Jonathan Chiu of the Bank of Canada reviews “Blockchain Technologies, Applications and Cryptocurrencies: Current Practice and Future Trends” edited by Sam Goundar. The Econlit abstract of this book begins: “Eleven papers explore the management, organization, and technological use of blockchains and cryptocurrencies, detailing their applications in areas such as government, health care, and international development.”
{"title":"Book Review: Blockchain Technologies, Applications and Cryptocurrencies: Current Practice and Future Trends","authors":"","doi":"10.1257/jel.60.1.279.r3","DOIUrl":"https://doi.org/10.1257/jel.60.1.279.r3","url":null,"abstract":"Jonathan Chiu of the Bank of Canada reviews “Blockchain Technologies, Applications and Cryptocurrencies: Current Practice and Future Trends” edited by Sam Goundar. The Econlit abstract of this book begins: “Eleven papers explore the management, organization, and technological use of blockchains and cryptocurrencies, detailing their applications in areas such as government, health care, and international development.”","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":" ","pages":""},"PeriodicalIF":12.6,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42894568","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}
Illenin O. Kondo of the Federal Reserve Bank of Minneapolis reviews “Regional Integration in West Africa: Is There a Role for a Single Currency?” by Eswar S. Prasad and Vera Songwe. The Econlit abstract of this book begins: “Presents an evaluation of alternative exchange rate regimes and their relative benefits and complexities given the structure of the Economic Community of West African States (ECOWAS) region, discussing the institutional framework and broader aspects of economic and political integration required to underpin a stable and durable currency union.”
{"title":"Book Review: Regional Integration in West Africa: Is There a Role for a Single Currency?","authors":"","doi":"10.1257/jel.60.1.279.r2","DOIUrl":"https://doi.org/10.1257/jel.60.1.279.r2","url":null,"abstract":"Illenin O. Kondo of the Federal Reserve Bank of Minneapolis reviews “Regional Integration in West Africa: Is There a Role for a Single Currency?” by Eswar S. Prasad and Vera Songwe. The Econlit abstract of this book begins: “Presents an evaluation of alternative exchange rate regimes and their relative benefits and complexities given the structure of the Economic Community of West African States (ECOWAS) region, discussing the institutional framework and broader aspects of economic and political integration required to underpin a stable and durable currency union.”","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":" ","pages":""},"PeriodicalIF":12.6,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48626249","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}
Joseph E. Aldy,Maximilian Auffhammer,Maureen Cropper,Arthur Fraas,Richard Morgenstern
We synthesize and review retrospective analyses of federal air quality regulations to examine the contributions of the Clean Air Act (CAA) to the vast air quality improvements seen since 1970. Geographic heterogeneity in stringency affects emissions, public health, compliance costs, and employment. Cap-and-trade has delivered greater emission reductions at lower cost than conventional mandates, yet has fallen short of textbook ideals. Market power also influenced the CAA’s benefits and costs. New benefit categories have been identified ex post, but specific technology requirements have not yet been rigorously evaluated. Comparisons of aggregate benefits and costs of the CAA are beyond present capabilities. (JEL D61, K32, Q51, Q53, Q58)
{"title":"Looking Back at 50 Years of the Clean Air Act","authors":"Joseph E. Aldy,Maximilian Auffhammer,Maureen Cropper,Arthur Fraas,Richard Morgenstern","doi":"10.1257/jel.20201626","DOIUrl":"https://doi.org/10.1257/jel.20201626","url":null,"abstract":"We synthesize and review retrospective analyses of federal air quality regulations to examine the contributions of the Clean Air Act (CAA) to the vast air quality improvements seen since 1970. Geographic heterogeneity in stringency affects emissions, public health, compliance costs, and employment. Cap-and-trade has delivered greater emission reductions at lower cost than conventional mandates, yet has fallen short of textbook ideals. Market power also influenced the CAA’s benefits and costs. New benefit categories have been identified ex post, but specific technology requirements have not yet been rigorously evaluated. Comparisons of aggregate benefits and costs of the CAA are beyond present capabilities. (JEL D61, K32, Q51, Q53, Q58)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":"41 23","pages":"179-232"},"PeriodicalIF":12.6,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138503222","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, March 2022, Volume LX, Number 1","authors":"","doi":"10.1257/jel.60.1.1","DOIUrl":"https://doi.org/10.1257/jel.60.1.1","url":null,"abstract":"","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":" ","pages":""},"PeriodicalIF":12.6,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42052630","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}
