American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
Contact information at EDIRC.
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Volume 115, issue 5, 2025

Presidential Address: Investing in Children to Address the Child Mental Health Crisis pp. 1369-99

Janet Currie

Does Entry Remedy Collusion? Evidence from the Generic Prescription Drug Cartel pp. 1400-1438

Amanda Starc and Thomas G. Wollmann

The Role of People versus Places in Individual Carbon Emissions pp. 1439-84

Eva Lyubich

Efficiency in Household Decision-Making: Evidence from the Retirement Savings of US Couples pp. 1485-1519

Taha Choukhmane, Lucas Goodman and Cormac O'Dea

Changing Tracks: Human Capital Investment after Loss of Ability pp. 1520-54

Anders Humlum, Jakob R. Munch and Pernille Plato

When Do "Nudges" Increase Welfare? pp. 1555-96

Hunt Allcott, Daniel Cohen, William Morrison and Dmitry Taubinsky

Risk Aversion and Insurance Propensity pp. 1597-1649

Fabio Maccheroni, Massimo Marinacci, Ruodu Wang and Qinyu Wu

Selling Subscriptions pp. 1650-71

Liran Einav, Ben Klopack and Neale Mahoney

How Do Mental Health Treatment Delays Impact Long-Term Mortality? pp. 1672-1707

Sydney Costantini

Volume 115, issue 4, 2025

Presidential Address: The Economist as Designer in the Innovation Process for Socially Impactful Digital Products pp. 1059-99

Susan Athey

Fragile New Economy: Intangible Capital, Corporate Savings Glut, and Financial Instability pp. 1100-1141

Ye Li

Trade Shocks and Credit Reallocation pp. 1142-69

Stefano Federico, Fadi Hassan and Veronica Rappoport

Product Differentiation and Oligopoly: A Network Approach pp. 1170-1225

Bruno Pellegrino

Weighted Linear Discrete Choice pp. 1226-57

Christopher Chambers, Yusufcan Masatlioglu, Paulo Natenzon and Collin Raymond

Fighting Climate Change: International Attitudes toward Climate Policies pp. 1258-1300

Antoine Dechezleprêtre, Adrien Fabre, Tobias Kruse, Bluebery Planterose, Ana Sanchez Chico and Stefanie Stantcheva

When Money Dies: The Dynamics of Speculative Hyperinflations pp. 1301-37

Guillaume Rocheteau

Cultural Distance and Ethnic Civil Conflict pp. 1338-68

Eleonora Guarnieri

Volume 115, issue 3, 2025

Land Rental Markets: Experimental Evidence from Kenya pp. 727-71

Michelle Acampora, Lorenzo Casaburi and Jack Willis

Do Ordeals Work for Selection Markets? Evidence from Health Insurance Auto-Enrollment pp. 772-822

Mark Shepard and Myles Wagner

Mortgage Pricing and Monetary Policy pp. 823-63

Matteo Benetton, Alessandro Gavazza and Paolo Surico

Internationalizing Like China pp. 864-902

Christopher Clayton, Amanda Dos Santos, Matteo Maggiori and Jesse Schreger

Ownership Concentration and Strategic Supply Reduction pp. 903-44

Ulrich Doraszelski, Katja Seim, Michael Sinkinson and Peichun Wang

The Decline of Too Big to Fail pp. 945-74

Antje Berndt, Darrell Duffie and Yichao Zhu

How Competitive Is the Stock Market? Theory, Evidence from Portfolios, and Implications for the Rise of Passive Investing pp. 975-1018

Valentin Haddad, Paul Huebner and Erik Loualiche

Corruption as a Local Advantage: Evidence from the Indigenization of Nigerian Oil pp. 1019-57

Jonah M. Rexer

Volume 115, issue 2, 2025

Empowering Adolescents to Transform Schools: Lessons from a Behavioral Targeting pp. 365-407

Sule Alan and Elif Kubilay

Regulating Conglomerates: Evidence from an Energy Conservation Program in China pp. 408-47

