American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

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Volume 97, issue 5, 2007

Life-Cycle Prices and Production pp. 1533-1559

Mark Aguiar and Erik Hurst

Theft, Gift-Giving, and Trustworthiness: Honesty Is Its Own Reward in Rural Paraguay pp. 1560-1582

Laura Schechter

Child Protection and Child Outcomes: Measuring the Effects of Foster Care pp. 1583-1610

Joseph J. Doyle

Trade Liberalization, Intermediate Inputs, and Productivity: Evidence from Indonesia pp. 1611-1638

Mary Amiti and Jozef Konings

Establishment Size Dynamics in the Aggregate Economy pp. 1639-1666

Esteban Rossi-Hansberg and Mark Wright

Demographics and Industry Returns pp. 1667-1702

Stefano DellaVigna and Joshua M. Pollet

Antitrust in Innovative Industries pp. 1703-1730

Ilya Segal and Michael Whinston

Fatal Attraction: Salience, Naïveté, and Sophistication in Experimental "Hide-and-Seek" Games pp. 1731-1750

Vincent Crawford and Nagore Iriberri

Group Reputations, Stereotypes, and Cooperation in a Repeated Labor Market pp. 1751-1773

Paul J. Healy

Does Price Matter in Charitable Giving? Evidence from a Large-Scale Natural Field Experiment pp. 1774-1793

Dean Karlan and John List

Impossibility of Collusion under Imperfect Monitoring with Flexible Production pp. 1794-1823

Yuliy Sannikov and Andrzej Skrzypacz

Sequentially Rationalizable Choice pp. 1824-1839

Paola Manzini and Marco Mariotti

Vertical Control of Price and Inventory pp. 1840-1857

Harish Krishnan and Ralph Winter

Individual Preferences for Giving pp. 1858-1876

Raymond Fisman, Shachar Kariv and Daniel Markovits

Consensus Building: How to Persuade a Group pp. 1877-1900

Bernard Caillaud and Jean Tirole

Traders' Expectations in Asset Markets: Experimental Evidence pp. 1901-1920

Ernan Haruvy, Yaron Lahav and Charles Noussair

Consistency and Heterogeneity of Individual Behavior under Uncertainty pp. 1921-1938

Syngjoo Choi, Raymond Fisman, Douglas Gale and Shachar Kariv

Heterogeneity and Aggregation: Implications for Labor-Market Fluctuations pp. 1939-1956

Yongsung Chang and Sun-Bin Kim

Competitive Wages in a Match with Ordered Contracts pp. 1957-1969

Muriel Niederle

Another Look at Airport Congestion Pricing pp. 1970-1977

Steven A. Morrison and Clifford Winston

Diamonds Are Forever, Wars Are Not: Is Conflict Bad for Private Firms? pp. 1978-1993

Massimo Guidolin and Eliana La Ferrara

Overconfidence, Insurance, and Paternalism pp. 1994-2004

Alvaro Sandroni and Francesco Squintani

Do We Really Know That the WTO Increases Trade? Comment pp. 2005-2018

Michael Tomz, Judith L. Goldstein and Douglas Rivers

Do We Really Know That the WTO Increases Trade? Reply pp. 2019-2025

Andrew Rose

Does Competition Among Public Schools Benefit Students and Taxpayers? Comment pp. 2026-2037

Jesse Rothstein

Does Competition Among Public Schools Benefit Students and Taxpayers? Reply pp. 2038-2055

Caroline M. Hoxby

Volume 97, issue 4, 2007

Reference-Dependent Risk Attitudes pp. 1047-1073

Botond Koszegi and Matthew Rabin

Mismatch pp. 1074-1101

Robert Shimer

Subjective Expectations and Asset-Return Puzzles pp. 1102-1130

Martin Weitzman

On the Cyclicality of Research and Development pp. 1131-1164

Gadi Barlevy

Inventories and the Business Cycle: An Equilibrium Analysis of ( S, s ) Policies pp. 1165-1188

Aubhik Khan and Julia Thomas

Markets in China and Europe on the Eve of the Industrial Revolution pp. 1189-1216

