American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 86, issue 5, 1996

Why Is Capital So Immobile Internationally? Possible Explanations and Implications for Capital Income Taxation pp. 1057-75

Roger Gordon and Lans Bovenberg

Altered States: Taxes and the Location of Foreign Direct Investment in America pp. 1076-94

Hines, James R,

State Infrastructure and Productive Performance pp. 1095-1111

Catherine Morrison Paul and Amy Schwartz

How Wide Is the Border? pp. 1112-25

Charles Engel and John Rogers

The Payments System, Liquidity, and Rediscounting pp. 1126-38

Scott Freeman

Central-Bank Independence, Economic Behavior, and Optimal Term Lengths pp. 1139-53

Christopher Waller and Carl Walsh

Factor-Hoarding and the Propagation of Business-Cycle Shocks pp. 1154-74

Craig Burnside and Martin Eichenbaum

Staggering and Synchronization in Price-Setting: Evidence from Multiproduct Firms pp. 1175-96

Saul Lach and Daniel Tsiddon

Dynamic Capital Structure under Managerial Entrenchment pp. 1197-1215

Jeffrey Zwiebel

Comparing Apples to Oranges: Productivity Convergence and Measurement across Industries and Countries pp. 1216-38

Andrew Bernard and Charles Jones

The Productivity Slowdown: The Culprit at Last? Follow-Up on Hulten and Wolff pp. 1239-52

Edward Wolff

Industry Differences in the Persistence of Firm-Specific Returns pp. 1253-65

Geoffrey F Waring

Localization Economies, Vertical Organization, and Trade pp. 1266-78

Gordon Hanson

Symmetric Tax Competition with Multiple Jurisdictions in Each Metropolitan Area pp. 1279-90

Ralph M Braid

The Uncertain Unit Root in Real GNP: Comment pp. 1291-98

Francis Diebold and Abdelhak S Senhadji

The Deadweight Loss of Christmas: Comment pp. 1299-1305

Sara J Solnick and David Hemenway

The Deadweight Loss of Christmas: Reply pp. 1306-08

Joel Waldfogel

The Impact of Global Warming on Agriculture: Comment pp. 1309-11

William Cline

The Impact of Global Warming on Agriculture: Reply pp. 1312-15

Robert Mendelsohn and William Nordhaus

Volume 86, issue 4, 1996

Monetary Policy as a Process of Search pp. 689-702

Andrew Caplin and John Leahy

Capital-Market Imperfections and Countercyclical Markups: Theory and Evidence pp. 703-25

Judith Chevalier and David S Scharfstein

Arbitrage-Based Tests of Target-Zone Credibility: Evidence from ERM Cross-Rate Options pp. 726-40

Jose Campa and P H Kevin Chang

A Regional Dynamic General-Equilibrium Model of Alternative Climate-Change Strategies pp. 741-65

William Nordhaus and Zili Yang

The Evolution of Social Norms in Common Property Resource Use pp. 766-88

Rajiv Sethi and E Somanathan

Effects of Air Quality Regulation pp. 789-813

J Vernon Henderson

How (Not) to Sell Nuclear Weapons pp. 814-29

Philippe Jehiel, Benny Moldovanu and Ennio Stacchetti

Reciprocal Exchange: A Self-Sustaining System pp. 830-51

Rachel Kranton

Multinationals, Linkages, and Economic Development pp. 852-73

Andres Rodriguez-Clare

Bequest Behavior and the Effect of Heirs' Earnings: Testing the Altruistic Model of Bequests pp. 874-92

Mark Wilhelm

New Evidence on Altruism: A Study of TIAA-CREF Retirees pp. 893-908

John Laitner and F. Juster

Migration with Endogenous Moving Costs pp. 909-30

William J Carrington, Enrica Detragiache and Tara Vishwanath

Technical Change and Human-Capital Returns and Investments: Evidence from the Green Revolution pp. 931-53

