American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 93, issue 5, 2003

Maps of Bounded Rationality: Psychology for Behavioral Economics pp. 1449-1475

Daniel Kahneman

Recurrent Hyperinflations and Learning pp. 1476-1498

Albert Marcet and Juan Pablo Nicolini

Pension Wealth and Household Saving: Evidence from Pension Reforms in the United Kingdom pp. 1499-1521

Orazio Attanasio and Susann Rohwedder

Interactions of Commitment and Discretion in Monetary and Fiscal Policies pp. 1522-1542

Avinash Dixit and Luisa Lambertini

Stochastic Technical Progress, Smooth Trends, and Nearly Distinct Business Cycles pp. 1543-1559

Julio Rotemberg

Are Idle Hands the Devil's Workshop? Incapacitation, Concentration, and Juvenile Crime pp. 1560-1577

Brian A. Jacob and Lars Lefgren

A Reconsideration of Hedonic Price Indexes with an Application to PC's pp. 1578-1596

Ariel Pakes

Valuing Biodiversity from an Economic Perspective: A Unified Economic, Ecological, and Genetic Approach pp. 1597-1614

William Brock and Anastasios Xepapadeas

Fundamentals, Panics, and Bank Distress During the Depression pp. 1615-1647

Charles Calomiris and Joseph R. Mason

Assessing the Importance of Tiebout Sorting: Local Heterogeneity from 1850 to 1990 pp. 1648-1677

Paul Rhode and Koleman S. Strumpf

Inefficient Foreign Borrowing: A Dual- and Common-Agency Perspective pp. 1678-1702

Jean Tirole

Price Ceilings as Focal Points for Tacit Collusion: Evidence from Credit Cards pp. 1703-1729

Christopher Knittel and Victor Stango

Kin Groups and Reciprocity: A Model of Credit Transactions in Ghana pp. 1730-1751

Eliana La Ferrara

Pregnancy and the Demand for Cigarettes pp. 1752-1763

W. David Bradford

Crime, Inequality, and Unemployment pp. 1764-1777

Kenneth Burdett, Ricardo Lagos and Randall Wright

Creating the U.S. Dollar Currency Union, 1748–1811: A Quest for Monetary Stability or a Usurpation of State Sovereignty for Personal Gain? pp. 1778-1798

Farley Grubb

Returns to Education: Evidence from U.K. Twins pp. 1799-1812

Dorothe Bonjour, Lynn F. Cherkas, Jonathan Haskel, Denise Hawkes and Tim D. Spector

Socioeconomic Status and Child Health: Why Is the Relationship Stronger for Older Children? pp. 1813-1823

Janet Currie and Mark Stabile

Clubs with Entrapment pp. 1824-1829

Avinash Dixit

Uncoupled Dynamics Do Not Lead to Nash Equilibrium pp. 1830-1836

Sergiu Hart and Andreu Mas-Colell

Volume 93, issue 4, 2003

The Misallocation of Housing Under Rent Control pp. 1027-1046

Edward Glaeser and Erzo Luttmer

Social Security Investment in Equities pp. 1047-1074

Peter Diamond and John Geanakoplos

On the Evolution of the Firm Size Distribution: Facts and Theory pp. 1075-1090

Luis Cabral and José Mata

Inequality and Growth: Why Differential Fertility Matters pp. 1091-1113

David de la Croix and Matthias Doepke

Interpreting Aggregate Wage Growth: The Role of Labor Market Participation pp. 1114-1131

Richard Blundell, Howard Reed and Thomas M. Stoker

Can Mandated Political Representation Increase Policy Influence for Disadvantaged Minorities? Theory and Evidence from India pp. 1132-1151

Rohini Pande

Are Mergers Beneficial to Consumers? Evidence from the Market for Bank Deposits pp. 1152-1172

Dario Focarelli and Fabio Panetta

To Float or to Fix: Evidence on the Impact of Exchange Rate Regimes on Growth pp. 1173-1193

