American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 74, issue 5, 1984

Orange Juice and Weather pp. 861-80

Richard Roll

Prelude to Macroeconomics pp. 881-92

Richard Startz

Unionization and Firm Performance: The Impact on Profits, Growth, and Productivity pp. 893-919

Kim B Clark

A New Theory of Aggregate Supply pp. 920-30

Roger Farmer

Deterrence by Market Sharing: A Strategic Incentive for Licensing pp. 931-41

Nancy Gallini

Adaptive Responses to Chemical Labeling: Are Workers Bayesian Decision Makers? pp. 942-56

W Viscusi and Charles J O'Connor

Migration and Interregional Employment Redistribution in the United States pp. 957-69

Michael J Greenwood and Gary L Hunt

Endogenous Tariff Formation pp. 970-85

Wolfgang Mayer

Consensus and Dissension among Economists: An Empirical Inquiry pp. 986-94

Frey, Bruno S, et al

Mortgage Interest Rates in the Populist Era pp. 995-1015

Barry Eichengreen

Applied General Equilibrium Analysis of Small Open Economies with Scale Economies and Imperfect Competition pp. 1016-32

Richard Harris

Quasi-Pareto Social Improvements pp. 1033-50

Yew-Kwang Ng

Tobin's q and the Structure-Performance Relationship pp. 1051-60

Michael Smirlock, Thomas Gilligan and William Marshall

The Degree of Fiscal Illusion in Interest Rates: Some Direct Estimates pp. 1061-66

Joe Peek and James A Wilcox

The Greek Stabilization of 1944-46 pp. 1067-74

Gail E Makinen

The Disinterest in Deregulation pp. 1075-79

Robert McCormick, Shughart, William F, and Robert Tollison

Market Opportunities, Intrafamily Resource Allocation, and Sex-Specific Survival Rates: An Intercountry Extension pp. 1080-86

Rati Ram

Directly Unproductive Prophet-seeking Activities pp. 1087-88

Avinash Dixit and Gene Grossman

The Client Relationship and a "Just" Price pp. 1089-95

Amihai Glazer

Cost-Benefit Analysis under Uncertainty: Comment pp. 1096-99

Robert Mendelsohn and William J Strang

Cost-Benefit Analysis under Uncertainty: Reply pp. 1100-102

Daniel A Graham

Labor Supply and Tax Rates: Comment pp. 1103-07

James A Wilde

Labor Supply and Tax Rates: Reply pp. 1108-09

James Gwartney and Richard Stroup

An Empirical Test of the Infant Industry Argument: Comment pp. 1110-11

Robert Lucas

An Empirical Test of the Infant Industry Argument: Reply pp. 1112-13

Anne O Krueger and Baran Tuncer

The Use of Inputs by the Federal Reserve System: Comment pp. 1114-17

John H Boyd

The Use of Inputs by the Federal Reserve System: Comment pp. 1118-20

John S Strong

The Use of Inputs by the Federal Reserve System: Reply pp. 1121-23

Shughart, William F, and Robert Tollison

Illusory Wage Differentials: Comment [The Narrowing of Black-White Wage Differentials Is Illusory] pp. 1124-27

Keith Hylton

Illusory Wage Differentials: Reply pp. 1128

Edward Lazear

Currency Substitution and Instability in the World Dollar Standard: Comment pp. 1129-31

Christopher Radcliffe, Arthur D Warga and Thomas D Willett

International Influences on the U.S. Economy: Summary of an Exchange pp. 1132-34

McKinnon, Ronald I, et al

Why Do Companies Pay Dividends? Comment pp. 1135-36

Gary A Bortz and John Rust

Why Do Companies Pay Dividends? Comment pp. 1137-41

Joel Hasbrouck and Irwin Friend

Why Do Companies Pay Dividends? Comment pp. 1142

Oded H Sarig

Volume 74, issue 4, 1984

Are Workers Paid Their Marginal Products? pp. 549-71

Robert Frank

"Contestability" vs. Competition pp. 572-87

William G Shepherd

Unattainability of Integrability and Definiteness Conditions in the General Case of Demand for Money and Goods pp. 588-604

Paul A Samuelson and Ryuzo Sato

International Trade, Foreign Investment, and the Formation of the Entrepreneurial Class pp. 605-14

Gene Grossman

A Test for Subadditivity of the Cost Function with an Application to the Bell System pp. 615-23

