American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 83, issue 6, 1993

The Meaning of "Internal Balance." pp. 3-9

James Meade

1933 and 1977--Some Expansion Policy Problems in Cases of Unbalanced Domestic and International Economic Relations pp. 10-17

Bertil Ohlin

Volume 83, issue 5, 1993

Art as an Investment: The Market for Modern Prints pp. 1075-89

James Pesando

The Relative Pricing of High-Yield Debt: The Case of RJR Nabisco Holdings Capital Corporation pp. 1090-1111

Robert M Dammon, Kenneth B Dunn and Chester S Spatt

Rational Asset-Price Movements without News pp. 1112-30

David Romer

Capital Structure as a Bargaining Tool: The Role of Leverage in Contract Renegotiation pp. 1131-41

Enrico Perotti and Kathryn E Spier

Efficiency and the Role of Default When Security Markets Are Incomplete pp. 1142-64

William Zame

Reputation and Discretion in Financial Contracting pp. 1165-83

Arnoud Boot, Stuart I Greenbaum and Anjan Thakor

Factor Shares and Savings in Endogenous Growth pp. 1184-98

Giuseppe Bertola

Large-Scale Privatization in Transition Economies pp. 1199-1210

Raul Laban and Holger C Wolf

Leapfrogging in International Competition: A Theory of Cycles in National Technological Leadership pp. 1211-19

Elise Brezis, Paul Krugman and Daniel Tsiddon

Will Affirmative-Action Policies Eliminate Negative Stereotypes? pp. 1220-40

Stephen Coate and Glenn Loury

Fairness, Markets, and Ability to Pay: Evidence from Compensation Executives pp. 1241-59

David Levine

A General Experiment on Bargaining in Demand Games with Outside Options pp. 1260-80

Lawrence Kahn and J Keith Munighan

Incorporating Fairness into Game Theory and Economics pp. 1281-1302

Matthew Rabin

Forward Induction in the Battle-of-the-Sexes Games pp. 1303-16

Russell Cooper, Douglas V. DeJong, Robert Forsythe and Thomas Ross

An Experimental Test of the Public-Goods Crowding-Out Hypothesis pp. 1317-27

James Andreoni

The Deadweight Loss of Christmas pp. 1328-36

Joel Waldfogel

Stock Prices and Wall Street Weather pp. 1337-45

Saunders, Edward M,

Stock Returns and Inflation: A Long-Horizon Perspective pp. 1346-55

Jacob Boudoukh and Matthew Richardson

Does Foreign-Exchange Intervention Matter? The Portfolio Effect pp. 1356-69

Kathryn Dominguez and Jeffrey Frankel

Accounting for Taste: Art and the Financial Markets over Three Centuries pp. 1370-76

William Goetzmann

Does the Basketball Market Believe in the Hot Hand? Comment pp. 1377-86

William O Brown and Raymond Sauer

The Dynamic Effects of Aggregate Demand and Supply Disturbances: Comment pp. 1387-93

Edward N Gamber and Fred Joutz

Volume 83, issue 4, 1993

Earnings Losses of Displaced Workers pp. 685-709

Louis S Jacobson, Robert LaLonde and Daniel Sullivan

Changes in Economic Instability in 19th-Century America pp. 710-31

John James

The Development of Nominal Wage Rigidity in the Late 19th Century pp. 732-56

Christopher Hanes

A Theory of "Yes Men." pp. 757-70

Canice Prendergast

Promotion, Turnover, and Preemptive Wage Offers pp. 771-91

Dan Bernhardt and David Scoones

The Economics of Rotating Savings and Credit Associations pp. 792-810

Timothy Besley, Stephen Coate and Glenn Loury

Investments, Holdup, and the Form of Market Contracts pp. 811-37

W. Bentley Macleod and James Malcomson

Auctions versus Posted-Price Selling pp. 838-51

Ruqu Wang

Paternalism in Agricultural Labor Contracts in the U.S. South: Implications for the Growth of the Welfare State pp. 852-76

