American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 77, issue 5, 1987

Multicountry, Multifactor Tests of the Factor Abundance Theory pp. 791-809

Harry Bowen, Edward Leamer and Leo Sveikauskas

Vertical Product Differentiation and North-South Trade pp. 810-22

Harry Flam and Elhanan Helpman

Discretionary Trade Policy and Excessive Protection pp. 823-37

Robert W Staiger and Guido Tabellini

The Cyclical Behavior of Marginal Cost and Price pp. 838-55

Mark Bils

An Equilibrium Model with Involuntary Unemployment at Flexible, Competitive Prices and Wages pp. 856-74

John Roberts

Ski-Lift Pricing, with Applications to Labor and Other pp. 875-90

Robert Barro and Paul Romer

Strategic Behavior in Contests pp. 891-98

Avinash Dixit

Priority Service: Pricing, Investment, and Market Organization pp. 899-916

Hung-po Chao and Robert Wilson

The Relative Rigidity of Monopoly Pricing pp. 917-26

Julio Rotemberg and Garth Saloner

Equilibrium Incentives in Oligopoly pp. 927-40

Chaim Fershtman and Kenneth Judd

The Simple Analytics of Competitive Equilibrium with Multiproduct Firms pp. 941-53

Glenn MacDonald and Alan Slivinski

Economic Organization with Limited Communication pp. 954-71

Robert Townsend

Women's Work, Sibling Competition, and Children's School Performance pp. 972-80

Frank P Stafford

Do Biases in Probability Judgment Matter in Markets? Experimental Evidence pp. 981-97

Colin F Camerer

The Cost of Regulation: OSHA, EPA and the Productivity Slowdown pp. 998-1006

Wayne Gray

Deficit Announcements and Interest Rates pp. 1007-12

Paul Wachtel and John Young

The Price of Final Product after Vertical Integration pp. 1013-16

Seung Hoon Lee

Industrialization, Deindustrialization, and North-South Trade pp. 1017-18

Andre Burgstaller

The Public Finance of a Protective Tariff: The Case of an Oil Import Fee pp. 1019-22

David S Bizer and Charles Stuart

Secession and the Limits of Taxation: Toward a Theory of Internal Exit pp. 1023-31

James Buchanan and Roger L Faith

Honesty in a Model of Strategic Information Transmission pp. 1032-36

Carolyn Pitchik and Andrew Schotter

Operative Gift and Bequest Motives pp. 1037-47

Andrew Abel

A Model of Medieval Grain Prices: Comment [Corn at Interest: The Extent and Cost of Grain Storage in Medieval England] pp. 1048-53

B Taub

The Dynamics of Population Growth, Differential Fertility, and Inequality: Note pp. 1054-56

C Y Cyrus Chu

The Competitive Effects of Vertical Agreements: Comment pp. 1057-62

G Frank Mathewson and Ralph Winter

The Competitive Effects of Vertical Agreements: Comment pp. 1063-68

Marius Schwartz

The Competitive Effects of Vertical Agreements: Reply pp. 1069-72

William S Comanor and Harry Frech

The Value of Federal Mineral Rights, Correction and Update: Erratum [Government Saving, Capital Formation and Wealth in the United States, 1947-1985] pp. 1073-74

Michael J Boskin and Marc S Robinson

Volume 77, issue 4, 1987

Bonuses to Workers and Employers to Reduce Unemployment: Randomized Trials in Illinois pp. 513-30

Stephen Woodbury and Robert G Spiegelman

Self-Selection and the Earnings of Immigrants pp. 531-53

George Borjas

Measuring the Value of a Public Good: An Empirical Comparison of Elicitation Procedures pp. 554-66

David Brookshire and Don L Coursey

Sex Discrimination in Labor Markets: The Role of Statistical Evidenc e pp. 567-83

Peter Kuhn

The Optimal Use of Nonmonetary Sanctions as a Deterrent pp. 584-92

Steven Shavell

If Homo Economicus Could Choose His Own Utility Function, Would He Want One with a Conscience? pp. 593-604

Robert Frank

The Capital-Energy Complementarity Debate Revisited pp. 605-14

John L Solow

Externalities from Contract Length pp. 615-29

Laurence Ball

Social Security and Individual Welfare: Precautionary Saving, Borrowing Constraints, and the Payroll Tax pp. 630-46

