American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
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Volume 66, issue 5, 1976

Demand Fluctuations, Capacity Utilization, and Costs pp. 731-42

Eytan Sheshinski and Jacques Dreze

Capitalization of Intrajurisdictional Differences in Local Tax Prices pp. 743-53

Bruce W Hamilton

Unemployment Insurance, Duration of Unemployment, and Subsequent Wage Gain pp. 754-66

Ronald Ehrenberg and Ronald Oaxaca

Rational Response to Shocks in a Dynamic Model of Capital Asset Pricing pp. 767-79

Stanley Black

New Measures of Fiscal and Monetary Policy, 1958-73 pp. 780-96

Alan Blinder and Stephen M Goldfeld

The Rybczynski, Stolper-Samuelson, and Factor-Price Equalization Theorems under Price Uncertainty pp. 797-808

Wolfgang Mayer

Inflation, Income Taxes, and the Rate of Interest: A Theoretical Analysis pp. 809-20

Martin Feldstein

A Markovian Model of Labor Market Decisions by Workers pp. 821-34

Richard S Toikka

Cartel Problems pp. 835-44

Dale K Osborne

An Intercountry Translog Model of Energy Substitution Responses pp. 845-57

James M Griffin and Paul R Gregory

The Determinants of Earnings: Genetics, Family, and Other Environments; A Study of White Male Twins pp. 858-70

Paul Taubman

The Disequilibrium Model in a Controlled Economy: An Empirical Test of the Barro-Grossman Model pp. 871-79

David H Howard

Moral Hazard pp. 880-90

John M Marshall

Two-Sector Models in the Theory of Capital and Growth pp. 891-903

Harvey N Gram

The Erroneous Approximation of Expected Utility by Means of a Taylor's Series Expansion: Analytic and Computational Results pp. 904-10

Otto Loistl

A Theory and Test of Credit Rationing: Comment pp. 911-17

Corry F Azzi and James Cox

A Theory and Test of Credit Rationing: Reply pp. 918-20

Dwight M Jaffee and Franco Modigliani

Nonconvexity of Indifference Surfaces in the Case of Labor Market Discrimination: Note pp. 921-24

Brian Chiplin

Gains from Trade under Uncertainty: Comment pp. 925-27

Richard Hartman

Gains from Trade under Uncertainty: Reply pp. 928

Raveendra N Batra and W R Russell

Labor Supply under Uncertainty: Note pp. 929-30

David L Sjoquist

On Progressive Income Taxation pp. 931-35

Efraim Sadka

Dominance, Recontracting, and the Reserve Clause: Major League Baseball pp. 936-43

Hunt, Joseph W, and Kenneth Lewis

Excess Burden: The Corner Case in General Equilibrium pp. 944-46

J Gregory Ballentine and McLure, Charles E,

Abatement, Avoidance, and Nonconvexity pp. 947-52

Robert E Kohn and Donald C Aucamp

Competitive Interest Payments on Bank Deposits and the Long-Run Demand for Money: Comment pp. 953-54

Karen Johnson

Competitive Interest Payments on Bank Deposits and the Long-Run Demand for Money: Comment pp. 955-57

Kanta Marwah

Competitive Interest Payments on Bank Deposits and the Long-Run Demand for Money: Reply pp. 958-60

Benjamin Klein

The Interaction between Local Government and Urban Residential Location: Comment pp. 961-67

Elhanan Helpman, David Pines and Eli Borukhov

The Interaction between Local Government and Urban Residential Location: Reply and Further Analysis pp. 968-75

Richard E Schuler

Polluters' Profits and Political Response: Direct Control versus Taxes: Comment pp. 976-78

Philip Coelho

Polluters' Profits and Political Response: Direct Control versus Taxes: Comment pp. 979-80

Robert S Main and Charles W Baird

Polluters' Profits and Political Response: Direct Control versus Taxes: Comment pp. 981-82

Gary Yohe

Polluters' Profits and Political Response: Direct Control versus Taxes: Reply pp. 983-84

