Front Matter

(pp. i-x)

Richard T. Ely Lecture

Struggling to Understand the Stock Market

Robert E. Hall

(pp. 1-11)

Human Capital: Growth, History, and Policy: A Session to Honor Stanley Engerman

Human Capital and Growth

Robert J. Barro

(pp. 12-17)

The Legacy of U.S. Educational Leadership: Notes on Distribution and Economic Growth in the 20th Century

Claudia Goldin and Lawrence F. Katz

(pp. 18-23)

Black-White Achievement Differences and Governmental Interventions

Eric A. Hanushek

(pp. 24-28)

Development and History: A Session to Honor Stanley Engerman

Input Trade and the Location of Production

Ronald Findlay and Ronald W. Jones

(pp. 29-33)

Why Did Productivity Fall So Much during the Great Depression?

Lee E. Ohanian

(pp. 34-38)

Market Trade in Patents and the Rise of a Class of Specialized Inventors in the 19th-Century United States

Naomi R. Lamoreaux and Kenneth L. Sokoloff

(pp. 39-44)

Robustness to Uncertainty

Sharing Ambiguity

Larry G. Epstein

(pp. 45-50)

Pitfalls of a Minimax Approach to Model Uncertainty

Christopher A. Sims

(pp. 51-54)

Minimax Estimation and Forecasting in a Stationary Autoregression Model

Gary Chamberlain

(pp. 55-59)

Robust Control and Model Uncertainty

LarsPeter Hansen and Thomas J. Sargent

(pp. 60-66)

Economics and Social Behavior

Do People Mean What They Say? Implications for Subjective Survey Data

Marianne Bertrand and Sendhil Mullainathan

(pp. 67-72)

In Search of Homo Economicus: Behavioral Experiments in 15 Small-Scale Societies

Joseph Henrich, Robert Boyd, Samuel Bowles, Colin Camerer, Ernst Fehr, Herbert Gintis and Richard McElreath

(pp. 73-78)

Growing Up in the Projects: The Economic Lives of a Cohort of Men Who Came of Age in Chicago Public Housing

Steven D. Levitt and Sudhir Alladi Venkatesh

(pp. 79-84)

Youths and Risky Behavior

Youth Smoking in the 1990's: Why Did It Rise and What Are the Long-Run Implications?

Jonathan Gruber

(pp. 85-90)

Behavior Policies and Teen Traffic Safety

Thomas S. Dee and William N. Evans

(pp. 91-96)

Going to College to Avoid the Draft: The Unintended Legacy of the Vietnam War

David Card and Thomas Lemieux

(pp. 97-102)

New Developments in Evaluating Social Programs

Designing Programs for Heterogeneous Populations: The Value of Covariate Information

Charles F. Manski

(pp. 103-106)

Policy-Relevant Treatment Effects

James J. Heckman and Edward Vytlacil

(pp. 107-111)

Reconciling Conflicting Evidence on the Performance of Propensity-Score Matching Methods

Jeffrey A. Smith and Petra E. Todd

(pp. 112-118)

Propensity-Score Matching with Instrumental Variables

Hidehiko Ichimura and Christopher Taber

(pp. 119-124)

Between Parents and Children: Child Support and Child Disability

Interactions between Unmarried Fathers and Their Children: The Role of Paternity Establishment and Child-Support Policies

Laura M. Argys and H. Elizabeth Peters

(pp. 125-129)

The Effect of Child-Support Policies on Visitations and Transfers

Daniela Del Boca and Rocio Ribero

(pp. 130-134)

New Estimates of the Impact of Child Disability on Maternal Employment

Elizabeth T. Powers

(pp. 135-139)

Signals of Child Achievement as Determinants of Child Support

Alison Aughinbaugh

(pp. 140-144)

The Benefits of Skill

The Importance of Noncognitive Skills: Lessons from the GED Testing Program

James J. Heckman and Yona Rubinstein

(pp. 145-149)

As Ye Sweep, So Shall Ye Reap

Rachel Dunifon, Greg J. Duncan and Jeanne Brooks-Gunn

(pp. 150-154)

Incentive-Enhancing Preferences: Personality, Behavior, and Earnings

Samuel Bowles, Herbert Gintis and Melissa Osborne

(pp. 155-158)

Understanding, Speaking, Reading, Writing, and Earnings in the Immigrant Labor Market

Anthony P. Carnevale, Richard A. Fry and B. Lindsay Lowell

(pp. 159-163)

Racial Dynamics in Labor Marekts: Exogenous or Endogenous?

