American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

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Volume 94, issue 5, 2004

Bad Beta, Good Beta pp. 1249-1275

John Campbell and Tuomo Vuolteenaho

Does Fund Size Erode Mutual Fund Performance? The Role of Liquidity and Organization pp. 1276-1302

Joseph Chen, Harrison Hong, Ming Huang and Jeffrey D. Kubik

The Interest Rate, Learning, and Inventory Investment pp. 1303-1327

Louis Maccini, Bartholomew J. Moore and Huntley Schaller

Markups, Aggregation, and Inventory Adjustment pp. 1328-1353

Daniele Coen-Pirani

Intergenerational Persistence of Earnings: The Role of Early and College Education pp. 1354-1378

Diego Restuccia and Carlos Urrutia

Constructing Price Indexes across Space and Time: The Case of the European Union pp. 1379-1410

Robert Hill

Rationalizing the Penn World Table: True Multilateral Indices for International Comparisons of Real Income pp. 1411-1428

J. Peter Neary

Gibrat's Law for (All) Cities pp. 1429-1451

Jan Eeckhout

An Efficient Ascending-Bid Auction for Multiple Objects pp. 1452-1475

Lawrence M. Ausubel

A Group Rule–Utilitarian Approach to Voter Turnout: Theory and Evidence pp. 1476-1504

Stephen Coate and Michael Conlin

When Does Learning in Games Generate Convergence to Nash Equilibria? The Role of Supermodularity in an Experimental Setting pp. 1505-1535

Yan Chen and Robert Gazzale

Confidence-Enhanced Performance pp. 1536-1557

Olivier Compte and Andrew Postlewaite

Addiction and Cue-Triggered Decision Processes pp. 1558-1590

B. Douglas Bernheim and Antonio Rangel

Capturing Knowledge within and across Firm Boundaries: Evidence from Clinical Development pp. 1591-1612

Pierre Azoulay

Does School Integration Generate Peer Effects? Evidence from Boston's Metco Program pp. 1613-1634

Joshua Angrist and Kevin Lang

International Protection of Intellectual Property pp. 1635-1653

Gene M. Grossman and Edwin Lai

Riding the South Sea Bubble pp. 1654-1668

Peter Temin and Hans-Joachim Voth

Why Parents Play Favorites: Explanations for Unequal Bequests pp. 1669-1681

Audrey Light and Kathleen McGarry

Partnership Firms, Reputation, and Human Capital pp. 1682-1692

Alan D. Morrison and William J. Wilhelm

The Effect of Health Risk on Housing Values: Evidence from a Cancer Cluster pp. 1693-1704

Lucas Davis

Progressive Taxation and Long-Run Growth pp. 1705-1716

Wenli Li and Pierre Daniel Sarte

Social Comparisons and Pro-social Behavior: Testing "Conditional Cooperation" in a Field Experiment pp. 1717-1722

Bruno Frey and Stephan Meier

Volume 94, issue 4, 2004

Determinants of Long-Term Growth: A Bayesian Averaging of Classical Estimates (BACE) Approach pp. 813-835

Xavier Sala-i-Martin, Gernot Doppelhofer and Ronald I. Miller

Why Does the Cyclical Behavior of Real Wages Change Over Time? pp. 836-856

Kevin Huang, Zheng Liu and Louis Phaneuf

Inequality Aversion, Efficiency, and Maximin Preferences in Simple Distribution Experiments pp. 857-869

Dirk Engelmann and Martin Strobel

The Long and Short of the Canada-U. S. Free Trade Agreement pp. 870-895

Daniel Trefler

Sunk Investments Lead to Unpredictable Prices pp. 896-918

George Mailath, Andrew Postlewaite and Larry Samuelson

Desegregation and Black Dropout Rates pp. 919-943

Jonathan Guryan

The Macroeconomics of Labor and Credit Market Imperfections pp. 944-963

Etienne Wasmer and Philippe Weil

The Cost of Business Cycles Under Endogenous Growth pp. 964-990

Gadi Barlevy

Are Emily and Greg More Employable Than Lakisha and Jamal? A Field Experiment on Labor Market Discrimination pp. 991-1013

Marianne Bertrand and Sendhil Mullainathan

The Opportunity Criterion: Consumer Sovereignty Without the Assumption of Coherent Preferences pp. 1014-1033

Robert Sugden

The Politician and the Judge: Accountability in Government pp. 1034-1054

Eric Maskin and Jean Tirole

A New Measure of Monetary Shocks: Derivation and Implications pp. 1055-1084

Christina Romer and David Romer

Running to Keep in the Same Place: Consumer Choice as a Game of Status pp. 1085-1107