Andrew Foster and Mark Rosenzweig

The Price Is Right, but Are the Bids? An Investigation of Rational Decision Theory pp. 954-70

Jonathan B Berk, Eric Hughson and Kirk Vandezande

Household Responses to Pricing Garbage by the Bag pp. 971-84

Don Fullerton and Thomas Kinnaman

Optimal Environmental Taxation in the Presence of Other Taxes: General-Equilibrium Analyses pp. 985-1000

Lans Bovenberg and Lawrence H Goulder

Turning Points in the Civil War: Views from the Greenback Market pp. 1001-18

Kristen L Willard, Timothy Guinnane and Harvey Rosen

A Signaling Explanation for Charity pp. 1019-28

Amihai Glazer and Kai Konrad

Volume 86, issue 3, 1996

Rat Race Redux: Adverse Selection in the Determination of Work Hours in Law Firms pp. 329-48

Renee M Landers, James Rebitzer and Lowell Taylor

Veblen Effects in a Theory of Conspicuous Consumption pp. 349-73

Laurie Simon Bagwell and B. Douglas Bernheim

The Gender Gap, Fertility, and Growth pp. 374-87

Oded Galor and David Weil

The Timing and Incidence of Exploratory Drilling on Offshore Wildcat Tracts pp. 388-407

Kenneth Hendricks and Robert Porter

The Swing Voter's Curse pp. 408-24

Timothy J Feddersen and Wolfgang Pesendorfer

How Do Senators Vote? Disentangling the Role of Voter Preferences, Party Affiliation, and Senate Ideology pp. 425-41

Steven Levitt

Revenue Effects and Information Processing in English Common Value Auctions pp. 442-60

Dan Levin, John Kagel and Jean-Francois Richard

Avoidable Cost: Ride a Double Auction Roller Coaster pp. 461-77

Mark Van Boening and Nathaniel Wilcox

Holdups, Standard Breach Remedies, and Optimal Investment pp. 478-501

Aaron Edlin and Stefan Reichelstein

Employee Buyout in a Bargaining Game with Asymmetric Information pp. 502-23

Avner Ben-Ner and Byoung Jun

Aggregation without Separability: A Generalized Composite Commodity Theorem pp. 524-43

Arthur Lewbel

Voluntary Export Restraints, Antidumping Procedure, and Domestic Politics pp. 544-61

B. Rosendorff

Entry, Exit, Growth, and Innovation over the Product Life Cycle pp. 562-83

Steven Klepper

Heterogeneity, Stratification, and Growth: Macroeconomic Implications of Community Structure and School Finance pp. 584-609

Roland Benabou

Investment Lags pp. 610-22

Avner Bar-ilan and William C Strange

On the Dixit-Stiglitz Model of Monopolistic Competition pp. 623-29

Claude d'Aspremont, Rodolphe Dos Santos Ferreira and Louis-André Gérard-Varet

R&D Spillovers and the Geography of Innovation and Production pp. 630-40

David Audretsch and Maryann P Feldman

Company-Scientist Locational Links: The Case of Biotechnology pp. 641-52

David Audretsch and Paula E Stephan

Social Distance and Other-Regarding Behavior in Dictator Games pp. 653-60

Elizabeth Hoffman, Kevin McCabe and Vernon L Smith

Money, Expectations, and U.S. Civil War pp. 661-71

McCandless, George T,

Contracts as a Barrier to Entry: Comment pp. 672-74

Steffen Ziss

Serving the Public Debt: The Role of Expectations: Comment pp. 675-79

Roel Beetsma

Volume 86, issue 2, 1996

The Missing Piece in Policy Analysis: Social Security Reform pp. 1-14

Martin Feldstein

Household Survey Data from Developing Countries: Progress and Prospects pp. 15-19

