American Economic Review: Vol. 103 No. 3 (May 2013)

Editor's Introduction (pp. xiii-xiv)
William R. Johnson and Samantha Bennett
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Papers: Reflections on the 100th Anniversary of The Federal Reserve

Glass-Steagall: A Requiem (pp. 43-47)
Robert E. Lucas Jr.
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Papers: The Fiftieth Anniversary of Friedman and Schwartz’s A Monetary History of the United States

Not Just the Great Contraction: Friedman and Schwartz's A Monetary History of the United States 1867 to 1960 (pp. 61-65)
Michael D. Bordo and Hugh Rockoff
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Papers: Culture, Institutions, and Historical Persistence

Married to Intolerance: Attitudes toward Intermarriage in Germany, 1900-2006 (pp. 79-85)
Nico Voigtländer and Hans-Joachim Voth
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Papers: Work and Search in Recessions: Theory, History, and Measurement

Cyclical Variation in Labor Hours and Productivity Using the ATUS (pp. 99-104)
Michael C. Burda, Daniel S. Hamermesh and Jay Stewart
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The Life-Cycle Profile of Time Spent on Job Search (pp. 111-16)
Mark Aguiar, Erik Hurst and Loukas Karabarbounis
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Papers: Effects of Fiscal Policy in Deep Recessions: Simple and Hopefully Credible Empirical Evidence

Growth Forecast Errors and Fiscal Multipliers (pp. 117-20)
Olivier J. Blanchard and Daniel Leigh
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Output Spillovers from Fiscal Policy (pp. 141-46)
Alan J. Auerbach and Yuriy Gorodnichenko
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Papers: Extreme Wage Inequality: Evidence and Policy Responses

Extreme Wage Inequality: Pay at the Very Top (pp. 153-57)
Brian D. Bell and John Van Reenen
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Papers: Perspectives on Inequality and Mobility in the US

Income Inequality, Mobility, and Turnover at the Top in the US, 1987-2010 (pp. 168-72)
Gerald Auten, Geoffrey Gee and Nicholas Turner
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Papers: High Skill Immigration in the US

The Scale and Selectivity of Foreign-Born PhD Recipients in the US (pp. 189-92)
Jeffrey Grogger and Gordon Hanson
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Pathways to Adjustment: The Case of Information Technology Workers (pp. 203-07)
John Bound, Breno Braga, Joseph M. Golden and Sarah Turner
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Papers: International Trade and Labor Markets

A Trapped-Factors Model of Innovation (pp. 208-13)
Nicholas Bloom, Paul M. Romer, Stephen J. Terry and John Van Reenen
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Sources of Wage Inequality (pp. 214-19)
Anders Akerman, Elhanan Helpman, Oleg Itskhoki, Marc-Andreas Muendler and Stephen Redding
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Papers: Neighborhood Effects and Place Based Policies

Long-Term Neighborhood Effects on Low-Income Families: Evidence from Moving to Opportunity (pp. 226-31)
Jens Ludwig, Greg J. Duncan, Lisa A. Gennetian, Lawrence F. Katz, Ronald C. Kessler, Jeffrey R. Kling and Lisa Sanbonmatsu
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Papers: Work on Women's Work is Never Done

Career, Family, and the Well-Being of College-Educated Women (pp. 244-50)
Marianne Bertrand
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Female Labor Supply: Why Is the United States Falling Behind? (pp. 251-56)
Francine D. Blau and Lawrence M. Kahn
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Trade Liberalization and Gender Inequality (pp. 269-73)
Chinhui Juhn, Gergely Ujhelyi and Carolina Villegas-Sanchez
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Sexual Violence against Women and Labor Market Outcomes (pp. 274-78)
Joseph J. Sabia, Angela K. Dills and Jeffrey DeSimone
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Access to Credit by Firms in Sub-Saharan Africa: How Relevant Is Gender? (pp. 293-97)
Elizabeth Asiedu, Isaac Kalonda-Kanyama, Leonce Ndikumana and Akwasi Nti-Addae
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Papers: Environmental Policy in Developing Countries

The Informational Role of Voluntary Certification: Evidence from the Mexican Clean Industry Program (pp. 303-08)
Andrew D. Foster and Emilio Gutierrez
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What Does Reputation Buy? Differentiation in a Market for Third-Party Auditors (pp. 314-19)
Esther Duflo, Michael Greenstone, Rohini Pande and Nicholas Ryan
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Papers: Impacts of Unilateral Climate Change Policy

A Numerical Investigation of the Potential for Negative Emissions Leakage (pp. 320-25)
Niven Winchester and Sebastian Rausch
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Leakage, Welfare, and Cost-Effectiveness of Carbon Policy (pp. 332-37)
Kathy Baylis, Don Fullerton and Daniel H. Karney
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Papers: Forty Years Since the 1973 OPEC Embargo: US Energy Policy and Lessons for the Future

Natural Gas: From Shortages to Abundance in the United States (pp. 338-43)
Paul L. Joskow
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Papers: Money Management by Households and Firms in Kenya

Transaction Networks: Evidence from Mobile Money in Kenya (pp. 356-61)
William Jack, Adam Ray and Tavneet Suri
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Behavioral Biases and Firm Behavior: Evidence from Kenyan Retail Shops (pp. 362-68)
Michael Kremer, Jean Lee, Jonathan Robinson and Olga Rostapshova
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Papers: Financial Markets and Economic Development

