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

Editors' Introduction (page viii)
William R. Johnson and Jane E. Voros
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Articles: Richard T. Ely Lecture

The Economics of Climate Change (pp. 1-37)
Nicholas Stern
Abstract/Tools | Full-text Article (Complimentary)

Articles: 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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Articles: 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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Articles: 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)

Articles: 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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The Administrative Foundations of Self-Enforcing Constitutions (pp. 105-09)
Yadira Gonzalez de Lara, Avner Greif and Saumitra Jha
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Articles: 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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Articles: 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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Articles: 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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Articles: 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
Abstract/Tools | Full-text Article | Link to Appendix (846.32 KB)
Theories of the Mind (pp. 175-80)
Isabelle Brocas and Juan D. Carrillo
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Articles: 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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Articles: 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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Articles: Expertise and Macroeconomic Policy

Insiders versus Outsiders in Monetary Policymaking (pp. 218-23)
Timothy Besley, Neil Meads and Paolo Surico
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Articles: 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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Articles: Labor Market Flows

The Ins and Outs of European Unemployment (pp. 256-62)
Barbara Petrongolo and Christopher A. Pissarides
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Articles: 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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Articles: Life-Cycle Investing

Contingent Claims Analysis and Life-Cycle Finance (pp. 291-96)
Zvi Bodie, Doriana Ruffino and Jonathan Treussard
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Articles: 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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Articles: 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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Articles: 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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Articles: 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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Articles: 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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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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Articles: Women, Finances, and Children

Understanding the Returns to Delayed Childbearing for Working Women (pp. 403-07)
Kasey Buckles
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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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Articles: 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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Articles: 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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Articles: 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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Articles: 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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Articles: 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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Prostitutes and Brides? (pp. 516-22)
Raj Arunachalam and Manisha Shah
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Articles: 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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Articles: 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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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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