American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

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Volume 104, issue 12, 2014

Optimal Allocation with Costly Verification pp. 3779-3813

Elchanan Ben-Porath, Eddie Dekel and Barton Lipman

Ambiguity Aversion with Three or More Outcomes pp. 3814-40

Mark Machina

Hospital Choices, Hospital Prices, and Financial Incentives to Physicians pp. 3841-84

Kate Ho and Ariel Pakes

Is It Whom You Know or What You Know? An Empirical Assessment of the Lobbying Process pp. 3885-3920

Marianne Bertrand, Matilde Bombardini and Francesco Trebbi

The Effects of Poor Neonatal Health on Children's Cognitive Development pp. 3921-55

David Figlio, Jonathan Guryan, Krzysztof Karbownik and Jeffrey Roth

Private Equity, Jobs, and Productivity pp. 3956-90

Steven Davis, John Haltiwanger, Kyle Handley, Ron Jarmin, Josh Lerner and Javier Miranda

Hot and Cold Seasons in the Housing Market pp. 3991-4026

L. Rachel Ngai and Silvana Tenreyro

Reputation and Persistence of Adverse Selection in Secondary Loan Markets pp. 4027-70

Varadarajan Chari, Ali Shourideh and Ariel Zetlin-Jones

The Dynamic Efficiency Costs of Common-Pool Resource Exploitation pp. 4071-4103

Ling Huang and Martin D. Smith

Trade Wars and Trade Talks with Data pp. 4104-46

Ralph Ossa

Consume Now or Later? Time Inconsistency, Collective Choice, and Revealed Preference pp. 4147-83

Abi Adams, Laurens Cherchye, Bram De Rock and Ewout Verriest

Present Bias and Collective Dynamic Choice in the Lab pp. 4184-4204

Matthew Jackson and Leeat Yariv

Consumption and Debt Response to Unanticipated Income Shocks: Evidence from a Natural Experiment in Singapore pp. 4205-30

Sumit Agarwal and Wenlan Qian

Risk Matters: The Real Effects of Volatility Shocks: Comment pp. 4231-39

Benjamin Born and Johannes Pfeifer

Volume 104, issue 11, 2014

A Test of Racial Bias in Capital Sentencing pp. 3397-3433

Alberto Alesina and Eliana La Ferrara

On the Selection of Arbitrators pp. 3434-58

Geoffroy de Clippel, Kfir Eliaz and Brian Knight

Asset Demand Based Tests of Expected Utility Maximization pp. 3459-80

Felix Kubler, Larry Selden and Xiao Wei

A Biological Theory of Social Discounting pp. 3481-97

Arthur Robson and Balázs Szentes

Can Marginal Rates of Substitution Be Inferred from Happiness Data? Evidence from Residency Choices pp. 3498-3528

Daniel Benjamin, Ori Heffetz, Miles Kimball and Alex Rees-Jones

Mismatch Unemployment pp. 3529-64

Ay?egül ?ahin, Joseph Song, Giorgio Topa and Giovanni L. Violante

Inefficient Hiring in Entry-Level Labor Markets pp. 3565-99

Amanda Pallais

The Network Structure of International Trade pp. 3600-3634

Thomas Chaney

Structural Transformation, the Mismeasurement of Productivity Growth, and the Cost Disease of Services pp. 3635-67

Alwyn Young

A Quantitative Analysis of the Used-Car Market pp. 3668-3700

Alessandro Gavazza, Alessandro Lizzeri and Nikita Roketskiy

Fertility Transitions along the Extensive and Intensive Margins pp. 3701-24

Daniel Aaronson, Fabian Lange and Bhashkar Mazumder

Claim Validation pp. 3725-36

Nabil Al-Najjar, Luciano Pomatto and Alvaro Sandroni

The Power of Communication pp. 3737-51

David Rahman

The Human Capital Stock: A Generalized Approach pp. 3752-77

Benjamin Jones

Volume 104, issue 10, 2014

Mandatory versus Discretionary Spending: The Status Quo Effect pp. 2941-74

T. Renee Bowen, Ying Chen and Hülya Eraslan

Behavioral Implementation pp. 2975-3002

Geoffroy de Clippel

The Short-Run and Long-Run Effects of Behavioral Interventions: Experimental Evidence from Energy Conservation pp. 3003-37

Hunt Allcott and Todd Rogers

Environmental Regulations, Air and Water Pollution, and Infant Mortality in India pp. 3038-72

