This essay reviews 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19 by Ben Bernanke, a fascinating account of the evolution of the Fed since the 1950s, and a stalwart defense of the status quo: of the Fed’s remit, its independence, and the tools and practices it now uses to pursue its mandate. The essay supports many of Bernanke’s key points and brings the experience of the European Central Bank to illuminate them by contrast. However, it argues that the book understates the significance of the changes in institutional architecture that have emerged since the crisis. Questions that we thought had been settled are going to have to be addressed anew, albeit in slightly different guises. This will have implications for all aspects of economic governance. (JEL E31, E32, E52, E58, E62, N12, N22)
本文回顾了本-伯南克（Ben Bernanke）所著的《21 世纪的货币政策：本-伯南克（Ben Bernanke）所著的《21 世纪货币政策：从大通胀到 COVID-19 的美联储》（21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19）引人入胜地描述了美联储自 20 世纪 50 年代以来的演变，并坚定地捍卫了现状：美联储的职权范围、独立性以及它现在用来履行其职责的工具和做法。文章支持伯南克的许多关键观点，并通过对比欧洲中央银行的经验来阐明这些观点。不过，文章认为，该书低估了危机后出现的制度架构变化的重要性。我们以为已经解决的问题将不得不重新解决，尽管解决的方式略有不同。这将对经济治理的各个方面产生影响。(JEL E31, E32, E52, E58, E62, N12, N22)
{"title":"A Fed for Our Times: A Review Essay on 21st Century Monetary Policy by Ben Bernanke","authors":"L. Reichlin","doi":"10.1257/jel.20231722","DOIUrl":"https://doi.org/10.1257/jel.20231722","url":null,"abstract":"This essay reviews 21st Century Monetary Policy: The Federal Reserve from the Great Inflation to COVID-19 by Ben Bernanke, a fascinating account of the evolution of the Fed since the 1950s, and a stalwart defense of the status quo: of the Fed’s remit, its independence, and the tools and practices it now uses to pursue its mandate. The essay supports many of Bernanke’s key points and brings the experience of the European Central Bank to illuminate them by contrast. However, it argues that the book understates the significance of the changes in institutional architecture that have emerged since the crisis. Questions that we thought had been settled are going to have to be addressed anew, albeit in slightly different guises. This will have implications for all aspects of economic governance. (JEL E31, E32, E52, E58, E62, N12, N22)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":null,"pages":null},"PeriodicalIF":12.6,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139016223","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}
Pub Date : 2023-12-01DOI: 10.1257/jel.61.4.1579.r3
Kelly N. Vosters
Kelly Vosters of University of North Carolina at Charlotte reviews “The Myth That Made Us: How False Beliefs about Racism and Meritocracy Broke Our Economy (and How to Fix It)” by Jeff Fuhrer. The Econlit abstract of this book begins: “Examines the ways that false narratives concerning race, poverty, and the sources of success in the United States negatively affect the economy, detailing how those with wealth and power have used such narratives to maintain the status quo in a system that slants outcomes toward the already successful.”
北卡罗来纳大学夏洛特分校的 Kelly Vosters 评论了 Jeff Fuhrer 所著的《造就我们的神话：关于种族主义和任人唯贤的错误信念是如何毁掉我们的经济的（以及如何修复它）》一书。这本书的 Econlit 摘要开头写道"探讨了美国关于种族、贫困和成功来源的虚假叙事如何对经济产生负面影响，详细说明了那些拥有财富和权力的人如何利用这些叙事来维持现状，使结果向已经成功的人倾斜"。
{"title":"The Myth That Made Us: How False Beliefs about Racism and Meritocracy Broke Our Economy (and How to Fix It)","authors":"Kelly N. Vosters","doi":"10.1257/jel.61.4.1579.r3","DOIUrl":"https://doi.org/10.1257/jel.61.4.1579.r3","url":null,"abstract":"Kelly Vosters of University of North Carolina at Charlotte reviews “The Myth That Made Us: How False Beliefs about Racism and Meritocracy Broke Our Economy (and How to Fix It)” by Jeff Fuhrer. The Econlit abstract of this book begins: “Examines the ways that false narratives concerning race, poverty, and the sources of success in the United States negatively affect the economy, detailing how those with wealth and power have used such narratives to maintain the status quo in a system that slants outcomes toward the already successful.”","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":null,"pages":null},"PeriodicalIF":12.6,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139016267","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}
Generative artificial intelligence (AI) has the potential to revolutionize research. I analyze how large language models (LLMs) such as ChatGPT can assist economists by describing dozens of use cases in six areas: ideation and feedback, writing, background research, data analysis, coding, and mathematical derivations. I provide general instructions and demonstrate specific examples of how to take advantage of each of these, classifying the LLM capabilities from experimental to highly useful. I argue that economists can reap significant productivity gains by taking advantage of generative AI to automate micro-tasks. Moreover, these gains will grow as the performance of AI systems continues to improve. I also speculate on the longer-term implications of AI-powered cognitive automation for economic research. The online resources associated with this paper explain how to get started and will provide regular updates on the latest capabilities of generative AI in economics. (JEL A11, C45, D83, I23, O33)
{"title":"Generative AI for Economic Research: Use Cases and Implications for Economists","authors":"Anton Korinek","doi":"10.1257/jel.20231736","DOIUrl":"https://doi.org/10.1257/jel.20231736","url":null,"abstract":"Generative artificial intelligence (AI) has the potential to revolutionize research. I analyze how large language models (LLMs) such as ChatGPT can assist economists by describing dozens of use cases in six areas: ideation and feedback, writing, background research, data analysis, coding, and mathematical derivations. I provide general instructions and demonstrate specific examples of how to take advantage of each of these, classifying the LLM capabilities from experimental to highly useful. I argue that economists can reap significant productivity gains by taking advantage of generative AI to automate micro-tasks. Moreover, these gains will grow as the performance of AI systems continues to improve. I also speculate on the longer-term implications of AI-powered cognitive automation for economic research. The online resources associated with this paper explain how to get started and will provide regular updates on the latest capabilities of generative AI in economics. (JEL A11, C45, D83, I23, O33)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":null,"pages":null},"PeriodicalIF":12.6,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139025819","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}