Carol H. Shiue and Wolfgang Keller

Projection Bias in Catalog Orders pp. 1217-1249

Michael Conlin, Ted O'Donoghue and Timothy Vogelsang

Do Markets Reduce Costs? Assessing the Impact of Regulatory Restructuring on US Electric Generation Efficiency pp. 1250-1277

Kira R. Fabrizio, Nancy Rose and Catherine D. Wolfram

Selection Bias, Demographic Effects, and Ability Effects in Common Value Auction Experiments pp. 1278-1304

Marco Casari, John C. Ham and John Kagel

Naked Exclusion, Efficient Breach, and Downstream Competition pp. 1305-1320

John Simpson and Abraham L. Wickelgren

Do Vertical Mergers Facilitate Upstream Collusion? pp. 1321-1339

Volker Nocke and Lucy White

Individual Behavior and Group Membership pp. 1340-1352

Gary Charness, Luca Rigotti and Aldo Rustichini

Political Bias and War pp. 1353-1373

Matthew Jackson and Massimo Morelli

A Political-Economy Theory of Trade Agreements pp. 1374-1406

Giovanni Maggi and Andres Rodriguez-Clare

Auctions with Anticipated Regret: Theory and Experiment pp. 1407-1418

Emel Filiz-Ozbay and Erkut Ozbay

Labor and the Market Value of the Firm pp. 1419-1431

Monika Merz and Eran Yashiv

Contracting with Repeated Moral Hazard and Private Evaluations pp. 1432-1448

William Fuchs

Exchange Asymmetries Incorrectly Interpreted as Evidence of Endowment Effect Theory and Prospect Theory? pp. 1449-1466

Charles Plott and Kathryn Zeiler

Surviving Andersonville: The Benefits of Social Networks in POW Camps pp. 1467-1487

Dora Costa and Matthew Kahn

Individual Consumption Risk and the Welfare Cost of Business Cycles pp. 1488-1506

Massimiliano De Santis

Goodbye Lenin (or Not?): The Effect of Communism on People pp. 1507-1528

Alberto Alesina and Nicola Fuchs-Schündeln

Volume 97, issue 3, 2007

Macroeconomics for a Modern Economy pp. 543-561

Edmund Phelps

Relative Prices and Relative Prosperity pp. 562-585

Chang-Tai Hsieh and Pete Klenow

Shocks and Frictions in US Business Cycles: A Bayesian DSGE Approach pp. 586-606

Frank Smets and Raf Wouters

Generalizing the Taylor Principle pp. 607-635

Troy Davig and Eric Leeper

The Timing of Monetary Policy Shocks pp. 636-663

Giovanni Olivei and Silvana Tenreyro

Job Displacement Risk and the Cost of Business Cycles pp. 664-686

Tom Krebs

Learning Your Earning: Are Labor Income Shocks Really Very Persistent? pp. 687-712

Fatih Guvenen

Valuing New Goods in a Model with Complementarity: Online Newspapers pp. 713-744

Matthew Gentzkow

Estimating Risk Preferences from Deductible Choice pp. 745-788

Alma Cohen and Liran Einav

Estimating the Effects of Private School Vouchers in Multidistrict Economies pp. 789-817

Maria Marta Ferreyra

The Pluralism of Fairness Ideals: An Experimental Approach pp. 818-827

Alexander Cappelen, Astri Drange Hole, Erik Sørensen and Bertil Tungodden

Efficient Kidney Exchange: Coincidence of Wants in Markets with Compatibility-Based Preferences pp. 828-851

Tayfun Sönmez, Alvin Roth and Utku Unver

Signaling Character in Electoral Competition pp. 852-870

Navin Kartik and Randolph McAfee

Harmonization and Side Payments in Political Cooperation pp. 871-889

Bård Harstad

Meeting Strangers and Friends of Friends: How Random Are Social Networks? pp. 890-915

Matthew Jackson and Brian Rogers

Contracts and Technology Adoption pp. 916-943

Daron Acemoglu, Pol Antras and Elhanan Helpman

Leadership and Information pp. 944-947

Mana Komai, Mark Stegeman and Benjamin E. Hermalin

Social Interactions in High School: Lessons from an Earthquake pp. 948-965

Piero Cipollone and Alfonso Rosolia

Measuring Self-Control Problems pp. 966-972

John Ameriks, Andrew Caplin, John Leahy and Tom Tyler

Regulation, Capital, and the Evolution of Organizational Form in US Life Insurance pp. 973-983