James Buchanan and Gordon Tullock

Volume 66, issue 4, 1976

The Inflationary Mechanism in the U.K. Economy pp. 467-84

R J Ball and T Burns

Inflation in Britain: A Monetarist Perspective pp. 485-500

David Laidler

Can a Rise in Import Prices Be Inflationary and Deflationary? Economists and U.K. Inflation, 1973-74 pp. 501-19

Marcus Miller

The British Inflation: Indigenous or Imported? pp. 520-31

John Williamson and Geoffrey E Wood

The Welfare Costs of Nonoptimum Pricing and Investment Policies for Freeway Transportation pp. 532-47

Marvin Kraus, Herbert Mohring and Thomas P Pinfold

Age, Experience, and Wage Growth pp. 548-58

Edward Lazear

Bond Share Yield Spreads under Uncertain Inflation pp. 559-65

Myron J Gordon and Paul J Halpern

The Two-Sector Open Economy and the Real Exchange Rate pp. 566-77

Michael Bruno

A Bargaining Theoretic Approach to Cropsharing Contracts pp. 578-88

Clive Bell and Pinhas Zusman

Consumer's Surplus without Apology pp. 589-97

Robert Willig

Trade and Domestic Effects of the Offshore Assembly Provision in the U.S. Tariff pp. 598-611

Joseph Finger

Urban Renewal Policy and Economic Efficiency pp. 612-28

Lawrence D Schall

Regional and Distributional Effects of a Negative Income Tax pp. 629-41

Fredrick Golladay and Robert H Haveman

Illiquidity, Consumer Durable Expenditure, and Monetary Policy pp. 642-54

Frederic Mishkin

Monopoly and the Rate of Extraction of Exhaustible Resources pp. 655-61

Joseph Stiglitz

Specification Error in Macro-Econometric Models: The Influence of Policy Goals-Comment pp. 662-64

Stephen M Goldfeld

Specification Error in Macro-Econometric Models: The Influence of Policy Goals-Reply pp. 665-67

James Crotty

Commodity Trade and Factor Mobility: Comment pp. 668

Terutomo Ozawa

Commodity Trade and Factor Mobility: Reply pp. 669-70

Melvyn B Krauss

Can Trade Widen the Difference between Factor Rewards? Another Look at the More-Goods-Than-Factors Case pp. 671-74

Douglas B Stewart

Factor Demand with Output Price Uncertainty pp. 675-81

Richard Hartman

On the Design of Managerial Incentive Structures in a Decentralized Planning Environment pp. 682-87

John P Bonin

The Dynamics of Inflation in Latin America: Comment pp. 688-91

Roger Betancourt

The Dynamics of Inflation in Latin America: Comment pp. 692-94

Edmund J Sheehey

The Dynamics of Inflation in Latin America: Reply pp. 695-98

Robert C Vogel

The Relationship between Relative Prices and the General Price Level pp. 699-708

Vining, Daniel R, and Thomas C Elwertowski

On the Shape of the Trade Indifference Curve: Rejoinder to Batra pp. 709

Murray Kemp and Edward Tower

The Terms of Trade and the Balance of Payments in the Short Run pp. 710-16

Carlos Rodríguez

The Distribution of State Incomes: Differential Growth of Sectoral Employment pp. 717-22

Donald Mitchell Smith and E James Jennings

Multiperiod Consumption-Investment Decisions: A Correction pp. 723-24

Eugene Fama

Volume 66, issue 3, 1976

Flexible Exchange Rates, Forward Markets, and the Level of Trade pp. 253-66

David P Baron

Related Market Conditions and Interindustrial Mergers pp. 267-77

M L Greenhut and Hiroshi Ohta

The Effect of Rate of Return Regulation Is Highly Sensitive to the Nature of the Uncertainty pp. 278-89

Yoram C Peles and Jerome L Stein

The Benefits and Costs of Rate of Return Regulation pp. 290-97

Jeffrey Callen, G Frank Mathewson and Herbert Mohring

The Economics of Multiple Job Holding pp. 298-308

Robert Shishko and Bernard Rostker

Interdependent Preferences pp. 309-20

Robert Pollak

Years and Intensity of Schooling Investment pp. 321-34

Arleen S Leibowitz

International Trade, Factor Market Distortions, and the Optimal Dynamic Subsidy pp. 335-46

