Journal of Economic Literature (J ECON LIT )

Publisher: American Economic Association, American Economic Association

Description

Presents economics-related survey and review articles, book reviews, and bibliographic indexes to current literature.

  • Impact factor
    9.24
  • 5-year impact
    9.43
  • Cited half-life
    0.00
  • Immediacy index
    0.85
  • Eigenfactor
    0.02
  • Article influence
    9.82
  • Website
    Journal of Economic Literature website
  • Other titles
    Journal of economic literature
  • ISSN
    0022-0515
  • OCLC
    1788942
  • Material type
    Periodical, Internet resource
  • Document type
    Journal / Magazine / Newspaper, Internet Resource

Publisher details

American Economic Association

  • Pre-print
    • Author can archive a pre-print version
  • Post-print
    • Author can archive a post-print version
  • Conditions
    • On non-commercial author's website or open access repositories
    • Publisher copyright and source must be acknowledged
    • Eligible UK authors may deposit in OpenDepot
  • Classification
    ​ green

Publications in this journal

  • [Show abstract] [Hide abstract]
    ABSTRACT: Explores American slavery and its role in U.S. expansionism, global capitalism, and the subsequent Civil War in the Mississippi Valley. Discusses Jeffersonian visions and nightmares in Louisiana; the panic of 1835; the steamboat sublime; limits to capital; the runaway's river; dominion; “The Empire of the White Man's Will”; the carceral landscape; the Mississippi Valley in the time of cotton; capital, cotton, and free trade; tales of Mississippian empire; the material limits of “Manifest Destiny”; “The Grey-Eyed Man of Destiny”; and the ignominious effort to reopen the slave trade. Johnson is Winthrop Professor of History and Professor of African and African American Studies at Harvard University.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Twenty-one papers explore approaches and issues in post-Keynesian economics, with a special focus on critiques and methodology. Papers discuss the microfoundations of macroeconomics; post-Keynesian economics, rationality, and conventions; methodology and post-Keynesian economics; post-Keynesian perspectives on some philosophical dimensions of John Maynard Keynes's economic thinking; two post-Keynesian approaches to uncertainty and irreducible uncertainty; interdisciplinary applications of post-Keynesian economics; post-Keynesian economics, critical realism, and social ontology; the traverse, equilibrium analysis, and post-Keynesian economics; a personal view of post-Keynesian elements in the development of economic complexity theory and its application to policy; how sound are the foundations of the aggregate production function?; Karl Marx and the post-Keynesians; macroeconomics and the L-shaped aggregate supply curve; a post-Keynesian perspective on the rise of central bank independence—a dubious success story in monetary economics; the post-Keynesian critique of the mainstream theory of the state and the post-Keynesian approaches to economic policy; a modern Kaleckian–Keynesian framework for economic theory and policy; post-Keynesian principles and economic policies; post-Keynesian distribution of personal income and pay; environmental economics and policy; theorizing about post-Keynesian economics in Australasia—aggregate demand, economic growth, and income distribution policy; the neoclassical sink and the heterodox spiral—why the twin global crisis has not transformed economics; and Keynesianism and the crisis. Harcourt is Emeritus Reader in the History of Economic Theory and Emeritus Fellow in Jesus College at Cambridge University and Professor Emeritus at the University of Adelaide. Kriesler is Associate Professor in the School of Economics at the University of New South Wales.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: This essay reviews Kenneth I. Wolpin's (2013) monograph The Limits of Inference without Theory, which arose from lectures he presented at the Cowles Foundation in 2010 in honor of Tjalling Koopmans. While I readily agree with Wolpin's basic premise that empirical work that eschews the role of economic theory faces unnecessary self-imposed limits relative to empirical work that embraces and tries to test and improve economic theory, it is important to be aware that the use of economic theory is not a panacea. I point out that there are also serious limits to inference with theory: 1) there may be no truly “structural” (policy invariant) parameters, a key assumption underpinning the structural econometric approach that Wolpin and the Cowles Foundation have championed; 2) there is a curse of dimensionality that makes it very difficult for us to elucidate the detailed implications of economic theo- ries, which is necessary to empirically implement and test these theories; 3) there is an identification problem that makes it impossible to decide between competing theories without imposing ad hoc auxiliary assumptions (such as parametric functional form assumptions); and 4) there is a problem of multiplicity and indeterminacy of equilib- ria that limits the predictive empirical content of many economic theories. I conclude that though these are very challenging problems, I agree with Wolpin and the Cowles Foundation that economists have far more to gain by trying to incorporate economic theory into empirical work and test and improve our theories than by rejecting theory and presuming that all interesting economic issues can be answered by well-designed controlled, randomized experiments and assuming that difficult questions of causality and evaluation of alternative hypothetical policies can be resolved by simply allowing the “data to speak for itself.”
