2020. \"DHA HCV Program to Accept Preliminary Applications.\" January. https:\/\/dhantx.com\/news\/dha-housing-choice-voucher-program-to-accept-preliminaryapplications-starting-on-january-21-2020\/."},{"key":"p_23","doi-asserted-by":"crossref","unstructured":"Daruich, Diego. 2018. \"The Macroeconomic Consequences of Early Childhood Development Policies.\" Federal Reserve Bank of St. Louis Working Paper 2018-029B.","DOI":"10.20955\/wp.2018.029"},{"key":"p_24","first-page":"1987","author":"Downes Thomas A","year":"2002","journal-title":"Chicago"},{"key":"p_25","unstructured":"Durlauf, Steven. 1996a. \"Neighborhood Feedbacks, Endogenous Strati cation, and Income Inequality.\" In Dynamic Disequilibrium Modeling, edited by William A. Barnett, Giancarlo Gandolfo, and Claude Hillinger, 505-534. Cambridge, UK: Cambridge University Press."},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1007\/BF00163343"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1086\/696058"},{"key":"p_28","unstructured":"Eckert, Fabian, and Tatjana Kleineberg. 2021. \"Can We Save the American Dream?\" World Bank Policy Research Working Paper 9574."},{"key":"p_29","doi-asserted-by":"crossref","unstructured":"Epple, Dennis N., and Richard Romano. 2003. \"Neighborhood Schools, Choice, and the Distribution of Educational Bene ts.\" In Economics of School Choice, edited by Caroline M. Hoxby, 227-286. Chicago: University of Chicago Press.","DOI":"10.7208\/chicago\/9780226355344.003.0008"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-2354.2006.00409.x"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.2307\/2946660"},{"issue":"4","key":"p_32","first-page":"813","volume":"88","author":"Fern\u00e1ndez Raquel","year":"1998","journal-title":"American Economic Review"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/0002828041464489"},{"key":"p_34","doi-asserted-by":"crossref","unstructured":"Fogli, Alessandra, and Veronica Guerrieri. 2019. \"The End of the American Dream? Inequality and Segregation in U.S. Cities.\" NBER Working Paper 26143.","DOI":"10.3386\/w26143"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1257\/jep.8.4.145"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1016\/j.jpubeco.2003.09.002"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjv036"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1093\/aler\/ahl007"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2017.02.005"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1086\/700765"},{"key":"p_41","unstructured":"Manson, Steven, Jonathan Schroeder, David Van Riper, and Steven Ruggles. 2019. \"IPUMS National Historical Geographic Information System: Version 14.0.\" Minneapolis, MN: IPUMS. http:\/\/doi. org\/10.18128\/D050.V14.0 (accessed March to May 2020)."},{"key":"p_42","first-page":"72","volume":"673","author":"McFadden Daniel","year":"1978","journal-title":"Transportation Research Record"},{"key":"p_43","unstructured":"Miller, Corbin L. 2018. \"The Effect of Education Spending on Student Achievement: Evidence from Property Values and School Finance Rules.\" Unpublished."},{"key":"p_44","unstructured":"National Center for Education Statistics. \"Local Education Agency (School District) Universe Survey.\" 1997-98 v.1a, 2013-14 v.1a, 2018-19 v.1a; \"School District Finance Survey (F-33).\" 1997-98 (FY 1998) v.1e, 2013-14 (FY 2) (accessed March to May 2020)."},{"key":"p_45","unstructured":"National Center for Education Statistics. \"Local Education Agency (School District) Universe Survey.\" 1999-00 v.1b, 2010-11 v.2a, 2018-19 v.1a; \"School District Finance Survey (F-33).\" 1999-00 (FY 2000) v.1d, 2010-11 (FY 2011) v.1a (accessed March to May 2020)."},{"key":"p_46","unstructured":"National Center for Education Statistics. \"Local Education Agency (School District) Universe Survey.\" 2010-11 v.2a, 2018-19 v.1a; \"School District Finance Survey (F-33).\" 2010-11 (FY 2011) v.1a (accessed March to May 2020)."},{"key":"p_47","unstructured":"OECD. 2019. Pensions at a Glance 2019-OECD and G20 Indicators. Paris: OECD Publishing."},{"key":"p_48","unstructured":"Opportunity Insights. 2018a. \"All Outcomes by Census Tract, Race, Gender and Parental Income Percentile.\" Opportunity Insights Data Library. https:\/\/opportunityinsights.org\/data (accessed March to May 2020)."},{"key":"p_49","unstructured":"Opportunity Insights. 2018b. \"Geography of Mobility: Commuting Zone Quintile-Quintile Transition Matrices.\" Opportunity Insights Data Library. https:\/\/opportunityinsights.org\/data (accessed March to May 2020)."},{"key":"p_50","unstructured":"Opportunity Insights. 2018c. \"Geography of Mobility: County Intergenerational Mobility Statistics and Selected Covariates.\" Opportunity Insights Data Library. https:\/\/opportunityinsights.org\/data (accessed March to May 2020)."},{"key":"p_51","unstructured":"Opportunity Insights. 2018d. \"Neighborhood Characteristics by Census Tract.\" Opportunity Insights Data Library. https:\/\/opportunityinsights.org\/data (accessed March to May 2020)."},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1257\/0002828043052213"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.3.1253"},{"key":"p_54","unstructured":"US Census Bureau. 1990, 2000, 2010. \"Decennial Census Tables.\" https:\/\/nces.ed.gov\/programs\/edge\/ Demographic\/Census (accessed March to May 2020)."},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1016\/j.jeconom.2007.05.007"},{"key":"p_56","unstructured":"Zheng, Angela, and James Graham. 2022. \"Replication data for: Public Education Inequality and Intergenerational Mobility.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/doi.org\/10.38886\/E122884V1."}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20180466","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,6,30]],"date-time":"2022-06-30T12:23:37Z","timestamp":1656591817000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20180466"}},"issued":{"date-parts":[[2022,7,1]]},"references-count":56,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2022,7,1]]}},"alternative-id":["10.1257\/mac.20180466"],"URL":"https:\/\/doi.org\/10.1257\/mac.20180466","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2022,7,1]]}},{"indexed":{"date-parts":[[2026,5,16]],"date-time":"2026-05-16T05:17:01Z","timestamp":1778908621526,"version":"3.51.4"},"reference-count":46,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2022,7,1]]},"abstract":"<jats:p> We investigate the determinants of radical (\u201ccreative\u201d) innovations that break new ground in knowledge creation. We develop a model focusing on the choice between incremental and radical innovation and on how managers of different ages and human capital are sorted across firms. Firm- and patent-level evidence reveals that firms that are more \u201copen to disruption\u201d are significantly more likely to engage in radical innovation and hire younger managers and inventors with a comparative advantage in radical innovation. However, once the effect of the sorting is factored in, the (causal) impact of manager age on creative innovations, though positive, is small. (JEL D22, L26, M10, M14, O31, O34) <\/jats:p>","DOI":"10.1257\/mac.20170410","type":"journal-article","created":{"date-parts":[[2022,6,30]],"date-time":"2022-06-30T12:22:02Z","timestamp":1656591722000},"page":"199-249","source":"Crossref","is-referenced-by-count":86,"title":["Radical and Incremental Innovation: The Roles of Firms, Managers, and Innovators"],"prefix":"10.1257","volume":"14","author":[{"given":"Daron","family":"Acemoglu","sequence":"first","affiliation":[{"name":"Massachusetts Institute of Technology (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Ufuk","family":"Akcigit","sequence":"additional","affiliation":[{"name":"University of Chicago (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Murat Alp","family":"Celik","sequence":"additional","affiliation":[{"name":"University of Toronto (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","unstructured":"Abrams, David S., Ufuk Akcigit, and Jillian Grennan. 