American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 67, issue 5, 1977

On the Proper Cost Tests for Natural Monopoly in a Multiproduct Industry pp. 809-22

William Baumol

Comparative Advantage, Trade, and Payments in a Ricardian Model with a Continuum of Goods pp. 823-39

Rüdiger Dornbusch, Stanley Fischer and Paul Samuelson

Demand for International Media of Exchange pp. 840-50

K Alec Chrystal

Structural Expectations and the Effectiveness of Government Policy in a Short-Run Macroeconomic Model pp. 851-66

Stephen J Turnovsky

Public Services, Private Substitutes, and the Demand for Protection against Crime pp. 867-77

Charles Clotfelter

Reswitching, Wicksell Effects, and the Neoclassical Production Function pp. 878-88

David Laibman and Edward J Nell

Distributional Neutrality and Optimal Commodity Taxation pp. 889-98

David Wildasin

Involuntary Saving through Unanticipated Inflation pp. 899-910

Angus Deaton

Price Behavior in U.S. Manufacturing: An Empirical Analysis of the Speed of Adjustment pp. 911-25

Leonard Sahling

Relative Earnings Mobility in the United States pp. 926-41

Brad Schiller

How Far Can We Push the "Law of One Price"? pp. 942-48

Peter Isard

Education and Screening pp. 949-58

Kenneth I Wolpin

Trade as Aid: The Political Economy of Tariff Preferences for Developing Countries pp. 959-67

Rachel McCulloch and Jose Pinera

The Regulated Firm with a Fixed Proportion Production Function pp. 968-71

Thomas E Kennedy

Intergenerational Equity and the Investing of Rents from Exhaustible Resources pp. 972-74

John Hartwick

Tariffs vs. Quotas as Revenue Raising Devices under Uncertainty pp. 975-81

Partha Dasgupta and Joseph Stiglitz

Land and Zoning in an Urban Economy: Further Results pp. 982-86

Elhanan Helpman and David Pines

Pareto-Desirable Redistribution in Kind: An Impossibility Theorem pp. 987-90

Geoffrey Brennan and Cliff Walsh

Comparing Utility Functions in Efficiency Terms or, What Kind of Utility Functions Do We Want? pp. 991-95

Burton A Weisbrod

The Value of Time in Consumption and Residential Location in an Urban Setting pp. 996-1003

Oded Hochman and Haim Ofek

Labor Supply and the Payroll Tax: Note pp. 1004-05

Robert Moffitt

Peak Load Pricing with Stochastic Demand pp. 1006-10

Dennis Carlton

Search in the Labor Market and the Duration of Unemployment: Note pp. 1011-13

Robert Feinberg

Volume 67, issue 4, 1977

A Monetary Model of Exchange Market Pressure Applied to the Postwar Canadian Experience pp. 537-48

Lance Girton and Don Roper

Hedonic Wage Equations and Psychic Wages in the Returns to Schooling pp. 549-58

Robert Lucas

Homothetic and Non-Homothetic CES Production Functions pp. 559-69

Ryuzo Sato

Who Benefits from Economic Development?-A Reexamination of Brazilian Growth in the 1960's pp. 570-82

Gary Fields

Product Quality, Uncertainty, and Regulation: The Trucking Industry pp. 583-94

Arthur S De Vany and Thomas R Saving

An Empirical Inquiry on the Short-Run Dynamics of Output and Prices pp. 595-609

Roque Fernández

Stigler, Kindahl, and Means on Administered Prices pp. 610-19

Leonard W Weiss

Income and Urban Residence: An Analysis of Consumer Demand for Location pp. 620-31

William C Wheaton

On Donor Sovereignty and United Charities pp. 632-38

Franklin M Fisher

Do Schools Make a Difference? pp. 639-52

Anita A Summers and Barbara Wolfe

The Forward Exchange Rate, Expectations, and the Demand for Money: The German Hyperinflation pp. 653-70