Harvey Lapan

Population Density, Agricultural Technique, and Land Utilization in a Village Economy pp. 347-58

J Dirck Stryker

Income Transfers as a Public Good: An Application to AFDC pp. 359-71

Larry L Orr

The Production Function and Technical Change in Postwar Soviet Industry: A Reexamination pp. 372-81

Padma Desai

Public Safety pp. 382-87

Serge-Christophe Kolm

A State-Preference Approach to the Precautionary Demand for Money pp. 388-94

Maureen Cropper

Inflationary Expectations and Momentary Equilibrium pp. 395-400

Lewis Johnson

The Borrower-Lender Relationship, Competitive Equilibrium, and the Theory of Hedonic Prices pp. 401-05

Ernst Baltensperger

The Borrower-Lender Relationship pp. 406-07

Vernon L Smith

Labor Supply and the Payroll Tax pp. 408-09

C Duncan MacRae and Elizabeth MacRae

On the Regulated Price-Setting Monopoly Firm with a Random Demand Curve pp. 410-16

Stylianos Perrakis

Money, Income, and Causality: The U.K. Experience pp. 417-23

David Williams, C A E Goodhart and D H Gowland

The Neoclassical Production Function: Comment pp. 424-27

Pierangelo Garegnani

The Neoclassical Production Function: Comment pp. 428-33

Kazuo Sato

The Neoclassical Production Function: Reply pp. 434-36

Lowell Gallaway and Vishwa Shukla

A Note on the U Hypothesis Relating Income Inequality and Economic Development pp. 437-40

Sherman Robinson

Intermediate Products and the Theory of International Trade: A Generalization of the Pure Intermediate Good Case pp. 441-47

James Riedel

Elasticity, Absorption, Keynesian Multiplier, Keynesian Policy, and Monetary Approaches to Devaluation Theory: A Simple Geometric Exposition pp. 448-52

Harry G Johnson

Volume 66, issue 2, 1976

Stabilization Policy in Open Economies with Endogenous Politicians pp. 1-19

Assar Lindbeck

Marx and the Falling Rate of Profit pp. 20-26

Jens Christiansen

Stagnation, Instability and International Competition pp. 27-33

Raford Boddy and James Crotty

International Crisis and Politicization of Economic Activity pp. 34-39

Daniel Luria and Arthur MacEwan

Lessons for the Present from the Great Depression pp. 40-45

Peter Temin

The Demand for Money from the Great Depression to the Present pp. 46-51

Arthur E Gandolfi and James Lothian

War-Related Debts and the Great Depression pp. 52-58

Heywood W Fleisig

Inflation Theory and Policy pp. 59-64

William Nordhaus

Some Problems in Wage Stabilization pp. 65-71

Michael L Wachter

Inflationary Tales Told by Static Models: The Case of Price Setters pp. 72-76

George Akerlof

Social Security and Saving: The Extended Life Cycle Theory pp. 77-86

Martin Feldstein

Intergenerational Transfers and Life Cycle Consumption pp. 87-93

Alan Blinder

The Optimal Taxation of Commodities and Income pp. 94-101

David Bradford and Harvey Rosen

On Some Recent Econometric Research in Public Finance pp. 102-09

Michael J Boskin

Institutional Constraints and Local Community Formation pp. 110-15

Richard Wagner

On the Theory of Clubs pp. 116-21

Eitan Berglas

Toward an Adequate Long-Run Model of Income Distribution and Economic Development pp. 122-27

Sherman Robinson

Income Distribution and Development: Some Stylized Facts pp. 128-35

Montek Ahluwalia

Uneven Development and Dependent Market Economies pp. 136-41

Michael Best

Trade and Employment Effects in the United States of Multilateral Tariff Reductions pp. 142-48

Robert Baldwin

American Multinationals and the U.S. Economy pp. 149-54

Thomas Horst

Increasing International Economic Interdependence: The Implications for Research pp. 155-61

C. Fred Bergsten and William Cline

International Interdependence: Implications for Policy: Discussion pp. 162

Harry G Johnson

The Empirical Evidence on the Monetary Approach to the Balance of Payments and Exchange Rates pp. 163-70

