American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Editors' Introduction Robert E.LucasJr 7 7 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=1&issue_date=May 2002 10.1257/000000000000000000 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Foreword Robert E.LucasJr 8l 8l http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=2&issue_date=May 2002 10.1257/000000000000000000 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Prosperity and Depression Edward C.PrescottUniversity of Minnesota and Federal Reserve Bank of Minneapolis 1 15 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=3&issue_date=May 2002 10.1257/000282802320188916 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Policy-Driven Productivity in Chile and Mexico in the 1980's and 1990's RaphaelBergoeingCentro de Economía Aplicada, Universidad de Chile, Santiago, Chile Patrick J.KehoeResearch Deparment, Federal Reserve Bank of Minneapolis, Minneapolis, MN 55480, Department of Economics, University of Minnesota and National Bureau of Economic Research Timothy J.KehoeDepartment of Economics, University of Minnesota, Minneapolis, MN 55455 and Research Department, Federal Reserve Bank of Minneapolis RaimundoSotoInstituto de Economía, Pontificia Universidad Católica de Chile, Santiago, Chile 16 21 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=4&issue_date=May 2002 10.1257/000282802320188925 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Accounting for the Great Depression V. V.ChariUniversity of Minnesota and Federal Reserve Bank of Minneapolis Patrick J.KehoeFederal Reserve Bank of Minneapolis, NBER and University of Minnesota Ellen R.McGrattanFederal Reserve Bank of Minneapolis, NBER and University of Minnesota 22 27 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=5&issue_date=May 2002 10.1257/000282802320188934 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article The U.S. and U.K. Great Depressions Through the Lens of Neoclassical Growth Theory Harold L.ColeDepartment of Economics, University of California-Los Angeles, 405 Hilgard Ave., Los Angeles, CA 90095-1477, and the Federal Reserve Bank of Minneapolis, 90 Hennepin Ave., Minneapolis, MN 55410 Lee E.OhanianDepartment of Economics, University of California-Los Angeles, 405 Hilgard Ave., Los Angeles, CA 90095-1477, and the Federal Reserve Bank of Minneapolis, 90 Hennepin Ave., Minneapolis, MN 55410 28 32 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=6&issue_date=May 2002 10.1257/000282802320188943 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article A Dual Liquidity Model for Emerging Markets Ricardo J.CaballeroDepartment of Economics, 50 Memorial Drive, Massachusetts Institute of Technology, Cambridge, MA 02142-1347, and NBER ArvindKrishnamurthyFinance Department, Kellogg School of Management, Northwestern University, 2001 Sheridan Road, Evanston, IL 60208 33 37 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=7&issue_date=May 2002 10.1257/000282802320188952 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Bank Bailouts and Aggregate Liquidity Douglas W.DiamondUniversity of Chicago Graduate School of Business, 1101 E. 58th Street, Chicago, IL 60637 and NBER Raghuram G.RajanUniversity of Chicago Graduate School of Business, 1101 E. 58th Street, Chicago, IL 60637 and NBER 38 41 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=8&issue_date=May 2002 10.1257/000282802320188961 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Domestic and International Supply of Liquidity BengtHolmstromDepartment of Economics, Massachusetts Institute of Technology, 50 Memorial Drive, Cambridge, MA 02139 JeanTiroleInstitute D'Economie Industrielle, Université des Sciences Sociales, Place Anatole France 31042, Toulouse Cedex, France 42 45 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=9&issue_date=May 2002 10.1257/000282802320188970 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Balance-Sheet Contagion NobuhiroKiyotakiDepartment of Economics, London School of Economics, Houghton Street, London, WC2A 2AE, United Kingdom JohnMooreDepartment of Economics, University of Edinburgh, 50 George Square, Edinburgh EH8 9JY, United Kingdom, and London School of Economics 46 50 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=10&issue_date=May 2002 10.1257/000282802320188989 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Payment Arrangements and Inflation Edward J.GreenFederal Reserve Bank of Chicago, 230 South LaSalle Street, Chicago, IL 60604, USA 51 57 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=11&issue_date=May 2002 10.1257/000282802320188998 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Money: What's the Question and Why Should We Care About the Answer? Narayana R.KocherlakotaDepartment of Economics, University of Minnesota, 271 19th Avenue South, Minneapolis, MN 55455, and Federal Reserve Bank of Minneapolis 58 61 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=12&issue_date=May 2002 10.1257/000282802320189005 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Evil Is the Root of All Money NobuhiroKiyotakiDepartment of Economics, London School of Economics, Houghton Street, London, WC2A 2AE, United Kingdom JohnMooreDepartment of