American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 78, issue 5, 1988

An Empirical Study of an Auction with Asymmetric Information pp. 865-83

Kenneth Hendricks and Robert Porter

Some Evidence of the Winner's Curse pp. 884-95

Stuart E Thiel

Learning in Equilibrium Models of Arbitration pp. 896-912

Robert Gibbons

Market Incentives for Safe Commercial Airline Operation pp. 913-35

Severin Borenstein and Martin B Zimmerman

Demand Uncertainty and Sales: A Study of Fashion and Markdown Pricin g pp. 936-53

B Peter Pashigian

Franchising and Risk Management pp. 954-68

Robert E Martin

Irreversible Investment, Capacity Choice, and the Value of the Firm pp. 969-85

Robert Pindyck

Regulating a Monopolist with Unknown Demand pp. 986-98

Tracy Lewis and David Sappington

Imperfect Information and Staggered Price Setting pp. 999-1018

Laurence Ball and Stephen Cecchetti

The Marginal Efficiency Cost of Redistribution pp. 1019-33

Charles Ballard

Altruism within the Family Reconsidered: Do Nice Guys Finish Last? pp. 1034-45

B. Douglas Bernheim and Oded Stark

Implicit Contracts, Labor Mobility, and Unemployment pp. 1046-66

Richard Arnott, Arthur J Hosios and Joseph Stiglitz

The Stabilization of the U.S. Economy: Evidence from the Stock Marke t pp. 1067-79

Matthew D Shapiro

Are Perceptions of Inflation Rational? Some Evidence for Sweden pp. 1080-87

Lars Jonung and David Laidler

Sovereign Debt as a Contingent Claim: Excusable Default, Repudiation, and Reputation pp. 1088-97

Herschel Grossman and John van Huyck

G. E. Moore and J. M. Keynes: A Missing Chapter in the History of the Expected Utility Model pp. 1098-1106

Bradley W Bateman

Tax Reform and the Stock Market: An Asset Price Approach pp. 1107-17

David Cutler

Predicting Stock Price Responses to Tax Policy Changes pp. 1118-30

Thomas W Downs and Hassan Tehranian

Third-Degree Price Discrimination, Welfare and Profits: A Geometrical Analysis pp. 1131-32

Stephen Layson

Cooperative and Noncooperative R&D in Duopoly with Spillovers pp. 1133-37

Claude d'Aspremont and Alexis Jacquemin

Productivity Growth, Convergence, and Welfare: Comment pp. 1138-54

J Bradford De Long

Productivity Growth, Convergence, and Welfare: Reply pp. 1155-59

William Baumol and Edward Wolff

Replication in Empirical Economics: The Journal of Money, Credit and Banking Project: Comment pp. 1160-61

Merrick, John J,

Replication in Empirical Economics: The Journal of Money, Credit and Banking Project: Reply pp. 1162-63

William G Dewald, Jerry Thursby and Richard Anderson

Honesty in a Model of Strategic Information Transmission: Correction pp. 1164

Carolyn Pitchik and Andrew Schotter

Volume 78, issue 4, 1988

Forecasting the Depression: Harvard versus Yale pp. 595-612

Kathryn Dominguez, Ray Fair and Matthew D Shapiro

Unemployment in the Soviet Union: Evidence from the Soviet Interview Project pp. 613-32

Paul R Gregory and Irwin Collier

Costs of Price Adjustment and the Welfare Economics of Inflation and Disinflation pp. 633-46

Leif Danziger

Servicing the Public Debt: The Role of Expectations pp. 647-61

Guillermo Calvo

Social Contracts as Assets: A Possible Solution to the Time-Consistency Problem pp. 662-77

Laurence Kotlikoff, Torsten Persson and Lars E O Svensson

Innovation in Large and Small Firms: An Empirical Analysis pp. 678-90

Zoltan Acs and David Audretsch

Cash versus Kind, Self-selection, and Efficient Transfers pp. 691-700

Charles Blackorby and David Donaldson

Economic and Political Foundations of Tax Structure pp. 701-12

Walter Hettich and Stanley Winer

Plea Bargaining and Prosecutorial Discretion pp. 713-28

Jennifer Reinganum

Domestic Politics, Foreign Interests, and International Trade Policy pp. 719-45

Arye L Hillman and Heinrich Ursprung

Assisting Domestic Industries under International Oligopoly: The Relevance of the Nature of Competition to Optimal Policies pp. 746-58