Ed Hopkins and Tatiana Kornienko

The Home-Market Effect and Bilateral Trade Patterns pp. 1108-1129

Gordon Hanson and Chong Xiang

Insurance, Consumption, and Saving: A Dynamic Analysis in Continuous Time pp. 1130-1140

R.A. Somerville

Rational Overoptimism (and Other Biases) pp. 1141-1151

Eric Van den Steen

Effects of Technology on Incentive Design of Share Contracts pp. 1152-1168

Priyanka Pandey

Saving, Risk Sharing, and Preferences for Risk pp. 1169-1182

Maurizio Mazzocco

Balance Sheets and Exchange Rate Policy pp. 1183-1193

Luis Cespedes, Roberto Chang and Andrés Velasco

Real Exchange Rate Fluctuations and the Dynamics of Retail Trade Industries on the U. S.-Canada Border pp. 1194-1206

Jeffrey Campbell and Beverly Lapham

Policy Gambles pp. 1207-1222

Sumon Majumdar and Sharun Mukand

A Comment on the Economics of Labor Adjustment: Mind the Gap pp. 1223-1237

Russell Cooper and Jonathan Willis

A Comment on the Economics of Labor Adjustment: Mind the Gap: Reply pp. 1238-1244

Ricardo Caballero and Eduardo Engel

A Comment on the Economics of Labor Adjustment: Mind the Gap: Rejoinder pp. 1245-1247

Russell Cooper and Jonathan Willis

Volume 94, issue 3, 2004

Risk and Volatility: Econometric Models and Financial Practice pp. 405-420

Robert Engle

Time Series Analysis, Cointegration, and Applications pp. 421-425

Clive Granger

The Effects of Social Networks on Employment and Inequality pp. 426-454

Antoni Calvó-Armengol and Matthew Jackson

Liquidity, Efficiency, and Bank Bailouts pp. 455-483

Gary Gorton and Lixin Huang

Distinguishing Informational Cascades from Herd Behavior in the Laboratory pp. 484-498

Boğaçhan Çelen and Shachar Kariv

Referrals pp. 499-525

Luis Garicano and Tano Santos

The Role of Social Capital in Financial Development pp. 526-556

Luigi Guiso, Paola Sapienza and Luigi Zingales

Irreversible Decisions and Record-Setting News Principles pp. 557-568

Svetlana Boyarchenko

In-Kind Finance: A Theory of Trade Credit pp. 569-590

Mike Burkart and Tore Ellingsen

What's in a Grade? School Report Cards and the Housing Market pp. 591-604

David Figlio and Maurice E. Lucas

Does Foreign Direct Investment Increase the Productivity of Domestic Firms? In Search of Spillovers Through Backward Linkages pp. 605-627

Beata Javorcik

Pareto-Improving Campaign Finance Policy pp. 628-655

Stephen Coate

Workers' Education, Spillovers, and Productivity: Evidence from Plant-Level Production Functions pp. 656-690

Enrico Moretti

Efficient Patent Pools pp. 691-711

Josh Lerner and Jean Tirole

Is There a Politically Optimal Level of Judicial Independence? pp. 712-729

F. Andrew Hanssen

Money Does Matter! Evidence from Increasing Real Income and Life Satisfaction in East Germany Following Reunification pp. 730-740

Paul Frijters, John P. Haisken-DeNew and Michael Shields

Examining the Role of Social Isolation on Stated Preferences pp. 741-752

John List, Robert Berrens, Alok Bohara and Joe Kerkvliet

After the Big Bang? Obstacles to the Emergence of the Rule of Law in Post-Communist Societies pp. 753-763

Karla Hoff and Joseph Stiglitz

Incentives and Discrimination pp. 764-773

Eyal Winter

Aid, Policies, and Growth: Comment pp. 774-780

William Easterly, Ross Levine and David Roodman

Aid, Policies, and Growth: Reply pp. 781-784

Craig Burnside and David Dollar

Resistance to Reform: Status Quo Bias in the Presence of Individual-Specific Uncertainty: Comment pp. 785-795

Antonio Ciccone

Opportunism in Multilateral Vertical Contracting: Nondiscrimination, Exclusivity, and Uniformity: Comment pp. 796-801

Leslie Marx and Greg Shaffer

Opportunism in Multilateral Vertical Contracting: Nondiscrimination, Exclusivity, and Uniformity: Reply pp. 802-803

