American Economic Journal: Macroeconomics

2009 - 2025

Current editor(s): Simon Gilchrist

From American Economic Association
Contact information at EDIRC.
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Volume 17, issue 2, 2025

Optimal Fiscal and Monetary Policy with Distorting Taxes pp. 1-23

Christopher A. Sims

Terms-of-Trade Shocks Are Not All Alike pp. 24-64

Federico Di Pace, Luciana Juvenal and Ivan Petrella

Does Unemployment Risk Affect Business Cycle Dynamics? pp. 65-100

Sebastian Graves

A Unified Model of Learning to Forecast pp. 101-33

George W. Evans, Christopher G. Gibbs and Bruce McGough

Skill Remoteness and Post-layoff Labor Market Outcomes pp. 134-76

Claudia Macaluso

Job Displacement and Earnings Losses: The Role of Joblessness pp. 177-205

Bruce Fallick, John Haltiwanger, Erika McEntarfer and Matthew Staiger

The Geography of Consumption and Local Economic Shocks: The Case of the Great Recession pp. 206-44

Abe Dunn and Mahsa Gholizadeh

Public Liquidity and Financial Crises pp. 245-84

Wenhao Li

Min(d)ing the President: A Text Analytic Approach to Measuring Tax News pp. 285-314

Lenard Lieb, Adam Jassem, Rui Jorge Almeida, Nalan Baştürk and Stephan Smeekes

Severe Weather and the Macroeconomy pp. 315-41

Hee Soo Kim, Christian Matthes and Toàn Phan

Volume 17, issue 1, 2025

Singles, Couples, and Their Labor Supply: Long-Run Trends and Short-Run Fluctuations pp. 1-34

Jonna Olsson

Estimating Hysteresis Effects pp. 35-70

Francesco Furlanetto, Antoine Lepetit, Ørjan Robstad, Juan Rubio-Ramírez and Pål Ulvedal

The Evolution of US Retail Concentration pp. 71-101

Dominic Smith and Sergio Ocampo

Permanent Income Shocks, Target Wealth, and the Wealth Gap pp. 102-25

Tullio Jappelli and Luigi Pistaferri

From Blue- to Steel-Collar Jobs: The Decline in Employment Gaps? pp. 126-60

Benjamin Lerch

Medical Expenses and Saving in Retirement: The Case of the United States and Sweden pp. 161-202

Makoto Nakajima and Irina A. Telyukova

Optimal Bank Reserve Remuneration and Capital Control Policy pp. 203-44

Chun-Che Chi, Stephanie Schmitt-Grohe and Martín Uribe

US Treasury Auctions: A High-Frequency Identification of Supply Shocks pp. 245-73

Maxime Phillot

Rational Inattention and the Business Cycle Effects of Productivity and News Shocks pp. 274-309

Bartosz Maćkowiak and Mirko Wiederholt

Enemies of the People pp. 310-42

Gerhard Toews and Pierre-Louis Vézina

Spatial Integration and Agricultural Productivity: Quantifying the Impact of New Roads pp. 343-78

Tasso Adamopoulos

State-Dependent Government Spending Multipliers: Downward Nominal Wage Rigidity and Sources of Business Cycle Fluctuations pp. 379-413

Yoon Joo Jo and Sarah Zubairy

Wealth Inequality, Aggregate Consumption, and Macroeconomic Trends under Incomplete Markets pp. 414-42

Byoungchan Lee

Volume 16, issue 4, 2024

Labor Substitutability among Schooling Groups pp. 1-34

Mark Bils, Baris Kaymak and Kai-Jie Wu

Fiscal and Monetary Policy Interactions in a Model with Low Interest Rates pp. 35-76

Jianjun Miao and Dongling Su

Labor Market Effects of Workweek Restrictions: Evidence from the Great Depression pp. 77-113

Price Fishback, Chris Vickers and Nicolas L. Ziebarth

Is There a Stable Relationship between Unemployment and Future Inflation? pp. 114-42

Terry Fitzgerald, Callum Jones, Mariano Kulish and Juan Pablo Nicolini

A Simple Explanation of Countercyclical Uncertainty pp. 143-71

Joshua Bernstein, Michael Plante, Alexander Richter and Nathaniel Throckmorton

The Optimal Quantity of CBDC in a Bank-Based Economy pp. 172-217

Lorenzo Burlon, Manuel A. Muñoz and Frank Smets

Population, Productivity, and Sustainable Consumption pp. 218-38

Robert Pindyck

Entrepôt: Hubs, Scale, and Trade Costs pp. 239-78

Sharat Ganapati, Woan Foong Wong and Oren Ziv

Idiosyncratic Income Risk and Aggregate Fluctuations pp. 279-310

Davide Debortoli and Jordi Galí

Automation, Bargaining Power, and Labor Market Fluctuations pp. 311-49

Sylvain Leduc and Zheng Liu

International Friends and Enemies pp. 350-85

Benny Kleinman, Ernest Liu and Stephen Redding

New Facts on Consumer Price Rigidity in the Euro Area pp. 386-431

Erwan Gautier, Cristina Conflitti, Riemer P. Faber, Brian Fabo, Ludmila Fadejeva, Valentin Jouvanceau, Jan-Oliver Menz, Teresa Messner, Pavlos Petroulas, Pau Roldan-Blanco, Fabio Rumler, Sergio Santoro, Elisabeth Wieland and Hélène Zimmer

