The Quarterly Journal of Economics
Articles in this Issue
The Macroeconomic Consequences of Exchange Rate Depreciations
Abstract We study the consequences of “regime-induced” exchange rate depreciations by comparing outcomes for peggers versus floaters to the U.S. dollar in response to a dollar depreciat...
Aggregation and the Estimation of Quality Change: Application to U.S. Import Prices
Abstract We characterize the contribution of changes in quality, price, and variety entry/exit to the aggregate price index for smooth, invertible demand systems, generalizing the stand...
The Economics of Spatial Mobility: Theory and Evidence Using Smartphone Data
ABSTRACT We develop a tractable quantitative framework for modeling the rich patterns of spatial mobility observed in smartphone data. We show that travel is frequently undertaken as pa...
Conviction, Incarceration, and Recidivism: Understanding the Revolving Door
Abstract Noncarceral conviction is a common outcome of criminal court cases: for every person incarcerated, there are approximately three who were recently convicted but not sentenced t...
What Drives Risky Prescription Opioid Use? Evidence From Migration
ABSTRACT We develop and estimate a dynamic model of risky prescription opioid use that allows us to unpack the role of person- and place-specific drivers of the opioid epidemic and asse...
Insurance Versus Moral Hazard in Income-Contingent Student Loan Repayment
Abstract Student loans with income-contingent repayment insure borrowers against income risk but can reduce their incentives to earn more. Using a change in Australia’s income-contingen...
Investor Memory and Biased Beliefs: Evidence from the Field
Abstract We survey a large, representative sample of retail investors in China to elicit their memories of stock market investments and their return expectations. We merge these survey...
Distributional Growth Accounting: Education and the Reduction of Global Poverty, 1980–2019
Abstract This article quantifies the role played by education in the reduction of global poverty. I propose tools for identifying the contribution of schooling to economic growth by inc...
From Public Labs to Private Firms: Magnitude And Channels of Local R&D Spillovers
Abstract Introducing a new measure of scientific proximity between private firms and public research groups and exploiting a multibillion-euro financing program of academic clusters in...
Present Bias Unconstrained: Consumption, Welfare, and the Present-Bias Dilemma
Abstract By augmenting the continuous-time specification of Harris and Laibson (2013) with the assumption that hard borrowing constraints do not bind in equilibrium, present bias can be...
Barriers to Global Capital Allocation
ABSTRACT Observed international investment positions and cross-country heterogeneity in rates of return to capital are hard to reconcile with frictionless capital markets. This article...
Bottom-Up Markup Fluctuations
Abstract We study markup cyclicality in a granular macroeconomic model with oligopolistic competition. We first characterize how firm, sectoral, and aggregate markups comove with output...
Are Inflationary Shocks Regressive? A Feasible Set Approach
ABSTRACT We develop a framework to measure the welfare impact of macroeconomic shocks throughout the distribution. The first-order impact of a shock is summarized by the induced movemen...
Who You Gonna Call? Gender Inequality in External Demands for Parental Involvement
ABSTRACT Gender imbalance in time spent on child-rearing causes gender inequalities in labor market outcomes, human capital accumulation, and economic mobility. We conduct a large-scale...
Sexual Harassment in Public Spaces and Police Patrols: Experimental Evidence from Urban India
Abstract We conduct a randomized controlled trial to evaluate the effect of an innovative police patrol program on sexual harassment in public spaces in Hyderabad, India. In collaborati...