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Explores the ways in which merchants of the Spanish Atlantic world sought to deal with the endemic risks and uncertainties of long-distance commerce from 1760–1820. Discusses staying informed—the risks of poor information in Atlantic world trade; the institutions of trade and the reduction of market risk—the convoy system; comercio libre and the rise of commercial risk; the rising demand for credit and the escalation of risk in the post-1778 era; trade in war and peace; underwriting risk—the structure and organization of insurance partnerships in late eighteenth-century Cadiz; insuring against risk—analysis of insurance policies and the perception of risk in Atlantic world trade; and war and commercial crisis—the profitability of the Cadiz insurance industry in the 1790s. Baskes is Professor of History and Director of Latin American Studies at Ohio Wesleyan University.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Explores the roles played by initial production and markets—in particular, organizations and geography—in the development of early twentieth-century jazz. Discusses the puzzle of geographical disconnectedness; further exploring the salience of geography; sociological congruence and the puzzle of early German jazz; sociological congruence and record company comparative advantage; the sociological congruence of record company deception; the sociological congruence of identity sequences and adoption narratives; and pulling it together and stretching it beyond. Phillips is James P. Gorman Professor of Business Strategy at Columbia University and a faculty affiliate of Columbia's Center for Jazz Studies and the Center for Organizational Innovation.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Most macroeconomic models for monetary policy analysis are approximated around a zero inflation steady state, but most central banks target an inflation rate of about 2 percent. Many economists have recently proposed even higher inflation targets to reduce the incidence of the zero lower bound constraint on monetary policy. In this survey, we show that the conduct of monetary policy should be analyzed by appropriately accounting for the positive trend inflation targeted by policymakers. We first review empirical research on the evolution and dynamics of U.S. trend inflation and some proposed new measures to assess the volatility and persistence of trend-based inflation gaps. We then construct a Generalized New Keynesian model that accounts for a positive trend inflation. In this model, an increase in trend inflation is associated with a more volatile and unstable economy and tends to destabilize inflation expectations. This analysis offers a note of caution regarding recent proposals to address the existing zero lower bound problem by raising the long-run inflation target.
    Journal of Economic Literature 09/2014; 52(3).
  • [Show abstract] [Hide abstract]
    ABSTRACT: Examines size, risk, and governance in European banking. Discusses bank systemic size and systemic crises; increasing in size and bank default risk—evidence from European bank mergers; the trends and composition of banking risk across Europe; the determinants of European bank exposure to systemic shocks; board monitoring, regulation, and performance in the European banking industry; executive pay and risk-taking in the European banking industry; systemic risk potential and opacity in European banks; and implications for the reregulation of European banking. Hagendorff is Martin Currie Professor in Finance and Investment at the University of Edinburgh. Keasey is Professor of Financial Services, Director of the International Institute of Banking and Financial Services, and Head of the Accounting and Finance Department at the University of Leeds. Vallascas is Associate Professor of Banking and Finance at the University of Leeds.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Eight papers, originally presented as part of a series sponsored by Wake Forest University in 2011–12, present insights on today's economy based on the works of significant twentieth-century economists. Papers discuss insights for today's trying economic times (Robert M. Whaples and G. Page West III); insights from Walter Bagehot (Perry Mehrling); insights from Thorstein Veblen (Robert Prasch); insights from John Maynard Keynes (Bradley Bateman); insights from the Great Depression (Peter Temin); insights from Joseph Schumpeter (Richard N. Langlois); insights from Friedrich Hayek (Bruce Caldwell); and drawing lines in U.S. monetary and fiscal history (Thomas J. Sargent). West is Professor of Strategy and Entrepreneurship at Wake Forest University. Whaples is Professor of Economics at Wake Forest University.