Michael Greenstone and Rema Hanna

Competition and Ideological Diversity: Historical Evidence from US Newspapers pp. 3073-3114

Matthew Gentzkow, Jesse Shapiro and Michael Sinkinson

Financial Networks and Contagion pp. 3115-53

Matthew Elliott, Benjamin Golub and Matthew Jackson

Measuring the Effect of the Zero Lower Bound on Medium- and Longer-Term Interest Rates pp. 3154-85

Eric T. Swanson and John Williams

Productivity Losses from Financial Frictions: Can Self-Financing Undo Capital Misallocation? pp. 3186-3221

Benjamin Moll

German Jewish ?migr?s and US Invention pp. 3222-55

Petra Moser, Alessandra Voena and Fabian Waldinger

Efficiency, Equality, and Labeling: An Experimental Investigation of Focal Points in Explicit Bargaining pp. 3256-87

Andrea Isoni, Anders Poulsen, Robert Sugden and Kei Tsutsui

Efficient Entry in Competing Auctions pp. 3288-96

James Albrecht, Pieter Gautier and Susan Vroman

Private Equity Premium Puzzle Revisited pp. 3297-3334

Katya Kartashova

How Does Risk Selection Respond to Risk Adjustment? New Evidence from the Medicare Advantage Program pp. 3335-64

Jason Brown, Mark Duggan, Ilyana Kuziemko and William Woolston

The Effect of Mergers in Search Markets: Evidence from the Canadian Mortgage Industry pp. 3365-96

Jason Allen, Robert Clark and Jean-Fran?ois Houde

Volume 104, issue 9, 2014

Measuring the Impacts of Teachers I: Evaluating Bias in Teacher Value-Added Estimates pp. 2593-2632

Raj Chetty, John Friedman and Jonah E. Rockoff

Measuring the Impacts of Teachers II: Teacher Value-Added and Student Outcomes in Adulthood pp. 2633-79

Raj Chetty, John Friedman and Jonah E. Rockoff

How Much Would You Pay to Resolve Long-Run Risk? pp. 2680-97

Larry Epstein, Emmanuel Farhi and Tomasz Strzalecki

Beyond Happiness and Satisfaction: Toward Well-Being Indices Based on Stated Preference pp. 2698-2735

Daniel Benjamin, Ori Heffetz, Miles Kimball and Nichole Szembrot

Human Capital and the Wealth of Nations pp. 2736-62

Rodolfo Manuelli and Ananth Seshadri

Subways, Strikes, and Slowdowns: The Impacts of Public Transit on Traffic Congestion pp. 2763-96

Michael Anderson

Wall Street and the Housing Bubble pp. 2797-2829

Ing-Haw Cheng, Sahil Raina and Wei Xiong

Mortgage Modification and Strategic Behavior: Evidence from a Legal Settlement with Countrywide pp. 2830-57

Christopher Mayer, Edward Morrison, Tomasz Piskorski and Arpit Gupta

Dynamic Free Riding with Irreversible Investments pp. 2858-71

Marco Battaglini, Salvatore Nunnari and Thomas Palfrey

Pass-Through of Emissions Costs in Electricity Markets pp. 2872-99

Natalia Fabra and Mar Reguant

Fraudulent Claims and Nitpicky Insurers pp. 2900-2917

Jean-Marc Bourgeon and Pierre Picard

Multiproduct Search and the Joint Search Effect pp. 2918-39

Jidong Zhou

Volume 104, issue 8, 2014

Financial Globalization, Inequality, and the Rising Public Debt pp. 2267-2302

Marina Azzimonti, Eva de Francisco and Vincenzo Quadrini

The Axiomatic Structure of Empirical Content pp. 2303-19

Christopher Chambers, Federico Echenique and Eran Shmaya

Man-Bites-Dog Business Cycles pp. 2320-67

Kristoffer Nimark

Ambiguous Business Cycles pp. 2368-99

Cosmin Ilut and Martin Schneider

Not Only What but Also When: A Theory of Dynamic Voluntary Disclosure pp. 2400-2420

Ilan Guttman, Ilan Kremer and Andrzej Skrzypacz

Promotional Reviews: An Empirical Investigation of Online Review Manipulation pp. 2421-55

Dina Mayzlin, Yaniv Dover and Judith Chevalier

Isolated Capital Cities, Accountability, and Corruption: Evidence from US States pp. 2456-81

Filipe Campante and Quoc-Anh Do

Industry Compensation under Relocation Risk: A Firm-Level Analysis of the EU Emissions Trading Scheme pp. 2482-2508

