American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 90, issue 5, 2000

Does Exchange-Rate Stability Increase Trade and Welfare? pp. 1093-1109

Eric van Wincoop and Philippe Bacchetta

Market Contagion: Evidence from the Panics of 1854 and 1857 pp. 1110-1124

Cormac Ó Gráda and Morgan Kelly

Monetary Aggregates and Output pp. 1125-1135

Finn Kydland and Scott Freeman

Endogenous Business Cycles and the Dynamics of Output, Hours, and Consumption pp. 1136-1159

Stephanie Schmitt-Grohe

Does Schooling Cause Growth? pp. 1160-1183

Pete Klenow and Mark Bils

Schooling, Labor-Force Quality, and the Growth of Nations pp. 1184-1208

Dennis D. Kimko and Eric Hanushek

Does Competition among Public Schools Benefit Students and Taxpayers? pp. 1209-1238

Caroline Hoxby

"Globalization" and Vertical Structure pp. 1239-1254

John McLaren

Diversity and Trade pp. 1255-1275

Giovanni Maggi and Gene Grossman

Economic Integration and Political Disintegration pp. 1276-1296

Enrico Spolaore, Alberto Alesina and Romain Wacziarg

The Determinants of Equilibrium Unemployment pp. 1297-1322

Eran Yashiv

Aggregate Employment Fluctuations with Microeconomic Asymmetries pp. 1323-1345

Jonas Fisher and Jeffrey Campbell

Performance Pay and Productivity pp. 1346-1361

Edward Lazear

Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania: Comment pp. 1362-1396

William Wascher and David Neumark

Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania: Reply pp. 1397-1420

Alan Krueger and David Card

Central-Bank Credibility: Why Do We Care? How Do We Build It? pp. 1421-1431

Alan Blinder

Nominal Wage Rigidity and Industry Characteristics in the Downturns of 1893, 1929, and 1981 pp. 1432-1446

Christopher Hanes

Money, Sticky Wages, and the Great Depression pp. 1447-1463

Christopher Erceg, Michael Bordo and Charles Evans

Output Fluctuations in the United States: What Has Changed since the Early 1980's? pp. 1464-1476

Gabriel Perez-Quiros and Margaret M. McConnell

Social Interactions and the Institutions of Local Government pp. 1477-1490

William Strange and Robert Helsley

Social Limits to Redistribution pp. 1491-1507

Hans Peter Gruner and Giacomo Corneo

Tax Competition When Governments Lack Commitment: Excess Capacity as a Countervailing Threat pp. 1508-1519

Eckhard Janeba

Selective versus Universal Vouchers: Modelling Median Voter Preferences in Education pp. 1520-1534

Edwin G. West and Zhiqi Chen

Erratum: A Reconsideration of the Twentieth Century pp. 1535-1535

Robert Mundell

Volume 90, issue 4, 2000

Orchestrating Impartiality: The Impact of "Blind" Auditions on Female Musicians pp. 715-741

Cecilia Rouse and Claudia Goldin

Wage Shocks and North American Labor-Market Integration pp. 742-764

Raymond Robertson

Mentoring and Diversity pp. 765-786

Christopher Avery, Susan Athey and Peter Zemsky

Asset Pricing with Distorted Beliefs: Are Equity Returns Too Good to Be True? pp. 787-805

Pok-sang Lam, Stephen Cecchetti and Nelson Mark

Population, Technology, and Growth: From Malthusian Stagnation to the Demographic Transition and Beyond pp. 806-828

David Weil and Oded Galor

Endogenous Growth and Cross-Country Income Differences pp. 829-846

Peter Howitt

Aid, Policies, and Growth pp. 847-868

David Dollar and Craig Burnside

A Reassessment of the Relationship between Inequality and Growth pp. 869-887

Kristin Forbes

Intelligence, Social Mobility, and Growth pp. 888-908

Sevi Rodríguez Mora and John Hassler

A Representative Consumer Theory of Distribution pp. 909-926

Jaume Ventura and Francesco Caselli

Meetings with Costly Participation pp. 927-943

Jeffrey S. Rosenthal, Martin Osborne and Matthew Turner

Motivating Wealth-Constrained Actors pp. 944-960

David Sappington and Tracy Lewis

Demand Reduction in Multiunit Auctions: Evidence from a Sportscard Field Experiment pp. 961-972

David Reiley and John List

Does Culture Matter in Economic Behavior? Ultimatum Game Bargaining among the Machiguenga of the Peruvian Amazon pp. 973-979

