American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

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Volume 95, issue 5, 2005

Fact-Free Learning pp. 1355-1368

Enriqueta Aragones, Itzhak Gilboa, Andrew Postlewaite and David Schmeidler

Contracting on Time pp. 1369-1385

Sergei Guriev and Dmitriy Kvasov

A Model of Positive Self-Image in Subjective Assessments pp. 1386-1402

Luís Santos-Pinto and Joel Sobel

Herding and Contrarian Behavior in Financial Markets: An Internet Experiment pp. 1403-1426

Mathias Drehmann, Jörg Oechssler and Andreas Roider

Herd Behavior in a Laboratory Financial Market pp. 1427-1443

Marco Cipriani and Antonio Guarino

Services as Experience Goods: An Empirical Examination of Consumer Learning in Automobile Insurance pp. 1444-1463

Mark Israel

A Spatial Theory of Trade pp. 1464-1491

Esteban Rossi-Hansberg

The Macroeconomics of Child Labor Regulation pp. 1492-1524

Matthias Doepke and Fabrizio Zilibotti

How Do Hospitals Respond to Price Changes? pp. 1525-1547

Leemore S. Dafny

Crises and Capital Requirements in Banking pp. 1548-1572

Alan D. Morrison and Lucy White

Annuities and Individual Welfare pp. 1573-1590

Thomas Davidoff, Jeffrey Brown and Peter Diamond

Cooperation under the Shadow of the Future: Experimental Evidence from Infinitely Repeated Games pp. 1591-1604

Pedro Dal Bó

Tax-Motivated Trading by Individual Investors pp. 1605-1630

Zoran Ivković, James Poterba and Scott Weisbenner

On the Irrelevance of Input Prices for Make-or-Buy Decisions pp. 1631-1638

David Sappington

Estimating the Value of Proposal Power pp. 1639-1652

Brian Knight

Human Capital Formation, Life Expectancy, and the Process of Development pp. 1653-1672

Matteo Cervellati and Uwe Sunde

The Impact of Outsourcing to China on Hong Kong's Labor Market pp. 1673-1687

Chang-Tai Hsieh and Keong T. Woo

Using Experimental Economics to Measure Social Capital and Predict Financial Decisions pp. 1688-1699

Dean Karlan

Manufacturer Liability for Harms Caused by Consumers to Others pp. 1700-1711

Bruce Hay and Kathryn E. Spier

Are Banks Really Special? New Evidence from the FDIC-Induced Failure of Healthy Banks pp. 1712-1730

Adam Ashcraft

Bubbles and Experience: An Experiment pp. 1731-1737

Martin Dufwenberg, Tobias Lindqvist and Evan Moore

Does Increasing Women's Schooling Raise the Schooling of the Next Generation? Comment pp. 1738-1744

Kate Antonovics and Arthur Goldberger

Does Increasing Women's Schooling Raise the Schooling of the Next Generation? Reply pp. 1745-1751

Jere Behrman and Mark Rosenzweig

The Savers-Spenders Theory of Fiscal Policy: Corrigendum pp. 1752-1752

N. Gregory Mankiw

Volume 95, issue 4, 2005

Matching with Contracts pp. 913-935

John William Hatfield and Paul Milgrom

Bidding with Securities: Auctions and Security Design pp. 936-959

Peter DeMarzo, Ilan Kremer and Andrzej Skrzypacz

Fairness and Redistribution pp. 960-980

Alberto Alesina and George-Marios Angeletos

Legislative Bargaining under Weighted Voting pp. 981-1004

James M. Snyder, Michael M. Ting and Stephen Ansolabehere

The Political Economy of Corporate Governance pp. 1005-1030

Marco Pagano and Paolo Volpin

The Market for News pp. 1031-1053

Sendhil Mullainathan and Andrei Shleifer

Incomplete Contracts and the Product Cycle pp. 1054-1073

Pol Antras

Secrecy and Safety pp. 1074-1091

Andrew Daughety and Jennifer Reinganum

Optimal Expectations pp. 1092-1118

Markus Brunnermeier and Jonathan Parker

Precautionary Saving and Consumption Fluctuations pp. 1119-1143

Jonathan Parker and Bruce Preston

Unnatural Selection: Perverse Incentives and the Misallocation of Credit in Japan pp. 1144-1166