Jacob A Frenkel

Budget Displacement Effects of Inflationary Finance pp. 671-82

Jerry Green and Eytan Sheshinski

Job Search, Labor Supply, and the Quit Decision: Theory and Evidence pp. 683-91

John Barron and Stephen McCafferty

Faculty Skills and the Salary Structure in Academe: A Market Perspective pp. 692-702

Howard P Tuckman, James H Gapinski and Robert P Hagemann

Health, Family Structure, and Labor Supply pp. 703-12

Donald Parsons

Trade Creation and Trade Diversion in the Council of Mutual Economic Assistance: 1954-70 pp. 713-22

Joseph Pelzman

Two-Sector Aggregative Models and the Investment Demand Function pp. 723-27

Geoffrey Woglom

Some International Evidence on Output-Inflation Tradeoffs: Comment pp. 728-30

Marcelle Arak

Some International Evidence on Output-Inflation Tradeoffs: Reply pp. 731

Robert Lucas

The Price Equation: A Cross-Sectional Approach pp. 732-40

Ronald P Wilder, C Glyn Williams and Davinder Singh

Unemployment, Inflation, and Monetarism: A Further Analysis pp. 741-46

Robert Van Order

Measurement of Tax Progressivity pp. 747-52

Daniel B Suits

On the Optimal Size of Underpriced Facilities pp. 753-60

Richard C Porter

Welfare-Maximizing Price and Output with Stochastic Demand: Note pp. 761-63

Per Andersen

Equilibrium Concepts in the Theory of Public Goods pp. 764-65

Bruce N Angier and Thomas S McCaleb

Multiperiod Consumption-Investment Decisions: Further Comments pp. 766-67

William T Ziemba

On the Theory of the Competitive Firm under Price Uncertainty: Note pp. 768-69

Yasunori Ishii

Externalities in a Regulated Industry: The Aircraft Noise Problem pp. 770-74

Jerold B Muskin and John Sorrentino

Volume 67, issue 3, 1977

Concepts of Optimality and Their Uses pp. 261-74

Tjalling Koopmans

Explaining the Relative Efficiency of Slave Agriculture in the Antebellum South pp. 275-96

Robert Fogel and Stanley L Engerman

Monopolistic Competition and Optimum Product Diversity pp. 297-308

Avinash Dixit and Joseph Stiglitz

Vertical Control by Labor Unions pp. 309-22

Frederick R Warren-Boulton

Black-White Male Wage Ratios: 1960-70 pp. 323-38

James Smith and Finis Welch

Tax Credits for Employment Rather Than Investment pp. 339-49

Jonathan R Kesselman, Samuel H Williamson and Ernst R Berndt

Weak Invisible Hand Theorems on the Sustainability of Multiproduct Natural Monopoly pp. 350-65

William Baumol, Elizabeth Bailey and Robert Willig

Risk and the Theory of Indexed Bonds pp. 366-75

Nissan Liviatan and David Levhari

American Taxation of Multinational Firms pp. 376-89

Thomas Horst

Inflationary Finance and the Dynamics of Inflation: Indonesia, 1951-72 pp. 390-403

Bijan B Aghevli and Mohsin Khan

The Use of Approximation Analysis to Test for Separability and the Existence of Consistent Aggregates pp. 404-18

Michael Denny and Melvyn A Fuss

The Short-Run Dynamics of Prices and the Balance of Payments pp. 419-28

Mario I Blejer

Measuring the Expected Real Rate of Interest: An Exploration of Macroeconomic Alternatives pp. 429-44

J Walter Elliott

The Deterrent Effect of Capital Punishment: Another View pp. 445-51

Peter Passell and John Taylor

The Deterrent Effect of Capital Punishment: Reply pp. 452-58

Isaac Ehrlich

The Coase Proposition, Information Constraints, and Long-Run Equilibrium: Comment pp. 459-61

Henry B Hansmann

The Coase Proposition, Information Constraints, and Long-Run Equilibrium: Reply pp. 462-63

