American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

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Volume 96, issue 5, 2006

Quantitative Aggregate Economics pp. 1373-1383

Finn Kydland

Assessing the Impact of a School Subsidy Program in Mexico: Using a Social Experiment to Validate a Dynamic Behavioral Model of Child Schooling and Fertility pp. 1384-1417

Kenneth I. Wolpin and Petra Todd

Are Technology Improvements Contractionary? pp. 1418-1448

Miles Kimball, John Fernald and Susanto Basu

A Dual-Self Model of Impulse Control pp. 1449-1476

David Levine and Drew Fudenberg

Estimating the Effects of Global Patent Protection in Pharmaceuticals: A Case Study of Quinolones in India pp. 1477-1514

Panle Jia, Pinelopi Goldberg and Shubham Chaudhuri

Accounting for the Growth of MNC-Based Trade Using a Structural Model of U.S. MNCs pp. 1515-1558

Michael Keane and Susan Feinberg

Inherited Control and Firm Performance pp. 1559-1588

Francisco Pérez-González

Household Expenditure and the Income Tax Rebates of 2001 pp. 1589-1610

Nicholas S. Souleles, Jonathan Parker and David S. Johnson

The Hidden Costs of Control pp. 1611-1630

Michael Kosfeld and Armin Falk

Globalization and Emerging Markets: With or Without Crash? pp. 1631-1651

Helene Rey and Philippe Martin

Incentives and Prosocial Behavior pp. 1652-1678

Jean Tirole and Roland Benabou

In the Right Place at the Wrong Time: The Role of Firms and Luck in Young Workers' Careers pp. 1679-1705

Stefan Bender and Till von Wachter

Storable Good Monopoly: The Role of Commitment pp. 1706-1719

Igal Hendel, Paolo Dudine and Alessandro Lizzeri

Crises and Prices: Information Aggregation, Multiplicity, and Volatility pp. 1720-1736

Iván Werning and George-Marios Angeletos

Cognition and Behavior in Two-Person Guessing Games: An Experimental Study pp. 1737-1768

Vincent Crawford and Miguel Costa-Gomes

Self-Fulfilling Currency Crises: The Role of Interest Rates pp. 1769-1787

Aleh Tsyvinski, Arijit Mukherji and Christian Hellwig

Child Labor and the Labor Supply of Other Household Members: Evidence from 1920 America pp. 1788-1801

Marco Manacorda

Did Unilateral Divorce Laws Raise Divorce Rates? A Reconciliation and New Results pp. 1802-1820

Justin Wolfers

A New Method of Estimating Risk Aversion pp. 1821-1834

Raj Chetty

Phased-In Tax Cuts and Economic Activity pp. 1835-1849

Matthew D. Shapiro and Christopher L. House

The Japanese Saving Rate pp. 1850-1858

Selahattin Imrohoroglu, Ayse Imrohoroglu and Kaiji Chen

How Special Is the Special Relationship? Using the Impact of U.S. R&D Spillovers on U.K. Firms as a Test of Technology Sourcing pp. 1859-1875

John van Reenen, Rupert Harrison and Rachel Griffith

Declining Volatility in the U.S. Automobile Industry pp. 1876-1889

Daniel J. Vine and Valerie Ramey

Empathy or Antipathy? The Impact of Diversity pp. 1890-1905

Johanne Boisjoly, Greg Duncan, Michael Kremer, Dan M. Levy and Jacque Eccles

Inequality Aversion, Efficiency, and Maximin Preferences in Simple Distribution Experiments: Comment pp. 1906-1911

Gary Bolton and Axel Ockenfels

Inequality Aversion, Efficiency, and Maximin Preferences in Simple Distribution Experiments: Comment pp. 1912-1917

Ernst Fehr, Michael Naef and Klaus M. Schmidt

Inequality Aversion, Efficiency, and Maximin Preferences in Simple Distribution Experiments: Reply pp. 1918-1923

Dirk Engelmann and Martin Strobel

Does European Unemployment Prop Up American Wages? National Labor Markets and Global Trade: Comment pp. 1924-1930