Informal Risk Sharing, Index Insurance, and Risk Taking in Developing Countries (pp. 375-80)
Ahmed Mushfiq Mobarak and Mark R. Rosenzweig
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Profitability of Fertilizer: Experimental Evidence from Female Rice Farmers in Mali (pp. 381-86)
Lori Beaman, Dean Karlan, Bram Thuysbaert and Christopher Udry
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Papers: Speculation, Insurance, and Financial Regulation

Benefit-Cost Analysis for Financial Regulation (pp. 393-97)
Eric Posner and E. Glen Weyl
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Can Financial Engineering Cure Cancer? (pp. 406-11)
David E. Fagnan, Jose Maria Fernandez, Andrew W. Lo and Roger M. Stein
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Papers: Topics in Human Capital: Education, Job Training, and Health

Health Care Usage and Health Status of Immigrant Children: The Effects of Nativity versus Citizenship (pp. 412-17)
Mónica García-Pérez
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The Effects of Job Corps Training on Wages of Adolescents and Young Adults (pp. 418-22)
German Blanco, Carlos A. Flores and Alfonso Flores-Lagunes
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Papers: HIV and Behavior Change

HIV Risk and Adolescent Behaviors in Africa (pp. 433-38)
Anne Case and Christina Paxson
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Papers: Optimal Taxation and Social Insurance

Estate Taxation with Altruism Heterogeneity (pp. 489-95)
Emmanuel Farhi and Iván Werning
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Optimal Pension Systems with Simple Instruments (pp. 502-07)
Mikhail Golosov, Ali Shourideh, Maxim Troshkin and Aleh Tsyvinski
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Papers: Economics of National Security

Some Basic Economics of National Security (pp. 508-11)
Kevin M. Murphy and Robert H. Topel
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Modest, Secure, and Informed: Successful Development in Conflict Zones (pp. 512-17)
Eli Berman, Joseph H. Felter, Jacob N. Shapiro and Erin Troland
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Insurgent Compensation: Evidence from Iraq (pp. 518-22)
Benjamin W. Bahney, Radha K. Iyengar, Patrick B. Johnston, Danielle F. Jung, Jacob N. Shapiro and Howard J. Shatz
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Papers: New Challenges for Growth in Historical Perspective

Genetic Diversity and the Origins of Cultural Fragmentation (pp. 528-33)
Quamrul Ashraf and Oded Galor
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Papers: Lessons from Nonparametric Methods in Historical Perspective

Nonparametric Instrumental Variables Estimation (pp. 550-56)
Whitney K. Newey
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Control Functions and Simultaneous Equations Methods (pp. 563-69)
Richard Blundell, Dennis Kristensen and Rosa L. Matzkin
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Papers: Structural Behavioral Economics

What Goes Up Must Come Down? Experimental Evidence on Intuitive Forecasting (pp. 570-74)
John Beshears, James J. Choi, Andreas Fuster, David Laibson and Brigitte C. Madrian
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Estimating the Effect of Salience in Wholesale and Retail Car Markets (pp. 575-79)
Meghan R. Busse, Nicola Lacetera, Devin G. Pope, Jorge Silva-Risso and Justin R. Sydnor
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Distinguishing Probability Weighting from Risk Misperceptions in Field Data (pp. 580-85)
Levon Barseghyan, Francesca Molinari, Ted O'Donoghue and Joshua C. Teitelbaum
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The Importance of Being Marginal: Gender Differences in Generosity (pp. 586-90)
Stefano DellaVigna, John A. List, Ulrike Malmendier and Gautam Rao
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Papers: Economic Analysis of Subjective Well-being

Two Happiness Puzzles (pp. 591-97)
Angus Deaton and Arthur A. Stone
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Aggregating Local Preferences to Guide Marginal Policy Adjustments (pp. 605-10)
Daniel J. Benjamin, Ori Heffetz, Miles S. Kimball and Nichole Szembrot
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Papers: Advances in Behavioral Economics

The Psychology of Tail Events: Progress and Challenges (pp. 611-16)
Nicholas Barberis
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Salience and Asset Prices (pp. 623-28)
Pedro Bordalo, Nicola Gennaioli and Andrei Shleifer
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Papers: What Do Economists Think about Major Public Policy Issues?

Views among Economists: Professional Consensus or Point-Counterpoint? (pp. 629-35)
Roger Gordon and Gordon B. Dahl
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Papers: Topics in Economic Education

Course Requirements for Bachelor's Degrees in Economics (pp. 643-47)
William Bosshardt, Michael Watts and William E. Becker
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Report of the Secretary (pp. 669-72)
Peter L. Rousseau
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Report of the Treasurer (pp. 673-77)
Peter L. Rousseau
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List of Online Reports (page 683)
Peter L. Rousseau
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Report of the Editor: American Economic Review (pp. 701-12)
Pinelopi Koujianou Goldberg
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Report: Ad Hoc Committee on Criterion for the John Bates Clark Medal (pp. 772-73)
Jonathan Gruber, Chris Paxson, Valerie Ramey and Michael Woodford
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Report: Ad Hoc Search Committee for the Editor of the American Economic Journal: Economic Policy (page 774)
David Cutler, Amy Finkelstein, Adriana Lleras-Muney, James Poterba, David Romer and Robert Shimer
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