R Glenn Hubbard and Kenneth Judd

Monopolistic Competition and the Effects of Aggregate Demand pp. 647-66

Olivier Blanchard and Nobuhiro Kiyotaki

Inventories and the Volatility of Production pp. 667-79

James Kahn

The Information in Long-Maturity Forward Rates pp. 680-92

Eugene Fama and Robert R Bliss

Is the Distinction between Anticipated and Unanticipated Money Growth Relevant in Explaining Aggregate Output? pp. 693-703

Roman Frydman and Peter Rappoport

Inflation, Fixed Cost of Price Adjustment, and Measurement of Relative-Price Variability: Theory and Evidence pp. 704-13

Leif Danziger

Black-White Differences in Schooling Investment and Human Capital Production in Segregated Schools pp. 714-23

Peter Orazem

Farm Failures and Government Intervention: A Case Study of the 1930' s pp. 724-30

Randal R Rucker and Lee Alston

Is the Concentration-Profit Correlation Partly an Artifact of Lumpy Technology? pp. 731-33

Val Lambson

Public Utility Pricing under Risk; the Case of Self-Rationing: Comment and Extension pp. 734-39

Peter M Schwarz and Thomas N Taylor

Auctions with Contingent Payments: Comment pp. 740-45

William Samuelson

Auctions with Contingent Payments: Comment pp. 746

Jacques Crémer

The Conformity of Wage Indexation Models with the "Stylized Facts': A Comment pp. 747-49

Roger Kaufman and Geoffrey Woglom

Spatial Competition and Vertical Integration; Cement and Concrete Revisited: Comment pp. 750-53

Ronald N Johnson and Allen M Parkman

Spatial Competition and Vertical Integration; Cement and Concrete Revisited: Reply pp. 754-56

Mark McBride

Volume 77, issue 3, 1987

The Constitution of Economic Policy pp. 243-50

James Buchanan

Health Insurance and the Demand for Medical Care: Evidence from a Randomized Experiment pp. 251-77

Manning, Willard G, et al

Job Duration, Seniority, and Earnings pp. 278-97

Katharine Abraham and Henry S Farber

Savings of the Elderly and Desired Bequests pp. 298-312

Michael D Hurd

Emigration to South Africa's Mines pp. 313-30

Robert Lucas

A General Equilibrium Analysis of Partial-Equilibrium Welfare Measures: The Case of Climate Change pp. 331-41

Mary F Kokoski and V Kerry Smith

Comparative Productivity: The USSR, Eastern Europe, and the West pp. 342-57

Abram Bergson

The Adjustment of Expectations to a Change in Regime: A Study of the Founding of the Federal Reserve pp. 358-74

N. Gregory Mankiw, Jeffrey Miron and David Weil

Awarding Monopoly Franchises pp. 375-87

Michael Riordan and David Sappington

Contracts as a Barrier to Entry pp. 388-401

Philippe Aghion and Patrick Bolton

R&D Rivalry with Licensing or Imitation pp. 402-20

Michael Katz and Carl Shapiro

Two-moment Decision Models and Expected Utility Maximization pp. 421-30

Jack Meyer

Trade in a Tiebout Economy pp. 431-41

John Wilson

Specification Tests of the Lucas-Rapping Model pp. 442-45

Myra K Hart

Informal Job Search and Black Youth Unemployment pp. 446-52

Harry J Holzer

Licensing and Nontransferable Rents pp. 453-55

Lott, John R,

On Perfect Rent Dissipation pp. 456-59

John T Wenders

A Note on Bilateral Monopoly and Formula Price Contracts pp. 460-63

Roger D Blair and David L Kaserman

Seasonality, Aggregation and the Testing of the Production Smoothing Hypothesis pp. 464-69

Moheb A Ghali

The Validity of ROI as a Measure of Business Performance pp. 470-78

Robert Jacobson

On the Comparative Statics of a Competitive Industry pp. 479-85

Michael Braulke

The Elasticity of Scale, the Shape of Average Costs, and the Envelope Theorem pp. 486-88

Charles F Revier

Unemployment as a Discipline Device with Heterogeneous Labor [Equilibrium Unemployment as a Worker Discipline Device] pp. 489-93

