American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 71, issue 6, 1981

From Utopian Theory to Practical Applications: The Case of Econometrics pp. 1-16

Ragnar Frisch

The Use of Models: Experience and Prospects pp. 17-22

Jan Tinbergen

The Mainspring of Economic Growth pp. 23-29

John Hicks

Volume 71, issue 5, 1981

Identification and Estimation of Money Demand pp. 825-44

Thomas Cooley and Stephen LeRoy

The Economics of Superstars pp. 845-58

Sherwin Rosen

A Loanable Funds Theory of Unemployment and Monetary Disequilibrium pp. 859-79

Meir Kohn

Rawlsian Justice as the Core of a Game pp. 880-95

Roger E Howe and John Roemer

Wage Bargaining and Employment pp. 896-908

Ian McDonald and Robert Solow

The Decline in Aggregate Share Values: Taxation, Valuation Errors, Risk and Profitability pp. 909-22

Patric H Hendershott

Spatial Nonlinear Pricing pp. 923-33

Daniel Spulber

Duopoly Models with Consistent Conjectures pp. 934-45

Timothy Bresnahan

A Reexamination of Natural Rate Theory pp. 946-60

Costas Azariadis

Perceived and Expected Rates of Inflation in Sweden pp. 961-68

Lars Jonung

Unemployment and Real Interest Rates: Econometric Testing of Inflation Neutrality pp. 969-77

Richard Startz

The Simple Analytics of Neo-Ricardian Growth and Distribution pp. 978-93

William Darity

Productivity Growth, Scale Economies, and Capacity Utilization in U.S. Railroads, 1955-74 pp. 994-1002

Douglas W Caves, Laurits R Christensen and Joseph A Swanson

An Experience-Weighted Measure of Employment and Unemployment Durations pp. 1003-11

George Akerlof and Brian G M Main

William Jaffe, Historian of Economic Thought, 1898-1980 pp. 1012-19

Donald A Walker

Sticky Prices and Disequilibrium Adjustment in a Rational Model of the Inflationary Process pp. 1020-27

Michael Mussa

The Private and Social Utility of Extortion pp. 1028-30

John A C Conybeare

On the Futility of Criticizing the Neoclassical Maximization Hypothesis pp. 1031-36

Lawrence Boland

Cross-Section Tests of the Heckscher-Ohlin Theorem: Comment [Factor Abundance and Comparative Advantage] pp. 1037-39

James Anderson

Cross-Section Tests of the Heckscher-Ohlin Theorem: Comment [Factor Abundance and Comparative Advantage] pp. 1040-43

Edward Leamer and Harry Bowen

Cross-Section Tests of the Heckscher-Ohlin Theorem: Reply [Factor Abundance and Comparative Advantage] pp. 1044-48

Jon Harkness

Do Union Members Receive Compensating Wage Differentials? Note pp. 1049-55

Duane E Leigh

An Economic Model of Teaching Effectiveness pp. 1056-59

Tony Lima

On the Mark: Comment [On the Mark: A Theory of Floating Exchange Rates Based on Real Interest Differential] pp. 1060-67

Stephen E Haynes and Joe A Stone

On the Mark: Comment [On the Mark: A Theory of Floating Exchange Rates Based on Real Interest Differential] pp. 1068-74

Robert Driskill and Steven M Sheffrin

On the Mark: Reply [On the Mark: A Theory of Floating Exchange Rates Based on Real Interest Differential] pp. 1075-82

Jeffrey Frankel

Subsidy-Free Prices and Anonymous Equity [Cross-Subsidization: Pricing in Public Enterprises] pp. 1083-91

Gerald R Faulhaber and Stephen B Levinson

Metzler on Classical Interest Theory: Comment pp. 1092-93

Syed Ahmad

Metzler on Classical Interest Theory: Comment pp. 1094-95

Meir Kohn

Metzler on Classical Interest Theory: Reply pp. 1096-97

John H Wood

Tariffs as a Means of Altering Trade Patterns pp. 1098-99

William J Rieber

Engineering and Econometric Interpretations of Energy-Capital Complementarity: Comment pp. 1100-1104

James M Griffin

Engineering and Econometric Interpretations of Energy-Capital Complementarity: Reply and Further Results pp. 1105-10

Ernst R Berndt and David O Wood

Basic Research and Productivity Increase in Manufacturing: Additional Evidence pp. 1111-12