Qiaoyi Chen, Zhao Chen, Zhikuo Liu, Juan Carlos Suárez Serrato and Daniel Yi Xu

A Theory of Dynamic Inflation Targets pp. 448-90

Christopher Clayton and Andreas Schaab

Sticky Wages on the Layoff Margin pp. 491-524

Steven Davis and Pawel Krolikowski

The Good Wife? Reputation Dynamics and Financial Decision-Making inside the Household pp. 525-70

Nina Buchmann, Pascaline Dupas and Roberta Ziparo

Hedging When Applying: Simultaneous Search with Correlation pp. 571-98

S. Nageeb Ali and Ran I. Shorrer

Robust Monopoly Regulation pp. 599-634

Yingni Guo and Eran Shmaya

Political Social Learning: Short-Term Memory and Cycles of Polarization pp. 635-59

Gilat Levy and Ronny Razin

The Benefits of Revealing Race: Evidence from Minority-Owned Local Businesses pp. 660-89

Abhay Aneja, Michael Luca and Oren Reshef

Start-up Costs and Market Power: Lessons from the Renewable Energy Transition pp. 690-726

Akshaya Jha and Gordon Leslie

Volume 115, issue 1, 2025

Five Facts about MPCs: Evidence from a Randomized Experiment pp. 1-42

Johannes Boehm, Etienne Fize and Xavier Jaravel

Universalism: Global Evidence pp. 43-76

Alexander W. Cappelen, Benjamin Enke and Bertil Tungodden

In Harm's Way? Infrastructure Investments and the Persistence of Coastal Cities pp. 77-116

Clare Balboni

Price Floors and Employer Preferences: Evidence from a Minimum Wage Experiment pp. 117-46

John J. Horton

Heterogeneity in School Value Added and the Private Premium pp. 147-82

Tahir Andrabi, Natalie Bau, Jishnu Das and Asim I. Khwaja

Organized Voters: Elections and Public Funding of Nonprofits pp. 183-219

Camille Urvoy

The Global Financial Resource Curse pp. 220-62

Gianluca Benigno, Luca Fornaro and Martin Wolf

Dying or Lying? For-Profit Hospices and End-of-Life Care pp. 263-94

Jonathan Gruber, David H. Howard, Jetson Leder-Luis and Theodore L. Caputi

Whatever It Takes? The Impact of Conditional Policy Promises pp. 295-329

Valentin Haddad, Alan Moreira and Tyler Muir

Dynamic Inconsistency in Risky Choice: Evidence from the Lab and Field pp. 330-63

Rawley Heimer, Zwetelina Iliewa, Alex Imas and Martin Weber

Volume 114, issue 12, 2024

Decisions under Risk Are Decisions under Complexity pp. 3789-3811

Ryan Oprea

Curbing Leakage in Public Programs: Evidence from India's Direct Benefit Transfer Policy pp. 3812-46

Prabhat Barnwal

Aiming for the Goal: Contribution Dynamics of Crowdfunding pp. 3847-76

Joyee Deb, Aniko Öry and Kevin R. Williams

Political Correctness, Social Image, and Information Transmission pp. 3877-3904

Luca Braghieri

Loans for the "Little Fellow": Credit, Crisis, and Recovery in the Great Depression pp. 3905-43

Sarah Quincy

Beliefs in Repeated Games: An Experiment pp. 3944-75

Masaki Aoyagi, Guillaume R. Fréchette and Sevgi Yuksel

The Real State: Inside the Congo's Traffic Police Agency pp. 3976-4014

Raúl Sánchez de la Sierra, Kristof Titeca, Haoyang (Stan) Xie, Aimable Amani Lameke and Albert Jolino Malukisa