Economics, University of Edinburgh, 50 George Square, Edinburgh EH8 9JY, United Kingdom, and London School of Economics 62 66 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=13&issue_date=May 2002 10.1257/000282802320189014 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Matching and Money DeanCorbaeDepartment of Economics, University of Texas, Austin, TX 78712 TedTemzelidesDepartment of Economics, University of Iowa, Iowa City, IA 52242 RandallWrightDepartment of Economics, University of Pennsylvania, 3718 Locust Walk, Philadelphia, PA 19104 67 71 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=14&issue_date=May 2002 10.1257/000282802320189023 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Chaotic Interest-Rate Rules JessBenhabibDepartment of Economics, New York University, New York, NY 10003 StephanieSchmitt-GrohéDepartment of Economics, Rugers University, New Brunswick, NJ 08901 MartínUribeDepartment of Economics, University of Pennsylvania, Philadelphia, PA 19104 72 78 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=15&issue_date=May 2002 10.1257/000282802320189032 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Taylor Rules in a Model that Satisfies the Natural-Rate Hypothesis Charles T.CarlstromResearch Department, Federal Reserve Bank of Cleveland, Cleveland, OH 44101 Timothy S.FuerstDepartment of Economics, Bowling Green State University, Bowling Green, OH 43403 79 84 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=16&issue_date=May 2002 10.1257/000282802320189041 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article The Choice of an Inflation Target Range in a Small Open Economy Christopher J.ErcegFederal Reserve Board, Mailstop 42-B, 20th and C Street, N.W., Washington, DC 20551 85 89 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=17&issue_date=May 2002 10.1257/000282802320189050 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article The Fed and Interest Rates - A High-Frequency Identification MonikaPiazzesiAnderson Graduate School of Managemenr, 110 Westwood Plaza, Los Angeles, C 90095, and NBER 90 95 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=18&issue_date=May 2002 10.1257/000282802320189069 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article The Natural Rate of Q BillDuporDepartment of Finance, Wharton School, University of Pennsylvania, 2322 Steinberg Hall-Dietrich Hall, Philadelphia, PA 19104-6367 96 101 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=19&issue_date=May 2002 10.1257/000282802320189078 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Inflation-Targeting, Exchange-Rate Pass-Through, and Volatility 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http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Monetary-Policy Rules and the Great Inflation AthanasiosOrphanidesBoard of Governors of the Federal Reserve System, 20th and C Streets, N.W., Washington, DC 20551 115 120 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=22&issue_date=May 2002 10.1257/000282802320189104 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article A Rehabilitation of Monetary Policy in the 1950's Christina D.RomerDepartment of Economics, University of California, Berkeley, CA 94720-3880 David H.RomerDepartment of Economics, University of California, Berkeley, CA 94720-3880 121 127 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=23&issue_date=May 2002 10.1257/000282802320189113 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Monetary Policy, Banking Crises, and the Friedman Rule Bruce D.SmithDepartment of Economics, University of Texas, Austin, TX 78712 128 134 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=24&issue_date=May 2002 10.1257/000282802320189122 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Excess Asset Returns with Limited Enforcement CostasAzariadisDepartment of Economics, University of California, Los Angeles, CA 90095-1477 LuisaLambertiniDepartment of Economics, University of California, Los Angeles, CA 90095-1477 135 140 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=25&issue_date=May 2002 10.1257/000282802320189131 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Self-Insurance, Social Insurance, and the Optimum Quantity of Money ChrisEdmondDepartment of Economics, University of California, Los Angeles, CA 90095 141 147 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=26&issue_date=May 2002 10.1257/000282802320189140 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article The U.S. Technology Frontier FrancescoCaselliDepartment of Economics, Harvard University, Cambridge, MA 02138, CEPR, NBER Wilbur JohnColemanIIFuqua School of Business, Duke University, Durham, NC 27708 148 152 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=27&issue_date=May 2002 10.1257/000282802320189159 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article The U.S. Demographic Transition JeremyGreenwoodDepartment of Economics, University of Rochester, Rochester, NY 146627 AnanthSeshadriDepartment of Economics, University of Wisconsin, Madison, WI 53706 153 159 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=28&issue_date=May 2002 10.1257/000282802320189168 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 