American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 73, issue 5, 1983

A Transactions-Based Model of the Monetary Transmission Mechanism pp. 871-80

Sanford Grossman and Laurence Weiss

Quality Uncertainty, Search, and Advertising pp. 881-94

Steven N Wiggins and W J Lane

Financial Structure and Economic Activity pp. 895-911

Robert Townsend

Incentive Effects of Terminations: Applications to the Credit and Labor Markets pp. 912-27

Joseph Stiglitz and Andrew Weiss

The Quality of Schooling: Quantity Alone is Misleading pp. 928-46

Jere Behrman and Nancy Birdsall

Input Measurement and Productivity Growth in Japanese and U.S. Manufacturing pp. 947-67

John Norsworthy and David H Malmquist

The Effects of Inflation on Real Interest Rates pp. 968-80

Joel Fried and Peter Howitt

Union Wage Settlements during a Disinflation pp. 981-93

John Taylor

Government Debt, Government Spending, and Private Sector Behavior pp. 994-1010

Roger Kormendi

Spatial Competition and Vertical Integration: Cement and Concrete Revisited pp. 1011-22

Mark McBride

An Economic Model of Welfare Stigma pp. 1023-35

Robert Moffitt

Computing the Impact of Social Security Using the Life Cycle Consumption Function pp. 1036-52

Samuel H Williamson and Warren L Jones

Tax-Induced Distortions and the Business-Pleasure Borderline: The Case of Travel and Entertainment pp. 1053-65

Charles Clotfelter

Dynamic Factor Demands and the Effects of Energy Price Shocks pp. 1066-79

Robert Pindyck and Julio Rotemberg

New Evidence on the Free Banking Era pp. 1080-91

Arthur J Rolnick and Warren Weber

Preemption, Divestiture, and Forward Contracting in a Market Dominated by a Single Firm pp. 1092-1101

Tracy Lewis

Operational Interest Rate Rules pp. 1102-09

Jeremy J Siegel

De Gustibus Est Disputandum: The Phenomenon of "Merit Wants" Revisited pp. 1110-21

Edwin G West and Michael McKee

Relative Prices, Concentration, and Money Growth pp. 1122-26

Henry Chappell and John Addison

Does Rising Productivity Explain Seniority Rules for Layoffs? pp. 1127-31

Lorne Carmichael

Educational Expansion and the Kuznets Effect pp. 1132-36

John Knight and R H Sabot

Understanding the Higher Unemployment Rate of Women Scientists and Engineers pp. 1137-40

Michael G Finn

The Case for Unilateral Tariff Reductions: Foreign Tariffs Rediscovered [Is Unilateral Tariff Reduction Preferable to a Customs Union? The Curious Case of the Missing Foreign Tariff] pp. 1141-42

Eitan Berglas

Measures of Unemployment Duration as Guides to Research and Policy: Comment [An Experience-Weighted Measure of Employment and Unemployment Duration] pp. 1143-50

John Carlson and Michael W Horrigan

Measures of Unemployment Duration as Guides to Research and Policy: Reply [An Experience-Weighted Measure of Employment and Unemployment Duration] pp. 1151-52

George Akerlof and Brian G M Main

Applied Fairness Theory: Comment pp. 1153-56

Randall Holcombe

Applied Fairness Theory: Comment pp. 1157-60

Geoffrey Philpotts

Applied Fairness Theory: Reply pp. 1161-62

William Baumol

Rents and Pecuniary Externalities in Cost-Benefit Analysis: Comment pp. 1163-70

Yew-Kwang Ng

Rents and Pecuniary Externalities in Cost-Benefit Analysis: Reply pp. 1171-72

Edward Foster

Volume 73, issue 4, 1983

Credible Commitments: Using Hostages to Support Exchange pp. 519-40

Oliver Williamson

On Layoffs and Unemployment Insurance pp. 541-59

Robert Topel

The Origin of Predictable Behavior pp. 560-95

Ronald A Heiner

Preference Reversals: A Broader Perspective pp. 596-605

Paul Slovic and Sarah Lichtenstein

The Generalized Theory of Transfers and Welfare: Bilateral Transfers in a Multilateral World pp. 606-18