2018. \"Patent Value and Citations: Creative Destruction or Strategic Disruption?\" NBER Working Paper 19647."},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20130470"},{"key":"p_3","unstructured":"Acemoglu, Daron, Ufuk Akcigit, and Murat A. Celik. 2022. \"Replication data for: Radical and Incremental Innovation: The Roles of Firms, Managers, and Innovators.\" American Economic Association [publisher], Inter-university Consortium for Political and Social Research [distributor]. https:\/\/ doi.org\/10.3886\/E125161V1."},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/697901"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.2307\/2297968"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1515\/9781400879762-024"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1111\/j.1756-2171.2011.00140.x"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.2.549"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1086\/705331"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.48.6.782.187"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2014.04.009"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12897"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1162\/003355303322552775"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2007.122.4.1351"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/jep.24.1.203"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1086\/261795"},{"key":"p_17","unstructured":"Christensen, Clayton M. 1997. The Innovator's Dilemma: When New Technologies Cause Great Firms to Fail. Boston, MA: Harvard Business Review Press."},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdab008"},{"key":"p_19","doi-asserted-by":"crossref","unstructured":"Foster, Lucia, John C. Haltiwanger, and C.J. Krizan. 2001. \"Aggregate Productivity Growth: Lessons from Microeconomic Evidence.\" In New Developments in Productivity Analysis, edited by Charles R. Hulten, Edwin R. Dean, and Michael J. Harper, 303-372. Chicago: University of Chicago Press.","DOI":"10.7208\/chicago\/9780226360645.003.0008"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1086\/316099"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1257\/aer.91.4.1063"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1086\/317671"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1257\/0002828041302037"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00599"},{"key":"p_25","doi-asserted-by":"crossref","unstructured":"Hall, Bronwyn H., Adam B. Jaffe, and Manuel Trajtenberg. 2001. \"The NBER Patent Citation Data File: Lessons, Insights and Methodological Tools.\" NBER Working Paper 8498.","DOI":"10.3386\/w8498"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1162\/003465399558265"},{"key":"p_27","unstructured":"Hofstede, Geert. 2001. Culture's Consequences: Comparing Values, Behaviors, Institutions and Organizations across Nations. 2nd ed. Thousand Oaks, CA: Sage."},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2011.0017"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2008.00531.x"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1162\/rest.2009.11724"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1073\/pnas.1102895108"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1086\/422563"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjw040"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1016\/j.respol.2014.01.012"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA5997"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.2307\/3003596"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1086\/380948"},{"key":"p_38","doi-asserted-by":"crossref","unstructured":"Sampat, Bhaven N. and Arvids A. Ziedonis. 2005. \"Patent Citations and the Economic Value of Patents.\" In Handbook of Quantitative Science and Technology Research, edited by Henk F. Moed, Wolfgang Gl\u00e4nzel, and Ulrich Schmoch, 277-298. Berlin: Springer.","DOI":"10.1007\/1-4020-2755-9_13"},{"key":"p_39","doi-asserted-by":"publisher","DOI":"10.1177\/0019793919835550"},{"key":"p_40","unstructured":"Schumpeter, Joseph A. 1934. The Theory of Economic Development: An Inquiry into Profits, Capital, Credit, Interest, and the Business Cycle. Cambridge, MA: Harvard University Press."},{"key":"p_41","unstructured":"Standard and Poor's. 2012. \"Compustat North America Fundamentals Annual.\" Wharton Research Data Services. https:\/\/wrds-www.wharton.upenn.edu\/pages\/about\/data-vendors\/sp-global-market-intelligence\/ (accessed October 2012)."},{"key":"p_42","doi-asserted-by":"crossref","unstructured":"Stokey, Nancy L., Robert E. Lucas, Jr., and Edward C. Prescott. 1989. Recursive Methods in Economic Dynamics. Cambridge, MA: Harvard University Press.","DOI":"10.2307\/j.ctvjnrt76"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1257\/jel.49.2.326"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.2307\/2555502"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1007\/s10645-019-09339-9"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.1162\/003355398555595"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20170410","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,6,30]],"date-time":"2022-06-30T12:23:06Z","timestamp":1656591786000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20170410"}},"issued":{"date-parts":[[2022,7,1]]},"references-count":46,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2022,7,1]]}},"alternative-id":["10.1257\/mac.20170410"],"URL":"https:\/\/doi.org\/10.1257\/mac.20170410","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2022,7,1]]}},{"indexed":{"date-parts":[[2026,5,19]],"date-time":"2026-05-19T11:49:55Z","timestamp":1779191395306,"version":"3.51.4"},"reference-count":19,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,4,1]]},"abstract":"<jats:p> Are production factors allocated efficiently across countries? To differentiate misallocation from factor intensity differences, we provide a new methodology to estimate output shares of natural resources based solely on current rent flows data. With this methodology, we construct a new dataset of estimates for the output shares of natural resources for a large panel of countries. In sharp contrast with Caselli and Feyrer (2007), we find a significant and persistent degree of misallocation of physical capital. We also find a remarkable movement toward efficiency during last 35 years, associated with the elimination of interventionist policies and driven by domestic accumulation. (JEL