Randolph McAfee and Marius Schwartz

Volume 94, issue 2, 2004

The Institutions of Monetary Policy pp. 1-13

Mervyn King

Editors' Introduction pp. 7-7

David J. Baldwin and Ronald Oaxaca

Foreword pp. 8-8

Martin Feldstein

Asset Prices, Financial Instability, and Monetary Policy pp. 14-18

Charles Bean

Inflation Illusion and Stock Prices pp. 19-23

John Campbell and Tuomo Vuolteenaho

The Fed Response to Equity Prices and Inflation pp. 24-28

Bill Dupor and Timothy Conley

Aggregate Short Interest and Market Valuations pp. 29-32

Owen Lamont and Jeremy Stein

Risk and Uncertainty in Monetary Policy pp. 33-40

Alan Greenspan

Panel Discussion pp. 41-48

Martin Feldstein, Mervyn King and Janet Yellen

Preemption, Changing Structure, and U. S. Monetary Policy pp. 49-52

Allen Sinai

Serial Default and the "Paradox" of Rich-to-Poor Capital Flows pp. 53-58

Carmen Reinhart and Kenneth Rogoff

Financial Openness, Sudden Stops, and Current-Account Reversals pp. 59-64

Sebastian Edwards

Financial Opening and Development: Evidence and Policy Controversies pp. 65-70

Joshua Aizenman

Monetary and Fiscal Remedies for Deflation pp. 71-75

Alan Auerbach and Maurice Obstfeld

Policy Options in a Liquidity Trap pp. 76-79

Gauti Eggertsson and Michael Woodford

Exchange-Rate Policy and the Zero Bound on Nominal Interest Rates pp. 80-84

Günter Coenen and Volker Wieland

Conducting Monetary Policy at Very Low Short-Term Interest Rates pp. 85-90

Ben Bernanke and Vincent Reinhart

Transparency of Information and Coordination in Economies with Investment Complementarities pp. 91-98

George-Marios Angeletos and Alessandro Pavan

Deflation and Depression: Is There an Empirical Link? pp. 99-103

Andrew Atkeson and Patrick Kehoe

Negative Nominal Interest Rates pp. 104-108

Marco Bassetto

Wedges and Taxes pp. 109-113

Narayana Kocherlakota

A Scapegoat Model of Exchange-Rate Fluctuations pp. 114-118

Philippe Bacchetta and Eric van Wincoop

Accounting for Exchange-Rate Variability in Present-Value Models When the Discount Factor Is Near 1 pp. 119-125

Charles Engel and Kenneth West

Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows, and Exchange Rates? pp. 126-133

Harald Hau and Helene Rey

Why Is Manufacturing Trade Rising Even as Manufacturing Output is Falling? pp. 134-138

Raphael Bergoeing, Timothy Kehoe, Vanessa Strauss-Kahn and Kei-Mu Yi

Variety Growth and World Welfare pp. 139-144

Christian Broda and David Weinstein

On the Measurement of Product Variety in Trade pp. 145-149

Robert Feenstra and Hiau Looi Kee

Dissecting Trade: Firms, Industries, and Export Destinations pp. 150-154

Jonathan Eaton, Samuel Kortum and Francis Kramarz

How Much Equity Does the Government Hold? pp. 155-160

Alan Auerbach

Toward a Consumption Tax, and Beyond pp. 161-165

Roger Gordon, Laura Kalambokidis, Jeffrey Rohaly and Joel Slemrod

What Do Aggregate Consumption Euler Equations Say About the Capital-Income Tax Burden? pp. 166-170

Casey Mulligan

Taxation and Corporate Payout Policy pp. 171-175

James Poterba

Is the Social Security Trust Fund a Store of Value? pp. 176-181

Kent Smetters

Social Security Financing: Facts, Fantasies, Foibles, and Follies pp. 182-186

Robert L. Clark

Improving Social Security's Progressivity and Solvency with Hybrid Indexing pp. 187-191

Robert Pozen, Sylvester J. Schieber and John B. Shoven

CEO Pay and Appointments: A Market-Based Explanation for Recent Trends pp. 192-196

Kevin J. Murphy and Jan Zabojnik

Inequality and the Organization of Knowledge pp. 197-202

Luis Garicano and Esteban Rossi-Hansberg

Task-Specific Human Capital pp. 203-207

Robert Gibbons and Michael Waldman

Balanced Skills and Entrepreneurship pp. 208-211

Edward Lazear

The Structure of Wages and Internal Mobility pp. 212-216

Edward Lazear and Paul Oyer

Using "Insider Econometrics" to Study Productivity pp. 217-223

Casey Ichniowski and Kathryn Shaw

Integrated Longitudinal Employer-Employee Data for the United States pp. 224-229

John Abowd, John Haltiwanger and Julia Lane

Changing Labor-Market Opportunities for Women and the Quality of Teachers, 1957-2000 pp. 230-235