Jagdish N Bhagwati, Richard Brecher and Tatsuo Hatta

Fisher's Paradox and the Theory of Interest pp. 619-30

Jeffrey Carmichael and Peter W Stebbing

A Competitive Theory of Monopoly Unionism pp. 631-43

Edward Lazear

The Money Supply Announcements Puzzle: Review and Interpretation pp. 644-57

Bradford Cornell

Implicit Contracts in the Absence of Enforcement and Risk Aversion pp. 658-71

Clive Bull

Income Distribution, Lifetime Savings, and Bequests pp. 672-90

Paul Menchik and Martin David

The Economics of Invention Incentives: Patents, Prizes, and Research Contracts pp. 691-707

Brian Wright

Structural-Frictional vs. Deficient Demand Unemployment: Some New Evidence pp. 708-24

Katharine Abraham

The Economies of Massed Reserves pp. 725-34

James Mulligan

American Economic Growth and the Voyage of Columbus pp. 735-40

Randolph McAfee

Uncertain Innovation and the Persistence of Monopoly pp. 741-48

Jennifer Reinganum

Plea Bargaining and Social Welfare pp. 749-57

Gene Grossman and Michael Katz

Government Irrelevance Results: A Simple Exposition pp. 758-61

John Bryant

Expectations, Taxes, and Interest: The Search for the Darby Effect pp. 762-65

Robert Ayanian

The Impact of Minimum Wages on the Distributions of Earnings for Major Race-Sex Groups: A Dynamic Analysis pp. 766-78

Jere Behrman, Robin Sickles and Paul Taubman

The Price-Adjustment Process for Rental Housing and the Natural Vacancy Rate pp. 779-86

Kenneth T Rosen and Lawrence B Smith

On Commons and Tragedies pp. 787-92

Richard Cornes and Todd Sandler

Frameworks for Analyzing the Effects of Risk and Environmental Regulations on Productivity pp. 793-801

W Viscusi

Scale and Productivity Measurement under Risk pp. 802-05

Robert Chambers

Welfare Measurement in the Household Production Framework pp. 806-14

Nancy E Bockstael and Kenneth McConnell

Inventories and Sticky Prices: Note pp. 815-16

David P Schutte

Intrafirm Productivity: Comment [The Prisoners' Dilemma in the Visible Hand: An Analysis of Intrafirm Productivity] pp. 817-21

M. Shahid Alam

Intrafirm Productivity: Reply [The Prisoners' Dilemma in the Invisible Hand: An Analysis of Intrafirm Productivity] pp. 822-23

Harvey Leibenstein

The Neoclassical Maximization Hypothesis: Comment pp. 824-27

Bruce J Caldwell

The Neoclassical Maximization Hypothesis: Reply pp. 828-30

Lawrence Boland

Property Rights and X-Efficiency: Comment pp. 831-42

Harvey Leibenstein

Property Rights and X-Efficiency: Reply pp. 843-45

Louis De Alessi

Volume 73, issue 3, 1983

Nonmonetary Effects of the Financial Crisis in Propagation of the Great Depression pp. 257-76

Ben Bernanke

Union Wages, Temporary Layoffs, and Seniority pp. 277-90

Gene Grossman

Preliminary Evidence on the Use of Inputs by the Federal Reserve System pp. 291-304

William Shughart and Robert Tollison

Limited Information, Credit Rationing, and Optimal Government Lending Policy pp. 305-18

Bruce Smith

Effects of Interest Rates and Inflation on Aggregate Inventory Investment in the United States pp. 319-28

M A Akhtar

Competition and Unanimity Revisited pp. 329-39

Louis Makowski

Private Discrimination and Social Intervention in Competitive Labor Markets pp. 340-47

Shelly Lundberg and Richard Startz

The Liquidity Premium and the Solidity Premium pp. 348-61

Susan E Woodward

Expectations and Reputations in Bargaining: An Experimental Study pp. 362-72

Alvin Roth and Francoise Schoumaker

Asymmetric Price Rigidity and Inflationary Bias pp. 373-82

Timur Kuran

Why Interest Rates Rise When an Unexpectedly Large Money Stock Is Announced pp. 383-88

Donald Nichols, David H Small and Webster, Charles E,

Labor Market Contacts, Unanticipated Wages, and Employment Growth pp. 389-97

Ronald Warren

Tax Policy, the Interest Elasticity of Saving, and Capital Accumulation: Numerical Analysis of Theoretical Models pp. 398-410

