The American Economic Review, Volume 94

African-American aggregate allocation analysis assets assumption average bank behavior business cycles buyers callback candidates changes choose coefficient college share column consumption contract correlation cost decisions desegregation deviation distribution districts dropout rates dummy effect efficient employment entrepreneurs equation equilibrium estimates ex ante ex post Federal firms forecasts fraction function funds rate grade growth human capital impact implies incentive income increase individual industry inequality aversion informational cascades input investment Lemma liquidity low-skill agent marginal measure ment merit plan monetary policy moral hazard nomic observations opportunity optimal output panel paper patents payoff percent period plants pool preferences probability productivity PROPOSITION real wages regression representative democracy sample Section sector shocks significant social capital specification spillovers standard errors statistically switch Table tariff tion trade credit trade reform treatment v₁ variables volatility voters workers zero