American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 85, issue 5, 1995

The Case of the Missing Trade and Other Mysteries pp. 1029-46

Daniel Trefler

Tying Trade Flows: A Theory of Countertrade with Evidence pp. 1047-64

Dalia Marin and Monika Schnitzer

The Economic Returns to Schooling in the West Bank and Gaza Strip pp. 1065-87

Joshua Angrist

Momentum Investment Strategies, Portfolio Performance, and Herding: A Study of Mutual Fund Behavior pp. 1088-1105

Mark Grinblatt, Sheridan Titman and Russell Wermers

Corporate-Debt Overhang and Macroeconomic Expectations pp. 1106-17

Owen Lamont

Consumption over the Life Cycle and over the Business Cycle pp. 1118-37

Orazio Attanasio and Martin Browning

Cross-Country Evidence on the Link between Volatility and Growth pp. 1138-51

Garey Ramey and Valerie Ramey

On Fully Revealing Prices When Markets Are Incomplete pp. 1152-59

Vicente Madrigal and Stephen D Smith

When Are Agents Negligible? pp. 1160-70

David Levine and Wolfgang Pesendorfer

How Liable Should a Lender Be? The Case of Judgment-Proof Firms and Environmental Risk pp. 1171-86

Rohan Pitchford

Product Safety: Liability, R&D, and Signaling pp. 1187-1206

Andrew Daughety and Jennifer Reinganum

The Design of Reform Packages under Uncertainty pp. 1207-23

Mathias Dewatripont and Gérard Roland

On the Optimal Structure of Local Governments pp. 1224-40

Oded Hochman, David Pines and Jacques Thisse

Rationalizing Child-Support Decisions pp. 1241-62

Daniela Del Boca and Christopher Flinn

Apparent Wage Discrimination When Wages Are Determined by Nondiscriminatory Contracts pp. 1263-77

Carol Rapaport

Estimates of the Economic Return to Schooling for the United Kingdom pp. 1278-86

Colm Harmon and Ian Walker

Risk and Saving in Northern Nigeria pp. 1287-1300

Christopher Udry

Discouraging Rivals: Managerial Rent-Seeking and Economic Inefficiencies pp. 1301-12

Aaron Edlin and Joseph Stiglitz

Unraveling in Guessing Games: An Experimental Study pp. 1313-26

Rosemarie Nagel

Consumer Behavior and the Stickiness of Credit-Card Interest Rates pp. 1327-36

Paul S Calem and Loretta Mester

Biased Judgments of Fairness in Bargaining pp. 1337-43

Babcock, Linda, et al

Striking for a Bargain between Two Completely Informed Agents: Comment pp. 1344-47

Wilko Bolt

Government Debt, Government Spending, and Private-Sector Behavior: Comment pp. 1348-56

Fred C Graham

Government Debt, Government Spending, and Private-Sector Behavior: Reply pp. 1357-61

Roger Kormendi and Philip Meguire

Volume 85, issue 4, 1995

The Politics of Free-Trade Agreements pp. 667-90

Gene Grossman and Elhanan Helpman

Occasional Interventions to Target Rates pp. 691-715

Karen Lewis

Trade and Transboundary Pollution pp. 716-37

Brian Copeland and M. Scott Taylor

Transition Problems in Economic Reform: Agriculture in the North American Free Trade Agreement pp. 738-54

Santiago Levy and Sweder van Wijnbergen

Closing the Technology Gap under Protection pp. 755-70

Kaz Miyagiwa and Yuka Ohno

Design Innovation and Fashion Cycles pp. 771-92

Wolfgang Pesendorfer

Dalton-Improving Indirect Tax Reform pp. 793-807

Joram Mayshar and Shlomo Yitzhaki

Appropriation and Efficiency: A Revision of the First Theorem of Welfare Economics pp. 808-27