Stephen P Magee

The Less Developed Countries and the International Monetary Mechanism pp. 171-76

John A Holsen and Jean L Waelbroeck

How to Fill an Empty Shell pp. 177-83

Jurg Niehans

The International Monetary Mechanism: Recent Problems and Evidence: Discussion pp. 184-85

Hossein Askari

Government Intermediation in the Indexed Bonds Market pp. 186-92

David Levhari and Nissan Liviatan

Inflation and the Income Tax pp. 193-99

Henry Aaron

Indexing and the Capital Markets pp. 200-204

William Poole

The Economic Status of Women in the United States pp. 205-12

Mary Dublin Keyserling

The Economic Position of Women in the United Kingdom pp. 213-21

Nancy Seear

Three Years of Self-Paced Teaching in Introductory Economics at Harvard pp. 222-28

Elisabeth K Allison

The Teacher Training Program for New Ph.D.s pp. 229-33

Darrell R Lewis and William Becker

On Teaching Teachers to Teach pp. 234-36

Stephen H Long

One Participant's View of the Teacher Training Program pp. 237-39

Richard B Hansen

Information and Monopolistic Competition pp. 240-45

Steven Salop

Information and Competitive Price Systems pp. 246-53

Sanford Grossman and Joseph Stiglitz

Information, Screening and Human Capital pp. 254-60

John Riley

Price Signaling in Experimental Oligopoly pp. 261-66

Austin C Hoggatt, James Friedman and Shlomo Gill

An Experimental Market for Public Goods: The PBS Station Program Cooperative pp. 267-73

John A Ferejohn and Roger Noll

Experimental Economics: Induced Value Theory pp. 274-79

Vernon L Smith

Regular Differentiable Economies pp. 280-87

Gerard Debreu

Dynamics in General Equilibrium Theory pp. 288-94

Stephen Smale

Labor Force Participation and Earnings in a Demographic Model of the Labor Market pp. 295-301

Richard S Toikka and Charles C Holt

On the Stability of the Racial Unemployment Differential pp. 302-08

Robert J Flanagan

Occupational Mobility and the Distribution of Occupational Success among Young Men pp. 309-15

Robert E Hall and Richard A Kasten

The Entrepreneurship Decision and Black Economic Development pp. 316-19

William Bradford and Osborne, Alfred E,

Influences on Investment by Blacks in Higher Education pp. 320-23

Walter W McMahon

Some Alternatives for Reducing the Black-White Unemployment Rate Differential pp. 324-27

Karl D Gregory

Capital Problems in Minority Business Development: A Critical Analysis pp. 328-31

Kenneth E Knight and Terry Dorsey

Portfolio Choice and the Demand for Forward Exchange pp. 332-39

Michael Adler and Bernard Dumas

Control Methods for Macroeconomic Policy Analysis pp. 340-45

Gregory Chow

Some Stabilization Problems of 1971-75, with an Application of Optimal Control Algorithms pp. 346-48

Albert Ando and Carl Palash

On the Use of Feedback Control in the Design of Aggregate Monetary Policy pp. 349-55

J H Kalchbrenner and Peter Tinsley

Application of Optimal Control to Problems of Economic Stabilization: Discussion pp. 356-59

Henry C Wallich

Application of Optimal Control to Problems of Economic Stabilization: Discussion pp. 359-60

Gary Fromm

Individual Mobility and Union Voice in the Labor Market pp. 361-68

Richard Freeman

The Economics of Internal Organization: Exit and Voice in Relation to Markets and Hierarchies pp. 369-77

Oliver Williamson

Consolidation or Diversity: Choices in the Structure of Urban Governance pp. 378-85

Dennis R Young

Political Economy: Some Uses of the Exit-Voice Approach: Discussion pp. 386-89

Albert Hirschman

Political Economy: Some Uses of the Exit-Voice Approach: Discussion pp. 389-91

Richard Nelson

A Survey of Advertising and Market Structure pp. 392-97

Gerard R Butters

Interbrand Choice, Media Mix and Market Performance pp. 398-406

Michael E Porter

Product Differentiation and Welfare pp. 407-14

A. Spence

The New York City Fiscal Crisis: What Happened and What Is to Be Done? pp. 415-29

