American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 91, issue 5, 2001

The Stock Market and Capital Accumulation pp. 1185-1202

Robert E. Hall

The Information-Technology Revolution and the Stock Market: Evidence pp. 1203-1220

Bart Hobijn and Boyan Jovanovic

Is the Price Level Determined by the Needs of Fiscal Solvency? pp. 1221-1238

Matthew Canzoneri, Robert Cumby and Behzad Diba

Does Money Illusion Matter? pp. 1239-1262

Ernst Fehr and Jean-Robert Tyran

Financing Investment pp. 1263-1285

João Gomes

Financial Markets and Firm Dynamics pp. 1286-1310

Thomas Cooley and Vincenzo Quadrini

Competition in Loan Contracts pp. 1311-1328

Christine A. Parlour and Uday Rajan

Why Regulate Insider Trading? Evidence from the First Great Merger Wave (1897-1903) pp. 1329-1349

Ajeyo Banerjee and Edwin Eckard

Learning from Experience and Learning from Others: An Exploration of Learning and Spillovers in Wartime Shipbuilding pp. 1350-1368

Rebecca Achee Thornton and Peter Thompson

The Colonial Origins of Comparative Development: An Empirical Investigation pp. 1369-1401

Daron Acemoglu, Simon Johnson and James Robinson

Ten Little Treasures of Game Theory and Ten Intuitive Contradictions pp. 1402-1422

Jacob Goeree and Charles Holt

An Account of Global Factor Trade pp. 1423-1453

Donald Davis and David Weinstein

Nursery Cities: Urban Diversity, Process Innovation, and the Life Cycle of Products pp. 1454-1477

Gilles Duranton and Diego Puga

Conflicts and Common Interests in Committees pp. 1478-1497

Hao Li, Sherwin Rosen and Wing Suen

Do Explicit Warnings Eliminate the Hypothetical Bias in Elicitation Procedures? Evidence from Field Auctions for Sportscards pp. 1498-1507

John List

Information Cascades: Replication and an Extension to Majority Rule and Conformity-Rewarding Institutions pp. 1508-1520

Angela A. Hung and Charles Plott

Minimax Play at Wimbledon pp. 1521-1538

Mark Walker and John Wooders

GARP for Kids: On the Development of Rational Choice Behavior pp. 1539-1545

William T. Harbaugh, Kate Krause and Timothy R. Berry

A Test of Game-Theoretic and Behavioral Models of Play in Exchange and Insurance Environments pp. 1546-1555

Cary Deck

Reversing the Keynesian Asymmetry pp. 1556-1563

John Bennett and Manfredi M. A. La Manna

Iceland's Natural Experiment in Supply-Side Economics pp. 1564-1579

Marco Bianchi, Bjorn R. Gudmundsson and Gylfi Zoega

International Coordination of Trade and Domestic Policies pp. 1580-1593

Josh Ederington

Monetary Policy and Market Interest Rates pp. 1594-1607

Tore Ellingsen and Ulf Soderstrom

Output and Welfare Effects of Inflation with Costly Price and Quantity Adjustments pp. 1608-1620

Leif Danziger

Inflation Is Always and Everywhere a Monetary Phenomenon: Richmond vs. Houston in 1864 pp. 1621-1630

Richard Burdekin and Marc D. Weidenmier

Volume 91, issue 4, 2001

Rising U.S. Earnings Inequality and Family Labor Supply: The Covariance Structure of Intrafamily Earnings pp. 755-777

Dean Hyslop

Estimating the Effect of Unearned Income on Labor Earnings, Savings, and Consumption: Evidence from a Survey of Lottery Players pp. 778-794

Guido Imbens, Donald B. Rubin and Bruce I. Sacerdote

Schooling and Labor Market Consequences of School Construction in Indonesia: Evidence from an Unusual Policy Experiment pp. 795-813

Esther Duflo

The Division of Spoils: Rent-Sharing and Discrimination in a Regulated Industry pp. 814-831