Jon Strand

Exact Consumer's Surplus and Deadweight Loss: A Correction pp. 494-95

Robert H Haveman, Mary Gabay and James Andreoni

The Relevance of Quasi Rationality in Competitive Markets: Comment pp. 496-98

S Keith Berry

The Relevance of Quasi Rationality in Competitive Markets: Reply pp. 499-501

Thomas Russell and Richard Thaler

Volume 77, issue 2, 1987

The Law and Economics Movement pp. 1-13

Richard Posner

The Centrality of Economics in Teaching Economic Statistics pp. 14-17

Glen Cain

Teaching Statistical Methods to Undergraduate Economics Students pp. 18-23

William Becker

Coping with the Diversity of Student Aptitudes and Interests pp. 24-28

Vijaya G Duggal

The Interrelations of Finance and Economics: Theoretical Perspectives pp. 29-34

Stephen Ross

The Interrelations of Finance and Economics: Empirical Perspectives pp. 35-41

Michael R Gibbons

A Dynamic Theory of Factor Taxation pp. 42-48

Kenneth Judd

Evaluating Fiscal Policy with a Dynamic Simulation Model pp. 49-55

Alan Auerbach and Laurence Kotlikoff

Growth Based on Increasing Returns Due to Specialization pp. 56-62

Paul Romer

Dynamic Coalitions: Engines of Growth pp. 63-67

Edward Prescott and John H Boyd

What Have We Learned from the Economics of the Family? pp. 68-81

Robert Willis

Multiple Equilibria in Models of Credit pp. 82-86

Peter Diamond

Ultimate Sources of Aggregate Variability pp. 87-92

Robert J Shiller

Three Questions about Sunspot Equilibria as an Explanation of Economic Fluctuations pp. 93-98

Michael Woodford

On the Issue of Causality in the Economic Model of Crime and Law Enforcement: Some Theoretical Considerations and Experimental Evidence pp. 99-106

Isaac Ehrlich and George D Brower

A Model of Optimal Incapacitation pp. 107-10

Steven Shavell

Permanent and Transitory Components in Macroeconomic Fluctuations pp. 111-17

John Campbell and N. Gregory Mankiw

Are Cyclical Fluctuations in Productivity Due More to Supply Shocks or Demand Shocks? pp. 118-24

Matthew D Shapiro

The Development of Keynesian Macroeconomics pp. 125-29

Bennett McCallum

Keynes, Lucas, and Scientific Progress pp. 130-36

Alan Blinder

Rational Models of Irrational Behavior pp. 137-42

George Akerlof and Janet Yellen

Residual Differences by Sex: Perspectives on the Gender Gap in Earnings pp. 143-51

Claudia Goldin and Solomon Polachek

Race and Poverty: A Forty-Year Record pp. 152-58

James P Smith and Finis Welch

Debt, Capital Flows, and LDC Growth pp. 159-64

Anne O Krueger

Sharing the Burden of the International Debt Crisis pp. 165-70

Stanley Fischer

The Debt Crisis and the Future of International Bank Lending pp. 171-75

H Robert Heller

Understanding Rent Dissipation: On the Use of Game Theory in Industrial Organization pp. 176-83

Drew Fudenberg and Jean Tirole

Informational Asymmetries, Strategic Behavior, and Industrial Organization pp. 184-93

Paul Milgrom and John Roberts

Exchange Rate Management: What Role for Intervention? pp. 194-99

Peter Kenen

Exchange Rate Management: The Role of Target Zones pp. 200-204

John Williamson

The International Monetary System: Should It Be Reformed? pp. 205-10

Jacob A Frenkel

Earnings Inequality, the Spatial Concentration of Poverty, and the Underclass pp. 211-15

Sheldon Danziger and Peter Gottschalk

Do Transfer Payments Keep the Poor in Poverty? pp. 216-22

William Darity and Myers, Samuel L,

Economic Theory and Working Class Poverty towards a Reformulation pp. 223-28

David H Swinton

Audit Classes and Tax Enforcement Policy pp. 229-33

Suzanne Scotchmer

Tax Evasion and Capital Gains Taxation pp. 234-39

James Poterba

Are We a Nation of Tax Cheaters? New Econometric Evidence on Tax Compliance pp. 240-45

Jeffrey A Dubin, Michael J Graetz and Louis L Wilde

Gender Differences in the Cost of Displacement: An Empirical Test of Discrimination in the Labor Market pp. 246-51

Janice Fanning Madden

Gender, Unions, and Internal Labor Markets: Evidence from the Public Sector in Two States pp. 252-56

