Journal of Political Economy, Volume 132, Issue 3, March 2024.
政治经济学杂志》，第 132 卷第 3 期，2024 年 3 月。
{"title":"Recent Referees","authors":"","doi":"10.1086/730319","DOIUrl":"https://doi.org/10.1086/730319","url":null,"abstract":"Journal of Political Economy, Volume 132, Issue 3, March 2024. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":null,"pages":null},"PeriodicalIF":8.2,"publicationDate":"2024-03-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140043563","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Janet Jiang, Peter Norman, Daniel Puzzello, Bruno Sultanum, Randall Wright
Monetary exchange is called essential when better outcomes are incentive feasible with money than without it. We study essentiality theoretically, and experimentally, using finite-horizon monetary models that are naturally suited to the lab. Following mechanism design, we also study the effects of strategy recommendations, both when they are incentive compatible and when they are not. Results show output and welfare are significantly enhanced by fiat currency when monetary equilibrium exists. Also, recommendations help if incentive compatible, but not much otherwise. Sometimes money gets used when it should not, and we investigate why, using surveys and measures of social preferences.
{"title":"Is Money Essential? An Experimental Approach","authors":"Janet Jiang, Peter Norman, Daniel Puzzello, Bruno Sultanum, Randall Wright","doi":"10.1086/730199","DOIUrl":"https://doi.org/10.1086/730199","url":null,"abstract":"Monetary exchange is called essential when better outcomes are incentive feasible with money than without it. We study essentiality theoretically, and experimentally, using finite-horizon monetary models that are naturally suited to the lab. Following mechanism design, we also study the effects of strategy recommendations, both when they are incentive compatible and when they are not. Results show output and welfare are significantly enhanced by fiat currency when monetary equilibrium exists. Also, recommendations help if incentive compatible, but not much otherwise. Sometimes money gets used when it should not, and we investigate why, using surveys and measures of social preferences.","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":null,"pages":null},"PeriodicalIF":8.2,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140427170","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Intergenerational Insurance","authors":"Francesco Lancia, Russo Alessia, Tim Worrall","doi":"10.1086/730206","DOIUrl":"https://doi.org/10.1086/730206","url":null,"abstract":"","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":null,"pages":null},"PeriodicalIF":8.2,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140427661","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Nearly 1 billion people still lack electricity access. In response, developing countries are investing billions of dollars in “last-mile” electrification, although evidence on its economic impacts is mixed. We estimate the development effects of rural electrification in the context of India’s national electrification program, RGGVY, which reached over 400,000 villages. Using regression discontinuity and difference-in-differences designs, we estimate that RGGVY meaningfully expanded electricity access. However, the program generated limited economic impacts after 3–5 years. Scaling our intent-to-treat estimates using instrumental variables, we find that while “fully electrifying” small villages reduces welfare, electrification likely increases welfare for larger villages. JEL Codes: O13, O18, Q40 ∗We thank Michael Greenstone and several anonymous referees for valuable feedback. We are particularly grateful to Meredith Fowlie and Catherine Wolfram for their support and guidance. We also thank Michael Anderson, Maximilian Auffhammer, Jie Bai, Kendon Bell, Susanna Berkouwer, Joshua Blonz, Fenella Carpena, Steve Cicala, Lucas Davis, Taryn Dinkelman, James Gillan, Solomon Hsiang, Koichiro Ito, Kelsey Jack, Katrina Jessoe, Amir Jina, Erin Kelley, Ryan Kellogg, Aprajit Mahajan, Shaun McRae, Edward Miguel, Brian Min, Paul Novosad, Nicholas Ryan, Elisabeth Sadoulet, Anant Sudarshan, Jacob Shapiro, Andrew Stevens, Adam Storeygard, Matt Woerman, and numerous seminar participants. We benefited from conversations with officials at the Indian Ministry of Power, the Rural Electrification Corporation, and the JVVNL Distribution Company in Jaipur. George Fullerton and Puja Singhal assisted in acquiring data that made this project possible. Yixin Sun and Garrison Schlauch contributed excellent research assistance. We thank UC Berkeley’s Department of Agricultural and Resource Economics and Development Impact Lab for providing travel funds. Burlig was generously supported by the National Science Foundation’s Graduate Research Fellowship Program under grant DGE–1106400. All remaining errors are our own. Our online appendix is available at: https://www.louispreonas.com/s/rggvy_appendix.pdf †Burlig: Harris School of Public Policy and Energy Policy Institute (EPIC), University of Chicago, and NBER. Email: burlig@uchicago.edu. Mailing address: Keller Center, 1307 E 60th St., Chicago, IL 60637. Preonas: Department of Agricultural and Resource Economics, University of Maryland. Email: lpreonas@umd.edu. Mailing address: 2200 Symons Hall, 7998 Regents Drive, College Park, MD 20742.