Eduardo Levy-Yeyati and Federico Sturzenegger

Network Effects, Congestion Externalities, and Air Traffic Delays: Or Why Not All Delays Are Evil pp. 1194-1215

Christopher Mayer and Todd Sinai

International Business Cycles: World, Region, and Country-Specific Factors pp. 1216-1239

Ayhan Kose, Christopher Otrok and Charles Whiteman

Technological Change and the Stock Market pp. 1240-1267

John Laitner and Dmitriy Stolyarov

Plants and Productivity in International Trade pp. 1268-1290

Andrew Bernard, Jonathan Eaton, J. Jensen and Samuel Kortum

The Economic Significance of National Border Effects pp. 1291-1312

Carolyn Evans

Is the Threat of Reemployment Services More Effective Than the Services Themselves? Evidence from Random Assignment in the UI System pp. 1313-1327

Dan Black, Jeffrey Smith, Mark Berger and Brett J. Noel

Information, Decisions, and Productivity: On-Board Computers and Capacity Utilization in Trucking pp. 1328-1353

Thomas N. Hubbard

Upward Bias in the Estimated Returns to Education: Evidence from South Africa pp. 1354-1368

Thomas Hertz

Inflation Persistence and Relative Contracting pp. 1369-1372

Steinar Holden and John Driscoll

The Importance of Group Coverage: How Tax Policy Shaped U.S. Health Insurance pp. 1373-1384

Melissa Thomasson

Why Dowries? pp. 1385-1398

Maristella Botticini and Aloysius Siow

The Most Technologically Progressive Decade of the Century pp. 1399-1413

Alexander Field

Wage Adjustment Under Low Inflation: Evidence from U.S. History pp. 1414-1424

Christopher Hanes and John James

Competition, Risk, and Managerial Incentives pp. 1425-1436

Michael Raith

Elephants: Comment pp. 1437-1445

Erwin Bulte, Richard D. Horan and Jason Shogren

Elephants: Reply pp. 1446-1448

Michael Kremer and Charles Morcom

Volume 93, issue 3, 2003

Constructivist and Ecological Rationality in Economics pp. 465-508

Vernon L. Smith

Optimal Pricing Mechanisms with Unknown Demand pp. 509-529

Ilya Segal

Animal Spirits Through Creative Destruction pp. 530-550

Patrick Francois and Huw Lloyd-Ellis

Make Versus Buy in Trucking: Asset Ownership, Job Design, and Information pp. 551-572

George P. Baker and Thomas N. Hubbard

Wages and Employment in the United States and Germany: What Explains the Differences? pp. 573-602

Paul Beaudry and David Green

Dynamic Speculative Attacks pp. 603-621

Christophe Chamley

The Performance of Forecast-Based Monetary Policy Rules Under Model Uncertainty pp. 622-645

Andrew Levin, Volker Wieland and John Williams

Optimal Design of Research Contests pp. 646-671

Yeon-Koo Che and Ian Gale

What Do Bargainers' Preferences Look Like? Experiments with a Convex Ultimatum Game pp. 672-685

James Andreoni, Marco Castillo and Ragan Petrie

One Size Fits All? Heckscher-Ohlin Specialization in Global Production pp. 686-708

Peter K. Schott

A Theory of Defensive Skill-Biased Innovation and Globalization pp. 709-728

Mathias Thoenig and Thierry Verdier

School Choice: A Mechanism Design Approach pp. 729-747

Atila Abdulkadiroglu and Tayfun Sönmez

Multiproduct Quality Competition: Fighting Brands and Product Line Pruning pp. 748-774

Justin P. Johnson and David Myatt

Information, International Substitutability, and Globalization pp. 775-791

James Rauch and Vitor Trindade

Do Government Grants to Private Charities Crowd Out Giving or Fund-raising? pp. 792-812

James Andreoni and A. Payne

Forward and Backward Intergenerational Goods: Why Is Social Security Good for the Environment? pp. 813-834