Sandra Black and Philip E. Strahan

What Accounts for the Variation in Retirement Wealth among U.S. Households? pp. 832-857

B. Douglas Bernheim, Jonathan Skinner and Steven Weinberg

Increasing Returns versus National Product Differentiation as an Explanation for the Pattern of U.S.-Canada Trade pp. 858-876

Keith Head and John Ries

Is Free Trade Good for the Environment? pp. 877-908

Werner Antweiler, Brian Copeland and M. Scott Taylor

Telecommunications Infrastructure and Economic Development: A Simultaneous Approach pp. 909-923

Lars-Hendrik Roller and Leonard Waverman

Social Culture and Economic Performance pp. 924-937

Hanming Fang

A Theory of Political Transitions pp. 938-963

Daron Acemoglu and James Robinson

Monetary Policy Rules Based on Real-Time Data pp. 964-985

Athanasios Orphanides

Testing for the Lucas Critique: A Quantitative Investigation pp. 986-1005

Jesper Lindé

Quantifying Quality Growth pp. 1006-1030

Mark Bils and Pete Klenow

World Income Components: Measuring and Exploiting Risk-Sharing Opportunities pp. 1031-1054

Stefano G. Athanasoulis and Robert J. Shiller

The Declining Price Anomaly in Dutch Dutch Rose Auctions pp. 1055-1062

Gerard van den Berg, Jan van Ours and Menno Pradhan

Creating Modern Art: The Changing Careers of Painters in France from Impressionism to Cubism pp. 1063-1071

David Galenson and Bruce Weinberg

The Law of One Price in Scandinavian Duty-Free Stores pp. 1072-1083

Marcus Asplund and Richard Friberg

VAT Base Broadening, Self Supply, and the Informal Sector pp. 1084-1094

John Piggott and John Whalley

Estimating the Value of Political Connections pp. 1095-1102

Raymond Fisman

The Political Geography of Tax H(e)avens and Tax Hells pp. 1103-1115

Nico A. Hansen and Anke Kessler

Individual Risk in an Investment-Based Social Security System pp. 1116-1125

Martin Feldstein and Elena Ranguelova

Longevity Expectations and Death: Can People Predict Their Own Demise? pp. 1126-1134

V. Kerry Smith, Donald H. Taylor and Frank A. Sloan

Technological Change, Depletion, and the U.S. Petroleum Industry pp. 1135-1148

John Cuddington and Diana L. Moss

Intertemporal Depletion of Resource Sites by Spatially Distributed Users pp. 1149-1159

Gérard Gaudet, Michel Moreaux and Stephen W. Salant

Comparing Apples to Oranges: Productivity Convergence and Measurement across Industries and Countries: Comment pp. 1160-1167

Anders Sorensen

Comparing Apples to Oranges: Productivity Convergence and Measurement across Industries and Countries: Reply pp. 1168-1169

Andrew Bernard and Charles Jones

An Asset Allocation Puzzle: Comment pp. 1170-1179

Isabelle Bajeux-Besnainou, James V. Jordan and Roland Portait

Incorporating Fairness into Game Theory and Economics: Comment pp. 1180-1183

William Robert Nelson

Volume 91, issue 3, 2001

Economic Choices pp. 351-378

Daniel McFadden

Rules, Communication, and Collusion: Narrative Evidence from the Sugar Institute Case pp. 379-398

David Genesove and Wallace P. Mullin

Auctions with Resale Markets: An Application to U.S. Forest Service Timber Sales pp. 399-427

Philip A. Haile

Vertical Integration, Market Foreclosure, and Consumer Welfare in the Cable Television Industry pp. 428-453

Tasneem Chipty

Information Gatekeepers on the Internet and the Competitiveness of Homogeneous Product Markets pp. 454-474

