American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 80, issue 5, 1990

Market Liquidity, Hedging, and Crashes pp. 999-1021

Gerard Gennotte and Hayne Leland

Insider Trading in a Rational Expectations Economy pp. 1022-41

Lawrence M Ausubel

Optimal Bypass and Cream Skimming pp. 1042-61

Jean-Jacques Laffont and Jean Tirole

Durable-Good Monopoly and Best-Price Provisions pp. 1062-76

David A Butz

A Schumpeterian Model of the Product Life Cycle pp. 1077-91

Paul S Segerstrom, T C A Anant and Elias Dinopoulos

Competition by Choice: The Effect of Consumer Search on Firm Location Decisions pp. 1092-1104

Marc Dudey

To Innovate or Not to Innovate: Incentives and Innovation in Hierarchies pp. 1105-24

James Dearden, Barry W Ickes and Larry Samuelson

Intergenerational Income-Group Mobility and Differential Fertility pp. 1125-38

C Y Cyrus Chu and Hui-Wen Koo

Productivity, Health, and Inequality in the Intrahousehold Distribution of Food in Low-Income Countries pp. 1139-56

Mark Pitt, Mark Rosenzweig and Md Nazmul Hassan

A Social Exchange Approach to Voluntary Cooperation pp. 1157-67

Heinz Hollander

The Economic Effects of Production Taxes in a Stochastic Growth Model pp. 1168-82

Michael Dotsey

Deposit Insurance, Risk, and Market Power in Banking pp. 1183-1200

Michael C Keeley

Overdrafts and the Demand for Money pp. 1201-16

Avner Bar-ilan

Tax Smoothing with Financial Instruments pp. 1217-30

Henning Bohn

Beneficial Concentration pp. 1231-37

Andrew Daughety

Horizontal Mergers: The 50-Percent Benchmark pp. 1238-45

Dan Levin

Input Market Price Discrimination and the Choice of Technology pp. 1246-53

Patrick DeGraba

Direction of Price Changes in Third-Degree Price Discrimination pp. 1254-58

Babu Nahata, Krzysztof Ostaszewski and P K Sahoo

Third-Degree Price Discrimination and Output: Generalizing a Welfare Result pp. 1259-62

Marius Schwartz

The Measurement of International Trade Related to Multinational Companies pp. 1263-70

F Steb Hipple

The Indirect and Direct Substition Effects pp. 1271-75

Masao Ogaki

Auction Institutional Design: Theory and Behavior of Simultaneous Multiple-Unit Generalizations of the Dutch and English Auctions pp. 1276-83

Kevin McCabe, Stephen Rassenti and Vernon L Smith

Lifetime Earnings and the Vietnam Era Draft Lottery: Evidence from Social Security Administrative Records: Errata pp. 1284-86

Joshua Angrist

On the Optimal Tax Base for Commodity Taxation: Errata pp. 1287

John Wilson

The Future of the Income Tax: Erratum pp. 1288

Joseph A Pechman

Volume 80, issue 4, 1990

The Origins of American Industrial Success, 1879-1940 pp. 651-68

Gavin Wright

Unexpected Inflation, Real Wages, and Employment Determination in Union Contracts pp. 669-88

David Card

Long Swings in the Dollar: Are They in the Data and Do Markets Know It? pp. 689-713

Charles Engel and James D Hamilton

Testing the Rationality of Price Forecasts: New Evidence from Panel Data pp. 714-35

Michael Keane and David E Runkle

Margin Requirements, Volatility, and the Transitory Components of Stock Prices pp. 736-62

Gikas A Hardouvelis

Business Cycle Models with Endogenous Technology pp. 763-78

George W Stadler

A Theory of Managed Trade pp. 779-95

Kyle Bagwell and Robert W Staiger

Comparative Advantage and Long-run Growth pp. 796-815

Gene Grossman and Elhanan Helpman

The Fundamental Determinants of the Terms of Trade Reconsidered: Long-run and Long-period Equilibrium pp. 816-27

William Darity

The Case of the Vanishing Revenues: Auction Quotas with Monopoly pp. 828-36

Kala Krishna

Tying, Foreclosure, and Exclusion pp. 837-59

Michael Whinston

The Economics of Product Patents pp. 860-69

Michael Waterson

Are Treble Damages Neutral? Sequential Equilibrium and Private Antitrust Enforcement pp. 870-87