Ralf Martin, Mirabelle Mu?ls, Laure de Preux and Ulrich Wagner

Explaining Job Polarization: Routine-Biased Technological Change and Offshoring pp. 2509-26

Maarten Goos, Alan Manning and Anna Salomons

Estimates of the Size and Source of Price Declines Due to Nearby Foreclosures pp. 2527-51

Elliot Anenberg and Edward Kung

The Effect of Third-Party Funding of Plaintiffs on Settlement pp. 2552-66

Andrew Daughety and Jennifer Reinganum

A Community College Instructor Like Me: Race and Ethnicity Interactions in the Classroom pp. 2567-91

Robert Fairlie, Florian Hoffmann and Philip Oreopoulos

Volume 104, issue 7, 2014

Dynamic Adverse Selection: A Theory of Illiquidity, Fire Sales, and Flight to Quality pp. 1875-1908

Veronica Guerrieri and Robert Shimer

Micro-loans, Insecticide-Treated Bednets, and Malaria: Evidence from a Randomized Controlled Trial in Orissa, India pp. 1909-41

Alessandro Tarozzi, Aprajit Mahajan, Brian Blackburn, Dan Kopf, Lakshmi Krishnan and Joanne Yoong

Importers, Exporters, and Exchange Rate Disconnect pp. 1942-78

Mary Amiti, Oleg Itskhoki and Jozef Konings

Patent Laws, Product Life-Cycle Lengths, and Multinational Activity pp. 1979-2013

L. Kamran Bilir

Auctions, Actions, and the Failure of Information Aggregation pp. 2014-48

Alp Atakan and Mehmet Ekmekci

Peer Effects in Program Participation pp. 2049-74

Gordon Dahl, Katrine V. L?ken and Magne Mogstad

Consumption and Labor Supply with Partial Insurance: An Analytical Framework pp. 2075-2126

Jonathan Heathcote, Kjetil Storesletten and Giovanni L. Violante

A Balls-and-Bins Model of Trade pp. 2127-51

Roc Armenter and Miklós Koren

The Effect of Patient Cost Sharing on Utilization, Health, and Risk Protection pp. 2152-84

Hitoshi Shigeoka

Mafia and Public Spending: Evidence on the Fiscal Multiplier from a Quasi-experiment pp. 2185-2209

Antonio Acconcia, Giancarlo Corsetti and Saverio Simonelli

Household Bargaining and Excess Fertility: An Experimental Study in Zambia pp. 2210-37

Nava Ashraf, Erica Field and Jean Lee

E-lections: Voting Behavior and the Internet pp. 2238-65

Oliver Falck, Robert Gold and Stephan Heblich

Volume 104, issue 6, 2014

Two Pillars of Asset Pricing pp. 1467-85

Eugene F. Fama

Speculative Asset Prices pp. 1486-1517

Robert J. Shiller

Who Is (More) Rational? pp. 1518-50

Syngjoo Choi, Shachar Kariv, Wieland M?ller and Dan Silverman

Tenure, Experience, Human Capital, and Wages: A Tractable Equilibrium Search Model of Wage Dynamics pp. 1551-96

Jesper Bagger, Francois Fontaine, Fabien Postel-Vinay and Jean-Marc Robin

The Wage Effects of Offshoring: Evidence from Danish Matched Worker-Firm Data pp. 1597-1629

David Hummels, Rasmus J?rgensen, Jakob Munch and Chong Xiang

US Food Aid and Civil Conflict pp. 1630-66

Nathan Nunn and Nancy Qian

The Size Distribution of Farms and International Productivity Differences pp. 1667-97

Tasso Adamopoulos and Diego Restuccia

The Effect of Uncertainty on Investment: Evidence from Texas Oil Drilling pp. 1698-1734

Ryan Kellogg

Gift Exchange versus Monetary Exchange: Theory and Evidence pp. 1735-76

John Duffy and Daniela Puzzello

Compulsory Education and the Benefits of Schooling pp. 1777-92

Melvin Stephens and Dou-Yan Yang

Evolutionary Origins of the Endowment Effect: Evidence from Hunter-Gatherers pp. 1793-1805

Coren L. Apicella, Eduardo Azevedo, Nicholas A. Christakis and James H. Fowler

Does Growing Up in a High Crime Neighborhood Affect Youth Criminal Behavior? pp. 1806-32