Michael Baye and John Morgan

Costly Predation and the Distribution of Competence pp. 475-484

John Conlisk

A Theory of Buyer-Seller Networks pp. 485-508

Rachel Kranton and Deborah F. Minehart

The Value of Information in Efficient Risk-Sharing Arrangements pp. 509-524

Edward E. Schlee

Optimal Incentives for Teams pp. 525-541

Yeon-Koo Che and Seung-Weon Yoo

The Optimal Allocation of Prizes in Contests pp. 542-558

Benny Moldovanu and Aner Sela

Competition and Custom in Economic Contracts: A Case Study of Illinois Agriculture pp. 559-573

H. Young and Mary Burke

Simulating Fundamental Tax Reform in the United States pp. 574-595

David Altig

Is a Uniform Social Policy Better? Fiscal Federalism and Factor Mobility pp. 596-610

Roberto Perotti

Demand Systems with and without Errors pp. 611-618

Arthur Lewbel

Using Engel's Law to Estimate CPI Bias pp. 619-630

Bruce W. Hamilton

Does Buffer-Stock Saving Explain the Smoothness and Excess Sensitivity of Consumption? pp. 631-647

Sydney Ludvigson and Alexander Michaelides

Monetary Instability, the Predictability of Prices, and the Allocation of Investment: An Empirical Investigation Using U.K. Panel Data pp. 648-662

Paul Beaudry, Mustafa Caglayan and Fabio Schiantarelli

Business Fixed Investment and "Bubbles": The Japanese Case pp. 663-680

Bob Chirinko and Huntley Schaller

The Response of Expenditures to Anticipated Income Changes: Panel Data Estimates pp. 681-692

Martin Browning and M. Dolores Collado

Estimating the Knowledge-Capital Model of the Multinational Enterprise pp. 693-708

David L. Carr, James Markusen and Keith Maskus

Optimal Regional Redistribution under Asymmetric Information pp. 709-723

Massimo Bordignon, Paolo Manasse and Guido Tabellini

How Liable Should a Lender Be? The Case of Judgment-Proof Firms and Environmental Risk: Comment pp. 724-730

Tracy Lewis and David Sappington

How Liable Should a Lender Be? The Case of Judgment-Proof Firms and Environmental Risk: Comment pp. 731-738

Dieter Balkenborg

How Liable Should a Lender Be? The Case of Judgment-Proof Firms and Environmental Risk: Reply pp. 739-745

Rohan Pitchford

Volume 91, issue 2, 2001

Struggling to Understand the Stock Market pp. 1-11

Robert E. Hall

Human Capital and Growth pp. 12-17

Robert Barro

The Legacy of U.S. Educational Leadership: Notes on Distribution and Economic Growth in the 20th Century pp. 18-23

Lawrence Katz and Claudia Goldin

Black-White Achievement Differences and Governmental Interventions pp. 24-28

Eric A. Hanushek

Input Trade and the Location of Production pp. 29-33

Ronald Jones and Ronald Findlay

Why Did Productivity Fall So Much during the Great Depression? pp. 34-38

Lee Ohanian

Market Trade in Patents and the Rise of a Class of Specialized Inventors in the 19th-Century United States pp. 39-44

Kenneth L. Sokoloff and Naomi R. Lamoreaux

Sharing Ambiguity pp. 45-50

Larry Epstein

Pitfalls of a Minimax Approach to Model Uncertainty pp. 51-54

Christopher A. Sims

Minimax Estimation and Forecasting in a Stationary Autoregression Model pp. 55-59

Gary Chamberlain

Robust Control and Model Uncertainty pp. 60-66

Thomas Sargent and LarsPeter Hansen

Do People Mean What They Say? Implications for Subjective Survey Data pp. 67-72

Sendhil Mullainathan and Marianne Bertrand

In Search of Homo Economicus: Behavioral Experiments in 15 Small-Scale Societies pp. 73-78

Joseph Henrich

Growing Up in the Projects: The Economic Lives of a Cohort of Men Who Came of Age in Chicago Public Housing pp. 79-84

Sudhir Alladi Venkatesh and Steven Levitt

Youth Smoking in the 1990's: Why Did It Rise and What Are the Long-Run Implications? pp. 85-90