Joseph Henrich

Cooperation and Punishment in Public Goods Experiments pp. 980-994

Simon Gächter and Ernst Fehr

Asset Markets: How They Are Affected by Tournament Incentives for Individuals pp. 995-1004

R. Isaac and Duncan James

Losing Sleep at the Market: The Daylight Saving Anomaly pp. 1005-1011

Lisa Kramer, Mark Kamstra and Maurice Levi

Private Information and Trade Timing pp. 1012-1018

Lones Smith

A Preference Regime Model of Bull and Bear Markets pp. 1019-1033

Pascal St-Amour and Stephen Gordon

Learning and Forgetting: The Dynamics of Aircraft Production pp. 1034-1054

C. Lanier Benkard

Optimal Risk Adjustment in Markets with Adverse Selection: An Application to Managed Care pp. 1055-1071

Thomas G. McGuire and Jacob Glazer

Fair Shares: Accountability and Cognitive Dissonance in Allocation Decisions pp. 1072-1091

James Konow

Volume 90, issue 3, 2000

A Reconsideration of the Twentieth Century pp. 327-340

Robert Mundell

Saving and Growth with Habit Formation pp. 341-355

Jody Overland, Christopher Carroll and David Weil

Tax Policy and Aggregate Demand Management under Catching Up with the Joneses pp. 356-366

Harald Uhlig and Lars Ljungqvist

Habit Formation in Consumption and Its Implications for Monetary-Policy Models pp. 367-390

Jeffrey Fuhrer

Habit Formation in Consumer Preferences: Evidence from Panel Data pp. 391-406

Karen E. Dynan

What Do a Million Observations on Banks Say about the Transmission of Monetary Policy? pp. 407-428

Jeremy Stein and Anil Kashyap

Federal Reserve Information and the Behavior of Interest Rates pp. 429-457

David Romer and Christina Romer

What Inventory Behavior Tells Us about Business Cycles pp. 458-481

James Kahn and Mark Bils

Job Destruction and Propagation of Shocks pp. 482-498

Garey Ramey, Wouter J. den Haan and Joel Watson

Efficiency and Information Aggregation in Auctions pp. 499-525

Jeroen Swinkels and Wolfgang Pesendorfer

Ownership Risk, Investment, and the Use of Natural Resources pp. 526-549

Robert Deacon and Henning Bohn

Standardization in Decentralized Economies pp. 550-570

Michel Benaim and Emmanuelle Auriol

The Labeling Effect of a Child Benefit System pp. 571-583

Peter Kooreman

A Time-Series Analysis of Crime, Deterrence, and Drug Abuse in New York City pp. 584-604

Naci Mocan and Hope Corman

A Theory of Rigid Extremists and Flexible Moderates with an Application to the U.S. Congress pp. 605-620

Joseph Harrington and Stephen Blomberg

Sovereign Debt as Intertemporal Barter pp. 621-639

Brian Wright and Kenneth Kletzer

Role Models and Arguments for Affirmative Action pp. 640-648

Kim-Sau Chung

Political Influence and the Dynamic Consistency of Policy pp. 649-666

Jaewoo Lee and Michelle Garfinkel

The Role of a Variable Input in the Relationship between Investment and Uncertainty pp. 667-680

Kwanho Shin and Jaewoo Lee

Optimal Income Taxation: An Example with a U-Shaped Pattern of Optimal Marginal Tax Rates: Comment pp. 681-686

Michel Strawczynski and Momi Dahan

Capital Mobility in NeoClassical Models of Growth: Comment pp. 687-694

Petr Duczynski

Herd Behavior and Investment: Comment pp. 695-704

Peter Sørensen and Marco Ottaviani

Herd Behavior and Investment: Reply pp. 705-706

Jeremy Stein and David Scharfstein

Volume 90, issue 2, 2000

International Financial Crises: Causes, Prevention, and Cures pp. 1-16

Lawrence Summers

Crisis and Risk Management pp. 17-21

Myron Scholes

Tunneling pp. 22-27

Simon Johnson

U.S. Banks, Crises, and Bailouts: From Mexico to LTCM pp. 28-31

Dong Lee, Bong-Chan Kho and René Stulz

Floating, Fixed, or Super-Fixed? Dollarization Joins the Menu of Exchange-Rate Options pp. 32-37

Rachel McCulloch and Blake Lebaron

Conflicting Demands on the International Monetary Fund pp. 38-42

Anne O. Krueger

Rules and Authorities in International Monetary Arrangements: The Role of the Central Bank pp. 43-47

