Front Matter

(pp. i-xii)

Richard T. Ely Lecture

International Financial Crises: Causes, Prevention, and Cures

Lawrence H. Summers

(pp. 1-16)

The Near Crash of 1998

Crisis and Risk Management

Myron S. Scholes

(pp. 17-21)

Tunneling

Simon Johnson, Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer

(pp. 22-27)

U.S. Banks, Crises, and Bailouts: From Mexico to LTCM

Bong-Chan Kho, Dong Lee and Rene M. Stulz

(pp. 28-31)

Restructuring the International Financial System

Floating, Fixed, or Super-Fixed? Dollarization Joins the Menu of Exchange-Rate Options

Blake LeBaron and Rachel McCulloch

(pp. 32-37)

Conflicting Demands on the International Monetary Fund

Anne O. Krueger

(pp. 38-42)

Rules and Authorities in International Monetary Arrangements: The Role of the Central Bank

Robert Z. Aliber

(pp. 43-47)

Macroeconomic Stabilization and Exchange-Rate Regimes: Alternative Scenarios

Why Did the Ruble Collapse in August 1998?

Padma Desai

(pp. 48-52)

The Polish Zloty, 1990-1999: Success and Underperformance

Domenico Mario Nuti

(pp. 53-58)

Macroeconomics of Emerging Markets

Capital-Markets Crises and Economic Collapse in Emerging Markets: An Informational-Frictions Approach

Guillermo A. Calvo and Enrique G. Mendoza

(pp. 59-64)

Mirage of Floating Exchange Rates

Carmen M. Reinhart

(pp. 65-70)

Exchange-Rate Policy for Developing Countries

Roberto Chang and Andres Velasco

(pp. 71-75)

Teaching Macroeconomic Principles

Telling Better Stories in Introductory Macro

David Colander

(pp. 76-80)

Eight Reasons Why Real versus Nominal Interest Rates Is the Most Important Concept in Macroeconomics Principles Courses

Peter E. Kennedy

(pp. 81-84)

The Principles of Macroeconomics at the Millennium

Michael Parkin

(pp. 85-89)

Teaching Modern Macroeconomics at the Principles Level

John B. Taylor

(pp. 90-94)

Inflation Targeting

The First Year of the Eurosystem: Inflation Targeting or Not?

Lars E. O. Svensson

(pp. 95-99)

Pitfalls of Forward-Looking Monetary Policy

Michael Woodford

(pp. 100-104)

Inflation Targeting in Emerging-Market Countries

Frederic S. Mishkin

(pp. 105-109)

The Role of Microeconomic Heterogeneity in Macroeconomics

Requiem for the Representative Consumer? Aggregate Implications of Microeconomic Consumption Behavior

Christopher D. Carroll

(pp. 110-115)

Testing the (S, s) Model

Christopher Foote, Erik Hurst and John Leahy

(pp. 116-119)

The Savers-Spenders Theory of Fiscal Policy

N. Gregory Mankiw

(pp. 120-125)

Political Economy, Governance, and Development

Political Losers as a Barrier to Economic Development

Daron Acemoglu and James A. Robinson

(pp. 126-130)

Ethnicity and Development in Africa: A Reappraisal

Robert H. Bates

(pp. 131-134)

Capture and Governance at Local and National Levels

Pranab K. Bardhan and Dilip Mookherjee

(pp. 135-139)

Participatory Politics, Social Cooperation, and Economic Stability

Dani Rodrik

(pp. 140-144)

Empirical Testing of Trade Theories

Beyond the Algebra of Explanation: HOV for the Technology Age

Daniel Trefler and Susan Chun Zhu

(pp. 145-149)

International Trade as an "Integrated Equilibrium": New Perspectives

Donald R. Davis and David E. Weinstein

(pp. 150-154)

Aggregation Bias in the Factor Content of Trade: Evidence from U.S. Manufacturing

Robert C. Feenstra and Gordon H. Hanson

(pp. 155-160)

Industry-Level Productivity and Competitiveness Between Canada and the United States

U.S. Economic Growth at the Industry Level

Dale W. Jorgenson and Kevin J. Stiroh

(pp. 161-167)

Economic and Productivity Growth in Canadian Industries

Wulong Gu, Frank C. Lee and Jianmin Tang

(pp. 168-171)

A Comparison of Industrial Productivity Growth in Canada and the United States

Wulong Gu and Mun S. Ho

(pp. 172-175)

Productivity Levels and International Competitiveness between Canadian and U.S. Industries

Frank C. Lee and Jianmin Tang

(pp. 176-179)

Economic Policy Issues Regarding Microsoft

The IBM and Microsoft Cases: What's the Difference?

