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American Economic Review: Vol. 98 No. 2 (May 2008)

Editors' Introduction (page viii)
William R. Johnson and Jane E. Voros
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Foreword (page x)
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Articles

Richard T. Ely Lecture

The Economics of Climate Change (pp. 1-37)
Nicholas Stern
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The Impact of Hurricanes on Residents and Local Labor Markets

Returning to New Orleans after Hurricane Katrina (pp. 38-42)
Christina Paxson and Cecilia Elena Rouse
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The Effect of Hurricane Katrina on the Labor Market Outcomes of Evacuees (pp. 43-48)
Jeffrey A. Groen and Anne E. Polivka
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How Hurricanes Affect Wages and Employment in Local Labor Markets (pp. 49-53)
Ariel R. Belasen and Solomon W. Polachek
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Measuring the Labor Market Impacts of Hurricane Katrina Migration: Evidence from Houston, Texas (pp. 54-57)
Molly Fifer McIntosh
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Rare Disasters and Asset Markets

Consumption Disasters in the Twentieth Century (pp. 58-63)
Robert J. Barro and Jose F. Ursua
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Variable Rare Disasters: A Tractable Theory of Ten Puzzles in Macro-finance (pp. 64-67)
Xavier Gabaix
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Disasters and Recoveries (pp. 68-73)
Francois Gourio
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Disasters and the Welfare Cost of Uncertainty (pp. 74-78)
Ian W. R. Martin
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US Fiscal Institutions: Reforming Tax Expenditures

How Big Are Total Individual Income Tax Expenditures, and Who Benefits from Them? (pp. 79-83)
Leonard E. Burman, Christopher Geissler and Eric J. Toder
Abstract/Tools | Full-text Article | Link to Appendix (56.99 KB)

Tax Expenditures for Owner-Occupied Housing: Deductions for Property Taxes and Mortgage Interest and the Exclusion of Imputed Rental Income (pp. 84-89)
James Poterba and Todd Sinai
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Using Tax Expenditures to Achieve Energy Policy Goals (pp. 90-94)
Gilbert E. Metcalf
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Design and Reform of Institutions in LDCs and Transition Economies

Institutions: Top Down or Bottom Up? (pp. 95-99)
William Easterly
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Second-Best Institutions (pp. 100-104)
Dani Rodrik
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The Administrative Foundations of Self-Enforcing Constitutions (pp. 105-09)
Yadira Gonzalez de Lara, Avner Greif and Saumitra Jha
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Current and Future Institutions for the World Economy

The Future of the IMF and the World Bank (pp. 110-15)
Raghuram G. Rajan
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Rethinking Global Environmental Governance to Deal with Climate Change: The Multiple Logics of Global Collective Action (pp. 116-21)
Daniel C. Esty
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Designing Institutions to Deal with Terrorism in the United States (pp. 122-26)
Martin Feldstein
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Reforming Economic Institutions of the European Union

EU Institutional Reform: Evidence on Globalization and International Cooperation (pp. 127-32)
Richard Baldwin
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Widening and Deepening: Reforming the European Union (pp. 133-37)
Erik Berglof, Mike Burkart, Guido Friebel and Elena Paltseva
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Should the Euro Area Be Run as a Closed Economy? (pp. 138-45)
Carlo Favero and Francesco Giavazzi
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Empirical Work on Asymmetric Information in Insurance Markets

Modeling Competition and Market Equilibrium in Insurance: Empirical Issues (pp. 146-50)
Pierre-Andre Chiappori and Bernard Salanie
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Does the Secondary Life Insurance Market Threaten Dynamic Insurance? (pp. 151-56)
Glenn Daily, Igal Hendel and Alessandro Lizzeri
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Preference Heterogeneity and Insurance Markets: Explaining a Puzzle of Insurance (pp. 157-62)
David M. Cutler, Amy Finkelstein and Kathleen McGarry
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Neuroeconomic Models of Economic Decision Making

The Impact of Computation Time and Experience on Decision Values (pp. 163-68)
K. Carrie Armel and Antonio Rangel
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Economic Insights from 'Neuroeconomic' Data (pp. 169-74)
Andrew Caplin and Mark Dean
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Theories of the Mind (pp. 175-80)
Isabelle Brocas and Juan D. Carrillo
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Information Aggregation by Voting

