American Economic Review: Vol. 102 No. 3 (May 2012)

Editors' Introduction (pp. xi-xii)
William R. Johnson and Samantha Bennett
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Papers: Richard T. Ely Lecture

Does the Current Account Still Matter? (pp. 1-23)
Maurice Obstfeld
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Papers: Implications of Rational Inattention

Simple Market Equilibria with Rationally Inattentive Consumers (pp. 24-29)
Filip Matějka and Alisdair McKay
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Information Processing and Limited Liability (pp. 30-34)
Bartosz Mackowiak and Mirko Wiederholt
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Information Choice Technologies (pp. 35-40)
Christian Hellwig, Sebastian Kohls and Laura Veldkamp
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Papers: Attention and Choice

Prospect Theory as Efficient Perceptual Distortion (pp. 41-46)
Michael Woodford
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Salience in Experimental Tests of the Endowment Effect (pp. 47-52)
Pedro Bordalo, Nicola Gennaioli and Andrei Shleifer
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Papers: Measuring Systemic Risk

Getting at Systemic Risk via an Agent-Based Model of the Housing Market (pp. 53-58)
John Geanakoplos, Robert Axtell, J. Doyne Farmer, Peter Howitt, Benjamin Conlee, Jonathan Goldstein, Matthew Hendrey, Nathan M. Palmer and Chun-Yi Yang
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Privacy-Preserving Methods for Sharing Financial Risk Exposures (pp. 65-70)
Emmanuel A. Abbe, Amir E. Khandani and Andrew W. Lo
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Papers: Fiscal Policy During and After the Financial Crisis

Fiscal Policy and the Great Recession in the Euro Area (pp. 71-76)
Günter Coenen, Roland Straub and Mathias Trabandt
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Papers: Bubbles and Financial Crisis

Bubbles and Total Factor Productivity (pp. 82-87)
Jianjun Miao and Pengfei Wang
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Debt Financing in Asset Markets (pp. 88-94)
Zhiguo He and Wei Xiong
Abstract/Tools | Full-text Article | Online Appendix (244.61 KB)
Understanding Bubbly Episodes (pp. 95-100)
Vasco M. Carvalho, Alberto Martin and Jaume Ventura
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Papers: Financial Reform—What's Really Needed?

The Safe-Asset Share (pp. 101-06)
Gary Gorton, Stefan Lewellen and Andrew Metrick
Abstract/Tools | Full-text Article | Online Appendix (38.53 KB)
Limited-Purpose Banking--Moving from "Trust Me" to "Show Me" Banking (pp. 113-19)
Christophe Chamley, Laurence J. Kotlikoff and Herakles Polemarchakis
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Papers: Very Local House Price Dynamics

Within-City Variation in Urban Decline: The Case of Detroit (pp. 120-26)
Veronica Guerrieri, Daniel Hartley and Erik Hurst
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Housing Booms and City Centers (pp. 127-33)
Edward L. Glaeser, Joshua D. Gottlieb and Kristina Tobio
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Papers: Asset Prices and Wealth Dynamics with Heterogenous Beliefs

Market Prices of Risk with Diverse Beliefs, Learning, and Catastrophes (pp. 141-46)
Timothy Cogley, Thomas J. Sargent and Viktor Tsyrennikov
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International Robust Disagreement (pp. 152-55)
Riccardo Colacito and Mariano M. Croce
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Papers: Empirical Approaches to Sovereign Debt Default and Monetary-Fiscal Interactions

Estimating Sovereign Default Risk (pp. 161-66)
Huixin Bi and Nora Traum
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Papers: Managing Currency Pegs

Real Exchange Rate Adjustment in and out of the Eurozone (pp. 179-85)
Martin Berka, Michael B. Devereux and Charles Engel
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Fiscal Consolidation in an Open Economy (pp. 186-91)
Christopher J. Erceg and Jesper Lindé
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Managing Currency Pegs (pp. 192-97)
Stephanie Schmitt-Grohé and Martín Uribe
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Papers: International Monetary Reform

Can Asia Overcome the IMF Stigma? (pp. 198-202)
Takatoshi Ito
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Papers: The International Transmission of Financial Shocks: Bank-Level Evidence from the 2007-2009 Crisis