Louis Makowski and Joseph Ostroy

War Politics: An Economic, Rational-Voter Framework pp. 828-46

Gregory Hess and Athanasios Orphanides

Credible Privatization pp. 847-59

Enrico Perotti

Voting over Economic Plans pp. 860-71

Richard Boylan and Richard D McKelvey

Digging for Golden Carrots: An Analysis of Research Tournaments pp. 872-90

Curtis Taylor

Cooperation in Public-Goods Experiments: Kindness or Confusion? pp. 891-904

James Andreoni

An Experimental Investigation of the Seller Incentives in the EPA's Emission Trading Auction pp. 905-22

Timothy Cason

Evaluating Program Evaluations: New Evidence on Commonly Used Nonexperimental Methods pp. 923-37

Daniel Friedlander and Philip Robins

Health-Insurance Availability and the Retirement Decision pp. 938-48

Jonathan Gruber and Brigitte Madrian

A Note on the Hayek Hypothesis and the Favorite-Longshot Bias in Parimutuel Betting pp. 949-55

William Hurley and Lawrence McDonough

Endogenous Tariff Formation under Representative Democracy: A Probabilistic Voting Model pp. 956-63

C C Yang

Income Uncertainty and Ricardian Equivalence pp. 964-67

Michel Strawczynski

Bureaucracy, Infrastructure, and Economic Growth: Evidence from U.S. Cities during the Progressive Era pp. 968-79

James Rauch

Making Inequality Comparisons When Lorenz Curves Intersect pp. 980-86

James Davies and Michael Hoy

The Economics of Modern Manufacturing: Comment pp. 987-90

P Timothy Bushnell and Allen D Shepard

The Economics of Modern Manufacturing: Comment pp. 991-96

Donald M Topkis

The Economics of Modern Manufacturing: Reply pp. 997-99

Paul Milgrom and John Roberts

Volume 85, issue 3, 1995

Games with Incomplete Information pp. 291-303

John Harsanyi

Race and Gender Discrimination in Bargaining for a New Car pp. 304-21

Ian Ayres and Peter Siegelman

Workers' Compensation and Injury Duration: Evidence from a Natural Experiment pp. 322-40

Bruce Meyer, W Viscusi and David L Durbin

Does Head Start Make a Difference? pp. 341-64

Janet Currie and Duncan Thomas

Ethnicity, Neighborhoods, and Human-Capital Externalities pp. 365-90

George Borjas

The Productivity Effects of Employee Stock-Ownership Plans and Bonuses: Evidence from Japanese Panel Data pp. 391-414

Derek Jones and Takao Kato

Capital Structure and Product-Market Competition: Empirical Evidence from the Supermarket Industry pp. 415-35

Judith Chevalier

The Effect of Private Antitrust Litigation on the Stock-Market Valuation of the Firm pp. 436-61

John M Bizjak and Jeffrey Coles

An Experimental Investigation of the Patterns of International Trade pp. 462-91

Charles Noussair, Charles Plott and Raymond Riezman

Output Dynamics in Real-Business-Cycle Models pp. 492-511

Timothy Cogley and James Nason

Intermediate Goods and Business Cycles: Implications for Productivity and Welfare pp. 512-31

Susanto Basu

A Tax-Based Test of the Dividend Signaling Hypothesis pp. 532-51

B. Douglas Bernheim and Adam Wantz

College Scholarship Rules and Private Saving pp. 552-66

Martin Feldstein

Debt and Seniority: An Analysis of the Role of Hard Claims in Constraining Management pp. 567-85

Oliver Hart and John Moore

What Do Twins Studies Reveal about the Economic Returns to Education? A Comparison of Australian and U.S. Findings pp. 586-99

Paul Miller, Charles Mulvey and Nick Martin

Labor-Market Returns to Two- and Four-Year College pp. 600-614

Thomas J Kane and Cecilia Elena Rouse

National Borders Matter: Canada-U.S. Regional Trade Patterns pp. 615-23

John McCallum

Slicing the Federal Government Net Spending Pie: Who Wins, Who Loses, and Why pp. 624-29

