Knowledge that Transforms

This paper proposes a method to estimate unconditional quantile treatment effects (QTEs) given one or more treatment variables, which may be discrete or continuous, even when it is necessary to condition on covariates. The estimator, generalized quantile regression (GQR), is developed in an instrumental variable framework for generality to permit estimation of unconditional QTEs for endogenous policy variables, but it is also applicable in the conditionally exogenous case. The framework includes simultaneous equations models with nonadditive disturbances, which are functions of both unobserved and observed factors. Quantile regression and instrumental variable quantile regression are special cases of GQR and available in this framework.

The Federal Reserve cut interest rates on March 3, 2020, in response to COVID-19. On March 5 and 6, I surveyed over 500 consumers about their concerns about COVID-19, awareness of the Fed's announcement, and macroeconomic expectations. Most consumers were concerned about effects of COVID-19 on the economy, their health, and their personal finances. About 38% were aware that the Fed had cut interest rates. Greater concern is associated with higher inflation expectations and more pessimistic unemployment expectations. I informed respondents about the Fed's announcement, which led some consumers to become more optimistic about unemployment and revise inflation expectations downward.

Previous articleNext article FreeRecent RefereesPDFPDF PLUSFull Text Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinked InRedditEmailQR Code SectionsMoreJournal of Political Economy acknowledges the assistance of:Ran AbramitzkyJerome AddaAchyuta AdhvaryuHassan AfrouziFrancesco AgostinelliMarina AgranovLuis AguiarGabriel AhlfeldtAnders AkermanFrancesco AmodioOla AnderssonIsaiah AndrewsJose ApesteguiaPeter ArcidiaconoCarolina ArteagaDavid AtkinChristopher AveryScott BakerTetyana BalyukMarco BassettoJess BenhabibAllen BergerTheodore BergstromMichael BestSourav BhattacharyaManudeep BhullerSaki BigioMark BilsJaroslav BorovičkaJonathan BrogaardAline ButikoferIvan CanayDavide CantoniAlexander CappelenHector ChadeKam ChanLaurens CherchyeJudith ChevalierGabe Chodorow-ReichJeffrey ClemensAllan Collard-WexlerCody CookSimon CowanJanet CurrieEszter CziborGordon DahlMelissa DellManasi DeshpandeFrancesc DilmeDavid DornJoseph DoyleAnna Dreber AlmenbergMehmet EkmekciGlenn EllisonBenjamin EnkeLarry EpsteinHanming FangHenry FarberErnst FehrShuaizhang FengJon H. FivaOlle FolkeAndrew FosterEric FrenchChao FuYana GallenPeter GanongJorge Luis GarciaAlvaro Garcia MarinChristopher GarmonPieter GautierXavier GiroudBart GolsteynFrancois GourioTal GrossRaymond GuiterasKareem HaggagBen HandelBenjamin HansenNikolaj HarmonDavid HémousJonas HjortScott HolladayCosmin IlutNir JaimovichPamela JakielaGregor JaroschDavid Jimenez-GomezCharles JonesBoyan JovanovicBruno JullienAdam KaporKristian Bernt KarlsonMaximilian KasyAyumu KikkawaPhilipp KircherAndras KissPatrick KlineAsen KochovRalph KoijenAnton KolotilinAnton KorinekAndreas KotsadamAmanda KowalskiArvind KrishnamurthyZoe KuehnMoritz KuhnPablo KurlatNicola LaceteraRasmus LandersoeKevin LangFabian LangeJacob LaRiviereMichael LeeDavid LeeJosh LernerJustin LeungEdwin LeuvenSteven LevittShengwu LiIlse LindenlaubXiaodong LiuAlessandro LizzeriLee LockwoodKatrine LokenJingfeng LuJay LuMargaux LufladeErzo LuttmerGiovanni MastrobuoniMaurizio MazzoccoAtif MianKevin MilliganJosepa (Pepita) Miquel-FlorensaAhmed MobarakSidharth MoktanBenny MoldovanuCorina MommaertsMelanie MortenChristian MoserPetra MoserJack MountjoyRebecca MyersonJesse NaidooDavid NeumarkYew-Kwang NgAntonella NoccoScott OrrMatthew OsborneAdam OsmanAmanda PallaisJessica PanCecilia ParlatoreNicola PavaniniHarry PeiPaolo Giovanni PiacquadioJustin PierceRodrigo PintoRoland RathelotImke ReimersPascual RestrepoJames RobertsGuillaume RocheteauRichard RosenMark RosenzweigEsteban Rossi-HansbergMaya Rossin-SlaterJohn RustFelipe SaffieHeather SarsonsKlaus SchmidtMatthew SerflingCarl ShapiroAjay ShenoyHenrik SigstadChristopher SimsAndrzej SkrzypaczDag Einar SommervollIsaac SorkinMichelle SovinskyCharles SprengerStefanie StantchevaMeredith StartzMelvin StephensDavid StrombergAshley SwansonHuan TangDmitry TaubinskyVeikko ThieleDanna ThomasPeter ThompsonPetra ToddMirco ToninAlexander TorgovitskyFabrice TourreChristopher UdryArthur van BenthemStijn Van NieuwerburghJohn Van ReenenDimitri VayanosJulian Vedeler JohnsenFrederic VermeulenRajiv VohraNico VoigtlaenderMatthew WeinbergMarek WeretkaBen WilliamsChristian WolfAsher WolinskyArlene WongRandall WrightYanhui WuErte XiaoYuichi YamamotoMotohiro YogoNoam YuchtmanGiulia ZacchiaBasit ZafarSeth ZimmermanUlf Zoelitz Previous articleNext article DetailsFiguresReferencesCited by Journal of Political Economy Volume 128, Number 2February 2020 Article DOIhttps://doi.org/10.1086/708481 © 2020 by The University of Chicago. All rights reserved.PDF download Crossref reports no articles citing this article.

