American Economic Review

1969 - 2025

Current editor(s): Esther Duflo

From American Economic Association
Contact information at EDIRC.
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Volume 61, issue 5, 1971

Money and Barter in General Equilibrium with Transaction Costs pp. 773-83

Jurg Niehans

The Uses of Money: Money in the Theory of an Exchange Economy pp. 784-805

Karl Brunner and Allan Meltzer

The Supply of Rental Housing pp. 806-17

Frank de Leeuw and Nkanta F Ekanem

The Composition of International Reserve Holdings: A Problem of Choice Involving Risk pp. 818-32

John Makin

Investment in Graduate Education pp. 833-52

Yoram Weiss

Hospital Cost Inflation: A Study of Nonprofit Price Dynamics pp. 853-72

Martin Feldstein

Congestion Tolls Under Monopoly pp. 873-82

Noel M Edelson

External Diseconomies in Competitive Supply pp. 883-90

Charles J Goetz and James Buchanan

Factor Substitution and Effective Protection Reconsidered pp. 891-900

Mordechai Kreinin, James B Ramsey and Jan Kmenta

Deposit Expansion and Federal Reserve-Banking System Interaction: A Micro Unit Simulation pp. 901-15

Willard T Carleton and William R Bryan

Optimal Distributed Lag Responses and Expectations pp. 916-24

Roger Craine

The Theory of Tariffs, Taxes, and Subsidies: Some Aspects of the Second Best pp. 925-31

Trent J Bertrand and Jaroslav Vanek

The End of the North-South Wage Differential pp. 932-37

Philip Coelho and Moheb A Ghali

Subsidies, Economic Lives, and Complete Resource Misallocation pp. 938-45

Paul Taubman and Robert Rasche

Population Density in Patterns of Trade and Development pp. 956-61

Donald B Keesing and Donald R Sherk

The Elasticity of Expansion and Scale Adjustments of the Firm pp. 962-65

Dale B Truett

Monopsony in the Market for Public School Teachers pp. 966-71

John H Landon and Robert N Baird

A Set of Explicit Homothetic Production Functions pp. 980-83

Benjamin Wolkowitz

Volume 61, issue 4, 1971

The 1971 Report of the President's Council of Economic Advisers: Inflation and Recession pp. 517-21

Martin J Bailey

The 1971 Report of the President's Council of Economic Advisers: Inflation and Recession pp. 522-26

Robert Eisner

The 1971 Report of the President's Council of Economic Advisers: Priorities and Efficiency pp. 527-30

Abba P Lerner

The 1971 Report of the President's Council of Economic Advisers: Micro-Economic Aspects of Public Policy pp. 531-37

Jerome L Stein

The Duopoly Game: Output Variations pp. 538-60

D K Osborne

The Private and Social Value of Information and the Reward to Inventive Activity pp. 561-74

Jack Hirshleifer

Entrepreneurial Income: How Does It Measure Up? pp. 575-85

Laurits R Christensen

Substitution, Complementarity, and the Residual Variation Around Dynamic Demand Equations pp. 586-97

Louis Phlips

Debt in the Consumer Portfolio: Evidence from a Panel Study pp. 598-613

William C Dunkelberg and Frank P Stafford

Estimation of Structure-Profit Relationships with Application to the Food Processing Sector pp. 614-27

Blake Imel and Peter Helmberger

The Pareto Optimal Approach to Income Redistribution: A Fiscal Application pp. 628-37

George von Furstenberg and Dennis Mueller

Stability in Periodic Markets pp. 638-48

Norman P Obst

Officer Supply-The Impact of Pay, the Draft, and the Vietnam War pp. 649-64

Stuart H Altman and Robert Barro

The Market for a Semipublic Good: The Case of the American Economic Review pp. 665-74

Yoram Barzel

The Neo-Factor Proportions Theory of International Trade: An Empirical Investigation pp. 675-81