Information Aggregation in Standing and Ad Hoc Committees (pp. 181-86)
S. Nageeb Ali, Jacob K. Goeree, Navin Kartik and Thomas R. Palfrey
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Costly Expertise (pp. 187-93)
Dino Gerardi and Leeat Yariv
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Information Aggregation and Strategic Abstention in Large Laboratory Elections (pp. 194-200)
Marco Battaglini, Rebecca B. Morton and Thomas R. Palfrey
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Work Incentives, Motivation, and Identity

Intrinsic Motivation and Incentives (pp. 201-05)
Canice Prendergast
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Status Incentives (pp. 206-11)
Timothy Besley and Maitreesh Ghatak
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Identity, Supervision, and Work Groups (pp. 212-17)
George A. Akerlof and Rachel E. Kranton
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Expertise and Macroeconomic Policy

Insiders versus Outsiders in Monetary Policymaking (pp. 218-23)
Timothy Besley, Neil Meads and Paolo Surico
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Do Monetary Policy Committees Need Leaders? A Report on an Experiment (pp. 224-29)
Alan S. Blinder and John Morgan
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The FOMC versus the Staff: Where Can Monetary Policymakers Add Value? (pp. 230-35)
Christina D. Romer and David H. Romer
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Complexity and Dynamics in Macroeconomics: Alternatives to the DSGE Models

Beyond DSGE Models: Toward an Empirically Based Macroeconomics (pp. 236-40)
David Colander, Peter Howitt, Alan Kirman, Axel Leijonhufvud and Perry Mehrling
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Frequency-Specific Effects of Stabilization Policies (pp. 241-45)
William A. Brock, Steven N. Durlauf and Giacomo Rondina
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Modeling Macroeconomies as Open-Ended Dynamic Systems of Interacting Agents (pp. 246-50)
Blake LeBaron and Leigh Tesfatsion
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Allowing the Data to Speak Freely: The Macroeconometrics of the Cointegrated Vector Autoregression (pp. 251-55)
Kevin D. Hoover, Soren Johansen and Katarina Juselius
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Labor Market Flows

The Ins and Outs of European Unemployment (pp. 256-62)
Barbara Petrongolo and Christopher A. Pissarides
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The Decline of Job Loss and Why It Matters (pp. 263-67)
Steven J. Davis
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The Probability of Finding a Job (pp. 268-73)
Robert Shimer
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Price Manipulation in Financial Markets

How to Define Illegal Price Manipulation (pp. 274-79)
Albert S. Kyle and S. Viswanathan
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Microstructure Bluffing with Nested Information (pp. 280-84)
Archishman Chakraborty and Bilge Yilmaz
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Manipulation and Equity-Based Compensation (pp. 285-90)
Lin Peng and Ailsa Roell
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Life-Cycle Investing

Contingent Claims Analysis and Life-Cycle Finance (pp. 291-96)
Zvi Bodie, Doriana Ruffino and Jonathan Treussard
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Optimal Life-Cycle Investing with Flexible Labor Supply: A Welfare Analysis of Life-Cycle Funds (pp. 297-303)
Francisco J. Gomes, Laurence J. Kotlikoff and Luis M. Viceira
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Why Don’t People Insure Late-Life Consumption? A Framing Explanation of the Under-Annuitization Puzzle (pp. 304-09)
Jeffrey R. Brown, Jeffrey R. Kling, Sendhil Mullainathan and Marian V. Wrobel
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Assets and Credit among Low-Income Households

Mortgages, Risk, and Homeownership among Low- and Moderate-Income Families (pp. 310-14)
Raphael W. Bostic and Kwan Ok Lee
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Rates for Vehicle Loans: Race and Loan Source (pp. 315-20)
Kerwin Kofi Charles, Erik Hurst and Melvin Stephens
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Saving whilst Gambling: An Empirical Analysis of UK Premium Bonds (pp. 321-26)
Peter Tufano
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New Perspectives on Financial Globalization