E22, E23, O13, Q21, Q31, Q32) <\/jats:p>","DOI":"10.1257\/mac.20170381","type":"journal-article","created":{"date-parts":[[2019,4,2]],"date-time":"2019-04-02T13:03:09Z","timestamp":1554210189000},"page":"79-126","source":"Crossref","is-referenced-by-count":15,"title":["Natural Resources and Global Misallocation"],"prefix":"10.1257","volume":"11","author":[{"given":"Alexander","family":"Monge-Naranjo","sequence":"first","affiliation":[{"name":"Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza Broadway and Locust Street, St. Louis, MO 63102, and Washington University in St. Louis (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Juan M.","family":"S\u00e1nchez","sequence":"additional","affiliation":[{"name":"Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza Broadway and Locust\u00a0Street, St. Louis, MO 63102, and Washington University in St. Louis (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Ra\u00fcl","family":"Santaeul\u00e0lia-Llopis","sequence":"additional","affiliation":[{"name":"MOVE-UAB and Barcelona GSE, Pla\u00e7a Civica s\/n, Bellaterra, Barcelona 08193, Spain (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2012.10.001"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8299"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.1.149"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.122.2.535"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/j.jdeveco.2018.05.014"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20130954"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.2307\/2231790"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1086\/338747"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdt004"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1162\/003355399555954"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.562"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.4.1403"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjt032"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/jep.14.1.27"},{"issue":"2","key":"p_22","first-page":"92","volume":"80","author":"Lucas Robert E., Jr.","year":"1990","journal-title":"American Economic Review"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1016\/0305-750X(94)90007-8"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2008.05.002"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(00)00049-0"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.2307\/2534573"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20170381","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:56:49Z","timestamp":1591127809000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20170381"}},"issued":{"date-parts":[[2019,4,1]]},"references-count":19,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2019,4,1]]}},"alternative-id":["10.1257\/mac.20170381"],"URL":"https:\/\/doi.org\/10.1257\/mac.20170381","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,4,1]]}},{"indexed":{"date-parts":[[2026,6,5]],"date-time":"2026-06-05T21:08:41Z","timestamp":1780693721278,"version":"3.54.1"},"reference-count":32,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2020,4,1]]},"abstract":"<jats:p> This paper studies the propagation of monetary shocks in an economy featuring a strategic microfoundation for price rigidities. Following an aggregate shock to money, most consumers are initially uninformed. The market for goods is decentralized. Firms are better off delaying the adjustment of prices until enough consumers learn. At the same time, consumers learn from firms that have adjusted prices. The implied endogenous information diffusion follows a Bernoulli differential equation, implying a nonlinear path of learning. Nonlinear learning implies hump-shaped dynamics of output and inflation. A quantitative exercise suggests that these dynamics can be sizable and persistent. (JEL D11, D21, D40, D82, E23, E31) <\/jats:p>","DOI":"10.1257\/mac.20170203","type":"journal-article","created":{"date-parts":[[2020,3,30]],"date-time":"2020-03-30T12:55:41Z","timestamp":1585572941000},"page":"94-123","source":"Crossref","is-referenced-by-count":4,"title":["Consumer Imperfect Information and Endogenous Price Rigidity"],"prefix":"10.1257","volume":"12","author":[{"given":"Jean-Paul","family":"L\u2019Huillier","sequence":"first","affiliation":[{"name":"Department of Economics, Brandeis University, 415 South Street, Waltham, MA 02453 (email: )"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.3.911"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1086\/657923"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.2307\/2118364"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.2307\/2297813"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2009.10.009"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/686732"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1086\/426038"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.2307\/2118338"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA7767"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/jep.30.1.185"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA8911"},{"issue":"2","key":"p_18","first-page":"364","volume":"79","author":"Greenwald Bruce","year":"1989","journal-title":"American Economic Review"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1093\/oxepap\/os-2.1.12"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2009.06.013"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1006\/jeth.2000.2729"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1086\/262090"},{"issue":"4","key":"p_23","first-page":"728","volume":"76","author":"Kahneman Daniel","year":"1986","journal-title":"American Economic Review"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2009.00580.x"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.2307\/2078048"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1086\/429804"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/0022-0531(72)90142-1"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1146\/annurev.economics.102308.124410"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.3.769"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdv027"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1162\/003355302320935034"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1016\/j.jet.2015.01.021"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdv049"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2011.06.004"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1017\/S1365100507070095"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.2307\/2297284"},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.03.004"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1111\/j.1542-4774.2011.01036.x"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20170203","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:53:31Z","timestamp":1591127611000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20170203"}},"issued":{"date-parts":[[2020,4,1]]},"references-count":32,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2020,4,1]]}},"alternative-id":["10.1257\/mac.20170203"],"URL":"https:\/\/doi.org\/10.1257\/mac.20170203","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2020,4,1]]}},{"indexed":{"date-parts":[[2024,8,31]],"date-time":"2024-08-31T14:05:41Z","timestamp":1725113141110},"reference-count":29,"publisher":"American