The Journal of The Journal of Economic Perspectives Economic Perspectives The Journal of Winter 2019, Volume 33, Number 1 Economic Perspectives Symposia Women in Economics Shelly Lundberg and Jenna Stearns, “Women in Economics: Stalled Progress” Leah Boustan and Andrew Langan, “Variation in Women’s Success across PhD Programs in Economics” Kasey Buckles, “Fixing the Leaky Pipeline: Strategies for Making Economics Work for Women at Every Stage” Financial Stability Regulation Daniel K. Tarullo, “Financial Regulation: Still Unsettled a Decade After the Crisis” A journal of the Darrell Dufe, “Prone to Fail: The Pre-Crisis Financial System” American Economic Association David Aikman, Jonathan Bridges, Anil Kashyap, and Caspar Siegert, “Would Macroprudential Regulation Have Prevented the Last Crisis?” Public Provision of Economic Data 33, Number 1 Winter 2019 Volume Ellen Hughes-Cromwick and Julia Coronado, “The Value of US Government Data to US Business Decisions” Hugh Rockoff, “On the Controversies Behind the Origins of the Federal Economic Statistics” Ron S. Jarmin, “Evolving Measurement for an Evolving Economy: Thoughts on 21st Century US Economic Statistics” Articles Spencer Banzhaf, Lala Ma, and Christopher Timmins, “Environmental Justice: The Economics of Race, Place, and Pollution” Susan Athey and Michael Luca, “Economists (and Economics) in Tech Companies” Ariel Pakes and Joel Sobel, “Parag Pathak: Winner of the 2018 Clark Medal” Recommendations for Further Reading Winter 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- Elected Officers and Members dress: American Economic Association, 2014 A journal of the American Economic Association President Broadway, Suite 305, Nashville, TN 37203. For membership, subscriptions, or complimentary BEN S. BERNANKE, The Brookings Institution Editor access to JEP articles, go to the AEA website: President-elect Enrico Moretti, University of California at Berkeley http://www.aeaweb.org. Annual dues for regu- JANET L. YELLEN, The Brookings Institution lar membership are $22.00, $32.00, or $42.00, Vice Presidents depending on income; for an additional fee, you Coeditors can receive this journal, or any of the Associa- LAWRENCE F. KATZ, Harvard University Gordon Hanson, University of California at San Diego tion’s journals, in print. Change of address no- DAVID H. ROMER, University of California, Berkeley Heidi Williams, Massachusetts Institute of Technology tice must be received at least six weeks prior to Members the publication month. NICHOLAS BLOOM, Stanford University Associate Editors Copyright © 2019 by the American Eco nomic ERICA FIELD, Duke University Leah Boustan, Princeton University Association. Permission to make dig ital or hard ADRIANA LLERAS-MUNEY, University of California, Los Angeles Dora Costa, University of California at Los Angeles copies of part or all of this work for personal or BETSEY STEVENSON, University of Michigan classroom use is granted without fee provided MARTHA BAILEY, University of Michigan Janice Eberly, Northwestern University that copies are not made or distributed for profit SUSANTO BASU, Boston College David Figlio, Northwestern University or direct commercial advantage and that cop- ies show this notice on the first page or initial Ex Officio Members Amy Finkelstein, Massachusetts Institute of Technology screen of a display along with the full citation, in- ALVIN E. ROTH, Stanford University Fiona Scott Morton, Yale University cluding the name of the author. Copyrights for OLIVIER BLANCHARD, Peterson Institute for International Economics Betsey Stevenson, University of Michigan components of this work owned by others than Appointed Members Ebonya Washington, Yale University AEA must be honored. Abstracting with credit is permitted. The author has the right to repub- Editor, The American Economic Review Catherine Wolfram, University of California lish, post on servers, redistribute to lists, and use ESTHER DUFLO, Massachusetts Institute of Technology Luigi Zingales, University of Chicago any component of this work in other works. For others to do so requires prior specific