Follow the Money: Quantifying Domestic Effects of Foreign Bank Shocks in the Great Recession (pp. 213-18)
Nicola Cetorelli and Linda S. Goldberg
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Papers: Coping with Economic and Environmental Shocks: Institutions and Outcomes

Moving to Higher Ground: Migration Response to Natural Disasters in the Early Twentieth Century (pp. 238-44)
Leah Platt Boustan, Matthew E. Kahn and Paul W. Rhode
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Adaptation to Climate Change in Preindustrial Iceland (pp. 250-55)
Matthew A. Turner, Jeffrey S. Rosenthal, Jian Chen and Chunyan Hao
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Papers: Crime and Terrorism

Race and Gender Differences under Federal Sentencing Guidelines (pp. 256-60)
Todd Sorensen, Supriya Sarnikar and Ronald L. Oaxaca
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War and Stature: Growing Up during the Nigerian Civil War (pp. 273-77)
Richard Akresh, Sonia Bhalotra, Marinella Leone and Una Okonkwo Osili
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Papers: Growth Inputs: From Human Capital to Nation Building

Nation Building and Economic Growth (pp. 278-82)
Ellyn Creasey, Ahmed S. Rahman and Katherine A. Smith
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Child Health and Conflict in Côte d'Ivoire (pp. 294-99)
Camelia Minoiu and Olga Shemyakina
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Papers: The Effects of Financial Education and Financial Literacy

How Financial Literacy Affects Household Wealth Accumulation (pp. 300-304)
Jere R. Behrman, Olivia S. Mitchell, Cindy K. Soo and David Bravo
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Financial Knowledge and Financial Literacy at the Household Level (pp. 309-13)
Alan L. Gustman, Thomas L. Steinmeier and Nahid Tabatabai
Abstract/Tools | Full-text Article | Online Appendix (63.54 KB)
Effectiveness of Employer-Provided Financial Information: Hiring to Retiring (pp. 314-18)
Robert L. Clark, Melinda Sandler Morrill and Steven G. Allen
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Papers: Robustness and Approximation in Mechanism Design

Efficient Auctions and Interdependent Types (pp. 319-24)
Dirk Bergemann, Stephen Morris and Satoru Takahashi
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Robustly Ranking Mechanisms (pp. 325-29)
Tilman Börgers and Doug Smith
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Papers: Digitization and New Research Directions: Copyright, Privacy, and User-Generated Content

Copyright Research in the Digital Age: Moving from Piracy to the Supply of New Products (pp. 337-42)
Joel Waldfogel
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Is Wikipedia Biased? (pp. 343-48)
Shane Greenstein and Feng Zhu
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Shifts in Privacy Concerns (pp. 349-53)
Avi Goldfarb and Catherine Tucker
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Papers: New Challenges for Market Design

New Challenges in Multihospital Kidney Exchange (pp. 354-59)
Itai Ashlagi and Alvin E. Roth
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Understanding Price Controls and Nonprice Competition with Matching Theory (pp. 371-75)
John William Hatfield, Charles R. Plott and Tomomi Tanaka
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Papers: In Remembrance of Alfred E. Kahn: Fred Kahn's Impact on Deregulation and Regulatory Reform

After Airline Deregulation and Alfred E. Kahn (pp. 376-80)
Nancy L. Rose
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Dynamic Pricing of Electricity (pp. 381-85)
Paul L. Joskow and Catherine D. Wolfram
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Telecommunications Deregulation (pp. 386-90)
Jerry A. Hausman and William E. Taylor
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Papers: Global Production Chains

Global Supply Chains and Wage Inequality (pp. 396-401)
Arnaud Costinot, Jonathan Vogel and Su Wang
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Proximity and Production Fragmentation (pp. 407-11)
Robert C. Johnson and Guillermo Noguera
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Measuring the Upstreamness of Production and Trade Flows (pp. 412-16)
Pol Antràs, Davin Chor, Thibault Fally and Russell Hillberry
Abstract/Tools | Full-text Article | Download Additional Materials (3.15 MB)