The Drivers of Financial Globalization (pp. 327-32)
Philip R. Lane and Gian Maria Milesi-Ferretti
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Home Bias at the Fund Level (pp. 333-38)
Harald Hau and Helene Rey
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Is the 2007 US Sub-prime Financial Crisis So Different? An International Historical Comparison (pp. 339-44)
Carmen M. Reinhart and Kenneth S. Rogoff
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Applications of Recent Methodology in Project Evaluation

Using Selection on Observed Variables to Assess Bias from Unobservables When Evaluating Swan-Ganz Catheterization (pp. 345-50)
Joseph G. Altonji, Todd E. Elder and Christopher R. Taber
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Treatment Effect Bounds under Monotonicity Assumptions: An Application to Swan-Ganz Catheterization (pp. 351-56)
Jay Bhattacharya, Azeem M. Shaikh and Edward Vytlacil
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Estimating Average Treatment Effects with Continuous and Discrete Covariates: The Case of Swan-Ganz Catheterization (pp. 357-62)
Qi Li, Jeffrey S. Racine and Jeffrey M. Wooldridge
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Gender Differences in Careers, Education, and Games

Transitions: Career and Family Life Cycles of the Educational Elite (pp. 363-69)
Claudia Goldin and Lawrence F. Katz
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Exploring the Impact of Financial Incentives on Stereotype Threat: Evidence from a Pilot Study (pp. 370-75)
Roland G. Fryer, Steven D. Levitt and John A. List
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Do Women Supply More Public Goods Than Men? Preliminary Experimental Evidence from Matrilineal and Patriarchal Societies (pp. 376-81)
Steffen Andersen, Erwin Bulte, Uri Gneezy and John A. List
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Macroeconomic Factors Affecting Poverty and Income Distribution among African Americans

African American and White Differences in the Impacts of Monetary Policy on the Duration of Unemployment (pp. 382-86)
William M. Rodgers
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The Changing Incidence and Severity of Poverty Spells among Female-Headed Families (pp. 387-91)
David Card and Rebecca M. Blank
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Poverty Volatility and Macroeconomic Quiescence (pp. 392-97)
Philip N. Jefferson
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Non-white Poverty and Macroeconomy: The Impact of Growth (pp. 398-402)
Gary A. Hoover, Walter Enders and Donald G. Freeman
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Women, Finances, and Children

Understanding the Returns to Delayed Childbearing for Working Women (pp. 403-07)
Kasey Buckles
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The Effect of Children (pp. 408-12)
Kristin Mammen
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Planning and Financial Literacy: How Do Women Fare? (pp. 413-17)
Annamaria Lusardi and Olivia S. Mitchell
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Who Chooses Annuities? An Experimental Investigation of the Role of Gender, Framing, and Defaults (pp. 418-22)
Julie R. Agnew, Lisa R. Anderson, Jeffrey R. Gerlach and Lisa R. Szykman
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Sources of International Price Stickiness

A Structural Approach to Explaining Incomplete Exchange-Rate Pass-Through and Pricing-to-Market (pp. 423-29)
Pinelopi Koujianou Goldberg and Rebecca Hellerstein
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Pass-Through in Retail and Wholesale (pp. 430-37)
Emi Nakamura
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Welfare Costs of Inflation in a Menu Cost Model (pp. 438-43)
Ariel Burstein and Christian Hellwig
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Firm Heterogeneity and International Trade

Endogenous Variety and the Gains from Trade (pp. 444-50)
Costas Arkolakis, Svetlana Demidova, Peter J. Klenow and Andres Rodriguez-Clare
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R&D Investments, Exporting, and the Evolution of Firm Productivity (pp. 451-56)
Bee Yan Aw, Mark J. Roberts and Daniel Yi Xu
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Firm-Level Heterogeneous Productivity and Demand Shocks: Evidence from Bangladesh (pp. 457-62)
Hiau Looi Kee and Kala Krishna
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Height, Health, and Economic Development

Height, Health, and Cognitive Function at Older Ages (pp. 463-67)
Anne Case and Christina Paxson
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Height, Health, and Inequality: The Distribution of Adult Heights in India (pp. 468-74)
Angus Deaton
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Height and Economic Development in Italy, 1730-1980 (pp. 475-81)
Franco Peracchi
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Psychology and Development: Theory and Experimental Evidence