George Zanjani

Sticky-Price Models and Durable Goods pp. 984-998

Robert Barsky, Christopher L. House and Miles Kimball

Trust as a Signal of a Social Norm and the Hidden Costs of Incentive Schemes pp. 999-1012

Dirk Sliwka

Tradeoffs from Integrating Diagnosis and Treatment in Markets for Health Care pp. 1013-1020

Christopher C. Afendulis and Daniel P. Kessler

ABCs (and Ds) of Understanding VARs pp. 1021-1026

Jesus Fernandez-Villaverde, Juan F Rubio-Ramirez, Thomas Sargent and Mark Watson

Matching and Price Competition: Comment pp. 1027-1031

Fuhito Kojima

Effects of Environmental and Land Use Regulation in the Oil and Gas Industry Using the Wyoming Checkerboard as a Natural Experiment: Retraction pp. 1032-1032

Shelby Gerking and William E. Morgan

Volume 97, issue 2, 2007

Editors' Introduction pp. viii-viii

Michelle DeBlasi and Ronald Oaxaca

Foreword pp. ix-ix

Thomas Sargent

Beliefs, Doubts and Learning: Valuing Macroeconomic Risk pp. 1-30

Lars Peter Hansen

The Technology of Skill Formation pp. 31-47

James Heckman and Flavio Cunha

Ex Ante Policy Evaluation, Structural Estimation and Model Selection pp. 48-52

Kenneth I. Wolpin

Testing the Mechanisms of Structural Models: The Case of the Mickey Mantle Effect pp. 53-59

Hanming Fang, Michael Keane, Ahmed Khwaja, Martin Salm and Dan Silverman

Bayesian Model Comparison and Validation pp. 60-64

John Geweke

Reciprocity in Groups and the Limits to Social Capital pp. 65-69

Francis Bloch, Garance Genicot and Debraj Ray

Risk Sharing Across Communities pp. 70-74

Yann Bramoullé and Rachel Kranton

Risk Sharing and Network Formation pp. 75-79

Marcel Fafchamps and Flore Gubert

Community Size and Network Closure pp. 80-85

Dean Karlan, Markus M. Möbius, Tanya Rosenblat, Adam Szeidl and Hunt Allcott

Communication Networks: Knowledge and Decisions pp. 86-91

Antoni Calvó-Armengol and Joan de Martí Beltran

Diffusion of Behavior and Equilibrium Properties in Network Games pp. 92-98

Matthew Jackson and Leeat Yariv

Financial Networks pp. 99-103

Douglas Gale and Shachar Kariv

Evaluating the Worker Profiling and Reemployment Services System Using a Regression Discontinuity Approach pp. 104-107

Dan Black, Jose Galdo and Jeffrey Smith

Unemployment Benefits, Unemployment Duration, and Post-Unemployment Jobs: A Regression Discontinuity Approach pp. 108-112

Rafael Lalive

The Spike at Benefit Exhaustion: Leaving the Unemployment System or Starting a New Job? pp. 113-118

David Card, Raj Chetty and Andrea Weber

Distinguishing Income from Substitution Effects in Disability Insurance pp. 119-124

David Autor and Mark Duggan

An Ascending Auction for Interdependent Values: Uniqueness and Robustness to Strategic Uncertainty pp. 125-130

Stephen Morris and Dirk Bergemann

Designing Efficient Mechanisms for Dynamic Bilateral Trading Games pp. 131-136

Ilya Segal and Susan Athey

On Quitting Rights in Mechanism Design pp. 137-141

Philippe Jehiel and Olivier Compte

Neuroeconomic Studies of Impulsivity: Now or Just as Soon as Possible? pp. 142-147