Anna Damm and Christian Dustmann

Aid under Fire: Development Projects and Civil Conflict pp. 1833-56

Benjamin Crost, Joseph Felter and Patrick Johnston

Language, Meaning, and Games: A Model of Communication, Coordination, and Evolution: Comment pp. 1857-63

Yuval Heller

Volume 104, issue 5, 2014

President's Foreword pp. xi-xii

William Nordhaus

Editor's Introduction pp. xiii-xiii

William Johnson

Retirement Security in an Aging Population pp. 1-30

James M. Poterba

Inflation Persistence, the NAIRU, and the Great Recession pp. 31-36

Mark Watson

The Natural Rate of Interest and Its Usefulness for Monetary Policy pp. 37-43

Robert Barsky, Alejandro Justiniano and Leonardo Melosi

The Future of US Economic Growth pp. 44-49

John Fernald and Charles Jones

Recovery from Financial Crises: Evidence from 100 Episodes pp. 50-55

Carmen Reinhart and Kenneth Rogoff

Why Has US Policy Uncertainty Risen since 1960? pp. 56-60

Scott Baker, Nicholas Bloom, Brandice Canes-Wrone, Steven Davis and Jonathan Rodden

The Role of Policy in the Great Recession and the Weak Recovery pp. 61-66

John Taylor

Housing Assignment with Restrictions: Theory and Evidence from Stanford University's Campus pp. 67-72

Tim Landvoigt, Monika Piazzesi and Martin Schneider

Why Is Housing Finance Still Stuck in Such a Primitive Stage? pp. 73-76

Robert J. Shiller

The Mortgage Mess, the Press, and the Politics of Inattention pp. 77-81

Andrew Caplin and Roy Lowrance

Mandated Risk Retention in Mortgage Securitization: An Economist's View pp. 82-87

Paul Willen

Is It Too Late to Bail Out the Troubled Countries in the Eurozone? pp. 88-93

Juan Carlos Conesa and Timothy Kehoe

Renegotiation Policies in Sovereign Defaults pp. 94-100

Cristina Arellano and Yan Bai

Sovereign Debt Booms in Monetary Unions pp. 101-06

Mark Aguiar, Manuel Amador, Emmanuel Farhi and Gita Gopinath

The Distribution of Wealth and the MPC: Implications of New European Data pp. 107-11

Christopher Carroll, Jiri Slacalek and Kiichi Tokuoka

Measuring How Fiscal Shocks Affect Durable Spending in Recessions and Expansions pp. 112-15

David Berger and Joseph Vavra

A Tale of Two Stimulus Payments: 2001 versus 2008 pp. 116-21

Greg Kaplan and Giovanni L. Violante

Consumption Inequality over the Last Half Century: Some Evidence Using the New PSID Consumption Measure pp. 122-26

Orazio Attanasio and Luigi Pistaferri

Health, Human Capital, and Life Cycle Labor Supply pp. 127-31

Charles Hokayem and James Ziliak

Estimates of Annual Consumption Expenditures and Its Major Components in the PSID in Comparison to the CE pp. 132-35

Patricia Andreski, Geng Li, Mehmet Zahid Samancioglu and Robert Schoeni

The Intergenerational Correlation of Consumption Expenditures pp. 136-40

Kerwin Kofi Charles, Sheldon Danziger, Geng Li and Robert Schoeni

Is the United States Still a Land of Opportunity? Recent Trends in Intergenerational Mobility pp. 141-47

Raj Chetty, Nathaniel Hendren, Patrick Kline, Emmanuel Saez and Nick Turner

How Risky Are Recessions for Top Earners? pp. 148-53

Fatih Guvenen, Greg Kaplan and Jae Song

Year-End Tax Planning of Top Management: Evidence from High-Frequency Payroll Data pp. 154-58

Claus Kreiner, Søren Leth-Petersen and Peer Ebbesen Skov

Macro-perspective on Asset Grants Programs: Occupational and Wealth Mobility pp. 159-64

Francisco Buera, Joseph Kaboski and Yongseok Shin

Agricultural Productivity Differences across Countries pp. 165-70

Douglas Gollin, David Lagakos and Michael Waugh

The Aggregate Impact of Household Saving and Borrowing Constraints: Designing a Field Experiment in Uganda pp. 171-76

