Economic Perspectives

Transcription

1 A journal of the American Economic Association Fall 2016

2 A journal of the American Economic Association Editor Enrico Moretti, University of California at Berkeley Coeditors Gordon Hanson, University of California at San Diego Mark Gertler, New York University Associate Editors Anat Admati, Stanford University Nicholas Bloom, Stanford University Dora Costa, University of California at Los Angeles Amy Finkelstein, Massachusetts Institute of Technology Seema Jayachandran, Northwestern University Guido Lorenzoni, Northwestern University Emi Nakamura, Columbia University Richard Newell, Duke University Valerie Ramey, University of California at San Diego Scott Stern, Massachusetts Institute of Technology Managing Editor Timothy Taylor Assistant Editor Ann Norman Editorial offices: Journal of American Economic Association Publications 2403 Sidney St., #260 Pittsburgh, PA gratefully acknowledges the support of Macalester College. Registered in the US Patent and Trademark Office ( ). Copyright 2016 by the American Economic Association; All Rights Reserved. Composed by American Economic Association Publications, Pittsburgh, Pennsylvania, USA. Printed by R. R. Donnelley Company, Jefferson City, Missouri, 65109, USA. No responsibility for the views expressed by the authors in this journal is assumed by the editors or by the American Economic Association. THE JOURNAL OF ECONOMIC PERSPECTIVES (ISSN ), Fall 2016, Vol. 30, No. 4. The JEP is published quarterly (February, May, August, November) by the American Economic Association, 2014 Broadway, Suite 305, Nashville, TN Annual dues for regular membership are $20.00, $30.00, or $40.00 depending on income; for an additional $15.00, you can receive this journal in print. E-reader versions are free. For details and further information on the AEA go to Periodicals postage paid at Nashville, TN, and at additional mailing offices. POSTMASTER: Send address changes to the Journal of, 2014 Broadway, Suite 305, Nashville, TN Printed in the U.S.A.

3 Contents Volume 30 Number 4 Fall 2016 Symposia Immigration and Labor Markets Giovanni Peri, Immigrants, Productivity, and Labor Markets....3 Christian Dustmann, Uta Schönberg, and Jan Stuhler, The Impact of Immigration: Why Do Studies Reach Such Different Results? Gordon Hanson and Craig McIntosh, Is the Mediterranean the New Rio Grande? US and EU Immigration Pressures in the Long Run Sari Pekkala Kerr, William Kerr, Çağlar Özden, and Christopher Parsons, Global Talent Flows...83 What is Happening in Game Theory? Larry Samuelson, Game Theory in Economics and Beyond Vincent P. Crawford, New Directions for Modelling Strategic Behavior: Game-Theoretic Models of Communication, Coordination, and Cooperation in Economic Relationships Drew Fudenberg and David K. Levine, Whither Game Theory? Towards a Theory of Learning in Games Articles Dave Donaldson and Adam Storeygard, The View from Above: Applications of Satellite Data in Economics Robert M. Townsend, Village and Larger Economies: The Theory and Measurement of the Townsend Thai Project Amanda Bayer and Cecilia Elena Rouse, Diversity in the Economics Profession: A New Attack on an Old Problem Features Timothy Taylor, Recommendations for Further Reading