Thomas C Lowinger

Consumer's Surplus and Producer's Goods pp. 682-87

Richard Schmalensee

Import Controls on Foreign Oil: Tariff or Quota? pp. 688-91

George A Hay

Profits of Defense Contractors pp. 692-94

George J Stigler and Claire Friedland

On the Empirical Relevancy of the Ranis-Fei Model of Economic Development: Comment pp. 695-703

Hakchung J Choo

On the Empirical Relevancy of the Ranis-Fei Model of Economic Development: Reply pp. 704-08

John C H Fei and Gustav Ranis

Incentive and Disincentive Experimentation for Income Maintenance Policy Purposes: Note pp. 709-12

Edgar Browning

Pecuniary Externalities: A Game Theoretic Analysis pp. 713-18

Martin Shubik

On the Economics of Mass Demonstrations: A Case Study of the Nov. 1969 March on Washington pp. 719-24

Cicchetti, Charles J, et al

The Graduated Fair Return: Comment pp. 725-26

C Robert Wichers

The Graduated Fair Return: A Further Comment pp. 727-29

Alvin K Klevorick

Mass Balance, General Equilibrium, and Environmental Externalities pp. 730-35

Roger Noll and John Trijonis

Externalities as Commodities pp. 736-40

Meyer, Robert A,

Stochastic Reserve Losses and Expansion of Bank Credit: Note pp. 741-45

J Phillip Cooper

Discrimination and Income Differentials: Comment pp. 746-50

Orley Ashenfelter and Michael K Taussig

Discrimination and Income Differentials: Reply pp. 751-55

James Gwartney

Volume 61, issue 3, 1971

Mexican Economic Policy in the Post-war Period: The Views of Mexican Economists pp. 1-67

Leopoldo Solis

Yugoslav Economic Policy in the Post-war Period: Problems, Ideas, Institutional Developments pp. 69-169

Branko Horvat

Optimal Taxation and Public Production II: Tax Rules pp. 261-78

Peter Diamond and James Mirrlees

A Short-Term Econometric Model of Textile Industries pp. 279-89

Roger LeRoy Miller

Information and Frictional Unemployment pp. 290-301

Reuben Gronau

The Efficient Allocation of Subsidies to College Students pp. 302-11

Stephen A Hoenack

Discrimination by Waiting Time in Merit Goods pp. 312-23

Donald Nichols, E Smolensky and T N Tideman

Optimal Mechanisms for Income Transfer pp. 324-34

Richard Zeckhauser

The Optimal Quantity of Money, Bonds, Commodity Inventories, and Capital pp. 335-49

Edgar Feige and Michael Parkin

A Utility Theory of Representative Government pp. 350-67

Edwin T Haefele

International Trade and Capital Mobility pp. 368-79

Ernest Nadel

Peasants, Procreation, and Pensions pp. 380-89

Philip A Neher

A Model of Soviet-Type Economic Planning pp. 390-406

Michael Manove

Transactions Costs and the Demand for Money pp. 407-20

Thomas R Saving

Interest Rates and the Short-Run Consumption Function pp. 421-25

Warren Weber

Unemployment and Inflation: A Cross-Country Analysis of the Phillips Curve pp. 426-29

David J Smyth

Long-Run Scale Adjustments of a Perfectly Competitive Firm and Industry: An Alternative Approach pp. 430-34

Richard Portes

Income Taxes and Incentives to Work: Some Additional Empirical Evidence pp. 435-43