Atlas, Cary M, et al

The Black Hole of Graft: The Predatory State and the Informal Economy pp. 630-46

Douglas Marcouiller and Leslie Young

Oligopoly and Financial Structure: Comment pp. 647-53

Dean M Showalter

Seniority and Monopsony in the Academic Labor Market: Comment pp. 654-57

Kevin Hallock

Volume 85, issue 2, 1995

Economics in Action: Ideas, Institutions, Policies pp. 1-8

George P Shultz

Hazardous Welfare-State Dynamics pp. 9-15

Assar Lindbeck

The Large Welfare State as a System pp. 16-21

Richard Freeman

The Devolution of the Nordic and Teutonic Economies pp. 22-27

Olson, Mancur,

The Economics of Health and Health Care: What Have We Learned? What Have I Learned? pp. 28-31

Martin Feldstein

The Cost and Financing of Health Care pp. 32-37

David Cutler

Uncertainty, Health-Care Technologies, and Health-Care Choices pp. 38-44

Mark McClellan

Public Policies and Private Anti-health Behavior pp. 45-49

Frank Chaloupka

Carcinogen Regulation: Risk Characteristics and the Synthetic Risk Bias pp. 50-54

W Viscusi

Wages, Workers' Compensation Benefits, and Drug Use: Indirect Evidence of the Effect of Drugs on Workplace Accidents pp. 55-60

Robert Kaestner and Michael Grossman

Risks to Selves, Risks to Others pp. 61-66

Christopher Avery, S Jody Heymann and Richard Zeckhauser

Safety at What Price? pp. 67-71

Walter Oi

Rationalizing Observed Health and Safety Legislation: A Pascalian Approach pp. 72-76

Earl A Thompson

The Cost of Medical Progress pp. 77-80

Gordon Tullock

The Effectiveness of Seat-Belt Legislation in Reducing Injury Rates in Texas pp. 81-84

Peter Loeb

The State Antismoking Campaign and the Industry Response: The Effects of Advertising on Cigarette Consumption in California pp. 85-90

Teh-Wei Hu, Hai-Yen Sung and Theodore E Keeler

Information and Advertising: The Case of Fat Consumption in the United States pp. 91-95

Pauline M Ippolito and Alan Mathios

Regulating Information about Aspirin and the Prevention of Heart Attack pp. 96-99

Alison Keith

Information, Marketing, and Pricing in the U.S. Antiulcer Drug Market pp. 100-105

Berndt, Ernst R, et al

Physician Payments and Infant Mortality: Evidence from Medicaid Fee Policy pp. 106-11

Janet Currie, Jonathan Gruber and Michael Fischer

Significance of Underclass Residence on the Stage of Breast or Cervical Cancer Diagnosis pp. 112-16

Janis Barry Figueroa and Nancy Breen

The Time and Monetary Costs of Outpatient Care for Children pp. 117-21

Jessica Primoff Vistnes and Vivian Hamilton

Estimating the Moral-Hazard Effect of Supplemental Medical Insurance in the Demand for Prescription Drugs by the Elderly pp. 122-26

Coulson, N Edward, et al

An Assessment of Health-Care Expenditures within and across Racial and Ethnic Groups pp. 127-31

Edith Rasell and Jared Bernstein

Prenatal Care Demand and Birthweight Production of Black Mothers pp. 132-37

Geoffrey L Warner

What Cost Savings Could Be Realized by Shifting Patterns of Use from Hospital Emergency Rooms to Primary Care Sites? pp. 138-42

Shelley I White-Means and Michael C Thornton

Occupational Mobility and Post-1964 Earnings Gains by Black Women pp. 143-47

Augustin Fosu

Nutrition and Health Investment pp. 148-52

Andrew Foster

Why Are There Returns to Schooling? pp. 153-58

Mark Rosenzweig

Explaining Household Vulnerability to Idiosyncratic Income Shocks pp. 159-64

Anjini Kochar

Tax Projections and the Budget: Lessons from the 1980's pp. 165-69

Alan Auerbach

Behavioral Responses to Tax Rates: Evidence from the Tax Reform Act of 1986 pp. 170-74

