American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 76, issue 5, 1986

Measuring Racial Discrimination with Fair Housing Audits: Caught in the Act pp. 881-93

John Yinger

The Winner's Curse and Public Information in Common Value Auctions pp. 894-920

John Kagel and Dan Levin

The Logic of Vertical Restraints pp. 921-39

Patrick Rey and Jean Tirole

Installed Base and Compatibility: Innovation, Product Preannouncements, and Predation pp. 940-55

Joseph Farrell and Garth Saloner

Oligopoly and Financial Structure: The Limited Liability Effect pp. 956-70

James Brander and Tracy Lewis

Horizontal vs. Vertical Information Structure of the Firm pp. 971-83

Masahiko Aoki

Technological Opportunity and Spillovers of R&D: Evidence from Firms' Patents, Profits, and Market Value pp. 984-1001

Adam Jaffe

Explaining the Volume of Trade: An Eclectic Approach pp. 1002-11

James Markusen

Nominal Contracts in a Bimetallic Standard pp. 1012-30

Peter Garber

Is Increased Price Flexibility Stabilizing? pp. 1031-44

James Bradford De Long and Lawrence H Summers

Efficient Contracts with Costly Adjustment: Short-run Employment Determination for Airline Mechanics pp. 1045-71

David Card

Productivity Growth, Convergence, and Welfare: What the Long-run Data Show pp. 1072-85

William Baumol

Taxation of Investment and Savings in a World Economy pp. 1086-1102

Roger Gordon

The Dynamics of Population Growth, Differential Fertility, and Inequality pp. 1103-16

David Lam

Estimates of the Direct Effects of Comparable Worth Policy pp. 1117-25

George Johnson and Gary Solon

The Role of Foreign Direct Investment in U.S. Capital Outflows pp. 1126-30

Roy J Ruffin and Farhad Rassekh

The Nonequivalence of Tariffs and Import Quotas pp. 1131-34

James Melvin

The Welfare Economics of Price Supports in U.S. Agriculture pp. 1135-41

Erik Lichtenberg and David Zilberman

The Persistence of Volatility and Stock Market Fluctuations pp. 1142-51

James Poterba and Lawrence H Summers

The Cyclical Flexibility of Wages pp. 1152-53

Charles L Schultze

A New View of the Federal Debt and Budget Deficits: Comment pp. 1154-55

Ross D Milbourne and Daniel Richards

A New View of the Federal Debt and Budget Deficits: Reply pp. 1156-57

Robert Eisner and Paul Pieper

Government Debt, Government Spending, and Private Sector Behavior: Comment pp. 1158-67

James Barth, George Iden and Frank Russek

Government Debt, Government Spending and Private Sector Behavior: Comment pp. 1168-79

Franco Modigliani and Arlie Sterling

Government Debt, Government Spending, and Private Sector Behavior: Reply pp. 1180-87

Roger Kormendi and Philip Meguire

The Economics of Price Scissors: Comment pp. 1188-91

Ake Blomqvist

The Economics of Price Scissors: Comment pp. 1192-94

Michael Carter

The Economics of Price Scissors: Reply pp. 1195-99

Raaj Kumar Sah and Joseph Stiglitz

The Production Process in a Competitive Economy: Comment pp. 1200-1202

Eskander Alvi

The Production Process in a Competitive Economy: Reply pp. 1203-04

Samuel Bowles

Tobin's q and the Structure-Performance Relationship: Comment pp. 1205-10

William G Shepherd

Tobin's q and the Structure-Performance Relationship: Reply pp. 1211-13

Michael Smirlock, Thomas Gilligan and William Marshall

Pechman's Tax Incidence Study: A Note on the Data pp. 1214-18

Edgar Browning

Pechman's Tax Incidence Study: A Response pp. 1219-20

Joseph A Pechman

Race and Human Capital: Comment pp. 1221-24

Robert Margo

Race and Human Capital: Reply pp. 1225-29

James P Smith

Volume 76, issue 4, 1986

Replication in Empirical Economics: The Journal of Money, Credit and Banking Project pp. 587-603

William G Dewald, Jerry Thursby and Richard Anderson

Evaluating the Econometric Evaluations of Training Programs with Experimental Data pp. 604-20

Robert LaLonde

A Test for Speculative Bubbles in the Sterling-Dollar Exchange Rate: 1981-84 pp. 621-36