Jonathan Gruber

Behavior Policies and Teen Traffic Safety pp. 91-96

William Evans and Thomas Dee

Going to College to Avoid the Draft: The Unintended Legacy of the Vietnam War pp. 97-102

Thomas Lemieux and David Card

Designing Programs for Heterogeneous Populations: The Value of Covariate Information pp. 103-106

Charles Manski

Policy-Relevant Treatment Effects pp. 107-111

Edward Vytlacil and James J. Heckman

Reconciling Conflicting Evidence on the Performance of Propensity-Score Matching Methods pp. 112-118

Petra Todd and Jeffrey Smith

Propensity-Score Matching with Instrumental Variables pp. 119-124

Christopher Taber and Hidehiko Ichimura

Interactions between Unmarried Fathers and Their Children: The Role of Paternity Establishment and Child-Support Policies pp. 125-129

Elizabeth Peters and Laura M. Argys

The Effect of Child-Support Policies on Visitations and Transfers pp. 130-134

Rocio Ribero and Daniela Del Boca

New Estimates of the Impact of Child Disability on Maternal Employment pp. 135-139

Elizabeth Powers

Signals of Child Achievement as Determinants of Child Support pp. 140-144

Alison Aughinbaugh

The Importance of Noncognitive Skills: Lessons from the GED Testing Program pp. 145-149

Yona Rubinstein and James J. Heckman

As Ye Sweep, So Shall Ye Reap pp. 150-154

Greg Duncan, Rachel Dunifon and Jeanne Brooks-Gunn

Incentive-Enhancing Preferences: Personality, Behavior, and Earnings pp. 155-158

Herbert Gintis, Samuel Bowles and Melissa Osborne Groves

Understanding, Speaking, Reading, Writing, and Earnings in the Immigrant Labor Market pp. 159-163

Richard A. Fry, Anthony P. Carnevale and B. Lindsay Lowell

Black-White Earnings Differentials: Privatization versus Deregulation pp. 164-168

Wayne K. Talley and James Peoples

Market Structure and Racial Earnings: Evidence from Job-Changers pp. 169-173

Richard U. Agesa, Jacqueline Agesa and Gary Hoover

Racial Differences in Transportation Access to Employment in Chicago and Los Angeles, 1980 and 1990 pp. 174-177

Samuel L. Myers, Chanjin Chung and Lisa Saunders

Annual Income and Identity Formation among Persons of Mexican Descent pp. 178-183

Patrick Mason

Assessing the Property Rights and Transaction-Cost Theories of Firm Scope pp. 184-188

Michael Whinston

Empirical Strategies in Contract Economics: Information and the Boundary of the Firm pp. 189-194

George Baker and Thomas N. Hubbard

Do Firm Boundaries Matter? pp. 195-199

Sendhil Mullainathan and David Scharfstein

Organizational Design: Decision Rights and Incentive Contracts pp. 200-205

Susan Athey and John Roberts

The Influence of the Financial Revolution on the Nature of Firms pp. 206-211

Raghuram Rajan and Luigi Zingales

Bringing the Market inside the Firm? pp. 212-218

George Baker, Robert Gibbons and Kevin Murphy

Interest Rates and Inflation pp. 219-225

Fernando Alvarez, Robert Lucas and Warren Weber

NAIRU Uncertainty and Nonlinear Policy Rules pp. 226-231

Laurence H. Meyer, Eric T. Swanson and Volker Wieland

The Taylor Rule and Optimal Monetary Policy pp. 232-237

Michael Woodford

Fewer Monies, Better Monies pp. 238-242

Rüdiger Dornbusch

Why Not a Global Currency? pp. 243-247

Kenneth Rogoff

Optimal Monetary Policy in Open versus Closed Economies: An Integrated Approach pp. 248-252

Richard Clarida, Jordi Galí and Mark Gertler

Should Central Banks Respond to Movements in Asset Prices? pp. 253-257

Ben Bernanke and Mark Gertler

Should Monetary Policy Respond Strongly to Output Gaps? pp. 258-262

Bennett McCallum

The Role of the Exchange Rate in Monetary-Policy Rules pp. 263-267

John Taylor

Price and Quality of Desktop and Mobile Personal Computers: A Quarter-Century Historical Overview pp. 268-273