Joseph Kaboski, Molly Lipscomb and Virgiliu Midrigan

A Reassessment of Real Business Cycle Theory pp. 177-82

Ellen McGrattan and Edward Prescott

Can Intangible Capital Explain Cyclical Movements in the Labor Wedge? pp. 183-88

Francois Gourio and Leena Rudanko

The Value and Ownership of Intangible Capital pp. 189-94

Andrea Eisfeldt and Dimitris Papanikolaou

Weak Identification in Maximum Likelihood: A Question of Information pp. 195-99

Isaiah Andrews and Anna Mikusheva

Physician Payment Reform and Hospital Referrals pp. 200-205

Kate Ho and Ariel Pakes

Estimation of an Education Production Function under Random Assignment with Selection pp. 206-11

Eleanor Choi, Hyungsik Moon and Geert Ridder

Treatment Effects and Informative Missingness with an Application to Bank Recapitalization Programs pp. 212-17

Angela Vossmeyer

The Determinants of the Macroeconomic Implications of Aging pp. 218-23

Louise Sheiner

Aging in Europe: Reforms, International Diversification, and Behavioral Reactions pp. 224-29

Axel B?rsch-Supan, Klaus H?rtl and Alexander Ludwig

The Growing Gap in Life Expectancy: Using the Future Elderly Model to Estimate Implications for Social Security and Medicare pp. 230-33

Dana Goldman and Peter Orszag

Macroeconomic Consequences of Population Aging in the United States: Overview of a National Academy Report pp. 234-39

Ronald Lee

Disparities in Wealth Accumulation and Loss from the Great Recession and Beyond pp. 240-44

Signe-Mary McKernan, Caroline Ratcliffe, Eugene Steuerle and Sisi Zhang

Gender and Business Outcomes of Black and Hispanic New Entrepreneurs in the United States pp. 245-49

Marie T. Mora and Alberto D?vila

Does the US Labor Market Reward International Experience? pp. 250-54

Susan Pozo

Entrepreneurial Innovation: Killer Apps in the iPhone Ecosystem pp. 255-59

Pai-Ling Yin, Jason P. Davis and Yulia Muzyrya

Learning from the Doers: Developing Country Lessons for Advanced Economy Growth pp. 260-65

Anusha Chari and Peter Blair Henry

Forty Years of Leverage: What Have We Learned about Sovereign Debt? pp. 266-71

Peter Boone and Simon Johnson

Demand and Defective Growth Patterns: The Role of the Tradable and Non-tradable Sectors in an Open Economy pp. 272-77

Sandile Hlatshwayo and A. Spence

Rainfall Forecasts, Weather, and Wages over the Agricultural Production Cycle pp. 278-83

Mark Rosenzweig and Christopher Udry

Dynamics of Demand for Index Insurance: Evidence from a Long-Run Field Experiment pp. 284-90

Shawn Cole, Daniel Stein and Jeremy Tobacman

Bundling Health Insurance and Microfinance in India: There Cannot Be Adverse Selection If There Is No Demand pp. 291-97

Abhijit Banerjee, Esther Duflo and Richard Hornbeck

Together at Last: Trade Costs, Demand Structure, and Welfare pp. 298-303

Monika Mr?zov? and J. Peter Neary

Monopolistic Competition and Optimum Product Selection pp. 304-09

Antonella Nocco, Gianmarco Ottaviano and Matteo Salto

Welfare and Trade without Pareto pp. 310-16

Keith Head, Thierry Mayer and Mathias Thoenig

Missing Gains from Trade? pp. 317-21

Marc Melitz and Stephen Redding

The Impact of Medicaid on Labor Market Activity and Program Participation: Evidence from the Oregon Health Insurance Experiment pp. 322-28

Katherine Baicker, Amy Finkelstein, Jae Song and Sarah Taubman

Disability Insurance and Health Insurance Reform: Evidence from Massachusetts pp. 329-35

Nicole Maestas, Kathleen Mullen and Alexander Strand

The Accelerated Benefits Demonstration: Impacts on the Employment of Disability Insurance Beneficiaries pp. 336-41

Michelle Stegman Baily and Robert R. Weathers

Unilateral Divorce, the Decreasing Gender Gap, and Married Women's Labor Force Participation pp. 342-47

Raquel Fern?ndez and Joyce Wong

Marry Your Like: Assortative Mating and Income Inequality pp. 348-53

Jeremy Greenwood, Nezih Guner, Georgi Kocharkov and Cezar Santos

Labor Supply and Household Dynamics pp. 354-59

Maurizio Mazzocco, Claudia Ruiz Ortega and Shintaro Yamaguchi

The Myth of Immigrant Women as Secondary Workers: Evidence from Canada pp. 360-64