Margaret E Grosh and Paul Glewwe

International Price and Quantity Comparisons: Potentials and Pitfalls pp. 20-24

Alan Heston and Robert Summers

International Comparisons of the Sources of Economic Growth pp. 25-29

Chrys Dougherty and Dale Jorgenson

Measurement and Mismeasurement of Social Indicators pp. 30-34

John Strauss and Duncan Thomas

Trade, Technology, and Wages: A Tale of Two Countries pp. 35-40

Ronald Jones and Stanley L Engerman

The United States in a New Global Economy? A Century's Perspective pp. 41-46

Douglas Irwin

Modeling Global Interdependence: Centers, Peripheries, and Frontiers pp. 47-51

Ronald Findlay

Regional Trading Arrangements: Natural or Supernatural pp. 52-56

Jeffrey Frankel, Ernesto Stein and Shang-Jin Wei

How Severe Is Global Retaliation Risk under Increasing Regionalism? pp. 57-61

Carlo Perroni and John Whalley

Free-Trade Agreements: For Better or Worse? pp. 62-66

Ronald Wonnacott

Asset-Market Structure and International Trade Dynamics pp. 67-70

Athanasios V Arvanitis and Anne Mikkola

Incomplete Exchange-Rate Pass-Through and Imperfect Competition: The Effect of Local Production pp. 71-76

Anne Gron and Deborah L Swenson

U.S. Equity Investment in Foreign Markets: Portfolio Rebalancing or Return Chasing? pp. 77-81

Henning Bohn and Linda Tesar

The Theory of Preferential Trade Agreements: Historical Evolution and Current Trends pp. 82-87

Jagdish Bhagwati and Arvind Panagariya

Compatibility of Regional and Multilateral Trading Agreements: Reforming the WTO Process pp. 88-92

Gary P Sampson

Regionalism and the (Dis)advantage of Dispute-Settlement Access pp. 93-98

Philip Levy and T N Srinivasan

Distributional Conflicts, Factor Mobility, and Political Integration pp. 99-104

Patrick Bolton and Gérard Roland

Fiscal Consolidation in Europe: Composition Matters pp. 105-10

Roberto Perotti

Monetary Cohabitation in Europe pp. 111-16

Torsten Persson and Guido Tabellini

Theoretical Aspects of Transition pp. 117-22

Olivier Blanchard

Enterprises and Workers in the Transition: Econometric Evidence pp. 123-27

Jan Svejnar

The Transition at Mid Decade pp. 128-33

Jeffrey D Sachs

Federalism, Fiscal Restraints, and European Monetary Union pp. 134-38

Juergen von Hagen and Barry Eichengreen

Implementing EMU pp. 139-42

Richard Portes

The New EMS: Narrow Bands inside Deep Bands pp. 143-46

Vincent Labhard and Charles Wyplosz

Economic Transition and the Exchange-Rate Regime pp. 147-52

Jeffrey D Sachs

Recent Exchange-Rate Experience and Proposals for Reform pp. 153-58

Jeffrey Frankel

Exchange Rates and the Political Economy of Macroeconomic Discipline pp. 159-63

Sebastian Edwards

One Year of Solitude: Some Pilgrim Tales about Mexico's 1994-1995 Crisis pp. 164-69

Francisco Gil-Diaz and Agustin Carstens

Petty Crime and Cruel Punishment: Lessons from the Mexican Debacle pp. 170-75

Guillermo Calvo and Enrique Mendoza

Exchange-Rate Anchors, Credibility, and Inertia: A Tale of Two Crises, Chile and Mexico pp. 176-80

Sebastian Edwards

The "Fundamental Transformation" in Macroeconomics pp. 181-86

Ricardo Caballero and Mohamad L Hammour

Modeling Aggregate Liquidity pp. 187-91

Bengt Holmstrom and Jean Tirole

Trading Costs, Price, and Volume in Asset Markets pp. 192-96

Andrew Caplin and John Leahy

The First Industrial Revolution: A Guided Tour for Growth Economists pp. 197-201

Nicholas Crafts

Why, Indeed, in America? Theory, History, and the Origins of Modern Economic Growth pp. 202-06