Owen J Evans

Budget Constraint Prices as Preference Changing Parameters of Generalized Fechner-Thurstone Direct Utility Functions pp. 411-13

R L Basmann, D J Molina and Daniel Slottje

Stabilization Policy and Endogenous Wage Stickiness pp. 414-19

John McCallum

Liquidity Preference as Behavior toward Risk Is a Demand for Short-Term Securities-Not Money pp. 420-27

Winston Chang, Daniel Hamberg and Junichi Hirata

A Rationale for Preference Reversal pp. 428-32

Graham Loomes and Robert Sugden

Aggregate Consequences of Fixed Costs of Price Adjustment [Sticky Prices and Disequilibrium Adjustment in a Rational Model of the Inflationary Process] pp. 433-36

Julio Rotemberg

Taxes in a Life Cycle Growth Model with Bequests and Inheritances pp. 437-41

Laurence Seidman

Collateral in Credit Rationing in Markets with Imperfect Information: Note pp. 442-45

Hildegard C Wette

Labor Supply and Tax Rates: A Correction of the Record pp. 446-51

James Gwartney and Richard Stroup

Relative Risk Aversion in Comparative Statics pp. 452-53

Eliakim Katz

Existence of Consistent Conjectures: Comment pp. 454-56

Arthur Robson

Existence of Consistent Conjectures: Reply pp. 457-58

Timothy Bresnahan

The Economics of Superstars: Comment pp. 459

Peter Bowbrick

The Economics of Superstars: Reply pp. 460-62

Sherwin Rosen

Stock Returns, Real Activity, Inflation, and Money: Comment pp. 463-70

Rati Ram and David Spencer

Stock Returns, Real Activity, Inflation, and Money: Reply pp. 471-72

Eugene Fama

Currency Substitution and Instability in the World Dollar Standard: Comment pp. 473

Myron H Ross

Currency Substitution and Instability in the World Dollar Standard: Reply pp. 474-76

Ronald McKinnon and Kong-Yam Tan

The Short-Run Relation between Growth and Inflation in Latin America: Comment pp. 477-82

Sebastian Edwards

The Short-Run Relation between Growth and Inflation in Latin America: Reply pp. 483-85

James A Hanson

Contestable Markets: An Uprising in the Theory of Industry Structure: Comment pp. 486-87

Martin Weitzman

Contestable Markets: An Uprising in the Theory of Industry Structure: Comment pp. 488-90

Marius Schwartz and Robert J Reynolds

Contestable Markets: An Uprising in the Theory of Industry Structure: Reply pp. 491-96

William Baumol, John C Panzar and Robert Willig

The Choice of Discount Rates for Public Projects: Comment pp. 497-98

Jandhyala L Sharma

The Choice of Discount Rates for Public Projects: Reply pp. 499-500

Robert Mendelsohn

Expected Inflation and Interest Rates: Comment pp. 501-02

Vito Tanzi

Expected Inflation and Interest Rates: Reply pp. 503-06

Michael Melvin

Volume 73, issue 2, 1983

Monetary Policy and Economic Activity: Benefits and Costs of Monetarism pp. 1-12

Andrew F Brimmer

The Efficacy of Innovative Teaching Techniques in Economics: The U.K. Experience pp. 13-17

Keith G Lumsden and Alex Scott

Modeling Multiple Outputs in Educational Production Functions pp. 17-22

John F Chizmar and Thomas A Zak

Who Maximizes What? A Study in Student Time Allocation pp. 23-28

Robert M Schmidt

Mortality Rates, Mortality Events, and the Number of Births pp. 29-32

Randall J Olsen

Economic Analyses of the Spacing of Births pp. 33-37

John Newman

Consumer Demand and Household Production: The Relationship between Fertility and Child Mortality pp. 38-42

Mark Rosenzweig and T. Schultz

U.S. Monetary Policy and World Liquidity pp. 43-47

Thomas D Willett

Monetary Policy: Domestic Targets and International Constraints pp. 48-53

Jacob A Frenkel

Internationally Managed Moneys pp. 54-58

George von Furstenberg

Changes in Black Family Structure: Implications for Welfare Dependency pp. 59-64

William Darity and Myers, Samuel L,

Budget Cuts as Welfare Reform pp. 65-70

Sheldon Danziger

The Determinants of Investment: Another Look pp. 71-75

Ben Bernanke

Welfare Aspects of Current U.S. Corporate Taxation pp. 76-81

Alan Auerbach

National Savings and Economic Policy: The Efficacy of Investment vs. Savings Incentives pp. 82-87