Albert Link

Volume 71, issue 4, 1981

Capital Taxation and Accumulation in a Life Cycle Growth Model pp. 533-44

Lawrence H Summers

Stock Returns, Real Activity, Inflation, and Money pp. 545-65

Eugene Fama

Partial Adjustment in the Demand for Money: Theory and Empirics pp. 566-78

Anthony M Santomero and John J Seater

Bargaining under Uncertainty pp. 579-90

W. Craig Riddell

A Search Model of Real Estate Broker Behavior pp. 591-605

John Yinger

Agency, Earnings Profiles, Productivity, and Hours Restrictions pp. 606-20

Edward Lazear

Income-Leisure Tradeoffs of Animal Workers pp. 621-32

Raymond Battalio, Leonard Green and John Kagel

Retail Inventory Investment and the Cost of Capital pp. 633-48

Irvine, F Owen,

Dynamic Programming Models of Fishing: Competition pp. 649-61

David Levhari, Ron Michener and Leonard Mirman

Exact Consumer's Surplus and Deadweight Loss pp. 662-76

Jerry A Hausman

Corporate Tax Integration in the United States: A General Equilibrium Approach pp. 677-91

Fullerton, Don, et al

Income Maintenance Schemes under Wage-Rate Uncertainty pp. 692-703

Frank Cowell

Is Unilateral Tariff Reduction Preferable to a Customs Union? The Curious Case of the Missing Foreign Tariffs pp. 704-14

Paul Wonnacott and Ronald Wonnacott

Cost-Benefit Analysis under Uncertainty pp. 715-25

Daniel A Graham

The Optimal Tariff in the Antebellum United States pp. 726-34

John James

A Theory and Test of Credit Rationing: Some Further Results pp. 735-37

Enrique Arzac, Robert A Schwartz and David K Whitcomb

The Welfare Effects of Market Shapes in the Loschian Location Model: Squares vs. Hexagons [The Non-Uniqueness of Equilibrium in the Loschian Location Model] pp. 738-46

William L Holahan and Richard E Schuler

Job Search and Vacancy Contacts: Note pp. 747-52

John Barron and Otis W Gilley

Hedging and the Competitive Labor-Managed Firm under Price Uncertainty [Hedging and the Competitive Firm under Price Uncertainty] pp. 753-57

John D Hey

Competitive Equilibria in Uniform Delivered Pricing Models pp. 758-63

Timothy Gronberg and Jack Meyer

A Note on Estimating Treatment Effects [The Estimation of Labor Supply Models Using Experimental Data] pp. 764-69

Peter Gottschalk

The General Nonneutrality of Income and Consumption Taxes: Comment [A Simple Neutrality Result for Movements between Income and Consumption Taxes] pp. 770-72

J Gregory Ballentine

The General Nonneutrality of Income and Consumption Taxes: Reply [A Simple Neutrality Result for Movements between Income and Consumption Taxes] pp. 773

John Whalley

Keynesian Balance of Payments Models: Comment [On the Almost Total Inadequacy of Keynesian Balance-of-Payments Theory] pp. 774-77

Alan Deardorff

Keynesian Balance of Payments Models: Comment [On the Almost Total Inadequacy of Keynesian Balance-of-Payments Theory] pp. 778-83

Norman C Miller

Keynesian Balance of Payments Models: Comment [On the Almost Total Inadequacy of Keynesian Balance-of-Payments Theory] pp. 784-95

Willem Buiter and Jonathan Eaton

The Output Distribution Frontier: Comment pp. 796-99

Donald Keenan and Paul Rubin

The Output Distribution Frontier: Reply pp. 800

William Baumol and Dietrich Fischer

Estimation with Correctly Interpreted Dummy Variables in Semilogarithmic Equations [The Interpretation of Dummy Variables in Semilogarithmic Equations] pp. 801

Peter Kennedy

Volume 71, issue 3, 1981

A Modigliani-Miller Theorem for Open-Market Operations pp. 267-74

Neil Wallace

Self-Selection in the Labor Market pp. 275-84

J Luis Guasch and Andrew Weiss

The Effect of Changes in the Population on Several Measures of Income Distribution pp. 285-94

Samuel A Morley

Are Market Forecasts Rational? pp. 295-306

Frederic Mishkin

On the Usefulness of Controlling Individuals: An Economic Analysis of Rehabilitation, Incapacitation, and Deterrence pp. 307-22