Ernst R. Berndt and Neal J. Rappaport

The Acceleration of Variety Growth pp. 274-280

Mark Bils and Pete Klenow

Productivity Change in Health Care pp. 281-286

David Cutler and Mark McClellan

Internet Peering pp. 287-291

Jean-Jacques Laffont

Advances in Routing Technologies and Internet Peering Agreements pp. 292-296

Stanley Besen

Access Pricing, Bypass, and Universal Service pp. 297-301

Mark Armstrong

Cable Modems and DSL: Broadband Internet Access for Residential Customers pp. 302-307

Jerry A. Hausman, J. Gregory Sidak and HalJ. Singer

Do We Have a New E-conomy? pp. 308-312

MartinNeil Baily and Robert Lawrence

Projecting the Economic Impact of the Internet pp. 313-317

Robert Litan and Alice Rivlin

E-Commerce: Measurement and Measurement Issues pp. 318-322

Barbara M. Fraumeni

Schooling Data, Technological Diffusion, and the Neoclassical Model pp. 323-327

Angel de La Fuente and Rafael Domenech

Cross-Country Technology Diffusion: The Case of Computers pp. 328-335

Francesco Caselli and Wilbur Coleman

Why Wait? A Century of Life before IPO pp. 336-341

Boyan Jovanovic and Peter Rousseau

Appeasement: Can It Work? pp. 342-346

Jack Hirshleifer

The Creation of Effective Property Rights pp. 347-352

Herschel Grossman

Guns, Butter, and Openness: On the Relationship between Security and Trade pp. 353-357

Stergios Skaperdas and Constantinos Syropoulos

Commercial Policy in a "Fragmented" World pp. 358-362

Eric Bond

The Role of International Fragmentation in the Development Process pp. 363-366

Ronald Jones and Sugata Marjit

Trade and Exposure pp. 367-370

Kathryn Dominguez and Linda Tesar

International Trade and Business Cycles: Is Vertical Specialization the Missing Link? pp. 371-375

Ayhan Kose and Kei-Mu Yi

Coping with Terms-of-Trade Shocks: Pegs versus Floats pp. 376-380

Christian Broda

Dollarization pp. 381-385

Alberto Alesina and Robert Barro

National Money as a Barrier to International Trade: The Real Case for Currency Union pp. 386-390

Andrew Rose and Eric van Wincoop

Exchange-Rate Hedging: Financial versus Operational Strategies pp. 391-395

George Allayannis, Jane Ihrig and James P. Weston

A Reexamination of Exchange-Rate Exposure pp. 396-399

Kathryn Dominguez and Linda Tesar

Gender Differences in the Labor-Market Effects of the Dollar pp. 400-405

Linda Goldberg and Joseph Tracy

The Empirical Importance of Precautionary Saving pp. 406-412

Pierre-Olivier Gourinchas and Jonathan Parker

How Important Are Idiosyncratic Shocks? Evidence from Labor Supply pp. 413-417

Kjetil Storesletten, Chris Telmer and Amir Yaron

Interest Elasticity in a Life-Cycle Model with Precautionary Savings pp. 418-421

Marco Cagetti

Banks and Liquidity pp. 422-425

Douglas Diamond and Raghuram Rajan

Venture Capitals As Principals: Contracting, Screening, and Monitoring pp. 426-430

Steven Kaplan and Per Stromberg

A Reason for Quantity Regulation pp. 431-435

Edward Glaeser and Andrei Shleifer

Financial Intermediation without Exclusivity pp. 436-439

Tano Santos and Jose A. Scheinkman

Research in Economic Education: Five New Initiatives pp. 440-445

Michael K. Salemi

Teaching Economics at the Start of the 21st Century: Still Chalk-and-Talk pp. 446-451