Contamination Bias in Linear Regressions pp. 4015-51

Paul Goldsmith-Pinkham, Peter Hull and Michal Kolesár

Measuring Science: Performance Metrics and the Allocation of Talent pp. 4052-90

Sebastian Hager, Carlo Schwarz and Fabian Waldinger

Bias and Sensitivity under Ambiguity pp. 4091-4133

Zhen Huo, Marcelo Pedroni and Guangyu Pei

Volume 114, issue 11, 2024

Polity Size and Local Government Performance: Evidence from India pp. 3385-3426

Veda Narasimhan and Jeffrey Weaver

Institution Building without Commitment pp. 3427-68

Marco Bassetto, Zhen Huo and José-Víctor Ríos-Rull

Financial Technology Adoption: Network Externalities of Cashless Payments in Mexico pp. 3469-3512

Sean Higgins

Sticky Spending, Sequestration, and Government Debt pp. 3513-50

Facundo Piguillem and Alessandro Riboni

Generalized Social Marginal Welfare Weights Imply Inconsistent Comparisons of Tax Policies pp. 3551-77

Itai Sher

The Dynamic Consequences of State Building: Evidence from the French Revolution pp. 3578-3622

Cédric Chambru, Emeric Henry and Benjamin Marx

Merchants of Death: The Effect of Credit Supply Shocks on Hospital Outcomes pp. 3623-68

Cyrus Aghamolla, Pinar Karaca-Mandic, Xuelin Li and Richard T. Thakor

Micro Risks and (Robust) Pareto-Improving Policies pp. 3669-3713

Mark Aguiar, Manuel Amador and Cristina Arellano

A Technology-Gap Model of 'Premature' Deindustrialization pp. 3714-45

Ippei Fujiwara and Kiminori Matsuyama

Quality Is in the Eye of the Beholder: Taste Projection in Markets with Observational Learning pp. 3746-87

Tristan Gagnon-Bartsch and Antonio Rosato

Volume 114, issue 10, 2024

The Social Costs of Keystone Species Collapse: Evidence from the Decline of Vultures in India pp. 3007-40

Eyal Frank and Anant Sudarshan

Public Discourse and Socially Responsible Market Behavior pp. 3041-74

Björn Bartling, Vanessa Valero, Roberto A. Weber and Lan Yao

Optimally Imprecise Memory and Biased Forecasts pp. 3075-3118

Rava Azeredo da Silveira, Yeji Sung and Michael Woodford

Monitoring in Small Firms: Experimental Evidence from Kenyan Public Transit pp. 3119-60

Erin M. Kelley, Gregory Lane and David Schönholzer

Efficiency and Equity Impacts of Urban Transportation Policies with Equilibrium Sorting pp. 3161-3205

Panle Barwick, Shanjun Li, Andrew Waxman, Jing Wu and Tianli Xia

Sufficient Statistics for Nonlinear Tax Systems with General Across-Income Heterogeneity pp. 3206-49

Antoine Ferey, Benjamin Lockwood and Dmitry Taubinsky

Rising Top, Falling Bottom: Industries and Rising Wage Inequality pp. 3250-83

John Haltiwanger, Henry R. Hyatt and James R. Spletzer

Dynamic Outside Options and Optimal Negotiation Strategies pp. 3284-3313

Andrew McClellan

The Price of Power: Costs of Political Corruption in Indian Electricity pp. 3314-44

Meera Mahadevan

Women Left Behind: Gender Disparities in Utilization of Government Health Insurance in India pp. 3345-85

Pascaline Dupas and Radhika Jain

Volume 114, issue 9, 2024

Arbitraging Covered Interest Rate Parity Deviations and Bank Lending pp. 2633-67

Lorena Keller

Revealing Choice Bracketing pp. 2668-2700

Andrew Ellis and David Freeman

Valuing Long-Term Property Rights with Anticipated Political Regime Shifts pp. 2701-47

Zhiguo He, Maggie Hu, Zhenping Wang and Vincent Yao

Age Set versus Kin: Culture and Financial Ties in East Africa pp. 2748-91

Jacob Moscona and Awa Ambra Seck

Investing in the Next Generation: The Long-Run Impacts of a Liquidity Shock pp. 2792-2824