Sean Corcoran, William Evans and Robert M. Schwab

Pulled Away or Pushed Out? Explaining the Decline of Teacher Aptitude in the United States pp. 236-240

Caroline Hoxby and Andrew Leigh

Teacher Testing, Teacher Education, and Teacher Characteristics pp. 241-246

Joshua Angrist and Jonathan Guryan

The Impact of Individual Teachers on Student Achievement: Evidence from Panel Data pp. 247-252

Jonah E. Rockoff

Efficiency in the Use of Technology in Economic Education: Some Preliminary Results pp. 253-258

Kim Sosin, Betty J. Lecha, Rajshree Agarwal, Robin L. Bartlett and Joseph Daniel

What Students Remember and Say about College Economics Years Later pp. 259-265

Sam Allgood, William Bosshardt, Wilbert van der Klaauw and Michael Watts

Ph. D. Program Learning and Job Demands: How Close Is the Match? pp. 266-271

Wendy A. Stock and Lee W. Hansen

The Market for New Ph. D. Economists in 2002 pp. 272-285

John Siegfried and Wendy A. Stock

Panel Discussion pp. 286-290

Alan Auerbach, Francine Blau and John B. Shoven

Can Demand-Side Variables Explain the Low Numbers of Minority Faculty in Higher Education? pp. 291-295

Stephen Cole and Elizabeth Arias

The Effects of Ph. D. Supply on Minority Faculty Representation pp. 296-301

Samuel L. Myers and Caroline S. Turner

Panel Discussion pp. 302-306

John Brooks Slaughter, Ronald Ehrenberg and Eric Hanushek

Institutional Strategies to Achieve Gender Equity in Intercollegiate Athletics: Does Title IX Harm Male Athletes? pp. 307-311

Deborah J. Anderson and John J. Cheslock

Understanding How Child-Support Arrears Reached $18 Billion in California pp. 312-316

Elaine Sorensen

Are All the Good Men Married? Uncovering the Sources of the Marital Wage Premium pp. 317-321

Kate Antonovics and Robert Town

Occupation, Sex-Integration, and Divorce pp. 322-325

Terra McKinnish

Wealth, Health, and Health Services in Rural Rajasthan pp. 326-330

Abhijit Banerjee, Angus Deaton and Esther Duflo

Medical Compliance and Income-Health Gradients pp. 331-335

Anne Case, Ingrid Le Roux and Alicia Menendez

Do Conditional Cash Transfers Improve Child Health? Evidence from PROGRESA's Control Randomized Experiment pp. 336-341

Paul Gertler

The Role of Information in Medical Markets: An Analysis of Publicly Reported Outcomes in Cardiac Surgery pp. 342-346

David Cutler, Robert Huckman and Mary Beth Landrum

Managed Care, Information, and Diffusion: The Case of Treatment for Heart-Attack Patients pp. 347-351

Laurence C. Baker, Christopher C. Afendulis and Paul A. Heidenreich

Hospital Transaction Prices and Managed-Care Discounting for Selected Medical Technologies pp. 352-356

Avi Dor, Michael Grossman and Siran M. Koroukian

The Productivity of Physician Specialization: Evidence from the Medicare Program pp. 357-361

Katherine Baicker and Amitabh Chandra

Repetition and Reputation: Implications for Trust and Trustworthiness When Institutions Change pp. 362-366

Iris Bohnet and Steffen Huck

Mood-Driven Behavior in Strategic Interactions pp. 367-372

C. Monica Capra

Social Capital and Contributions in a Public-Goods Experiment pp. 373-376

Lisa Anderson, Jennifer Mellor and Jeffrey Milyo

Gender and Competition at a Young Age pp. 377-381

Uri Gneezy and Aldo Rustichini

Property Rights to Technical Knowledge in Premodern Europe, 1300-1800 pp. 382-387

Stephan R. Epstein

Was Electricity a General Purpose Technology? Evidence from Historical Patent Citations pp. 388-394

Petra Moser and Tom Nicholas

Institutions and Democratic Invention in 19th-Century America: Evidence from "Great Inventors," 1790-1930 pp. 395-401