Jürgen Meckl

Volume 96, issue 4, 2006

An Astonishing Sixty Years: The Legacy of Hiroshima pp. 929-937

Thomas C. Schelling

Multiple Dimensions of Private Information: Evidence from the Long-Term Care Insurance Market pp. 938-958

Amy Finkelstein and Kathleen McGarry

Higher-Education Policies and the College Wage Premium: Cross-State Evidence from the 1990s pp. 959-987

Nicole Fortin

What Mean Impacts Miss: Distributional Effects of Welfare Reform Experiments pp. 988-1012

Marianne Bitler, Jonah Gelbach and Hilary W. Hoynes

Taxes, Cigarette Consumption, and Smoking Intensity pp. 1013-1028

Jerome Adda and Francesca Cornaglia

The Speed of Learning in Noisy Games: Partial Reinforcement and the Sustainability of Cooperation pp. 1029-1042

Yoella Bereby-Meyer and Alvin Roth

Costly Information Acquisition: Experimental Analysis of a Boundedly Rational Model pp. 1043-1068

Xavier Gabaix, David Laibson, Guillermo Moloche and Stephen Weinberg

Individual Preferences, Monetary Gambles, and Stock Market Participation: A Case for Narrow Framing pp. 1069-1090

Nicholas Barberis, Ming Huang and Richard Thaler

A Model of Forum Shopping pp. 1091-1113

Josh Lerner and Jean Tirole

Cardinality versus Ordinality: A Suggested Compromise pp. 1114-1136

Michael Mandler

Self-Enforcing Voting in International Organizations pp. 1137-1158

Giovanni Maggi and Massimo Morelli

Speculative Growth: Hints from the U.S. Economy pp. 1159-1192

Ricardo Caballero, Emmanuel Farhi and Mohamad L. Hammour

Shocks and Government Beliefs: The Rise and Fall of American Inflation pp. 1193-1224

Thomas Sargent, Noah Williams and Tao Zha

Traditional Institutions Meet the Modern World: Caste, Gender, and Schooling Choice in a Globalizing Economy pp. 1225-1252

Kaivan Munshi and Mark Rosenzweig

$1,000 Cash Back: The Pass-Through of Auto Manufacturer Promotions pp. 1253-1270

Meghan Busse, Jorge Silva-Risso and Florian Zettelmeyer

A Theory of Participation in Elections pp. 1271-1282

Timothy Feddersen and Alvaro Sandroni

What is Discrimination? Gender in the American Economic Association, 1935-2004 pp. 1283-1292

Stephen Donald and Daniel S. Hamermesh

Stock Prices, News, and Economic Fluctuations pp. 1293-1307

Paul Beaudry and Franck Portier

Life-Cycle Variation in the Association between Current and Lifetime Earnings pp. 1308-1320

Steven Haider and Gary Solon

Choice Shifts in Groups: A Decision-Theoretic Basis pp. 1321-1332

Kfir Eliaz, Debraj Ray and Ronny Razin

Good Principals or Good Peers? Parental Valuation of School Characteristics, Tiebout Equilibrium, and the Incentive Effects of Competition among Jurisdictions pp. 1333-1350

Jesse Rothstein

Caps on Political Lobbying: Comment pp. 1351-1354

Todd Kaplan and David Wettstein

Caps on Political Lobbying: Reply pp. 1355-1360

Yeon-Koo Che and Ian L. Gale

Credibility of Optimal Monetary Delegation: Comment pp. 1361-1366

Edward Driffill and Zeno Rotondi

Equilibrium Incentives in Oligopoly: Corrigendum pp. 1367-1367

Chaim Fershtman and Kenneth Judd

Volume 96, issue 3, 2006

Increasing Residual Wage Inequality: Composition Effects, Noisy Data, or Rising Demand for Skill? pp. 461-498

Thomas Lemieux

The World Technology Frontier pp. 499-522

Francesco Caselli and Wilbur Coleman

Medium-Term Business Cycles pp. 523-551

Diego Comin and Mark Gertler

Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle? pp. 552-576

Philippe Bacchetta and Eric van Wincoop

Media Frenzies in Markets for Financial Information pp. 577-601

Laura Veldkamp

An Efficient Dynamic Auction for Heterogeneous Commodities pp. 602-629

Lawrence M. Ausubel

Superstition and Rational Learning pp. 630-651

Drew Fudenberg and David Levine

Matching and Price Competition pp. 652-668

Jeremy Bulow and Jonathan Levin

A Change Would Do You Good.... An Experimental Study on How to Overcome Coordination Failure in Organizations pp. 669-693