Paul William Glimcher, Kenway Louie and Joseph Kable

The Neuroeconomic Theory of Learning pp. 148-152

Andrew Caplin and Mark Dean

Revealing Preferences Graphically: An Old Method Gets a New Tool Kit pp. 153-158

Douglas Gale, Shachar Kariv, Syngjoo Choi and Raymond Fisman

Optimal Beliefs, Asset Prices, and the Preference for Skewed Returns pp. 159-165

Markus Brunnermeier, Jonathan Parker and Christian Gollier

Experimental Testing of Intrinsic Preferences for NonInstrumental Information pp. 166-169

Kfir Eliaz and Andrew Schotter

Guilt in Games pp. 170-176

Pierpaolo Battigalli and Martin Dufwenberg

Adding a Stick to the Carrot? The Interaction of Bonuses and Fines pp. 177-181

Ernst Fehr and Klaus M. Schmidt

Incomplete Contracts and Ownership: Some New thoughts pp. 182-186

Oliver Hart and John Moore

Can Contract Theory Explain Social Preferences? pp. 187-192

W. Bentley Macleod

Liquidity and Risk Management pp. 193-197

Nicolae Gârleanu and Lasse Pedersen

Search in Asset Markets: Market Structure, Liquidity, and Welfare pp. 198-202

Ricardo Lagos and Guillaume Rocheteau

Information Percolation in Large Markets pp. 203-209

Darrell Duffie and Gustavo Manso

Market Maker Inventories and Stock Prices pp. 210-214

Mark S. Seasholes and Terrence Hendershott

Slow Moving Capital pp. 215-220

Lasse Pedersen, Mark Mitchell and Todd Pulvino

Systemic Illiquidity in the Federal Funds Market pp. 221-225

Adam Ashcraft and Darrell Duffie

Increasing Income Inequality, External Habits, and Self-Reported Happiness pp. 226-231

Karen E. Dynan and Enrichetta Ravina

Pricing to Habits and the Law of One Price pp. 232-238

Morten Ravn, Stephanie Schmitt-Grohe and Martín Uribe

Explaining Asset Prices with External Habits and Wage Rigidities in a DSGE Model pp. 239-243

Harald Uhlig

Optimal Inattention to the Stock Market pp. 244-249

Andrew Abel, Janice Eberly and Stavros Panageas

Uncertainty and the Dynamics of R&D pp. 250-255

Nicholas Bloom

Investment under Uncertainty with Strategic Debt Service pp. 256-261

Suresh Sundaresan and Neng Wang

The Bank of Amsterdam and the Leap to Central Bank Money pp. 262-265

William Roberds and Stephen Quinn

Backing, the Quantity Theory, and the Transition to the US Dollar, 1723–1850 pp. 266-270

Peter Rousseau

The Political Economy of the US Monetary Union: The Civil War Era as a Watershed pp. 271-275

John James and David F. Weiman

John Law's System pp. 276-279

Francois Velde

The Net Worth of the US Federal Government, 1784–1802 pp. 280-284

Farley Grubb

The Great Financial Crisis of 1914: What Can We Learn from Aldrich–Vreeland Emergency Currency? pp. 285-289

William L. Silber

The McKenna Rule and UK World War I Finance pp. 290-294

Shaun Vahey and James Nason

How Occupied France Financed Its Own Exploitation in World War II pp. 295-299

Eugene White, Filippo Occhino and Kim Oosterlinck

The Perils of Transparency in Bureaucracies pp. 300-305

Alessandro Gavazza and Alessandro Lizzeri

Decision–Making Procedures for Committees of Careerist Experts pp. 306-310

Gilat Levy

The Transparency of Politics and the Quality of Politicians pp. 311-315

Andrea Mattozzi and Antonio Merlo

Aid Effectiveness – Opening the Black Box pp. 316-321

François Bourguignon and Mark Sundberg

Does Aid Affect Governance? pp. 322-327

Raghuram Rajan and Arvind Subramanian

Was Development Assistance a Mistake? pp. 328-332

William Easterly

The Returns to Currency Speculation in Emerging Markets pp. 333-338

Martin Eichenbaum, Craig Burnside and Sergio Rebelo

If Exchange Rates are Random Walks, Then Almost Everything We Say About Monetary Policy is Wrong pp. 339-345