William Becker and Michael Watts

Assessing the Economic Understanding of U.S. High School Students pp. 452-457

William B. Walstad and Ken Rebeck

Minutes of the Annual Meeting pp. 461-462

John Siegfried

Minutes of the Executive Committee Meetings pp. 462-471

John Siegfried

Report of the Secretary for 2000 pp. 472-474

John Siegfried

Report of the Treasurer for the Year Ending December 31, 2000 pp. 475-475

John Siegfried

Report of the Finance Committee pp. 476-476

John Siegfried

Report of the Editor: American Economic Review pp. 477-485

Orley Ashenfelter

Report of the Editor: Journal of Economic Literature pp. 486-488

John McMillan

Report of the Editor: Journal of Economic Perspectives pp. 489-491

Alan Krueger

Report of the Director: Job Openings for Economists pp. 492-494

John Siegfried

Report of the Committee on Economic Education pp. 495-496

William B. Walstad

Report of the Committee on the Status of Minority Groups in the Economics Profession pp. 497-501

William Darity and Cecilia A. Conrad

Report of the Committee on the Status of Women in the Economics Profession pp. 502-507

Beth Allen

Report of the Search Committee for the Editor of the AER pp. 508-508

John Taylor

American Economic Association Universal Academic Questionnaire Summary Statistics pp. 509-511

Charles E. Scott and John Siegfried

Volume 91, issue 1, 2001

Information Technology and the U.S. Economy pp. 1-32

Dale Jorgenson

The Personal Discount Rate: Evidence from Military Downsizing Programs pp. 33-53

Saul Pleeter and John Warner

Dividends and Expropriation pp. 54-78

Larry Lang, Mara Faccio and Leslie Young

Naive Diversification Strategies in Defined Contribution Saving Plans pp. 79-98

Richard Thaler and Shlomo Benartzi

Who Should Buy Long-Term Bonds? pp. 99-127

Luis Viceira and John Campbell

The Effects of Investing Social Security Funds in the Stock Market When Fixed Costs Prevent Some Households from Holding Stocks pp. 128-148

Andrew Abel

Habit Persistence, Asset Returns, and the Business Cycle pp. 149-166

Lawrence Christiano, Michele Boldrin and Jonas Fisher

Monetary Policy and Multiple Equilibria pp. 167-186

Stephanie Schmitt-Grohe, Jess Benhabib and Martín Uribe

What Hides Behind an Unemployment Rate: Comparing Portuguese and U.S. Labor Markets pp. 187-207

Pedro Portugal and Olivier Blanchard

Local Discouragement and Global Collapse: A Theory of Coordination Avalanches pp. 208-224

Curtis Taylor and Thomas Jeitschko

The Provision of Public Goods under Alternative Electoral Incentives pp. 225-239

Nicola Persico and Alessandro Lizzeri

Proofs and Prototypes for Sale: The Licensing of University Inventions pp. 240-259

Marie Thursby and Richard Jensen

Gamma Discounting pp. 260-271

Martin Weitzman

Race, Roosevelt, and Wartime Production: Fair Employment in World War II Labor Markets pp. 272-286

William Collins

Tallest in the World: Native Americans of the Great Plains in the Nineteenth Century pp. 287-294

Joseph M. Prince and Richard H. Steckel

The Market Evaluation of Criminality: Evidence from the Auction of British Convict Labor in America, 1767-1775 pp. 295-304

Farley Grubb

Household Debt and the Tax Reform Act of 1986 pp. 305-319

Dean M. Maki

State-Owned and Privately Owned Firms: An Empirical Analysis of Profitability, Leverage, and Labor Intensity pp. 320-334

Paul Malatesta and Kathryn Dewenter

Preferences over Inflation and Unemployment: Evidence from Surveys of Happiness pp. 335-341

Robert MacCulloch, Rafael Di Tella and Andrew Oswald

Firm-Specific Human Capital as a Shared Investment: Comment pp. 342-347

Hessel Oosterbeek and Edwin Leuven

Firm-Specific Human Capital as a Shared Investment: Reply pp. 348-349

Masanori Hashimoto