Black-White Earnings Differentials: Privatization versus Deregulation

James Peoples and Wayne K. Talley

(pp. 164-168)

Market Structure and Racial Earnings: Evidence from Job-Changers

Jacqueline Agesa, Richard U. Agesa and Gary A. Hoover

(pp. 169-173)

Racial Differences in Transportation Access to Employment in Chicago and Los Angeles, 1980 and 1990

Chanjin Chung, Samuel L. Myers and Lisa Saunders

(pp. 174-177)

Annual Income and Identity Formation among Persons of Mexican Descent

Patrick L. Mason

(pp. 178-183)

The Scope of the Firm: New Empirical Directions

Assessing the Property Rights and Transaction-Cost Theories of Firm Scope

Michael D. Whinston

(pp. 184-188)

Empirical Strategies in Contract Economics: Information and the Boundary of the Firm

George Baker and Thomas N. Hubbard

(pp. 189-194)

Do Firm Boundaries Matter?

Sendhil Mullainathan and David Scharfstein

(pp. 195-199)

Organizational Economics

Organizational Design: Decision Rights and Incentive Contracts

Susan Athey and John Roberts

(pp. 200-205)

The Influence of the Financial Revolution on the Nature of Firms

Raghuram G. Rajan and Luigi Zingales

(pp. 206-211)

Bringing the Market inside the Firm?

George Baker, Robert Gibbons and Kevin J. Murphy

(pp. 212-218)

Recent Advances in Monetary-Policy Rules

Interest Rates and Inflation

Fernando Alvarez, Robert E. Lucas and Warren E. Weber

(pp. 219-225)

NAIRU Uncertainty and Nonlinear Policy Rules

Laurence H. Meyer, Eric T. Swanson and Volker W. Wieland

(pp. 226-231)

The Taylor Rule and Optimal Monetary Policy

Michael Woodford

(pp. 232-237)

Exchange Rates and the Choice of Monetary-Policy Regimes

Fewer Monies, Better Monies

Rudi Dornbusch

(pp. 238-242)

Why Not a Global Currency?

Kenneth Rogoff

(pp. 243-247)

Optimal Monetary Policy in Open versus Closed Economies: An Integrated Approach

Richard Clarida, Jordi Gali and Mark Gertler

(pp. 248-252)

Quantitative Policy Implications of New Normative Macroeconomic Research

Should Central Banks Respond to Movements in Asset Prices?

Ben S. Bernanke and Mark Gertler

(pp. 253-257)

Should Monetary Policy Respond Strongly to Output Gaps?

Bennett T. McCallum

(pp. 258-262)

The Role of the Exchange Rate in Monetary-Policy Rules

John B. Taylor

(pp. 263-267)

Price and Quality Measurement

Price and Quality of Desktop and Mobile Personal Computers: A Quarter-Century Historical Overview

Ernst R. Berndt and Neal J. Rappaport

(pp. 268-273)

The Acceleration of Variety Growth

Mark Bils and Peter J. Klenow

(pp. 274-280)

Productivity Change in Health Care

David M. Cutler and Mark McClellan

(pp. 281-286)

Interconnection and Access in Telecom and the Internet

Internet Peering

Jean-Jacques Laffont, Scott Marcus, Patrick Rey and Jean Tirole

(pp. 287-291)

Advances in Routing Technologies and Internet Peering Agreements

Stanley Besen, Paul Milgrom, Bridger Mitchell and Padmanabhan Srinagesh

(pp. 292-296)

Access Pricing, Bypass, and Universal Service

Mark Armstrong

(pp. 297-301)

Cable Modems and DSL: Broadband Internet Access for Residential Customers

Jerry A. Hausman, J. Gregory Sidak and HalJ. Singer

(pp. 302-307)

E-Commerce E-conomy

Do We Have a New E-conomy?

Martin Neil Baily and Robert Z. Lawrence

(pp. 308-312)

Projecting the Economic Impact of the Internet

Robert E. Litan and Alice M. Rivlin

(pp. 313-317)

E-Commerce: Measurement and Measurement Issues

Barbara M. Fraumeni

(pp. 318-322)

Technology, Education, and Economic Growth

Schooling Data, Technological Diffusion, and the Neoclassical Model

Angel de la Fuente and Rafael Domenech

(pp. 323-327)

Cross-Country Technology Diffusion: The Case of Computers

Francesco Caselli and Wilbur John Coleman

(pp. 328-335)

Why Wait? A Century of Life before IPO

Boyan Jovanovic and Peter L. Rousseau

(pp. 336-341)

Conflict and the Economy

Appeasement: Can It Work?