Papers: Trade and Labor Markets: Evidence from Matched Employer-Employee Data

Trade, Labor Market Frictions, and Residual Wage Inequality across Worker Groups (pp. 417-23)
Pravin Krishna, Jennifer P. Poole and Mine Zeynep Senses
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Offshoring, Transition, and Training: Evidence from Danish Matched Worker-Firm Data (pp. 424-28)
David Hummels, Jakob R. Munch, Lars Skipper and Chong Xiang
Abstract/Tools | Full-text Article | Online Appendix (41.91 KB)
Liberalized Trade and Worker-Firm Matching (pp. 429-34)
Carl Davidson, Fredrik Heyman, Steven Matusz, Fredrik Sjöholm and Susan Chun Zhu
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Exports and Within-Plant Wage Distributions: Evidence from Mexico (pp. 435-40)
Judith A. Frías, David S. Kaplan and Eric Verhoogen
Abstract/Tools | Full-text Article | Online Appendix (96.81 KB)

Papers: New Directions in Trade And Geography

Village Economic Accounts: Real and Financial Intertwined (pp. 441-46)
Archawa Paweenawat and Robert M. Townsend
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Innovation in Space (pp. 447-52)
Klaus Desmet and Esteban Rossi-Hansberg
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Papers: New Directions in Trade Policy

Tariff Revenue and Tariff Caps (pp. 459-65)
Manuel Amador and Kyle Bagwell
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Papers: Model Selection

On the Use of Holdout Samples for Model Selection (pp. 477-81)
Frank Schorfheide and Kenneth I. Wolpin
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Prediction with Misspecified Models (pp. 482-86)
John Geweke and Gianni Amisano
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Papers: The 2006 Massachusetts Health Reform

Heuristics and Heterogeneity in Health Insurance Exchanges: Evidence from the Massachusetts Connector (pp. 493-97)
Keith Marzilli Ericson and Amanda Starc
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Papers: Causes and Consequences of Unemployment: New Microeconomic Evidence and Perspectives

The Long-Term Effects of UI Extensions on Employment (pp. 514-19)
Johannes F. Schmieder, Till von Wachter and Stefan Bender
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Contract Form, Wage Flexibility, and Employment (pp. 526-31)
Thomas Lemieux, W. Bentley MacLeod and Daniel Parent
Abstract/Tools | Full-text Article | Online Appendix (329.56 KB)

Papers: Immigration, Employment, and Entrepreneurship

Access to Credit by Small Businesses: How Relevant Are Race, Ethnicity, and Gender? (pp. 532-37)
Elizabeth Asiedu, James A. Freeman and Akwasi Nti-Addae
Abstract/Tools | Full-text Article | Online Appendix (122.47 KB)

Papers: Maternity Leave, Family Formation, and Caregiving

Love and Money by Parental Matchmaking: Evidence from Urban Couples in China (pp. 555-60)
Fali Huang, Ginger Zhe Jin and Lixin Colin Xu
Abstract/Tools | Full-text Article
Birth Rates and the Vietnam Draft (pp. 566-69)
Marianne P. Bitler and Lucie Schmidt
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Papers: Measuring and Explaining the Collapse of the Labor Market in the Great Recession

Hiring, Churn, and the Business Cycle (pp. 575-79)
Edward P. Lazear and James R. Spletzer
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Job-to-Job Flows in the Great Recession (pp. 580-83)
Henry Hyatt and Erika McEntarfer
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Papers: Time Away from Work

Time Use, Emotional Well-Being, and Unemployment: Evidence from Longitudinal Data (pp. 594-99)
Alan B. Krueger and Andreas I. Mueller
Abstract/Tools | Full-text Article | Online Appendix (29.88 KB)
Aggregate Impacts of a Gift of Time (pp. 612-16)
Jungmin Lee, Daiji Kawaguchi and Daniel S. Hamermesh
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Reports

Report of the Secretary for 2011 (pp. 622-25)
John J. Siegfried
Abstract/Tools | Full-text Article (Complimentary)
Report of the Treasurer (pp. 626-30)
John J. Siegfried
Abstract/Tools | Full-text Article (Complimentary)
Report of the Editor: American Economic Review (pp. 653-65)
Pinelopi Koujianou Goldberg
Abstract/Tools | Full-text Article (Complimentary)
Committee on Government Relations (pp. 711-13)
Charles Schultze
Abstract/Tools | Full-text Article (Complimentary)


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