4 Statement of Purpose attempts to fill a gap between the general interest press and most other academic economics journals. The journal aims to publish articles that will serve several goals: to synthesize and integrate lessons learned from active lines of economic research; to provide economic analysis of public policy issues; to encourage cross-fertilization of ideas among the fields of economics; to offer readers an accessible source for state-of-the-art economic thinking; to suggest directions for future research; to provide insights and readings for classroom use; and to address issues relating to the economics profession. Articles appearing in the journal are normally solicited by the editors and associate editors. Proposals for topics and authors should be directed to the journal office, at the address inside the front cover. Policy on Data Availability It is the policy of the Journal of to publish papers only if the data used in the analysis are clearly and precisely documented and are readily available to any researcher for purposes of replication. Details of the computations sufficient to permit replication must be provided. The Editor should be notified at the time of submission if the data used in a paper are proprietary or if, for some other reason, the above requirements cannot be met. Policy on Disclosure Authors of articles appearing in the Journal of are expected to disclose any potential conflicts of interest that may arise from their consulting activities, financial interests, or other nonacademic activities. Journal of Advisory Board Kristen Butcher, Wellesley College Janet Currie, Princeton University Franceso Giavazzi, Bocconi University Claudia Goldin, Harvard University Robert E. Hall, Stanford University Greg Ip, Wall Street Journal Hongbin Li, Tsinghua University Scott Page, University of Michigan Paul Romer, New York University Elu von Thadden, University of Mannheim

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Corresponding figures for May 2016, the issue published nearest to filing date: total number of copies printed, 6,398; total paid circulation, 5,310; the average total free or nominal rate include on PS form 3541, zero; the average total free or nominal rate distribution, 214; total distribution, 5,524; the average number of copies not distributed, 874. During the preceding twelve months the average number of paid electronic copies each issue was 952; the total average paid print and electronic copies, 6,489; the total print distribution and electronic copies, 6,704. Corresponding figures for May 2016, the issue published nearest to filing date: number of paid electronic copies, 954; the total paid print and electronic copies, 6,264; the total print distribution and electronic copies, 6,478. Certified by Regina Montgomery, Administrative Director. Founded in 1885 EXECUTIVE COMMITTEE Elected Officers and Members President ROBERT J. SHILLER, Yale University President-elect ALVIN E. ROTH, Stanford University Vice Presidents DARON ACEMOGLU, Massachusetts Institute of Technology MARIANNE BERTRAND, University of Chicago Members DORA L. COSTA, University of California at Los Angeles GUIDO W. IMBENS, Stanford University DAVID H. AUTOR, Massachusetts Institute of Technology RACHEL E. KRANTON, Duke University JOHN Y. CAMPBELL, Harvard University HILARY HOYNES, University of California at Berkeley Ex Officio Members RICHARD H. THALER, University of Chicago WILLIAM D. NORDHAUS, Yale University Appointed Members Editor, The American Economic Review PINELOPI KOUJIANOU GOLDBERG, Yale University Editor, Economic Literature STEVEN N. DURLAUF, University of Wisconsin Editor, ENRICO MORETTI, University of California at Berkeley Editor, American Economic Journal: Applied Economics ESTHER DUFLO, Massachusetts Institute of Technology Editor, American Economic Journal: Economic Policy MATTHEW D. 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6 Fall 2016, Volume 30, Number 4 Symposia Immigration and Labor Markets Giovanni Peri, Immigrants, Productivity, and Labor Markets Christian Dustmann, Uta Schönberg, and Jan Stuhler, The Impact of Immigration: Why Do Studies Reach Such Different Results? Gordon Hanson and Craig McIntosh, Is the Mediterranean the New Rio Grande? US and EU Immigration Pressures in the Long Run Sari Pekkala Kerr, William Kerr, Çağlar Özden, and Christopher Parsons, Global Talent Flows What is Happening in Game Theory? Larry Samuelson, Game Theory in Economics and Beyond Vincent P. Crawford, New Directions for Modelling Strategic Behavior: Game-Theoretic Models of Communication, Coordination, and Cooperation in Economic Relationships Drew Fudenberg and David K. Levine, Whither Game Theory? Towards a Theory of Learning in Games Articles Dave Donaldson and Adam Storeygard, The View from Above: Applications of Satellite Data in Economics Robert M. Townsend, Village and Larger Economies: The Theory and Measurement of the Townsend Thai Project Amanda Bayer and Cecilia Elena Rouse, Diversity in the Economics Profession: A New Attack on an Old Problem Recommendations for Further Reading