{"title":"Out of the darkness and into the light? Development effects of rural electrification","authors":"Fiona Burlig, L. Preonas","doi":"10.1086/730204","DOIUrl":"https://doi.org/10.1086/730204","url":null,"abstract":"Nearly 1 billion people still lack electricity access. In response, developing countries are investing billions of dollars in “last-mile” electrification, although evidence on its economic impacts is mixed. We estimate the development effects of rural electrification in the context of India’s national electrification program, RGGVY, which reached over 400,000 villages. Using regression discontinuity and difference-in-differences designs, we estimate that RGGVY meaningfully expanded electricity access. However, the program generated limited economic impacts after 3–5 years. Scaling our intent-to-treat estimates using instrumental variables, we find that while “fully electrifying” small villages reduces welfare, electrification likely increases welfare for larger villages. JEL Codes: O13, O18, Q40 ∗We thank Michael Greenstone and several anonymous referees for valuable feedback. We are particularly grateful to Meredith Fowlie and Catherine Wolfram for their support and guidance. We also thank Michael Anderson, Maximilian Auffhammer, Jie Bai, Kendon Bell, Susanna Berkouwer, Joshua Blonz, Fenella Carpena, Steve Cicala, Lucas Davis, Taryn Dinkelman, James Gillan, Solomon Hsiang, Koichiro Ito, Kelsey Jack, Katrina Jessoe, Amir Jina, Erin Kelley, Ryan Kellogg, Aprajit Mahajan, Shaun McRae, Edward Miguel, Brian Min, Paul Novosad, Nicholas Ryan, Elisabeth Sadoulet, Anant Sudarshan, Jacob Shapiro, Andrew Stevens, Adam Storeygard, Matt Woerman, and numerous seminar participants. We benefited from conversations with officials at the Indian Ministry of Power, the Rural Electrification Corporation, and the JVVNL Distribution Company in Jaipur. George Fullerton and Puja Singhal assisted in acquiring data that made this project possible. Yixin Sun and Garrison Schlauch contributed excellent research assistance. We thank UC Berkeley’s Department of Agricultural and Resource Economics and Development Impact Lab for providing travel funds. Burlig was generously supported by the National Science Foundation’s Graduate Research Fellowship Program under grant DGE–1106400. All remaining errors are our own. Our online appendix is available at: https://www.louispreonas.com/s/rggvy_appendix.pdf †Burlig: Harris School of Public Policy and Energy Policy Institute (EPIC), University of Chicago, and NBER. Email: burlig@uchicago.edu. Mailing address: Keller Center, 1307 E 60th St., Chicago, IL 60637. Preonas: Department of Agricultural and Resource Economics, University of Maryland. Email: lpreonas@umd.edu. Mailing address: 2200 Symons Hall, 7998 Regents Drive, College Park, MD 20742.","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":null,"pages":null},"PeriodicalIF":8.2,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140424057","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Clubs and Networks in Economics Reviewing","authors":"S. Carrell, David Figlio, Lester Lusher","doi":"10.1086/730208","DOIUrl":"https://doi.org/10.1086/730208","url":null,"abstract":"","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":null,"pages":null},"PeriodicalIF":8.2,"publicationDate":"2024-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140427802","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of Political Economy, Volume 132, Issue 2, February 2024.
政治经济学杂志》，第 132 卷第 2 期，2024 年 2 月。
{"title":"Recent Referees","authors":"","doi":"10.1086/730067","DOIUrl":"https://doi.org/10.1086/730067","url":null,"abstract":"Journal of Political Economy, Volume 132, Issue 2, February 2024. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":null,"pages":null},"PeriodicalIF":8.2,"publicationDate":"2024-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139945359","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of Political Economy, Volume 132, Issue 2, February 2024.
政治经济学杂志》，第 132 卷第 2 期，2024 年 2 月。
{"title":"Front Matter","authors":"","doi":"10.1086/730066","DOIUrl":"https://doi.org/10.1086/730066","url":null,"abstract":"Journal of Political Economy, Volume 132, Issue 2, February 2024. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":null,"pages":null},"PeriodicalIF":8.2,"publicationDate":"2024-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139917381","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Journal of Political Economy, Volume 132, Issue 2, Page 721-721, February 2024.
政治经济学杂志》，第 132 卷第 2 期，第 721-721 页，2024 年 2 月。
{"title":"JPE Turnaround Times","authors":"","doi":"10.1086/729748","DOIUrl":"https://doi.org/10.1086/729748","url":null,"abstract":"Journal of Political Economy, Volume 132, Issue 2, Page 721-721, February 2024. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":null,"pages":null},"PeriodicalIF":8.2,"publicationDate":"2024-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139917179","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Timothy G. Conley, Nirav Mehta, Ralph Stinebrickner, Todd Stinebrickner
Journal of Political Economy, Ahead of Print.
政治经济学杂志》，印刷版前。
{"title":"Social Interactions, Mechanisms, and Equilibrium: Evidence from a Model of Study Time and Academic Achievement","authors":"Timothy G. Conley, Nirav Mehta, Ralph Stinebrickner, Todd Stinebrickner","doi":"10.1086/726902","DOIUrl":"https://doi.org/10.1086/726902","url":null,"abstract":"Journal of Political Economy, Ahead of Print. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":null,"pages":null},"PeriodicalIF":8.2,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139739646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Anil K Kashyap, Dimitrios P. Tsomocos, Alexandros P. Vardoulakis
Journal of Political Economy, Ahead of Print.
政治经济学杂志》，印刷版前。
{"title":"Optimal Bank Regulation in the Presence of Credit and Run Risk","authors":"Anil K Kashyap, Dimitrios P. Tsomocos, Alexandros P. Vardoulakis","doi":"10.1086/726909","DOIUrl":"https://doi.org/10.1086/726909","url":null,"abstract":"Journal of Political Economy, Ahead of Print. <br/>","PeriodicalId":16875,"journal":{"name":"Journal of Political Economy","volume":null,"pages":null},"PeriodicalIF":8.2,"publicationDate":"2024-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139715472","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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