American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

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Volume 98, issue 5, 2008

Land and Power: Theory and Evidence from Chile pp. 1737-65

Jean-Marie Baland and James Robinson

The Costs of Remoteness: Evidence from German Division and Reunification pp. 1766-97

Stephen Redding and Daniel M. Sturm

The Response of Household Saving to the Large Shock of German Reunification pp. 1798-1828

Nicola Fuchs-Schundeln

The Demand for, and Impact of, Learning HIV Status pp. 1829-63

Rebecca Thornton

Does Job Corps Work? Impact Findings from the National Job Corps Study pp. 1864-86

Peter Z. Schochet, John Burghardt and Sheena McConnell

Consumption Inequality and Partial Insurance pp. 1887-1921

Richard Blundell, Luigi Pistaferri and Ian Preston

Liquidity and Insurance for the Unemployed pp. 1922-42

Robert Shimer and Iván Werning

Zombie Lending and Depressed Restructuring in Japan pp. 1943-77

Ricardo Caballero, Takeo Hoshi and Anil Kashyap

Trading Tasks: A Simple Theory of Offshoring pp. 1978-97

Gene M. Grossman and Esteban Rossi-Hansberg

Pricing-to-Market, Trade Costs, and International Relative Prices pp. 1998-2031

Andrew Atkeson and Ariel Burstein

Optimal Tariffs and Market Power: The Evidence pp. 2032-65

Christian Broda, Nuno Limão and David Weinstein

Stocks as Lotteries: The Implications of Probability Weighting for Security Prices pp. 2066-2100

Nicholas Barberis and Ming Huang

Trend Inflation, Indexation, and Inflation Persistence in the New Keynesian Phillips Curve pp. 2101-26

Timothy Cogley and Argia M. Sbordone

Contextual Inference in Markets: On the Informational Content of Product Lines pp. 2127-49

Emir Kamenica

Conversations among Competitors pp. 2150-62

Jeremy C. Stein

The Effect of Credit Constraints on the College Drop-Out Decision: A Direct Approach Using a New Panel Study pp. 2163-84

Ralph Stinebrickner and Todd Stinebrickner

On the Salience of Ethnic Conflict pp. 2185-2202

Joan Esteban and Debraj Ray

How Do Budget Deficits and Economic Growth Affect Reelection Prospects? Evidence from a Large Panel of Countries pp. 2203-20

Adi Brender and Allan Drazen

Changes in the Consumption, Income, and Well-Being of Single Mother Headed Families pp. 2221-41

Bruce Meyer and James X. Sullivan

The Impact of Nearly Universal Insurance Coverage on Health Care Utilization: Evidence from Medicare pp. 2242-58

David Card, Carlos Dobkin and Nicole Maestas

Can Hepatitis B Mothers Account for the Number of Missing Women? Evidence from Three Million Newborns in Taiwan pp. 2259-73

Ming-Jen Lin and Ming-Ching Luoh

Volume 98, issue 4, 2008

Leverage Cycles and the Anxious Economy pp. 1211-44

John Geanakoplos and Ana Fostel

Competition and Price Variation When Consumers Are Loss Averse pp. 1245-68

Botond Koszegi and Paul Heidhues

Behavioral Equilibrium in Economies with Adverse Selection pp. 1269-91

Ignacio Esponda

Language, Meaning, and Games: A Model of Communication, Coordination, and Evolution pp. 1292-1311

Stefano Demichelis and Jörgen Weibull

The Brain as a Hierarchical Organization pp. 1312-46

Isabelle Brocas and Juan D. Carrillo

How Strong Are Weak Patents? pp. 1347-69

Joseph Farrell and Carl Shapiro

Does Innovation Cause Stock Market Runups? Evidence from the Great Crash pp. 1370-96

Tom Nicholas

The Unequal Effects of Liberalization: Evidence from Dismantling the License Raj in India pp. 1397-1412

Philippe Aghion, Robin Burgess, Stephen Redding and Fabrizio Zilibotti

Tracing the Impact of Bank Liquidity Shocks: Evidence from an Emerging Market pp. 1413-42

Asim Khwaja and Atif Mian

The Power of Focal Points Is Limited: Even Minute Payoff Asymmetry May Yield Large Coordination Failures pp. 1443-58