Fernando Alvarez, Andrew Atkeson and Patrick Kehoe

Random Walk Expectations and the Forward Discount Puzzle pp. 346-350

Eric van Wincoop and Philippe Bacchetta

Unbalanced Trade pp. 351-355

Jonathan Eaton, Robert Dekle and Samuel Kortum

Trade Flow Dynamics with Heterogeneous Firms pp. 356-361

Fabio Ghironi and Marc Melitz

Pricing-to-Market in a Ricardian Model of International Trade pp. 362-367

Andrew Atkeson and Ariel Burstein

The Effect of Globalization on the Performance of Small- and Medium-Sized Enterprises in the United States: Does Owners' Race/Ethnicity Matter? pp. 368-372

Elizabeth Asiedu and James A. Freeman

The Effects of Recent Immigration on Racial/Ethnic Labor Market Differentials pp. 373-377

Deborah Reed and Sheldon Danziger

Inward Foreign Direct Investment and Racial Employment Patterns in US Manufacturing pp. 378-382

Abera Gelan, Kaye Husbands Fealing and James Peoples

Differential Impacts of Immigrants on Native Black and White Workers pp. 383-387

Paul Ong and Don Mar

Nonlinearities and Robustness in Growth Regressions pp. 388-392

Jenny Minier

Public Education Expenditures, Taxation, and Growth: Linking Data to Theory pp. 393-397

William Blankenau, Nicole B. Simpson and Marc Tomljanovich

Why Do Poor Children Lose Health Insurance in the SCHIP Era? The Role of Family Health pp. 398-401

Anne Carroll, Hope Corman, Kelly Noonan and Nancy E. Reichman

The Effect of Child Gender on Parents' Labor Supply: An Examination of Natives, Immigrants, and their Children pp. 402-406

Sabrina Pabilonia and Jennifer Ward-Batts

Reaching Equilibrium in the Market for Obstetricians and Gynecologists pp. 407-411

Jessica Wolpaw Reyes

Gender Differences in the Labor Market: Impact of IRCA pp. 412-416

Catalina Amuedo-Dorantes, Cynthia Bansak and Steven Raphael

The Role of Labor Market Intermittency in Explaining Gender Wage Differentials pp. 417-421

Julie L. Hotchkiss and Melinda Pitts

Women Helping Women, Men Helping Women? Same-Gender Mentoring, Initial Job Placements, and Early Career Publishing Success for Economics PhDs pp. 422-426

Christiana Hilmer and Michael Hilmer

Integrated Insurance Design in the Presence of Multiple Medical Technologies pp. 427-432

Tomas Philipson and Dana Goldman

Social Value and the Speed of Innovation pp. 433-437

Kevin Murphy and Robert Topel

The Impact of New Drugs on US Longevity and Medical Expenditure, 1990–2003: Evidence from Longitudinal, Disease-Level Data pp. 438-443

Frank Lichtenberg

Identification and Estimation of Bidders' Risk Aversion in First-Price Auctions pp. 444-448

Quang Vuong and Isabelle Perrigne

An Estimate Dynamic Model of Entry, Exit, and Growth in Oligopoly Retail Markets pp. 449-454

Victor Aguirregabiria, Pedro Mira and Hernan Roman

Bounding Revenue Comparisons across Multi-Unit Auction Formats under ε-Best Response pp. 455-458

James Chapman, David McAdams and Harry Paarsch

Linear Regression Estimation of Discrete Choice Models with Nonparametric Distributions of Random Coefficients pp. 459-463

Patrick Bajari, Jeremy Fox and Stephen Ryan

Toward Choice-Theoretic Foundations for Behavioral Welfare Economics pp. 464-470

B. Douglas Bernheim and Antonio Rangel

Welfare without Happiness pp. 471-476

Faruk Gul and Wolfgang Pesendorfer

Mistakes in Choice-Based Welfare Analysis pp. 477-481

Matthew Rabin and Botond Koszegi

Some Evolutionary Economics of Family Partnerships pp. 482-486

Ted Bergstrom

Habits, Peers, and Happiness: An Evolutionary Perspective pp. 487-491

Luis Rayo and Gary Becker

Why do We Die? Economics, Biology and Aging pp. 492-495

Arthur Robson and Hillard Kaplan

The Evolution of Intertemporal Preferences pp. 496-500

Larry Samuelson and Arthur Robson

Is There An Insider Advantage in Getting Tenure? pp. 501-505

Paul Oyer

The Search for Economics Talent: Doctoral Completion and Research Productivity pp. 506-511