Economic Association","issue":"1","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2019,1,1]]},"abstract":"<jats:p> Previous research has documented that export shipments are \u201clumpy\u201d\u2014 exporters make infrequent and relatively large shipments to any given export destination. This fact has been interpreted as implying that fixed, per shipment cost and inventory management decisions play a key role in international trade. We document here that exports from poor countries are considerably more lumpy\u2014have higher fixed per shipment cost\u2014 than those from rich countries. Using a model of trade with inventory management, we estimate that the country at the ninetieth percentile of the distribution of per shipment costs has almost three times higher costs than the one at the tenth percentile. We show that these per shipment cost differences have a reduced-form representation given by an ad\u00a0 valorem trade cost that varies with export country income (as in Waugh 2010 ). A calibrated version of the model that incorporates these estimates and allows for endogenous product quality reveals that cross-country differences in per shipment costs explain almost 40 percent of the observed cross-country differences in income. It also shows that policies that lower per shipment costs can lead to significant welfare gains, mainly due to induced quality upgrading. (JEL F12, F14, F43, G31, O16, O19) <\/jats:p>","DOI":"10.1257\/mac.20170080","type":"journal-article","created":{"date-parts":[[2019,1,3]],"date-time":"2019-01-03T14:54:42Z","timestamp":1546527282000},"page":"338-388","source":"Crossref","is-referenced-by-count":10,"title":["Inventory Management, Product Quality, and Cross\u2011Country Income Differences"],"prefix":"10.1257","volume":"11","author":[{"given":"Bernardo S.","family":"Blum","sequence":"first","affiliation":[{"name":"Rotman School of Management, University of Toronto, 105 St. George Street, Toronto, ON M5S3E6, Canada (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Sebastian","family":"Claro","sequence":"additional","affiliation":[{"name":"Instituto de Economia, Pontificia Universidad Catolica de Chile, Av. Vicuna Mackenna 4860, Macul, Santiago, Chile (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Kunal","family":"Dasgupta","sequence":"additional","affiliation":[{"name":"Department of Economics, University of Toronto, 150 St. George Street, Toronto, ON M5S 3G7 (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Ignatius J.","family":"Horstmann","sequence":"additional","affiliation":[{"name":"Rotman School of Management, University of Toronto, 105 St. George Street, Toronto, ON M5S3E6, Canada (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.5.2304"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA7451"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2006.07.006"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/0022051042177649"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20141685"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.2307\/1906813"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1257\/mic.3.2.60"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.2307\/1882104"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1007\/s10290-017-0286-0"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.2307\/2233969"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.4.1707"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1257\/0002828053828590"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1086\/662628"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qju001"},{"issue":"5","key":"p_18","first-page":"810","volume":"77","author":"Flam Harry","year":"1987","journal-title":"American Economic Review"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1162\/REST_a_00468"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1086\/422562"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2011.09.004"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2013.10.003"},{"issue":"5","key":"p_25","first-page":"950","volume":"70","author":"Krugman Paul","year":"1980","journal-title":"American Economic Review"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.jebo.2016.04.018"},{"issue":"5","key":"p_28","first-page":"1002","volume":"76","author":"Markusen James R","year":"1986","journal-title":"American Economic Review"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1016\/j.euroecorev.2012.02.004"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1086\/317684"},{"key":"p_31","first-page":"2011","author":"Mayer Thierry","year":"2011","journal-title":"Centre d'\u00c9tudes Prospectives et d'Informations (CEPII) Working Paper"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1093\/wber\/lhl012"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1162\/rest.88.4.641"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.2307\/1925776"},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.5.2093"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20170080","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:54:24Z","timestamp":1591127664000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20170080"}},"issued":{"date-parts":[[2019,1,1]]},"references-count":29,"journal-issue":{"issue":"1","published-print":{"date-parts":[[2019,1,1]]}},"alternative-id":["10.1257\/mac.20170080"],"URL":"https:\/\/doi.org\/10.1257\/mac.20170080","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2019,1,1]]}},{"indexed":{"date-parts":[[2024,3,5]],"date-time":"2024-03-05T18:43:26Z","timestamp":1709664206783},"reference-count":22,"publisher":"American Economic Association","issue":"2","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2014,4,1]]},"abstract":"<jats:p> A large body of empirical work has found that exchange rate movements have only modest effects on US inflation. However, exchange rate pass-through may be underestimated because some price changes are missed when constructing price indexes. We investigate downward biases that arise when items exit or enter the US import price index. Using Bureau of Labor Statistics microdata, we find that, although potentially large in theory, the empirical biases are modest over typical forecast horizons. As such, the empirical evidence continues to support the conclusion that pass-through to US import prices is low. (JEL C43, E31, E52, F31) <\/jats:p>","DOI":"10.1257\/mac.6.2.156","type":"journal-article","created":{"date-parts":[[2014,3,27]],"date-time":"2014-03-27T13:18:01Z","timestamp":1395926281000},"page":"156-206","source":"Crossref","is-referenced-by-count":11,"title":["Missing Import Price Changes and Low Exchange Rate Pass-Through"],"prefix":"10.1257","volume":"6","author":[{"given":"Etienne","family":"Gagnon","sequence":"first","affiliation":[{"name":"Federal Reserve Board, Washington, DC 20551 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Benjamin R.","family":"Mandel","sequence":"additional","affiliation":[{"name":"Federal Reserve Bank of New York, 33 Liberty Street, New York, NY 10045 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Robert J.","family":"Vigfusson","sequence":"additional","affiliation":[{"name":"Federal Reserve Board, Washington, DC 20551 