How High Are Rates of Return to Fertilizer? Evidence from Field Experiments in Kenya (pp. 482-88)
Esther Duflo, Michael Kremer and Jonathan Robinson
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Limited Attention and Income Distribution (pp. 489-93)
Abhijit V. Banerjee and Sendhil Mullainathan
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Spite and Development (pp. 494-99)
Ernst Fehr, Karla Hoff and Mayuresh Kshetramade
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New Research in Development Economics: Marriage, Motherhood, and Conflict

Motherhood and Female Labor Force Participation: Evidence from Infertility Shocks (pp. 500-504)
Jorge M. Aguero and Mindy S. Marks
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Segregation, Rent Control, and Riots: The Economics of Religious Conflict in an Indian City (pp. 505-10)
Erica Field, Matthew Levinson, Rohini Pande and Sujata Visaria
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Stress and Birth Weight: Evidence from Terrorist Attacks (pp. 511-15)
Adriana Camacho
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Prostitutes and Brides? (pp. 516-22)
Raj Arunachalam and Manisha Shah
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New Comparative Economic History

Made in America? The New World, the Old, and the Industrial Revolution (pp. 523-28)
Gregory Clark, Kevin H. O'Rourke and Alan M. Taylor
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Trade Costs, 1870-2000 (pp. 529-34)
David S. Jacks, Christopher M. Meissner and Dennis Novy
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A Century of Global Equity Market Correlations (pp. 535-40)
Dennis P. Quinn and Hans-Joachim Voth
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Assessment of Economics in US High Schools and Undergraduate Programs

The National Assessment of Educational Progress in Economics: Findings for General Economics (pp. 541-46)
William B. Walstad and Stephen Buckles
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The Test of Understanding of College Economics (pp. 547-51)
William B. Walstad and Ken Rebeck
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Assessment Practices and Trends in Undergraduate Economics Courses (pp. 552-56)
Georg Schaur, Michael Watts and William E. Becker
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Awards

Awards

Susan C. Athey: John Bates Clark Medalist 2007 (pp. 559-60)
Georg Schaur, Michael Watts and William E. Becker
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Reports

Reports

Minutes of the Annual Meeting: New Orleans, LA, January 5, 2008 (pp. 561-62)
John J. Siegfried
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Minutes of the Executive Committee Meetings (pp. 563-72)
John J. Siegfried
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Report of the Secretary for 2007 (pp. 573-76)
John J. Siegfried
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Report of the Treasurer (pp. 577-80)
John J. Siegfried
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Report of the Editor: American Economic Review (pp. 581-90)
Robert A. Moffitt
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Report of the Editor: Journal of Economic Literature (pp. 591-93)
Roger Gordon
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Report of the Editor: Journal of Economic Perspectives (pp. 594-95)
Andrei Shleifer
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Report of the Editor: American Economic Journal: Applied Economics (pp. 596-98)
Esther Duflo
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Report of the Editor: American Economic Journal: Economic Policy (pp. 599-600)
Alan J. Auerbach
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Report of the Editor: American Economic Journal: Macroeconomics (pp. 601-02)
Olivier Blanchard
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Report of the Editor: American Economic Journal: Microeconomics (pp. 603-04)
Andrew Postlewaite
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Report of the Director: Job Openings for Economists (pp. 605-07)
John J. Siegfried
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Report of the Committee on Economic Education (pp. 608-10)
Michael Watts
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Report of the Committee on the Status of Women in the Economics Profession 2007 (pp. 611-18)
Lisa M. Lynch
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Report on the Committee on the Status of Minority Groups in the Economics Profession (pp. 619-27)
Cecilia Rouse
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Report of the Committee on Economic Statistics (pp. 628-28)
Katharine Abraham
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Report of the Search Committee for the Editor of the Journal of Economic Perspectives (pp. 629-29)
Rebecca Blank
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American Economic Association Universal Academic Questionnaire Summary Statistics (pp. 630-33)
Charles E. Scott and John J. Siegfried
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American Economic Review


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