Robert Z. Aliber

Why Did the Ruble Collapse in August 1998? pp. 48-52

Padma Desai

The Polish Zloty, 1990-1999: Success and Underperformance pp. 53-58

Domenico Mario Nuti

Capital-Markets Crises and Economic Collapse in Emerging Markets: An Informational-Frictions Approach pp. 59-64

Enrique Mendoza and Guillermo Calvo

Mirage of Floating Exchange Rates pp. 65-70

Carmen Reinhart

Exchange-Rate Policy for Developing Countries pp. 71-75

Andres Velasco and Roberto Chang

Telling Better Stories in Introductory Macro pp. 76-80

David Colander

Eight Reasons Why Real versus Nominal Interest Rates Is the Most Important Concept in Macroeconomics Principles Courses pp. 81-84

Peter Kennedy

The Principles of Macroeconomics at the Millennium pp. 85-89

Michael Parkin

Teaching Modern Macroeconomics at the Principles Level pp. 90-94

John Taylor

The First Year of the Eurosystem: Inflation Targeting or Not? pp. 95-99

Lars Svensson

Pitfalls of Forward-Looking Monetary Policy pp. 100-104

Michael Woodford

Inflation Targeting in Emerging-Market Countries pp. 105-109

Frederic Mishkin

Requiem for the Representative Consumer? Aggregate Implications of Microeconomic Consumption Behavior pp. 110-115

Christopher Carroll

Testing the (S, s) Model pp. 116-119

Erik Hurst, Christopher Foote and John Leahy

The Savers-Spenders Theory of Fiscal Policy pp. 120-125

N. Gregory Mankiw

Political Losers as a Barrier to Economic Development pp. 126-130

James Robinson and Daron Acemoglu

Ethnicity and Development in Africa: A Reappraisal pp. 131-134

Robert Bates

Capture and Governance at Local and National Levels pp. 135-139

Dilip Mookherjee and Pranab Bardhan

Participatory Politics, Social Cooperation, and Economic Stability pp. 140-144

Dani Rodrik

Beyond the Algebra of Explanation: HOV for the Technology Age pp. 145-149

Susan Chun Zhu and Daniel Trefler

International Trade as an "Integrated Equilibrium": New Perspectives pp. 150-154

David Weinstein and Donald Davis

Aggregation Bias in the Factor Content of Trade: Evidence from U.S. Manufacturing pp. 155-160

Gordon Hanson and Robert Feenstra

U.S. Economic Growth at the Industry Level pp. 161-167

Kevin Stiroh and Dale Jorgenson

Economic and Productivity Growth in Canadian Industries pp. 168-171

Frank Lee, Wulong Gu and Jianmin Tang

A Comparison of Industrial Productivity Growth in Canada and the United States pp. 172-175

Mun Ho and Wulong Gu

Productivity Levels and International Competitiveness between Canadian and U.S. Industries pp. 176-179

Jianmin Tang and Frank Lee

The IBM and Microsoft Cases: What's the Difference? pp. 180-183

Franklin M. Fisher

A Competitive Perspective on Internet Explorer pp. 184-187

Kevin Murphy and Steven Davis

Toward a Quantification of the Effects of Microsoft's Conduct pp. 188-191

Robert Hall and Chris E. Hall

Antitrust Issues in Schumpeterian Industries pp. 192-196

Richard Schmalensee

Has the "Million-Dollar Cap" Affected CEO Pay? pp. 197-202

Catherine Wolfram and Nancy Rose

Agents with and without Principals pp. 203-208

Sendhil Mullainathan and Marianne Bertrand

Optimal Exercise Prices for Executive Stock Options pp. 209-214

Kevin Murphy and Brian J. Hall

Knowledge Spillovers and Patent Citations: Evidence from a Survey of Inventors pp. 215-218

Manuel Trajtenberg, Adam Jaffe and Michael S. Fogarty

Who Benefits Most from Employee Involvement: Firms or Workers? pp. 219-223

Morris M. Kleiner and Richard Freeman

Is Cost-Cutting Evidence of X-Inefficiency? pp. 224-227

Joseph Farrell and Severin Borenstein

Economists and Field Research: "You Can Observe a Lot Just by Watching." pp. 228-232

Susan Helper

Can Downstream Waste Disposal Policies Encourage Upstream "Design for Environment"? pp. 233-237