D B Fields and W T Stanbury

Fiscal and Monetary Policy Reconsidered: Comment pp. 444-47

Bent Hansen

Fiscal and Monetary Policy Reconsidered: Comment pp. 448-51

John H Hotson

Fiscal and Monetary Policy Reconsidered: Comment pp. 452-53

Barbara Henneberry and James G Witte

Fiscal and Monetary Policy Reconsidered: Comment pp. 454-57

Keith Carlson

Fiscal and Monetary Policy Reconsidered: Reply pp. 458-61

Robert Eisner

More on an Empirical Definiton of Money: Note pp. 462-68

David T Hulett

Dependency Rates and Savings Rates: Comment pp. 469-71

Kanhaya L Gupta

Dependency Rates and Savings Rates: Comment pp. 472-75

Nassau A Adams

Dependency Rates and Savings Rates: Reply pp. 476-80

Nathaniel H Leff

A Property of a Closed Linear Model of Production: Note pp. 481-82

David Levhari

Economics of Production from Natural Resources: Comment pp. 483-87

Richard F Fullenbaum, Ernest W Carlson and Frederick W Bell

Economics of Production from Natural Resources: Reply pp. 488-91

Vernon L Smith

Employment and Rural Wages in Egypt: A Reinterpretation pp. 492-99

James A Hanson

Employment and Rural Wages in Egypt: Reply pp. 500-08

Bent Hansen

Volume 61, issue 2, 1971

The Keynesian Revolution and the Monetarist Counter-Revolution pp. 1-14

Harry G Johnson

The Graduated Work Incentive Experiments: Current Progress pp. 15-21

Harold W Watts

The Seattle Experiment: The Combined Effect of Income Maintenance and Manpower Investments pp. 22-29

Mordecai Kurz

The Gary Income Maintenance Experiment: Plans and Progress pp. 30-38

Terence F Kelly and Leslie Singer

Current Status of Income Maintenance Experiments: Discussion pp. 39-42

James N Morgan

The Reviewers Reviewed pp. 45-52

Charles L Schultze

The State of Political Economics pp. 53-62

John G Gurley

The State of Economics: The Behavioral and Social Sciences Survey: Discussion pp. 63-65

Robert Solow

The State of Economics: The Behavioral and Social Sciences Survey: Discussion pp. 65-67

Robert L Heilbroner

The State of Economics: The Behavioral and Social Sciences Survey: Discussion pp. 67-68

Henry W Riecken

The Growth of Cable TV and Its Probable Impact on Over-The-Air Broadcasting pp. 69-73

Rolla Edward Park

Concentration of Control and the Price of Television Time pp. 74-80

John L Peterman

Program Duplication, Diversity, and Effectve Viewer Choices: Some Empirical Findings pp. 81-88

Harvey J Levin

TV Program Diversity-New Evidence and Old Theories pp. 89-93

Edward Greenberg and Harold J Barnett

Television: Old Theories, Current Facts, and Future Policies: Discussion pp. 94-100

John J McGowan and Merton J Peck

Expectations, Mergers and Equilibrium in Purely Competitive Securities Markets pp. 101-11

John Lintner

The Vertical Integration of Production: Market Failure Considerations pp. 112-23

Oliver Williamson

Conglomerate and Vertical Responses to Market Imperfection: Discussion pp. 124-25

Roland N McKean

Conglomerate and Vertical Responses to Market Imperfection: Discussion pp. 125-27

J Fred Weston

The Impact of Inflation on the Distribution of Income and Wealth pp. 128-38

Edward C Budd and David F Seiders

The Two-way Relationship between the Budget and Economic Variables pp. 139-49

Arnold H Packer

Micro Aspects of Macro Performance: Discussion pp. 150-52

John L Palmer

Micro Aspects of Macro Performance: Discussion pp. 150

Charles E Metcalf

Environmental Pollution: Economics and Policy pp. 153-66

Allen V Kneese

The Political Economy of Environmental Quality: Discussion pp. 167-69

Kenneth E Boulding

The Political Economy of Environmental Quality: Discussion pp. 169-72

Jack W Carlson

The Political Economy of Environmental Quality: Discussion pp. 172-73

Richard W Judy

The Political Economy of Environmental Quality: Discussion pp. 173-77

Marc J Roberts

Trade Policies in Developing Countries pp. 178-87

Bela Balassa

Tariff Preferences and Separable Utility pp. 188-94

Christopher Clague

Nontariff Barriers and the Export Performance of Developing Economies pp. 195-205