Isaac Ehrlich

The Future Price of Houses, Mortgage Market Conditions, and the Returns to Homeownership pp. 323-33

Susan I Ranney

Vertical Integration: Does Product Price Rise or Fall? pp. 334-46

Fred M Westfield

A Theory of Monopoly Pricing Schemes with Demand Uncertainty pp. 347-65

Milton Harris and Artur Raviv

A Pure Theory of Strategic Behavior and Social Institutions pp. 366-80

Earl A Thompson and Roger L Faith

Optimal Auctions pp. 381-92

John Riley and William F Samuelson

Credit Rationing in Markets with Imperfect Information pp. 393-410

Joseph Stiglitz and Andrew Weiss

The Generational Optimum Economy: Extracting Monopoly Gains from Posterity through Taxation of Capital pp. 411-20

Lawrence D Krohn

Do Stock Prices Move Too Much to be Justified by Subsequent Changes in Dividends? pp. 421-36

Robert J Shiller

Adoption of Cost-Saving Innovations by a Regulated Firm pp. 437-47

George Sweeney

Price Controls and the Behavior of Auction Markets: An Experimental Examination pp. 448-59

R. Isaac and Charles Plott

A Monetary Approach to the Balance of Trade pp. 460-66

Gary A Craig

On Nonbinding Price Controls in a Competitive Market pp. 467-74

Vernon L Smith and Arlington Williams

Firm-Specific Human Capital as a Shared Investment pp. 475-82

Masanori Hashimoto

Fixed Wages, Layoffs, Unemployment Compensation, and Welfare: Note pp. 483-84

Herschel Grossman and Kenneth Happy

The Technology of Risk and Return: Comment pp. 485-90

Christopher James

The Technology of Risk and Return: Reply pp. 491-92

Edward Greenberg, William J Marshall and Jess B Yawitz

Ownership Arrangements and Congestion-Prone Facilities pp. 493-502

David Mills

Capacity, Output, and Sequential Entry pp. 503-14

Daniel Spulber

Multinational Firms and the Theory of International Trade and Investment: A Correction and a Stronger Conclusion pp. 515-16

A Wahhab Khandker

A Model of Sales: Errata pp. 517

Hal Varian

Volume 71, issue 2, 1981

Economics and Political Economy pp. 1-10

Robbins, Lionel [Lord]

Inventories and the Structure of Macro Models pp. 11-16

Alan Blinder

Investment in Finished Goods Inventories: An Analysis of Adjustment Speeds pp. 17-22

Louis Maccini and Robert Rossana

Merchant Wholesaler Inventory Investment and the Cost of Capital pp. 23-29

Irvine, F Owen,

Capital-Labor Conflict and the Productivity Slowdown pp. 30-35

David M Gordon

Industrial Conflict and Its Implications for Productivity Growth pp. 36-41

Michele I Naples

A Conflict Theory Approach to Inflation in the Postwar U.S. Economy pp. 42-47

Sam Rosenberg and Thomas E Weisskopf

Capacity Utilization Measures: Underlying Economic Theory and an Alternative Approach pp. 48-52

Ernst R Berndt and Catherine Morrison Paul

Stochastic Equilibrium and Capacity Utilization pp. 53-57

Arthur De Vany and N G Frey

Long-Run Changes in the Workweek of Fixed Capital pp. 58-63

Murray F Foss

Slack Capacity: Productive or Wasteful? pp. 64-69

Walter Oi

Female Labor Supply in the Context of Inflation pp. 70-75

Beth T Niemi and Cynthia B Lloyd

A Time-Series Analysis of Women's Labor Force Participation pp. 76-80

June O'Neill

The Economic Risks of Being a Housewife pp. 81-86

Barbara Bergmann

The Roles of Jurisdictional Competition and of Collective Choice Institutions in the Market for Local Public Goods pp. 87-92

Dennis Epple and Allan Zelenitz

On Local Finance and the Tiebout Model pp. 93-98

Wallace Oates

Capitalization and the Median Voter pp. 99-103

John Yinger

Antitrust Standards and Railway Freight Pricing: New Round in an Old Debate pp. 104-09

John C Spychalski

The Nature, Effectiveness, and Importance of Motor Common Carrier Service Obligations pp. 110-15