Previous articleNext article FreeRecent RefereesPDFPDF PLUSFull Text Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinked InRedditEmailQR Code SectionsMoreJournal of Political Economy acknowledges the assistance of:Jerome AddaSumit AgarwalAlberto AlesinaFranklin AllenTreb AllenOmar Al-UbaydliDiego AmadorDavid AndolfattoDavid ArseneauEnghin AtalayAdrien AuclertGhazala AzmatNicholas BarberisMarco BattagliniChristian BayerSascha BeckerMartin BerajaDirk BergemannV. BhaskarJavier BianchiTeodora BonevaPedro BordaloMichael BordoEthan Bueno de MesquitaAline ButikoferJohn CampbellClément CarbonnierDavid ChanKerwin CharlesGabe Chodorow-ReichEugene ChooSteve CicalaRobert ClarkJohn CochraneMike ConlinChris ConlonPatricia CortesPeter CramtonBrendan DaleyLancelot Henry de FrahanMariacristina De NardiEddie DekelMarco Del NegroKlaus DesmetAngela DillsMichael DinersteinWill DobbieGary DushnitskyPiotr DworczakRoss EmmettMichael EwensNatalia FabraDavid FiglioRaymond FismanNicola Fuchs-SchuendelnXavier GabaixGarance GenicotMatthew GentzkowGeorge GeorgiadisGene GrossmanZachary GrossmanRobert HallWilliam HanlonGlenn HarrisonJ. HendersonKyle HerkenhoffJonas HjortJustin HolzRichard HornbeckLars HornufTanjim HossainChristopher HouseDaniel HungermanSebastian InfantePamela JakielaAkshaya JhaBoyan JovanovicPhillip JungBen KeysAlan KrauseIlan KremerKurt LavettiBenjamin LesterArthur LewbelFei LiQi LiEthan LieberMikael LindahlIlse LindenlaubCe LiuLee LockwoodKatrine LokenMichael LovenheimErzo LuttmerRocco MacchiavelloGiovanni MastrobuoniFilip MatejkaSteven MelloXin MengKonrad MenzelMargaret MeyerMoritz Meyer-ter-VehnSidharth MoktanJack MountjoyToshihiko MukoyamaDavid NeumarkJ. Peter NilssonGeorg NoldekeEmily OsterErkut OzbayMatthew PanhansEduardo Perez-RichetEric PlugLuis RayoJean-Marc RobinArthur RobsonGuillaume RocheteauMatthias RodemeierMauricio RomeroNikolai RoussanovSutanuka RoyNicholas RyanEvan SadlerSally SadoffKota SaitoYuval SalantLaura SalisburyAndres SantosMichael SattingerDavid SchoenherrDaniel SchunkJohannes SchwarzerAdam ShapiroMoses ShayoDavid SilverAndrzej SkrzypaczStefanie StantchevaAmanda StarcTomasz StrzaleckiJan StuhlerRebecca L. ThorntonPetra ToddJoseph VavraCarlos VeghMiguel Villas-BoasHans VothJoel WaldfogelJohn WallisSimon WeberRalph WinterGavin WrightDanny YaganM. Bumin YenmezDennis ZhangJin ZhouEkaterina Zhuravskaya Previous articleNext article DetailsFiguresReferencesCited by Journal of Political Economy Volume 128, Number 1January 2020 Article DOIhttps://doi.org/10.1086/708017 Views: 609Total views on this site © 2020 by The University of Chicago. All rights reserved.PDF download Crossref reports no articles citing this article.