Zorina Khan and Kenneth Sokoloff

Do We Underestimate the Benefits of Cultural Competition? pp. 402-407

Bryan Caplan and Tyler Cowen

Psychology and the Market pp. 408-413

Edward Glaeser

Does Competition Destroy Ethical Behavior? pp. 414-418

Andrei Shleifer

A Behavioral-Economics View of Poverty pp. 419-423

Marianne Bertrand, Sendhil Mullainathan and Eldar Shafir

Design Choices in Privatized Social-Security Systems: Learning from the Swedish Experience pp. 424-428

Henrik Cronqvist and Richard Thaler

Toward National Well-Being Accounts pp. 429-434

Daniel Kahneman, Alan Krueger, David Schkade, Norbert Schwarz and Arthur Stone

Persuasion in Politics pp. 435-439

Kevin Murphy and Andrei Shleifer

The Employment Consequences of Wrongful-Discharge Laws: Large, Small, or None at All? pp. 440-446

David Autor, John Donohue and Stewart J. Schwab

Identifying the Effects of the Americans with Disabilities Act Using State-Law Variation: Preliminary Evidence on Educational Participation Effects pp. 447-453

Christine Jolls

Estimating the Value of a Statistical Life: The Importance of Omitted Variables and Publication Bias pp. 454-460

Orley Ashenfelter and Michael Greenstone

What Is a Barrier to Entry? pp. 461-465

Preston R. Fee, Hugo Mialon and Michael Williams

Why Barriers to Entry Are Barriers to Understanding pp. 466-470

Dennis Carlton

Sunk Costs and Antitrust Barriers to Entry pp. 471-475

Richard Schmalensee

Volume 94, issue 1, 2004

Social Security pp. 1-24

Peter Diamond

Constitutional Rules and Fiscal Policy Outcomes pp. 25-45

Torsten Persson and Guido Tabellini

Bidder Discounts and Target Premia in Takeovers pp. 46-56

Boyan Jovanovic and Serguey Braguinsky

Costly Voting pp. 57-66

Tilman Börgers

Factor Proportions and the Structure of Commodity Trade pp. 67-97

John Romalis

Do We Really Know That the WTO Increases Trade? pp. 98-114

Andrew Rose

Do Police Reduce Crime? Estimates Using the Allocation of Police Forces After a Terrorist Attack pp. 115-133

Rafael Di Tella and Ernesto Schargrodsky

Dynamic Pricing in the Presence of Antidumping Policy: Theory and Evidence pp. 134-154

Bruce Blonigen and Jee-Hyeong Park

The Effect of Education on Crime: Evidence from Prison Inmates, Arrests, and Self-Reports pp. 155-189

Lance Lochner and Enrico Moretti

Testing for Indeterminacy: An Application to U.S. Monetary Policy pp. 190-217

Thomas Lubik and Frank Schorfheide

Internet Job Search and Unemployment Durations pp. 218-232

Peter Kuhn and Mikal Skuterud

Public Housing, Housing Vouchers, and Student Achievement: Evidence from Public Housing Demolitions in Chicago pp. 233-258

Brian A. Jacob

Pareto-Efficient International Taxation pp. 259-275

Michael Keen and David Wildasin

Understanding Trend and Cycle in Asset Values: Reevaluating the Wealth Effect on Consumption pp. 276-299

Martin Lettau and Sydney Ludvigson

Export Versus FDI with Heterogeneous Firms pp. 300-316

Elhanan Helpman, Marc Melitz and Stephen Yeaple

Vertical Relationships and Competition in Retail Gasoline Markets: Empirical Evidence from Contract Changes in Southern California pp. 317-328

Justine Hastings

How Will 401(k) Pension Plans Affect Retirement Income? pp. 329-343

Andrew Samwick and Jonathan Skinner

The Impact of Labor Strikes on Consumer Demand: An Application to Professional Sports pp. 344-357

Martin Schmidt and David Berri

Estimating the Effect of Mother's Schooling on Children's Schooling Using a Sample of Adoptees pp. 358-368

Erik Plug

On A Political Solution to the NIMBY Conflict pp. 369-381

Eli Feinerman, Israel Finkelshtain and Iddo Kan

Verifying the Solution from a Nonlinear Solver: A Case Study: Comment pp. 382-390

Ron Shachar and Barry Nalebuff

Verifying the Solution from a Nonlinear Solver: A Case Study: Reply pp. 391-396

B McCullough and Hrishikesh Vinod

Verifying the Solution from a Nonlinear Solver: A Case Study: Comment pp. 397-399

David Drukker and Vince Wiggins

Verifying the Solution from a Nonlinear Solver: A Case Study: Reply pp. 400-406

B McCullough and Hrishikesh Vinod