Vincent Crawford, Uri Gneezy and Yuval Rottenstreich

Optimal Contracting with Endogenous Social Norms pp. 1459-75

Paul Fischer and Steven Huddart

Great Expectations and the End of the Depression pp. 1476-1516

Gauti Eggertsson

Explaining Changes in Female Labor Supply in a Life-Cycle Model pp. 1517-52

Orazio Attanasio, Hamish Low and Virginia Sánchez-Marcos

Giffen Behavior and Subsistence Consumption pp. 1553-77

Robert T. Jensen and Nolan H. Miller

Restructuring Research: Communication Costs and the Democratization of University Innovation pp. 1578-90

Ajay Agrawal and Avi Goldfarb

The Cycle of Violence? An Empirical Analysis of Fatalities in the Palestinian-Israeli Conflict pp. 1591-1604

David Jaeger and M. Daniele Paserman

The Relationship between Economic Status and Child Health: Evidence from the United States pp. 1605-18

Simon Condliffe and Charles Link

All-or-Nothing Monitoring pp. 1619-28

Rui Zhao

Commitment and Conflict in Bilateral Bargaining pp. 1629-35

Tore Ellingsen and Topi Miettinen

Leveling the Playing Field: Sincere and Sophisticated Players in the Boston Mechanism pp. 1636-52

Parag Pathak and Tayfun Sonmez

The Limited Influence of Unemployment on the Wage Bargain pp. 1653-74

Robert E. Hall and Paul Milgrom

Trade Policy and Loss Aversion pp. 1675-91

Caroline Freund and Caglar Ozden

The Cyclical Behavior of Equilibrium Unemployment and Vacancies Revisited pp. 1692-1706

Marcus Hagedorn and Iourii Manovskii

Distorted Gravity: The Intensive and Extensive Margins of International Trade pp. 1707-21

Thomas Chaney

A Note on Different Approaches to Index Number Theory pp. 1722-30

Matthijs van Veelen and Roy van der Weide

Testing for a Reference Consumer in International Comparisons of Living Standards pp. 1731-32

Ian Crawford and J. Peter Neary

Volume 98, issue 3, 2008

Mechanism Design: How to Implement Social Goals pp. 567-76

Eric Maskin

But Who Will Guard the Guardians? pp. 577-85

Leonid Hurwicz

Perspectives on Mechanism Design in Economic Theory pp. 586-603

Roger Myerson

The Time-Varying Volatility of Macroeconomic Fluctuations pp. 604-41

Alejandro Justiniano and Giorgio Primiceri

The Difference That CEOs Make: An Assignment Model Approach pp. 642-68

Marko Terviö

What's the Matter with Tie-Breaking? Improving Efficiency in School Choice pp. 669-89

Aytek Erdil and Haluk Ergin

Default Risk and Income Fluctuations in Emerging Economies pp. 690-712

Cristina Arellano

Do Wealth Fluctuations Generate Time-Varying Risk Aversion? Micro-evidence on Individuals pp. 713-36

Markus Brunnermeier and Stefan Nagel

Temporary Investment Tax Incentives: Theory with Evidence from Bonus Depreciation pp. 737-68

Christopher L. House and Matthew D. Shapiro

How the Electoral College Influences Campaigns and Policy: The Probability of Being Florida pp. 769-807

David Strömberg

Income and Democracy pp. 808-42

Daron Acemoglu, Simon Johnson, James Robinson and Pierre Yared

Do People Vote with Their Feet? An Empirical Test of Tiebout pp. 843-63

Spencer Banzhaf and Randall Walsh

Information Aggregation in Polls pp. 864-96

John Morgan and Phillip C. Stocken

Stability in Supply Chain Networks pp. 897-923

Michael Ostrovsky

Thar She Blows: Can Bubbles Be Rekindled with Experienced Subjects? pp. 924-37

Reshmaan N. Hussam, David Porter and Vernon L. Smith

Stationary Concepts for Experimental 2x2-Games pp. 938-66

Reinhard Selten and Thorsten Chmura

Contracts, Hold-Up, and Exports: Textiles and Opium in Colonial India pp. 967-89

Rachel Kranton and Anand V. Swamy

Pride and Prejudice: The Human Side of Incentive Theory pp. 990-1008

Tore Ellingsen and Magnus Johannesson

Historical Property Rights, Sociality, and the Emergence of Impersonal Exchange in Long-Distance Trade pp. 1009-39

Erik Kimbrough, Vernon L. Smith and Bart Wilson

Credit Elasticities in Less-Developed Economies: Implications for Microfinance pp. 1040-68

Dean Karlan and Jonathan Zinman

Reference-Dependent Preferences and Labor Supply: The Case of New York City Taxi Drivers pp. 1069-82