Antonio Rangel

Relational Incentive Contracts pp. 835-857

Jonathan Levin

Does Banning Affirmative Action Lower College Student Quality? pp. 858-872

Jimmy Chan and Erik Eyster

Verifying the Solution from a Nonlinear Solver: A Case Study pp. 873-892

B McCullough and Hrishikesh Vinod

The Carrot or the Stick: Rewards, Punishments, and Cooperation pp. 893-902

James Andreoni, William Harbaugh and Lise Vesterlund

Risk Sharing and Industrial Specialization: Regional and International Evidence pp. 903-918

Sebnem Kalemli-Ozcan, Bent E. Sørensen and Oved Yosha

Simple Menus of Contracts in Cost-Based Procurement and Regulation pp. 919-926

William P. Rogerson

Caballero Meets Bewley: The Permanent-Income Hypothesis in General Equilibrium pp. 927-936

Neng Wang

Consequences of Bank Distress During the Great Depression pp. 937-947

Charles Calomiris and Joseph R. Mason

An Empirical Analysis of the Risk Properties of Human Capital Returns pp. 948-964

Ignacio Palacios-Huerta

Collusive Practices in Repeated English Auctions: Experimental Evidence on Bidding Rings pp. 965-979

Owen R. Phillips, Dale J. Menkhaus and Kalyn Coatney

Estimating the Knowledge-Capital Model of the Multinational Enterprise: Comment pp. 980-994

Bruce Blonigen, Ronald Davies and Keith Head

Estimating the Knowledge-Capital Model of the Multinational Enterprise: Reply pp. 995-1001

David L. Carr, James Markusen and Keith Maskus

An Asset Allocation Puzzle: Comment pp. 1002-1008

Haim Shalit and Shlomo Yitzhaki

Endogenous Growth Without Scale Effects: Comment pp. 1009-1017

Chol-Won Li

Volume 93, issue 2, 2003

Globalization and Its Challenges pp. 1-30

Stanley Fischer

Editors' Introduction pp. 7-7

J. David Baldwin and Ronald Oaxaca

Foreword pp. 8-8

Peter Diamond

The Future of the IMF pp. 31-38

Ricardo Caballero

The World Bank of the Future pp. 39-44

Abhijit Banerjee and Ruimin He

The Future of the IMF and World Bank: Panel Discussion pp. 45-50

Stanley Fischer, Allan Meltzer, Jeffrey D. Sachs and Nicholas Stern

Trade Structure, Industrial Structure, and International Business Cycles pp. 51-56

Marianne Baxter and Michael Kouparitsas

How Does Globalization Affect the Synchronization of Business Cycles? pp. 57-62

Ayhan Kose, Eswar Prasad and Marco Terrones

Why Has the U.S. Economy Become Less Correlated with the Rest of the World? pp. 63-69

Jonathan Heathcote and Fabrizio Perri

Sovereign Debt Restructuring: Messy or Messier? pp. 70-74

Anne Krueger

Sovereign Debt Restructuring pp. 75-79

Randall S. Kroszner

Is Aggregation a Problem for Sovereign Debt Restructuring? pp. 80-84

Barry Eichengreen and Ashoka Mody

Will the Sovereign Debt Market Survive? pp. 85-90

Andrei Shleifer

Capital-Account Liberalization, the Cost of Capital, and Economic Growth pp. 91-96

Peter Blair Henry

Equity-Market Liberalizations as Country IPO's pp. 97-101

Rodolfo Martell and René M. Stulz

Randomized Evaluations of Educational Programs in Developing Countries: Some Lessons pp. 102-106

Michael Kremer

Fieldwork, Economic Theory, and Research on Institutions in Developing Countries pp. 107-111

Christopher Udry

Payoffs from Panels in Low-Income Countries: Economic Development and Economic Mobility pp. 112-117