Lee Alston and Joseph P Ferrie

Jeux Sans Frontieres: Tax Competition and Tax Coordination When Countries Differ in Size pp. 877-92

Ravi Kanbur and Michael Keen

Working in the Market, Working at Home, and the Acquisition of Skills: A General-Equilibrium Approach pp. 893-907

José-Víctor Ríos-Rull

Transitional Dynamics and Economic Growth in the Neoclassical Model pp. 908-31

Robert King and Sergio Rebelo

Nominal-Contracting Theories of Unemployment: Evidence from Panel Data pp. 932-52

Michael Keane

Government Revenue from Financial Repression pp. 953-63

Alberto Giovannini and Martha de Melo

Review of NSF Economics Proposals: Gender and Institutional Patterns pp. 964-70

Ivy E Broder

Welfare and Child Health: The Link between AFDC Participation and Birth Weight pp. 971-85

Janet Currie and Nancy Cole

Immigrant Selectivity and Wages: The Evidence for Women pp. 986-93

Deborah Cobb-Clark

Uncertain Altruism and Investment in Children pp. 994-1002

Subir Chakrabarti, William Lord and Peter Rangazas

Time Paths of Land Reform: A Theoretical Model of Reform Dynamics pp. 1003-10

Andrew W Horowitz

Bounding the Welfare Effects of Third-Degree Price Discrimination pp. 1011-21

David Malueg

Diminished Expectations of Nuclear War and Increased Personal Savings: Evidence from Individual Survey Data pp. 1022-33

Bruce Russett and Joel Slemrod

Income, Wealth, and Household Demand for Deposits pp. 1034-44

William A Bomberger

Volume 83, issue 3, 1993

Fiscal Policy in General Equilibrium pp. 315-34

Marianne Baxter and Robert King

International Business Cycles pp. 335-59

Shaghil Ahmed, Barry W. Ickes, Ping Wang and Byung Sam Yoo

The Aggregate Implications of Machine Replacement: Theory and Evidence pp. 360-82

Russell Cooper and John Haltiwanger

Production and Inventory Control at the General Motors Corporation during the 1920's and 1930's pp. 383-401

Anil Kashyap and David Wilcox

Long-Run Neutrality and Superneutrality in an ARIMA Framework pp. 402-15

Mark Fisher and John Seater

Explaining Saving-Investment Correlations pp. 416-36

Marianne Baxter and Mario Crucini

Low Investment and Large LDC Debt in the 1980's pp. 437-49

Daniel Cohen

Is There a Peso Problem? Evidence from the Dollar/Pound Exchange Rate, 1976-1987 pp. 450-72

Graciela Kaminsky

International Comparisons of Price-to-Market Behavior pp. 473-86

Michael M Knetter

Intertemporal Asset Pricing without Consumption Data pp. 487-512

John Campbell

Stock Options and the Strategic Use of Managerial Incentives pp. 513-24

David Reitman

Contract Enforceability and Economic Institutions in Early Trade: the Maghribi Traders' Coalition pp. 525-48

Avner Greif

Mergers and Market Power: Evidence from the Airline Industry pp. 549-69

E Han Kim and Vijay Singal

What Do We Learn About Consumer Demand Patterns from Micro Data? pp. 570-97

Richard Blundell, Panos Pashardes and Guglielmo Weber

The Benefit of Crises for Economic Reforms pp. 598-607

Allan Drazen and Vittorio Grilli

Have Commercial Banks Ignored History? pp. 608-20

Sule Ozler

Tolerance of Arrearages: How IMF Loan Policy Can Effect Debt Reduction pp. 621-33

Robin Wells

The Peculiar Scale Economies of Lotto pp. 634-43

Philip J Cook and Charles Clotfelter

The Dynamic Effects of Aggregate Demand and Supply Disturbances: Comment pp. 644-52