Jordi Brandts and David Cooper

Paying Not to Go to the Gym pp. 694-719

Stefano DellaVigna and Ulrike Malmendier

Handcuffs for the Grabbing Hand? Media Capture and Government Accountability pp. 720-736

Timothy Besley and Andrea Prat

Pareto-Improving Social Security Reform when Financial Markets are Incomplete!? pp. 737-755

Dirk Krueger and Felix Kubler

On the Simple Economics of Advertising, Marketing, and Product Design pp. 756-784

Justin P. Johnson and David Myatt

Exclusive Dealing and Entry, when Buyers Compete pp. 785-795

Chiara Fumagalli and Massimo Motta

Investment Behavior, Observable Expectations, and Internal Funds pp. 796-810

Jason Cummins, Kevin A. Hassett and Stephen Oliner

General versus Specific Skills in Labor Markets with Search Frictions and Firing Costs pp. 811-831

Etienne Wasmer

Training and Lifetime Income pp. 832-846

Burhanettin Kuruscu

Long-Term Educational Consequences of Secondary School Vouchers: Evidence from Administrative Records in Colombia pp. 847-862

Joshua Angrist, Eric Bettinger and Michael Kremer

Incarceration Length, Employment, and Earnings pp. 863-876

Jeffrey Kling

Will International Rules on Subsidies Disrupt the World Trading System? pp. 877-895

Kyle Bagwell and Robert W. Staiger

Preferential Trade Agreements as Stumbling Blocks for Multilateral Trade Liberalization: Evidence for the United States pp. 896-914

Nuno Limão

Volume 96, issue 2, 2006

The Quiet Revolution That Transformed Women's Employment, Education, and Family pp. 1-21

Claudia Goldin

Editors' Introduction pp. 8-8

Michelle DE Blasi and Ronald Oaxaca

Foreword pp. 9-9

George Akerlof

Climate Treaties and "Breakthrough" Technologies pp. 22-25

Scott Barrett

The Evolution of a Global Climate Change Agreement pp. 26-30

William Pizer

After Kyoto: Alternative Mechanisms to Control Global Warming pp. 31-34

William Nordhaus

An International Policy Architecture for the Post-Kyoto Era pp. 35-38

Sheila M. Olmstead and Robert N. Stavins

The Government's Valuation of Military Life-Saving in War: A Cost Minimization Approach pp. 39-44

Chris Rohlfs

Israel, the Palestinian Factions, and the Cycle of Violence pp. 45-49

David Jaeger and M. Daniele Paserman

Poverty, Political Freedom, and the Roots of Terrorism pp. 50-56

Alberto Abadie

When to Exit a Product: Evidence from the U. S. Motion-Picture Exhibition Market pp. 57-61

Darlene C. Chisholm and George Norman

Regulation under Asymmetric Information in Water Utilities pp. 62-66

Isabelle Brocas, Kitty Chan and Isabelle Perrigne

The Effects of Rate Regulation on Demand for Supplemental Health Insurance pp. 67-71

M. Kate Bundorf and Kosali I. Simon

"Build-or-Buy" Strategies in the Local Loop pp. 72-76

Marc Bourreau and Pinar Dogan

Patent Litigation with Endogenous Disputes pp. 77-81

James Bessen and Michael J. Meurer

Simultaneous Model of Innovation, Secrecy, and Patent Policy pp. 82-86

Klaus Kultti, Tuomas Takalo and Juuso Toikka

When Do More Patents Reduce R&D? pp. 87-91

Robert Hunt

Prior User Rights pp. 92-96

Carl Shapiro

Vertical Integration and Competition pp. 97-102

Philippe Aghion, Rachel Griffith and Peter Howitt

Did Medicare Induce Pharmaceutical Innovation? pp. 103-107

Daron Acemoglu, David Cutler, Amy Finkelstein and Joshua Linn

Valuing Consumer Products by the Time Spent Using Them: An Application to the Internet pp. 108-113