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Eighteen papers explore the relationship between food security and sociopolitical stability up to approximately 2025. Papers discuss food or consequences—food security and its implications for global sociopolitical stability; the future of the global food economy—scenarios for supply, demand, and prices; what we know about the climate of the next decade; the global land rush; global freshwater and food security in the face of potential adversity; managing marine resources for food and human security; crop technologies for the coming decade; livestock futures to 2020—how they will shape food, environmental, health, and global security; labor migration and food security in a changing climate; trade policies and global food security; food security and political stability—a humanitarian perspective; moral economics of food security and protest in Latin America; food security and sociopolitical stability in Sub-Saharan Africa; lessons from the Arab Spring—food security and stability in the Middle East and North Africa; food security and sociopolitical stability in Eastern Europe and Central Asia; food security and sociopolitical stability in South Asia; when China runs out of farmers; and food security and sociopolitical stability in East and Southeast Asia. Barrett is Stephen B. and Janice G. Ashley Professor of Applied Economics and Management, and International Professor of Agriculture in the Charles H. Dyson School of Applied Economics and Management, and Professor in the Department of Economics at Cornell University.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Cities are the cradle of a wide range of cultural, social, and technological innovations that are at the heart of modern economic growth and development. Half of humanity today lives in cities but, until the last two decades, economists have paid much less attention to cities than have other social scientists. By contrast, geographers have long studied the role of cities in human affairs. Michael Batty, a distinguished scholar in the field of human geography, has recently written The New Science of Cities, a synthesis of his work and of some other prominent urban geographers. A review of his book is the first objective of this essay. The second is to discuss and compare the tools and concepts developed by urban economists with those of urban geographers in the hope of triggering a fruitful debate between those two groups of social scientists.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Ten papers explore the importance of emotions in the study and understanding of finance and money. Papers discuss magic thinking and panic buttons in the callous financial transaction chains (Helena Flam); immoral panic and emotional operations in times of financial fragility (Alexandros-Andreas Kyrtsis); how European sovereign debt became the new subprime—the role of confidence in the European financial crisis, 2009–10 (Richard Swedberg); shame and stock market losses—the case of amateur investors in the United States (Brooke Harrington); the grammar of trust (Susan Shapiro); revisiting the credit theory of money and trust (Geoffrey Ingham); methodology in Max Weber's economic sociology—what place emotions in Roman agrarian history and today's finance sector? (Sam Whimster); states of disorder—new reflections on sociology's contribution to understanding financial booms and crises (Shaun Wilson and Peter McCarthy); “nicotine for protein”—culture and the emotions of hard trading in Japanese prisoner of war camps (Benjamin Manning); and the emotions of money—assessing betrayal and reform (Jocelyn Pixley). Pixley is Professorial Research Fellow with the Global Policy Institute at London Metropolitan University and Honorary Senior Research Fellow in the Department of Sociology at Macquarie University.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Explores the rise and retreat of American manufacturing and considers the call for expanding U.S. exports of manufactured goods. Discusses why manufacturing matters; the ascent, 1865–1940; dominance, 1941–73; the retreat, 1974 and after; the past and the future; and chances of success. Smil is Distinguished Professor Emeritus at the University of Manitoba.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Presents a perspective on the way economic circumstances are conceptualized and managed. Discusses creating a monetary regime; communicative imperatives; markets being a function of language; apprehensions; kultur; temporality; simulations; the inflationary tempest; liquidity-trap economics; the overheard conversation; intelligence; representational labor; a manifesto for a public currency; and a totality of promises. Holmes is Professor of Anthropology at the State University of New York, Binghamton.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Explores The Wimbledon Championship through the statistical lens. Discusses warming up; the computer program, Richard, and its application to the occurrence of upsets and long matches, as well as rule changes; forecasting; the concept of importance; point data; the method of moments; quality; first and second service; service strategy; within a match—developing a model at point level; special points and games; momentum; and hypotheses revisited. Klaassen is Professor of International Economics in the Amsterdam School of Economics at the University of Amsterdam and a fellow of the Tinbergen Institute. Magnus is Emeritus Professor at Tilburg University.