Research on holding and use of cash involves many aspects, such as reasons for holding and hoarding cash, transactional demand for cash, cash management, type of spending paid with cash, type of consumer who pays cash, merchant acceptance, how consumers get cash, currency denominations, legal aspects, cash substitutes, and cost of cash. The purpose of this article is to introduce the reader to some of the research economists do on consumer holding and use of cash. (JEL D11, D12, E26, E31, E41, E42)
{"title":"Cash Is Alive: How Economists Explain Holding and Use of Cash","authors":"Oz Shy","doi":"10.1257/jel.20221632","DOIUrl":"https://doi.org/10.1257/jel.20221632","url":null,"abstract":"Research on holding and use of cash involves many aspects, such as reasons for holding and hoarding cash, transactional demand for cash, cash management, type of spending paid with cash, type of consumer who pays cash, merchant acceptance, how consumers get cash, currency denominations, legal aspects, cash substitutes, and cost of cash. The purpose of this article is to introduce the reader to some of the research economists do on consumer holding and use of cash. (JEL D11, D12, E26, E31, E41, E42)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":null,"pages":null},"PeriodicalIF":12.6,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139020003","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}
Pub Date : 2023-12-01DOI: 10.1257/jel.61.4.1579.r7
Rachel M. Mccleary
Rachel M. McCleary of Harvard University reviews “The Economics of Religion” edited by Robert M. Sauer. The Econlit abstract of this book begins: “Twelve papers examine the interconnection between religiosity and economic principles, highlighting future directions for research in the emerging field of the economics of religion.”
哈佛大学的 Rachel M. McCleary 评论由 Robert M. Sauer 编辑的《宗教经济学》。这本书的 Econlit 摘要开头写道"12篇论文探讨了宗教性与经济原则之间的相互联系，强调了宗教经济学这一新兴领域未来的研究方向"。
{"title":"The Economics of Religion","authors":"Rachel M. Mccleary","doi":"10.1257/jel.61.4.1579.r7","DOIUrl":"https://doi.org/10.1257/jel.61.4.1579.r7","url":null,"abstract":"Rachel M. McCleary of Harvard University reviews “The Economics of Religion” edited by Robert M. Sauer. The Econlit abstract of this book begins: “Twelve papers examine the interconnection between religiosity and economic principles, highlighting future directions for research in the emerging field of the economics of religion.”","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":null,"pages":null},"PeriodicalIF":12.6,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139013208","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}
The main finding of Bukodi and Goldthorpe (2019), using social status based on occupation groupings, is that there have not been improvements nor any decline in relative intergenerational mobility in Britain since World War II in terms of social class. Notably, there has not been improvement in the mobility of children from working-class backgrounds relative to other background classes. Importantly, the authors argue strongly that education is not the key determinant of adult success in the labor market. Moreover, improving the educational attainment of children from poor socioeconomic backgrounds does not help improve their labor market performance. This suggests that policies to improve the mobility of children from poor social backgrounds should not include attempts to foster human capital or education policies in general. (JEL D63, I26, I38, J24, J62, N34)
{"title":"What Drives Intergenerational Mobility? The Role of Family, Neighborhood, Education, and Social Class: A Review of Bukodi and Goldthorpe’s Social Mobility and Education in Britain","authors":"K. Salvanes","doi":"10.1257/jel.20211622","DOIUrl":"https://doi.org/10.1257/jel.20211622","url":null,"abstract":"The main finding of Bukodi and Goldthorpe (2019), using social status based on occupation groupings, is that there have not been improvements nor any decline in relative intergenerational mobility in Britain since World War II in terms of social class. Notably, there has not been improvement in the mobility of children from working-class backgrounds relative to other background classes. Importantly, the authors argue strongly that education is not the key determinant of adult success in the labor market. Moreover, improving the educational attainment of children from poor socioeconomic backgrounds does not help improve their labor market performance. This suggests that policies to improve the mobility of children from poor social backgrounds should not include attempts to foster human capital or education policies in general. (JEL D63, I26, I38, J24, J62, N34)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":null,"pages":null},"PeriodicalIF":12.6,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139025843","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}
Pub Date : 2023-12-01DOI: 10.1257/jel.61.4.1579.r6
Neil Fligstein
Neil Fligstein of Department of Sociology, University of California reviews “The Ends of Freedom: Reclaiming America’s Lost Promise of Economic Rights” by Mark Paul. The Econlit abstract of this book begins: “Explores the role of the state in structuring and limiting the reach of markets, promoting the view that the United States can eradicate poverty and build an economy that works for everyone by adopting social and economic rights.”