Marco Lippi and Lucrezia Reichlin

The Dynamic Effects of Aggregate Demand and Supply Disturbances: Reply pp. 653-58

Olivier Blanchard and Danny Quah

Fiscal Policy and Aggregate Demand: Comment pp. 659-66

Fred C Graham

Fiscal Policy and Aggregate Demand: Reply pp. 667-69

David Aschauer

Politics and the Choice of Durability: Comment pp. 670-73

Hans Gersbach

Politics and the Choice of Durability: Reply pp. 674-75

Amihai Glazer

Volume 83, issue 2, 1993

The Search for Relevance in Economics pp. 1-16

Arnold Harberger

Why the Principles Course Needs Comparative Macro and Micro pp. 17-22

Robert Gordon

What Do Undergrads Need to Know about Trade? pp. 23-26

Paul Krugman

International Perspectives in Undergraduate Education pp. 27-33

Joseph Stiglitz

Professional Etiquette for the Mature Economist pp. 34-38

Daniel Hamermesh

Reflections on the Hiring of Faculty pp. 39-43

Daniel Orr

The Economics of Professional Etiquette: Discussion pp. 44

Edward Lazear

Female Workers as a Buffer in the Japanese Economy pp. 45-51

Susan Houseman and Katharine Abraham

Gender Differences in Academic Career Paths of Economists pp. 52-56

Shulamit Kahn

Probabilities of Job Choice and Employer Selection and Male-Female Occupational Differences pp. 57-61

Nabanita Datta Gupta

The Law, Its Interpretation, Levels of Enforcement Activity, and Effect on Employer Behavior pp. 62-66

Thomas G Abram

Analyzing Employment Discrimination: From the Seminar Room to the Courtroom pp. 67-72

Mark Killingsworth

Problems in Assessing Employment Discrimination pp. 73-78

Robert S Follett, Michael P Ward and Finis Welch

Affirmative Action and the Racial Wage Gap pp. 79-84

James Smith

Trends in Relative Black-White Earnings Revisited pp. 85-91

David Card and Alan Krueger

Antidiscrimination Enforcement and the Problem of Patronization pp. 92-98

Stephen Coate and Glenn Loury

Affirmative Action in Higher Education pp. 99-103

Linda Loury and David Garman

Inequality and Relative Wages pp. 104-09

Kevin Murphy and Finis Welch

What Have We Learned from Empirical Studies of Unemployment and Turnover? pp. 110-15

Robert Topel

What Has Been Learned about Labor Supply in the Past Twenty Years? pp. 116-21

James Heckman

Occupational Change and the Demand for Skill, 1940-1990 pp. 122-36

Kevin Murphy and Finis Welch

International Competition and Real Wages pp. 127-30

George Johnson and Frank Stafford

The Contribution of Employment and Hours Changes to Family Income Inequality pp. 131-35

Gary Burtless

Changes in Inequality of Family Income in Seven Industrialized Countries pp. 136-42

Peter Gottschalk

Altruism as a Problem Involving Group versus Individual Selection in Economics and Biology pp. 143-48

Paul Samuelson

How Altruism Can Prevail in an Evolutionary Environment pp. 149-55

Ted Bergstrom and Oded Stark

Altruism and Economics pp. 156-61

Herbert Simon

The Current State of the Law and Economics of Predatory Pricing pp. 162-67

Alvin K Klevorick

Exclusionary Vertical Restraints Law: Has Economics Mattered? pp. 168-72

Steven C Salop

Horizontal Mergers: Law, Policy, and Economics pp. 173-77

George A Hay and Gregory Werden

The Effects of the Breakup of AT&T on Telephone Penetration in the United States pp. 178-84