Previous article FreeJPE Turnaround Times, Previous Two YearsPDFPDF PLUSFull Text Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinked InRedditEmailQR Code SectionsMoreJPE Turnaround Times, Previous Two Years Outcome of 1st Round DecisionsMean Days to DecisionMedian Days to DecisionDecision Later than Six Months after Submission (as percentage of decisions within decision type)Desk Rejection48%970%Reject with Reviews44%1179513%Revise8%17715539%Average time from original submission to acceptance (omitting time with author in revision) = 446 daysView Table Image Previous article DetailsFiguresReferencesCited by Journal of Political Economy Volume 128, Number 2February 2020 Article DOIhttps://doi.org/10.1086/707709 © 2020 by The University of Chicago. All rights reserved.PDF download Crossref reports no articles citing this article.

Previous articleNext article FreeRecent RefereesPDFPDF PLUSFull Text Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinked InRedditEmailQR Code SectionsMoreJournal of Political Economy acknowledges the assistance of: Martin AbelJohannes AbelerEliot AbramsMarina AgranovAlberto AlesinaSandro AmbuehlFrancisca AntmanPeter ArcidiaconoEnghin AtalayGhazala AzmatScott BakerJere BehrmanV. BhaskarCarola BinderAnna BindlerCorina BoarMark BorgschulteJaroslav BorovickaSerguey BraguinskyWilliam BranchIvan CanayDavide CantoniScott CarrellAlain CohnZoe CullenSteven DavisClement de ChaisemartinAlessandro De ChiaraGeoffroy de ClippelLancelot Henry de FrahanMelissa DellJoppe de ReeEllora DerenoncourtWouter DesseinDave DonaldsonOlivier DonniLaura DovalOrla DoyleMartin DufwenbergJonathan EatonMark EganGraham ElliottNiklas EngbomJack FanningAna FernandesRaymond FismanJon H. FivaMarco FrancesconiAnderson FreyThomas FujiwaraAndreas FusterDouglas GaleOded GalorLaura GeeRobert GertnerRicard GilChristian GillitzerOlga GorelkinaTodd GormleyEric GouldBasile GrassiPaul GriecoJohn GrigsbyJang-Ting GuoNaijia GuoAdam GurenPhilip HaileJie HeJames HinesJonas HjortMitchell HoffmanRichard HornbeckChris HrdlickaTai-Wei HuIngrid HuitfeldtErik HurstAndrea IchinoAlberto IozziAkifumi IshiharaPamela JakielaGregory JolivetLisa KahnMaximilian KasyMarc KaufmannShaowei KeMichael KeaneAmir KermaniJudd KesslerBen KeysJun Hyung KimYunmi KongJozef KoningsMaciej KotowskiBrian KovakAmanda KowalskiRachel KrantonIlan KremerSebastian KubePeter KuhnGuy LacroixRasmus LandersøFabian LangeAudun LangorgenBrad LarsenMarc LawEdward LazearMunseob LeeSoren Leth-PetersenShengwu LiChe-Yuan LiangEthan LieberNicola LimodioJo Thori LindMikael LindahlIlse LindenlaubMatthew LindquistKatrine LokenDong LouShelly LundbergMario MacisPaola ManziniRobert MargoRamon MarimonGiovanni MastrobuoniGregor MatvosKonrad MenzelJosepa Miquel-FlorensaJorgen ModalsliCorina MommaertsJack MountjoyRoger MyersonAbhishek NagarajPatricia NaranjoDavid NeumarkHiroki NishimuraSam NorrisChristopher OdyPhilip OreopoulosEmily OsterMichaela PagelChristina PattersonAmil PetrinBarbara PetrongoloJoseph PriceSahil RainaHeikki RantakariDaniel ReckJames RobertsJean-Marc RobinArthur RobsonGuillaume RocheteauMatthias RodemeierKirsten RohdeVictor RondaMaya Rossin-SlaterAldo RustichiniBruce SacerdoteYuval SalantNicholas SandersSeth SandersAllen SandersonLawrence SchmidtBenoit SchmutzAndrew SchotterDavid SeimNa’ama ShenavAndrew ShephardHolger SiegAlbert Solé OlléDavid SolomonPaulo SomainiPeter SorensenPedro SouzaClaudia SteinwenderVincent SterkJohannes StroebelDavid StrombergMatthias SutterGuido TabelliniMax Tabord-MeehanMathieu Taschereau-DumouchelChristopher TonettiAlexander TorgovitskyGaute TorsvikJames TyboutJohn Van ReenenJonathan VogelJessica WachterRyan WebbBart WilsonAlexander WolitzkyKairong XiaoDavid YangHasin YousafAli YurukogluLu ZhangSeth ZimmermanAriell Zimran Previous articleNext article DetailsFiguresReferencesCited by Journal of Political Economy Volume 128, Number 6June 2020 Article DOIhttps://doi.org/10.1086/710033 © 2020 by The University of Chicago. All rights reserved.PDF download Crossref reports no articles citing this article.