David Evans and James J Heckman

Do Oligopolists Earn "Noncompetitive" Rates of Return? pp. 624-32

William W Alberts

Some Calculations of Lifetime Tax Incidence pp. 633-49

James Davies, France St-Hilaire and John Whalley

Two Agency-Cost Explanations of Dividends pp. 650-59

Frank H Easterbrook

Managerial Rents and Outside Recruitment in the Coasian Firm pp. 660-72

Roger L Faith, Richard S Higgins and Robert Tollison

An Empirical Analysis of Welfare Dependence pp. 673-84

Mark W Plant

Race and Human Capital pp. 685-98

James P Smith

Competitive Payments Systems and the Unit of Account pp. 699-712

Lawrence White

Reputations in the Labor Market pp. 713-25

Lorne Carmichael

LDC Foreign Borrowing and Default Risk: An Empirical Investigation, 1976-80 pp. 726-34

Sebastian Edwards

Racial Discrimination in the Provision of Financial Services pp. 735-41

James T Lindley, Selby, Edward B, and John Jackson

Lucas on the Quantity Theory: Hypothesis Testing without Theory pp. 742-49

Charles Whiteman

The Firm in Short-run Industry Equilibrium: Comment pp. 750-53

Michael Braulke

The Firm in Short-run Industry Equilibrium: Further Comment pp. 754

Ronald A Heiner

Union Wage Policies: Comment [Wage Bargaining and Employment] pp. 755-58

Paul G Chapman and Malcolm R Fisher

Union Wage Policies: Reply [Wage Bargaining and Employment] pp. 759-61

Ian McDonald and Robert Solow

Government Debt: Comment [Government Debt in an Overlapping-Generations Model with Bequests and Gifts] pp. 762-65

Willem Buiter and Jeffrey Carmichael

Government Debt: Reply [Government Debt in an Overlapping-Generations Model with Bequests and Gifts] pp. 766-67

John Burbidge

Accumulation of Property by Southern Blacks before World War I: Comment and Further Evidence pp. 768-76

Robert Margo

Accumulation of Property by Southern Blacks before World War I: Reply pp. 777-81

Robert Higgs

Methodology: A Comment on Frazer and Boland, I [An Essay on the Foundations of Friedman's Methodology] pp. 782-88

Abraham Hirsch and Neil de Marchi

Methodology: A Comment on Frazer and Boland, II [An Essay on the Foundations of Friedman's Methodology] pp. 789-92

Kevin D Hoover

Methodology: Reply [An Essay on the Foundations of Friedman's Methodology] pp. 793-94

Frazer, William J,

Methodology: Reply [An Essay on the Foundations of Friedman's Methodology] pp. 795-97

Lawrence Boland

Test of the Lemons Model: Comment [A Direct Test of the 'Lemons' Model: The Market for Used Pickup Trucks] pp. 798-800

Michael D Pratt and George E Hoffer

Test of the Lemons Model: Reply [A Direct Test of the 'Lemons' Model: The Market for Used Pickup Trucks] pp. 801-04

Eric Bond

The Homogenization of Heterogeneous Inputs: Comment pp. 805-07

J Patrick Gunning

The Homogenization of Heterogeneous Inputs: Reply pp. 808

James Buchanan and Robert Tollison

On Liquidity Preference-Again: Comment [Liquidity Preference as Behavior toward Risk Is a Demand for Short-term Securities-Not Money] pp. 809-11

Case M Sprenkle

On Liquidity Preference-Again: Reply [Liquidity Preference as Behavior toward Risk Is a Demand for Short-term Securities-Not Money] pp. 812-13

Winston Chang, Daniel Hamberg and Junichi Hirata

Public Education: Comment [Wealth Neutrality and Local Choice in Public Education] pp. 814-19

George Perkins

Public Education: Reply [Wealth Neutrality and Local Choice in Public Education] pp. 820-21

Martin Feldstein

Economics Departmental Rankings: Comment [Economics Departmental Rankings: Research Incentives, Constraints, and Efficiency] pp. 822-26

Hirsch, Barry T, et al

Economics Departmental Rankings: Comment [Economics Departmental Rankings: Research Incentives, Constraints, and Efficiency] pp. 827-33

Timothy D Hogan

Economics Departmental Rankings: Reply and Errata [Economics Departmental Rankings: Research Incentives, Constraints, and Efficiency] pp. 834-36

