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Economic Perspectives The Journal of The Journal of Economic Perspectives Economic Perspectives The Journal of Fall 2019, Volume 33, Number 4 Economic Perspectives Symposia Fiftieth Anniversary of the Clean Air and Water Acts Janet Currie and Reed Walker, “What Do Economists Have to Say about the Clean Air Act 50 Years after the Establishment of the Environmental Protection Agency?” Richard Schmalensee and Robert N. Stavins, “Policy Evolution under the Clean Air Act” David A. Keiser and Joseph S. Shapiro, “US Water Pollution Regulation over the Past Half Century: Burning Waters to Crystal Springs?” Modern Populism Sebastian Edwards, “On Latin American Populism, A journal of the and Its Echoes around the World” American Economic Association Sergei Guriev and Daniel Treisman, “Informational Autocrats” Italo Colantone and Piero Stanig, “The Surge of Economic Nationalism in Western Europe” 33, Number 4 Fall 2019 Volume Yotam Margalit, “Economic Insecurity and the Causes of Populism, Reconsidered” Articles George A. Akerlof, “What They Were Thinking Then: The Consequences for Macroeconomics during the Past 60 Years” Mary Amiti, Stephen J. Redding, and David E. Weinstein, “The Impact of the 2018 Tariffs on Prices and Welfare” Features Brett M. Frischmann, Alain Marciano, and Giovanni Battista Ramello, “Retrospectives: Tragedy of the Commons after 50 Years” Recommendations for Further Reading Fall 2019 The American Economic Association The Journal of Correspondence relating to advertising, busi- Founded in 1885 ness matters, permission to quote, or change Economic Perspectives of address should be sent to the AEA business EXECUTIVE COMMITTEE office: [email protected]. Street ad- dress: American Economic Association, 2014 Elected Officers and Members A journal of the American Economic Association Broadway, Suite 305, Nashville, TN 37203. For membership, subscriptions, or complimentary President access to JEP articles, go to the AEA website: BEN S. BERNANKE, The Brookings Institution Editor http://www.aeaweb.org. Annual dues for regu- lar membership are $22.00, $32.00, or $42.00, President-elect Enrico Moretti, University of California, Berkeley depending on income; for an additional fee, you JANET L. YELLEN, The Brookings Institution can receive this journal, or any of the Associa- tion’s journals, in print. Change of address no- Vice Presidents Coeditors tice must be received at least six weeks prior to LAWRENCE F. KATZ, Harvard University the publication month. Gordon Hanson, University of California, San Diego DAVID H. ROMER, University of California, Berkeley Heidi Williams, Stanford University Copyright © 2019 by the American Eco nomic Members Association. Permission to make dig ital or hard NICHOLAS BLOOM, Stanford University copies of part or all of this work for personal or Associate Editors classroom use is granted without fee provided ERICA FIELD, Duke University that copies are not made or distributed for profit ADRIANA LLERAS-MUNEY, University of California, Los Angeles Leah Boustan, Princeton University or direct commercial advantage and that cop- Dora Costa, University of California, Los Angeles ies show this notice on the first page or initial BETSEY STEVENSON, University of Michigan screen of a display along with the full citation, in- MARTHA BAILEY, University of Michigan Janice Eberly, Northwestern University cluding the name of the author. Copyrights for David Figlio, Northwestern University components of this work owned by others than SUSANTO BASU, Boston College AEA must be honored. Abstracting with credit Ex Officio Members Amy Finkelstein, Massachusetts Institute of Technology is permitted. The author has the right to repub- Fiona Scott Morton, Yale University lish, post on servers, redistribute to lists, and use ALVIN E. ROTH, Stanford University any component of this work in other works. For OLIVIER BLANCHARD, Peterson Institute for International Economics Betsey Stevenson, University of Michigan others to do so requires prior specific permis- sion and/or a fee. Per missions may be requested Appointed Members Ebonya Washington, Yale University from the American Economic Association, Catherine Wolfram, University of California, Berkeley 2014 Broadway, Suite 305, Nashville, TN 37203; Editor, The American Economic Review email: [email protected]. Luigi Zingales, University of Chicago ESTHER DUFLO, Massachusetts Institute of Technology The following Statement of Ownership, Man- Editor, The American Economic Review: Insights agement and Circulation is provided in accor- AMY FINKELSTEIN, Massachusetts Institute of Technology Managing Editor dance with the requirements, as contained in Timothy Taylor 39 U.S.C. 3658. Journal of Economic Perspectives is Editor, The Journal of Economic Literature owned, managed and