Mark Rosenzweig

Weak Instruments: Diagnosis and Cures in Empirical Econometrics pp. 118-125

Jinyong Hahn and Jerry Hausman

Sensitivity to Exogeneity Assumptions in Program Evaluation pp. 126-132

Guido Imbens

Cluster-Sample Methods in Applied Econometrics pp. 133-138

Jeffrey Wooldridge

Market Design: The Policy Uses of Theory pp. 139-144

John McMillan

Modern Theory of Unemployment Fluctuations: Empirics and Policy Applications pp. 145-150

Robert E. Hall

An Examination of the Influence of Theory and Individual Theorists on Empirical Research in Microeconomics pp. 151-155

Pierre Chiappori and Steven Levitt

Economic Behavior in Political Context pp. 156-161

Larry M. Bartels and Henry E. Brady

A Psychological Perspective on Economics pp. 162-168

Daniel Kahneman

A Picture Is Worth a Thousand Symbols: A Sociologist's View of the Economic Pursuit of Truth pp. 169-174

Joel M. Podolny

Libertarian Paternalism pp. 175-179

Richard Thaler and Cass R. Sunstein

Optimal Defaults pp. 180-185

James Choi, David Laibson, Brigitte Madrian and Andrew Metrick

Studying Optimal Paternalism, Illustrated by a Model of Sin Taxes pp. 186-191

Ted O'Donoghue and Matthew Rabin

Models of Thinking, Learning, and Teaching in Games pp. 192-195

Colin Camerer, Teck Ho and Juin-Kuan Chong

Decision Making with Naive Advice pp. 196-201

Andrew Schotter

Lessons Learned: Generalizing Learning Across Games pp. 202-207

David Cooper and John Kagel

Testing Political Economy Models of Reform in the Laboratory pp. 208-212

Timothy Cason and Vai-Lam Mui

What Can Be Learned from Skeletons that Might Interest Economists, Historians, and Other Social Scientists? pp. 213-220

Richard H. Steckel

Living Standards During the Industrial Revolution: An Economist's Guide pp. 221-226

Hans-Joachim Voth

The Rising Price of Nonmarket Goods pp. 227-232

Dora Costa and Matthew Kahn

At What Level of Labor-Market Intermittency Are Women Penalized? pp. 233-237

Julie L. Hotchkiss and Melinda Pitts

Low Take-Up in Medicaid: Does Outreach Matter and for Whom? pp. 238-241

Anna Aizer

Impact of Immigration on Prenatal Care Use and Birth Weight: Evidence from California in the 1990's pp. 242-246

Catalina Amuedo-Dorantes and Kusum Mundra

Did Expanding the EITC Promote Motherhood? pp. 247-251

Reagan Baughman and Stacy Dickert-Conlin

Price and Spouse's Coverage in Employee Demand for Health Insurance pp. 252-256

Irena Dushi and Marjorie Honig

Guaranteeing Individual Accounts pp. 257-260

Marie-Eve Lachance and Olivia Mitchell

The Interaction of Public Retirement Income Programs in the United States pp. 261-265

Elizabeth Powers and David Neumark

Monetary Policy Under Imperfect Capital Markets in a Small Open Economy pp. 266-270

Anita Tuladhar

Evaluating Alternative Approaches to Incremental Health-Insurance Expansion pp. 271-276

Jonathan Gruber

A New Approach to Risk-Spreading via Coverage-Expansion Subsidies pp. 277-282

John Holahan, Len M. Nichols, Linda J. Blumberg and Yu-Chu Shen

Reinsuring Risk to Increase Access to Health Insurance pp. 283-287

Katherine Swartz

Why Did the Welfare Rolls Fall During the 1990's? The Importance of Entry pp. 288-292

Jeffrey Grogger, Steven J. Haider and Jacob Klerman

Some Evidence on Race, Welfare Reform, and Household Income pp. 293-298

Marianne Bitler, Jonah Gelbach and Hilary W. Hoynes

How Welfare Policies Affect Child and Adolescent Achievement pp. 299-303

Elizabeth Clark-Kauffman, Greg Duncan and Pamela Morris

Changes in the Distribution of Children's Family Income over the 1990's pp. 304-308