Austan Goolsbee and Pete Klenow

The Dynamics of Open-Source Contributors pp. 114-118

Josh Lerner, Parag Pathak and Jean Tirole

Dividend Taxes and Firm Valuation: New Evidence pp. 119-123

Alan Auerbach and Kevin A. Hassett

The Effects of the 2003 Dividend Tax Cut on Corporate Behavior: Interpreting the Evidence pp. 124-129

Raj Chetty and Emmanuel Saez

Putting Firms into Optimal Tax Theory pp. 130-134

Wojciech Kopczuk and Joel Slemrod

Housing, Credit Constraints, and Macro Stability: The Secondary Mortgage Market and Reduced Cyclicality of Residential Investment pp. 135-140

Joe Peek and James A. Wilcox

Helping Infant Economies Grow: Foundations of Trade Policies for Developing Countries pp. 141-146

Bruce Greenwald and Joseph Stiglitz

Investor Sentiment and Corporate Finance: Micro and Macro pp. 147-151

Owen Lamont and Jeremy C. Stein

Inertia of Forward-Looking Expectations pp. 152-157

Stephen Morris and Hyun Song Shin

Rational Inattention: Beyond the Linear-Quadratic Case pp. 158-163

Christopher A. Sims

Pervasive Stickiness pp. 164-169

N. Gregory Mankiw and Ricardo Reis

The Regulatory Record of the Greenspan Fed pp. 170-173

Charles Calomiris

The Greenspan Era: Discretion, Rather than Rules pp. 174-177

Benjamin M. Friedman

The Road to Price Stability pp. 178-181

Athanasios Orphanides

A Letter to Ben Bernanke pp. 182-184

N. Gregory Mankiw

From Inflation to More Inflation, Disinflation, and Low Inflation pp. 185-188

Allan Meltzer

The Polarization of the U.S. Labor Market pp. 189-194

David Autor, Lawrence Katz and Melissa Kearney

Postsecondary Education and Increasing Wage Inequality pp. 195-199

Thomas Lemieux

The Evolution of Top Incomes: A Historical and International Perspective pp. 200-205

Thomas Piketty and Emmanuel Saez

Discrimination, Social Identity, and Durable Inequalities pp. 206-211

Karla Hoff and Priyanka Pandey

The Impact of Group Membership on Cooperation and Norm Enforcement: Evidence Using Random Assignment to Real Social Groups pp. 212-216

Lorenz Goette, David Huffman and Stephan Meier

Group Affiliation and Altruistic Norm Enforcement pp. 217-221

Helen Bernhard, Ernst Fehr and Urs Fischbacher

Migration, Remittances, and Male and Female Employment Patterns pp. 222-226

Catalina Amuedo-Dorantes and Susan Pozo

Migration and Imperfect Monitoring: Implications for Intra-Household Allocation pp. 227-231

Joyce Chen

Gender and Performance: Evidence from School Assignment by Randomized Lottery pp. 232-236

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

The Impact of State Licensing Regulations on Low-Skilled Immigrants: The Case of Vietnamese Manicurists pp. 237-241

Maya N. Federman, David E. Harrington and Kathy J. Krynski

Shades of Discrimination: Skin Tone and Wages pp. 242-245

Arthur H. Goldsmith, Darrick Hamilton and William Darity

Crime and Punishment: And Skin Hue Too? pp. 246-250

Kwabena Gyimah-Brempong and Gregory Price

Skin-Tone Effects among African Americans: Perceptions and Reality pp. 251-255

Joni Hersch

Colorism, Complexion Homogamy, and Household Wealth: Some Historical Evidence pp. 256-260

Howard Bodenhorn

Why Personal Ties Cannot Be Bought pp. 261-264

Alessandra Casella and Nobuyuki Hanaki

Is School Segregation Good or Bad? pp. 265-269

Federico Echenique, Roland G. Fryer and Alex Kaufman

Wages and Employment in a Random Social Network with Arbitrary Degree Distribution pp. 270-274

Yannis Ioannides and Adriaan R. Soetevent

All in the Extended Family: Effects of Grandparents, Aunts, and Uncles on Educational Attainment pp. 275-278