Martin Feldstein

Income Creation or Income Shifting? Behavioral Responses to the Tax Reform Act of 1986 pp. 175-80

Joel Slemrod

Conversation, Information, and Herd Behavior pp. 181-85

Robert Shiller

Talk Is Cheap pp. 186-90

Joseph Farrell

One Quarter of GDP Is Persuasion pp. 191-95

Deirdre McCloskey and Arjo Klamer

Independent Central Banks: Low Inflation at No Cost? pp. 196-200

Alberto Alesina and Roberta Gatti

Central-Bank Independence Revisited pp. 201-06

Stanley Fischer

Two Fallacies Concerning Central-Bank Independence pp. 207-11

Bennett McCallum

Structural Unemployment: Spain versus Portugal pp. 212-18

Olivier Blanchard and Juan F Jimeno

Labor-Market Adjustments and the Persistence of Unemployment pp. 219-25

Bruce C Greenwald and Joseph Stiglitz

The Structuralist Theory of Employment pp. 226-31

Edmund Phelps

Employment and the 1990-1991 Minimum-Wage Hike pp. 232-37

Donald Deere, Kevin Murphy and Finis Welch

Time-Series Minimum-Wage Studies: A Meta-analysis pp. 238-43

David Card and Alan Krueger

Minimum-Wage Effects on School and Work Transitions of Teenagers pp. 244-49

David Neumark and William Wascher

A Depressed Labor Market as Explained by Participants pp. 250-54

Truman F Bewley

Internal Labor Markets: Too Many Theories, Too Few Facts pp. 255-59

George Baker and Bengt Holmstrom

A Jobs-Based Analysis of Labor Markets pp. 260-65

Edward Lazear

Family, Work, and Welfare History: Work and Welfare Outcomes pp. 266-70

Julia Lane and David Stevens

The Effectiveness of Child-Care Subsidies in Encouraging the Welfare-to-Work Transition of Low-Income Single Mothers pp. 271-75

Jean Kimmel

The Probability of Receiving Benefits at Different Hours of Work pp. 276-80

Susan Averett and Julie Hotchkiss

Buyers and Sellers: Should I Stay or Should I Go? pp. 281-86

Burdett, Kenneth, et al

Valuation Equilibria with Transactions Costs pp. 287-90

Satyajit Chatterjee and P. Dean Corbae

R&D in a Model of Search and Growth pp. 291-95

Derek Laing, Theodore Palivos and Ping Wang

Economic Integration and the Location of Firms pp. 296-300

Anthony Venables

Uninsurable Shocks and International Income Convergence pp. 301-06

Giuseppe Bertola

Economic Integration: Conflict versus Cohesion pp. 307-11

Susan M Collins

Resisting Migration: Wage Rigidity and Income Distribution pp. 312-16

Assaf Razin and Efraim Sadka

Is There a Good Case for a New Bretton Woods International Monetary System? pp. 317-22

Michael Bordo

The GATT in Historical Perspective pp. 323-28

Douglas Irwin

The World Bank in Historical Perspective pp. 329-34

Michael Gavin and Dani Rodrik

Does Who Teaches Principles of Economics Matter? pp. 335-38

David Laband and Michael J Piette

Reallocating Content Coverage in Principles of Microeconomics to Increase Student Learning pp. 339-42

Phillip Saunders and John R Powers

The Effects of Attendance on Student Learning in Principles of Economics pp. 343-46

Garey Durden and Larry Ellis

Does Pedagogy Vary with Class Size in Introductory Economics? pp. 347-51

John Siegfried and Peter Kennedy

Macroeconomics and Discrimination in Teaching pp. 352-56

Elias H Tuma

The Study of Economics: A Feminist Critique pp. 357-61

Marianne A Ferber

Attracting "Otherwise Bright Students" to Economics 101 pp. 362-66

Robin L Bartlett

Using Alternative Paradigms to Teach about Race and Gender: A Critical Thinking Approach to Introductory Economics pp. 367-71