Leonard K Cheng

The Missing Link: The Ricardian Approach to the Factor Endowments Theory of Trade pp. 759-72

Roy J Ruffin

Hyteresis in Import Prices: The Beachhead Effect pp. 773-85

Richard Baldwin

The Theory of International Economic Sanctions: A Public Choice Approach pp. 786-93

William H Kaemfer and Anton Lowenberg

Increasing Returns, Public Inputs, and International Trade pp. 794-95

Suezo Ishizawa

Credibility and Policy Convergence in a Two-Party System with Rational Voters pp. 796-805

Alberto Alesina

The Deadline Effect in Bargaining: Some Experimental Evidence pp. 806-23

Alvin Roth, John Murnighan and Francoise Schoumaker

A Further Test of Noncooperative Bargaining Theory: Comment pp. 824-36

Janet Neelin, Hugo Sonnenschein and Matthew Spiegel

A Further Test of Noncooperative Bargaining Theory: Reply pp. 837-39

Ken G Binmore, Avner Shaked and John Sutton

Volume 78, issue 3, 1988

Growth Theory and After pp. 307-17

Robert Solow

International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model pp. 318-40

Jeffrey Frankel and Katharine Rockett

Dynamic Strategic Monetary Policies and Coordination in Interdependent Economies pp. 341-61

Stephen J Turnovsky, Tamer Basar and Vasco d'Orey

Exchange Controls, Capital Controls, and International Financial Markets pp. 362-74

Alan C Stockman and Alejandro Hernandez D

Trade in Risky Assets pp. 375-94

Lars E O Svensson

The Optimal Tariff, Production Lags, and Time Consistency pp. 395-401

Harvey Lapan

Investment, Capacity Utilization, and the Real Business Cycle pp. 402-17

Jeremy Greenwood, Zvi Hercowitz and Gregory W Huffman

Quality, Quantity, and Spatial Variation of Price pp. 418-30

Angus Deaton

On the Organization of Rural Markets and the Process of Economic Development pp. 431-43

Allan Drazen and Zvi Eckstein

Public-Utility Regulators Are Only Human: A Positive Theory of Rational Constraints pp. 444-62

Lewis Evans and Steven Garber

When Actions Speak Louder Than Prospects pp. 463-70

Graham Loomes

Limited Contract Enforcement and Strategic Renegotiation pp. 471-84

Gur Huberman and Charles Kahn

Long-term Relationships Governed by Short-term Contracts pp. 485-99

Vincent Crawford

Experimental Tests of the Separation Theorem and the Capital Asset Pricing Model pp. 500-519

Yoram Kroll, Haim Levy and Amnon Rapoport

Explosive Rational Bubbles in Stock Prices? pp. 520-30

Behzad Diba and Herschel Grossman

About Two Marks: Refugees and the Exchange Rate before the Berlin Wall pp. 531-42

Irwin Collier and David Papell

The Relative Efficiency of Slavery Revisited: A Translog Production Function Approach pp. 543-49

Elizabeth B Field

The Private R&D Investment Response to Federal Design and Technical Competitions pp. 550-59

Frank Lichtenberg

Optimal Highway Durability pp. 560-69

Kenneth A Small and Clifford Winston

Income Redistribution in a Federal System pp. 570-73

William Johnson

The Strategic Value of Flexibility: Reducing the Ability to Compromise pp. 574-80

Nalin Kulatilaka and Stephen Gary Marks

Accounting Rates of Return: Comment pp. 581-87

Shimon Awerbuch

Volume 78, issue 2, 1988

The Challenge of High Unemployment pp. 1-15

Alan Blinder

To Bargain or Not to Bargain: That Is the Question pp. 16-21

Harvey Lapan and Todd Sandler

Free Riding and Paid Riding in the Fight against Terrorism pp. 22-26

Dwight R Lee

Intervention Policy Analysis of Skyjackings and Other Terrorist Incidents pp. 27-31