Joe Peek and Eric Rosengren

Homeownership, Community Interactions, and Segregation pp. 1167-1189

Karla Hoff and Arijit Sen

History, Institutions, and Economic Performance: The Legacy of Colonial Land Tenure Systems in India pp. 1190-1213

Abhijit Banerjee and Lakshmi Iyer

How Do Patent Laws Influence Innovation? Evidence from Nineteenth-Century World's Fairs pp. 1214-1236

Petra Moser

The Central Role of Noise in Evaluating Interventions That Use Test Scores to Rank Schools pp. 1237-1258

Kenneth Chay, Patrick McEwan and Miguel Urquiola

Effective Exchange Rates and the Classical Gold Standard Adjustment pp. 1259-1275

Luis Catão and Solomos N. Solomou

Does Britain or the United States Have the Right Gasoline Tax? pp. 1276-1289

Ian Parry and Kenneth A. Small

Uncertainty and Hyperbolic Discounting pp. 1290-1299

Partha Dasgupta and Eric Maskin

When Optimal Choices Feel Wrong: A Laboratory Study of Bayesian Updating, Complexity, and Affect pp. 1300-1309

Gary Charness and Dan Levin

Does School Choice Lead to Sorting? Evidence from Tiebout Variation pp. 1310-1326

Miguel Urquiola

Racial Discrimination in Labor Markets with Posted Wage Offers pp. 1327-1340

Kevin Lang, Michael Manove and William T. Dickens

State "Currencies" and the Transition to the U.S. Dollar: Reply—Including a New View from Canada pp. 1341-1348

Farley Grubb

Meetings with Costly Participation: Comment pp. 1349-1350

Francesco De Sinopoli and Giovanna Iannantuoni

Meetings with Costly Participation: Reply pp. 1351-1354

Martin Osborne, Jeffrey S. Rosenthal and Matthew Turner

Volume 95, issue 3, 2005

Are Two Heads Better Than One? Team versus Individual Play in Signaling Games pp. 477-509

David Cooper and John Kagel

Sunspots in the Laboratory pp. 510-529

John Duffy and Eric Fisher

The Willingness to Pay–Willingness to Accept Gap, the "Endowment Effect," Subject Misconceptions, and Experimental Procedures for Eliciting Valuations pp. 530-545

Charles Plott and Kathryn Zeiler

The Rise of Europe: Atlantic Trade, Institutional Change, and Economic Growth pp. 546-579

Daron Acemoglu, Simon Johnson and James Robinson

Mortality Reductions, Educational Attainment, and Fertility Choice pp. 580-601

Rodrigo R. Soares

International Unions pp. 602-615

Alberto Alesina, Ignazio Angeloni and Federico Etro

Competition and Incentives with Motivated Agents pp. 616-636

Timothy Besley and Maitreesh Ghatak

Long-Term Contracting with Markovian Consumers pp. 637-658

Marco Battaglini

Equilibrium Investment and Asset Prices under Imperfect Corporate Control pp. 659-681

James Dow, Gary Gorton and Arvind Krishnamurthy

State "Currencies" and the Transition to the U.S. Dollar: Clarifying Some Confusions pp. 682-703

Ronald W. Michener and Robert E. Wright

The Variety and Quality of a Nation's Exports pp. 704-723

David Hummels and Pete Klenow

Understanding European Real Exchange Rates pp. 724-738

Mario Crucini, Chris Telmer and Marios Zachariadis

House Prices, Borrowing Constraints, and Monetary Policy in the Business Cycle pp. 739-764

Matteo Iacoviello

Some Evolutionary Foundations for Price Level Rigidity pp. 765-779

Gilles Saint-Paul

Do Rural Banks Matter? Evidence from the Indian Social Banking Experiment pp. 780-795

