A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.

• Covert, T. R., & Sweeney, R. L. (2023). Relinquishing Riches: Auctions versus Informal Negotiations in Texas Oil and Gas Leasing. American Economic Review, 113, 628–663.

  This paper compares outcomes from informally negotiated oil and gas leases to those awarded via centralized auction. We focus on Texas, where legislative decisions in the early twentieth century assigned thousands of proximate parcels to different mineral allocation mechanisms. We show that during the fracking boom, which began unexpectedly decades later, auctioned leases generated at least 55 percent larger up-front payments and 40 percent more output than negotiated leases did. These results suggest large potential gains from employing centralized, formal mechanisms in markets that traditionally allocate in an unstructured fashion, including the broader $3 trillion market for privately owned minerals.

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• Djourelova, M. (2023). Persuasion through Slanted Language: Evidence from the Media Coverage of Immigration. American Economic Review, 113, 800–835.

  I study the persuasive effects of slanted language, exploiting a ban on the politically charged term "illegal immigrant" by the Associated Press (AP) news wire. My empirical strategy combines the timing of the ban with variation across media outlets in their baseline reliance on AP copy. I document sizable diffusion of the ban from AP copy to media outlets. Moreover, individuals exposed to the ban through local media show significantly lower support for restrictive immigration policies. This effect is more pronounced for moderates and in locations with fewer immigrants, and does not transfer to views on issues other than immigration.

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• He, G., Sadoulet, E., Wang, S., Zhang, Q., & de Janvry, A. (2023). Subjective Performance Evaluation, Influence Activities, and Bureaucratic Work Behavior: Evidence from China. American Economic Review, 113, 766–799.

  Subjective performance evaluation could induce influence activities: employees might devote too much effort to pleasing their evaluator, relative to working toward the goals of the organization itself. We conduct a randomized field experiment among Chinese local civil servants to study the existence and implications of influence activities. We find that civil servants do engage in evaluator-specific influence to affect evaluation outcomes, partly in the form of reallocating work efforts toward job tasks that are more important and observable to the evaluator. Importantly, we show that introducing uncertainty about the evaluator's identity discourages evaluator-specific influence activities and improves bureaucratic work performance.

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• Okeke, E. N. (2023). When a Doctor Falls from the Sky: The Impact of Easing Doctor Supply Constraints on Mortality. American Economic Review, 113, 585–627.

  This paper describes the results of a policy experiment conducted in coordination with the Nigerian government. In this experiment, some communities were randomly selected to receive a new doctor. These doctors were posted to the local public health center. Prior to their arrival, health care was provided by midlevel health-care providers (MLP). To separate the effect of (ostensibly higher) quality from that of quantity, another group of communities was provided with an additional midlevel provider. A third group of communities received no additional workers. No other inputs were provided. I find a measurable decrease in mortality in communities assigned a doctor but not in communities assigned an MLP, suggesting that quality in the health-care sector is a significant constraint.

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• Monacelli, T., Quadrini, V., & Trigari, A. (2023). Financial Markets and Unemployment. Journal of Financial Economics, 147, 596–626.

  We study the importance of financial markets for (un)employment fluctuations in a model with matching frictions where firms borrow under limited enforcement. Borrowing affects employment through a ‘debt bargaining channel’: higher debt improves the bargaining position of employers with workers and increases the incentive to hire. We estimate the model structurally and find that the debt bargaining channel accounts for 26 percent of unemployment fluctuations. We find empirical support for the channel at the micro level using firm level data from Compustat.

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• Catherine, S., & Yannelis, C. (2023). The Distributional Effects of Student Loan Forgiveness. Journal of Financial Economics, 147, 297–316.

  We study the distributional consequences of student debt forgiveness in present value terms, accounting for differences in repayment behavior across the earnings distribution. Full or partial forgiveness is regressive because high earners took larger loans, but also because, for low earners, balances greatly overstate the benefits of debt cancellation. Consequently, forgiveness would benefit the top decile as much as the bottom three deciles combined. Enrolling households who would benefit from income-driven repayment is less expensive and distributes more funds to lower-income households.

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• He, Z., Huang, J., & Zhou, J. (2023). Open Banking Credit Market Competition When Borrowers Own the Data. Journal of Financial Economics, 147, 449–474.

  Open banking facilitates data sharing consented to by customers who generate the data, with the regulatory goal of promoting competition between traditional banks and challenger fintech entrants. We study lending market competition when sharing banks’ customer transaction data enables better borrower screening for fintechs. Open banking promotes competition if it helps level the playing field for all lenders in screening borrowers; however, if it over-empowers fintechs, it can also hinder competition and leave all borrowers worse off. Due to the credit quality inference from borrowers’ sign-up decisions, this remains true even if borrowers have the control of whether to share their banking data. We also study extensions with fintech affinities and data sharing on borrower preferences.

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• Banerjee, A., Hanna, R., Olken, B. A., Satriawan, E., & Sumarto, S. (2023). Electronic Food Vouchers: Evidence from an At-Scale Experiment in Indonesia. American Economic Review, 113, 514–547.

  We compare how in-kind food assistance and an electronic voucher-based program affect the delivery of aid in practice. The Government of Indonesia randomized across 105 districts the transition from in-kind rice to approximately equivalent electronic vouchers redeemable for rice and eggs at a network of private agents. Targeted households received 46 percent more assistance in voucher areas. For the bottom 15 percent of households at baseline, poverty fell 20 percent. Voucher recipients received higher-quality rice, and increased consumption of eggs. The results suggest moving from a manual in-kind to electronic voucher-based program reduced poverty through increased adherence to program design.

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• Braxton, J. C., & Taska, B. (2023). Technological Change and the Consequences of Job Loss. American Economic Review, 113, 279–316.

  We examine the role of technological change in explaining the large and persistent decline in earnings following job loss. Using detailed skill requirements from the near universe of online vacancies, we estimate technological change by occupation and find that technological change accounts for 45 percent of the decline in earnings after job loss. Technological change lowers earnings after job loss by requiring workers to have new skills to perform newly created jobs in their prior occupation. When workers lack the required skills, they move to occupations where their skills are still employable but are paid a lower wage.

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• Gorodnichenko, Y., Pham, T., & Talavera, O. (2023). The Voice of Monetary Policy. American Economic Review, 113, 548–584.

  We develop a deep learning model to detect emotions embedded in press conferences after the Federal Open Market Committee meetings and examine the influence of the detected emotions on financial markets. We find that, after controlling for the Federal Reserve's actions and the sentiment in policy texts, a positive tone in the voices of Federal Reserve chairs leads to significant increases in share prices. Other financial variables also respond to vocal cues from the chairs. Hence, how policy messages are communicated can move the financial market. Our results provide implications for improving the effectiveness of central bank communications.

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