William D Schulze and Ralph d'Arge

Nontraded Goods, Factor Market Distortions, and the Gains from Trade: Comment pp. 464-66

Hiroshi Ono

Nontraded Goods, Factor Market Distortions, and the Gains from Trade: Reply pp. 467-68

Raveendra N Batra

Short-Term Interest Rates as Predictors of Inflation: Comment pp. 469-75

John Carlson

Short-Term Interest Rates as Predictors of Inflation: Comment pp. 476-77

Douglas Joines

Short-Term Interest Rates as Predictors of Inflation: On Testing the Hypothesis That the Real Rate of Interest is Constant pp. 478-86

Charles Nelson and G. Schwert

Interest Rates and Inflation: The Message in the Entrails pp. 487-96

Eugene Fama

The Measurement and Trend of Inequality: Comment pp. 497-501

Eric R Nelson

The Measurement and Trend of Inequality: Comment pp. 502-04

William Johnson

The Measurement and Trend of Inequality: Comment pp. 505-12

Sheldon Danziger, Robert Haveman and Eugene Smolensky

The Measurement and Trend of Inequality: Comment pp. 513-16

Joseph J Minarik

The Measurement and Trend of Inequality: Comment pp. 517-19

C John Kurien

The Measurement and Trend of Inequality: Reply pp. 520-31

Morton Paglin

Volume 67, issue 2, 1977

The Monetarist Controversy or, Should We Forsake Stabilization Policies? pp. 1-19

Franco Modigliani

Should Government Subsidize Risky Private Projects? pp. 20-28

Joram Mayshar

"Strategic" Wage Goods, Prices, and Inequality pp. 29-41

Jeffrey Williamson

Inequality: Earnings vs. Human Wealth pp. 42-53

Lee Lillard

Devaluation and Portfolio Balance pp. 54-63

Russell Boyer

Price Dependent Preferences pp. 64-75

Robert Pollak

De Gustibus Non Est Disputandum pp. 76-90

George Stigler and Gary Becker

Constant-Utility Index Numbers of Real Wages pp. 91-100

John Pencavel

Unanticipated Money Growth and Unemployment in the United States pp. 101-15

Robert Barro

Mean-Risk Analysis with Risk Associated with Below-Target Returns pp. 116-26

Peter C Fishburn

Quality Choice and Competition pp. 127-37

Hayne Leland

Residential Decentralization, Land Rents, and the Benefits of Urban Transportation Investment pp. 138-43

William C Wheaton

A Bid-Rent Analysis of Housing Market Discrimination pp. 144-55

George Galster

Intertemporal Utility Maximization and the Timing of Transactions pp. 156-65

Peter Howitt

Did the 1968 Surcharge Really Work? Comment pp. 166-69

Arthur M Okun

Did the 1968 Surcharge Really Work? Reply pp. 170-72

William L Springer

Local vs. National Pollution Control: Note pp. 173-75

Fredric Menz and Jon R Miller

Environment-Externalizing the Internalities? pp. 176-78

Abba P Lerner

Market Structure and Product Varieties pp. 179-82

Lawrence White

Import Demand and Export Supply: An Aggregation Theorem pp. 183-87

Ronald Jones and Eitan Berglas

A Note on the Arrow-Lind Theorem pp. 188-93

L P Foldes and Ray Rees

On Returns to Scale and the Stability of Competitive Equilibrium pp. 194-98

Gérard Gaudet

The Earnings and Promotion of Women Faculty: Comment pp. 199-206

Stephen Farber

The Earnings and Promotion of Women Faculty: Comment pp. 207-13

Myra H Strober and Aline O Quester

The Earnings and Promotion of Women Faculty: Reply pp. 214-17

George Johnson and Frank Stafford

On the Length of Spells of Unemployment in Sweden: Comment pp. 218-21

Roger Axelsson, Bertil Holmlund and Karl-Gustaf Lofgren

On the Length of Spells of Unemployment in Sweden: Reply pp. 222-24

Nancy Smith Barrett

Earnings, Productivity, and Changes in Employment Discrimination during the 1960's: Additional Evidence pp. 225-27