Henry S. Farber

The Interaction of Public and Private Insurance: Medicaid and the Long-Term Care Insurance Market pp. 1083-1102

Jeffrey Brown and Amy Finkelstein

Estimates of the Impact of Crime Risk on Property Values from Megan's Laws pp. 1103-27

Leigh Linden and Jonah E. Rockoff

Ordering the Extraction of Polluting Nonrenewable Resources pp. 1128-44

Ujjayant Chakravorty, Michel Moreaux and Mabel Tidball

Strotz Meets Allais: Diminishing Impatience and the Certainty Effect pp. 1145-62

Yoram Halevy

Monetary Policy, Judgment, and Near-Rational Exuberance pp. 1163-77

James Bullard, George Evans and Seppo Honkapohja

Evolution of Time Preference by Natural Selection: Comment pp. 1178-88

Arthur Robson and Balazs Szentes

Matching with Contracts: Comment pp. 1189-94

John William Hatfield and Fuhito Kojima

When Does Coordination Require Centralization? Corrigendum pp. 1195-96

Ricardo Alonso, Wouter Dessein and Niko Matouschek

Volume 98, issue 2, 2008

Editors' Introduction pp. viii-viii

William Johnson and Jane E. Voros

The Economics of Climate Change pp. 1-37

Nicholas Stern

Returning to New Orleans after Hurricane Katrina pp. 38-42

Christina Paxson and Cecilia Elena Rouse

The Effect of Hurricane Katrina on the Labor Market Outcomes of Evacuees pp. 43-48

Jeffrey A. Groen and Anne E. Polivka

How Hurricanes Affect Wages and Employment in Local Labor Markets pp. 49-53

Ariel Belasen and Solomon Polachek

Measuring the Labor Market Impacts of Hurricane Katrina Migration: Evidence from Houston, Texas pp. 54-57

Molly Fifer McIntosh

Consumption Disasters in the Twentieth Century pp. 58-63

Robert Barro and Jose F. Ursua

Variable Rare Disasters: A Tractable Theory of Ten Puzzles in Macro-finance pp. 64-67

Xavier Gabaix

Disasters and Recoveries pp. 68-73

Francois Gourio

Disasters and the Welfare Cost of Uncertainty pp. 74-78

Ian Martin

How Big Are Total Individual Income Tax Expenditures, and Who Benefits from Them? pp. 79-83

Leonard E. Burman, Christopher Geissler and Eric Toder

Tax Expenditures for Owner-Occupied Housing: Deductions for Property Taxes and Mortgage Interest and the Exclusion of Imputed Rental Income pp. 84-89

James Poterba and Todd Sinai

Using Tax Expenditures to Achieve Energy Policy Goals pp. 90-94

Gilbert Metcalf

Institutions: Top Down or Bottom Up? pp. 95-99

William Easterly

Second-Best Institutions pp. 100-104

Dani Rodrik

The Administrative Foundations of Self-Enforcing Constitutions pp. 105-09

Yadira Gonzalez de Lara, Avner Greif and Saumitra Jha

The Future of the IMF and the World Bank pp. 110-15

Raghuram Rajan

Rethinking Global Environmental Governance to Deal with Climate Change: The Multiple Logics of Global Collective Action pp. 116-21

Daniel C. Esty

Designing Institutions to Deal with Terrorism in the United States pp. 122-26

Martin Feldstein

EU Institutional Reform: Evidence on Globalization and International Cooperation pp. 127-32

Richard Baldwin

Widening and Deepening: Reforming the European Union pp. 133-37

Erik Berglof, Mike Burkart, Guido Friebel and Elena Paltseva

Should the Euro Area Be Run as a Closed Economy? pp. 138-45

Carlo Favero and Francesco Giavazzi

Modeling Competition and Market Equilibrium in Insurance: Empirical Issues pp. 146-50

Pierre Chiappori and Bernard Salanié

Does the Secondary Life Insurance Market Threaten Dynamic Insurance? pp. 151-56

Glenn Daily, Igal Hendel and Alessandro Lizzeri

Preference Heterogeneity and Insurance Markets: Explaining a Puzzle of Insurance pp. 157-62