Deborah M Figart

Nonprofit Firms in Medical Markets pp. 257-62

Mark V Pauly

Valuing Health--A "Priceless' Commodity pp. 263-68

Victor Fuchs and Richard Zeckhauser

Health Economics and Econometrics pp. 269-74

Joseph Newhouse

The Israeli Stabilization Program, 1985-86 pp. 275-78

Stanley Fischer

The Bolivian Hyperinflation and Stabilization pp. 279-83

Jeffrey Sachs

The Austral Plan pp. 284-87

Daniel Heymann

Brazil's Tropical Plan pp. 288-92

Eliana Cardoso and Rüdiger Dornbusch

Economic Conditions and Gubernatorial Elections pp. 293-97

Sam Peltzman

The Revealed Preferences of Political Action Committees pp. 298-302

Keith T Poole, Thomas Romer and Howard Rosenthal

Bargaining and Agenda Formation in Legislatures pp. 303-09

David P Baron and John Ferejohn

The Conceit of Labor Market Discrimination pp. 310-15

Thomas F D'Amico

Discrimination: Empirical Evidence from the United States pp. 316-20

Francine Blau and Marianne A Ferber

The Economics of Discrimination: Economists Enter the Courtroom pp. 321-25

Orley Ashenfelter and Ronald Oaxaca

Allocative Disturbances and Specific Capital in Real Business Cycle Theories pp. 326-32

Steven Davis

Sectoral vs. Aggregate Shocks in the Business Cycle pp. 333-36

Long, John B, and Charles Plosser

Is Consumption Insufficiently Sensitive to Innovations in Income? pp. 337-41

Lawrence Christiano

Arbitrator Behavior pp. 342-46

Orley Ashenfelter

Why Is There Disagreement in Bargaining? pp. 347-52

Henry S Farber and Max H Bazerman

Negotiator Behavior under Arbitration pp. 353-58

David Bloom and Christopher L Cavanagh

Volume 77, issue 1, 1987

Economics and the Political Process pp. 1-10

Alice Rivlin

On the Marginal Welfare Cost of Taxation pp. 11-23

Edgar Browning

Voluntary Donations and Public Expenditures in a Federal System pp. 24-36

Richard S Steinberg

The Distribution of Public Services: An Exploration of Local Governmental Preferences pp. 37-49

Jere Behrman and Steven Craig

Intertemporal Labor Supply and Long-term Employment Contracts pp. 50-68

John Abowd and David Card

Queues, Rations, and Market: Comparisons of Outcomes for the Poor and the Rich pp. 69-77

Raaj Kumar Sah

Irrelevance of Open Market Operations in Some Economies with Government Currency Being Dominated in Rate of Return pp. 78-92

Thomas Sargent and Bruce D Smith

Exchange Rates and Prices pp. 93-106

Rüdiger Dornbusch

Exchange Rate Management: Intertemporal Tradeoffs pp. 107-23

Elhanan Helpman and Assaf Razin

The Global Correspondence Principle: A Generalization pp. 124-32

Jagdish N Bhagwati, Richard Brecher and Tatsuo Hatta

Using Survey Data to Test Standard Propositions Regarding Exchange Rate Expectations pp. 133-53

Jeffrey Frankel and Kenneth Froot

The Welfare Effects of Third-Degree Price Discrimination in pp. 154-67

Michael Katz

Contract Duration and Relationship-Specific Investments: Empirical Evidence from Coal Markets pp. 168-85

Paul Joskow

Diamonds Are a Government's Best Friend: Burden-Free Taxes on Goods Valued for Their Values pp. 186-91

Yew-Kwang Ng

A Note on Indivisibilities, Specialization, and Economies of Scale pp. 192-94

Brian Edwards and Ross M Starr

Rigidity vs. License pp. 195-97

Joseph Farrell

Searching for Leviathan: Comment and Extension pp. 198-204

Michael Nelson

The Validity of Studies with Line of Business Data: Comment [The Validity of Profits-Structure Studies with Particular Reference to the FTC's Line of Business Data] pp. 205-17

Scherer, F M, et al

The Validity of Studies with Line of Business Data: Reply [The Validity of Profits-Structure Studies with Particular Reference to the FTC's Line of Business Data] pp. 218-23

George J Benston

Credit Rationing: A Further Remark [Credit Rationing in Markets with Imperfect Information] [Incentives Effects of Terminations: Applications to the Credit and Labor Markets] pp. 224-27

John Riley

Credit Rationing: Reply [Credit Rationing in Markets with Imperfect Information] [Incentives Effects of Terminations: Applications to the Credit and Labor Markets] pp. 228-31

Joseph Stiglitz and Andrew Weiss

Pechman's Tax Incidence Study: A Response pp. 232-34

Joseph A Pechman