George Evans

The Rigidity of Prices pp. 637-58

Dennis Carlton

A Tax-Based Test for Nominal Rigidities pp. 659-75

James Poterba, Julio Rotemberg and Lawrence H Summers

Ricardian Consumers with Keynesian Propensities pp. 676-91

Robert Barsky, N. Gregory Mankiw and Stephen Zeldes

In Defense of Base Drift pp. 692-700

Carl Walsh

Prizes and Incentives in Elimination Tournaments pp. 701-15

Sherwin Rosen

The Architecture of Economic Systems: Hierarchies and Polyarchies pp. 716-27

Raaj Kumar Sah and Joseph Stiglitz

Fairness as a Constraint on Profit Seeking: Entitlements in the Market pp. 728-41

Daniel Kahneman, Jack Knetsch and Richard Thaler

Measuring the Spillovers from Technical Advance: Mainframe Computers inFinancial Services pp. 742-55

Timothy Bresnahan

Price Leadership and Welfare Losses in U.S. Manufacturing pp. 756-67

Micha Gisser

Child Support, Welfare Dependency, and Poverty pp. 768-88

Philip Robins

On the Voluntary and Involuntary Provision of Public Goods pp. 789-93

B. Douglas Bernheim

Educational Achievement in Segregated School Systems: The Effects of "Separate-but-Equal." pp. 794-801

Robert Margo

Is Price Flexibility Destabilizing? pp. 802-07

Robert Driskill and Steven M Sheffrin

On the Limitations of Government Borrowing: A Framework for EmpiricalTesting pp. 808-19

James D Hamilton and Marjorie A Flavin

Tax Holidays as Signals pp. 820-26

Eric Bond and Larry Samuelson

On the Profitability of Interruptible Supply pp. 827-32

Glenn Loury and Tracy Lewis

Final Voting in Legislatures pp. 833-41

W. Crain, Donald R Leavens and Robert Tollison

Product Line Rivalry: Note pp. 842-44

Birger Wernerfelt

An Unpublished Letter from Malthus to Jane Marcet, January 22, 1833 pp. 845-47

Bette A Polkinghorn

Competitive Payments Systems: Comment pp. 848-49

Robert L Greenfield and Leland B Yeager

Competitive Payments Systems: Reply pp. 850-53

Lawrence White

The Evans and Heckman Subadditivity Test: Comment pp. 854-55

Toshiyuki Sueyoshi and Peter C Anselmo

A Test for Subadditivity of the Cost Function with an Application to the Bell System: Erratum pp. 856-58

David Evans and James J Heckman

New Estimates of the Value of Federal Mineral Rights and Land: Erratum pp. 859

Boskin, Michael J, et al

Volume 76, issue 3, 1986

Life Cycle, Individual Thrift, and the Wealth of Nations pp. 297-313

Franco Modigliani

Is the Stabilization of the Postwar Economy a Figment of the Data? pp. 314-34

Christina Romer

The Distributional Welfare Effects of Rising Prices in the United States: The 1970's Experience pp. 335-49

Thomas M Stoker

Terminating Hyperinflation in the Dismembered Habsburg Monarchy pp. 350-64

Elmus R Wicker

Unemployment Insurance and Labor Contracts under Asymmetric Information: Theory and Facts pp. 365-77

Andrew Oswald

The Design of Procurement Contracts pp. 378-89

Rafael Rob

A Supergame-Theoretic Model of Price Wars during Booms pp. 390-407

Julio Rotemberg and Garth Saloner

An Analysis of the Selection of Arbitrators pp. 408-22

David Bloom and Christopher L Cavanagh

An Investigation into the Determinants of U.S. Strike Activity pp. 423-36

Joseph Tracy

Marriage and Divorce: Informational Constraints and Private Contracting pp. 437-54

Elizabeth Peters

Labor Supply and Marital Separation pp. 455-69

William Johnson and Jonathan Skinner

Evaluating the Effects of Optimally Distributed Public Programs: ChildHealth and Family Planning Interventions pp. 470-82

Mark Rosenzweig and Kenneth I Wolpin

Dividend Variability and Variance Bounds Tests for the Rationality ofStock Market Prices pp. 483-98

Terry A Marsh and Robert Merton

The Marsh-Merton Model of Managers' Smoothing of Dividends pp. 499-503

Robert J Shiller

What Will Take the Con Out of Econometrics? A Reply Identification andEstimation of Money Demand pp. 504-07

Thomas Cooley and Stephen LeRoy

Preference Reversals and the Independence Axiom pp. 508-15

Charles Holt

Shifting Comparative Advantage and Senescent Industry Collapse pp. 516-23

James Cassing and Arye L Hillman

Measures of Risk Aversion and Comparative Statics of Industry Equilibrium pp. 524-29

