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Building Bridges between Structural and Program Evaluation Approaches to Evaluating Policy

By James J. Heckman

Journal of Economic Literature, June 2010

This paper compares the structural approach to economic policy analysis with the program evaluation approach. It offers a third way to do policy analysis that combines the best features of both approaches. I illustrate the value of this alternative approa...

Better LATE Than Nothing: Some Comments on Deaton (2009) and Heckman and Urzua (2009)

By Guido W. Imbens

Journal of Economic Literature, June 2010

Two recent papers, Deaton (2009) and Heckman and Urzua (2009), argue against what they see as an excessive and inappropriate use of experimental and quasi-experimental methods in empirical work in economics in the last decade. They specifically question ...

Instruments, Randomization, and Learning about Development

By Angus Deaton

Journal of Economic Literature, June 2010

There is currently much debate about the effectiveness of foreign aid and about what kind of projects can engender economic development. There is skepticism about the ability of econometric analysis to resolve these issues or of development agencies to l...

Why Isn't Mexico Rich?

By Gordon H. Hanson

Journal of Economic Literature, December 2010

Over the last three decades, Mexico has aggressively reformed its economy, opening to foreign trade and investment, achieving fiscal discipline, and privatizing state owned enterprises. Despite these efforts, the country's economic growth has been lacklu...

Why Have Economic Reforms in Mexico Not Generated Growth?

By Timothy J. Kehoe and Kim J. Ruhl

Journal of Economic Literature, December 2010

Following its opening to trade and foreign investment in the mid-1980s, Mexico's economic growth has been modest at best, particularly in comparison with that of China. Comparing these countries and reviewing the literature, we conclude that the relation ...

100 Years of the 蝌蚪网 Review: The Top 20 Articles

By Kenneth J. Arrow, B. Douglas Bernheim, Martin S. Feldstein, Daniel L. McFadden, James M. Poterba, and Robert M. Solow

蝌蚪网 Review, February 2011

This paper presents a list of the top 20 articles published in the 蝌蚪网 Review during its first 100 years. This list was assembled in honor of the AER's one-hundredth anniversary by a group of distinguished economists at th...

The Economic History of the 蝌蚪网 Review: A Century's Explosion of Economics Research

By Robert A. Margo

蝌蚪网 Review, February 2011

Written in celebration of the 100th anniversary of the American Economic Review, this paper recounts the history of the journal. The recounting has an analytic core that sees the 蝌蚪网 Association as an organization supplying goods...

Some Unsettled Problems of Irrigation (1911)

By Katharine Coman

蝌蚪网 Review, February 2011

A reprint of the lead article in the inaugural issue of the 蝌蚪网 Review, "Some Unsettled Problems of Irrigation," by Katharine Coman, who examined the common property resource problem as applied to water in the Western United States.

Reflections on "Some Unsettled Problems of Irrigation"

By Elinor Ostrom

蝌蚪网 Review, February 2011

It is instructive to read the article that Katharine Coman published in the first issue of the 蝌蚪网 Review to gain insight into the problems of collective action related to irrigation in the American West. One gains further understanding of t...

Institutional Path Dependence in Climate Adaptation: Coman's "Some Unsettled Problems of Irrigation"

By Gary D. Libecap

蝌蚪网 Review, February 2011

Katharine Coman's "Some Unsettled Problems of Irrigation," published in March 1911 in the first issue of the 蝌蚪网 Review, addressed issues of water supply, rights, and organization. These same issues have relevance today, in the face...

The Problem of the Commons: Still Unsettled after 100 Years

By Robert N. Stavins

蝌蚪网 Review, February 2011

The problem of the commons is more important to our lives and thus more central to economics than a century ago when Katharine Coman led off the first issue of the 蝌蚪网 Review. As the US and other economies have grown, the carrying capacity ...

The Squam Lake Report: Commentary

By Charles A. E. Goodhart

Journal of Economic Literature, March 2011

The idea of the Squam Lake Report was to bring together some fifteen leading U.S. financial economists to see what regulatory changes they could jointly agree and thereby influence policy discussions. Seeking to find a consensus, however, meant ...

Financial Regulation: Lessons from the Recent Financial Crises

By Takeo Hoshi

Journal of Economic Literature, March 2011

The experiences of the financial crises in the United States recently and in Japan in the 1990s suggest two lessons for future financial regulations. First, the lack of an orderly resolution mechanism for large and complex financial institutions created ...

Can Government Purchases Stimulate the Economy?

By Valerie A. Ramey

Journal of Economic Literature, September 2011

This essay briefly reviews the state of knowledge about the government spending multiplier. Drawing on theoretical work, aggregate empirical estimates from the United States, as well as cross-locality estimates, I assess the likely range of multiplier va...

An Empirical Analysis of the Revival of Fiscal Activism in the 2000s

By John B. Taylor

Journal of Economic Literature, September 2011

An empirical review of the three fiscal stimulus packages of the 2000s shows that they had little if any direct impact on consumption or government purchases. Households largely saved the transfers and tax rebates. The federal government only increased pu...

On Measuring the Effects of Fiscal Policy in Recessions

By Jonathan A. Parker

Journal of Economic Literature, September 2011

We do not have a good measure of the effects of fiscal policy in a recession because the methods that we use to estimate the effects of fiscal policy—both those using the observed outcomes following different policies in aggregate data and those st...

Getting Up to Speed on the Financial Crisis: A One-Weekend-Reader's Guide

By Gary Gorton and Andrew Metrick

Journal of Economic Literature, March 2012

All economists should be conversant with "what happened?" during the financial crisis of 2007-09. We select and summarize sixteen documents, including academic papers and reports from regulatory and international agencies. This reading list covers the ke...

Reading about the Financial Crisis: A Twenty-One-Book Review

By Andrew W. Lo

Journal of Economic Literature, March 2012

The recent financial crisis has generated many distinct perspectives from various quarters. In this article, I review a diverse set of twenty-one books on the crisis, eleven written by academics, and ten written by journalists and one former Treasury Sec...

Consumer Protection and Contingent Charges

By Mark Armstrong and John Vickers

Journal of Economic Literature, June 2012

Contingent charges for financial services, such as fees for unauthorized overdrafts, are often controversial. We study the economics of contingent charges in a stylized setting with naive and sophisticated consumers. We contrast situations where the naive...

Financial Advice

By Roman Inderst and Marco Ottaviani

Journal of Economic Literature, June 2012

Financial advice could play an essential role in well-functioning markets for retail financial products, given that many consumers find it difficult to evaluate the complex products on offer. However, conflicts of interest, which are pervasive in some pa...