Wayne Grove and Stephen Wu

What Does Performance in Graduate School Predict? Graduate Economics Education and Student Outcomes pp. 512-520

Susan Athey, Lawrence Katz, Alan Krueger, Steven Levitt and James Poterba

Volume 97, issue 1, 2007

The Missing Motivation in Macroeconomics pp. 5-36

George Akerlof

Competence Implies Credibility pp. 37-63

Giuseppe Moscarini

Modeling the Transition to a New Economy: Lessons from Two Technological Revolutions pp. 64-88

Andrew Atkeson and Patrick Kehoe

The Cross Section of Foreign Currency Risk Premia and Consumption Growth Risk pp. 89-117

Hanno Lustig and Adrien Verdelhan

Inefficiency in Legislative Policymaking: A Dynamic Analysis pp. 118-149

Marco Battaglini and Stephen Coate

Decision Making in Committees: Transparency, Reputation, and Voting Rules pp. 150-168

Gilat Levy

Bureaucrats or Politicians? Part I: A Single Policy Task pp. 169-179

Alberto Alesina and Guido Tabellini

The Motivation and Bias of Bureaucrats pp. 180-196

Canice Prendergast

Urban Evolutions: The Fast, the Slow, and the Still pp. 197-221

Gilles Duranton

Market Share Dynamics and the "Persistence of Leadership" Debate pp. 222-241

John Sutton

Internet Advertising and the Generalized Second-Price Auction: Selling Billions of Dollars Worth of Keywords pp. 242-259

Benjamin Edelman, Michael Ostrovsky and Michael Schwarz

Credible Sales Mechanisms and Intermediaries pp. 260-276

David McAdams and Michael Schwarz

Imprecision as an Account of the Preference Reversal Phenomenon pp. 277-297

David Butler and Graham Loomes

Do Workers Work More if Wages Are High? Evidence from a Randomized Field Experiment pp. 298-317

Ernst Fehr and Lorenz Goette

The Effect of Court-Ordered Hiring Quotas on the Composition and Quality of Police pp. 318-353

Justin McCrary

The Economic Impacts of Climate Change: Evidence from Agricultural Output and Random Fluctuations in Weather pp. 354-385

Olivier Deschenes and Michael Greenstone

What Are Stock Investors’ Actual Historical Returns? Evidence from Dollar-Weighted Returns pp. 386-401

Ilia D. Dichev

Consumer Bankruptcy: A Fresh Start pp. 402-418

Igor Livshits, James (Jim) MacGee and Michele Tertilt

Simple Cost-Sharing Contracts pp. 419-428

Leon Yang Chu and David Sappington

Structural Change in a Multisector Model of Growth pp. 429-443

L. Rachel Ngai and Christopher Pissarides

Individual Perceptions of the Criminal Justice System pp. 444-460

Lance Lochner

Vignettes and Self-Reports of Work Disability in the United States and the Netherlands pp. 461-473

Arie Kapteyn, James P. Smith and Arthur van Soest

Credible Commitment to Optimal Escape from a Liquidity Trap: The Role of the Balance Sheet of an Independent Central Bank pp. 474-490

Olivier Jeanne and Lars E. O. Svensson

Conditional Cash Transfers, Public Provision of Private Goods, and Income Redistribution pp. 491-502

Firouz Gahvari and Enlinson Mattos

Credit Traps and Credit Cycles pp. 503-516

Kiminori Matsuyama

Minimax Play at Wimbledon: Comment pp. 517-523

Shih-Hsun Hsu, Chen-Ying Huang and Cheng-Tao Tang

Testing for Indeterminacy: An Application to U.S. Monetary Policy: Comment pp. 524-529

Andreas Beyer and Roger Farmer

Testing for Indeterminacy: An Application to U.S. Monetary Policy: Reply pp. 530-533

Thomas Lubik and Frank Schorfheide

Secession and the Limits of Taxation: Toward a Theory of Internal Exit: Comment pp. 534-538

Grégoire Rota Graziosi