Ingo Walter

Commercial Policy and Less Developed Countries: Discussion pp. 206-07

Harald B Malmgren

Commercial Policy and Less Developed Countries: Discussion pp. 207-09

Stephen Guisinger

Commercial Policy and Less Developed Countries: Discussion pp. 209-10

Robert Baldwin

Methodology of Evaluating Economic Regulation pp. 211-17

Fred M Westfield

Costs and Benefits of Regulating Communications pp. 218-25

Boyd L Nelson

The Social Costs of Regulating the Railroads pp. 226-34

Ann F Friedlaender

Evaluation of Economic Regulation of Industry: Discussion pp. 235-37

Alfred Kahn

Evaluation of Economic Regulation of Industry: Discussion pp. 237-39

Larry F Darby

Evaluation of Economic Regulation of Industry: Discussion pp. 239-41

James R Nelson

The Lasting Effects of Elementary Economics Courses: Some Preliminary Results pp. 242-48

Phillip Saunders

Teaching Economics to Black Students pp. 249-55

R Grann Lloyd

Videotaped Dialogues in Economics pp. 256-59

Barry Castro

Teaching Economics: Experiments and Results: Discussion pp. 260-62

Irving Morrissett

Teaching Economics: Experiments and Results: Discussion pp. 262-64

Marcia L Halvorsen

Teaching Economics: Experiments and Results: Discussion pp. 264-65

Campbell R McConnell

Education, Technology, and the Characteristics of Worker Productivity pp. 266-79

Herbert Gintis

Teacher Characteristics and Gains in Student Achievement: Estimation Using Micro Data pp. 280-88

Eric Hanushek

Ability and Schooling as Determinants of Lifetime Earnings or If You're So Smart, Why Aren't You Rich? pp. 289-98

John C Hause

Educational Production Relationships: Discussion pp. 299-301

William T Garner

Educational Production Relationships: Discussion pp. 301-02

Roger Alcaly

Educational Production Relationships: Discussion pp. 302-04

Charles Z Wilson

Whither the Market for Academic Economists? pp. 305-10

Allan M Cartter

The Supply of Economists in the 1970's pp. 311-15

Lindsey R Harmon

Recent Behavior of Economists' Salaries pp. 316-20

Francis M Boddy

Improving the Operation of the Academic Labor Market pp. 321-26

David G Brown

A Younger Economist's Views on the Market pp. 327-33

Robert P Strauss

Jurisdictional Fragmentation and Residential Choice pp. 334-39

Bryan Ellickson

Market Choices and Optimum City Size pp. 340-45

Edwin S Mills and David M Ferranti

Social Problems and the Urban Crisis: Can Public Policy Make A Difference? pp. 346-53

Worth Bateman and Harold M Hochman

Urban Growth and Development: Discussion pp. 354-55

Roland Artle

Urban Growth and Development: Discussion pp. 355-57

Stephen P Dresch

Urban Growth and Development: Discussion pp. 357-59

Anthony H Pascal

Social Risk and Financial Markets pp. 360-70

William Brainard and F T Dolbear

The Role of Insurance in the Allocation of Risk pp. 371-79

Richard Kihlstrom and Mark Pauly

Insurance, Information, and Individual Action pp. 380-87

A. Spence and Richard Zeckhauser

The Allocation of Social Risk: Discussion pp. 388-89

Martin J Bailey

The Allocation of Social Risk: Discussion pp. 389-90

Hyman Minsky

The Allocation of Social Risk: Discussion pp. 390-91

Donald D Hester

Impact of Population on Resources and the Environment pp. 392-98

Joseph L Fisher

Does Human Fertility Adjust to the Environment? pp. 399-407

Richard Easterlin

Issues in the Economics of a Population Policy for the United States pp. 408-17

Glen Cain

Population and Environment in the United States: Discussion pp. 418-19

T Paul Schultz

Population and Environment in the United States: Discussion pp. 419-21

Paul Demeny

Decentralized Planning Procedures and Centrally Planned Economies pp. 422-29

Richard Portes

The Hungarian Economic Reform, Past and Future pp. 430-35

Tamas Nagy

The Theory of Planning: Discussion pp. 436-37

Edward Ames

The Theory of Planning: Discussion pp. 437-39

Bella Balassa

Towards a Predictive Theory of Intergovernmental Grants pp. 440-48

David Bradford and Wallace Oates

State and Local Response to Fiscal Decentralization pp. 449-55

A James Heins

Centralization and Decentralization: The Political Economy of Public School Systems pp. 456-62