Margaret Walls and Paul Calcott

Two Generalizations of a Deposit-Refund Systems pp. 238-242

Ann Wolverton and Don Fullerton

Restricting the Trash Trade pp. 243-246

Molly Macauley, Eduardo Ley and Stephen Salant

Economic Measurement: Progress and Challenges pp. 247-252

Michael J. Boskin

Getting the 21st-Century GDP Right: What's Underway? pp. 253-258

Brent Moulton

New Directions in National Economic Accounting pp. 259-263

William Nordhaus

The Income and Tax Share of Very High-Income Households, 1960-1995 pp. 264-270

James Poterba and Daniel Feenberg

Taxes, High-Income Executives, and the Perils of Revenue Estimation in the New Economy pp. 271-275

Austan Goolsbee

Capital-Gains Realizations of the Rich and Sophisticated pp. 276-282

Jonathan Siegel and Alan Auerbach

Tax Policy and Entrepreneurial Entry pp. 283-287

Robert Hubbard and William Gentry

How Much Should Americans Be Saving for Retirement? pp. 288-292

B. Douglas Bernheim

Generational Accounts for the United States: An Update pp. 293-296

Jagadeesh Gokhale

Saver Behavior and 401(k) Retirement Wealth pp. 297-302

Steven Venti, James Poterba and David Wise

Generational Aspects of Medicare pp. 303-307

Louise Sheiner and David Cutler

Racial and Ethnic Economic Inequality: The International Record pp. 308-311

Jessica Gordon Nembhard and William Darity

Persistent Discrimination: Racial Disparity in the United States, 1967-1988 pp. 312-316

Patrick Mason

Intergroup Economic Inequality in South Africa: The Post-apartheid Era pp. 317-321

George Sherer

Does Caste Still Define Disparity? A Look at Inequality in Kerala, India pp. 322-325

Ashwini Deshpande

The Convergence in Black-White Infant Mortality Rates during the 1960's pp. 326-332

Michael Greenstone and Kenneth Chay

Labor-Market Dropouts and the Racial Wage Gap: 1940-1990 pp. 333-338

Amitabh Chandra

Evaluating a Simple Method for Estimating Black-White Gaps in Median Wages pp. 339-343

Yuichi Kitamura, William Johnson and Derek Neal

Understanding Black-White Wage Differentials, 1960-1990 pp. 344-349

Thomas M. Lyons, James Heckman and Petra Todd

Immigration, Social Security, and Broader Fiscal Impacts pp. 350-354

Timothy Miller and Ronald Lee

Foreign-Born Teaching Assistants and the Academic Performance of Undergraduates pp. 355-359

George Borjas

Do Immigrant Inflows Lead to Native Outflows? pp. 360-367

John DiNardo and David Card

Immigrant Earnings Assimilation: Estimates from Longitudinal Data pp. 368-372

Wei-Yin Hu

Welfare Benefits and Female Headship in U.S. Time Series pp. 373-377

Robert Moffitt

The Economics of Fatherhood pp. 378-382

Robert Willis

Women on Welfare: A Macroeconomic Analysis pp. 383-388

Nezih Guner, Jeremy Greenwood and John Knowles

Carrots and Sticks: Fertility Effects of China's Population Policies pp. 389-392

Dennis Yang and Marjorie McElroy

Child Health and Household Resources in South Africa: Evidence from the Old Age Pension Program pp. 393-398

Esther Duflo

Agricultural Volatility and Investments in Children pp. 399-404

Robert Jensen

Sibling Rivalry in Africa pp. 405-409

Jonathan Morduch

The Power of Incentives pp. 410-414

Edward Lazear

The Use of Performance Measures in Incentive Contracting pp. 415-420

George Baker

What Trade-Off of Risk and Incentives? pp. 421-425

Canice Prendergast

Emotions in Economic Theory and Economic Behavior pp. 426-432

George Loewenstein

A Boundedly Rational Decision Algorithm pp. 433-438

David Laibson and Xavier Gabaix

Thinking and Feeling pp. 439-443

Paul Romer

Growth in Women's Relative Wages and in Inequality among Men: One Phenomenon or Two? pp. 444-449

Finis Welch

The Rise of Female Professionals: Are Women Responding to Skill Demand? pp. 450-455

Chinhui Juhn and Sandra Black

Are Women's Wage Gains Men's Losses? A Distributional Test pp. 456-460

Thomas Lemieux and Nicole Fortin

Career and Marriage in the Age of the Pill pp. 461-465

Lawrence Katz and Claudia Goldin

Why Are Women Such Reluctant Economists? Evidence from Liberal Arts Colleges pp. 466-470