David Cutler, Amy Finkelstein and Kathleen McGarry

The Impact of Computation Time and Experience on Decision Values pp. 163-68

K. Carrie Armel and Antonio Rangel

Economic Insights from "Neuroeconomic" Data pp. 169-74

Andrew Caplin and Mark Dean

Theories of the Mind pp. 175-80

Isabelle Brocas and Juan D. Carrillo

Information Aggregation in Standing and Ad Hoc Committees pp. 181-86

S. Nageeb Ali, Jacob Goeree, Navin Kartik and Thomas Palfrey

Costly Expertise pp. 187-93

Dino Gerardi and Leeat Yariv

Information Aggregation and Strategic Abstention in Large Laboratory Elections pp. 194-200

Marco Battaglini, Rebecca Morton and Thomas Palfrey

Intrinsic Motivation and Incentives pp. 201-05

Canice Prendergast

Status Incentives pp. 206-11

Timothy Besley and Maitreesh Ghatak

Identity, Supervision, and Work Groups pp. 212-17

George Akerlof and Rachel Kranton

Insiders versus Outsiders in Monetary Policymaking pp. 218-23

Timothy Besley, Neil Meads and Paolo Surico

Do Monetary Policy Committees Need Leaders? A Report on an Experiment pp. 224-29

Alan Blinder and John Morgan

The FOMC versus the Staff: Where Can Monetary Policymakers Add Value? pp. 230-35

Christina Romer and David Romer

Beyond DSGE Models: Toward an Empirically Based Macroeconomics pp. 236-40

David Colander, Peter Howitt, Alan Kirman, Axel Leijonhufvud and Perry Mehrling

Frequency-Specific Effects of Stabilization Policies pp. 241-45

William Brock, Steven Durlauf and Giacomo Rondina

Modeling Macroeconomies as Open-Ended Dynamic Systems of Interacting Agents pp. 246-50

Blake Lebaron and Leigh Tesfatsion

Allowing the Data to Speak Freely: The Macroeconometrics of the Cointegrated Vector Autoregression pp. 251-55

Kevin D. Hoover, Soren Johansen and Katarina Juselius

The Ins and Outs of European Unemployment pp. 256-62

Barbara Petrongolo and Christopher Pissarides

The Decline of Job Loss and Why It Matters pp. 263-67

Steven Davis

The Probability of Finding a Job pp. 268-73

Robert Shimer

How to Define Illegal Price Manipulation pp. 274-79

Albert Kyle and S Viswanathan

Microstructure Bluffing with Nested Information pp. 280-84

Archishman Chakraborty and Bilge Yilmaz

Manipulation and Equity-Based Compensation pp. 285-90

Lin Peng and Ailsa Roell

Contingent Claims Analysis and Life-Cycle Finance pp. 291-96

Zvi Bodie, Doriana Ruffino and Jonathan Treussard

Optimal Life-Cycle Investing with Flexible Labor Supply: A Welfare Analysis of Life-Cycle Funds pp. 297-303

Francisco J. Gomes, Laurence Kotlikoff and Luis Viceira

Why Don’t People Insure Late-Life Consumption? A Framing Explanation of the Under-Annuitization Puzzle pp. 304-09

Jeffrey Brown, Jeffrey Kling, Sendhil Mullainathan and Marian V. Wrobel

Mortgages, Risk, and Homeownership among Low- and Moderate-Income Families pp. 310-14

Raphael Bostic and Kwan Ok Lee

Rates for Vehicle Loans: Race and Loan Source pp. 315-20

Kerwin Kofi Charles, Erik Hurst and Melvin Stephens

Saving whilst Gambling: An Empirical Analysis of UK Premium Bonds pp. 321-26

Peter Tufano

The Drivers of Financial Globalization pp. 327-32

Philip Lane and Gian Maria Milesi-Ferretti

Home Bias at the Fund Level pp. 333-38

Harald Hau and Helene Rey

Is the 2007 US Sub-prime Financial Crisis So Different? An International Historical Comparison pp. 339-44

Carmen Reinhart and Kenneth Rogoff

Using Selection on Observed Variables to Assess Bias from Unobservables When Evaluating Swan-Ganz Catheterization pp. 345-50

Joseph Altonji, Todd Elder and Christopher R. Taber

Treatment Effect Bounds under Monotonicity Assumptions: An Application to Swan-Ganz Catheterization pp. 351-56

Jay Bhattacharya, Azeem Shaikh and Edward Vytlacil

Estimating Average Treatment Effects with Continuous and Discrete Covariates: The Case of Swan-Ganz Catheterization pp. 357-62

Qi Li, Jeffrey Racine and Jeffrey Wooldridge

Transitions: Career and Family Life Cycles of the Educational Elite pp. 363-69

Claudia Goldin and Lawrence Katz

Exploring the Impact of Financial Incentives on Stereotype Threat: Evidence from a Pilot Study pp. 370-75

