The American Economic Review
Vol. 94, No. 2, May 2004
Contents
Editors' Introduction
David J. Baldwin and Ronald L. Oaxaca
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Foreword
Martin Feldstein
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The Institutions of Monetary Policy
Mervyn King
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Asset Prices, Financial Instability, and Monetary Policy
Charles R. Bean
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Inflation Illusion and Stock Prices
John Y. Campbell and Tuomo Vuolteenaho
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The Fed Response to Equity Prices and Inflation
Bill Dupor and Timothy Conley
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Aggregate Short Interest and Market Valuations
Owen A. Lamont and Jeremy C. Stein
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Risk and Uncertainty in Monetary Policy
Alan Greenspan
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Panel Discussion
Martin Feldstein, Mervyn King and Janet L. Yellen
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Preemption, Changing Structure, and U. S. Monetary Policy
Allen Sinai
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Serial Default and the "Paradox" of Rich-to-Poor Capital Flows
Carmen M. Reinhart and Kenneth S. Rogoff
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Financial Openness, Sudden Stops, and Current-Account Reversals
Sebastian Edwards
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Financial Opening and Development: Evidence and Policy Controversies
Joshua Aizenman
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Monetary and Fiscal Remedies for Deflation
Alan J. Auerbach and Maurice Obstfeld
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Policy Options in a Liquidity Trap
Gauti B. Eggertsson and Michael Woodford
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Exchange-Rate Policy and the Zero Bound on Nominal Interest Rates
Günter Coenen and Volker W. Wieland
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Conducting Monetary Policy at Very Low Short-Term Interest Rates
Ben S. Bernanke and Vincent R. Reinhart
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Transparency of Information and Coordination in Economies with Investment Complementarities
George-Marios Angeletos and Alessandro Pavan
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Deflation and Depression: Is There an Empirical Link?
Andrew Atkeson and Patrick J. Kehoe
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Negative Nominal Interest Rates
Marco Bassetto
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Wedges and Taxes
Narayana R. Kocherlakota
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A Scapegoat Model of Exchange-Rate Fluctuations
Philippe Bacchetta and Eric Van Wincoop
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Accounting for Exchange-Rate Variability in Present-Value Models When the Discount Factor Is Near 1
Charles Engel and Kenneth D. West
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Can Portfolio Rebalancing Explain the Dynamics of Equity Returns, Equity Flows, and Exchange Rates?
Harald Hau and Hélène Rey
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Why Is Manufacturing Trade Rising Even as Manufacturing Output is Falling?
Raphael Bergoeing, Timothy J. Kehoe, Vanessa Strauss-Kahn and Kei-Mu Yi
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Variety Growth and World Welfare
Christian Broda and David W. Weinstein
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On the Measurement of Product Variety in Trade
Robert Feenstra and Hiau Looi Kee
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Dissecting Trade: Firms, Industries, and Export Destinations
Jonathan Eaton, Samuel Kortum and Francis Kramarz
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How Much Equity Does the Government Hold?
Alan Auerbach
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Toward a Consumption Tax, and Beyond
Roger Gordon, Laura Kalambokidis, Jeffrey Rohaly and Joel Slemrod
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What Do Aggregate Consumption Euler Equations Say About the Capital-Income Tax Burden?
Casey Mulligan
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Taxation and Corporate Payout Policy
James Poterba
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Is the Social Security Trust Fund a Store of Value?
Kent Smetters
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Social Security Financing: Facts, Fantasies, Foibles, and Follies
Robert L. Clark
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Improving Social Security's Progressivity and Solvency with Hybrid Indexing
Robert Pozen, Sylvester J. Schieber and John B. Shoven
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CEO Pay and Appointments: A Market-Based Explanation for Recent Trends
Kevin J. Murphy and Ján Zábojník
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Inequality and the Organization of Knowledge
Luis Garicano and Esteban Rossi-Hansberg
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Task-Specific Human Capital
Robert Gibbons and Michael Waldman
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Balanced Skills and Entrepreneurship
Edward P. Lazear
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The Structure of Wages and Internal Mobility
Edward Lazear and Paul Oyer
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Using "Insider Econometrics" to Study Productivity
Ann Bartel, Casey Ichniowski and Kathryn Shaw
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Integrated Longitudinal Employer-Employee Data for the United States
John J. Abowd, John Haltiwanger and Julia Lane
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Changing Labor-Market Opportunities for Women and the Quality of Teachers, 1957–2000
Sean P. Corcoran, William N. Evans and Robert M. Schwab
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Pulled Away or Pushed Out? Explaining the Decline of Teacher Aptitude in the United States
Caroline M. Hoxby and Andrew Leigh
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Teacher Testing, Teacher Education, and Teacher Characteristics
Joshua D. Angrist and Jonathan Guryan
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The Impact of Individual Teachers on Student Achievement: Evidence from Panel Data
Jnah E. Rockoff
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Efficiency in the Use of Technology in Economic Education: Some Preliminary Results
Kim Sosin, Betty J. Lecha, Rajshree Agarwal, Robin L. Bartlett and Joseph I. Daniel
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What Students Remember and Say about College Economics Years Later
Sam Allgood, William Bosshardt, Wilbert van der Klaauw and Michael Watts
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Ph. D. Program Learning and Job Demands: How Close Is the Match?