This article reviews the global health and economic consequences of the 1918 influenza pandemic, with a particular focus on topics that have seen a renewed interest because of COVID-19. We begin by providing an overview of key contextual and epidemiological details as well as the data that are available to researchers. We then examine the effects on mortality, fertility, and the economy in the short and medium run. The role of non-pharmaceutical interventions in shaping those outcomes is discussed throughout. We then examine longer-lasting health consequences and their impact on human capital accumulation and socioeconomic status. Throughout the paper we highlight important areas for future work. (JEL E24, E32, I12, I15, J13, J24, N30)
{"title":"The 1918 Influenza Pandemic and Its Lessons for COVID-19","authors":"Brian Beach,Karen Clay,Martin Saavedra","doi":"10.1257/jel.20201641","DOIUrl":"https://doi.org/10.1257/jel.20201641","url":null,"abstract":"This article reviews the global health and economic consequences of the 1918 influenza pandemic, with a particular focus on topics that have seen a renewed interest because of COVID-19. We begin by providing an overview of key contextual and epidemiological details as well as the data that are available to researchers. We then examine the effects on mortality, fertility, and the economy in the short and medium run. The role of non-pharmaceutical interventions in shaping those outcomes is discussed throughout. We then examine longer-lasting health consequences and their impact on human capital accumulation and socioeconomic status. Throughout the paper we highlight important areas for future work. (JEL E24, E32, I12, I15, J13, J24, N30)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":"10 1","pages":"41-84"},"PeriodicalIF":12.6,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138517288","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}
Recent research has explored the distributive consequences of major historical epidemics, and the current crisis triggered by COVID-19 prompts us to look at the past for insights about how pandemics can affect inequalities in income, wealth, and health. The fourteenth-century Black Death, which is usually believed to have led to a significant reduction in economic inequality, has attracted the greatest attention. However, the picture becomes much more complex if other epidemics are considered. This article covers the worst epidemics of preindustrial times, from the Plague of Justinian of 540–41 to the last great European plagues of the seventeenth century, as well as the cholera waves of the nineteenth. It shows how the distributive outcomes of lethal epidemics do not only depend upon mortality rates, but are mediated by a range of factors, chief among them the institutional framework in place at the onset of each crisis. It then explores how past epidemics affected poverty, arguing that highly lethal epidemics could reduce its prevalence through two deeply different mechanisms: redistribution toward the poor or extermination of the poor. It concludes by recalling the historical connection between the progressive weakening and spacing in time of lethal epidemics and improvements in life expectancy, and by discussing how epidemics affected inequality in health and living standards. (JEL D31, I12, I14, I30, N30, J11, J31)
{"title":"Epidemics, Inequality, and Poverty in Preindustrial and Early Industrial Times","authors":"G. Alfani","doi":"10.1257/jel.20201640","DOIUrl":"https://doi.org/10.1257/jel.20201640","url":null,"abstract":"Recent research has explored the distributive consequences of major historical epidemics, and the current crisis triggered by COVID-19 prompts us to look at the past for insights about how pandemics can affect inequalities in income, wealth, and health. The fourteenth-century Black Death, which is usually believed to have led to a significant reduction in economic inequality, has attracted the greatest attention. However, the picture becomes much more complex if other epidemics are considered. This article covers the worst epidemics of preindustrial times, from the Plague of Justinian of 540–41 to the last great European plagues of the seventeenth century, as well as the cholera waves of the nineteenth. It shows how the distributive outcomes of lethal epidemics do not only depend upon mortality rates, but are mediated by a range of factors, chief among them the institutional framework in place at the onset of each crisis. It then explores how past epidemics affected poverty, arguing that highly lethal epidemics could reduce its prevalence through two deeply different mechanisms: redistribution toward the poor or extermination of the poor. It concludes by recalling the historical connection between the progressive weakening and spacing in time of lethal epidemics and improvements in life expectancy, and by discussing how epidemics affected inequality in health and living standards. (JEL D31, I12, I14, I30, N30, J11, J31)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":" ","pages":""},"PeriodicalIF":12.6,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46007284","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 his book, The Community of Advantage: A Behavioural Economist’s Defence of the Market, Robert Sugden says that people should be left alone to do what they want. We interpret his reasons for saying so and try to unify them. The unification uses simple economic models. When we fail to unify, we explain why. Open problems emerge. If Sugden’s passion for his subject won’t motivate the reader to pursue these problems, what will? (JEL C71, C72, D60, D71, D72, I31)