Jon Cauley and Eric Iksoon Im

The Persistence of Unemployment pp. 32-37

Robert Barro

Long-term Unemployment and Macroeconomic Policy pp. 38-43

Assar Lindbeck and Dennis J Snower

Fairness and Unemployment pp. 44-49

George Akerlof and Janet Yellen

Self-interest and National Security pp. 50-54

William G Shepherd

Economic Consequences of the Arms Race: The Second-Rate Economy pp. 55-59

Seymour Melman

U.S. Military Power, the Terms of Trade, and the Profit Rate pp. 60-65

Tom Riddell

The Baby Boom's Legacy: Relative Wages in the Twenty-First Century pp. 66-69

Phillip Levine and Olivia Mitchell

The Baby Boom, Housing, and Financial Flows pp. 70-75

Joyce Manchester

Social Security Benefits and the Baby-Boom Generation pp. 76-80

Tabitha A Doescher and John A Turner

Child Support Payments: Evidence from Repeated Cross Sections pp. 81-85

Andrea Beller and John Graham

Getting into Poverty without a Husband, and Getting Out, With or Without pp. 86-90

Thomas Kniesner, Marjorie B McElroy and Steven P Wilcox

Poverty among Women and Children: What Accounts for the Change? pp. 91-95

Laurie J Bassi

Selling and Trading on Information in Financial Markets pp. 96-103

Anat Admati and Paul Pfleiderer

Informational Theories of Employment pp. 104-09

Beth Allen and Costas Azariadis

Parallel Search and Information Gathering pp. 110-16

Tara Vishwanath

The Un-natural Rate of Unemployment: An Econometric Critique of the NAIRU Hypothesis pp. 117-23

David M Gordon

The Growth of Low-Wage Employment: 1963-86 pp. 124-28

Barry Bluestone and Bennett Harrison

The Reemergence of Segmented Labor Market Theory pp. 129-34

William T Dickens and Kevin Lang

Contractarian Political Economy and Constitutional Interpretation pp. 135-39

James Buchanan

Original Intent, History, and Doctrine: The Constitution and Economic Liberty pp. 140-44

Harry N Scheiber

Contested Exchange: Political Economy and Modern Economic Theory pp. 145-50

Samuel Bowles and Herbert Gintis

Income, Wealth, and Investment Behavior in the Black Community pp. 151-55

Andrew F Brimmer

The Social Preference for Fair Housing: During the Civil Rights Movement and Since pp. 156-62

Wilhelmina A Leigh

Uncertainty across Models pp. 163-67

Christopher A Sims

The Fate of Systems with "Adaptive" Expectations pp. 168-72

Albert Marcet and Thomas Sargent

Consumption: Beyond Certainty Equivalence pp. 173-77

Olivier Blanchard and N. Gregory Mankiw

Macroeconomic Implications of the Information Revolution pp. 178-81

George von Furstenberg and Esfandiar Maasoumi

Beyond the Natural Rate Hypothesis pp. 182-87

Olivier Blanchard and Lawrence H Summers

Is European Unemployment Classical or Keynesian? pp. 188-93

Robert M Coen and Bert G Hickman

West European Unemployment: Corporatism and Structural Change pp. 194-99

Andrew Glyn and Bob Rowthorn

Investment, Financing Decisions, and Tax Policy pp. 200-205

Steven Fazzari, R Glenn Hubbard and Bruce Petersen

Business Tax Policy, the Lucas Critique, and Lessons from the 1980's pp. 206-10

Bob Chirinko

Investment Tax Incentives and Frequent Tax Reforms pp. 211-16

Alan Auerbach and Hines, James R,

Productivity and Economic Growth in Japan and the United States pp. 217-22

Dale Jorgenson

Industrial R&D in Japan and the United States: A Comparative Study pp. 223-28

Edwin Mansfield

Why Are Americans Such Poor Imitators? pp. 229-34

Nathan Rosenberg and W Edward Steinmueller

Gender Differences: The Role of Endogenous Preferences and Collective Action pp. 235-39

Elaine McCrate

Tied Transfers and Paternalistic Preferences pp. 240-44

Robert Pollak

Risk, Private Information, and the Family pp. 245-50

Mark Rosenzweig

A Report Card on the Economic Literacy of U.S. High School Students pp. 251-56

William B Walstad and John C Soper

Variables Affecting Success in Economic Education: Preliminary Findings from a New Data Base pp. 257-62