David Besanko and Daniel Spulber

Ex Post Liability for Harm vs. Ex Ante Safety Regulation: Substitutes or Complements? pp. 888-901

Charles Kolstad, Thomas S Ulen and Gary V Johnson

The Subsidence of Preference Reversals in Simplified and Marketlike Experimental Settings: A Note pp. 902-11

Yun-Peng Chu and Ruey-Ling Chu

Tests of "Fanning Out" of Indifference Curves: Results from Animal and Human Experiments pp. 912-21

John Kagel, Don N MacDonald and Raymond Battalio

Preference Reversal and Nonexpected Utility Behavior pp. 923-30

Zvi Safra, Uzi Segal and Avia Spivak

Economic and Political Foundations of Tax Structure: Comment pp. 931-34

Herbert J Kiesling

Technological Stagnation, Tenurial Laws, and Adverse Selection: Comment pp. 935-40

Nadeem Naqvi

Quality Distortion by a Discriminating Monopolist: Comment pp. 941-45

Shabtai Donnenfeld and Lawrence White

Comparative Productivity: Comment pp. 946-54

Steven Rosefielde

On the Basing-Point System: Comment pp. 957-62

David D Haddock

Comparative Productivity: Reply pp. 959-60

Abram Bergson

On the Basing-Point System: Reply pp. 963-67

Bruce Benson, Melvin L Greenhut and George Norman

The Adjustment of Expectations to a Change in Regime: Comment pp. 968-76

Raymond P H Fishe and Mark Wohar

The Adjustment of Expectations to a Change in Regime: Reply pp. 977-79

N. Gregory Mankiw, Jeffrey Miron and David Weil

Volume 80, issue 3, 1990

Lifetime Earnings and the Vietnam Era Draft Lottery: Evidence from Social Security Administrative Records pp. 313-36

Joshua Angrist

Unintended Impacts of Public Investments on Private Decisions: The Depletion of Forested Wetlands pp. 337-52

Robert N Stavins and Adam Jaffe

Utility Functions That Depend on Health Status: Estimates and Economic Implications pp. 353-74

W Viscusi and William Evans

Comparing Information in Forecasts from Econometric Models pp. 375-89

Ray Fair and Robert J Shiller

Money, Output, and the Nominal National Debt pp. 390-97

Bruce Champ and Scott Freeman

Mean Reversion in Equilibrium Asset Prices pp. 398-418

Stephen Cecchetti, Pok-sang Lam and Nelson Mark

Is the European Community an Optimal Currency Area? Optimal Taxation versus the Cost of Multiple Currencies pp. 419-33

Matthew Canzoneri and Carol Rogers

Foreign Exchange Rate Expectations: Micro Survey Data pp. 434-49

Takatoshi Ito

A Non-parametric Analysis of Productivity: The Case of U.S. and Japanese Manufacturing pp. 450-64

Jean-Paul Chavas and Thomas L Cox

Herd Behavior and Investment pp. 465-79

David S Scharfstein and Jeremy C Stein

Perfect Equilibria in a Trade Liberalization Game pp. 480-92

Kiminori Matsuyama

Differential Payments within a Bidder Coalition and the Shapley Value pp. 493-510

Daniel A Graham, Robert C Marshall and Jean-Francois Richard

The Economics of Modern Manufacturing: Technology, Strategy, and Organization pp. 511-28

Paul Milgrom and John Roberts

Malthusian Selection of Preferences pp. 529-44

Ingemar Hansson and Charles Stuart

Fertility and the Personal Exemption: Implicit Pronatalist Policy in the United States pp. 545-56

Leslie A Whittington, James Alm and Elizabeth Peters

The Relationship between the Marginal Cost of Public Funds and Marginal Excess Burden pp. 557-66

Robert Triest

Effects of Spatial Price Discrimination on Output, Welfare, and Location pp. 567-75

Hong Hwang and Chao-cheng Mai

On the Equilibrium Yen-Dollar Rate pp. 576-83

Hiroshi Yoshikawa

On the Basing-Point System pp. 584-88

Bruce Benson, Melvin L Greenhut and George Norman

Government Debt, Government Spending, and Private Sector Behavior Revisited: Comment pp. 589-99