Jack Hirshleifer

(pp. 342-346)

The Creation of Effective Property Rights

Herschel I. Grossman

(pp. 347-352)

Guns, Butter, and Openness: On the Relationship between Security and Trade

Stergios Skaperdas and Constantinos Syropoulos

(pp. 353-357)

Fragmentation, Diversification, and International Trade

Commercial Policy in a "Fragmented" World

Eric W. Bond

(pp. 358-362)

The Role of International Fragmentation in the Development Process

Ronald W. Jones and Sugata Marjit

(pp. 363-366)

Trade and Exposure

Kathryn M. E. Dominguez and Linda L. Tesar

(pp. 367-370)

International Trade and Business Cycles: Is Vertical Specialization the Missing Link?

M. Ayhan Kose and Kei-Mu Yi

(pp. 371-375)

Currency Unions

Coping with Terms-of-Trade Shocks: Pegs versus Floats

Christian Broda

(pp. 376-380)

Dollarization

Alberto Alesina and Robert J. Barro

(pp. 381-385)

National Money as a Barrier to International Trade: The Real Case for Currency Union

Andrew K. Rose and Eric van Wincoop

(pp. 386-390)

Exchange-Rate Exposure of Firms and Workers

Exchange-Rate Hedging: Financial versus Operational Strategies

George Allayannis, Jane Ihrig and James P. Weston

(pp. 391-395)

A Reexamination of Exchange-Rate Exposure

Kathryn M. E. Dominguez and Linda L. Tesar

(pp. 396-399)

Gender Differences in the Labor-Market Effects of the Dollar

Linda Goldberg and Joseph Tracy

(pp. 400-405)

Precautionary Savings

The Empirical Importance of Precautionary Saving

Pierre-Olivier Gourinchas and Jonathan A. Parker

(pp. 406-412)

How Important Are Idiosyncratic Shocks? Evidence from Labor Supply

Kjetil Storesletten, Chris I. Telmer and Amir Yaron

(pp. 413-417)

Interest Elasticity in a Life-Cycle Model with Precautionary Savings

Marco Cagetti

(pp. 418-421)

Financial Intermediaries

Banks and Liquidity

Douglas W. Diamond and Raghuram G. Rajan

(pp. 422-425)

Venture Capitals As Principals: Contracting, Screening, and Monitoring

Steven N. Kaplan and Per Stromberg

(pp. 426-430)

A Reason for Quantity Regulation

Edward L. Glaeser and Andrei Shleifer

(pp. 431-435)

Financial Intermediation without Exclusivity

Tano Santos and Jose A. Scheinkman

(pp. 436-439)

New Research in Economic Education

Research in Economic Education: Five New Initiatives

Michael K. Salemi, John J. Siegfried, Kim Sosin, William B. Walstad and Michael Watts

(pp. 440-445)

Teaching Economics at the Start of the 21st Century: Still Chalk-and-Talk

William E. Becker and Michael Watts

(pp. 446-451)

Assessing the Economic Understanding of U.S. High School Students

William B. Walstad and Ken Rebeck

(pp. 452-457)

Proceedings: Minutes of the Annual Meeting

Minutes of the Annual Meeting

John J. Siegfried

(pp. 461-462)

Proceedings: Minutes of the Executive Committee Meetings

Minutes of the Executive Committee Meetings

John J. Siegfried

(pp. 462-471)

Proceedings: Reports

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American Economic Review

Vol. 91 No. 2 May 2001

Find articles in this issue

Front Matter (pp. i-x)

Struggling to Understand the Stock Market Robert E. Hall (pp. 1-11)

Human Capital and Growth Robert J. Barro (pp. 12-17)

The Legacy of U.S. Educational Leadership: Notes on Distribution and Economic Growth in the 20th Century Claudia Goldin and Lawrence F. Katz (pp. 18-23)

Black-White Achievement Differences and Governmental Interventions Eric A. Hanushek (pp. 24-28)

Input Trade and the Location of Production Ronald Findlay and Ronald W. Jones (pp. 29-33)

Why Did Productivity Fall So Much during the Great Depression? Lee E. Ohanian (pp. 34-38)

