The Quarterly Journal of Economics

1886 - 2025

Current editor(s): Robert J. Barro, Lawrence F. Katz, Nathan Nunn, Andrei Shleifer and Stefanie Stantcheva

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Volume 108, issue 4, 1993

Openness and Inflation: Theory and Evidence pp. 869-903

David Romer

Trading Volume and Serial Correlation in Stock Returns pp. 905-939

John Campbell, Sanford Grossman and Jiang Wang

A Simple Theory of Advertising as a Good or Bad pp. 941-964

Gary Becker and Kevin M. Murphy

Secondary Market Prices and Mexico's Brady Deal pp. 965-982

Stijn Claessens and Sweder van Wijnbergen

The Effects of Product Market Competition on Collective Bargaining Agreements: The Case of Foreign Competition in Canada pp. 983-1014

John Abowd and Thomas Lemieux

Linear Adjustment Costs and Seasonal Labor Demand: Evidence from Retail Trade Firms pp. 1015-1042

Patricia Anderson

Automobiles and the National Industrial Recovery Act: Evidence on Industry Complementarities pp. 1043-1071

Russell Cooper and John Haltiwanger

The Comovement of Stock Prices pp. 1073-1104

Robert Pindyck and Julio Rotemberg

Investment in Competitive Equilibrium: The Optimality of Myopic Behavior pp. 1105-1133

John Leahy

How Learning in Financial Markets Generates Excess Volatility and Predictability in Stock Prices pp. 1135-1145

Allan G. Timmermann

Volume 108, issue 3, 1993

The O-Ring Theory of Economic Development pp. 551-575

Michael Kremer

Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations pp. 577-598

Adam Jaffe, Manuel Trajtenberg and Rebecca Henderson

Corruption pp. 599-617

Andrei Shleifer and Robert W. Vishny

Workings of a City: Location, Education, and Production pp. 619-652

Roland Benabou

Equalizing Exchange: Trade Liberalization and Income Convergence pp. 653-679

Dan Ben-David

Population Growth and Technological Change: One Million B.C. to 1990 pp. 681-716

Michael Kremer

Finance and Growth: Schumpeter Might Be Right pp. 717-737

Robert G. King and Ross Levine

Transitional Dynamics in Two-Sector Models of Endogenous Growth pp. 739-773

Casey Mulligan and Xavier Sala-i-Martin

Substitution and Complementarity in Endogenous Innovation pp. 775-807

Alwyn Young

Capital Formation and Economic Growth in China pp. 809-842

Gregory C. Chow

Does History Matter Only When It Matters Little? The Case of City-Industry Location pp. 843-867

James Rauch

Volume 108, issue 2, 1993

Why Does the Stock Market Fluctuate? pp. 291-311

Robert Barsky and J. Bradford De Long

The Evolution of Buyout Pricing and Financial Structure in the 1980s pp. 313-357

Steven Kaplan and Jeremy C. Stein

Microeconomic Adjustment Hazards and Aggregate Dynamics pp. 359-383

Ricardo Caballero and Eduardo Engel

Taxation and the Structure of Labor Markets: The Case of Corporatism pp. 385-411

Lawrence Summers, Jonathan Gruber and Rodrigo Vergara

The Carnegie Conjecture: Some Empirical Evidence pp. 413-435

Douglas Holtz-Eakin, David Joulfaian and Harvey S. Rosen

Does Fairness Prevent Market Clearing? An Experimental Investigation pp. 437-459

Ernst Fehr, Georg Kirchsteiger and Arno Riedl

Selection in the Market for Slaves: New Orleans, 1830–1860 pp. 461-473

Jonathan Pritchett and Richard M. Chamberlain

Empirical Evidence on Nominal Wage and Price Flexibility pp. 475-491

Timothy Cogley

On Generalized Revealed Preference Analysis pp. 493-506

Jean-Paul Chavas and Thomas L. Cox

Game Shows and Economic Behavior: Risk-Taking on "Card Sharks" pp. 507-521

Robert Gertner

The Role of Promotion in Inducing Specific Human Capital Acquisition pp. 523-534

Canice Prendergast

History Versus Expectations: A Comment pp. 535-542

Kyoji Fukao and Roland Benabou

On Seigniorage, Operating Rules, and Dual Equilibria pp. 543-550

Kiseok Lee and Ronald Ratti

Volume 108, issue 1, 1993

Do Supply Curves Slope Up? pp. 1-32

John Shea

How Computers Have Changed the Wage Structure: Evidence from Microdata, 1984–1989 pp. 33-60