Martin Feldstein and Douglas Elmendorf

Government Debt, Government Spending, and Private Sector Behavior: A Further Comment pp. 600-603

Franco Modigliani and Arlie G Sterling

Government Debt, Government Spending, and Private Sector Behavior: Reply and Update pp. 604-17

Roger Kormendi and Philip Meguire

Tobin's q and the Structure-Performance Relationship: Comment pp. 618-23

Jerry L Stevens

Cooperation, Harassment, and Involuntary Unemployment: Comment pp. 624-30

Ernst Fehr

Cooperation, Harassment, and Involuntary Unemployment: Reply pp. 631-36

Assar Lindbeck and Dennis J Snower

Internal Migration and Urban Employment: Comment pp. 637

Alan Day Haight

Cooperative and Noncooperative R&D in Duopoly with Spillovers: Comment pp. 638-40

Irene Henriques

Cooperative and Noncooperative R&D in Duopoly with Spillovers: Erratum pp. 641-42

Claude d'Aspremont and Alexis Jacquemin

Volume 80, issue 2, 1990

Why Are We So Rich and They So Poor? pp. 1-13

David S Landes

Research on High School Economic Education pp. 14-22

William Becker, William Greene and Sherwin Rosen

Firm Organization and the Economic Approach to Personnel Management pp. 23-27

Debra J Aron

Who Bosses Whom? The Intensity of Supervision and the Discipline of Labor pp. 28-32

David M Gordon

Sticky Stories: Economic Explanations of Employment and Wage Rigidity pp. 33-37

Sanford M Jacoby and Daniel J B Mitchell

Asset Prices under Habit Formation and Catching Up with the Joneses pp. 38-42

Andrew Abel

Measuring the Persistence of Expected Returns pp. 43-47

John Campbell

Evaluating Empirical Tests of Asset Pricing Models: Alternative Interpretations pp. 48-51

Stephen Cecchetti and Nelson Mark

Do Security Analysts Overreact? pp. 52-57

Werner F M De Bondt and Richard Thaler

Market Volatility and Investor Behavior pp. 58-62

Robert J Shiller

Speculative Dynamics and the Role of Feedback Traders pp. 63-68

David Cutler, James Poterba and Lawrence H Summers

Budgetary Pressures in the EEC: A Fiscal Federalism Perspective pp. 69-74

David Wildasin

U.S. Federal Budget Deficits and Gramm-Rudman-Hollings pp. 75-80

Edward Gramlich

Public Debts and Fiscal Politics: How to Decide? pp. 81-85

Robert P Inman

Trade, Innovation, and Growth pp. 86-91

Gene Grossman and Elhanan Helpman

Why Doesn't Capital Flow from Rich to Poor Countries? pp. 92-96

Robert Lucas

Are Nonconvexities Important for Understanding Growth? pp. 97-103

Paul Romer

Lessons from Korean Economic Growth pp. 104-07

Susan M Collins

Asian Trade and Growth Lessons pp. 108-12

Anne O Krueger

External Sector in Development: China and India, 1950-89 pp. 113-17

T N Srinivasan

Development Lessons from Asia: The Role of Government in South Korea and Taiwan pp. 118-21

Yung Chul Park

The Effects of Malpractice Litigation on Physicians' Fees and Incomes pp. 122-27

Patricia Danzon, Mark V Pauly and Raynard S Kington

Experience Rating: Does It Make Sense for Medical Malpractice Insurance pp. 128-33

Frank A Sloan

International Transmission and Real Business Cycle Models pp. 134-38

Alan C Stockman

Bargaining and International Policy Cooperation pp. 139-42

Kenneth Rogoff

The New Classical Macroeconomics and Stabilization Policy pp. 143-47

Rüdiger Dornbusch

Equilibrium Short Horizons of Investors and Firms pp. 148-53

Andrei Shleifer and Robert Vishny

The Efficiency of Equity in Organizational Decision Processes pp. 154-59

Paul Milgrom and John Roberts

Asymmetric Information and the New Theory of the Firm: Financial Constraints and Risk Behavior pp. 160-65

Bruce C Greenwald and Joseph Stiglitz

Inflation and the Real Growth of State and Local Government Expenditures pp. 166-70