James E Long

Excess Demand, Search, and Price Dynamics pp. 228-35

Stephen McCafferty

Firm-Specific Evidence on Racial Wage Differentials and Workforce Segregation pp. 236-45

Robert Higgs

A Note on Short-Run Asset Effects on Household Saving and Consumption pp. 246-48

Frederic Mishkin

Firm Output and Changes in Uncertainty pp. 249-51

Donald V Coes

Academic Achievement and Job Performance: Note pp. 252-54

Edward Lazear

Volume 67, issue 1, 1977

Two Centuries of Economic Growth: Reflections on U.S. Experience pp. 1-14

Simon Kuznets

What Difference Did the Beginning Make? pp. 15-20

J R T Hughes

American Technology: Imported or Indigenous? pp. 21-26

Nathan Rosenberg

Human Capital in the First 80 Years of the Republic: How Much Did America Owe the Rest of the World? pp. 27-31

Robert E Gallman

Adam Smith on Human Capital pp. 32-36

Joseph J Spengler

Smith and Ricardo: Aspects of the Nineteenth-Century Legacy pp. 37-41

Samuel Hollander

A Modern Theorist's Vindication of Adam Smith pp. 42-49

Paul Samuelson

National Economic Planning: The U.S. Case pp. 50-54

Richard A Musgrave

Market and Plan; Plan and Market: The Case of Yugoslavia pp. 55-60

Deborah D Milenkovitch

Market and Plan; Plan and Market: The Soviet Case pp. 61-66

Aron Katsenelinboigen and Herbert S Levine

Market and Plan; Plan and Market: Discussion pp. 67-68

Paul M Sweezy

Market and Plan; Plan and Market: Discussion pp. 68-70

Gary Fromm

On International Comparisons of Inequality pp. 71-75

Graham Pyatt

Entrepreneurship, Social Mobility, and Income Redistribution in South India pp. 76-80

E Wayne Nafziger

Information Costs, Corporate Hierarchies, and Earnings Inequality pp. 81-85

Christopher K Clague

Financing Public Higher Education pp. 86-89

Walter Adams

The Benefits and Burdens of Federal Financial Assistance to Higher Education pp. 90-95

Earl F Cheit

Economic Problems Confronting Higher Education: An Institutional Perspective pp. 96-100

William G Bowen

What Economics Is Most Important to Teach: The Hansen Committee Report pp. 101-04

Rendigs Fels

Teaching Principles of Economics: The Joint Council Experimental Economics Course Project pp. 105-09

Allen C Kelly

Capital Shortage: Myth and Reality pp. 110-15

Robert Eisner

Does the United States Save too Little? pp. 116-21

Martin Feldstein

Some Reflections on Capital Requirements for 1980 pp. 122-27

Beatrice N Vaccara

The Theory of Domestic Inflation pp. 128-34

Robert Gordon

Measuring Prices-and Wages pp. 135-40

Jack E Triplett

An Integrated Model of Final and Intermediate Demand by Stage of Process: A Progress Report pp. 141-47

Joel Popkin

The Explanation of Inflation: Some International Evidence pp. 148-54

Karl Brunner and Allan Meltzer

Export Prices and the Transmission of Inflation pp. 155-63

Irving B Kravis and Robert Lipsey

A "Monetarist" Analysis of the Generation and Transmission of World Inflation: 1958-71 pp. 164-71

Michael Parkin

Micro Theory of International Financial Intermediation pp. 172-79

Charles Freedman

The Microeconomics of the Firm in an Open Economy pp. 180-89

Michael Adler and Bernard Dumas

Modeling the Interdependence of National Money and Capital Markets pp. 190-99

Dale Henderson

Irving Fisher and Autoregressive Expectations pp. 200-205

John Rutledge

The Anatomy of Monetary Theory pp. 206-12

Robert W Clower

Price Expectations and Stability in a Short-Run Multi-Asset Macro Model pp. 213-18