Philip Graves, James Marchand and Randall Thompson

Volume 74, issue 3, 1984

Economic Theory in the Mathematical Mode pp. 267-78

Gerard Debreu

Capture and Ideology in the Economic Theory of Politics pp. 279-300

Joseph P Kalt and Mark A Zupan

The U.S. Productivity Slowdown: A Case of Statistical Myopia pp. 301-22

Michael Darby

Product Line Rivalry pp. 323-34

James Brander and Jonathan Eaton

Risk, Inflation, and the Stock Market pp. 335-51

Robert Pindyck

Welfare Costs per Dollar of Additional Tax Revenue in the United States pp. 352-62

Charles E Stuart

Money, Credit, and Prices in a Real Business Cycle pp. 363-80

Robert King and Charles Plosser

Internal Bargaining, Labor Contracts, and a Marshallian Theory of the Firm pp. 381-93

Hajime Miyazaki

Innovation, Market Structure, and Welfare pp. 394-403

Pankaj Tandon

Rationing by Waiting Lists pp. 404-17

Cotton M Lindsay and Bernard Feigenbaum

The Effects of Expectations on Union Wages pp. 418-32

Roger Kaufman and Geoffrey Woglom

Equilibrium Unemployment as a Worker Discipline Device pp. 433-44

Carl Shapiro and Joseph Stiglitz

Farm Foreclosure Moratorium Legislation: A Lesson from the Past pp. 445-57

Lee Alston

The Economics of Performing Shakespeare pp. 458-66

James H Gapinski

Econometric Policy Evaluation: Note pp. 467-70

Thomas Cooley, Stephen LeRoy and Neil Raymon

Controlling Contradictions among Regulations pp. 471-75

Lester Lave

Involuntary Unemployment as a Principal-Agent Equilibrium pp. 476-84

James Foster and Henry Wan

The Theory of Trade in Middle Products: An Extension pp. 485-87

Jeffrey Frankel

Credible Commitments: Further Remarks pp. 488-90

Oliver Williamson

How General Is the Case for Unilateral Tariff Reduction? pp. 491

Paul Wonnacott and Ronald Wonnacott

The Misuse of Accounting Rates of Return: Comment pp. 492-93

Ira Horowitz

The Misuse of Accounting Rates of Return: Comment pp. 494-500

William F Long and David J Ravenscraft

The Misuse of Accounting Rates of Return: Comment pp. 501-06

Stephen Martin

The Misuse of Accounting Rates of Return: Comment pp. 507-08

Michael F van Breda

The Misuse of Accounting Rates of Return: Reply pp. 509-17

Franklin M Fisher

Market Opportunities, Genetic Endowments, and Intrafamily Resource Distribution: Comment pp. 518-20

Nancy R Folbre

Market Opportunities, Genetic Endowments, and Intrafamily Resource Distribution: Reply pp. 521-22

Mark Rosenzweig and T Paul Schultz

The Political Economy of Political Philosophy: Comment pp. 523-25

Steven Cobb and Robert P Hagemann

The Political Economy of Political Philosophy: Reply pp. 526-27

James T Bennett and Thomas J DiLorenzo

The Separability of Production and Location Decisions: Comment pp. 528-30

Harry Clarke

The Separability of Production and Location Decisions: Reply pp. 531-32

Hurter, Arthur P,, Joseph S Martinich and Enrique R Venta

Migration and Asymmetric Information: Comment pp. 533-34

Eliakim Katz and Oded Stark

Migration and Asymmetric Information: Reply pp. 535

Peter Kwok and Hayne Leland

Volume 74, issue 2, 1984

Self-Command in Practice, in Policy, and in a Theory of Rational Choice pp. 1-11

Thomas C Schelling

Improving the Teaching of Economics: Achievements and Aspirations pp. 12-18

G L Bach and Allen C Kelley

A Profile of Senior Economics Majors in the United States pp. 19-25

John Siegfried and Jennie E Raymond

The Role of Energy in Productivity Growth pp. 26-30

Dale Jorgenson

The Response of Energy Demand to Higher Prices: What Have We Learned? pp. 31-37

James L Sweeney

Supply Shocks and Monetary Policy Revisited pp. 38-43

Robert Gordon

A Simple Account of the Behavior of Long-Term Interest Rates pp. 44-48

John Campbell and Robert J Shiller

Unanticipated Money and Interest Rates pp. 49-54

V Vance Roley and Carl Walsh

Interaction between Fiscal and Monetary Policy and the Real Rate of Interest pp. 55-60