Benjamin J Allen

The Role of the Interstate Commerce Commission in the 1980's pp. 116-21

John Guandolo

Is Equal Opportunity Enough? pp. 122-26

Glenn Loury

Affirmative Action and Its Enforcement pp. 127-33

Finis Welch

Monetarist Principles and the Money Stock Growth Rule pp. 134-38

Bennett McCallum

Monetarist, Keynesian, and New Classical Economics pp. 139-44

Jerome L Stein

Stabilization, Accommodation, and Monetary Rules pp. 145-49

John Taylor

What Is Left of the Multiplier Accelerator? pp. 150-54

Olivier Blanchard

Bankruptcy, Liquidity, and Recession pp. 155-59

Ben Bernanke

Estimated Effects of the Oct. 1979 Change in Monetary Policy on the 1980 Economy pp. 160-65

Ray Fair

The Allocation of Landing Rights by Unanimity among Competitors pp. 166-71

David Grether, R. Isaac and Charles Plott

Investment Decisions with Economies of Scale and Learning pp. 172-77

Richard Gilbert and Richard G Harris

Contestability and the Design of Regulatory and Antitrust Policy pp. 178-83

Elizabeth Bailey

Potential Competition May Reduce Welfare pp. 184-89

Joseph Stiglitz

The Revised Test of Understanding College Economics pp. 190-94

Phillip Saunders, Rendigs Fels and Arthur L Welsh

Specification and Development of New Pre-College Tests: BET and TEL pp. 195-99

John F Chizmar and John C Soper

Social Welfare Dominance pp. 200-204

Robert Willig

Arbitration and Conflict Resolution in Labor-Management Bargaining pp. 205-10

Vincent Crawford

Estimation and Control of Rational Expectations Models pp. 211-16

Gregory Chow

Capital Mobility and Devaluation in an Optimizing Model with Rational Expectations pp. 217-21

Maurice Obstfeld

The Determinants of the Variability of Stock Market Prices pp. 222-27

Sanford Grossman and Robert J Shiller

What Do We Know about Benefits of Reduced Mortality from Air Pollution Control? pp. 228-34

Shelby Gerking and William Schulze

Measuring the Benefits from Reduced Morbidity pp. 235-40

Maureen Cropper

Valuing Health Risk pp. 241-45

Sherwin Rosen

Federal Reserve System Implementation of Monetary Policy: Analytical Foundations of the New Approach pp. 246-52

Stephen H Axilrod and David E Lindsey

Monetary and Fiscal Policies in an Open Economy pp. 253-58

Jacob A Frenkel and Michael Mussa

Rational Expectations and the Conduct of Monetary Policy pp. 259-67

Andrew F Brimmer and Allen Sinai

Economies of Scope pp. 268-72

John C Panzar and Robert Willig

Sustainability and the Entry Process pp. 273-77

Kenneth C Baseman

On the Political Sustainability of Taxes pp. 278-82

Janusz A Ordover and Andrew Schotter

U.S. Incomes Policies in the 1970's-Underlying Assumptions, Objectives, Results pp. 283-87

D Quinn Mills

Government Intervention in the Inflation Process: The Econometrics of "Self-Inflicted Wounds" pp. 288-94

Jon Frye and Robert Gordon

Equity and Tradeoffs in a Tax-Based Incomes Policy pp. 295-300

Laurence S Seidman

Implicit Contracts, Moral Hazard, and Unemployment pp. 301-07

Sanford Grossman and Oliver D Hart

Contractual Models of the Labor Market pp. 308-13

Bengt Holmstrom

Technical Change, Returns to Scale, and the Productivity Slowdown pp. 314-19

M Ishaq Nadiri and M A Schankerman

Public Regulations and the Slowdown in Productivity Growth pp. 320-25

Gregory B Christainsen and Robert H Haveman

The Productivity Growth Slowdown and Capital Accumulation pp. 326-31

Martin Neil Baily

Cultivation of Taste, Catastrophe Theory, and the Demand for Works of Art pp. 332-34

Roger McCain

Economic Theory and the Positive Economics of Arts Financing pp. 335-40

Bruce A Seaman

Supply Decisions of Professional Artists pp. 341-46

Leslie P Singer

Revenue Implications of Money Creation under Leviathan pp. 347-51

Geoffrey Brennan and James Buchanan

Inflation, Bank Profits, and Government Seigniorage pp. 352-55

Jeremy J Siegel

Who Should Control the Money Supply? pp. 356-61

Earl A Thompson

The Inflation Process: Where Conventional Theory Falters pp. 362-67

James W Dean

The Inflation Process: A Micro-Behavioral Analysis pp. 368-73

Harvey Leibenstein

Increasing Unemployment and Changing Labor Market Expectations among Black Male Teenagers pp. 374-78