Edward Gramlich

The Effects of Family Background on Earnings pp. 430-35

Mary Corcoran, Christopher Jencks and Michael Olneck

Intergenerational Transmission of Income and Wealth pp. 436-40

Jere Behrman and Paul Taubman

Incentive for Innovation as the Basis for Effluent Charge Strategy pp. 441-47

Lloyd Orr

Federal Environmental Policy and R&D on Water Pollution Abatement pp. 448-53

Brumm, Harold J, and Daniel T Dick

The Anatomy of Nonmarket Failure: An Examination of Environmental Policies pp. 454-58

Ron D White

Exchange Versus Grant Transactions in Environmental Models: Discussion pp. 459-61

Janos Horvath

Volume 66, issue 1, 1976

Rigor and Relevance in a Changing Institutional Setting pp. 1-14

Robert Aaron Gordon

Uncertainty, Permanent Demand, and Investment Behavior pp. 15-27

Eleanor M Birch and Calvin D Siebert

Rational Expectations in a Disequilibrium Model of the Term Structure pp. 28-44

Michael E Echols and Jan Walter Elliott

The Value of Human Life in the Demand for Safety pp. 45-55

Bryan C Conley

The Demand for High-Powered Money pp. 56-68

James Lothian

Benefit Shares and Majority Voting pp. 69-76

Arthur T Denzau and Robert J Mackay

The Non-Uniqueness of Equilibrium in the Loschian Location Model pp. 71-93

B. Eaton and Richard Lipsey

Input Choices and Uncertain Demand pp. 94-103

Duncan M Holthausen

The Long-Run Analysis of the Labor-Managed Firm: An Alternative Interpretation pp. 104-23

Eirik G Furubotn

Inflationary Expectations: Their Formation and Interest Rate Effects pp. 124-31

Kajal Lahiri

A Model of the Supply of Bilateral Foreign Aid pp. 132-42

Leonard Dudley and Claude Montmarquette

Harberger's Welfare Indicator and Revealed Preference Theory pp. 143-52

Walter Diewert

The Determinants of Investment in Petroleum Reserves and Their Implications for Public Policy pp. 153-67

James Cox and Arthur W Wright

Do Income Taxes Reduce the Effectiveness of Monetary Policy? pp. 168-73

Stanley Black and Rudolph C Blitz

Separability and Vanishing Externalities pp. 174-77

W David Montgomery

Estimated Parameters as Dependent Variables pp. 178-83

Gary R Saxonhouse

The Foundations of Money Illusion in a Neoclassical Micro-Monetary Model: Comment pp. 184-85

Robert W Clower and John Riley

The Foundations of Money Illusion in a Neoclassical Micro-Monetary Model: Comment pp. 186-91

C Robert Wichers

The Foundations of Money Illusion in a Neoclassical Micro-Monetary Model: Reply pp. 192-95

Richard Dusansky and Peter J Kalman

Faculty Salaries: Is There Discrimination by Sex, Race, and Discipline? Additional Evidence pp. 196-98

Emily P Hoffman

Default Risk, Homemade Leverage, and the Modigliani-Miller Theorem: Note pp. 199-203

Kare P Hagen

Default Risk and the Modigliani-Miller Theorem: A Synthesis pp. 204-12

David P Baron

The Xistence of X-Efficiency pp. 213-16

George J Stigler

A Note on Quantitative Restrictions and Capital Mobility pp. 217-20

Rodney Falvey

Black-White Differences in Returns to Schooling: Some New Evidence pp. 221-23

Charles Link, Edward C Ratledge and Kenneth Lewis

The Effect of Compensated Price Changes on Expenditures pp. 224-27

C Robert Wichers

Liability Rules and Income Distribution in Product Liability pp. 228-34

Koichi Hamada

The Social Cost of Input Distortions: A Comment and a Generalization pp. 235-38

James Anderson

Another Look at the Social Valuation of Input Price Changes pp. 239-43

Richard Schmalensee