罗伯特•萨格登(Robert Sugden)在他的著作《利益共同体:一位行为经济学家为市场辩护》(The Community of Advantage: A behavioral Economist’s Defence of Market)中说，应该让人们自由地做他们想做的事。我们解释他这样说的理由，并设法把它们统一起来。统一使用简单的经济模型。当我们无法统一时，我们解释原因。开放的问题出现了。如果萨格登对他的主题的热情不能激励读者去探究这些问题，还有什么能呢?(jel c71, c72, d60, d71, d72, i31)
{"title":"A Review of Robert Sugden’s Community of Advantage","authors":"Patrick Harless, Romans Pancs","doi":"10.1257/jel.20201621","DOIUrl":"https://doi.org/10.1257/jel.20201621","url":null,"abstract":"In his book, The Community of Advantage: A Behavioural Economist’s Defence of the Market, Robert Sugden says that people should be left alone to do what they want. We interpret his reasons for saying so and try to unify them. The unification uses simple economic models. When we fail to unify, we explain why. Open problems emerge. If Sugden’s passion for his subject won’t motivate the reader to pursue these problems, what will? (JEL C71, C72, D60, D71, D72, I31)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":" ","pages":""},"PeriodicalIF":12.6,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47907221","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}
We discuss and review literature on the macroeconomic effects of epidemics and pandemics since the late twentieth century. First, we cover the role of health in driving economic growth and well-being and discuss standard frameworks for assessing the economic burden of infectious diseases. Second, we sketch a general theoretical framework to evaluate the trade-offs policy makers must consider when addressing infectious diseases and their macroeconomic repercussions. In so doing, we emphasize the dependence of economic consequences on (i) disease characteristics; (ii) inequalities among individuals in terms of susceptibility, preferences, and income; and (iii) cross-country heterogeneities in terms of their institutional and macroeconomic environments. Third, we study pharmaceutical and nonpharmaceutical policies aimed at mitigating and preventing infectious diseases and their macroeconomic repercussions. Fourth, we discuss the health toll and economic impacts of five infectious diseases: HIV/AIDS, malaria, tuberculosis, influenza, and COVID-19. Although major epidemics and pandemics can take an enormous human toll and impose a staggering economic burden, early and targeted health and economic policy interventions can often mitigate both to a substantial degree. (JEL E20, H50, I12, I14, I15, I18, J17)
{"title":"Modern Infectious Diseases: Macroeconomic Impacts and Policy Responses","authors":"David E. Bloom,Michael Kuhn,Klaus Prettner","doi":"10.1257/jel.20201642","DOIUrl":"https://doi.org/10.1257/jel.20201642","url":null,"abstract":"We discuss and review literature on the macroeconomic effects of epidemics and pandemics since the late twentieth century. First, we cover the role of health in driving economic growth and well-being and discuss standard frameworks for assessing the economic burden of infectious diseases. Second, we sketch a general theoretical framework to evaluate the trade-offs policy makers must consider when addressing infectious diseases and their macroeconomic repercussions. In so doing, we emphasize the dependence of economic consequences on (i) disease characteristics; (ii) inequalities among individuals in terms of susceptibility, preferences, and income; and (iii) cross-country heterogeneities in terms of their institutional and macroeconomic environments. Third, we study pharmaceutical and nonpharmaceutical policies aimed at mitigating and preventing infectious diseases and their macroeconomic repercussions. Fourth, we discuss the health toll and economic impacts of five infectious diseases: HIV/AIDS, malaria, tuberculosis, influenza, and COVID-19. Although major epidemics and pandemics can take an enormous human toll and impose a staggering economic burden, early and targeted health and economic policy interventions can often mitigate both to a substantial degree. (JEL E20, H50, I12, I14, I15, I18, J17)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":"42 4","pages":"85-131"},"PeriodicalIF":12.6,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138503219","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}
Editor's NoteOur policy is to annotate all English-language books on economics and related subjects that are sent to us. A very small number of foreign-language books are called to our attention and annotated by our consulting editors or others. Our staff does not monitor and order books published; therefore, if an annotation of a book does not appear six months after the publication date, please write to us or the publisher concerning the book.