Roy Bahl and Jorge Martinez-Vazquez

State Assistance to Local Governments: Changes during the 1980s pp. 171-75

Helen Ladd

Commercial Land Use Regulation and Local Government Finance pp. 176-80

Eric A Hanushek and John Quigley

Chartists, Fundamentalists, and Trading in the Foreign Exchange Market pp. 181-85

Jeffrey Frankel and Kenneth Froot

Volatility in the Foreign Exchange and Stock Markets: Is It Excessive? pp. 186-91

Robert J Hodrick

Nonlinear, Nonparametric, Nonessential Exchange Rate Estimation pp. 192-96

Richard Meese and Andrew Rose

Interactions between Agricultural and Environmental Policies: A Conceptual Framework pp. 197-202

Richard Just and John Antle

Coordinating Agricultural and Environmental Policies: Opportunities and Tradeoffs pp. 203-07

S R Johnson, Robert Wolcott and Satheesh Aradhyula

Limitations in Evaluating Environmental and Agricultural Policy Coordination Benefits pp. 208-12

James Hrubovcak, Michael LeBlanc and John Miranowski

Explicit Communication and Bargaining Outcomes pp. 213-19

Vincent Crawford

Bad and Good News about the Sealed-Bid Mechanism: Some Experimental Results pp. 220-26

Andrew Schotter

The Transition from Bargaining to a Competitive Market pp. 227-31

Steven R Williams

A Common Destiny: How Does It Compare to the Classic Studies of Black Life in America? pp. 232-36

Thomas D Boston

Reviving the Federal Statistical System: A View from Industry pp. 233-36

Rosanne Cole

Blacks, Hispanics, and White Ethnic Groups: Are Blacks Uniquely Disadvantaged? pp. 237-41

Reynolds Farley

Reviving the Federal Statistical System: International Aspects pp. 237-40

Robert Lipsey

The Central Role of the South in Accounting for the Economic Progress of Black Americans pp. 242-46

James J Heckman

Racial Inequality in the Managerial Age: An Alternative Vision to the NRC Report pp. 247-51

William Darity

Are Risk-Benefit Tradeoffs Possible in Siting Hazardous Facilities? pp. 252-56

Howard Kunreuther and Douglas Easterling

Sources of Inconsistency in Societal Responses to Health Risks pp. 257-61

W Viscusi

Fixed Preferences and Changing Tastes pp. 262-67

Edi Karni and David Schmeidler

Information as an Economic Commodity pp. 268-73

Beth Allen

Evolution and Cooperation in Noisy Repeated Games pp. 274-79

Drew Fudenberg and Eric Maskin

The Economic Implications of an Incomplete Asset Market pp. 280-83

H M Polemarchakis

Child Care and Women's Return to Work after Childbirth pp. 284-88

Jacob Alex Klerman and Arleen Leibowitz

Intercohort Differences in Women's Labor Market Transitions pp. 289-92

M Anne Hill

Gender Differences in Wages and Job Turnover among Continuously Employed Workers pp. 293-97

Audrey Light and Manuelita Ureta

Earnings Inequality and Job Turnover pp. 298-302

Jonathan Leonard and Louis Jacobson

The Impact of Schooling and Industrial Restructuring on Recent Trends in Wage Inequality in the United States pp. 303-07

Barry Bluestone

Schooling, Work Experience, and Wage Trends pp. 309-12

Marvin H Kosters

Varieties of Selection Bias pp. 313-18

James J Heckman

Nonparametric Bounds on Treatment Effects pp. 319-23

Charles Manski

Semiparametric Estimation of Selection Models: Some Empirical Results pp. 324-28

Whitney Newey, James Powell and James Walker

Reviving the Federal Statistical System: The View from Academia pp. 329-32

Jeffrey Miron and Christina Romer

Reviving the Federal Statistical System: A View from Within pp. 341-44

Jack E Triplett

The Development of Industrial Research in U.S. Manufacturing pp. 345-49

David C Mowery

Punctuated Equilibria and Technological Progress pp. 350-54

Joel Mokyr

The Dynamo and the Computer: An Historical Perspective on the Modern Productivity Paradox pp. 355-61