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Sixteen papers, based on the conference on “Econophysics of Agent-Based Models” held at the Saha Institute of Nuclear Physics in November 2012, explore agent-based modeling in the field of econophysics from the perspectives of physicists, economists, mathematicians, and financial engineers. Papers discuss agent-based modeling of zapping behavior of viewers, television commercial allocation, and advertisement markets; agent-based modeling of the housing asset bubble—a simple utility function-based investigation; Urn model-based adaptive multi-arm clinical trials—a stochastic approximation approach; logistic modeling of a religious sect cult and financial features; characterizing financial crisis by means of the three states random field Ising model; themes and applications of kinetic exchange models—redux; the kinetic exchange opinion model—solution in the single parameter map limit; an overview of the new frontiers of economic complexity; Jan Tinbergen's legacy for economic networks—from the gravity model to quantum statistics; a macroscopic order of consumer demand due to heterogeneous consumer behavior on Japanese household demand tested by the random matrix theory; uncovering the network structure of the world currency market—cross-correlations in the fluctuations of daily exchange rates; systemic risk in the Japanese credit network; pricing of goods with bandwagon properties—the curse of coordination; evolution of econophysics; econophysics and sociophysics—problems and prospects; and a discussion on econophysics. Abergel and Chakraborti are with the Laboratory of Mathematics Applied to Systems at the École Centrale Paris. Aoyama is with the Department of Physics at Kyoto University. Chakrabarti is at the Saha Institute of Nuclear Physics. Ghosh is with the Theoretical Condensed Matter Physics Division at the Saha Institute of Nuclear Physics.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Public policy setting often involves quantitative choices with quantitative outcomes. Yet unqualified statements about the precise consequences of alternative choices characterize much of the policy analysis bearing on these decisions. Public Policy in an Uncertain World: Analysis and Decisions by Charles F. Manski characterizes and richly illustrates the nature of this unwarranted certitude. It details specific constructive alternatives on which the economics profession has achieved varying degrees of consensus. Those in our profession charged with the education of future policy analysts should consider using it and how to round out its presentation of decision making from their own perspective.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Considers how moral conduct is encouraged in organizations through indirect guidance and the promotion of morals via routines, with a special focus on the students and faculty of Harvard Business School. Discusses Harvard Business School's physical environment; how the ordering enterprise extends to the academic labor market; Harvard Business School's supporting routines designed to facilitate skillful in-class delivery; an analysis of a random sample of teaching notes from the first-year MBA program; faculty members' nonteaching activities and what they say about the perspectives the school might favor; and the “quality control” needed in such an organizational model. Anteby is Associate Professor and Marvin Bower Fellow in the Organizational Behavior Unit at Harvard Business School.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Explores institutional change in European commerce, focusing on the role of competition between urban governments that tried to attract trade through the continuous adaptation of their legal, commercial, and financial institutions. Discusses commercial cities; the organization of exchange; crossing borders; conflict resolution; the protection of trade; and dealing with losses. Gelderblom is Associate Professor of Economic History at Utrecht University and editor of The Political Economy of the Dutch Republic.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: A rapidly growing body of research applies panel methods to examine how temperature, precipitation, and windstorms influence economic outcomes. These studies focus on changes in weather realizations over time within a given spatial area and demonstrate impacts on agricultural output, industrial output, labor productivity, energy demand, health, conflict, and economic growth, among other outcomes. By harnessing exogenous variation over time within a given spatial unit, these studies help credibly identify (i) the breadth of channels linking weather and the economy, (ii) heterogeneous treatment effects across different types of locations, and (iii) nonlinear effects of weather variables. This paper reviews the new literature with two purposes. First, we summarize recent work, providing a guide to its methodologies, datasets, and findings. Second, we consider applications of the new literature, including insights for the “damage function” within models that seek to assess the potential economic effects of future climate change.
    Journal of Economic Literature 09/2014; 52(3).
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    ABSTRACT: Presents a model of a professional sports league that can display unsustainable runs—rapid improvements in a club's performance on the field, ice, or court that require implausibly large shifts in exogenous variables or parameters to fit traditional notions of profit-maximizing behavior—resulting from the presence of multiple equilibria. Discusses introducing unsustainable runs; casual evidence of unsustainable runs; a model of a professional sports league; a professional sports league model with unsustainable runs; unsustainable runs with revenue sharing the salary caps; and some empirical testing. Rockerbie is with the Department of Economics at the University of Lethbridge. Easton is with the Department of Economics at Simon Fraser University.
    Journal of Economic Literature 09/2014; 52(3).