Market Trade in Patents and the Rise of a Class of Specialized Inventors in the 19th-Century United States Naomi R. Lamoreaux and Kenneth L. Sokoloff (pp. 39-44)

Sharing Ambiguity Larry G. Epstein (pp. 45-50)

Pitfalls of a Minimax Approach to Model Uncertainty Christopher A. Sims (pp. 51-54)

Minimax Estimation and Forecasting in a Stationary Autoregression Model Gary Chamberlain (pp. 55-59)

Robust Control and Model Uncertainty LarsPeter Hansen and Thomas J. Sargent (pp. 60-66)

Do People Mean What They Say? Implications for Subjective Survey Data Marianne Bertrand and Sendhil Mullainathan (pp. 67-72)

In Search of Homo Economicus: Behavioral Experiments in 15 Small-Scale Societies Joseph Henrich, Robert Boyd, Samuel Bowles, Colin Camerer, Ernst Fehr, Herbert Gintis and Richard McElreath (pp. 73-78)

Growing Up in the Projects: The Economic Lives of a Cohort of Men Who Came of Age in Chicago Public Housing Steven D. Levitt and Sudhir Alladi Venkatesh (pp. 79-84)

Youth Smoking in the 1990's: Why Did It Rise and What Are the Long-Run Implications? Jonathan Gruber (pp. 85-90)

Behavior Policies and Teen Traffic Safety Thomas S. Dee and William N. Evans (pp. 91-96)

Going to College to Avoid the Draft: The Unintended Legacy of the Vietnam War David Card and Thomas Lemieux (pp. 97-102)

Designing Programs for Heterogeneous Populations: The Value of Covariate Information Charles F. Manski (pp. 103-106)

Policy-Relevant Treatment Effects James J. Heckman and Edward Vytlacil (pp. 107-111)

Reconciling Conflicting Evidence on the Performance of Propensity-Score Matching Methods Jeffrey A. Smith and Petra E. Todd (pp. 112-118)

Propensity-Score Matching with Instrumental Variables Hidehiko Ichimura and Christopher Taber (pp. 119-124)

Interactions between Unmarried Fathers and Their Children: The Role of Paternity Establishment and Child-Support Policies Laura M. Argys and H. Elizabeth Peters (pp. 125-129)

The Effect of Child-Support Policies on Visitations and Transfers Daniela Del Boca and Rocio Ribero (pp. 130-134)

New Estimates of the Impact of Child Disability on Maternal Employment Elizabeth T. Powers (pp. 135-139)

Signals of Child Achievement as Determinants of Child Support Alison Aughinbaugh (pp. 140-144)

The Importance of Noncognitive Skills: Lessons from the GED Testing Program James J. Heckman and Yona Rubinstein (pp. 145-149)

As Ye Sweep, So Shall Ye Reap Rachel Dunifon, Greg J. Duncan and Jeanne Brooks-Gunn (pp. 150-154)

Incentive-Enhancing Preferences: Personality, Behavior, and Earnings Samuel Bowles, Herbert Gintis and Melissa Osborne (pp. 155-158)

Understanding, Speaking, Reading, Writing, and Earnings in the Immigrant Labor Market Anthony P. Carnevale, Richard A. Fry and B. Lindsay Lowell (pp. 159-163)

Black-White Earnings Differentials: Privatization versus Deregulation James Peoples and Wayne K. Talley (pp. 164-168)

Market Structure and Racial Earnings: Evidence from Job-Changers Jacqueline Agesa, Richard U. Agesa and Gary A. Hoover (pp. 169-173)

Racial Differences in Transportation Access to Employment in Chicago and Los Angeles, 1980 and 1990 Chanjin Chung, Samuel L. Myers and Lisa Saunders (pp. 174-177)

Annual Income and Identity Formation among Persons of Mexican Descent Patrick L. Mason (pp. 178-183)

Assessing the Property Rights and Transaction-Cost Theories of Firm Scope Michael D. Whinston (pp. 184-188)

Empirical Strategies in Contract Economics: Information and the Boundary of the Firm George Baker and Thomas N. Hubbard (pp. 189-194)

Do Firm Boundaries Matter? Sendhil Mullainathan and David Scharfstein (pp. 195-199)

Organizational Design: Decision Rights and Incentive Contracts Susan Athey and John Roberts (pp. 200-205)

The Influence of the Financial Revolution on the Nature of Firms Raghuram G. Rajan and Luigi Zingales (pp. 206-211)