permis- Editor, The American Economic Review: Insights sion and/or a fee. Per missions may be requested AMY FINKELSTEIN, Massachusetts Institute of Technology Managing Editor from the American Economic Association, Editor, The Journal of Economic Literature Timothy Taylor 2014 Broadway, Suite 305, Nashville, TN 37203; STEVEN N. DURLAUF, University of Chicago e-mail: [email protected]. Assistant Editor Editor, The Journal of Economic Perspectives Ann Norman ENRICO MORETTI, University of California at Berkeley Editor, American Economic Journal: Applied Economics ALEXANDRE MAS, Princeton University Editorial offices: Editor, American Economic Journal: Economic Policy Journal of Economic Perspectives MATTHEW D. SHAPIRO, University of Michigan American Economic Association Publications Editor, American Economic Journal: Macroeconomics 2403 Sidney St., #260 SIMON GILCHRIST, New York University Pittsburgh, PA 15203 Editor, American Economic Journal: Microeconomics email: [email protected] JOHANNES HÖRNER, Yale University Secretary-Treasurer PETER L. ROUSSEAU, Vanderbilt University The Journal of Economic Perspectives gratefully acknowledges the support of Macalester College. OTHER OFFICERS Registered in the US Patent and Trademark Office (®). Editor, Resources for Economists Copyright © 2019 by the American Economic Association; All Rights Reserved. WILLIAM GOFFE, Pennsylvania State University Composed by American Economic Association Publications, Pittsburgh, Pennsylvania, USA. Printed by LSC Communications, Owensville, Missouri, 65066, USA. Director of AEA Publication Services No responsibility for the views expressed by the authors in this journal is assumed by the editors or by JANE EMILY VOROS, Pittsburgh the American Economic Association. Managing Director of EconLit Product Design and Content THE JOURNAL OF ECONOMIC PERSPECTIVES (ISSN 0895-3309), Winter 2019, Vol. 33, No. 1. The JEP STEVEN L. HUSTED, University of Pittsburgh is published quarterly (February, May, August, November) by the American Economic Association, 2014 Counsel Broadway, Suite 305, Nashville, TN 37203-2418. Annual dues for regular membership are $22.00, $32.00, or $42.00 depending on income; for an additional $15.00, you can receive this journal in print. The journal TERRY CALVANI, Freshfields Bruckhaus Deringer LLP is freely available online. For details and further information on the AEA go to https://www.aeaweb.org/. Washington, DC 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 1 • Winter 2019 Symposia Women in Economics Shelly Lundberg and Jenna Stearns, “Women in Economics: Stalled Progress” . 3 Leah Boustan and Andrew Langan, “Variation in Women’s Success across PhD Programs in Economics” . 23 Kasey Buckles, “Fixing the Leaky Pipeline: Strategies for Making Economics Work for Women at Every Stage” . 43 Financial Stability Regulation Daniel K . Tarullo, “Financial Regulation: Still Unsettled a Decade After the Crisis” . 61 Darrell Duffie, “Prone to Fail: The Pre-Crisis Financial System” . 81 David Aikman, Jonathan Bridges, Anil Kashyap, and Caspar Siegert, “Would Macroprudential Regulation Have Prevented the Last Crisis?” . 107 Public Provision of Economic Data Ellen Hughes-Cromwick and Julia Coronado, “The Value of US Government Data to US Business Decisions” . 131 Hugh Rockoff, “On the Controversies Behind the Origins of the Federal Economic Statistics” . 147 Ron S . Jarmin, “Evolving Measurement for an Evolving Economy: Thoughts on 21st Century US Economic Statistics” . 165 Articles Spencer Banzhaf, Lala Ma, and Christopher Timmins, “Environmental Justice: The Economics of Race, Place, and Pollution” . 185 Susan Athey and Michael Luca, “Economists (and Economics) in Tech Companies” . 209 Ariel Pakes and Joel Sobel, “Parag Pathak: Winner of the 2018 Clark Medal” . 231 Features Timothy Taylor, “Recommendations for Further Reading” . 247 Statement of Purpose The Journal of Economic Perspectives 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 read- ings 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 Economic Perspectives to publish papers only if the data