Catálogo de publicaciones - revistas

<jats:p> This article discusses the econometric model of causal policy analysis and two alternative frameworks that are popular in statistics and computer science. By employing the alternative frameworks uncritically, economists ignore the substantial advantages of an econometric approach, and this results in less informative analyses of economic policy. We show that the econometric approach to causality enables economists to characterize and analyze a wider range of policy problems than is allowed by alternative approaches. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> Children's experiences during early childhood are critical for their cognitive and socioemotional development, two key dimensions of human capital. However, children from low-income backgrounds often grow up lacking stimulation and basic investments, which leads to developmental deficits that are difficult, if not impossible, to reverse later in life without intervention. The existence of these deficits is a key driver of inequality and contributes to the intergenerational transmission of poverty. In this article, we discuss the framework used in economics to model parental investments and early childhood development and use it as an organizing tool to review some of the empirical evidence on early childhood research. We then present results from various important early childhoods interventions, with an emphasis on developing countries. Bringing these elements together, we draw conclusions on what we have learned and provide some directions for future research. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> The spatial segregation of college-educated and non-college-educated workers between commuting zones in the United States has steadily grown since 1980. We summarize prior work on sorting and location and document new descriptive patterns on how sorting and locations have changed over the past four decades. We find that there has been a shift in the sorting of college-educated workers from cities centered primarily around production in 1980 to cities centered around consumption by 2017. We develop a spatial equilibrium model to understand these patterns and highlight key places where further research is needed. Our framework helps understand the causes and consequences of changes in spatial sorting; their impact on inequality; and how they respond to, and feed into, the changing nature of cities. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> Debt in emerging markets and developing economies is at its highest level in half a century. In about 9 in 10 emerging markets and developing economies, debt is higher now than it was in 2010, and in half of the emerging markets and developing economies, debt is more than 30 percentage points of GDP higher than in 2010. This article reviews a menu of options that in the past have helped lower debt burdens. It examines orthodox options (enhancing growth, fiscal consolidation, privatization, and wealth taxation) and heterodox options (inflation, financial repression, and debt default and restructuring). The mix of feasible options depends on country characteristics and the type of debt. However, none of these options comes without political, economic, and social costs. The challenges associated with debt reduction raise questions of global governance, including to what extent advanced economies can better support emerging market and developing economies in cushioning prospective shocks. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> The adoption of barcode scanning technology in the 1970s gave rise to a new form of data: scanner data. Soon afterwards, researchers began using this new resource, and since then a large number of papers have exploited scanner data. The data provide detailed price, quantity, and product characteristic information for completely disaggregate products at high frequency, and they typically track a panel of stores and/or consumers. Their availability has led to advances, inter alia, in the study of consumer demand, the measurement of market power, firms’ strategic interactions and decision making, the evaluation of policy reforms, and the measurement of price dispersion and inflation. In this article we highlight some of the pros and cons of this data source, and we discuss some of the ways its availability to researchers has transformed the economics literature. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> This paper provides a synthesis of theoretical and empirical work on the Great Gatsby Curve, the positive empirical relationship between cross-sectional income inequality, and persistence of income across generations. We present statistical models of income dynamics that mechanically give rise to the relationship between inequality and mobility. Five distinct classes of theories are developed, including models on family investments, skills, social influences, political economy, and aspirations, each providing a behavioral mechanism to explain the relationship. Finally, we review empirical studies that provide evidence of the curve for a range of contexts and socioeconomic outcomes as well as explore evidence on mechanisms. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> This article reviews recent economic and legal literature on sovereign debt in light of the COVID-19 shock. Most of the core theoretical contributions across the two disciplines hinge on immunity, and the sovereign borrower's consequent inability to commit to repay foreign creditors, as the distinguishing attribute of sovereignty. We highlight a persistent gap between sovereign debt theories grounded in immunity and empirical evidence that the governments of low- and middle-income countries borrow far more than theory would predict. On the other hand, the governments of advanced economies, generally viewed as outside the scope of this literature before the euro area debt crisis, have shown themselves to be far more commitment challenged than previously supposed. We conclude that the traditional split between a literature concerned with developing economy sovereigns that repudiate debt and one concerned with advanced economies that do not is no longer appropriate (if ever it was). We argue that shifting some attention away from immunity to a different attribute of sovereignty—authority—could help bridge the gap between the two literatures. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> We review the effects of the COVID-19 pandemic on inequalities in education, the labor market, household living standards, mental health, and wealth in the United Kingdom. The pandemic has pushed up inequalities on several dimensions. School closures, in particular, disrupted the learning of poorer children, leading to lower attainment. Mental health worsened for those groups (women and younger adults) who had poorer mental health pre-pandemic. Lockdowns and social distancing particularly reduced the ability of younger, lower-earning, and less educated people to work. However, job-support programs combined with the expanded welfare system meant that, if anything, disposable income inequality fell. Rising house prices have benefited people around the middle of the wealth distribution. In the longer term, lower work experience for the less educated and missed schooling could push up some inequalities. Increased rates of working from home seem likely to persist, which may increase some inequalities and decrease others. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> We review the fast-growing work on salience and economic behavior. Psychological research shows that salient stimuli attract human attention bottom up due to their high contrast with surroundings, their surprising nature relative to recalled experiences, or their prominence. The Bordalo, Gennaioli &amp; Shleifer (2012, 2013b, 2020) models of salience show how bottom-up attention can distort economic choice by distracting decision makers from their immediate goals or from relevant choice attributes. This approach unifies probability weighting, menu effects, reference points, and framing as distinct manifestations of bottom-up attention. We highlight new predictions and discuss open conceptual questions, as well as potential applications in finance, industrial organization, advertising, and politics. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 14 is August 2022. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>