Laurence Kotlikoff

The Process of Financial Innovation pp. 89-95

William L Silber

Policy Implications of Structural Changes in Financial Markets pp. 96-100

Edward Kane

Financial Innovation in Canada: Causes and Consequences pp. 101-06

Charles Freedman

An Entrepreneurial Problem pp. 107-11

Peter Kilby

Chinese Entrepreneurs in Southeast Asia pp. 112-17

Yuan-li Wu

The Levantines in Latin America pp. 118-22

William Glade

Women and Absenteeism: Health or Economics? pp. 123-27

Lynn Paringer

Women and the Use of Health Services pp. 128-33

Gail R Wilensky and Gail Lee Cafferata

Time Allocation, Market Work, and Changes in Female Health pp. 134-39

Barbara Wolfe and Robert Haveman

Long Waves and Technological Innovation pp. 141-45

Edwin Mansfield

Long Waves and Economic Growth: A Critical Appraisal pp. 146-51

Nathan Rosenberg and Claudio R Frischtak

Long Swings and the Nonreproductive Cycle pp. 152-57

David M Gordon, Thomas E Weisskopf and Samuel Bowles

On the Effects of Federal Aid pp. 159-63

George Tolley, Ronald Krumm and Jeffrey Sanders

Industrial Bases and City Sizes pp. 164-68

J. Vernon Henderson

Economists, Economics, and State Economic Policy pp. 169-71

Roger J Vaughan

Leading Issues of Fact and Theory pp. 173-77

Michael J Greenwood

International Migration Models and Policies pp. 178-82

Edwin P Reubens

Trade Theory, Distribution of Income, and Immigration pp. 183-87

Francisco Rivera-Batiz

Marginal vs. Average Cost Pricing in the Presence of a Public Monopoly pp. 189-93

Donald Brown and Geoffrey Heal

The Present Direction of the FCC: An Appraisal pp. 194-97

Nina W Cornell and Douglas W Webbink

The First Step in Bank Deregulation: What about the FDIC? pp. 198-203

John H Kareken

Technological Change and Market Structure: An Empirical Study pp. 205-09

Edwin Mansfield

R&D and Productivity Growth: Policy Studies and Issues pp. 210-14

Rolf Piekarz

R&D and Declining Productivity Growth pp. 215-18

F M Scherer

Is Unemployment a Macroeconomic Problem? pp. 219-22

Robert Hall

Microeconomic Developments and Macroeconomics pp. 223-27

Milton Harris and Bengt Holmstrom

Is There a Monetary Business Cycle? pp. 228-33

Christopher Sims

Changing Trends in World Food Production and Trade pp. 235-38

G Edward Schuh

Food Prospects for the Developing Countries pp. 239-43

John W Mellor

Food Prospects in the Developing Countries: A Qualified Optimistic View pp. 244-48

Malcolm D Bale and Ronald C Duncan

Labor Market Segmentation: To What Paradigm Does It Belong? pp. 249-53

Michael J Piore

Segmented Labor Markets in LDCs pp. 254-59

Dipak Mazumdar

The Internalization of Labor Markets: Causes and Consequences pp. 260-65

Bernard Elbaum

Raising Rivals' Costs pp. 267-71

Steven C Salop and David T Scheffman

The Welfare Effects of Intermittent Interruptions of Trade pp. 272-77

Glenn Loury

Information, Competition, and Markets pp. 278-83

Barry Nalebuff and Joseph Stiglitz

Budget Expansion and Cost Inflation pp. 285-90

Assar Lindbeck

The Interconnection between Public Expenditure and Inflation in Britain pp. 291-96

Walter Eltis

Money, Credit Constraints, and Economic Activity pp. 297-302

Alan Blinder and Joseph Stiglitz

Marx and the Iron Law of Wages pp. 303-08

William Baumol

The Classical Theory of Wages and the Role of Demand Schedules in the Determination of Relative Prices pp. 309-13

Pierangelo Garegnani

On the Interpretation of Ricardian Economics: The Assumption Regarding Wages pp. 314-18