Franklin M. Fisher

(pp. 180-183)

A Competitive Perspective on Internet Explorer

Steven J. Davis and Kevin M. Murphy

(pp. 184-187)

Toward a Quantification of the Effects of Microsoft's Conduct

Chris E. Hall and Robert E. Hall

(pp. 188-191)

Antitrust Issues in Schumpeterian Industries

Richard Schmalensee

(pp. 192-196)

Executive Compensation

Has the "Million-Dollar Cap" Affected CEO Pay?

Nancy L. Rose and Catherine Wolfram

(pp. 197-202)

Agents with and without Principals

Marianne Bertrand and Sendhil Mullainathan

(pp. 203-208)

Optimal Exercise Prices for Executive Stock Options

Brian J. Hall and Kevin J. Murphy

(pp. 209-214)

The NBER/Sloan Project on Industrial Technology and Productivity: Incorporating Learning from Plant Visits and Interviews into Economic Research

Knowledge Spillovers and Patent Citations: Evidence from a Survey of Inventors

Adam B. Jaffe, Manuel Trajtenberg and Michael S. Fogarty

(pp. 215-218)

Who Benefits Most from Employee Involvement: Firms or Workers?

Richard B. Freeman and Morris M. Kleiner

(pp. 219-223)

Is Cost-Cutting Evidence of X-Inefficiency?

Severin Borenstein and Joseph Farrell

(pp. 224-227)

Economists and Field Research: "You Can Observe a Lot Just by Watching."

Susan Helper

(pp. 228-232)

The Economics of Waste

Can Downstream Waste Disposal Policies Encourage Upstream "Design for Environment"?

Paul Calcott and Margaret Walls

(pp. 233-237)

Two Generalizations of a Deposit-Refund Systems

Don Fullerton and Ann Wolverton

(pp. 238-242)

Restricting the Trash Trade

Eduardo Ley, Molly Macauley and Stephen W. Salant

(pp. 243-246)

Getting the 21st-Century GDP Right

Economic Measurement: Progress and Challenges

Michael J. Boskin

(pp. 247-252)

Getting the 21st-Century GDP Right: What's Underway?

Brent R. Moulton

(pp. 253-258)

New Directions in National Economic Accounting

William D. Nordhaus

(pp. 259-263)

Taxing the Rich

The Income and Tax Share of Very High-Income Households, 1960-1995

Daniel R. Feenberg and James M. Poterba

(pp. 264-270)

Taxes, High-Income Executives, and the Perils of Revenue Estimation in the New Economy

Austan Goolsbee

(pp. 271-275)

Capital-Gains Realizations of the Rich and Sophisticated

Alan J. Auerbach and Jonathan M. Siegel

(pp. 276-282)

Tax Policy and Entrepreneurial Entry

William M. Gentry and R. Glenn Hubbard

(pp. 283-287)

How Well Are We and the Government Planning for the Future?

How Much Should Americans Be Saving for Retirement?

B. Douglas Bernheim, Lorenzo Forni, Jagadeesh Gokhale and Laurence J. Koltikoff

(pp. 288-292)

Generational Accounts for the United States: An Update

Jagadeesh Gokhale, Benjamin Page, Joan Potter and John Sturrock

(pp. 293-296)

Saver Behavior and 401(k) Retirement Wealth

James M. Poterba, Steven F. Venti and David A. Wise

(pp. 297-302)

Generational Aspects of Medicare

David M. Cutler and Louise Sheiner

(pp. 303-307)

Cross-National Comparisons of Racial and Ethnic Economic Inequality

Racial and Ethnic Economic Inequality: The International Record

William Darity and Jessica Gordon Nembhard

(pp. 308-311)

Persistent Discrimination: Racial Disparity in the United States, 1967-1988

Patrick L. Mason

(pp. 312-316)

Intergroup Economic Inequality in South Africa: The Post-apartheid Era

George Sherer

(pp. 317-321)