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.5.1998"},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2012.02.011"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2008.00198.x"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.2.637"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.3.691"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1162\/003465305775098189"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.89.4.878"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.2.156"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1086\/589522"},{"key":"p_15","doi-asserted-by":"publisher","DOI":"10.1257\/aer.101.3.200"},{"issue":"3","key":"p_16","first-page":"1243","volume":"35","author":"Goldberg Pinelopi Koujianou","year":"1997","journal-title":"Journal of Economic Literature"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.2.675"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1257\/aer.100.1.304"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2008.123.2.531"},{"issue":"1","key":"p_21","first-page":"7","volume":"12","author":"Gordon Robert J","year":"2006","journal-title":"international productivity Monitor"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.02.001"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jimonfin.2006.12.003"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA6735"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.7.3277"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2010.02.002"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.2307\/2297067"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1111\/j.1538-4616.2011.00487.x"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.6.2.156","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2020,6,2]],"date-time":"2020-06-02T19:58:30Z","timestamp":1591127910000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.6.2.156"}},"issued":{"date-parts":[[2014,4,1]]},"references-count":22,"journal-issue":{"issue":"2","published-print":{"date-parts":[[2014,4,1]]}},"alternative-id":["10.1257\/mac.6.2.156"],"URL":"https:\/\/doi.org\/10.1257\/mac.6.2.156","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2014,4,1]]}},{"indexed":{"date-parts":[[2025,9,30]],"date-time":"2025-09-30T00:10:07Z","timestamp":1759191007162,"version":"3.44.0"},"reference-count":74,"publisher":"American Economic Association","issue":"4","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2025,10,1]]},"abstract":"<jats:p> Two-thirds of the real exchange rate's (RER's) volatility occurs at low frequencies. We provide empirical evidence that links movements in the RER to changes in research and development spending and patents. A two-country real business cycle model with endogenous productivity and a gradual dissemination of ideas can rationalize these facts. Endogenous productivity alters RER dynamics by inducing (i) a persistent gap in productivity between countries and (ii) a reallocation of resources toward research and development spending. The estimated full model effortlessly replicates the dynamic properties of the RER at all horizons without sacrificing the model's fit along other dimensions. (JEL E13, E32, F31, F43, F44) <\/jats:p>","DOI":"10.1257\/mac.20210445","type":"journal-article","created":{"date-parts":[[2025,9,29]],"date-time":"2025-09-29T12:30:07Z","timestamp":1759149007000},"page":"204-261","source":"Crossref","is-referenced-by-count":0,"title":["Real Exchange Rates and Endogenous Productivity"],"prefix":"10.1257","volume":"17","author":[{"given":"Nils","family":"Gornemann","sequence":"first","affiliation":[{"name":"Board of Governors (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Pablo A.","family":"Guerr\u00f3n Quintana","sequence":"additional","affiliation":[{"name":"Boston College (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Felipe","family":"Saffie","sequence":"additional","affiliation":[{"name":"University of Virginia and NBER (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","unstructured":"Adjemian, St\u00e9phane, Houtan Bastani, Michel Juillard, Fr\u00e9deric Karam\u00e9, Junior Maih, Ferhat Mihoubi, Willi Mutschler, et al. 2011. \"Dynare: Reference Manual, Version 4.\" Dynare Working Paper Series 1."},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2007.09.012"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2021.103511"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1080\/07474930701220071"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20170269"},{"key":"p_6","unstructured":"Appelt, Silvia, Fernando Galindo-Rueda, and Ana Cinta Gonz\u00e1lez Cabral. 2019. \"Measuring R&D Tax Support.\" Unpublished."},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1086\/261838"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.2307\/2527261"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.3.179"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1016\/S0047-2727(01)00086-X"},{"key":"p_11","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20210225"},{"key":"p_12","doi-asserted-by":"crossref","unstructured":"Campbell, Jeffrey R., Jonas D. M. Fisher, Alejandro Justiniano, and Leonardo Melosi. 2017. \"Forward Guidance and Macroeconomic Outcomes since the Financial Crisis.\" In NBER Macroeconomics Annual, Vol. 31, edited by Martin Eichenbaum, Erik Hurst, and Valerie Ramey, 283-357. University of Chicago Press.","DOI":"10.1086\/690242"},{"key":"p_13","doi-asserted-by":"crossref","unstructured":"Cao, Dan, Martin D. D. Evans, and Wenlan Luo. 2023. \"Real Exchange Rate Dynamics Beyond Business Cycles.\" Preprint, SSRN. http:\/\/dx.doi.org\/10.2139\/ssrn.3552189.","DOI":"10.2139\/ssrn.3552189"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1162\/rest_a_00943"},{"key":"p_15","unstructured":"Chahrour, Ryan, Vito Cormun, Pierre De Leo, Pablo Guerr\u00f3n-Quintana, and Rosen Valchev. 2022. \"Exchange Rate Disconnect Revisited.\" Unpublished."},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00216"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1257\/aer.104.1.27"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1086\/659238"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12088"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.3.523"},{"key":"p_21","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00267"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.05.013"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-937X.2008.00475.x"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1111\/jeea.12070"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-5982.2012.01704.x"},{"key":"p_26","doi-asserted-by":"crossref","unstructured":"Corsetti, Giancarlo, Luca Dedola, Sylvain Leduc, Susanto Basu, and Robert Kollmann. 2006. \"Productivity, External Balance, and Exchange Rates: Evidence on the Transmission Mechanism among G7 Countries [with Comments].