Alan Krueger

Vertical Control and Price Versus Nonprice Competition pp. 61-76

Ralph Winter

Financial Market Imperfections and Business Cycles pp. 77-114

Bruce C. Greenwald and Joseph Stiglitz

The Stock Market, Profit, and Investment pp. 115-136

Olivier Blanchard, Changyong Rhee and Lawrence Summers

Ants, Rationality, and Recruitment pp. 137-156

Alan Kirman

What to Preserve? An Application of Diversity Theory to Crane Conservation pp. 157-183

Martin Weitzman

Partisan Monetary Policies: Presidential Influence Through the Power of Appointment pp. 185-218

Henry Chappell, Thomas M. Havrilesky and Rob Roy McGregor

Sectoral Shifts and Cyclical Unemployment Reconsidered pp. 219-243

S. Lael Brainard and David M. Cutler

Noncooperative Foundations of the Area Monotonic Solution pp. 245-258

Nejat Anbarci

Dyke Maintenance and Other Stories: Some Neglected Types of Public Goods pp. 259-271

Richard Cornes

A New Perspective on Planned Obsolescence pp. 273-283

Michael Waldman

On Strategic Control pp. 285-290

Graciela Chichilnisky

Volume 107, issue 4, 1992

The Division of Labor, Coordination Costs, and Knowledge pp. 1137-1160

Gary Becker and Kevin M. Murphy

Did the Debt Crisis Cause the Investment Crisis? pp. 1161-1186

Andrew Warner

The Socioeconomic Consequences of Teen Childbearing Reconsidered pp. 1187-1214

Arline T. Geronimus and Sanders Korenman

Estimating a Firm's Age-Productivity Profile Using the Present Value of Workers' Earnings pp. 1215-1242

Laurence Kotlikoff and Jagadeesh Gokhale

Fiscal Policy in an Endogenous Growth Model pp. 1243-1259

Gilles Saint-Paul

Asymmetric Effects of Positive and Negative Money-Supply Shocks pp. 1261-1282

James Cover

Income Distribution and Infant Mortality pp. 1283-1302

Robert Waldmann

Why Does Aggregate Insider Trading Predict Future Stock Returns? pp. 1303-1331

H. Nejat Seyhun

Margin Requirements, Speculative Trading, and Stock Price Fluctuations: The Case of Japan pp. 1333-1370

Gikas A. Hardouvelis and Stavros Peristiani

Loss of Skill During Unemployment and the Persistence of Employment Shocks pp. 1371-1391

Christopher Pissarides

Disability Transfers, Self-Reported Health, and the Labor Force Attachment of Older Men: Evidence from the Historical Record pp. 1393-1419

John Bound and Timothy Waidmann

Unobserved Ability, Efficiency Wages, and Interindustry Wage Differentials pp. 1421-1436

McKinley Blackburn and David Neumark

Wage-Price Flexibility, Market Power, and the Cyclical Behavior of Real Wages, 1959–1980 pp. 1437-1449

David M. Garman and Daniel J. Richards

Discretionary Monetary Policy and Socially Efficient Wage Indexation pp. 1451-1460

Christopher Waller and David VanHoose

Dynamic Edgeworth-Bertrand Competition pp. 1461-1477

Marc Dudey

Volume 107, issue 3, 1992

A Simple Model of Herd Behavior pp. 797-817

Abhijit Banerjee

Gross Job Creation, Gross Job Destruction, and Employment Reallocation pp. 819-863

Steven Davis and John Haltiwanger

Considerations of Fairness and Strategy: Experimental Data from Sequential Games pp. 865-888

Vesna Prasnikar and Alvin Roth

The Transition to a Market Economy: Pitfalls of Partial Reform pp. 889-906

Kevin M. Murphy, Andrei Shleifer and Robert W. Vishny

When Higher Incomes Reduce Welfare: Queues, Labor Supply, and Macro Equilibrium in Socialist Economies pp. 907-920

Maxim Boycko

Using Privileged Information to Manipulate Markets: Insiders, Gurus, and Credibility pp. 921-958

Roland Benabou and Guy Laroque

An Estimate of Resource Expenditures on Transfer Activity in the United States pp. 959-983