Rebecca Blank and Robert F. Schoeni

The Gender Gap in Wages, circa 2000 pp. 309-314

June O'Neill

Assimilation across the Latino Generations pp. 315-319

James P. Smith

Catching Up: Wages of Black Men pp. 320-325

Finis Welch

The Economics of Reparations pp. 326-329

William Darity and Dania Frank

The Political Economy of Antiracism Initiatives in the Post-Durban Round pp. 330-333

Samuel L. Myers, Lajune Thomas Lange and Bruce Corrie

Racial Stigma: Toward a New Paradigm for Discrimination Theory pp. 334-337

Glenn Loury

Rethinking Economic Discrimination pp. 338-342

Jomo K.S.

Social Security and Individual Accounts as Elements of Overall Risk-Sharing pp. 343-347

Robert J. Shiller

Comparing the Risks of Social Security with and without Individual Accounts pp. 348-353

Sita Nataraj and John B. Shoven

What Do We Know About the Risk of Individual Account Pensions? Evidence from Industrial Countries pp. 354-359

Gary Burtless

Inter-asset Differences in Effective Estate-Tax Burdens pp. 360-365

James Poterba and Scott Weisbenner

Charitable Bequests and Taxes on Inheritances and Estates: Aggregate Evidence from across States and Time pp. 366-370

Jon Bakija, William Gale and Joel Slemrod

Thanatology and Economics: The Behavioral Economics of Death pp. 371-375

Joel Slemrod

Consumption Risk and Expected Stock Returns pp. 376-382

Jonathan Parker

Stock-Market Participation, Intertemporal Substitution, and Risk-Aversion pp. 383-391

Annette Vissing-Jorgensen and Orazio Attanasio

Average Debt and Equity Returns: Puzzling? pp. 392-397

Ellen McGrattan and Edward Prescott

Employer Stock and 401(k) Plans pp. 398-404

James Poterba

Accounting for Employee Stock Options pp. 405-409

Wayne Guay and Richard Sloan

Accounting in Partnerships pp. 410-414

Steven Huddart and Pierre Jinghong Liang

The Impact of Bankruptcy on Airline Service Levels pp. 415-419

Severin Borenstein and Nancy Rose

Integration and Independent Innovation on a Network pp. 420-424

Joseph Farrell

Measuring Unilateral Market Power in Wholesale Electricity Markets: The California Market, 1998–2000 pp. 425-430

Frank A. Wolak

The Effects of Environmental Regulation on Technology Diffusion: The Case of Chlorine Manufacturing pp. 431-435

Lori D. Snyder, Nolan H. Miller and Robert N. Stavins

How Effective Is Green Regulatory Threat? pp. 436-441

Werner Antweiler

Estimating Regulation-Induced Substitution: The Effect of the Clean Air Act on Water and Ground Pollution pp. 442-448

Michael Greenstone

The Instructional Use and Teaching Preparation of Graduate Students in U.S. Ph.D.-Granting Economics Departments pp. 449-454

William B. Walstad and William Becker

A Model Teacher-Education Program for Economics pp. 455-459

Michael K. Salemi

Regional Workshops to Improve the Teaching Skills of Economics Faculty pp. 460-462

Rae Jean B. Goodman, Mark Maier and Robert L. Moore

American Economic Association Universal Academic Questionnaire Summary Statistics pp. 521-524

Charles E. Scott and John Siegfried

Volume 93, issue 1, 2003

Macroeconomic Priorities pp. 1-14

Robert Lucas

Why Don't Prices Rise During Periods of Peak Demand? Evidence from Scanner Data pp. 15-37

Judith Chevalier, Anil Kashyap and Peter Rossi

Micro Effects of Macro Announcements: Real-Time Price Discovery in Foreign Exchange pp. 38-62