Robin Burgess and Rohini Pande

Ethnic Polarization, Potential Conflict, and Civil Wars pp. 796-816

José G. Montalvo and Marta Reynal-Querol

Does Competition for Capital Discipline Governments? Decentralization, Globalization, and Public Policy pp. 817-830

Hongbin Cai and Daniel Treisman

The Evolution of High Incomes in Northern America: Lessons from Canadian Evidence pp. 831-849

Emmanuel Saez and Michael Veall

Conglomerate Entrenchment under Optimal Financial Contracting pp. 850-861

Antoine Faure- Grimaud and Roman Inderst

The Wrong Kind of Transparency pp. 862-877

Andrea Prat

The Collapse of a Medical Labor Clearinghouse (and Why Such Failures Are Rare) pp. 878-889

C. Nicholas McKinney, Muriel Niederle and Alvin Roth

Heterogeneous Patience and the Term Structure of Real Interest Rates pp. 890-896

Yvan Lengwiler

Risk Aversion and Incentive Effects: Comment pp. 897-901

Glenn Harrison, Eric Johnson, Melayne McInnes and Elisabet Rutstrom

Risk Aversion and Incentive Effects: New Data without Order Effects pp. 902-912

Charles Holt and Susan Laury

Volume 95, issue 2, 2005

The Economics of Governance pp. 1-18

Oliver Williamson

Editors' Introduction pp. 7-7

J. David Baldwin and Ronald Oaxaca

Foreword pp. 8-8

Daniel McFadden

Complementarities between Outsourcing and Foreign Sourcing pp. 19-24

Gene M. Grossman, Elhanan Helpman and Adam Szeidl

Property Rights and the International Organization of Production pp. 25-32

Pol Antras

Foreign Direct Investment and the Domestic Capital Stock pp. 33-38

Mihir A. Desai, C. Fritz Foley and James R. Hines

Federalism and the Democratic Transition: Lessons from South Africa pp. 39-43

Robert P. Inman and Daniel L. Rubinfeld

From Education to Democracy? pp. 44-49

Daron Acemoglu, Simon Johnson, James Robinson and Pierre Yared

Do Democratic Transitions Produce Bad Economic Outcomes? pp. 50-55

Dani Rodrik and Romain Wacziarg

The Labor-Market Impact of High-Skill Immigration pp. 56-60

George Borjas

Fellowship Stipend Support and the Supply of Science and Engineering Students: NSF Graduate Research Fellowships pp. 61-65

Richard Freeman

Skill-Sorting, Self-Selectivity, and Immigration Policy Regime Change: Two Surveys of Chinese Graduate Students' Intention to Study Abroad pp. 66-70

Yiu Por (Vincent) Chen

The Increased Frequency and Duration of the Postdoctorate Career Stage pp. 71-75

Paula Stephan and Jennifer Ma

Does Monetary Policy Affect Relative Educational Unemployment Rates? pp. 76-82

Philip Jefferson

Do Returns to Schooling Differ by Race and Ethnicity? pp. 83-87

Lisa Barrow and Cecilia Elena Rouse

Tax-Transfer Policy and Labor-Market Outcomes pp. 88-93

Nada Eissa and Austin Nichols

Implicit Discrimination pp. 94-98

Marianne Bertrand, Dolly Chugh and Sendhil Mullainathan

Tracing the Economic Impact of Cumulative Discrimination pp. 99-103

Rebecca Blank

"Dysfunctional Identities" Can Be Rational pp. 104-111

Hanming Fang and Glenn Loury

Employer Learning, Statistical Discrimination and Occupational Attainment pp. 112-117

Joseph Altonji

Learning and Statistical Discrimination pp. 118-121

Lawrence Blume

Optimal Search Profiling with Linear Deterrence pp. 122-126

Charles Manski

Passenger Profiling, Imperfect Screening, and Airport Security pp. 127-131

Nicola Persico and Petra Todd

Racial Profiling as a Public Policy Question: Efficiency, Equity, and Ambiguity pp. 132-136