加利福尼亚大学社会学系的 Neil Fligstein 评论马克-保罗所著的《自由的目的：马克-保罗所著的《重拾美国失去的经济权利承诺》。该书的 Econlit 摘要开头写道"探讨了国家在构建和限制市场影响范围方面的作用，宣扬了这样一种观点，即美国可以通过采纳社会和经济权利来消除贫困，建立一个为所有人服务的经济"。
{"title":"The Ends of Freedom: Reclaiming America's Lost Promise of Economic Rights","authors":"Neil Fligstein","doi":"10.1257/jel.61.4.1579.r6","DOIUrl":"https://doi.org/10.1257/jel.61.4.1579.r6","url":null,"abstract":"Neil Fligstein of Department of Sociology, University of California reviews “The Ends of Freedom: Reclaiming America’s Lost Promise of Economic Rights” by Mark Paul. The Econlit abstract of this book begins: “Explores the role of the state in structuring and limiting the reach of markets, promoting the view that the United States can eradicate poverty and build an economy that works for everyone by adopting social and economic rights.”","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":null,"pages":null},"PeriodicalIF":12.6,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139016070","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}
The list below specifies doctoral degrees conferred by U.S. and Canadian universities during academic year July 2022 to June 2023. Lists of degree recipients and subject classifications are provided by the university. Note: Dissertations without classifications may be found under “Y Miscellaneous Categories.”
{"title":"Doctoral Dissertations in Economics One-Hundred-Twelfth Annual List","authors":"","doi":"10.1257/jel.61.4.1674","DOIUrl":"https://doi.org/10.1257/jel.61.4.1674","url":null,"abstract":"The list below specifies doctoral degrees conferred by U.S. and Canadian universities during academic year July 2022 to June 2023. Lists of degree recipients and subject classifications are provided by the university. Note: Dissertations without classifications may be found under “Y Miscellaneous Categories.”","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":null,"pages":null},"PeriodicalIF":12.6,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139023174","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}
In 2015, the World Bank claimed that rich-country private capital could: (i) close the infrastructure services gap in poor countries, (ii) achieve the sustainable development goals, and (iii) make money by moving from “billions to trillions” of investment in poor-country infrastructure. Our framework distinguishes those poor countries in which the Bank’s claim is tenable from those where it is not. For a given poor country, the framework reveals that investing a dollar in infrastructure is efficient if the social rate of return on infrastructure clears two hurdles: (a) the social rate of return on private capital in the poor country, and (b) the social rate of return on private capital in rich countries. Applying the framework to the only comprehensive, cross-country dataset of social rates of return on infrastructure indicates that in 1985 just 7 of 53 poor countries cleared the dual hurdles in both paved roads and electricity. (JEL H43, H54, L94, O13, O18, Q01)
{"title":"The Global Infrastructure Gap: Potential, Perils, and a Framework for Distinction","authors":"Camille Gardner, Peter Blair Henry","doi":"10.1257/jel.20221530","DOIUrl":"https://doi.org/10.1257/jel.20221530","url":null,"abstract":"In 2015, the World Bank claimed that rich-country private capital could: (i) close the infrastructure services gap in poor countries, (ii) achieve the sustainable development goals, and (iii) make money by moving from “billions to trillions” of investment in poor-country infrastructure. Our framework distinguishes those poor countries in which the Bank’s claim is tenable from those where it is not. For a given poor country, the framework reveals that investing a dollar in infrastructure is efficient if the social rate of return on infrastructure clears two hurdles: (a) the social rate of return on private capital in the poor country, and (b) the social rate of return on private capital in rich countries. Applying the framework to the only comprehensive, cross-country dataset of social rates of return on infrastructure indicates that in 1985 just 7 of 53 poor countries cleared the dual hurdles in both paved roads and electricity. (JEL H43, H54, L94, O13, O18, Q01)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":null,"pages":null},"PeriodicalIF":12.6,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138987175","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":"Journal of Economic Literature, December 2023, Volume LXI, Number 4","authors":"","doi":"10.1257/jel.61.4.1","DOIUrl":"https://doi.org/10.1257/jel.61.4.1","url":null,"abstract":"","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":null,"pages":null},"PeriodicalIF":12.6,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139021307","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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