Robert Anderson, Albert Ando and Jared Enzler

Practical Implications of Game Theoretic Models of R&D pp. 61-66

Jennifer Reinganum

Field Research on the Link between Technological Innovation and Growth: Evidence from the International Semiconductor Industry pp. 67-72

M Therese Flaherty

The Relationship between Federal Contract R&D and Company R&D pp. 73-78

Frank Lichtenberg

Gift Exchange and Efficiency-Wage Theory: Four Views pp. 79-83

George Akerlof

Introducing Social Structure into Economic Analysis pp. 84-88

James S Coleman

Against Parsimony: Three Easy Ways of Complicating Some Categories of Economic Discourse pp. 89-96

Albert Hirschman

Keynes and Economics Today pp. 97-102

Don Patinkin

The Age of Schumpeter pp. 103-09

Herbert Giersch

Marx's Contributions and Their Relevance Today pp. 110-15

John G Gurley

The Limits of Neoclassical Theory in Management Education pp. 116-21

David Teece and Sidney Winter

The Values of Economic Theory in Management Education pp. 122-26

Robert G Harris

Economic Analysis and the Quest for Competitive Advantage pp. 127-32

Richard E Caves

Reform of the Budget Process pp. 133-37

Alice Rivlin

Which Budget Deficit? Some Issues of Measurement and Their Implications pp. 138-43

Robert Eisner

Public Opinion and the Balanced Budget pp. 144-49

Alan Blinder and Douglas Holtz-Eakin

Wage-Price Behavior in the National Models of Project LINK pp. 150-54

Bert G Hickman and Lawrence Klein

International Differences in Wage Behavior: Real, Nominal, or Exaggerated? pp. 155-59

George Kahn

Cross-Country and Cross-Temporal Differences in Inflation Responsiveness pp. 160-65

Charles L Schultze

The Public Capital Stock: Needs, Trends, and Performance pp. 166-73

Charles R Hulten and George E Peterson

The Displacement of Local Spending for Pollution Control by Federal Construction Grants pp. 174-78

James Jondrow and Robert A Levy

Rational Expectations and Macroeconomics in 1984 pp. 179-82

Robert Barro

Efficiency and the Variability of Asset Prices pp. 183-87

Stephen LeRoy

Interpreting the Statistical Failures of Some Rational Expectations Macroeconomic Models pp. 188-93

Julio Rotemberg

Informational Imperfections in the Capital Market and Macroeconomic Fluctuations pp. 194-99

Bruce Greenwald, Joseph Stiglitz and Andrew Weiss

Efficiency Wage Models of Unemployment pp. 200-205

Janet Yellen

Recent Changes in Macro Policy and Its Effects: Some Time-Series Evidence pp. 206-10

John Taylor

The Lucas Critique and the Volcker Deflation pp. 211-15

Olivier Blanchard

Foundations of Aggregate Supply Price pp. 216-20

Otto Eckstein

Sources of Reasonable Hope for the Future pp. 221-25

Kenneth E Boulding

Economic Growth, Resource Availability, and Environmental Quality pp. 226-30

V Kerry Smith and John V Krutilla

Will Productivity Growth Recover? Has It Done So Already? pp. 231-35

Martin Neil Baily

Tax Policy and the Investment Decision pp. 236-41

Charles R Hulten

Family Labor Supply with Taxes pp. 242-48

Jerry Hausman and Paul Ruud

The After-Tax Rate of Return Affects Private Savings pp. 249-53

Lawrence H Summers

Women, Youth, and Minorities and the Case of the Missing Productivity pp. 254-59

Shirley P Burggraf

Work Characteristics and the Male-Female Earnings Gap pp. 260-64

Marianne A Ferber and Joe L Spaeth

An Economic Model of Asset Division in the Dissolution of Marriage pp. 265-70

Carol C Fethke

Responding to Trade-Distorting Policies of Other Countries pp. 271-76

Robert Baldwin and T Scott Thompson

Perspectives on the Jurisprudence of International Trade pp. 277-81

John H Jackson

Unfair Trade Practices: The Case for a Differential Response pp. 282-87

Judith L Goldstein and Stephen D Krasner

Race and Punishment: Directions for Economic Research pp. 288-92

Myers, Samuel L,

Black Women, Economic Disadvantage, and Incentives to Crime pp. 293-97

Llad Phillips and Votey, Harold L,

Assessing Greater Variability of Exchange Rates: A Private Sector Perspective pp. 298-304