Steven Durlauf

Positional Externalities Cause Large and Preventable Welfare Losses pp. 137-141

Robert Frank

Value of a Statistical Life: Relative Position vs. Relative Age pp. 142-146

Thomas Kniesner and W Viscusi

Are Positional Concerns Stronger in Some Domains than in Others? pp. 147-151

Sara J. Solnick and David Hemenway

Do Faculty Serve as Role Models? The Impact of Instructor Gender on Female Students pp. 152-157

Eric Bettinger and Bridget Long

A Teacher Like Me: Does Race, Ethnicity, or Gender Matter? pp. 158-165

Thomas Dee

Explaining the Short Careers of High-Achieving Teachers in Schools with Low-Performing Students pp. 166-171

Donald Boyd, Hamilton Lankford, Susanna Loeb and James Wyckoff

Does Teaching Enhance Research in Economics? pp. 172-176

William Becker and Peter Kennedy

Views of Teaching and Research in Economics and Other Disciplines pp. 177-183

William B. Walstad and Sam Allgood

Involving Undergraduates in Research To Encourage Them To Undertake Ph.D. Study in Economics pp. 184-188

Ronald Ehrenberg

Vanishing Children: From High Unemployment to Low Fertility in Developed Countries pp. 189-193

Alicia Adsera

Parental Child Care in Single-Parent, Cohabiting, and Married-Couple Families: Time-Diary Evidence from the United Kingdom pp. 194-198

Charlene Kalenkoski, David Ribar and Leslie Stratton

Resource and Peer Impacts on Girls' Academic Achievement: Evidence from a Randomized Experiment pp. 199-203

Diane Whitmore

Infertility Insurance Mandates and Fertility pp. 204-208

Lucie Schmidt

Charity Care, Risk Pooling, and the Decline in Private Health Insurance pp. 209-213

Michael Chernew, David Cutler and Patricia Seliger Keenan

The Consequences of the Growth of Health Insurance Premiums pp. 214-218

Katherine Baicker and Amitabh Chandra

Effects of Insurance Coverage on Use of Care and Health Outcomes for Nonpoor Young Women pp. 219-223

Mark V. Pauly

Dynamic Inefficiencies in Insurance Markets: Evidence from Long-Term Care Insurance pp. 224-228

Amy Finkelstein, Kathleen McGarry and Amir Sufi

Health and Wealth among the Poor: India and South Africa Compared pp. 229-233

Anne Case and Angus Deaton

Socioeconomic Differences in the Adoption of New Medical Technologies pp. 234-237

Dana Goldman and James P. Smith

What Explains Differences in Smoking, Drinking, and Other Health-Related Behaviors? pp. 238-242

David Cutler and Edward Glaeser

The Volume–Outcome Effect, Scale Economies, and Learning-by-Doing pp. 243-247

Martin Gaynor, Harald Seider and William Vogt

Access to Care, Provider Choice, and the Infant Health Gradient pp. 248-252

Anna Aizer, Adriana Lleras-Muney and Mark Stabile

Welfare-Enhancing Technological Change and the Growth of Obesity pp. 253-257

Darius Lakdawalla, Tomas Philipson and Jay Bhattacharya

The 1918 Influenza Pandemic and Subsequent Health Outcomes: An Analysis of SIPP Data pp. 258-262

Douglas Almond and Bhashkar Mazumder

An Investigation of the Effects of Alcohol Consumption and Alcohol Policies on Youth Risky Sexual Behaviors pp. 263-266

Sara Markowitz, Robert Kaestner and Michael Grossman

Heavy Alcohol Use and the Commission of Nuisance Crime: Evidence from Underage Drunk Driving Laws pp. 267-272

Christopher S. Carpenter

Are Alcohol Tax Hikes Fully Passed Through to Prices? Evidence from Alaska pp. 273-277

Donald Kenkel

The Net Effect of an Alcohol Tax Increase on Death Rates in Middle Age pp. 278-281