published by the Ameri- STEVEN N. DURLAUF, University of Chicago can Economic Association, a nonprofit educa- Assistant Managing Editor tional organization, located at 2014 Broadway, Editor, The Journal of Economic Perspectives Jocelyn Rice Suite 305, Nashville, Davidson County, TN ENRICO MORETTI, University of California, Berkeley 37203-2425. The Editor is Enrico Moretti, UC Berkeley. The Managing Editor is Timothy Tay- Editor, American Economic Journal: Applied Economics lor: Journal of Economic Perspectives, 2403 Sidney ALEXANDRE MAS, Princeton University Editorial offices: Street, Suite 260, Pittsburgh, PA 15203. The tax status of the American Economic Association Editor, American Economic Journal: Economic Policy Journal of Economic Perspectives has not changed during the preceding twelve MATTHEW D. SHAPIRO, University of Michigan American Economic Association Publications months. During the preceding twelve months, the average number of copies printed for each Editor, American Economic Journal: Macroeconomics 2403 Sidney St., #260 issue was 4,904; the average total paid and/or re- SIMON GILCHRIST, New York University Pittsburgh, PA 15203 quested circulation, 4,151; the average total non- requested distribution, 0; the average number Editor, American Economic Journal: Microeconomics email: [email protected] of copies not distributed 753; the average total distribution, 4,904. Corresponding figures for JOHANNES HÖRNER, Yale University May 2019, the issue published nearest to filing Secretary-Treasurer date: total number of copies printed, 4,840; total PETER L. ROUSSEAU, Vanderbilt University The Journal of Economic Perspectives gratefully acknowledges the support of Macalester College. paid and/or requested circulation, 3,963; total non-requested distribution, 0; number of cop- Registered in the US Patent and Trademark Office (®). ies not distributed 877; total distribution, 4,840. OTHER OFFICERS Copyright © 2019 by the American Economic Association; All Rights Reserved. During the preceding twelve months, the aver- Editor, Resources for Economists Composed by American Economic Association Publications, Pittsburgh, Pennsylvania, USA. age number of requested and paid electronic copies each issue was 941; the total average re- WILLIAM GOFFE, Pennsylvania State University Printed by LSC Communications, Owensville, Missouri, 65066, USA. quested and paid print and electronic copies, No responsibility for the views expressed by the authors in this journal is assumed by the editors or by 5,092. Corresponding figures for May 2019, the Director of AEA Publication Services the American Economic Association. issue published nearest to filing date: number of ELIZABETH R. BRAUNSTEIN THE JOURNAL OF ECONOMIC PERSPECTIVES (ISSN 0895-3309), Fall 2019, Vol. 33, No. 4. The JEP is requested and paid electronic copies, 942; the total requested and paid print and electronic Managing Director of EconLit Product Design and Content published quarterly (February, May, August, November) by the American Economic Association, 2014 copies, 4,905. Certified by Barbara Fiser, Direc- STEVEN L. HUSTED, University of Pittsburgh Broadway, Suite 305, Nashville, TN 37203-2418. Annual dues for regular membership are $22.00, $32.00, tor of Finance and Administration. Counsel or $42.00 depending on income; for an additional $15.00, you can receive this journal in print. The journal is freely available online. For details and further information on the AEA go to https://www.aeaweb.org/. TERRY CALVANI Periodicals postage paid at Nashville, TN, and at additional mailing offices. ADMINISTRATORS POSTMASTER: Send address changes to the Journal of Economic Perspectives, 2014 Broadway, Suite 305, Director of Finance and Administration Nashville, TN 37203. Printed in the U.S.A. BARBARA H. FISER Convention Manager GWYN LOFTIS The Journal of Economic Perspectives Contents Volume 33 • Number 4 • Fall 2019 Symposia Fiftieth Anniversary of the Clean Air and Water Acts Janet Currie and Reed Walker, “What Do Economists Have to Say about the Clean Air Act 50 Years after the Establishment of the Environmental Protection Agency?” . 3 Richard Schmalensee and Robert N . Stavins, “Policy Evolution under the Clean Air Act” . 27 David A . Keiser and Joseph S . Shapiro, “US Water Pollution Regulation over the Past Half Century: Burning Waters to Crystal Springs?” . 51 Modern Populism Sebastian Edwards, “On Latin American Populism, and Its Echoes around the World” . 76 Sergei Guriev and Daniel Treisman, “Informational Autocrats” . 100 Italo Colantone and Piero Stanig, “The Surge of Economic Nationalism in Western Europe” . 128 Yotam Margalit, “Economic Insecurity and the Causes of Populism, Reconsidered” . 152 Articles George A . Akerlof, “What They Were Thinking Then: The Consequences
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