Linda Loury

Point Shaving: Corruption in NCAA Basketball pp. 279-283

Justin Wolfers

How Widespread Was Late Trading in Mutual Funds? pp. 284-289

Eric Zitzewitz

White-Collar Crime Writ Small: A Case Study of Bagels, Donuts, and the Honor System pp. 290-294

Steven Levitt

Marriage Laws and Growth in Sub-Saharan Africa pp. 295-298

Todd Schoellman and Michele Tertilt

Trade and the Great Divergence: The Family Connection pp. 299-303

Oded Galor and Andrew Mountford

Individual versus Parental Consent in Marriage: Implications for Intra-Household Resource Allocation and Growth pp. 304-307

Lena Edlund and Nils-Petter Lagerlof

Family Structure, Institutions, and Growth: The Origins and Implications of Western Corporations pp. 308-312

Avner Greif

Health and Democracy pp. 313-318

Timothy Besley and Masayuki Kudamatsu

Democracy and Development: The Devil in the Details pp. 319-324

Torsten Persson and Guido Tabellini

De Facto Political Power and Institutional Persistence pp. 325-330

Daron Acemoglu and James Robinson

Modernizing China's Growth Paradigm pp. 331-336

Eswar Prasad and Raghuram Rajan

Has Government Investment Crowded Out Private Investment in India? pp. 337-341

Pritha Mitra

Why Is Russian GDP Growth Slowing? pp. 342-347

Padma Desai

Who Are China's Entrepreneurs? pp. 348-352

Simeon Djankov, Yingyi Qian, Gérard Roland and Ekaterina Zhuravskaya

The Multitask Theory of State Enterprise Reform: Empirical Evidence from China pp. 353-357

Chong-En Bai, Lu Jiangyong and Zhigang Tao

Institutional Entrepreneurs pp. 358-362

David Daokui Li, Junxin Feng and Hongping Jiang

Executive Turnover and Firm Performance in China pp. 363-367

Takao Kato and Cheryl Long

Factor Reallocation in Eastern Germany after Reunification pp. 368-374

Michael Burda

The Caring Hand that Cripples: The East German Labor Market after Reunification pp. 375-382

Dennis J. Snower and Christian Merkl

Regional Labor Markets, Network Externalities and Migration: The Case of German Reunification pp. 383-387

Harald Uhlig

The Return to Capital in Ghana pp. 388-393

Christopher Udry and Santosh Anagol

War and Institutions: New Evidence from Sierra Leone pp. 394-399

John Bellows and Edward Miguel

Asian Growth and African Development pp. 400-404

Marcos Chamon and Michael R. Kremer

Sudden Stops and Phoenix Miracles in Emerging Markets pp. 405-410

Guillermo Calvo, Alejandro Izquierdo and Ernesto Talvi

Lessons from the Debt-Deflation Theory of Sudden Stops pp. 411-416

Enrique Mendoza

On Overborrowing pp. 417-421

Martín Uribe

China's Exchange Rate Policy Dilemma pp. 422-426

Morris Goldstein and Nicholas Lardy

China's Exchange Rate Trap: Japan Redux? pp. 427-431

Ronald McKinnon

The Parallel-Currency Approach to Asian Monetary Integration pp. 432-436

Barry Eichengreen

Requiring a Math Skills Unit: Results of a Randomized Experiment pp. 437-441

Susan Pozo and Charles A. Stull

Technology Improves Learning in Large Principles of Economics Classes: Using Our WITS pp. 442-446

Sheryl Ball, Catherine Eckel and Christian Rojas

Incentives and Student Learning: A Natural Experiment with Economics Problem Sets pp. 447-452

Wayne Grove and Tim Wasserman

Matriculation in U.S. Economics Ph.D. Programs: How Many Accepted Americans Do Not Enroll? pp. 453-457