Samuel Hollander

Price Adjustment, the Responsibility System, and Agricultural Productivity pp. 319-24

Thomas B Wiens

Economic Reforms and External Imbalance in China, 1978-81 pp. 325-28

Bruce L Reynolds

Enterprise-Level Reforms in Chinese State-Owned Industry pp. 329-32

William Byrd

'De-Skilling,' Skilled Commodities, and the NICs' Emerging Competitive Advantage pp. 333-37

Alice H Amsden

Linking Up to Distant Markets: South to North Exports of Manufactured Consumer Goods pp. 338-42

Donald B Keesing

New Theories of Trade among Industrial Countries pp. 343-47

Paul Krugman

Lender of Early Resort: The IMF and the Poorest pp. 349-53

G K Helleiner

On Seeking to Improve the IMF Conditionality pp. 354-58

John Williamson

Devaluation: A Critical Appraisal of the IMF's Policy Prescriptions pp. 359-63

Louka T Katseli

On Contracting with Publishers: Author's Information Updated pp. 365-81

Martin Shubik, Peggy Heim and William Baumol

Volume 73, issue 1, 1983

Commodities and Capital: Prices and Quantities pp. 1-16

Gardner Ackley

Why Do Companies Pay Dividends? pp. 17-30

Martin Feldstein and Jerry Green

Let's Take the Con Out of Econometrics pp. 31-43

Edward Leamer

Why Real Interest Rates Were So Low in the 1970's pp. 44-53

James A Wilcox

Loyalty Filters pp. 54-63

George Akerlof

Property Rights, Transaction Costs, and X-Efficiency: An Essay in Economic Theory pp. 64-81

Louis De Alessi

On the Misuse of Accounting Rates of Return to Infer Monopoly Profits pp. 82-97

Franklin M Fisher and John J McGowan

A Model of Housing Tenure Choice pp. 98-113

J. Vernon Henderson and Yannis Ioannides

On Divergence of Opinion and Imperfections in Capital Markets pp. 114-28

Joram Mayshar

An Essay on the Foundations of Friedman's Methodology pp. 129-44

Frazer, William J, and Lawrence Boland

Enlistments in the All-Volunteer Force: A Military Personnel Supply Model and Its Forecasts pp. 145-55

J Colin K Ash, Bernard Udis and Robert McNown

Working Capital Finance Considerations in a National Income Theory pp. 156-65

Douglas R Shaller

Substitution between Wage and Nonwage Benefits pp. 166-82

Stephen Woodbury

Exchange Risk, Political Risk, and Macroeconomic Equilibrium pp. 183-89

Jonathan Eaton and Stephen J Turnovsky

The Kennedy Round: Evidence on the Regulation of International Trade in the United States pp. 190-97

Howard P Marvel and Edward J Ray

The Rational Expectations Hypothesis in Retrospect pp. 198-203

Filippo Cesarano

The Distributional and Efficiency Effects of Increasing the Minimum Wage: A Simulation pp. 204-11

William Johnson and Edgar Browning

Social Security and Household Saving in an International Cross Section pp. 212-17

Erkki Koskela and Matti Viren

Price Controls in a Posted Offer Market pp. 218-21

Don L Coursey and Vernon Smith

Government Debt in an Overlapping-Generations Model with Bequests and Gifts pp. 222-27

John Burbidge

Optimal Investment under Uncertainty pp. 228-33

Andrew Abel

Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?: Comment pp. 234-35

Copeland, Basil L,

Do Stock Prices Move Too Much to Be Justified by Subsequent Changes in Dividends?: Reply pp. 236-37

Robert Shiller

Duopoly Models with Consistent Conjectures: Comment pp. 238-39

Daniel, Coldwell,

Duopoly Models with Consistent Conjectures: Reply pp. 240-41

Timothy Bresnahan

Theory of Screening and the Behavior of the Firm: Comment pp. 242-45

Shiro Yabushita

Alternative Approaches to Analyzing Markets with Asymmetric Information: Reply [The Theory of 'Screening,' Education, and the Distribution of Income] pp. 246-49

Joseph Stiglitz and Andrew Weiss

Product Differentiation Advantages of Pioneering Brands: Errata pp. 250

Richard Schmalensee

Inventory Investment and the Theory of the Firm: Errata pp. 251

Lanny Arvan and Leon N Moses