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http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=50&issue_date=May 2002 10.1257/000282802320189384 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article The Importance of Bequests and Life-Cycle Saving in Capital Accumulation: A New Answer JonathanSkinnerDepartment of Economics, Dartmouth College, Hanover, NH 03755 and NBER Stephen P.ZeldesGraduate School of Business, Columbia University, 3022 Broadway, New York, NY 10027, and NBER 274 278 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=51&issue_date=May 2002 10.1257/000282802320189393 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 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http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=56&issue_date=May 2002 10.1257/000282802320189447 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article On the Demographic Composition of Colleges and Universities in Market Equilibrium DennisEppleCarnegie Mellon University, Graduate School of Industrial Administration, Pittsburgh, PA 15213 RichardRomanoUniversity of Florida, Department of Economics, Gainesville, FL 32611 HolgerSiegCarnegie Mellon University, Graduate School of Industrial Administration, Pittsburgh, PA 15213 310 314 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=57&issue_date=May 2002 10.1257/000282802320189456 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 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King Street, Wilimington, DE 315 319 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=58&issue_date=May 2002 10.1257/000282802320189465 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article A Dream Deferred or Realized: The Impact of Public Policy on Fostering Black Homeownership in New York City Throughout the 1990's LanceFreemanGraduate School of Architecture, Planning and Preservation, Columbia University, 400 Avery Hall, 1172 Amsterdam Avenue, New York NY 10027 DarrickHamiltonInstitution for Social and Policy Studies, Yale University, 89 Trumbull Street, P.O. Box 208207, New Haven, CT 06520-827, and Andrew Young School of Public Policy, Georgia State University 320 324 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=59&issue_date=May 2002 10.1257/000282802320189474 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Cooperatives and Wealth Accumulation: Preliminary Analysis Jessica GordonNembhardAfro-American Studies Program, University of Maryland, College Park, MD 20742, and The Democracy Collaborative 325 329 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=60&issue_date=May 2002 10.1257/000282802320189483 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Wealth: Asset-Accumulation Differences by Race–SCF Data, 1995 and 1998 Ronald L.StraightSchool of Business, Howard University, 2600 6th Street, N.W., Washington, DC 20059. 330 334 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=61&issue_date=May 2002 10.1257/000282802320191552 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article A Foundation for Behavioral Economics Jessica L.CohenDepartment of Economics, Massachusetts Institute of Technology, 50 Memorial Drive, Cambridge, MA 02142 William T.DickensBrookings Institution, 1775 Massachusetts Ave., N.W., Whashington DC 20036 335 338 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=62&issue_date=May 2002 10.1257/000282802320191561 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article IQ and Income Inequality in a Sample of Sibling Pairs from Advantaged Family Backgrounds CharlesMurrayAmerican Enterprise Institute, 1150 17th Street, N.W., Washington, DC 20036. 339 343 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=63&issue_date=May 2002 10.1257/000282802320191570 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article The Nature and Nurture of Economic Outcomes BruceSacerdoteDepartment of Economics, Dartmouth College, Hanover, NH 03755, and National Bureau of Economic Research 344 348 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=64&issue_date=May 2002 10.1257/000282802320191589 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Wage Gains Associated with Height as a Form of Health Human Capital T. 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http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Intergenerational Risk-Sharing via Social Security when Financial Markets Are Incomplete DirkKruegerDepartment of Economics, Stanford University, Stanford, CA 94305 FelixKublerDepartment of Economics, Stanford University, Stanford, CA 94305 407 410 http://www.aeaweb.org/articles/article_detail.php?journal=AER&volume=92&issue=2&article=76&issue_date=May 2002 10.1257/000282802320191705 American Economic Association Nashville, TN 0002-8282 American Economic Review http://www.aeaweb.org/aer/ 92 2 May 2002 http://www.aeaweb.org/articles/issue_detail.php?journal=AER&volume=92&issue=2&issue_date=May 2002 Journal Article Taxation of Financial Services under a VAT Alan J.AuerbachDepartment of Economics, University of California, Berkeley, CA 94720-3880 Roger H.GordonDepartment of Economics, University of California-San Diego, La Jolla, CA 92093-0508 411 416 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