Paul Romer

Hybridizing Growth Theory pp. 207-12

Martin Weitzman

Inflation's Children: Tales of Crises That Beget Reforms pp. 213-17

Michael Bruno and William Easterly

International Measures of Schooling Years and Schooling Quality pp. 218-23

Robert Barro and Jong-Wha Lee

Accounting for China's Growth Performance pp. 224-28

Eduardo Borensztein and Jonathan Ostry

Economies in Transition: The Beginnings of Growth pp. 229-33

Stanley Fischer, Ratna Sahay and Carlos Vegh

U.S. Trade with Developing Countries and Wage Inequality pp. 234-39

Jeffrey D Sachs and Howard J Shatz

Globalization, Outsourcing, and Wage Inequality pp. 240-45

Robert Feenstra and Gordon Hanson

Searching for the Effect of Immigration on the Labor Market pp. 246-51

George Borjas, Richard Freeman and Lawrence Katz

Technology, Skill, and the Wage Structure: Insights from the Past pp. 252-57

Claudia Goldin and Lawrence Katz

With What Skills Are Computers a Complement? pp. 258-62

Frank Levy and Richard Murnane

Human-Capital Investments and Productivity pp. 263-67

Sandra Black and Lisa Lynch

Do Men Whose Wives Work Really Earn Less? pp. 268-73

Joyce Jacobsen and Wendy Rayack

Domestic Violence: The Value of Services as Signals pp. 274-79

Amy Farmer and Jill Tiefenthaler

Gender Differences in Overeducation: A Test of the Theory of Differential Overqualification pp. 280-84

KimMarie McGoldrick and John Robst

Wage Disparities and Affirmative Action in the 1980's pp. 285-89

Jonathan Leonard

The Effect of Federal Contractor Status on Racial Differences in Establishment-Level Employment Shares: 1979-1992 pp. 290-93

Rodgers, William M, and William E Spriggs

Do Preferential Procurement Programs Benefit Minority Business? pp. 294-97

Timothy Bates and Darrell Williams

The Ebb and Flow of Enforcing Executive Order 11246 pp. 298-301

Bernard E Anderson

Changes in the Distribution of Wages and Unemployment in OECD Countries pp. 302-08

Stephen Nickell and Brian Bell

Wage Inequality from International Competition and Technological Change: Theory and Country Experience pp. 309-14

Edward Leamer

Reorganization of Firms and Labor-Market Inequality pp. 315-21

Assar Lindbeck and Dennis J Snower

Challenges for the Post-Apartheid Economy pp. 322-25

Francis Wilson

Compulsory Centralization of Collective Bargaining in South Africa pp. 326-29

Peter Moll

Education across Generations in South Africa pp. 330-34

Duncan Thomas

Education Returns across Quantiles of the Wage Function: Alternative Explanations for Returns to Education by Race in South Africa pp. 335-39

Germano Mwabu and T Paul Schultz

Some Effects of Taxes on Schooling and Training pp. 340-46

Dupor, Bill, et al

On the Divergence between "Ideal" and Conventional Income-Tax Treatment of Human Capital pp. 347-52

Louis Kaplow

How Should Government Allocate Subsidies for Human Capital? pp. 353-57

C Eugene Steuerle

Different Approaches for Dealing with Social Security pp. 358-62

Edward Gramlich

Social Security Privatization: A Structure for Analysis pp. 363-67

Olivia Mitchell and Stephen Zeldes

Privatizing School Security at Home and Abroad pp. 368-72

Laurence Kotlikoff

Social Security Reform: Around the World in 80 Ways pp. 373-77

Sylvester J Schieber and John B Shoven

The Effect of Medicaid Expansions on Public Insurance, Private Insurance, and Redistribution pp. 378-83

David Cutler and Jonathan Gruber

Do (More and Better) Drugs Keep People Out of Hospitals? pp. 384-88

Frank Lichtenberg

HMO Penetration and the Cost of Health Care: Market Discipline or Market Segmentation? pp. 389-94