Al?cia Adser? and Ana Ferrer

All for One? Family Size and Children's Educational Distribution under Credit Constraints pp. 365-69

Jeanne Lafortune and Soohyung Lee

Are Female Supervisors More Female-Friendly? pp. 370-75

Steven Bednar and Dora Gicheva

Race and Marriage in the Labor Market: A Discrimination Correspondence Study in a Developing Country pp. 376-80

Eva Arceo-Gomez and Raymundo Campos-Vazquez

The Declining Fortunes of the Young since 2000 pp. 381-86

Paul Beaudry, David Green and Benjamin M. Sand

Trends in Earnings Differentials across College Majors and the Changing Task Composition of Jobs pp. 387-93

Joseph Altonji, Lisa Kahn and Jamin D. Speer

Return of the Solow Paradox? IT, Productivity, and Employment in US Manufacturing pp. 394-99

Daron Acemoglu, David Autor, David Dorn, Gordon Hanson and Brendan Price

Ability-Tracking, Instructional Time, and Better Pedagogy: The Effect of Double-Dose Algebra on Student Achievement pp. 400-405

Kalena E. Cortes and Joshua Goodman

Using School Choice Lotteries to Test Measures of School Effectiveness pp. 406-11

David Deming

Gender and Race Heterogeneity: The Impact of Students with Limited English on Native Students' Performance pp. 412-17

Timothy Diette and Ruth Uwaifo Oyelere

Implementation Details for Frequent Batch Auctions: Slowing Down Markets to the Blink of an Eye pp. 418-24

Eric Budish, Peter Cramton and John Shim

Getting More Organs for Transplantation pp. 425-30

Judd B. Kessler and Alvin Roth

Mechanism Design in Large Games: Incentives and Privacy pp. 431-35

Michael Kearns, Mallesh M. Pai, Aaron Roth and Jonathan Ullman

Investment Incentives in Labor Market Matching pp. 436-41

John William Hatfield, Fuhito Kojima and Scott Kominers

The VCG Auction in Theory and Practice pp. 442-45

Hal R. Varian and Christopher Harris

Market Design and the Evolution of the Combinatorial Clock Auction pp. 446-51

Lawrence M. Ausubel and Oleg Baranov

The Continuous Combinatorial Auction Architecture pp. 452-56

Charles Plott, Hsing-Yang Lee and Travis Maron

Costly Persuasion pp. 457-62

Matthew Gentzkow and Emir Kamenica

How Sharing Information Can Garble Experts' Advice pp. 463-68

Matthew Elliott, Benjamin Golub and Andrei Kirilenko

Interim Bayesian Persuasion: First Steps pp. 469-74

Eduardo Perez

Mobile Computing: The Next Platform Rivalry pp. 475-80

Timothy Bresnahan and Shane Greenstein

Trading Dollars for Dollars: The Price of Attention Online and Offline pp. 481-88

Matthew Gentzkow

Growth, Adoption, and Use of Mobile E-Commerce pp. 489-94

Liran Einav, Jonathan Levin, Igor Popov and Neel Sundaresan

Stochastic Choice: An Optimizing Neuroeconomic Model pp. 495-500

Michael Woodford

Benefits of Neuroeconomic Modeling: New Policy Interventions and Predictors of Preference pp. 501-06

Ian Krajbich, Bastiaan Oud and Ernst Fehr

Rational Attention and Adaptive Coding: A Puzzle and a Solution pp. 507-13

Camillo Padoa-Schioppa and Aldo Rustichini

(Dis)organization and Success in an Economics MOOC pp. 514-18

Abhijit Banerjee and Esther Duflo

The Industrial Organization of Online Education pp. 519-22

Tyler Cowen and Alexander Tabarrok

Equalizing Superstars: The Internet and the Democratization of Education pp. 523-27

Daron Acemoglu, David Laibson and John List

The Economics of Online Postsecondary Education: MOOCs, Nonselective Education, and Highly Selective Education pp. 528-33

Caroline M. Hoxby

Discounting and Growth pp. 534-37

Christian Gollier

Declining Discount Rates pp. 538-43

Maureen Cropper, Mark C. Freeman, Ben Groom and William Pizer

Fat Tails and the Social Cost of Carbon pp. 544-46

Martin Weitzman

On Not Revisiting Official Discount Rates: Institutional Inertia and the Social Cost of Carbon pp. 547-51