Previous articleNext article FreeJPE Turnaround Times, Previous Two YearsPDFPDF PLUSFull Text Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinked InRedditEmailQR Code SectionsMoreJPE Turnaround Times, Previous Two Years Outcome of 1st Round DecisionsMean Days to DecisionMedian Days to DecisionDecision Later than Six Months after Submission (as percentage of decisions within decision type)Desk Rejection48%970%Reject with Reviews44%1179513%Revise8%17715539%Average time from original submission to acceptance (omitting time with author in revision) = 446 daysView Table Image Previous articleNext article DetailsFiguresReferencesCited by Journal of Political Economy Volume 128, Number 1January 2020 Article DOIhttps://doi.org/10.1086/707543 Views: 1212Total views on this site © 2020 by The University of Chicago. All rights reserved.PDF download Crossref reports no articles citing this article.

Previous article FreeJPE Turnaround Times, Previous Two YearsPDFPDF PLUSFull Text Add to favoritesDownload CitationTrack CitationsPermissionsReprints Share onFacebookTwitterLinked InRedditEmailQR Code SectionsMoreJPE Turnaround Times, Previous Two Years Outcome of 1st Round DecisionsMean Days to DecisionMedian Days to DecisionDecision Later than Six Months after Submission (as percentage of decisions within decision type)Desk Rejection48%970%Reject with Reviews44%1179512%Revise8%17415336%Average time from original submission to acceptance (omitting time with author in revision) = 433 daysView Table Image Previous article DetailsFiguresReferencesCited by Journal of Political Economy Volume 128, Number 4April 2020 Article DOIhttps://doi.org/10.1086/708837 © 2020 by The University of Chicago. All rights reserved.PDF download Crossref reports no articles citing this article.

This study examines the under-researched equity sales function and analyses how equity brokers use accounting to generate individualized, contrarian investment recommendations to serve fund manager clients in a highly competitive market for investment advice. This study reports on the brokers’ practices using an ethnographically inspired study of an equity sales desk and follows the lifecycle of a brokers’ investment case referred to herein as “Indumine” (pseudonym). The analysis shows how the brokers used accounting to develop the case together with fund manager clients and against the analyst consensus – a practice the brokers referred to as “reverse brokering”. Unlike previous analyses of how accounting influences investment decisions by being stable and objective, the brokers in our analysis continually added and abandoned accounting items in order to maintain a distance from consensus, remain subjective and interesting to clients, and achieve recognition. To make theoretical sense of such a use of accounting, this paper puts forth a consumption perspective of accounting. The argument is that the relevance of the accounting used for the brokers’ investment recommendations is consumed when the information becomes factual and impersonal, and no longer sustains the brokers’ contrarian view of the share; the challenge for the brokers is to sustain the economic potential of the case despite the temporary facticity of the accounting information. The paper proposes that this form of accounting consumption constitutes an elementary form of accounting use, operating in the shadow of more formal information infrastructure.