Roland G. Fryer, Steven Levitt and John List

Do Women Supply More Public Goods Than Men? Preliminary Experimental Evidence from Matrilineal and Patriarchal Societies pp. 376-81

Steffen Andersen, Erwin Bulte, Uri Gneezy and John List

African American and White Differences in the Impacts of Monetary Policy on the Duration of Unemployment pp. 382-86

William M. Rodgers

The Changing Incidence and Severity of Poverty Spells among Female-Headed Families pp. 387-91

David Card and Rebecca Blank

Poverty Volatility and Macroeconomic Quiescence pp. 392-97

Philip Jefferson

Non-white Poverty and Macroeconomy: The Impact of Growth pp. 398-402

Gary Hoover, Walter Enders and Donald G. Freeman

Understanding the Returns to Delayed Childbearing for Working Women pp. 403-07

Kasey Buckles

The Effect of Children pp. 408-12

Kristin Mammen

Planning and Financial Literacy: How Do Women Fare? pp. 413-17

Annamaria Lusardi and Olivia Mitchell

Who Chooses Annuities? An Experimental Investigation of the Role of Gender, Framing, and Defaults pp. 418-22

Julie R. Agnew, Lisa Anderson, Jeffrey R. Gerlach and Lisa R. Szykman

A Structural Approach to Explaining Incomplete Exchange-Rate Pass-Through and Pricing-to-Market pp. 423-29

Pinelopi Goldberg and Rebecca Hellerstein

Pass-Through in Retail and Wholesale pp. 430-37

Emi Nakamura

Welfare Costs of Inflation in a Menu Cost Model pp. 438-43

Ariel Burstein and Christian Hellwig

Endogenous Variety and the Gains from Trade pp. 444-50

Costas Arkolakis, Svetlana Demidova, Pete Klenow and Andres Rodriguez-Clare

R&D Investments, Exporting, and the Evolution of Firm Productivity pp. 451-56

Bee Yan Aw, Mark Roberts and Yi Xu

Firm-Level Heterogeneous Productivity and Demand Shocks: Evidence from Bangladesh pp. 457-62

Hiau Looi Kee and Kala Krishna

Height, Health, and Cognitive Function at Older Ages pp. 463-67

Anne Case and Christina Paxson

Height, Health, and Inequality: The Distribution of Adult Heights in India pp. 468-74

Angus Deaton

Height and Economic Development in Italy, 1730-1980 pp. 475-81

Franco Peracchi

How High Are Rates of Return to Fertilizer? Evidence from Field Experiments in Kenya pp. 482-88

Esther Duflo, Michael Kremer and Jonathan Robinson

Limited Attention and Income Distribution pp. 489-93

Abhijit Banerjee and Sendhil Mullainathan

Spite and Development pp. 494-99

Ernst Fehr, Karla Hoff and Mayuresh Kshetramade

Motherhood and Female Labor Force Participation: Evidence from Infertility Shocks pp. 500-504

Jorge Agüero and Mindy Marks

Segregation, Rent Control, and Riots: The Economics of Religious Conflict in an Indian City pp. 505-10

Erica Field, Matthew Levinson, Rohini Pande and Sujata Visaria

Stress and Birth Weight: Evidence from Terrorist Attacks pp. 511-15

Adriana Camacho

Prostitutes and Brides? pp. 516-22

Raj Arunachalam and Manisha Shah

Made in America? The New World, the Old, and the Industrial Revolution pp. 523-28

Gregory Clark, Kevin O'Rourke and Alan Taylor

Trade Costs, 1870-2000 pp. 529-34

David Jacks, Christopher Meissner and Dennis Novy

A Century of Global Equity Market Correlations pp. 535-40

Dennis P. Quinn and Hans-Joachim Voth

The National Assessment of Educational Progress in Economics: Findings for General Economics pp. 541-46