Jerry Hausman, Timothy Tardiff and Alexander Belinfante

Postdivestiture Long-Distance Competition in the United States pp. 185-90

William Taylor and Lester Taylor

Effects of the Change from Rate-of-Return to Price-Cap Regulation pp. 191-98

Ronald R Braeutigam and John C Panzar

The Effects of Lower Reserve Requirements on Money Market Volatility pp. 199-205

Allan Brunner and Cara S Lown

Self-Interested Bank Regulation pp. 206-12

Arnoud Boot and Anjan Thakor

Segment Shifts and Capacity Utilization in the U.S. Automobile Industry pp. 213-18

Timothy Bresnahan and Valerie Ramey

Productivity, Market Power, and Capacity Utilization When Spot Markets Are Complete pp. 219-23

Benjamin Eden and Zvi Griliches

Shift Work and the Business Cycle pp. 224-28

Joram Mayshar and Gary Solon

Cyclical Productivity and the Workweek of Capital pp. 229-33

Matthew Shapiro

Optimal Selling Strategies for Oil and Gas Leases with an Informed Buyer pp. 234-39

Kenneth Hendricks, Robert Porter and Guofo Tan

Applications and Limitations of Some Recent Advances in Empirical Industrial Organization: Price Indexes and the Analysis of Environmental Change pp. 241-46

Ariel Pakes, Steven Berry and James Levinsohn

Some Applications and Limitations of Recent Advances in Empirical Industrial Organization: Merger Analysis pp. 247-52

Steven Berry and Ariel Pakes

An Event-Study Approach to Measuring Innovative Output: The Case of Biotechnology pp. 253-58

David Austin

The Stock Market's Valuation of R&D Investment during the 1980's pp. 259-64

Bronwyn Hall

The Impact on Intangible Capital on Tobin's q in the Semiconductor Industry pp. 265-69

Pamela Megna and Mark Klock

Consumption and the Recession of 1990-1991 pp. 270-74

Olivier Blanchard

Macro Theory and the Recession of 1990-1991 pp. 275-79

Robert Hall

Did Technology Shocks Cause the 1990-1991 Recession? pp. 280-86

Gary Hansen and Edward Prescott

Testing Macroeconomic Models pp. 287-93

Ray Fair

Macroeconometrics in a Global Economy pp. 294-99

John Helliwell

The Use of the New Macroeconometrics for Policy Formulation pp. 300-305

John Taylor

Climate Change and Agriculture: The Role of International Trade pp. 306-12

John Reilly and Neil Hohmann

Optimal Greenhouse-Gas Reductions and Tax Policy in the "Dice" Model pp. 313-17

William Nordhaus

Model Comparisons of the Costs of Reducing CO2 Emissions pp. 318-23

Gaskins, Darius W, and John P Weyant

Technological Progress and the Decline of European Mortality pp. 324-30

Joel Mokyr

The Changing View of the Standard-of-Living Question in the United States pp. 331-36

Clayne L Pope

Mortality Decline in the Low-Income World: Causes and Consequences pp. 337-42

T. Schultz

Secrets of Success: A Handful of Heroes pp. 343-50

Arnold Harberger

Virtuous and Vicious Circles in Economic Development pp. 351-55

Anne O Krueger

The Positive Economics of Policy Reform pp. 356-61

Dani Rodrik

The Narrow and Broad Arguments for Free Trade pp. 362-66

Paul Krugman

The Optimality of Free Trade: Science or Religion? pp. 367-71

Rachel McCulloch

Making the Practical Case for Freer Trade pp. 372-76

Michael Mussa

Fighting Poverty pp. 377-82

Lyn Squire

The Structural-Adjustment Debate pp. 383-89

Lawrence Summers and Lant Pritchett

Socialist Economy Reform: Lessons of the First Three Years pp. 390-95

Stanley Fischer

Modeling Technology Adoption in Developing Countries pp. 396-402

Timothy Besley and Anne Case

Labor Markets and Institutions in Economic Development pp. 403-08

Richard Freeman

Why Is Rent-Seeking So Costly to Growth? pp. 409-14

Kevin Murphy, Andrei Shleifer and Robert Vishny

On the Empirical Aspects of Economic Growth Theory pp. 415-20

Yair Mundlak

Explaining Economic Growth pp. 421-25

Maurice Scott

What We Have Learned about Policy and Growth from Cross-Country Regressions? pp. 426-30