\" NBER International Seminar on Macroeconomics 2006, edited by Lucrezia Reichlin and Kenneth West, 117-194. University of Chicago Press.","DOI":"10.1086\/653981"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2016.03.010"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/aer.102.1.364"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20170386"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1111\/1468-2354.00028"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdaa024"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1086\/250070"},{"issue":"1","key":"p_33","first-page":"1","volume":"2","author":"Erceg Christopher J","year":"2006","journal-title":"International Journal of Central Banking"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdab013"},{"key":"p_35","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjv040"},{"key":"p_36","unstructured":"Federal Reserve Bank of St. Louis. 1972-2017. FRED Graph Observations. Federal Reserve Economic Data. https:\/\/fred.stlouisfed.org (accessed May 8, 2020)."},{"key":"p_37","unstructured":"Fernald, John. 2014. Data for: \"A Quarterly, Utilization-Adjusted Series on Total Factor Productivity.\" Federal Reserve Bank of San Francisco. https:\/\/www.johnfernald.net\/TFP (accessed May 8, 2020)."},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjv016"},{"key":"p_39","doi-asserted-by":"crossref","unstructured":"Gal\u00ed, Jordi, Frank Smets, and Rafael Wouters. 2012. \"Unemployment in an Estimated New Keynesian Model.\" In NBER Macroeconomics Annual, Vol. 26, edited by Martin Eichenbaum, Erik Hurst, and Valerie Ramey, 29-60. University of Chicago Press.","DOI":"10.1086\/663994"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2019.09.009"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1162\/003355305774268246"},{"key":"p_42","unstructured":"Gornemann, Nils, Pablo A. Guerr\u00f3n Quintana, and Felipe Saffie. 2025. Data and Code for: \"Real Exchange Rates and Endogenous Productivity.\" Nashville, TN: American Economic Association; distributed by Inter-university Consortium for Political and Social Research, Ann Arbor, MI. https:\/\/doi.org\/10.3886\/E199145V1."},{"issue":"3","key":"p_43","first-page":"402","volume":"78","author":"Greenwood Jeremy","year":"1988","journal-title":"American Eco-nomic Review"},{"key":"p_44","doi-asserted-by":"publisher","DOI":"10.1016\/j.jedc.2017.03.007"},{"key":"p_45","doi-asserted-by":"publisher","DOI":"10.1257\/pol.20170403"},{"key":"p_46","doi-asserted-by":"publisher","DOI":"10.3982\/QE702"},{"key":"p_47","doi-asserted-by":"publisher","DOI":"10.1016\/S0048-7333(99)00085-2"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(02)00103-4"},{"key":"p_49","unstructured":"International Financial Statistics. n.d. Country Tables, Exchange Rates, Prices, Consumer Price Index, All Items. International Monetary Fund. https:\/\/www.imf.org\/en\/Data (accessed May 8, 2020)."},{"key":"p_50","doi-asserted-by":"publisher","DOI":"10.1086\/261968"},{"key":"p_51","doi-asserted-by":"publisher","DOI":"10.1086\/714447"},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA20849"},{"key":"p_53","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2008.07.003"},{"key":"p_54","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2014.02.001"},{"key":"p_55","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjw040"},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12241"},{"key":"p_57","doi-asserted-by":"publisher","DOI":"10.1016\/0022-1996(83)90017-X"},{"key":"p_58","unstructured":"Miranda-Agrippino, Silvia, Sinem Hacioglu Hoke, and Kristina Bluwstein. 2022. \"Patents, News, and Business Cycles.\" Unpublished."},{"key":"p_59","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2017.10.006"},{"key":"p_60","unstructured":"Mullen, Marcos, and Soo Woo. 2023. \"Real Exchange Rate and Net Trade Dynamics: Financial and Trade Shocks.\" Unpublished."},{"key":"p_61","first-page":"11","volume":"2011","author":"Ohanian Lee E","year":"2012","journal-title":"Amsterdam: Elsevier. https:\/\/doi. org\/10.1016\/j.jmoneco."},{"key":"p_62","unstructured":"Organisation for Economic Co-operation and Development. n.d. Main Science and Technology Indicators. https:\/\/www.oecd.org\/en\/data\/datasets\/main-science-and-technology-indicators.html (accessed May 8, 2020)."},{"key":"p_63","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2015.01.009"},{"key":"p_64","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2011.03.005"},{"key":"p_65","doi-asserted-by":"publisher","DOI":"10.1016\/j.jinteco.2007.10.001"},{"key":"p_66","doi-asserted-by":"crossref","unstructured":"Raffo, Andrea. 2010. \"Technology Shocks: Novel Implications for International Business Cycles.\" Unpublished.","DOI":"10.2139\/ssrn.1568889"},{"key":"p_67","doi-asserted-by":"publisher","DOI":"10.1086\/261725"},{"key":"p_68","unstructured":"Ruhl, Kim J. 2008. \"The International Elasticity Puzzle.\" Unpublished."},{"key":"p_69","doi-asserted-by":"publisher","DOI":"10.1016\/S0022-1996(02)00056-9"},{"key":"p_70","doi-asserted-by":"publisher","DOI":"10.1257\/aer.97.3.586"},{"key":"p_71","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.1.519"},{"key":"p_72","unstructured":"US Bureau of Economic Analysis. n.d. US Trade in Goods and Services by Selected Countries and Areas. https:\/\/www.bea.gov\/data\/intl-trade-investment\/international-trade-goods-and-services (accessed May 8, 2020)."},{"key":"p_73","unstructured":"US Census Bureau. n.d. Exports, Imports and Trade Balance by Country, Monthly Totals. https:\/\/www. census.gov\/foreign-trade\/balance\/country.xlsx (accessed May 8, 2020)."},{"key":"p_74","doi-asserted-by":"publisher","DOI":"10.1111\/jmcb.12883"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20210445","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,9,29]],"date-time":"2025-09-29T12:31:29Z","timestamp":1759149089000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20210445"}},"issued":{"date-parts":[[2025,10,1]]},"references-count":74,"journal-issue":{"issue":"4","published-print":{"date-parts":[[2025,10,1]]}},"alternative-id":["10.1257\/mac.20210445"],"URL":"https:\/\/doi.org\/10.1257\/mac.20210445","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2025,10,1]]}},{"indexed":{"date-parts":[[2026,4,18]],"date-time":"2026-04-18T11:29:09Z","timestamp":1776511749912,"version":"3.51.2"},"reference-count":56,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2024,7,1]]},"abstract":"<jats:p> We use a new growth accounting method to quantify the drivers of world total factor productivity (TFP) growth during 1996\u20132014 and uncover four main results. World productivity growth is volatile from year to year. This mainly reflects reallocation of labor across country-industries. The contribution of country-industry level productivity growth to world productivity is relatively constant over time. This constancy masks that the increased importance of emerging economies offsets a productivity slowdown in advanced economies. After 2008, this offsetting effect dissipated and world TFP growth declined. These conclusions are robust to the inclusion of markups in the analysis. (JEL E23, E32, O30, O47) <\/jats:p>","DOI":"10.1257\/mac.20200480","type":"journal-article","created":{"date-parts":[[2024,6,28]],"date-time":"2024-06-28T12:31:41Z","timestamp":1719577901000},"page":"160-189","source":"Crossref","is-referenced-by-count":8,"title":["World Productivity: 1996\u20132014"],"prefix":"10.1257","volume":"16","author":[{"given":"Mehrdad","family":"Esfahani","sequence":"first","affiliation":[{"name":"Arizona State University (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"John G.","family":"Fernald","sequence":"additional","affiliation":[{"name":"INSEAD (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Bart","family":"Hobijn","sequence":"additional","affiliation":[{"name":"Federal Reserve Bank of Chicago (email: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_1","unstructured":"Baqaee, David, and Emmanuel Farhi. 