Bringing the Market inside the Firm? George Baker, Robert Gibbons and Kevin J. Murphy (pp. 212-218)

Interest Rates and Inflation Fernando Alvarez, Robert E. Lucas and Warren E. Weber (pp. 219-225)

NAIRU Uncertainty and Nonlinear Policy Rules Laurence H. Meyer, Eric T. Swanson and Volker W. Wieland (pp. 226-231)

The Taylor Rule and Optimal Monetary Policy Michael Woodford (pp. 232-237)

Fewer Monies, Better Monies Rudi Dornbusch (pp. 238-242)

Why Not a Global Currency? Kenneth Rogoff (pp. 243-247)

Optimal Monetary Policy in Open versus Closed Economies: An Integrated Approach Richard Clarida, Jordi Gali and Mark Gertler (pp. 248-252)

Should Central Banks Respond to Movements in Asset Prices? Ben S. Bernanke and Mark Gertler (pp. 253-257)

Should Monetary Policy Respond Strongly to Output Gaps? Bennett T. McCallum (pp. 258-262)

The Role of the Exchange Rate in Monetary-Policy Rules John B. Taylor (pp. 263-267)

Price and Quality of Desktop and Mobile Personal Computers: A Quarter-Century Historical Overview Ernst R. Berndt and Neal J. Rappaport (pp. 268-273)

The Acceleration of Variety Growth Mark Bils and Peter J. Klenow (pp. 274-280)

Productivity Change in Health Care David M. Cutler and Mark McClellan (pp. 281-286)

Internet Peering Jean-Jacques Laffont, Scott Marcus, Patrick Rey and Jean Tirole (pp. 287-291)

Advances in Routing Technologies and Internet Peering Agreements Stanley Besen, Paul Milgrom, Bridger Mitchell and Padmanabhan Srinagesh (pp. 292-296)

Access Pricing, Bypass, and Universal Service Mark Armstrong (pp. 297-301)

Cable Modems and DSL: Broadband Internet Access for Residential Customers Jerry A. Hausman, J. Gregory Sidak and HalJ. Singer (pp. 302-307)

Do We Have a New E-conomy? Martin Neil Baily and Robert Z. Lawrence (pp. 308-312)

Projecting the Economic Impact of the Internet Robert E. Litan and Alice M. Rivlin (pp. 313-317)

E-Commerce: Measurement and Measurement Issues Barbara M. Fraumeni (pp. 318-322)

Schooling Data, Technological Diffusion, and the Neoclassical Model Angel de la Fuente and Rafael Domenech (pp. 323-327)

Cross-Country Technology Diffusion: The Case of Computers Francesco Caselli and Wilbur John Coleman (pp. 328-335)

Why Wait? A Century of Life before IPO Boyan Jovanovic and Peter L. Rousseau (pp. 336-341)

Appeasement: Can It Work? Jack Hirshleifer (pp. 342-346)

The Creation of Effective Property Rights Herschel I. Grossman (pp. 347-352)

Guns, Butter, and Openness: On the Relationship between Security and Trade Stergios Skaperdas and Constantinos Syropoulos (pp. 353-357)

Commercial Policy in a "Fragmented" World Eric W. Bond (pp. 358-362)

The Role of International Fragmentation in the Development Process Ronald W. Jones and Sugata Marjit (pp. 363-366)

Trade and Exposure Kathryn M. E. Dominguez and Linda L. Tesar (pp. 367-370)

International Trade and Business Cycles: Is Vertical Specialization the Missing Link? M. Ayhan Kose and Kei-Mu Yi (pp. 371-375)

Coping with Terms-of-Trade Shocks: Pegs versus Floats Christian Broda (pp. 376-380)

Dollarization Alberto Alesina and Robert J. Barro (pp. 381-385)

National Money as a Barrier to International Trade: The Real Case for Currency Union Andrew K. Rose and Eric van Wincoop (pp. 386-390)

Exchange-Rate Hedging: Financial versus Operational Strategies George Allayannis, Jane Ihrig and James P. Weston (pp. 391-395)

A Reexamination of Exchange-Rate Exposure Kathryn M. E. Dominguez and Linda L. Tesar (pp. 396-399)

Gender Differences in the Labor-Market Effects of the Dollar Linda Goldberg and Joseph Tracy (pp. 400-405)

The Empirical Importance of Precautionary Saving Pierre-Olivier Gourinchas and Jonathan A. Parker (pp. 406-412)