Ross Levine and Sara J Zervos

Technological Differences as a pp. 431-35

David Dollar

Factor-Supply Differences as a pp. 436-39

Edward Leamer

Internal Returns to Scale as a pp. 440-44

James Tybout

Product Differentiation as a pp. 445-49

David Hummels and James Levinsohn

Equilibrium R&D and the Patent-R&D Ratio: U.S. Evidence pp. 450-57

Samuel Kortum

Science, R&D, and Invention Potential Recharge: U.S. Evidence pp. 458-62

James Adams

Patents, R&D, and Invention Potential: International Evidence pp. 463-68

Robert E Evenson

Volume 83, issue 1, 1993

Today's Task for Economists pp. 1-10

William Vickrey

Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity pp. 11-26

Giuseppe Bertola and Allan Drazen

Economic Policy, Economic Performance, and Elections pp. 27-42

Joseph Harrington

The Macroeconomics of Dr. Strangelove pp. 43-62

Andrew John, Rowena Pecchenino and Stacey Schreft

A Search-Theoretic Approach to Monetary Economics pp. 63-77

Nobuhiro Kiyotaki and Randall Wright

Monetary Policy and Credit Conditions: Evidence from the Composition of External Finance pp. 78-98

Anil Kashyap, Jeremy Stein and David Wilcox

Strategic Discipline in Monetary Policy with Private Information: Optimal Targeting Horizons pp. 99-117

Michelle Garfinkel and Seonghwan Oh

Why Capital Hires Labor: A Bargaining Perspective pp. 118-34

Gregory Dow

Advance-Purchase Discounts and Monopoly Allocation of Capacity pp. 135-46

Ian L Gale and Thomas Holmes

Auctions with Endogenous Valuations: The Persistence of Monopoly Revisited pp. 147-60

Kala Krishna

A Structural Model of Peak-Period Congestion: A Traffic Bottleneck with Elastic Demand pp. 161-79

Richard Arnott, André de Palma and Charles Lindsey

Entry, Dumping, and Shakeout pp. 180-202

Richard Clarida

Union Organizing Activity, Firm Growth, and the Business Cycle pp. 203-20

Stephen Bronars and Donald R Deere

Seniority and Monopsony in the Academic Labor Market pp. 221-33

Michael Ransom

The Decline in Black Teenage Labor-Force Participation in the South, 1900-1970: The Role of Schooling pp. 234-47

Robert Margo and T Aldrich Finegan

Causes of Intercity Variation in Homelessness pp. 248-55

Marjorie Honig and Randall Filer

Cyclical Consumption Patterns and Rational Addiction pp. 256-63

Engelbert Dockner and Gustav Feichtinger

The Uncertain Unit Root in Real GNP pp. 264-72

Glenn Rudebusch

A Note on Competitive Investment under Uncertainty pp. 273-77

Robert Pindyck

Bargaining versus Price Competition in Markets with Quality Uncertainty pp. 278-88

Helmut Bester

Rigging the Lobbying Process: An Application of the All-Pay Auction pp. 289-94

Michael Baye, Dan Kovenock and Casper de Vries

Monopolistic Competition and Optimum Product Diversity: Comment pp. 295-301

Xiaokai Yang and Ben Heijdra

Monopolistic Competition and Optimum Product Diversity: Reply pp. 302-04

Avinash Dixit and Joseph Stiglitz

Should Governments Learn to Live with Inflation? Comment pp. 305-11

Jonas Agell and Bengt-Christer Ysander

Should Governments Learn to Live with Inflation? Reply pp. 312-13

Stanley Fischer and Lawrence Summers