Cass R. Sunstein

Selected International Aspects of Carbon Taxation pp. 552-56

Charles E. McLure

The Costs and Consequences of Clean Air Act Regulation of CO2 from Power Plants pp. 557-62

Dallas Burtraw, Josh Linn, Karen Palmer and Anthony Paul

Tax Policy Issues in Designing a Carbon Tax pp. 563-68

Donald B. Marron and Eric Toder

How Effective Are US Renewable Energy Subsidies in Cutting Greenhouse Gases? pp. 569-74

Brian Murray, Maureen Cropper, Francisco C. de la Chesnaye and John Reilly

Powering Up China: Income Distributions and Residential Electricity Consumption pp. 575-80

Maximilian Auffhammer and Catherine D. Wolfram

The Economic Cost of Global Fuel Subsidies pp. 581-85

Lucas Davis

Why Are Power Plants in India Less Efficient Than Power Plants in the United States? pp. 586-90

Hei Sing Chan, Maureen Cropper and Kabir Malik

Minutes of the Annual Business Meeting: Philadelphia, PA, January 4, 2014 pp. 593-94

Peter Rousseau

Report of the Secretary pp. 595-98

Peter Rousseau

Report of the Treasurer pp. 599-602

Peter Rousseau

American Economic Association Universal Academic Questionnaire Summary Statistics pp. 603-07

Charles E. Scott and John Siegfried

Volume 104, issue 4, 2014

A Grand Gender Convergence: Its Last Chapter pp. 1091-1119

Claudia Goldin

Vertical Integration and Input Flows pp. 1120-48

Enghin Atalay, Ali Horta?su and Chad Syverson

Misallocation and Growth pp. 1149-71

Boyan Jovanovic

Search, Liquidity, and the Dynamics of House Prices and Construction pp. 1172-1210

Allen Head, Huw Lloyd-Ellis and Hongfei Sun

Spatial Development pp. 1211-43

Klaus Desmet and Esteban Rossi-Hansberg

The Role of Local Officials in New Democracies: Evidence from Indonesia pp. 1244-87

Monica Martinez-Bravo

Bidding for Incomplete Contracts: An Empirical Analysis of Adaptation Costs pp. 1288-1319

Patrick Bajari, Stephanie Houghton and Steven Tadelis

Do Physicians' Financial Incentives Affect Medical Treatment and Patient Health? pp. 1320-49

Jeffrey Clemens and Joshua Gottlieb

Cycles of Conflict: An Economic Model pp. 1350-67

Daron Acemoglu and Alexander Wolitzky

Frictionless Technology Diffusion: The Case of Tractors pp. 1368-91

Rodolfo Manuelli and Ananth Seshadri

Investment Dispersion and the Business Cycle pp. 1392-1416

Ruediger Bachmann and Christian Bayer

Knowledge Is (Less) Power: Experimental Evidence from Residential Energy Use pp. 1417-38

Katrina Jessoe and David Rapson

Stock Prices, News, and Economic Fluctuations: Comment pp. 1439-45

André Kurmann and Elmar Mertens

Heterogeneity and Aggregation: Implications for Labor-Market Fluctuations: Comment pp. 1446-60

Shuhei Takahashi

Heterogeneity and Aggregation: Implications for Labor-Market Fluctuations: Reply pp. 1461-66

Yongsung Chang and Sun-Bin Kim

Volume 104, issue 3, 2014

Monetary Policy and Rational Asset Price Bubbles pp. 721-52

Jordi Gal?

Fiscal Stimulus in a Monetary Union: Evidence from US Regions pp. 753-92

Emi Nakamura and J?n Steinsson

Trade Adjustment and Productivity in Large Crises pp. 793-831

Gita Gopinath and Brent Neiman

Do Prices and Attributes Explain International Differences in Food Purchases? pp. 832-67

Pierre Dubois, Rachel Griffith and Aviv Nevo

The Economics of Predation: What Drives Pricing When There Is Learning-by-Doing? pp. 868-97

David Besanko, Ulrich Doraszelski and Yaroslav Kryukov

Strategic Interaction and Networks pp. 898-930

Yann Bramoull?, Rachel Kranton and Martin D'Amours

How University Endowments Respond to Financial Market Shocks: Evidence and Implications pp. 931-62

Jeffrey Brown, Stephen Dimmock, Jun-Koo Kang and Scott Weisbenner

When the Levee Breaks: Black Migration and Economic Development in the American South pp. 963-90