Laurence C Baker and Kenneth Corts

Budget Institutions and Fiscal Policy in the U.S. States pp. 395-400

James Poterba

Fiscal Discipline and the Budget Process pp. 401-07

Alberto Alesina and Roberto Perotti

European versus American Perspectives on Balanced-Budget Rules pp. 408-13

Giancarlo Corsetti and Nouriel Roubini

Structural Analysis of Auction Data pp. 414-20

Jean-Jacques Laffont and Quang Vuong

Empirical Models of Discrete Strategic Choices pp. 421-26

Peter C Reiss

Public-Policy Uses of Discrete-Choice Dynamic Programming Models pp. 427-32

Kenneth I Wolpin

Religion, Science, and Rationality pp. 433-37

Rodney Stark, Laurence Iannaccone and Roger Finke

The Discontents of Islamic Economic Morality pp. 438-42

Timur Kuran

Contemplations on the Economic Approach to Religious Behavior pp. 443-47

James D Montgomery

Chalk and Talk: A National Survey on Teaching Undergraduate Economics pp. 448-53

William Becker and Michael Watts

Laboratory-Based Experimental and Demonstration Initiatives in Teaching Undergraduate Economics pp. 454-59

Cardell, N Scott, et al

Teacher Training Programs in Economics: Past, Present, and Future pp. 460-64

Michael K Salemi, Phillip Saunders and William B Walstad

Volume 86, issue 1, 1996

Economics, Values, and Health Care Reform pp. 1-24

Victor Fuchs

Mortgage Lending in Boston: Interpreting HMDA Data pp. 25-53

Alicia Munnell, Geoffrey Tootell, Lynn E. Browne and James McEneaney

Productivity and the Density of Economic Activity pp. 54-70

Antonio Ciccone and Robert E Hall

Real-Business-Cycle Models and the Forecastable Movements in Output, Hours, and Consumption pp. 71-89

Julio Rotemberg and Michael Woodford

Money and Output: A Test of Reverse Causation pp. 90-111

Wilbur Coleman

Business Cycles and Labor-Market Search pp. 112-32

David Andolfatto

The Spirit of Capitalism and Stock-Market Prices pp. 133-57

Gurdip S Bakshi and Zhiwu Chen

Income Risk, Borrowing Constraints, and Portfolio Choice pp. 158-72

Luigi Guiso, Tullio Jappelli and Daniele Terlizzese

The LeChatelier Principle pp. 173-79

Paul Milgrom and John Roberts

Auctions versus Negotiations pp. 180-94

Jeremy Bulow and Paul Klemperer

Organizational Design and Technology Choice under Intrafirm Bargaining pp. 195-222

Lars Stole and Jeffrey Zwiebel

Divisionalization, Franchising, and Divestiture Incentives in Oligopoly pp. 223-36

Michael Baye, Keith J Crocker and Jiandong Ju

Strategic Trade Policies with Endogenous Mode of Competition pp. 237-58

Giovanni Maggi

Understanding the Costs of Sovereign Default: American State Debts in the 1840's pp. 259-75

William B English

Canadian National Health Insurance and Infant Health pp. 276-84

Maria J Hanratty

Health Insurance and Precautionary Savings pp. 285-95

Martha Starr-McCluer

Budget Constraints and Time-Series Evidence on Consumption: Comment pp. 296-97

William Roberds

Budget Constraints and Time-Series Evidence on Consumption: Reply pp. 298-99

Jordi Galí

Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Comment pp. 300-309

Stephen Oliner and Glenn Rudebusch

Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance: Reply pp. 310-14

Anil Kashyap, Jeremy C Stein and David Wilcox

Collective Bargaining in the Public Sector: Comment pp. 315-26

Morley Gunderson, Robert Hebdon and Douglas Hyatt

Collective Bargaining in the Public Sector: Reply pp. 327-28

Janet Currie and Sheena McConnell