T. Aldrich Finegan, Wendy A. Stock and John Siegfried

Attrition in Economics Ph.D. Programs pp. 458-466

Wendy A. Stock, T. Aldrich Finegan and John Siegfried

Time-to-Degree for the Economics Ph.D. Class of 2001-2002 pp. 467-474

Wendy A. Stock and John Siegfried

Minutes of the Annual Meeting pp. 477-478

John Siegfried

Minutes of the Executive Committee Meetings pp. 479-489

John Siegfried

Report of the Secretary for 2005 pp. 490-492

John Siegfried

Report of the Treasurer pp. 493-496

John Siegfried

Editor, Journal of Economic Literature pp. 510-511

Roger Gordon

Editor, Journal of Economic Perspectives pp. 512-513

Andrei Shleifer

Report of the Director, Job Openings for Economists pp. 514-515

John Siegfried

Report of the Committee on Economic Education pp. 516-518

William Walstad

Report of the Committee on the Status of Women in the Economics Profession pp. 519-526

Francine Blau

American Economic Association Universal Academic Questionnaire Summary Statistics pp. 527-530

Charles E. Scott and John Siegfried

Volume 96, issue 1, 2006

Free Markets and Fettered Consumers pp. 5-29

Daniel McFadden

Money in a Theory of Banking pp. 30-53

Douglas Diamond and Raghuram Rajan

Were There Regime Switches in U.S. Monetary Policy? pp. 54-81

Christopher A. Sims and Tao Zha

Odious Debt pp. 82-92

Seema Jayachandran and Michael Kremer

Advertising Content pp. 93-113

Simon Anderson and Régis Renault

Managing Growth to Achieve Efficient Coordination in Large Groups pp. 114-126

Roberto Weber

An Alternative Test of Racial Prejudice in Motor Vehicle Searches: Theory and Evidence pp. 127-151

Shamena Anwar and Hanming Fang

Estimating Average and Local Average Treatment Effects of Education when Compulsory Schooling Laws Really Matter pp. 152-175

Philip Oreopoulos

The Long-Term Impact of Military Service on Health: Evidence from World War II and Korean War Veterans pp. 176-194

Kelly Bedard and Olivier Deschenes

The Evolution of Managerial Expertise: How Corporate Culture Can Run Amok pp. 195-221

Dan Bernhardt, Eric Hughson and Edward Kutsoati

Why Beauty Matters pp. 222-235

Markus Mobius and Tanya Rosenblat

Wealth Concentration in a Developing Economy: Paris and France, 1807–1994 pp. 236-256

Thomas Piketty, Gilles Postel-Vinay and Jean-Laurent Rosenthal

Inequality, Lobbying, and Resource Allocation pp. 257-279

Joan Esteban and Debraj Ray

Putting Risk in Its Proper Place pp. 280-289

Louis Eeckhoudt and Harris Schlesinger

Economic Conditions Early in Life and Individual Mortality pp. 290-302

Gerard van den Berg, Maarten Lindeboom and France Portrait

Can Rational Expectations Sticky-Price Models Explain Inflation Dynamics? pp. 303-320

Jeremy Rudd and Karl Whelan

On the Workings of a Cartel: Evidence from the Norwegian Cement Industry pp. 321-338

Lars-Hendrik Röller and Frode Steen

Benefit-Cost in a Benevolent Society pp. 339-351

Ted Bergstrom

Do Technological Improvements in the Manufacturing Sector Raise or Lower Employment? pp. 352-368

Yongsung Chang and Jay H. Hong

Politically Connected Firms pp. 369-386

Mara Faccio

Persistent Distortionary Policies with Asymmetric Information pp. 387-393

Matthew Mitchell and Andrea Moro

National Treatment in the GATT pp. 394-404

Henrik Horn

Do Labor Issues Matter in the Determination of U.S. Trade Policy? An Empirical Reevaluation pp. 405-421

Xenia Matschke and Shane M. Sherlund

Information Gathering, Transaction Costs, and the Property Rights Approach pp. 422-434

Patrick W. Schmitz

The New York Times and the Market for Local Newspapers pp. 435-447

Lisa George and Joel Waldfogel

Social Value of Public Information: Comment: Morris and Shin (2002) Is Actually Pro-Transparency, Not Con pp. 448-452

Lars E. O. Svensson

Social Value of Public Information: Morris and Shin (2002) Is Actually Pro-Transparency, Not Con: Reply pp. 453-455

Stephen Morris, Hyun Song Shin and Hui Tong

International Protection of Intellectual Property: Corrigendum pp. 456-456

Gene M. Grossman and Edwin Lai