Susan Feiner and Bruce Roberts

Michigan's Recent School Finance Reforms: A Preliminary Report pp. 372-77

Paul Courant, Edward Gramlich and Susanna Loeb

How to Have a Fiscal Crisis: Lessons from Philadelphia pp. 378-83

Robert P Inman

The Effect of Property-Tax Limits on Wages and Employment in the Local Public Sector pp. 384-89

James Poterba and Kim Rueben

Liquidity Constraints and the Cyclical Behavior of Markups pp. 390-96

Judith Chevalier and David Scharfstein

Bankruptcy and Pricing Behavior in U.S. Airline Markets pp. 397-402

Severin Borenstein and Nancy Rose

Capital Structure and Product-Market Rivalry: How Do We Reconcile Theory and Evidence? pp. 403-08

Dan Kovenock and Gordon Phillips

Quality-Adjusted Cost Functions for Child-Care Centers pp. 409-13

Naci Mocan

The Dynamics of Domestic Violence pp. 414-18

Helen Tauchen and Ann Dryden Witte

Economic Effects of Quality Regulations in the Day-Care Industry pp. 419-24

Tasneem Chipty

Do Job Rights Govern Employment Patterns in Transition Economies? pp. 425-31

Susan Linz

Incomplete Contracts and the Governance of Complex Contractual Relationships pp. 432-36

Nabil I Al-Najjar

On Strategic Commitment: Contracting versus Investment pp. 437-41

Tai-Yeong Chung

Collusive Auditors pp. 442-46

Fahad Khalil and Jacques Lawarree

Risk Preferences and the Economics of Contracts pp. 447-51

Douglas Allen and Dean Lueck

Volume 85, issue 1, 1995

Rationality and Social Choice pp. 1-24

Amartya Sen

Incumbent Behavior: Vote-Seeking, Tax-Setting, and Yardstick Competition pp. 25-45

Timothy Besley and Anne Case

Altruism, the Samaritan's Dilemma, and Government Transfer Policy pp. 46-57

Stephen Coate

On the Evolution of Altruistic Ethical Rules for Siblings pp. 58-81

Ted Bergstrom

Cartel Quotas under Majority Rule pp. 82-102

Jonathan Cave and Stephen Salant

Capital Mobility in Neoclassical Models of Growth pp. 103-15

Robert Barro, N. Gregory Mankiw and Xavier Sala-i-Martin

Early Development pp. 116-33

Marvin Goodfriend and John McDermott

The Transition from Barter to Fiat Money pp. 134-49

Joseph Ritter

Optimal Contracts for Central Bankers pp. 150-67

Carl Walsh

Tastes and Technology in a Two-Country Model of the Business Cycle: Explaining International Comovements pp. 168-85

Alan Stockman and Linda Tesar

Union Contracts and the Life-Cycle/Permanent-Income Hypothesis pp. 186-200

John Shea

Exchange Rates and Fundamentals: Evidence on Long-Horizon Predictability pp. 201-18

Nelson Mark

Monetary Policy Trade-offs and the Correlation between Nominal Interest Rates and Real Output pp. 219-39

Jeffrey Fuhrer and George R Moore

A Natural Experiment in "Jeopardy!" pp. 240-53

Andrew Metrick

Probabilistic Voting, Campaign Contributions, and Efficiency pp. 254-59

Derek Clark and Jonathan Thomas

Homegrown Values and Hypothetical Surveys: Is the Dichotomous Choice Approach Incentive-Compatible? pp. 260-66

Ronald G Cummings, Glenn Harrison and Elisabet Rutstrom

Privatization and Employment: A Study of the Jute Industry in Bangladesh pp. 267-73

V Bhaskar and Mushtaq Khan

Consumer Response to the Timing of Income: Evidence from a Change in Tax Withholding pp. 274-83

Matthew Shapiro and Joel Slemrod

Testing the Rationality of Price Forecasts: Comment pp. 284-89

Carl Bonham and Richard Cohen

Testing the Rationality of Price Forecasts: Reply pp. 290

Michael Keane and David E Runkle