Patrick Agte, Arielle Bernhardt, Erica Field, Rohini Pande and Natalia Rigol

Big Loans to Small Businesses: Predicting Winners and Losers in an Entrepreneurial Lending Experiment pp. 2825-60

Gharad Bryan, Dean Karlan and Adam Osman

In-Kind Transfers as Insurance pp. 2861-97

Lucie Gadenne, Samuel Norris, Monica Singhal and Sandip Sukhtankar

Spending and Job-Finding Impacts of Expanded Unemployment Benefits: Evidence from Administrative Micro Data pp. 2898-2939

Peter Ganong, Fiona Greig, Pascal Noel, Daniel M. Sullivan and Joseph Vavra

Experimentation in Networks pp. 2940-80

Simon Board and Moritz Meyer-ter-Vehn

Comparisons of Signals pp. 2981-3006

Benjamin Brooks, Alexander Frankel and Emir Kamenica

Volume 114, issue 8, 2024

Monotone Function Intervals: Theory and Applications pp. 2239-70

Kai Hao Yang and Alexander K. Zentefis

Long-Run Trends in Long-Maturity Real Rates, 1311–2022 pp. 2271-2307

Kenneth Rogoff, Barbara Rossi and Paul Schmelzing

Indirect Effects of Access to Finance pp. 2308-51

Jing Cai and Adam Szeidl

Strengthening State Capacity: Civil Service Reform and Public Sector Performance during the Gilded Age pp. 2352-87

Abhay Aneja and Guo Xu

Repeated Trading: Transparency and Market Structure pp. 2388-2435

Ayça Kaya and Santanu Roy

Learning by Necessity: Government Demand, Capacity Constraints, and Productivity Growth pp. 2436-71

Ethan Ilzetzki

A Discrimination Report Card pp. 2472-2525

Patrick Kline, Evan K. Rose and Christopher Walters

Crowding in School Choice pp. 2526-52

William Phan, Ryan Tierney and Yu Zhou

Data, Competition, and Digital Platforms pp. 2553-95

Dirk Bergemann and Alessandro Bonatti

Buying from a Group pp. 2596-2632

Nima Haghpanah, Aditya Kuvalekar and Elliot Lipnowski

Volume 114, issue 7, 2024

Information Choice in Auctions pp. 1883-1915

Nina Bobkova

Revealing Stereotypes: Evidence from Immigrants in Schools pp. 1916-48

Alberto Alesina, Michela Carlana, Eliana La Ferrara and Paolo Pinotti

Misallocation under Trade Liberalization pp. 1949-85

Yan Bai, Keyu Jin and Dan Lu

Demographic Origins of the Start-up Deficit pp. 1986-2023

Fatih Karahan, Benjamin Pugsley and Aysegul Sahin

Opportunity Unraveled: Private Information and the Missing Markets for Financing Human Capital pp. 2024-72

Daniel Herbst and Nathaniel Hendren

Bank Runs, Fragility, and Credit Easing pp. 2073-2110

Manuel Amador and Javier Bianchi

100 Years of Rising Corporate Concentration pp. 2111-40

Spencer Y. Kwon, Yueran Ma and Kaspar Zimmermann

Personalized Pricing and Competition pp. 2141-70

Andrew Rhodes and Jidong Zhou

Organized Crime and Economic Growth: Evidence from Municipalities Infiltrated by the Mafia pp. 2171-2200

Alessandra Fenizia and Raffaele Saggio

The Gift of a Lifetime: The Hospital, Modern Medicine, and Mortality pp. 2201-38

Alex Hollingsworth, Krzysztof Karbownik, Melissa A. Thomasson and Anthony Wray

Volume 114, issue 6, 2024

Nobel Lecture: An Evolving Economic Force pp. 1515-39

Claudia Goldin

Local Economic and Political Effects of Trade Deals: Evidence from NAFTA pp. 1540-75