Edwin Burmeister and Stephen J Turnovsky

Extended Sympathy and the Possibility of Social Choice pp. 219-25

Kenneth Arrow

Information and Performance in the (New)2 Welfare Economics pp. 226-34

Stanley Reiter

Marginal Cost Pricing in the 1930's pp. 235-39

Abba P Lerner

Welfare Economics: Discussion pp. 240-42

Thomas Marschak

Welfare Economics: Discussion pp. 240

Abram Bergson

Welfare Economics: Discussion pp. 242-43

Jerry S Kelly

Uncertainty, Production Lags, and Pricing pp. 244-49

Dennis Carlton

Resource Extraction with Differential Information pp. 250-54

Richard Gilbert

Nonprice Competition pp. 255-59

A. Spence

Does Your Probability of Death Depend on Your Environment? A Microanalytic Study pp. 260-64

Orcutt, Guy H, et al

Macroeconomic Effects of a Humphrey-Hawkins Type Program pp. 265-70

Barbara Bergmann and Robert L Bennett

Simulation of Schumpeterian Competition pp. 271-76

Richard Nelson and Sidney Winter

Competition and Market Processes in a Simulation Model of the Swedish Economy pp. 277-81

Gunnar Eliasson

Public Expenditure and Private Profit: Budgetary Decision in the British Empire, 1860-1912 pp. 282-87

Lance E Davis and Robert A Huttenback

U.K. Savings in the Age of High Imperialism and After pp. 288-94

Michael Edelstein

Some Lessons from the New Public Finance pp. 295-301

Joseph Stiglitz and Michael J Boskin

Investment and Pricing Policy in the French Public Sector pp. 302-13

H Levy-Lambert

Impact of Recent Developments in Public Finance Theory on Public Policy Decisions: Discussion pp. 314-15

David Bradford

Ethics in Economics pp. 316-20

Leonard S Silk

Professional Standards for the Performance of the Government Economist pp. 321-25

John B Henderson

Environment, Health, and Economics-The Case of Cancer pp. 326-32

Allen V Kneese and William D Schulze

Incidence of the Benefits and Costs of Environmental Programs pp. 333-40

Robert Dorfman

Economic Growth and Climate: The Carbon Dioxide Problem pp. 341-46

William Nordhaus

Externalities in a Regulated Industry: The Aircraft Noise Problem pp. 347-50

Jerold B Muskin and John Sorrentino

Second Best Pricing Policies for an Exhaustible Resource pp. 351-54

Donald A Hanson

Public Policies Toward the Use of Scrap Materials pp. 355-58

Robert C Anderson

Consumer Protection Regulation in Ethical Drugs pp. 359-64

Henry G Grabowski and John M Vernon

The Characteristics of Optimum Inventions: An Isotech Approach pp. 365-69

Roger McCain

The Effects of the Rural Income Maintenance Experiment on the School Performance of Children pp. 370-75

Rebecca A Maynard

Sons of Immigrants: Are They at an Earnings Disadvantage? pp. 376-80

Barry Chiswick

Short-run Housing Responses to Changes in Income pp. 381-86

Elizabeth A Roistacher

Toward a Marxian Model of Economic Growth pp. 387-92

David Laibman

Econometric Methodology in Radical Economics pp. 393-99

Dale J Poirier

A Labor Force Competition Theory of Discrimination in the Labor Market pp. 400-404

David H Swinton

Black-White Differences in Income and Wealth pp. 405-09

Stephen D Franklin and James D Smith

Wives' Labor Force Behavior and Family Consumption Patterns pp. 410-17

Myra H Strober

Capacity: An Integrated Micro and Macro Analysis pp. 418-22

Gordon Winston

A General Equilibrium Approach to Estimating the Costs of Domestic Distortions pp. 423-28

Jaime de Melo

Agricultural Development on the Frontier: The Case of Siberia under Nicholas II pp. 429-32

Daniel R Kazmer