Laurence C Morse

Federal Minimum Wage Laws and the Employment of Minority Youth pp. 379-84

Charles L Betsey and Bruce H Dunson

Market Structure and Concentration in the Regulated Trucking Industry pp. 385-88

Russell C Cherry and Carl Backman

Price Distortions and Second Best Investment Rules in the Transportation Industries pp. 389-93

Ann F Friedlaender

Railroad Regulation, Deregulation, and Workable Competition pp. 394-98

Richard C Levin

Information and the Law: Evaluating Legal Restrictions on Competitive Contracts pp. 399-404

Janusz Ordover and Andrew Weiss

The Economics of Privacy pp. 405-09

Richard Posner

Information Remedies for Consumer Protection pp. 410-13

Howard Beales, Richard Craswell and Steven Salop

A Note on Efficiency vs. Distributional Equity in Legal Rulemaking: Should Distributional Equity Matter Given Optimal Income Taxation? pp. 414-18

Steven Shavell

Inflation and the Tax Treatment of Firm Behavior pp. 419-23

Alan Auerbach

Private Pensions and Inflation pp. 424-28

Martin Feldstein

Inflation, the Stock Market, and Owner-Occupied Housing pp. 429-34

Lawrence H Summers

Volume 71, issue 1, 1981

Welfare Quandaries and Productivity Concerns pp. 1-17

Moses Abramovitz

Competition and Unanimity pp. 18-27

Harry DeAngelo

The Homogenization of Heterogeneous Inputs pp. 28-38

James Buchanan and Robert Tollison

Bank Regulation and Macro-Economic Stability pp. 39-53

Anthony M Santomero and Jeremy J Siegel

The Economics of Risks to Life pp. 54-64

W B Arthur

Two-Part Tariffs and Optimum Taxation: The Case of Railway Rates pp. 65-79

Sylvester Damus

Workmen's Compensation and Occupational Safety under Imperfect Information pp. 80-93

Samuel Rea

Black-White Human Capital Differences: Impact on Agricultural Productivity in the U.S. South pp. 94-107

Wallace E Huffman

Control and Decontrol of Wages in the United States: An Empirical Analysis pp. 108-20

Frank Reid

The Duration of Unemployment and Unexpected Inflation: An Empirical Analysis pp. 121-31

Anders Bjorklund and Bertil Holmlund

Output, the Stock Market, and Interest Rates pp. 132-43

Olivier Blanchard

Deregulation and Oligopolistic Price-Quality Rivalry pp. 144-54

James H Vander Weide and Julie H Zalkind

Bankruptcy, Limited Liability, and the Modigliani-Miller Theorem pp. 155-70

Martin F Hellwig

The Treatment of Rents in Cost-Benefit Analysis pp. 171-78

Edward Foster

Cartel Problems: Note pp. 179-81

Robert Rothschild

A Risk-Return Model with Risk and Return Measured as Deviations from a Target Return pp. 182-88

Duncan M Holthausen

Sweepstakes Contests: Analysis, Strategies, and Survey pp. 189-95

Selby, Edward B, and William Beranek

A Monopoly Model of Public Goods Provision: The Uniform Pricing Case pp. 196-206

Geoffrey Brennan and Cliff Walsh

Competitive Production and Increases in Risk pp. 207-11

Steven A Lippman and John J McCall

Price Regulation, Product Quality, and Asymmetric Information pp. 212-20

David P Baron

Variable Returns to Scale in Production and Patterns of Specialization pp. 221-30

Arvind Panagariya

Dynamic Models of Portfolio Behavior: A General Integrated Model Incorporating Sequencing Effects [Dynamic Models of Portfolio Behavior: More on Pitfalls in Financial Model Building] pp. 231-38

Dorian Owen

The Choice of Discount Rates for Public Projects pp. 239-41

Robert Mendelsohn

Output and Welfare Implications of Monopolistic Third-Degree Price Discrimination pp. 242-47

Richard Schmalensee

An Explanation for the Correlation of Stocks of Nonhuman Capital with Investment in Human Capital pp. 248-55

John Graham

Managed Float: An Evaluation of Alternative Rules in the Presence of Speculative Capital Flows pp. 256-60

Carlos Rodríguez