Jiwon Choi, Ilyana Kuziemko, Ebonya Washington and Gavin Wright

Status Externalities in Education and Low Birth Rates in Korea pp. 1576-1611

Seongeun Kim, Michèle Tertilt and Minchul Yum

Welfare Comparisons for Biased Learning pp. 1612-49

Mira Frick, Ryota Iijima and Yuhta Ishii

The Flight to Safety and International Risk Sharing pp. 1650-91

Rohan Kekre and Moritz Lenel

Long-Run Effects of Incentivizing Work after Childbirth pp. 1692-1722

Elira Kuka and Na'ama Shenhav

Task-Based Discrimination pp. 1723-68

Erik Hurst, Yona Rubinstein and Kazuatsu Shimizu

Information Technology and Returns to Scale pp. 1769-1815

Danial Lashkari, Arthur Bauer and Jocelyn Boussard

Breaking Gender Barriers: Experimental Evidence on Men in Pink-Collar Jobs pp. 1816-53

Alexia Delfino

Financial Access and Labor Market Outcomes: Evidence from Credit Lotteries pp. 1854-81

Bernardus Van Doornik, Armando Gomes, David Schoenherr and Janis Skrastins

Volume 114, issue 5, 2024

Shocks, Frictions, and Inequality in US Business Cycles pp. 1211-47

Christian Bayer, Benjamin Born and Ralph Luetticke

Household Labor Supply and the Value of Social Security Survivors Benefits pp. 1248-80

David Coyne, Itzik Fadlon, Shanthi P. Ramnath and Patricia K. Tong

Creating Moves to Opportunity: Experimental Evidence on Barriers to Neighborhood Choice pp. 1281-1337

Peter Bergman, Raj Chetty, Stefanie DeLuca, Nathaniel Hendren, Lawrence Katz and Christopher Palmer

From Fog to Smog: The Value of Pollution Information pp. 1338-81

Panle Barwick, Shanjun Li, Liguo Lin and Eric Zou

Urban Public Works in Spatial Equilibrium: Experimental Evidence from Ethiopia pp. 1382-1414

Simon Franklin, Clément Imbert, Girum Abebe and Carolina Mejia-Mantilla

Resisting Social Pressure in the Household Using Mobile Money: Experimental Evidence on Microenterprise Investment in Uganda pp. 1415-47

Emma Riley

A Framework for Economic Growth with Capital-Embodied Technical Change pp. 1448-87

Benjamin F. Jones and Xiaojie Liu

On Binscatter pp. 1488-1514

Matias Cattaneo, Richard Crump, Max Farrell and Yingjie Feng

Volume 114, issue 4, 2024

Is Journalistic Truth Dead? Measuring How Informed Voters Are about Political News pp. 887-925

Charles Angelucci and Andrea Prat

Anticipatory Anxiety and Wishful Thinking pp. 926-60

Jan Engelmann, Mael Lebreton, Nahuel A. Salem-Garcia, Peter Schwardmann and Joël J. van der Weele

Motivated Errors pp. 961-87

Christine L. Exley and Judd B. Kessler

When Tariffs Disrupt Global Supply Chains pp. 988-1029

Gene M. Grossman, Elhanan Helpman and Stephen Redding

Local Productivity Spillovers pp. 1030-69

Nathaniel Baum-Snow, Nicolas Gendron-Carrier and Ronni Pavan

Redesigning the US Army's Branching Process: A Case Study in Minimalist Market Design pp. 1070-1106

Kyle Greenberg, Parag Pathak and Tayfun Sönmez

The Political Development Cycle: The Right and the Left in People's Republic of China from 1953 pp. 1107-39

Anton Cheremukhin, Mikhail Golosov, Sergei Guriev and Aleh Tsyvinski

The Opportunity Cost of Debt Aversion pp. 1140-72

Alejandro Martínez-Marquina and Mike Shi

Nurturing Childhood Curiosity to Enhance Learning: Evidence from a Randomized Pedagogical Intervention pp. 1173-1210