Torben Andersen, Tim Bollerslev, Francis Diebold and Clara Vega

Stages of Diversification pp. 63-86

Jean Imbs and Romain Wacziarg

The Survival of the Welfare State pp. 87-112

John Hassler, Sevi Rodríguez Mora, Kjetil Storesletten and Fabrizio Zilibotti

The Economic Costs of Conflict: A Case Study of the Basque Country pp. 113-132

Alberto Abadie and Javier Gardeazabal

Lying for Strategic Advantage: Rational and Boundedly Rational Misrepresentation of Intentions pp. 133-149

Vincent Crawford

The Evolution of Human Life Expectancy and Intelligence in Hunter-Gatherer Economies pp. 150-169

Arthur Robson and Hillard Kaplan

Gravity with Gravitas: A Solution to the Border Puzzle pp. 170-192

James Anderson and Eric van Wincoop

Portfolio Choice and Trading in a Large 401(k) Plan pp. 193-215

Julie Agnew, Pierluigi Balduzzi and Annika Sundén

Optimal Contracting with Subjective Evaluation pp. 216-240

W. Bentley Macleod

Corporate Lobbying and Commitment Failure in Capital Taxation pp. 241-251

Nicolas Marceau and Michael Smart

Access to Food and the Biological Standard of Living: Perspectives on the Nutritional Status of Native Americans pp. 252-255

John Komlos

Redistributive Promises and the Adoption of Economic Reform pp. 256-264

Sanjay Jain and Sharun Mukand

Speed Limit Policies: The Output Gap and Optimal Monetary Policy pp. 265-278

Carl Walsh

Does Aid Matter? Measuring the Effect of Student Aid on College Attendance and Completion pp. 279-288

Susan Dynarski

Expert Opinion and Compensation: Evidence from a Musical Competition pp. 289-296

Victor Ginsburgh and Jan van Ours

Choosing the Wrong Calling Plan? Ignorance and Learning pp. 297-310

Eugenio Miravete

Energy, the Stock Market, and the Putty-Clay Investment Model pp. 311-323

Chao Wei

Winter Blues: A SAD Stock Market Cycle pp. 324-343

Mark Kamstra, Lisa Kramer and Maurice Levi

Exchange-Rate Regimes and International Trade: Evidence from the Classical Gold Standard Era pp. 344-353

Christopher Meissner

The Mismatch Between Life Insurance Holdings and Financial Vulnerabilities: Evidence from the Health and Retirement Study pp. 354-365

B. Douglas Bernheim, Lorenzo Forni, Jagadeesh Gokhale and Laurence Kotlikoff

Monetary and Nonmonetary Punishment in the Voluntary Contributions Mechanism pp. 366-380

David Masclet, Charles Noussair, Steven Tucker and Marie Claire Villeval

Consumer Response to Tax Rebates pp. 381-396

Matthew D. Shapiro and Joel Slemrod

Do Consumers React to Anticipated Income Changes? Evidence from the Alaska Permanent Fund pp. 397-405

Chang-Tai Hsieh

"3rd of tha Month": Do Social Security Recipients Smooth Consumption Between Checks? pp. 406-422

Melvin Stephens

Jealousy and Equilibrium Overconsumption pp. 423-428

Bill Dupor and Wen-Fang Liu

The Role of the Family in Immigrants' Labor-Market Activity: An Evaluation of Alternative Explanations: Comment pp. 429-447

Francine Blau, Lawrence Kahn, Joan Y. Moriarty and André Souza

Organizational Design and Technology Choice under Intrafirm Bargaining: Comment pp. 448-455

Catherine de Fontenay and Joshua Gans

Organizational Design and Technology Choice under Intrafirm Bargaining: Reply pp. 456-457

Lars Stole and Jeffrey Zwiebel

Willingness To Pay and Willingness To Accept: How Much Can They Differ? Comment pp. 458-463

Edoh Y. Amiran and Daniel A. Hagen

Willingness To Pay and Willingness To Accept: How Much Can They Differ? Reply pp. 464-464

W. Michael Hanemann