Richard Hornbeck and Suresh Naidu

School Choice, School Quality, and Postsecondary Attainment pp. 991-1013

David Deming, Justine S. Hastings, Thomas J. Kane and Douglas O. Staiger

Do Employers Use Unemployment as a Sorting Criterion When Hiring? Evidence from a Field Experiment pp. 1014-39

Stefan Eriksson and Dan-Olof Rooth

Risk and Precautionary Saving in Two-Person Households pp. 1040-46

Patricia Apps, Yuri Andrienko and Ray Rees

Does Money Illusion Matter? Comment pp. 1047-62

Luba Petersen and Abel Winn

Does Money Illusion Matter? Reply pp. 1063-71

Ernst Fehr and Jean-Robert Tyran

The Dynamic Behavior of the Real Exchange Rate in Sticky Price Models: Comment pp. 1072-89

Jens Iversen and Ulf S?derstr?m

Volume 104, issue 2, 2014

Collateral Crises pp. 343-78

Gary Gorton and Guillermo Ordo?ez

A Macroeconomic Model with a Financial Sector pp. 379-421

Markus Brunnermeier and Yuliy Sannikov

Finance and Misallocation: Evidence from Plant-Level Data pp. 422-58

Virgiliu Midrigan and Yi Xu

Tracing Value-Added and Double Counting in Gross Exports pp. 459-94

Robert Koopman, Zhi Wang and Shang-Jin Wei

Market Size, Competition, and the Product Mix of Exporters pp. 495-536

Thierry Mayer, Marc Melitz and Gianmarco Ottaviano

Do Consumers Respond to Marginal or Average Price? Evidence from Nonlinear Electricity Pricing pp. 537-63

Koichiro Ito

Time to Build and Fluctuations in Bulk Shipping pp. 564-608

Myrto Kalouptsidi

Time Allocation and Task Juggling pp. 609-23

Decio Coviello, Andrea Ichino and Nicola Persico

How Financial Incentives Induce Disability Insurance Recipients to Return to Work pp. 624-55

Andreas Kostøl and Magne Mogstad

Outside Options and the Failure of the Coase Conjecture pp. 656-71

Simon Board and Marek Pycia

Raising Retailers' Profits: On Vertical Practices and the Exclusion of Rivals pp. 672-86

John Asker and Heski Bar-Isaac

Are Private Markets and Filtering a Viable Source of Low-Income Housing? Estimates from a "Repeat Income" Model pp. 687-706

Stuart Rosenthal

Income and Democracy: Comment pp. 707-19

Matteo Cervellati, Florian Jung, Uwe Sunde and Thomas Vischer

Volume 104, issue 1, 2014

Sales Taxes and Internet Commerce pp. 1-26

Liran Einav, Dan Knoepfle, Jonathan Levin and Neel Sundaresan

Risk Shocks pp. 27-65

Lawrence Christiano, Roberto Motto and Massimo Rostagno

Aligned Delegation pp. 66-83

Alexander Frankel

Immigration and the Diffusion of Technology: The Huguenot Diaspora in Prussia pp. 84-122

Erik Hornung

Violence and Risk Preference: Experimental Evidence from Afghanistan pp. 123-48

Michael Callen, Mohammad Isaqzadeh, James D. Long and Charles Sprenger

Consumption Risk-Sharing in Social Networks pp. 149-82

Attila Ambrus, Markus Mobius and Adam Szeidl

Risk Sharing and Transactions Costs: Evidence from Kenya's Mobile Money Revolution pp. 183-223

William Jack and Tavneet Suri

Estimating a Structural Model of Herd Behavior in Financial Markets pp. 224-51

Marco Cipriani and Antonio Guarino

Worktime Regulations and Spousal Labor Supply pp. 252-76

Dominique Goux, Eric Maurin and Barbara Petrongolo

One Swallow Doesn't Make a Summer: New Evidence on Anchoring Effects pp. 277-90

Zacharias Maniadis, Fabio Tufano and John List

Partnerships versus Corporations: Moral Hazard, Sorting, and Ownership Structure pp. 291-307

Ayça Kaya and Galina Vereshchagina

Social Ideology and Taxes in a Differentiated Candidates Framework pp. 308-22

Stefan Krasa and Mattias K Polborn

Term Premia and Inflation Uncertainty: Empirical Evidence from an International Panel Dataset: Comment pp. 323-37

Michael Bauer, Glenn Rudebusch and Jing Cynthia Wu

Term Premia and Inflation Uncertainty: Empirical Evidence from an International Panel Dataset: Reply pp. 338-41

Jonathan Wright