{"title":"Annotated Listing of New Books","authors":"","doi":"10.1257/jel.59.4.1382","DOIUrl":"https://doi.org/10.1257/jel.59.4.1382","url":null,"abstract":"Editor's NoteOur policy is to annotate all English-language books on economics and related subjects that are sent to us. A very small number of foreign-language books are called to our attention and annotated by our consulting editors or others. Our staff does not monitor and order books published; therefore, if an annotation of a book does not appear six months after the publication date, please write to us or the publisher concerning the book.","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":"42 10","pages":""},"PeriodicalIF":12.6,"publicationDate":"2021-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138503217","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}
This article synthesizes the large literature regarding the role of various players in residential mortgage-backed securities (RMBS) securitization at the center of the 2008–09 US housing and financial crisis. Underwriting banks facilitated wide-scale mortgage fraud by knowingly misreporting key loan characteristics underlying mortgage-backed securities (MBS). Under the cover of complexity, credit rating agencies catered to investment banks by issuing increasingly inflated ratings on both RMBS and collateralized debt obligations (CDOs). Originators who engaged in mortgage fraud gained market share, as did CDO managers who catered to underwriters by accepting the lowest-quality MBS collateral. Appraisal targeting and inflated appraisals were the norm. RMBS and CDO prices indicate that the marginal AAA investor was unaware of pervasive mortgage fraud and ratings inflation, but these factors were strongly related to future deal performance. The supply of fraudulent credit was not uniform, but clustered in certain geographic regions and zip codes. As these dubious originators extended credit to those who could not afford the loans, the credit expansion led to house price booms and subsequent crashes in these zip codes. Overall, a consistent narrative based on substantial research indicates that conflicts of interest, misreporting, and fraud were focal features of the financial crisis. (JEL G01, G21, G28, K42, R30)
{"title":"Ten Years of Evidence: Was Fraud a Force in the Financial Crisis?","authors":"John M. Griffin","doi":"10.1257/jel.20201602","DOIUrl":"https://doi.org/10.1257/jel.20201602","url":null,"abstract":"This article synthesizes the large literature regarding the role of various players in residential mortgage-backed securities (RMBS) securitization at the center of the 2008–09 US housing and financial crisis. Underwriting banks facilitated wide-scale mortgage fraud by knowingly misreporting key loan characteristics underlying mortgage-backed securities (MBS). Under the cover of complexity, credit rating agencies catered to investment banks by issuing increasingly inflated ratings on both RMBS and collateralized debt obligations (CDOs). Originators who engaged in mortgage fraud gained market share, as did CDO managers who catered to underwriters by accepting the lowest-quality MBS collateral. Appraisal targeting and inflated appraisals were the norm. RMBS and CDO prices indicate that the marginal AAA investor was unaware of pervasive mortgage fraud and ratings inflation, but these factors were strongly related to future deal performance. The supply of fraudulent credit was not uniform, but clustered in certain geographic regions and zip codes. As these dubious originators extended credit to those who could not afford the loans, the credit expansion led to house price booms and subsequent crashes in these zip codes. Overall, a consistent narrative based on substantial research indicates that conflicts of interest, misreporting, and fraud were focal features of the financial crisis. (JEL G01, G21, G28, K42, R30)","PeriodicalId":48416,"journal":{"name":"Journal of Economic Literature","volume":"42 8","pages":""},"PeriodicalIF":12.6,"publicationDate":"2021-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138503218","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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