Elie Appelbaum and Eliakim Katz

Organizational Structure and Productivity pp. 530-38

Ronald Wintrobe and Albert Breton

Robert Giffen and the Irish Potato: Note pp. 539-42

Ulrich Kohli

Marx and Malthusianism: Comment pp. 543-47

Miguel Ramirez

Marx and Malthusianism: Reply pp. 548-50

Samuel Hollander

Labor Supply and Tax Rates: Comment pp. 551-56

David M Betson and David Greenberg

Labor Supply and Tax Rates: Reply pp. 557-58

James Gwartney and Richard L Stroup

The Disinterest in Deregulation: Comment pp. 559-63

Martin Cherkes, Joseph Friedman and Avia Spivak

The Disinterest in Deregulation: Reply pp. 564-65

Robert McCormick, Shughart, William F, and Robert Tollison

Internal Migration and Urban Employment: Comment pp. 566-69

Michael P Todaro

Internal Migration and Urban Employment: Reply pp. 570-72

William E Cole and Richard D Sanders

Volume 76, issue 2, 1986

The Washington Economics Industry pp. 1-9

Herbert Stein

Unnatural Value: Or Art Investment as Floating Crap Game pp. 10-14

William Baumol

Dance in New York: Market and Subsidy Changes pp. 15-19

Dick Netzer

The Lively Arts as Substitutes for the Lively Arts pp. 20-25

James H Gapinski

Supply Side Economics: Old Truths and New Claims pp. 26-30

Martin Feldstein

Economic Surprises and Messages of the 1980's pp. 31-36

Lawrence Chimerine and Richard M Young

Supply-Side Modeling from Bits and Pieces pp. 37-42

George von Furstenberg and R Jeffrey Green

Sex Segregation within Occupations pp. 43-47

William T Bielby and James N Baron

Internal Labor Markets and Noncompeting Groups pp. 48-52

Peter Doeringer

Work Power and Earnings of Women and Men pp. 53-56

Marianne A Ferber, Carole A Green and Joe L Spaeth

Party Strategies, World Demand, and Unemployment: The Political Economy of Economic Activity in Western Industrial Nations pp. 57-61

James E Alt

What Can Economics Learn from Political Science, and Vice Versa? pp. 62-65

K Alec Chrystal and David Peel

Political Parties and Macroeconomic Policies and Outcomes in the United States pp. 66-70

Hibbs, Douglas A,

Party Differences in Macroeconomic Policies and Outcomes pp. 71-74

Henry Chappell and William R Keech

Policy Responses to Exogenous Shocks in Developing Countries pp. 75-78

Bela Balassa

Monetary Policy Responses to Exogenous Shocks pp. 79-83

Maxwell J Fry and David M Lilien

Developing Country Exchange Rate Policy Responses to Exogenous Shocks pp. 84-87

Mohsin Khan

Fiscal Policy Responses to Exogenous Shocks in Developing Countries pp. 88-91

Vito Tanzi

The Effect of the Union Wage Differential on Management Opposition and Union Organizing Success pp. 92-96

Richard Freeman

Union-Nonunion Earnings Differentials and the Decline of Private-Sector Unionism pp. 97-102

Richard Edwards and Paul Swaim

Rising Union Premiums and the Declining Boundaries among Noncompeting Groups pp. 103-08

Peter Linneman and Michael L Wachter

Competition and Cooperation in the Market for Exclusionary Rights pp. 109-13

Thomas G Krattenmaker and Steven C Salop

Transforming Merger Policy: The Pound of New Perspectives pp. 114-19

Oliver Williamson

Toward a More General Theory of Governmental Structure pp. 120-25

Mancur Olson

The Interaction of State and Federal Tax Systems: The Impact of State and Local Tax Deductibility pp. 126-31

Daniel Feenberg and Harvey Rosen

Budget Reform and the Theory of Fiscal Federalism pp. 132-37

John Quigley and Daniel L Rubinfeld

The Marketplace of Economic Ideas pp. 138-40

Albert Rees

Communicating Economic Ideas and Controversies pp. 141-44

Leonard Silk

Increasing the Public's Understanding of Economics: What Can We Expect from the Schools? pp. 145-48

Michael A MacDowell

What Knowledge Is Most Worth Knowing-For Economics Majors? pp. 149-52

W Lee Hansen

Public Policy and Productivity in the Trucking Industry: Some Evidence on the Effects of Highway Investments, Deregulation, and the 55 MPH Speed Limit pp. 153-58