2021. \"A Short Note on Aggregating Productivity.\" NBER Working Paper 25688."},{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjz030"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12909"},{"issue":"3","key":"p_4","first-page":"512","volume":"85","author":"Basu Susanto","year":"1995","journal-title":"American Economic Review"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1016\/0304-3932(95)01208-6"},{"key":"p_6","doi-asserted-by":"publisher","DOI":"10.1086\/262073"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1016\/S0014-2921(02)00161-7"},{"key":"p_8","doi-asserted-by":"crossref","unstructured":"Caselli, Francesco. 2005. \"Chapter 9-Accounting for Cross-Country Income Differences.\" In Handbook of Economic Growth, Vol. 1, Part A, edited by Philippe Aghion and Steven N. Durlauf, 679-741. Amsterdam: Elsevier.","DOI":"10.1016\/S1574-0684(05)01009-9"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/aer.96.3.499"},{"key":"p_10","unstructured":"Conference Board. 2015. \"Total Economy Database.\" www.conference-board.org\/data\/ economydatabase (accessed May 30, 2015)."},{"key":"p_11","doi-asserted-by":"crossref","unstructured":"Das, Deb Kusum, Abdul A. Erumban, Suresh Aggarwal, and Sreerupa Sengupta. 2016. \"Productivity Growth in India under Different Policy Regimes.\" In The World Economy: Growth or Stagnation? edited by Dale W. Jorgenson, Kyoji Fukao, and Marcel P. Timmer, 234-280. Cambridge, MA: Cambridge University Press.","DOI":"10.1017\/9781316534502.007"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjz041"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1086\/258718"},{"key":"p_14","doi-asserted-by":"crossref","unstructured":"Edmond, Chris, Virgiliu Midrigan, and Daniel Yi Xu. 2018. \"How Costly Are Markups?\" NBER Working Paper 24800.","DOI":"10.3386\/w24800"},{"key":"p_15","first-page":"1996","author":"Esfahani Mehrdad","year":"2024","journal-title":"World Productivity"},{"key":"p_16","unstructured":"European Central Bank. 2017. \"The Slowdown in Euro Area Productivity in a Global Context.\" In European Central Bank Economic Bulletin 2017, Vol. 3, 48-67."},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1353\/eca.2018.0024"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1257\/aer.20130954"},{"key":"p_19","first-page":"2012","author":"Fernald John","year":"2012","journal-title":"Federal Reserve Bank of San Francisco Working Paper"},{"key":"p_20","doi-asserted-by":"crossref","unstructured":"Fernald, John. 2015. \"Productivity and Potential Output before, during, and after the Great Recession.\" In NBER Macroeconomics Annual, Vol. 29, edited by Jonathan A. Parker and Michael Woodford, 1-51. Chicago: Chicago University Press.","DOI":"10.1086\/680580"},{"key":"p_21","first-page":"104","volume":"38","author":"Fernald John","year":"2020","journal-title":"International Productivity Monitor"},{"key":"p_22","doi-asserted-by":"publisher","DOI":"10.1257\/mac.3.2.29"},{"key":"p_23","unstructured":"Groningen Growth and Development Centre. 1995-2011. \"World Input-Output Database 2013 Release, 1995-2011.\" World Input-Output Database. https:\/\/doi.org\/10.34894\/XDTAUZ (accessed September 13, 2017)."},{"key":"p_24","unstructured":"Groningen Growth and Development Centre. 2000-2014. \"World Input-Output Database 2016 Release, 2000-2014.\" World Input-Output Database. https:\/\/doi.org\/10.34894\/PJ2M1C."},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.2307\/2534476"},{"key":"p_26","unstructured":"Hall, Robert E. 1990. \"Invariance Properties of Solow's Productivity Residual.\" In Growth, Productivity, Unemployment: Essays to Celebrate Robert Solow's Birthday, edited by Peter Diamond, 71-112. Cambridge, MA: MIT Press."},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1162\/003355399555954"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1257\/000282802760015676"},{"key":"p_29","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjx047"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20200256"},{"key":"p_31","doi-asserted-by":"publisher","DOI":"10.1086\/261909"},{"key":"p_32","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2009.124.4.1403"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1257\/mac.20170388"},{"key":"p_34","doi-asserted-by":"publisher","DOI":"10.2307\/2297252"},{"issue":"2","key":"p_35","first-page":"247","volume":"53","author":"Jorgenson Dale W","year":"1963","journal-title":"American Economic Review"},{"key":"p_36","unstructured":"Jorgenson, Dale W., Frank M. Gollop, and Barbara M. Fraumeni. 1987. Productivity and US Economic Growth. Cambridge: Harvard University Press."},{"key":"p_37","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjt032"},{"key":"p_38","doi-asserted-by":"crossref","unstructured":"Karabarbounis, Loukas, and Brent Neiman. 2018. \"Accounting for Factorless Income.\" In NBER Macroeconomics Annual, Vol. 33, edited by Martin Eichenbaum and Jonathan A. Parker, 167-228. Chicago: Chicago University Press.","DOI":"10.1086\/700894"},{"key":"p_39","doi-asserted-by":"crossref","unstructured":"Klenow, Peter, and Andres Rodriguez-Clare. 1997. \"The Neoclassical Revival in Growth Economics: Has It Gone Too Far?\" In NBER Macroeconomics Annual, Vol. 12, edited by Ben S. Bernanke and Julio J. Rotemberg, 73-114. Cambridge, MA: MIT Press.","DOI":"10.2307\/3585220"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1257\/jep.14.4.3"},{"key":"p_41","unstructured":"Organisation for Economic Co-operation and Development (OECD). 2000-2011. \"STAN Indicators ISIC Rev. 4.\" OECD.Stat. https:\/\/stats.oecd.org\/Index.aspx?DataSetCode=STANINDICATORSI4 (accessed May 8, 2019)."},{"key":"p_42","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2019.02.003"},{"key":"p_43","doi-asserted-by":"publisher","DOI":"10.1111\/1756-2171.12005"},{"key":"p_44","doi-asserted-by":"crossref","unstructured":"Prescott, Edward C. 1997. \"Needed: A Theory of Total Factor Productivity.\" Federal Reserve Bank of Minneapolis Staff Report 242.","DOI":"10.21034\/sr.242"},{"key":"p_45","doi-asserted-by":"crossref","unstructured":"Rotemberg, Julio J., and Michael Woodford. 1995. \"Dynamic General Equilibrium Models with Imperfectly Competitive Product Markets.\" In Frontiers of Business Cycle Research, edited by Thomas Cooley. Princeton: Princeton University Press.","DOI":"10.1515\/9780691218052-013"},{"issue":"5","key":"p_46","first-page":"1","volume":"105","author":"Ruzic Dimitrije","year":"2021","journal-title":"Review of Economics and Statistics"},{"key":"p_47","doi-asserted-by":"crossref","unstructured":"Schmelzing, Paul. 2017. \"Eight Centuries of the Risk-Free Rate: Bond Market Reversals from the Venetians to the `VAR Shock'.\" Bank of England Working Paper 686.","DOI":"10.2139\/ssrn.3062498"},{"key":"p_48","doi-asserted-by":"publisher","DOI":"10.1093\/restud\/rdr025"},{"key":"p_49","doi-asserted-by":"publisher","DOI":"10.2307\/1926047"},{"key":"p_50","unstructured":"Timmer, Marcel P. 2012. \"The World Input-Output Database (WIOD): Contents, Sources, and Methods.