Sule Alan and Ipek Mumcu

Volume 114, issue 3, 2024

The Economics of the Public Option: Evidence from Local Pharmaceutical Markets pp. 615-44

Juan Pablo Atal, José Ignacio Cuesta, Felipe González and Cristóbal Otero

The Effect of Macroeconomic Uncertainty on Household Spending pp. 645-77

Olivier Coibion, Dimitris Georgarakos, Yuriy Gorodnichenko, Geoff Kenny and Michael Weber

Optimal Inference for Spot Regressions pp. 678-708

Tim Bollerslev, Jia Li and Yuexuan Ren

The Comparative Statics of Sorting pp. 709-51

Axel Anderson and Lones Smith

Mental Models and Learning: The Case of Base-Rate Neglect pp. 752-82

Ignacio Esponda, Emanuel Vespa and Sevgi Yuksel

Hub-and-Spoke Cartels: Theory and Evidence from the Grocery Industry pp. 783-814

Robert Clark, Ig Horstmann and Jean-François Houde

Does the Squeaky Wheel Get More Grease? The Direct and Indirect Effects of Citizen Participation on Environmental Governance in China pp. 815-50

Mark T. Buntaine, Michael Greenstone, Guojun He, Mengdi Liu, Shaoda Wang and Bing Zhang

The Gender Gap in Confidence: Expected but Not Accounted For pp. 851-85

Christine L. Exley and Kirby Nielsen

Volume 114, issue 2, 2024

Distinguishing Common Ratio Preferences from Common Ratio Effects Using Paired Valuation Tasks pp. 307-47

Christina McGranaghan, Kirby Nielsen, Ted O'Donoghue, Jason Somerville and Charles D. Sprenger

The Immigrant Next Door pp. 348-84

Leonardo Bursztyn, Thomas Chaney, Tarek Hassan and Aakaash Rao

The Nurture of Nature and the Nature of Nurture: How Genes and Investments Interact in the Formation of Skills pp. 385-425

Mikkel Aagaard Houmark, Victor Ronda and Michael Rosholm

Prolonged Learning and Hasty Stopping: The Wald Problem with Ambiguity pp. 426-61

Sarah Auster, Yeon-Koo Che and Konrad Mierendorff

Gender Differences in Medical Evaluations: Evidence from Randomly Assigned Doctors pp. 462-99

Marika Cabral and Marcus Dillender

Pricing Power in Advertising Markets: Theory and Evidence pp. 500-533

Matthew Gentzkow, Jesse Shapiro, Frank Yang and Ali Yurukoglu

Asset-Based Microfinance for Microenterprises: Evidence from Pakistan pp. 534-74

Faisal Bari, Kashif Malik, Muhammad Meki and Simon Quinn

Old Age Risks, Consumption, and Insurance pp. 575-613

Richard Blundell, Margherita Borella, Jeanne Commault and Mariacristina De Nardi

Volume 114, issue 1, 2024

Disentangling Moral Hazard and Adverse Selection pp. 1-37

Henrique Castro-Pires, Hector Chade and Jeroen Swinkels

Universal Basic Income: A Dynamic Assessment pp. 38-88

Diego Daruich and Raquel Fernández

Retirement Consumption and Pension Design pp. 89-133

Jonas Kolsrud, Camille Landais, Daniel Reck and Johannes Spinnewijn

The Ends of 27 Big Depressions pp. 134-68

Martin Ellison, Sang Seok Lee and Kevin O'Rourke

The Economic Impact of Depression Treatment in India: Evidence from Community-Based Provision of Pharmacotherapy pp. 169-98

Manuela Angelucci and Daniel Bennett

Market Power and Innovation in the Intangible Economy pp. 199-251

Maarten De Ridder

Propagation and Insurance in Village Networks pp. 252-84

Cynthia Kinnan, Krislert Samphantharak, Robert Townsend and Diego Vera-Cossio

Competing to Commit: Markets with Rational Inattention pp. 285-306

Carlo Cusumano, Francesco Fabbri and Ferdinand Pieroth