William B. Walstad and Stephen Buckles

The Test of Understanding of College Economics pp. 547-51

William B. Walstad and Ken Rebeck

Assessment Practices and Trends in Undergraduate Economics Courses pp. 552-56

Georg Schaur, Michael Watts and William Becker

Susan C. Athey: John Bates Clark Medalist 2007 pp. 559-60

Georg Schaur, Michael Watts and William E. Becker

Minutes of the Annual Meeting: New Orleans, LA, January 5, 2008 pp. 561-62

John Siegfried

Minutes of the Executive Committee Meetings pp. 563-72

John Siegfried

Report of the Secretary for 2007 pp. 573-76

John Siegfried

Report of the Treasurer pp. 577-80

John Siegfried

Report of the Editor: American Economic Review pp. 581-90

Robert Moffitt

Report of the Editor: Journal of Economic Literature pp. 591-93

Roger Gordon

Report of the Editor: Journal of Economic Perspectives pp. 594-95

Andrei Shleifer

Report of the Editor: American Economic Journal: Applied Economics pp. 596-98

Esther Duflo

Report of the Editor: American Economic Journal: Economic Policy pp. 599-600

Alan Auerbach

Report of the Editor: American Economic Journal: Macroeconomics pp. 601-02

Olivier Blanchard

Report of the Editor: American Economic Journal: Microeconomics pp. 603-04

Andrew Postlewaite

Report of the Director: Job Openings for Economists pp. 605-07

John Siegfried

Report of the Committee on Economic Education pp. 608-10

Michael Watts

Report of the Committee on the Status of Women in the Economics Profession 2007 pp. 611-18

Lisa Lynch

Report on the Committee on the Status of Minority Groups in the Economics Profession pp. 619-27

Cecilia Rouse

Report of the Committee on Economic Statistics pp. 628-28

Katharine Abraham

Report of the Search Committee for the Editor of the Journal of Economic Perspectives pp. 629-29

Rebecca Blank

American Economic Association Universal Academic Questionnaire Summary Statistics pp. 630-33

Charles E. Scott and John Siegfried

Volume 98, issue 1, 2008

Evolution and Intelligent Design pp. 5-37

Thomas Sargent

Deal or No Deal? Decision Making under Risk in a Large-Payoff Game Show pp. 38-71

Thierry Post, Martijn J. van den Assem, Guido Baltussen and Richard Thaler

Rational Expectations in Games pp. 72-86

Robert Aumann and Jacques Dreze

Asymmetric Auctions with Resale pp. 87-112

Isa Hafalir and Vijay Krishna

Optimal Gerrymandering: Sometimes Pack, but Never Crack pp. 113-44

John Friedman and Richard T. Holden

When Does Coordination Require Centralization? pp. 145-79

Ricardo Alonso, Wouter Dessein and Niko Matouschek

On the Empirical Content of Quantal Response Equilibrium pp. 180-200

Philip A. Haile, Ali Hortaçsu and Grigory Kosenok

A Dynamic Theory of Public Spending, Taxation, and Debt pp. 201-36

Marco Battaglini and Stephen Coate

Vertical Arrangements, Market Structure, and Competition: An Analysis of Restructured US Electricity Markets pp. 237-66

James Bushnell, Erin Mansur and Celeste Saravia

Persistence of Power, Elites, and Institutions pp. 267-93

Daron Acemoglu and James Robinson

Betrayal Aversion: Evidence from Brazil, China, Oman, Switzerland, Turkey, and the United States pp. 294-310

Iris Bohnet, Fiona Greig, Benedikt Herrmann and Richard Zeckhauser

Female Socialization: How Daughters Affect Their Legislator Fathers pp. 311-32

Ebonya L. Washington

The Mystery of Monogamy pp. 333-57

Eric Gould, Omer Moav and Avi Simhon

An Equilibrium Model of "Global Imbalances" and Low Interest Rates pp. 358-93

Ricardo Caballero, Emmanuel Farhi and Pierre-Olivier Gourinchas

Reallocation, Firm Turnover, and Efficiency: Selection on Productivity or Profitability? pp. 394-425

Lucia Foster, John Haltiwanger and Chad Syverson

On the Evolution of Firm Size Distributions pp. 426-38

Paolo Angelini and Andrea Generale

Growth Dynamics: The Myth of Economic Recovery pp. 439-57

Valerie Cerra and Sweta Chaman Saxena

Gambling at Lucky Stores: Empirical Evidence from State Lottery Sales pp. 458-73

Jonathan Guryan and Melissa Kearney

A Model of Housing in the Presence of Adjustment Costs: A Structural Interpretation of Habit Persistence pp. 474-95

Marjorie Flavin and Shinobu Nakagawa

A Simple Auction Mechanism for the Optimal Allocation of the Commons pp. 496-518

Juan-Pablo Montero

The Dynamic Behavior of the Real Exchange Rate in Sticky Price Models pp. 519-33

Jón Steinsson

Collective Memory, Cultural Transmission, and Investments pp. 534-60

Roberta Dessi

Bureaucrats or Politicians? Comment pp. 561-62

Fuhito Kojima