William Baumol and Robert J Highsmith

The Effects of Advanced Placement on College Introductory Economics Courses pp. 263-68

Stephen Buckles and John S Morton

Fluctuations in Equilibrium Unemployment pp. 269-75

Robert E Hall

The Role of Wages in the Inflation Process pp. 276-83

Robert Gordon

The Measurement of Unemployment pp. 284-88

Janet L Norwood

What Is So Natural about High Unemployment? pp. 289-93

Richard S Krashevski

Evaluating the European View that the United States Has No Unemployment Problem pp. 294-99

Richard Freeman

Product Liability and Regulation: Establishing the Appropriate Institutional Division of Labor pp. 300-304

W Viscusi

The Political Economy of Workers' Compensation: Lessons for Product Liability pp. 305-10

Patricia Danzon

The Political Economy of Product Liability Reform pp. 311-15

Richard A Epstein

Surprises of Airline Deregulation pp. 316-22

Alfred Kahn

Surprises from Telephone Deregulation and the AT&T Divestiture pp. 323-27

Robert W Crandall

Interaction of Financial and Regulatory Innovation pp. 328-34

Edward Kane

On Macroeconomic Implications of Price Setting in the Open Economy pp. 335-40

Jean-Paul Fitoussi and Jacques Le Cacheux

Exchange Rates, Wages, and the International Allocation of Capital pp. 341-45

Slobodan Djajic

A Working Model of Slump and Recovery from Disturbances to Capital-Goods Demand in an Open Nonmonetary Economy pp. 346-50

Edmund Phelps

Pareto Inefficiency of Market Economies: Search and Efficiency Wage Models pp. 351-55

Bruce Greenwald and Joseph Stiglitz

"High-Low Search" in Product and Labor Markets pp. 356-62

Steve Alpern and Dennis J Snower

The Search Equilibrium Approach to Fluctuations in Employment pp. 363-68

Christopher Pissarides

Self-fulfilling Optimism in a Trade-Friction Model of the Business Cycle pp. 369-72

Allan Drazen

Time and the New Industrial State pp. 373-76

John Kenneth Galbraith

Time and the New Industrial State: Discussion pp. 377-78

Barry Bluestone

Time and the New Industrial State: Discussion pp. 378-80

Robert Solow

Time and the New Industrial State: Discussion pp. 380-82

F M Scherer

Relative Wages, Efficiency Wages, and Keynesian Unemployment pp. 383-88

Lawrence H Summers

Unemployment, Labor Relations, and Unit Labor Costs pp. 389-94

James Rebitzer

Labor Discipline and Aggregate Demand: A Macroeconomic Model pp. 395-400

Samuel Bowles and Robert Boyer

Consumption, Saving, and Fiscal Policy pp. 401-07

Michael J Boskin

Consumption, Computation Mistakes, and Fiscal Policy pp. 408-12

Laurence Kotlikoff, William Samuelson and Stephen Johnson

Are Consumers Forward Looking? Evidence from Fiscal Experiments pp. 413-18

James Poterba

Industry Effects and Appropriability Measures in the Stock Market's Valuation of R&D and Patents pp. 419-23

Iain Cockburn and Zvi Griliches

Appropriability, R&D Spending, and Technological Performance pp. 424-28

Richard C Levin

Interindustry R&D Spillovers, Rates of Return, and Production in High-Tech Industries pp. 429-34

Jeffrey Bernstein and M Ishaq Nadiri

Credit, Money, and Aggregate Demand pp. 435-39

Ben Bernanke and Alan Blinder

Monetary Policy without Quantity Variables pp. 440-45

Benjamin M Friedman

Money and Credit in the Monetary Transmission Process pp. 446-51

Karl Brunner and Allan Meltzer

Economic Reforms within and beyond the State Sector pp. 452-56

Tamas Bauer

On the Strategy for Implementing Economic Reform in the USSR pp. 457-60

Valery L Makarov

Choosing a Strategy for China's Economic Reform pp. 461-66

Jinglian Wu and Bruce L Reynolds

What We Have Learned about Prices and Quantities from International Comparisons: 1987 pp. 467-73

