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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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