When Interest Rates Go Low, Should Public Debt Go High? pp. 432-69

Johannes Brumm, Xiangyu Feng, Laurence Kotlikoff and Felix Kubler

The Elasticity of Aggregate Output with Respect to Capital and Labor pp. 470-504

Dietrich Vollrath

Volume 16, issue 3, 2024

Measuring Employer-to-Employer Reallocation pp. 1-51

Shigeru Fujita, Giuseppe Moscarini and Fabien Postel-Vinay

Asymmetric Reciprocity and the Cyclical Behavior of Wages, Effort, and Job Creation pp. 52-89

Marco Fongoni

Aggregate and Intergenerational Implications of School Closures: A Quantitative Assessment pp. 90-130

Youngsoo Jang and Minchul Yum

Reassessing the Relevance of Financial Shocks in an Estimated Heterogeneous Firm Model pp. 131-59

Xing Guo

World Productivity: 1996–2014 pp. 160-89

Mehrdad Esfahani, John Fernald and Bart Hobijn

Macroeconomic Frameworks: Reconciling Evidence and Model Predictions from Demand Shocks pp. 190-229

Alan Auerbach, Yuriy Gorodnichenko and Daniel Murphy

Optimal Foreign Reserves and Central Bank Policy under Financial Stress pp. 230-67

Luis Cespedes and Roberto Chang

Why Didn't the College Premium Rise Everywhere? Employment Protection and On-the-Job Investment in Skills pp. 268-309

Matthias Doepke and Ruben Gaetani

Delayed Overshooting: The Case for Information Rigidities pp. 310-42

Gernot J. Müller, Martin Wolf and Thomas Hettig

MPC Heterogeneity and the Dynamic Response of Consumption to Monetary Policy pp. 343-88

Miguel Ampudia, Russell Cooper, Julia Le Blanc and Guozhong Zhu

Understanding Persistent ZLB: Theory and Assessment pp. 389-416

Pablo Cuba-Borda and Sanjay Singh

Crossing the Credit Channel: Credit Spreads and Firm Heterogeneity pp. 417-46

Gareth Anderson and Ambrogio Cesa-Bianchi

Volume 16, issue 2, 2024

Credit Supply Shocks and Prices: Evidence from Danish Firms pp. 1-28

Tobias Renkin and Gabriel Züllig

Dynamism Diminished: The Role of Housing Markets and Credit Conditions pp. 29-61

Steven Davis and John Haltiwanger

Financial Frictions, Capital Misallocation, and Input-Output Linkages pp. 62-94

Hsuan-Li Su

Ambiguity Aversion and Heterogeneity in Households' Beliefs pp. 95-126

Claudio Michelacci and Luigi Paciello

The Heterogeneous Effects of Social Assistance and Unemployment Insurance: Evidence from a Life Cycle Model of Family Labor Supply and Savings pp. 127-81

Peter Haan and Victoria Prowse

Redistributive Capital Taxation Revisited pp. 182-216

Özlem Kina, Ctirad Slavík and Hakki Yazici

Inequality, Taxation, and Sovereign Default Risk pp. 217-49

Minjie Deng

Testing the Effectiveness of Unconventional Monetary Policy in Japan and the United States pp. 250-86

Daisuke Ikeda, Shangshang Li, Sophocles Mavroeidis and Francesco Zanetti

Local Ties in Spatial Equilibrium pp. 287-317

Mike Zabek

Sectoral Heterogeneity in Nominal Price Rigidity and the Origin of Aggregate Fluctuations pp. 318-52

Ernesto Pasten, Raphael Schoenle and Michael Weber

How to Construct Nationally Representative Firm-Level Data from the Orbis Global Database: New Facts on SMEs and Aggregate Implications for Industry Concentration pp. 353-74

Şebnem Kalemli- Özcan, Bent Sorensen, Carolina Villegas-Sanchez, Vadym Volosovych and Sevcan Yesiltas

Uncertainty and Information Acquisition: Evidence from Firms and Households pp. 375-405

Heiner Mikosch, Christopher Roth, Samad Sarferaz and Johannes Wohlfart

Volume 16, issue 1, 2024

Monetary Policy When the Phillips Curve Is Quite Flat pp. 1-28

Paul Beaudry, Chenyu Hou and Franck Portier

Innovation-Led Transitions in Energy Supply pp. 29-65

Derek Lemoine

The Impact of Extending Employment Protection to Agency Workers on Firms pp. 66-101

Alejandro Micco and Pablo Muñoz

Immigrant Communities and Knowledge Spillovers: Danish Americans and the Development of the Dairy Industry in the United States pp. 102-46

Nina Boberg-Fazlić and Paul Sharp

Wage Rigidity and Employment Outcomes: Evidence from Administrative Data pp. 147-206

Gabriel Ehrlich and Joshua Montes

Homeownership and Portfolio Choice over the Generations pp. 207-37

Gonzalo Paz-Pardo

A Congestion Theory of Unemployment Fluctuations pp. 238-85

Yusuf Mercan, Benjamin Schoefer and Petr Sedlacek

Government Borrowing and Crowding Out pp. 286-321

Yasin Onder, Sara Restrepo-Tamayo, Maria Alejandra Ruiz-Sanchez and Mauricio Villamizar-Villegas

Scarred Consumption pp. 322-55

Ulrike Malmendier and Leslie Sheng Shen

Firms' Precautionary Savings and Employment during a Credit Crisis pp. 356-86

Davide Melcangi

Assessing the Stabilizing Effects of Unemployment Benefit Extensions pp. 387-440

Alexey Gorn and Antonella Trigari

Adverse Selection Dynamics in Privately Produced Safe Debt Markets pp. 441-68

Nathan Foley-Fisher, Gary Gorton and Stephane Verani