Alan Heston and Robert Summers

National Price Levels and the Prices of Tradables and Nontradables pp. 474-78

Irving B Kravis and Robert Lipsey

The Sensitivity of International Comparisons of Capital Stock Measures to Different "Real" Exchange Rates pp. 479-83

Edward Leamer

Volume 78, issue 1, 1988

Family Economics and Macro Behavior pp. 1-13

Gary Becker

The Effects of Fiscal Policies when Incomes Are Uncertain: A Contradiction to Ricardian Equivalence pp. 14-23

Martin Feldstein

Asset Prices, Commodity Prices, and Money: A General Equilibrium, Rational Expectations Model pp. 24-45

Glenn Boyle and Leslie Young

The Effects of Commodity Price Stabilization Programs pp. 46-58

Mario Miranda and Peter G Helmberger

Counterfeit-Product Trade pp. 59-75

Gene Grossman and Carl Shapiro

Foreign-Owned Land pp. 76-88

Jonathan Eaton

New Estimates of Quality of Life in Urban Areas pp. 89-107

Glenn Blomquist, Mark Berger and John P Hoehn

The Division of Markets is Limited by the Extent of Liquidity (Spatial Competition with Externalities) pp. 108-21

Nicholas Economides and Aloysius Siow

On the Strategic Choice of Spatial Price Policy pp. 122-37

Jacques Thisse and Xavier Vives

Will Share Contracts Increase Economic Welfare? pp. 138-54

Russell Cooper

The Economics of Rising Stars pp. 155-66

Glenn MacDonald

Cooperation, Harassment, and Involuntary Unemployment: An Insider-Outsider Approach pp. 167-88

Assar Lindbeck and Dennis J Snower

Bertrand Competition for Inputs and Walrasian Outcomes pp. 189-201

Stahl, Dale O,

On the Interpretation of Near Random-walk Behavior in GNP pp. 202-09

Kenneth West

Determinants of the Equilibrium Real Exchange Rate pp. 210-15

J. Peter Neary

Nonadditive Preferences and the Marginal Propensity to Consume pp. 216-23

Ehud I Ronn

Farmers' Cooperatives as Behavior Toward Risk pp. 224-32

Miles Kimball

Does the Preference Reversal Phenomenon Necessarily Contradict the Independence Axiom? pp. 233-36

Uzi Segal

Is Increased Price Flexibility Stabilizing? Comment pp. 0234

Stephen R King

Uncertain Tax Policies, Individual Behavior, and Welfare pp. 237-45

James Alm

Tobin's q and the Importance of Focus in Firm Performance pp. 246-50

Birger Wernerfelt and Cynthia A Montgomery

Oligopoly and Vertical Integration: Note pp. 251-54

Y. Lin

Families and the Economics of Risks to Life pp. 255-60

Maureen Cropper and Frances G Sussman

Some Welfare Implications of Job Mobility in General Equilibrium pp. 261-66

Earl L Grinols and Steven Matusz

Is Increased Price Flexibility Stabilizing? Reply pp. 273-76

J Bradford De Long and Lawrence H Summers

The Choice Among Medical Insurance Plans: Comment pp. 277-80

Frank D Gianfrancesco

The Choice Among Medical Insurance Plans: Reply pp. 281

Yael Benjamini and Yoav Benjamini

The Disinterest in Deregulation: Comment pp. 282-83

Joe A Bell

The Disinterest in Deregulation: Reply pp. 284

Robert McCormick, Shughart, William F, and Robert Tollison

Price Leadership and Welfare Losses in U.S. Manufacturing: Comment pp. 285-87

Vaughan Dickson

Price Leadership and Welfare Losses in U.S. Manufacturing: Reply pp. 288-89

Micha Gisser

Advertising and Economic Welfare: Comment pp. 290-96

Oded Hochman and Israel Luski

Diamonds are a Government's Best Friend: Burden-free Taxes on Goods Valued for their Values: Comment pp. 297

David Friedman

Rate of Profit in the U.S. Economy, 1947-67: A Critique and Update of Wolff's Estimates pp. 298-303

Fred Moseley

Rate of Profit in the U.S. Economy, 1947-67: Reply pp. 304-06

Edward Wolff