Philip J Cook, Jan Ostermann and Frank A. Sloan

Distributional and Efficiency Impacts of Gasoline Taxes: An Econometrically Based Multi-market Study pp. 282-287

Antonio Bento, Lawrence H. Goulder, Emeric Henry, Mark R. Jacobsen and Roger von Haefen

Is Pay-as-You-Drive Insurance a Better Way to Reduce Gasoline than Gasoline Taxes? pp. 288-293

Ian Parry

The Cost of Reducing Gasoline Consumption pp. 294-299

Sarah West and Roberton Williams

Cost-Effective Policies to Reduce Vehicle Emissions pp. 300-304

Don Fullerton and Li Gan

Moore's Law, Competition, and Intel's Productivity in the Mid-1990s pp. 305-308

Ana Aizcorbe

The Influence of Technology on Foreign Direct Investment pp. 309-313

Jane Ihrig

Returning to the Returns to Computer Use pp. 314-317

Sabrina Pabilonia and Cindy Zoghi

Implications of Intellectual Property Rights for Dynamic Gains from Trade pp. 318-322

Michelle Connolly and Diego Valderrama

Regulation and the High Cost of Housing in California pp. 323-328

John Quigley and Steven Raphael

Why Have Housing Prices Gone Up? pp. 329-333

Edward L. Glaeser, Joseph Gyourko and Raven E. Saks

Metropolitan-Specific Estimates of the Price Elasticity of Supply of Housing, and Their Sources pp. 334-339

Richard Green, Stephen Malpezzi and Stephen K. Mayo

The Neuroeconomics of Mind Reading and Empathy pp. 340-345

Tania Singer and Ernst Fehr

Neuroeconomic Foundations of Trust and Social Preferences: Initial Evidence pp. 346-351

Ernst Fehr, Urs Fischbacher and Michael Kosfeld

Fear and Greed in Financial Markets: A Clinical Study of Day-Traders pp. 352-359

Andrew Lo, Dmitry V. Repin and Brett N. Steenbarger

The Neuroeconomics of Distrust: Sex Differences in Behavior and Physiology pp. 360-363

Paul J. Zak, Karla Borja, William T. Matzner and Robert Kurzban

The New York City High School Match pp. 364-367

Atila Abdulkadiroğlu, Parag Pathak and Alvin Roth

The Boston Public School Match pp. 368-371

Atila Abdulkadiroğlu, Parag Pathak, Alvin Roth and Tayfun Sönmez

The Gastroenterology Fellowship Market: Should There Be a Match? pp. 372-375

Muriel Niederle and Alvin Roth

A Kidney Exchange Clearinghouse in New England pp. 376-380

Alvin Roth and Tayfun Sönmez

Sudden Stops and Output Drops pp. 381-387

Patrick Kehoe and Ellen McGrattan

Coordinating Creditors pp. 388-392

Mark Wright

Grants versus Loans for Development Banks pp. 393-397

Jeremy Bulow and Kenneth Rogoff

A Framework for Exploring the Macroeconomic Determinants of Systematic Risk pp. 398-404

Torben Andersen, Tim Bollerslev, Francis Diebold and Jin Wu

Meese-Rogoff Redux: Micro-Based Exchange-Rate Forecasting pp. 405-414

Martin Evans and Richard Lyons

Modeling Bond Yields in Finance and Macroeconomics pp. 415-420

Francis Diebold, Monika Piazzesi and Glenn Rudebusch

Dynamic Scoring: An Introduction to the Issues pp. 421-425

Alan Auerbach

What Does the Taxable Income Elasticity Say About Dynamic Responses to Tax Changes? pp. 426-431

Robert Carroll and Warren Hrung

The Role of Dynamic Scoring in the Federal Budget Process: Closing the Gap between Theory and Practice pp. 432-436

Rosanne Altshuler, Nicholas Bull, John Diamond, Timothy Dowd and Pamela Moomau

CBO's Analysis of the Macroeconomic Effects of the President's Budget pp. 437-440