Theodore E Keeler

Urban Road Reinvestment: The Effects of External Aid pp. 159-64

George E Peterson

Efficient Pricing and Investment Solutions to Highway Infrastructure Needs pp. 165-69

Kenneth A Small and Clifford Winston

Soviet Growth Slowdown: Duality, Maturity, and Innovation pp. 170-74

Stanislaw Gomulka

Soviet Growth Retardation pp. 175-80

Padma Desai

Soviet Growth Slowdown: Econometric vs. Direct Evidence pp. 181-85

Vladimir Kontorovich

Institutions Supporting Technical Advance in Industry pp. 186-89

Richard Nelson

The R&D Tax Credit and Other Technology Policy Issues pp. 190-94

Edwin Mansfield

Longer Patents for Lower Imitation Barriers: The 1984 Drug Act pp. 195-98

Henry Grabowski and John Vernon

A New Look at the Patent System pp. 199-202

Richard C Levin

The Monetary-Fiscal Policy Mix: Implications for the Short Run pp. 203-08

Andrew F Brimmer and Allen Sinai

The Monetary-Fiscal Mix and Long-run Growth in an Open Economy pp. 209-12

Frederick C Ribe and William J Beeman

The Monetary-Fiscal Mix: Long-run Implications pp. 213-18

James Tobin

Work Incentives in the AFDC System: An Analysis of the 1981 Reforms pp. 219-23

Robert Moffitt

Initial Findings from the Demonstration of State Work-Welfare Initiatives pp. 224-29

Friedlander, Daniel, et al

An Evaluation of the Effect of Cashing Out Food Stamps on Food Expenditures pp. 230-34

Thomas Fraker, Barbara Devaney and Edward Cavin

Wage Setting, Unemployment, and Insider-Outsider Relations pp. 235-39

Assar Lindbeck and Dennis J Snower

Union Wage Rigidity: The Default Settings of Labor Law pp. 240-44

Michael L Wachter

Shifting Wage Norms and Their Implications pp. 245-48

George Perry

Union vs. Nonunion Wage Norm Shifts pp. 249-52

Daniel J B Mitchell

Illegal Aliens: A Preliminary Report on an Employee-Employer Survey pp. 253-57

Barry Chiswick

Illegal Immigration pp. 258-62

Wilfred Ethier

Can Border Industries Be a Substitute for Immigration? pp. 263-68

Francisco Rivera-Batiz

Government R&D Programs for Commercializing Space pp. 269-73

Linda R Cohen and Roger Noll

Incentive Compatible Space Station Pricing pp. 274-79

John Ledyard

Out of Space? Regulation and Technical Change in Communications Satellites pp. 280-84

Molly Macauley

Property Rights, Protest, and the Siting of Hazardous Waste Facilities pp. 285-90

Robert Cameron Mitchell and Richard Carson

Asymmetries in the Valuation of Risk and the Siting of Hazardous Waste Disposal Facilities pp. 291-94

V Kerry Smith and William H Desvousges

A Sealed-Bid Auction Mechanism for Siting Noxious Facilities pp. 295-99

Howard Kunreuther and Paul R Kleindorfer

The Regional Transformation of the American Economy pp. 300-303

Benjamin Chinitz

A Multiregional Model Forecast for the United States through 1995 pp. 304-07

Benjamin H Stevens and George I Treyz

Analysis and Policy Implications of Regional Decline pp. 308-12

Charles L Leven

Corporate Control, Insider Trading, and Rates of Return pp. 313-16

Harold Demsetz

Mergers, Buyouts and Fakeouts pp. 317-22

Mark Hirschey

Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers pp. 323-29

Michael Jensen

The International Transmission and Effects of Fiscal Policies pp. 330-35

Jacob A Frenkel and Assaf Razin

The Uneasy Case for Greater Exchange Rate Coordination pp. 336-41

Jeffrey Sachs

U.S. Budget Deficits and the European Economies: Resolving the Political Economy Puzzle pp. 342-46

Martin Feldstein

The Black Underclass Concept: Self-Help vs. Government Intervention pp. 347-50

Emmett D Carson

Transfer Payments, Sample Selection, and Male Black-White Earnings Differences pp. 351-54

Wayne Vroman

Federal Courts and the Enforcement of Title VII pp. 355-58

Culp, Jerome McCristal,

What Was Affirmative Action? pp. 359-63

Jonathan Leonard

Implementing Comparable Worth: A Survey of Recent Job Evaluation Studies pp. 364-67

Elaine Sorensen

Sex Differences in Urban Commuting Patterns pp. 368-72

Michelle J White

Employment and Wage Effects of Involuntary Job Separation: Male-Female Differences pp. 373-77