David N. Laband and John Sophocleus

Real Wage Determination and Rent-Sharing in Collective Bargaining Agreements pp. 985-1002

Louis Christofides and Andrew Oswald

Consumer Demand and Equilibrium Unemployment in a Working Model of the Customer-Market Incentive-Wage Economy pp. 1003-1032

Edmund Phelps

Pension Reversions and Worker-Stockholder Wealth Transfers pp. 1033-1056

Mitchell A. Petersen

State Income Tax Amnesties: Causes pp. 1057-1070

Jeffrey A. Dubin, Michael J. Graetz and Louis L. Wilde

A Contribution to the Theory of Business Cycles pp. 1071-1088

Duncan Foley

Pricing by the Firm Under Regulatory Threat pp. 1089-1099

Amihai Glazer and Henry McMillan

Sequential Vertical Integration pp. 1101-1111

Herman C. Quirmbach

Two-Period Financial Contracts with Private Information and Costly State Verification pp. 1113-1123

David C. Webb

The Fundamentals of Monotone Processes Reviewed Through an Inefficiency Measure pp. 1125-1136

Gilbert Ritschard

Volume 107, issue 2, 1992

Voters as Fiscal Conservatives pp. 327-361

Sam Peltzman

On Diversity pp. 363-405

Martin Weitzman

A Contribution to the Empirics of Economic Growth pp. 407-437

N. Gregory Mankiw, David Romer and David Weil

Job Mobility and the Careers of Young Men pp. 439-479

Robert H. Topel and Michael P. Ward

Why is Production More Volatile than Sales? Theory and Evidence on the Stockout-Avoidance Motive for Inventory-Holding pp. 481-510

James Kahn

Asymmetric Tournaments, Equal Opportunity Laws, and Affirmative Action: Some Experimental Results pp. 511-539

Andrew Schotter and Keith Weigelt

Economics of Direct Legislation pp. 541-571

John Matsusaka

Anomalies in Intertemporal Choice: Evidence and an Interpretation pp. 573-597

George Loewenstein and Drazen Prelec

Judging Factor Abundance pp. 599-620

Harry Bowen and Leo Sveikauskas

Why Do Countries and Industries with Large Seasonal Cycles Also Have Large Business Cycles? pp. 621-656

J. Joseph Beaulieu, Jeffrey K. MacKie-Mason and Jeffrey A. Miron

Market Structure and the Nature of Price Rigidity: Evidence from the Market for Consumer Deposits pp. 657-680

David Neumark and Steven Sharpe

Coordination in Split Award Auctions pp. 681-707

James J. Anton and Dennis A. Yao

How Well Does The IS-LM Model Fit Postwar U. S. Data? pp. 709-738

Jordi Galí

Communication in Coordination Games pp. 739-771

Russell Cooper, Douglas V. DeJong, Robert Forsythe and Thomas Ross

Financial Assets, Inflation Hedges, and Capital Utilization in Developing Countries: An Extension of McKinnon's Complementarity Hypothesis pp. 773-784

Paul Burkett and Robert C. Vogel

Optimal Financial Contracting with ex post and ex ante Observability Problems pp. 785-795

Tim S. Campbell and Yuk-Shee Chan

Volume 107, issue 1, 1992

Introduction pp. i

Lawrence Katz

The Great Compression: The Wage Structure in the United States at Mid-Century pp. 1-34

Claudia Goldin and Robert Margo

Changes in Relative Wages, 1963–1987: Supply and Demand Factors pp. 35-78

Lawrence Katz and Kevin M. Murphy

Decline of Male Labor Market Participation: The Role of Declining Market Opportunities pp. 79-121

Chinhui Juhn

Ethnic Capital and Intergenerational Mobility pp. 123-150

George Borjas

School Quality and Black-White Relative Earnings: A Direct Assessment pp. 151-200

David Card and Alan Krueger

What Went Wrong? The Erosion of Relative Earnings and Employment Among Young Black Men in the 1980s pp. 201-232

John Bound and Richard Freeman

Down and Out in North America: Recent Trends in Poverty Rates in the United States and Canada pp. 233-254

Maria J. Hanratty and Rebecca Blank

Exporting Jobs?The Impact of Import Competition on Employment and Wages in U. S. Manufacturing pp. 255-284

Ana L. Revenga

The Structure of Wages pp. 285-326

Kevin M. Murphy and Finis Welch