O A Davis and K O Kortanek

The Economics of Political Decentralization: Discussion pp. 463-65

Thomas E Borcherding

The Economics of Political Decentralization: Discussion pp. 463

Charles J Goetz

The Economics of Political Decentralization: Discussion pp. 465-67

Walter Williams

Volume 61, issue 1, 1971

Theoretical Assumptions and Nonobserved Facts pp. 1-7

Wassily Leontief

Optimal Taxation and Public Production: I--Production Efficiency pp. 8-27

Peter Diamond and James Mirrlees

United States Imports and Internal Pressure of Demand: 1948-68 pp. 28-47

Robert Gregory

Cropsharing Tenancy in Agriculture: A Theoretical and Empirical Analysis pp. 48-64

Pranab Bardhan and T N Srinivasan

Some Comments on the Treatment of Problems of the Inadequate Statistics in the United States: Precept and Practice pp. 64-67

C F Framingham and J A Macmillan

On the Theory of the Competitive Firm under Price Uncertainty pp. 65-73

Agnar Sandmo

The Effect of Tariffs on Production, Consumption, and Trade: A Revised Analysis pp. 74-81

James Leith

A General Disequilibrium Model of Income and Employment pp. 82-93

Robert Barro and Herschel Grossman

A Test for Relative Efficiency and Application to Indian Agriculture pp. 94-109

Lawrence J Lau and Pan A Yotopoulos

The Incidence of Social Security Payroll Taxes pp. 110-25

John A Brittain

Determinants of the Commodity Structure of U.S. Trade pp. 126-46

Robert Baldwin

Optimal Restrictions on Foreign Trade and Investment pp. 147-59

Franz Gehrels

Large Industrial Corporations and Asset Shares: Comment pp. 160-62

David R Kamerschen

Large Industrial Corporations and Asset Shares: Comment pp. 163-67

Stanley E Boyle

Large Industrial Corporations and Asset Shares: Reply pp. 168-74

David Mermelstein

Welfare Aspects of a Regulatory Constraint: Note pp. 175-78

Eytan Sheshinski

Pitfalls in Financial Model Building: Some Extensions pp. 179-86

Mark L Ladenson

Clothing Exemptions and Sales Tax Regressivity: Note pp. 187-89

David G Davies

An Economic Theory of the Second Moments of Disturbances of Behavioral Equations pp. 190-94

Henri Theil

A Neglected Social Cost of a Voluntary Military pp. 195-96

Thomas E Borcherding

On the Extension of Input-Output Analysis to Account for Environmental Externalities pp. 197-98

A O Converse

Mishan on the Gains from Trade: Comment pp. 199-201

Mel Krauss and David M Winch

Mishan on the Gains from Trade: Reply pp. 202-07

E J Mishan

Profit Constrained Revenue Maximization: Note pp. 208-09

Richard Rosenberg

Behavior of the Firm under Regulatory Constraint: Note pp. 210-12

Israel Pressman and Arthur Carol

Spectral Analysis and the Detection of Lead-Lag Relations pp. 213-17

John C Hause

Subsidized Housing in a Competitive Market: Comment pp. 218-19

Gordon Tullock

Subsidized Housing in a Competitive Market: Reply pp. 220-24

Edgar Olsen

Expectations and the Demand for Bonds: Comment pp. 225-28

Richard Roll

Expectations and the Demand for Bonds: Comment pp. 229-30

Adolf Buse

Expectations and the Demand for Bonds: Comment pp. 231

Reuben A Kessel

Expectations and the Demand for Bonds: Reply pp. 232-36

John H Wood

Output of the Restrained Firm: Comment pp. 237-39

A Ross Shepherd

Output of the Restrained Firm: Reply pp. 240

Milton Z Kafoglis

Production Indeterminacy with Three Goods and Two Factors: A Comment on the Pattern of Trade pp. 241-44

Douglas B Stewart

Production Indeterminacy with Three Goods and Two Factors: Reply pp. 245-46

James Melvin