Nan L Maxwell and Ronald J D'Amico

Generational Differences in Female Occupational Attainment-Have the 1970's Changed Women's Opportunities? pp. 378-81

Nadja Zalokar

The Existence of Equilibrium with Price-Setting Firms pp. 382-86

Eric Maskin

Price-Setting Firms and the Oligopolistic Foundations of Perfect Competition pp. 387-92

Beth Allen and Martin Hellwig

Vertical Product Differentiation: Some Basic Themes pp. 393-98

John Sutton

Work for Welfare: How Much Good Will It Do? pp. 399-404

Frank Levy and Richard C Michel

Do Rising Tides Lift All Boats? The Impact of Secular and Cyclical Changes on Poverty pp. 405-10

Sheldon Danziger and Peter Gottschalk

An Economic Accountant's Audit pp. 411-17

George Jaszi

Volume 76, issue 1, 1986

International Public Good without International Government pp. 1-13

Charles P Kindleberger

Retail Pricing and Clearance Sales pp. 14-32

Edward Lazear

Informational Implications of Interest Rate Rules pp. 33-42

Michael Dotsey and Robert King

An Operational Measure of Liquidity pp. 43-55

Steven A Lippman and John J McCall

Illegal Immigration: The Host-Country Problem pp. 56-71

Wilfred Ethier

Rational and Self-fulfilling Balance-of-Payments Crises pp. 72-81

Maurice Obstfeld

Employment, Hours, and Earnings in the Depression: An Analysis of EightManufacturing Industries pp. 82-109

Ben Bernanke

Tests of the Rational Expectations Hypothesis pp. 110-24

Michael Lovell

Financial Panics, the Seasonality of the Nominal Interest Rate, and theFounding of the Fed pp. 125-40

Jeffrey Miron

Productivity, R&D, and the Basic Research at the Firm Level in the 1970's pp. 141-54

Zvi Griliches

Golden Parachutes, Shark Repellents, and Hostile Tender Offers pp. 155-67

Charles R Knoeber

Inventories and Interest Rates: A Critique of the Buffer Stock Model pp. 168-76

David Bivin

Technological Innovations, Capital Mobility, and the Product Cycle inNorth-South Trade pp. 177-90

David Dollar

Government Size and Economic Growth: A New Framework and Some Evidencefrom Cross-Section and Time-Series Data pp. 191-203

Rati Ram

A Macroeconomic Model with Auction Markets and Nominal Contracts pp. 204-11

Richard Cantor

Predictable Behavior in Financial Markets: Some Evidence in Support ofHeiner's Hypothesis pp. 212-20

Fred R Kaen and Robert Rosenman

The Choice among Medical Insurance Plans pp. 221-27

Yael Benjamini and Yoav Benjamini

Is Statistical Discrimination Efficient? pp. 228-34

Stewart Schwab

Wage Indexation and the Effect of Inflation Uncertainty on Employment:An Empirical Analysis pp. 235-43

A Steven Holland

Accounting Rates of Return: Note On the Misuse of Accounting Rates ofReturn to Infer Monopoly Profits pp. 244-46

Robert N Anthony

The Inverted Fisher Hypothesis: Additional Evidence Fisher's Paradoxand the Theory of Interest pp. 247-49

Martin Gallagher

Rationing by Waiting Lists: An Implication pp. 250-56

John G Cullis and Philip R Jones

Implicit Contracts in the Absence of Enforcement: Note pp. 257-58

Steven Plaut

Efficient Contracts in Credit Markets Subject to Interest Rate Risk: AnApplication of Raviv's Insurance Model pp. 259-63

Lanny Arvan and Jan Brueckner

Faculty Ratings of Major Economics Departments by Citations: An Extension pp. 264-67

Dudley W Blair, Rex L Cottle and Myles S Wallace

Structural/Frictional vs. Deficient Demand Unemployment: Comment pp. 268-72

Arthur R Schwartz, Malcolm Cohen and Donald R Grimes

Structural/Frictional vs. Deficient Demand Unemployment: Reply pp. 273-76

Katharine Abraham

Labor Supply and Tax Rates: Comment pp. 277-79

Cecil Bohanon and T Norman Van Cott

Labor Supply and Tax Rates: Comment pp. 280-83

Firouz Gahvari

Labor Supply and Tax Rates: Reply pp. 284-85

James Gwartney and Richard L Stroup

Social Security and Household Savings: Comment pp. 286-88

George Briden and John Zedella

Social Security and Household Saving: Reply pp. 289-90

Erkki Koskela and Matti Viren