Wendy A. Stock and Lee W. Hansen
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The Market for New Ph. D. Economists in 2002
John J. Siegfried and Wendy A. Stock
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Panel Discussion
Alan J. Auerbach, Francine D. Blau and John B. Shoven
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Can Demand-Side Variables Explain the Low Numbers of Minority Faculty in Higher Education?
Stephen Cole and Elizabeth Arias
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The Effects of Ph. D. Supply on Minority Faculty Representation
Samuel L. Myers and Caroline S. Turner
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Panel Discussion
John Brooks Slaughter, Ronald G. Ehrenberg and Eric A. Hanushek
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Institutional Strategies to Achieve Gender Equity in Intercollegiate Athletics: Does Title IX Harm Male Athletes?
Deborah J. Anderson and John J. Cheslock
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Understanding How Child-Support Arrears Reached $18 Billion in California
Elaine Sorensen
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Are All the Good Men Married? Uncovering the Sources of the Marital Wage Premium
Kate Antonovics and Robert Town
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Occupation, Sex-Integration, and Divorce
Terra G. Mckinnish
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Wealth, Health, and Health Services in Rural Rajasthan
Abhijit Banerjee, Angus Deaton and Esther Duflo
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Medical Compliance and Income-Health Gradients
Anne Case, Ingrid Le Roux and Alicia Menendez
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Do Conditional Cash Transfers Improve Child Health? Evidence from PROGRESA's Control Randomized Experiment
Paul Gertler
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The Role of Information in Medical Markets: An Analysis of Publicly Reported Outcomes in Cardiac Surgery
David M. Cutler, Robert S. Ilckman and Mary Beth Landrum
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Managed Care, Information, and Diffusion: The Case of Treatment for Heart-Attack Patients
Laurence C. Baker, Christopher C. Afendulis and Paul A. Heidenreich
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Hospital Transaction Prices and Managed-Care Discounting for Selected Medical Technologies
Avi Dor, Michael Grossman and Siran M. Koroukian
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The Productivity of Physician Specialization: Evidence from the Medicare Program
Katherine Baicker and Amitabh Chandra
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Repetition and Reputation: Implications for Trust and Trustworthiness When Institutions Change
Iris Bohnet and Steffen Huck
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Mood-Driven Behavior in Strategic Interactions
Mónica C. Capra
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Social Capital and Contributions in a Public-Goods Experiment
Lisa R. Anderson, Jennifer M. Mellor and Jeffrey Milyo
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Gender and Competition at a Young Age
Uri Gneezy and Aldo Rustichini
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Property Rights to Technical Knowledge in Premodern Europe, 1300 –1800
Stephan R. Epstein
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Was Electricity a General Purpose Technology? Evidence from Historical Patent Citations
Petra Moser and Tom Nicholas
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Institutions and Democratic Invention in 19th-Century America: Evidence from "Great Inventors," 1790–1930
Zorina Khan and Kenneth L. Sokoloff
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Do We Underestimate the Benefits of Cultural Competition?
Bryan Caplan and Tyler Cowen
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Psychology and the Market
Edward L. Glaeser
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Does Competition Destroy Ethical Behavior?
Andrei Shleifer
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A Behavioral-Economics View of Poverty
Marianne Bertrand, Sendhil Mullainathan and Eldar Shafir
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Design Choices in Privatized Social-Security Systems: Learning from the Swedish Experience
Henrik Cronqvist and Richard H. Thaler
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Toward National Well-Being Accounts
Daniel Kahneman, Alan B. Krueger, David Schkade, Norbert Schwarz and Arthur Stone
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Persuasion in Politics
Kevin M. Murphy and Andrei Shleifer
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The Employment Consequences of Wrongful-Discharge Laws: Large, Small, or None at All?
David H. Autor, John J. Donohue and Stewart J. Schwab
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Identifying the Effects of the Americans with Disabilities Act Using State-Law Variation: Preliminary Evidence on Educational Participation Effects
Christine Jolls
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Estimating the Value of a Statistical Life: The Importance of Omitted Variables and Publication Bias
Orley Ashenfelter and Michael Greenstone
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What Is a Barrier to Entry?
Preston R. Fee, Hugo M. Mialon and Michael A. Williams
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Why Barriers to Entry Are Barriers to Understanding
Dennis W. Carlton
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Sunk Costs and Antitrust Barriers to Entry
Rchard Schmalensee
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John Bates Clark Award
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Minutes of the Annual Meeting
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Minutes of the Executive Committee Meetings
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Report of the Secretary for 2003
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Report of the Treasurer
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Report of the Finance Committee
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Report of the Editor - American Economic Review
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Report of the Editor - Journal of Economic Literature
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Report of the Editor - Journal of Economic Perspectives
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Report of the Director - Job Openings for Economists
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Report of the Committee on Economic Education
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Report of the Committee on the Status of Women in the Economics Profession
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Report of the Search Committee for a JEL Editor
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American Economic Association Universal Academic Questionnaire Summary Statistics
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Information on the Association
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