Paul David

Effects of Family and Community Background on Economic Status pp. 362-66

Corcoran, Mary, et al

AFDC Participation across Generations pp. 367-71

Peter Gottschalk

Welfare and Work in Chicago's Inner City pp. 372-76

Marta Tienda

International Differences in Saving pp. 377-81

Barry Bosworth

Public Debt as Private Liquidity pp. 382-88

Michael Woodford

The Dynamics of Airline Pricing and Competition pp. 389-93

Steven A Morrison and Clifford Winston

Airport Presence as Product Differentiation pp. 394-99

Steven Berry

Airline Mergers, Airport Dominance, and Market Power pp. 400-404

Severin Borenstein

Can Strategic Bargaining Models Explain Collective Bargaining Data? pp. 405-09

John Kennan and Robert Wilson

Strikes and Bargaining: A Survey of the Recent Empirical Literature pp. 410-15

David Card

Negotiator Behavior and the Occurence of Disputes pp. 416-20

Orley Ashenfelter and Janet Currie

The Introduction of New Products pp. 421-26

Debra J Aron and Edward Lazear

Pricing Behavior and Vertical Contracts in Retail Markets pp. 427-31

Andrea Shepard

Money-Back Warranties vs. Replacement Warranties: A Simple Comparison pp. 432-36

Duncan P Mann and Jennifer P Wissink

Educating and Training New Economics Ph.D.s: How Good a Job Are We Doing? pp. 437-44

W Lee Hansen

Volume 80, issue 1, 1990

The Future of the Income Tax pp. 1-20

Joseph A Pechman

Equilibrium Political Budget Cycles pp. 21-36

Kenneth Rogoff

Voting on the Budget Deficit pp. 37-49

Guido Tabellini and Alberto Alesina

Arming as a Strategic Investment in a Cooperative Equilibrium pp. 50-68

Michelle Garfinkel

Stackelberg and Marshall pp. 69-82

Arthur Robson

Quality vs. Quantity in Military Procurement pp. 83-92

William P Rogerson

A Theory of Predation Based on Agency Problems in Financial Contracting pp. 93-106

Patrick Bolton and David S Scharfstein

Horizontal Mergers: An Equilibrium Analysis pp. 107-26

Joseph Farrell and Carl Shapiro

Equilibrium Vertical Foreclosure pp. 127-42

Janusz A Ordover, Garth Saloner and Steven C Salop

Disadvantageous Oil Tariffs and Dynamic Consistency pp. 143-56

Eric Maskin and David M Newbery

On the Treatment of Anticipated Shocks in Models of Optimal Control with Rational Expectations: An Economic Interpretation pp. 157-69

Leonardo Auernheimer and Gabriel A Lozada

Inventories and the Propagation of Sectoral Shocks pp. 170-90

Russell Cooper and John Haltiwanger

Did the Federal Trade Commission's Advertising Substantiation Program Promote More Credible Advertising? pp. 191-203

Raymond D Sauer and Keith B Leffler

The Causes of Preference Reversal pp. 204-17

Amos Tversky, Paul Slovic and Daniel Kahneman

Selection Criteria in Coordination Games: Some Experimental Results pp. 218-33

Cooper, Russell, et al

Tacit Coordination Games, Strategic Uncertainty, and Coordination Failure pp. 234-48

John van Huyck, Raymond Battalio and Richard Beil

Collusion through Insurance: Sharing the Cost of Oil Spill Cleanups pp. 249-52

Eddie Dekel and Suzanne Scotchmer

Progressive Taxation and Equal Sacrifice pp. 253-66

H. Young

Job Accessibility and Racial Differences in Youth Employment Rates pp. 267-76

Keith Ihlanfeldt and David L Sjoquist

Sex Discrimination in Labor Markets: The Role of Statistical Evidence: Comment pp. 277-86

Debra A Barbezat and James W Hughes

Sex Discrimination in Labor Markets: The Role of Statistical Evidence: Comment pp. 287-89

William Even

Sex Discrimination in Labor Markets: The Role of Statistical Evidence: Reply pp. 290-97

Peter Kuhn

Self-Selection and the Earnings of Immigrants: Comment pp. 298-304

Guillermina Jasso and Mark Rosenzweig

Self-Selection and the Earnings of Immigrants: Reply pp. 305-08

George Borjas

The Effects of Fiscal Policies When Incomes Are Uncertain: A Contradiction to Ricardian Equivalence: Comment pp. 309-12

William A Bomberger