Ann Owen and Elizabeth Jensen

Do Colleges Shortchange Women? Gender Differences in the Transition from College to Work pp. 471-475

Lois Joy

Harriet Taylor Mill pp. 476-479

Michele A. Pujol and Janet A. Seiz

Nineteenth-Century American Feminist Economics: From Caroline Dall to Charlotte Perkins Gilman pp. 480-484

Robert Dimand

JOHN BATES CLARK MEDALIST pp. 486-486

Andrei Shleifer

Minutes of the Annual Meeting pp. 487-487

John Siegfried

Minutes of the Executive Committee Meetings pp. 488-494

John Siegfried

Report of the Secretary for 1999 pp. 495-497

John Siegfried

Report of the Treasurer for the Year Ending December 31, 1999 pp. 498-498

C. Elton Hinshaw

Report of the Finance Committee pp. 499-499

C. Elton Hinshaw

Report of the Editor: American Economic Review pp. 500-507

Orley Ashenfelter

Report of the Editor: Journal of Economic Literature pp. 508-510

John McMillan

Report of the Editor: Journal of Economic Perspectives pp. 511-513

Alan Krueger

Report of the Director: Job Openings for Economists pp. 514-516

C. Elton Hinshaw

Report of the Committee on Economic Education pp. 517-518

Michael K. Salemi

Report of the Committee on the Status of Minority Groups in the Economics Profession pp. 519-520

William Darity

Report of the Committee on the Status of Women in the Economics Profession pp. 521-527

Robin L. Bartlett

Report of the AEA Committee on the Journals pp. 528-531

Thomas Schelling

Report of the Representative to the National Bureau of Economic Research pp. 532-533

John Siegfried

American Economic Association Universal Academic Questionnaire Summary Statistics pp. 534-536

Charles E. Scott

Volume 90, issue 1, 2000

Population, Food, and Knowledge pp. 1-14

D. Johnson

Optimal Adoption of Complementary Technologies pp. 15-29

Dmitriy Stolyarov and Boyan Jovanovic

Collateral Damage: Effects of the Japanese Bank Crisis on Real Activity in the United States pp. 30-45

Eric Rosengren and Joe Peek

Endogenous Inequality in Integrated Labor Markets with Two-Sided Search pp. 46-72

Larry Samuelson, George Mailath and Avner Shaked

Labor-Market Integration, Investment in Risky Human Capital, and Fiscal Competition pp. 73-95

David Wildasin

Unequal Societies: Income Distribution and the Social Contract pp. 96-129

Roland Benabou

Mobility, Targeting, and Private-School Vouchers pp. 130-146

Thomas Nechyba

Liberalization, Moral Hazard in Banking, and Prudential Regulation: Are Capital Requirements Enough? pp. 147-165

Kevin C. Murdock, Thomas Hellmann and Joseph Stiglitz

ERC: A Theory of Equity, Reciprocity, and Competition pp. 166-193

Axel Ockenfels and Gary Bolton

The Choice between Market Failures and Corruption pp. 194-211

Thierry Verdier and Daron Acemoglu

Elephants pp. 212-234

Charles Morcom and Michael Kremer

Credit Rationing? pp. 235-239

Dan Bernhardt

Third-Degree Price Discrimination in Input Markets: Output and Welfare pp. 240-246

Yoshihiro Yoshida

A Simple Mechanism for the Efficient Provision of Public Goods: Experimental Evidence pp. 247-264

Josef Falkinger

Limiting Buyer Discretion: Effects on Performance and Price in Long-Term Contracts pp. 265-281

Lisa J. Cameron

Economic Growth and the Elasticity of Substitution: Two Theorems and Some Suggestions pp. 282-291

Olivier de La Grandville and Rainer Klump

Economies of Scale and Constant Returns to Capital: A Neglected Early Contribution to the Theory of Economic Growth pp. 292-295

Edmund Cannon

Naked Exclusion: Comment pp. 296-309

Michael Whinston and Ilya R. Segal

Naked Exclusion: Reply pp. 310-311

John Ramseyer, Eric Rasmusen and John Shepard Wiley

The Phillips Curve, the Persistence of Inflation, and the Lucas Critique: Evidence from Exchange-Rate Regimes: Comment pp. 312-315

Alex Lammertsma and Clemens Kool

Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks: Comment pp. 316-318

Frank Heinemann

The Deadweight Loss of Christmas: Comment pp. 319-324

Orit Tykocinski and Bradley Ruffle

The Deadweight Loss of Christmas: Reply pp. 325-325

David Hemenway and Sara J. Solnick