American Economic Review: Vol. 104 No. 1 (January 2014)
Front Matter (pp. i-viii)
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Articles

Sales Taxes and Internet Commerce (pp. 1-26)
Liran Einav, Dan Knoepfle, Jonathan Levin and Neel Sundaresan
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Risk Shocks (pp. 27-65)
Lawrence J. Christiano, Roberto Motto and Massimo Rostagno
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Aligned Delegation (pp. 66-83)
Alexander Frankel
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Immigration and the Diffusion of Technology: The Huguenot Diaspora in Prussia (pp. 84-122)
Erik Hornung
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Violence and Risk Preference: Experimental Evidence from Afghanistan (pp. 123-48)
Michael Callen, Mohammad Isaqzadeh, James D. Long and Charles Sprenger
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Consumption Risk-Sharing in Social Networks (pp. 149-82)
Attila Ambrus, Markus Mobius and Adam Szeidl
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Risk Sharing and Transactions Costs: Evidence from Kenya's Mobile Money Revolution (pp. 183-223)
William Jack and Tavneet Suri
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Estimating a Structural Model of Herd Behavior in Financial Markets (pp. 224-51)
Marco Cipriani and Antonio Guarino
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Shorter Papers

Worktime Regulations and Spousal Labor Supply (pp. 252-76)
Dominique Goux, Eric Maurin and Barbara Petrongolo
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One Swallow Doesn't Make a Summer: New Evidence on Anchoring Effects (pp. 277-90)
Zacharias Maniadis, Fabio Tufano and John A. List
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Partnerships versus Corporations: Moral Hazard, Sorting, and Ownership Structure (pp. 291-307)
Ayca Kaya and Galina Vereshchagina
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Social Ideology and Taxes in a Differentiated Candidates Framework (pp. 308-22)
Stefan Krasa and Mattias Polborn
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Term Premia and Inflation Uncertainty: Empirical Evidence from an International Panel Dataset: Comment (pp. 323-37)
Michael D. Bauer, Glenn D. Rudebusch and Jing Cynthia Wu
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Term Premia and Inflation Uncertainty: Empirical Evidence from an International Panel Dataset: Reply (pp. 338-41)
Jonathan H. Wright
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Risk Shocks†
By Lawrence J. Christiano, Roberto Motto,
and Massimo Rostagno*
We augment a standard monetary dynamic general equilibrium
model to include a Bernanke-Gertler-Gilchrist financial accelerator
mechanism. We fit the model to US data, allowing the volatility of
cross-sectional idiosyncratic uncertainty to fluctuate over time. We
refer to this measure of volatility as risk. We find that fluctuations in
risk are the most important shock driving the business cycle. (JEL
D81, D82, E32, E44, L26)


Sales Taxes and Internet Commerce†
By Liran Einav, Dan Knoepfle, Jonathan Levin, and Neel Sundaresan*
We estimate the sensitivity of Internet retail purchasing to sales taxes
using eBay data. Our first approach exploits the fact that a seller’s
location—and therefore the applicable tax rate—is revealed only
after a buyer has expressed interest in an item. We document how
adverse tax “surprises” reduce the likelihood of purchase and shift
subsequent purchases toward out-of-state sellers. We then use more
aggregated data to estimate that every one percentage point increase
in a state’s sales tax increases online purchases by state residents by
almost 2 percent, while decreasing their online purchases from state
retailers by 3– 4 percent. (JEL H71, L81, L86)