Benjamin R. Page

The Bundling of Academic Journals pp. 441-446

Aaron Edlin and Daniel L. Rubinfeld

Academic Journal Pricing and the Demand of Libraries pp. 447-452

Aviv Nevo, Daniel L. Rubinfeld and Mark McCabe

Open Access and Academic Journal Quality pp. 453-459

Mark J. McCabe and Christopher M. Snyder

Volume 95, issue 1, 2005

Rethinking Social Insurance pp. 1-24

Martin Feldstein

The Cyclical Behavior of Equilibrium Unemployment and Vacancies pp. 25-49

Robert Shimer

Employment Fluctuations with Equilibrium Wage Stickiness pp. 50-65

Robert E. Hall

Financial Reform: What Shakes It? What Shapes It? pp. 66-88

Abdul Abiad and Ashoka Mody

Optimal Monetary Policy with Relative Price Distortions pp. 89-109

Tack Yun

The Case for Open-Market Purchases in a Liquidity Trap pp. 110-137

Alan Auerbach and Maurice Obstfeld

Bond Risk Premia pp. 138-160

John Cochrane and Monika Piazzesi

Estimation and Inference of Impulse Responses by Local Projections pp. 161-182

Oscar Jorda

The Baby Boom and Baby Bust pp. 183-207

Jeremy Greenwood, Ananth Seshadri and Guillaume Vandenbroucke

An Empirical Assessment of the Comparative Advantage Gains from Trade: Evidence from Japan pp. 208-225

Daniel Bernhofen and John C. Brown

Wealth as a Determinant of Comparative Advantage pp. 226-254

José Wynne

Extracting Inflation from Stock Returns to Test Purchasing Power Parity pp. 255-276

Bhagwan Chowdhry, Richard Roll and Yihong Xia

The Quantity and Quality of Life and the Evolution of World Inequality pp. 277-291

Gary Becker, Tomas Philipson and Rodrigo R. Soares

Distance, Time, and Specialization: Lean Retailing in General Equilibrium pp. 292-313

Carolyn Evans and James Harrigan

How to Protect Future Generations Using Tax-Base Restrictions pp. 314-346

Antonio Rangel

A Political Economy Model of Congressional Careers pp. 347-373

Daniel Diermeier, Michael Keane and Antonio Merlo

In Search of the Holy Grail: Policy Convergence, Experimentation, and Economic Performance pp. 374-383

Sharun Mukand and Dani Rodrik

Deception: The Role of Consequences pp. 384-394

Uri Gneezy

Will U.S. Agriculture Really Benefit from Global Warming? Accounting for Irrigation in the Hedonic Approach pp. 395-406

Wolfram Schlenker, W. Michael Hanemann and Anthony C. Fisher

Are Delays in Academic Publishing Necessary? pp. 407-413

Derek Leslie

Educational Reform, Ability, and Family Background pp. 414-424

Costas Meghir and Mårten Palme

The Sensitivity of Long-Term Interest Rates to Economic News: Evidence and Implications for Macroeconomic Models pp. 425-436

Refet Gürkaynak, Brian Sack and Eric Swanson

Why the Apple Doesn't Fall Far: Understanding Intergenerational Transmission of Human Capital pp. 437-449

Sandra Black, Paul Devereux and Kjell G Salvanes

Patent Citations and the Geography of Knowledge Spillovers: A Reassessment pp. 450-460

Peter Thompson and Melanie Fox

Patent Citations and the Geography of Knowledge Spillovers: A Reassessment: Comment pp. 461-464

Rebecca Henderson, Adam Jaffe and Manuel Trajtenberg

Patent Citations and the Geography of Knowledge Spillovers: A Reassessment: Reply pp. 465-466

Peter Thompson and Melanie Fox

Demand Reduction in Multi-Unit Auctions: Evidence from a Sportscard Field Experiment: Comment pp. 467-471

Dan Levin

Demand Reduction in Multi-Unit Auctions: Evidence from a Sportscard Field Experiment: Reply pp. 472-476

Richard Engelbrecht-Wiggans, John List and David Reiley