Marina vN Whitman

Stabilization Policies in Open Economies pp. 305-10

Jeffrey R Shafer

Exchange Rates and Policy Choices: Some Lessons from Interdependence in a Multilateral Perspective pp. 311-15

Val Koromzay, John Llewellyn and Stephen Potter

Consumer Demand for Automobile Safety pp. 316-19

Clifford Winston and Fred Mannering

Differences between Risk Premiums in Union and Nonunion Wages and the Case for Occupational Safety Regulation pp. 320-23

William T Dickens

The Lulling Effect: The Impact of Child-Resistant Packaging on Aspirin and Analgesic Ingestions pp. 324-27

W Viscusi

Automobile Safety Regulation and Offsetting Behavior: Some New Empirical Estimates pp. 328-31

Robert W Crandall and John D Graham

Contract Costs and Administered Prices: An Economic Theory of Rigid Wages pp. 332-38

Benjamin Klein

Incentives and Wage Rigidity pp. 339-44

Edward Lazear

Implicit Contracts, Explicit Contracts, and Wages pp. 345-49

Robert J Flanagan

Price Rigidities and Market Structure pp. 350-55

Joseph Stiglitz

Industrial Organization and Competitive Advantage in Multinational Industries pp. 356-60

A. Spence

The Fat-Cat Effect, the Puppy-Dog Ploy, and the Lean and Hungry Look pp. 361-66

Drew Fudenberg and Jean Tirole

Noisy Advertising and the Predation Rule in Antitrust Analysis pp. 367-71

John C Hilke and Philip B Nelson

Strategic Behavior and Antitrust Analysis pp. 372-76

William S Comanor and Harry Frech

Commodity Bundling pp. 377-81

Robert E Dansby and Cecilia Conrad

Lessons from the 1979-82 Monetary Policy Experiment pp. 382-87

Benjamin M Friedman

Monetarist Rules in the Light of Recent Experience pp. 388-91

Bennett McCallum

Did Financial Innovation Hurt the Great Monetarist Experiment? pp. 392-96

James L Pierce

Lessons from the 1979-82 Monetary Policy Experiment pp. 397-400

Milton Friedman

Reflections on Macroeconomics pp. 401-07

George Perry

Autoregressions, Expectations, and Advice pp. 408-15

Thomas Sargent

Volume 74, issue 1, 1984

Coping with Complexity: The Adaptive Value of Changing Utility pp. 30-42

Michael Cohen and Robert Axelrod

Asset Exchanges and the Transactions Demand for Money, 1919-29 pp. 43-59

Alexander Field

On the Efficiency of Experimental Double Auction Markets pp. 60-72

Daniel Friedman

Gambles and the Shadow Price of Death pp. 73-86

John M Marshall

Contractual Responses to the Common Pool: Prorationing of Crude Oil Production pp. 87-98

Gary Libecap and Steven N Wiggins

Price Expectations of Business Firms: Bias in the Short and Long Run pp. 99-110

Frank de Leeuw and Michael J McKelvey

The q Theory of Investment with Many Capital Goods pp. 203-10

David Wildasin

Advertising and the Price and Quality of Optometric Services pp. 211-16

Kwoka, John E,

A Critical Appraisal of McKinnon's World Money Supply Hypothesis [Currency Substitution and Instability in the World Dollar Standard] pp. 217-24

Henry N Goldstein and Stephen E Haynes

Faculty Ratings of Major Economics Departments by Citations pp. 225-30

Paul Davis and Gustav F Papanek

Dependency Rates and Savings: Another Look [Dependency Rates and Aggregate Savings: A New International Cross-Section Study] pp. 231-33

Nathaniel H Leff

Dependency Rates and Savings: Reply pp. 234-37

Rati Ram

Uncertain Innovation and the Persistence of Monopoly: Comment pp. 238-42

Richard Gilbert and David M G Newberry

Uncertain Innovation and the Persistence of Monopoly: Reply pp. 243-46

Jennifer Reinganum

Preemptive Patenting and the Persistence of Monopoly: Comment pp. 247-50

Stephen W Salant

Preemptive Patenting and the Persistence of Monopoly: Reply pp. 251-53

Richard Gilbert and David M G Newberry

Empirical Tests of the Life Cycle Hypothesis: Comment pp. 254-57

Owen J Evans

Empirical Tests of the Life Cycle Hypothesis: Reply pp. 258-59

Betsy Buttrill White

Declining Industries and Political-Support Protectionist Motives: Errata pp. 260

Arye L Hillman