\" WIOD Working Paper 10."},{"key":"p_51","unstructured":"Timmer, Marcel, Gerard Ypma, and Bart van Ark. 2007. \"PPPs for Industry Output: A New Dataset for International Comparisons.\" Unpublished."},{"key":"p_52","doi-asserted-by":"publisher","DOI":"10.1111\/roie.12178"},{"key":"p_53","doi-asserted-by":"crossref","unstructured":"Traina, James. 2018. \"Is Aggregate Market Power Increasing? Production Trends Using Financial Statements.\" Stigler Center New Working Paper Series 17.","DOI":"10.2139\/ssrn.3120849"},{"key":"p_54","unstructured":"Van Ark, Bart, Mary O'Mahoney, and Marcel P. Timmer. 2013. \"Europe's Productivity Performance in Comparative Perspective: Trends, Causes, and Projections.\" In World Economic Performance Past, Present, and Future, edited by D. S. P. Rao and Bart van Ark, 290-316. Cheltenham: Edward Elgar Publishing."},{"key":"p_55","unstructured":"World Bank. 2018. \"World Development Indicators.\" DataBank. https:\/\/databank.worldbank.org\/ source\/world-development-indicators (accessed May 8, 2019)."},{"key":"p_56","doi-asserted-by":"publisher","DOI":"10.1257\/jel.49.4.1076"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.20200480","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2024,6,28]],"date-time":"2024-06-28T12:31:54Z","timestamp":1719577914000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.20200480"}},"issued":{"date-parts":[[2024,7,1]]},"references-count":56,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2024,7,1]]}},"alternative-id":["10.1257\/mac.20200480"],"URL":"https:\/\/doi.org\/10.1257\/mac.20200480","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2024,7,1]]}},{"indexed":{"date-parts":[[2026,2,12]],"date-time":"2026-02-12T13:02:54Z","timestamp":1770901374982,"version":"3.50.1"},"reference-count":32,"publisher":"American Economic Association","issue":"3","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["American Economic Journal: Macroeconomics"],"published-print":{"date-parts":[[2014,7,1]]},"abstract":"<jats:p>We consider a life-cycle model with idiosyncratic risk in earnings, out-of-pocket medical and nursing home expenses, and survival. Partial insurance is available through welfare, Medicaid, and social security. Calibrating the model to the United States we show that savings for old-age, out-of-pocket expenses account for 13.5 percent of aggregate wealth, half of which is due to nursing home expenses; cross-sectional out-of-pocket nursing home risk accounts for 3 percent of aggregate wealth and substantially slows down wealth decumulation at older ages; and all newborns would benefit if social insurance for nursing home stays was made more generous. (JEL D91, E21, E62, H51, I13, I18, I38, J14)<\/jats:p>","DOI":"10.1257\/mac.6.3.29","type":"journal-article","created":{"date-parts":[[2014,6,30]],"date-time":"2014-06-30T13:03:08Z","timestamp":1404133388000},"page":"29-72","source":"Crossref","is-referenced-by-count":54,"title":["The Impact of Medical and Nursing Home Expenses on Savings"],"prefix":"10.1257","volume":"6","author":[{"given":"Karen A.","family":"Kopecky","sequence":"first","affiliation":[{"name":"Research Department, Federal Reserve Bank of Atlanta, 1000 Peachtree St. NE, Atlanta, GA 30309 (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]},{"given":"Tatyana","family":"Koreshkova","sequence":"additional","affiliation":[{"name":"CIREQ and Department of Economics, Concordia University, 1455 de Maisonneuve Blvd West, Montreal, QC H3G 1M8, Canada (e-mail: )"}],"role":[{"role":"author","vocabulary":"crossref"}]}],"member":"11","reference":[{"key":"p_2","doi-asserted-by":"publisher","DOI":"10.2307\/2118417"},{"key":"p_3","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2010.01641.x"},{"key":"p_4","doi-asserted-by":"publisher","DOI":"10.1086\/262058"},{"key":"p_5","doi-asserted-by":"publisher","DOI":"10.1257\/aer.98.3.1083"},{"key":"p_7","doi-asserted-by":"publisher","DOI":"10.1017\/S1365100507070150"},{"key":"p_8","doi-asserted-by":"publisher","DOI":"10.1086\/375382"},{"key":"p_9","doi-asserted-by":"publisher","DOI":"10.1257\/aer.99.2.110"},{"key":"p_10","doi-asserted-by":"publisher","DOI":"10.1086\/651674"},{"key":"p_12","doi-asserted-by":"publisher","DOI":"10.1016\/j.econlet.2007.06.022"},{"key":"p_13","doi-asserted-by":"publisher","DOI":"10.1002\/jae.790"},{"key":"p_14","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2005.09.005"},{"issue":"2","key":"p_15","doi-asserted-by":"crossref","first-page":"317","DOI":"10.1086\/NTJ41789070","volume":"47","author":"Gouveia Miguel","year":"1994","journal-title":"national Tax Journal"},{"key":"p_16","doi-asserted-by":"publisher","DOI":"10.1016\/j.jhealeco.2006.10.003"},{"key":"p_17","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2009.10.010"},{"key":"p_18","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.02.001"},{"key":"p_19","doi-asserted-by":"publisher","DOI":"10.1086\/656632"},{"key":"p_20","doi-asserted-by":"publisher","DOI":"10.3982\/ECTA10931"},{"key":"p_23","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2006.12.008"},{"key":"p_24","doi-asserted-by":"publisher","DOI":"10.1016\/j.red.2012.09.001"},{"key":"p_25","doi-asserted-by":"publisher","DOI":"10.1016\/0167-2231(94)90004-3"},{"key":"p_26","doi-asserted-by":"publisher","DOI":"10.1086\/261987"},{"key":"p_27","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-3932(96)01291-3"},{"key":"p_28","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2008.12.004"},{"key":"p_29","first-page":"141","author":"Kotlikoff Laurence J","year":"1988","journal-title":"What Determines Savings?"},{"key":"p_30","doi-asserted-by":"publisher","DOI":"10.1257\/mac.6.3.29"},{"issue":"4","key":"p_31","first-page":"20","volume":"24","author":"McGrattan Ellen R","year":"2000","journal-title":"Federal reserve Bank of Minneapolis Quarterly review"},{"key":"p_33","doi-asserted-by":"publisher","DOI":"10.1177\/0164027501235002"},{"key":"p_36","doi-asserted-by":"publisher","DOI":"10.1097\/00005650-199703000-00003"},{"key":"p_38","doi-asserted-by":"publisher","DOI":"10.1111\/1467-937X.00092"},{"issue":"3","key":"p_39","first-page":"2","volume":"26","author":"Rodr\u00edguez Santiago Budr\u00eda","year":"2002","journal-title":"Federal reserve Bank of Minneapolis Quarterly review"},{"key":"p_40","doi-asserted-by":"publisher","DOI":"10.1086\/506335"},{"key":"p_41","doi-asserted-by":"publisher","DOI":"10.1016\/j.jmoneco.2003.06.005"}],"container-title":["American Economic Journal: Macroeconomics"],"language":"en","link":[{"URL":"https:\/\/pubs.aeaweb.org\/doi\/pdf\/10.1257\/mac.6.3.29","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2022,4,9]],"date-time":"2022-04-09T22:47:50Z","timestamp":1649544470000},"score":0.0,"resource":{"primary":{"URL":"https:\/\/pubs.aeaweb.org\/doi\/10.1257\/mac.6.3.29"}},"issued":{"date-parts":[[2014,7,1]]},"references-count":32,"journal-issue":{"issue":"3","published-print":{"date-parts":[[2014,7,1]]}},"alternative-id":["10.1257\/mac.6.3.29"],"URL":"https:\/\/doi.org\/10.1257\/mac.6.3.29","ISSN":["1945-7707","1945-7715"],"issn-type":[{"value":"1945-7707","type":"print"},{"value":"1945-7715","type":"electronic"}],"published":{"date-parts":[[2014,7,1]]}}],"items-per-page":150,"query":{"start-index":0,"search-terms":null}}}