Does Caste Still Define Disparity? A Look at Inequality in Kerala, India

Ashwini Deshpande

(pp. 322-325)

Economic Well-Being of African-Americans

The Convergence in Black-White Infant Mortality Rates during the 1960's

Kenneth Y. Chay and Michael Greenstone

(pp. 326-332)

Labor-Market Dropouts and the Racial Wage Gap: 1940-1990

Amitabh Chandra

(pp. 333-338)

Evaluating a Simple Method for Estimating Black-White Gaps in Median Wages

William Johnson, Yuichi Kitamura and Derek Neal

(pp. 339-343)

Understanding Black-White Wage Differentials, 1960-1990

James J. Heckman, Thomas M. Lyons and Petra E. Todd

(pp. 344-349)

New Issues in Immigration

Immigration, Social Security, and Broader Fiscal Impacts

Ronald Lee and Timothy Miller

(pp. 350-354)

Foreign-Born Teaching Assistants and the Academic Performance of Undergraduates

George J. Borjas

(pp. 355-359)

Do Immigrant Inflows Lead to Native Outflows?

David Card and John DiNardo

(pp. 360-367)

Immigrant Earnings Assimilation: Estimates from Longitudinal Data

Wei-Yin Hu

(pp. 368-372)

Policy Effects on Family Structure and Fertility

Welfare Benefits and Female Headship in U.S. Time Series

Robert A. Moffitt

(pp. 373-377)

The Economics of Fatherhood

Robert J. Willis

(pp. 378-382)

Women on Welfare: A Macroeconomic Analysis

Jeremy Greenwood, Nezih Guner and John A. Knowles

(pp. 383-388)

Carrots and Sticks: Fertility Effects of China's Population Policies

Marjorie McElroy and Dennis Tao Yang

(pp. 389-392)

Child Outcomes in Africa

Child Health and Household Resources in South Africa: Evidence from the Old Age Pension Program

Esther Duflo

(pp. 393-398)

Agricultural Volatility and Investments in Children

Robert Jensen

(pp. 399-404)

Sibling Rivalry in Africa

Jonathan Morduch

(pp. 405-409)

Unresolved Issues in Personnel Economics

The Power of Incentives

Edward P. Lazear

(pp. 410-414)

The Use of Performance Measures in Incentive Contracting

George Baker

(pp. 415-420)

What Trade-Off of Risk and Incentives?

Canice Prendergast

(pp. 421-425)

Preferences, Behavior, and Welfare

Emotions in Economic Theory and Economic Behavior

George Loewenstein

(pp. 426-432)

A Boundedly Rational Decision Algorithm

Xavier Gabaix and David I. Laibson

(pp. 433-438)

Thinking and Feeling

Paul M. Romer

(pp. 439-443)

Women's Labor-Market Gains in the 1980's and Future Prospects

Growth in Women's Relative Wages and in Inequality among Men: One Phenomenon or Two?

Finis Welch

(pp. 444-449)

The Rise of Female Professionals: Are Women Responding to Skill Demand?

Sandra E. Black and Chinhui Juhn

(pp. 450-455)

Are Women's Wage Gains Men's Losses? A Distributional Test

Nicole M. Fortin and Thomas Lemieux

(pp. 456-460)

Career and Marriage in the Age of the Pill

Claudia Goldin and Lawrence F. Katz

(pp. 461-465)

Women and Economics: Education and Impact

Why Are Women Such Reluctant Economists? Evidence from Liberal Arts Colleges

Elizabeth J. Jensen and Ann L. Owen

(pp. 466-470)

Do Colleges Shortchange Women? Gender Differences in the Transition from College to Work

Lois Joy

(pp. 471-475)

Harriet Taylor Mill

Janet A. Seiz and Michele A. Pujol

(pp. 476-479)

Nineteenth-Century American Feminist Economics: From Caroline Dall to Charlotte Perkins Gilman

Robert W. Dimand

(pp. 480-484)

Awards: John Bates Clark Award

John Bates Clark Medalist

Andrei Shleifer

(p. 486)

Proceedings

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American Economic Review

Vol. 90 No. 2 May 2000

Find articles in this issue

Front Matter (pp. i-xii)

International Financial Crises: Causes, Prevention, and Cures Lawrence H. Summers (pp. 1-16)

Crisis and Risk Management Myron S. Scholes (pp. 17-21)

Tunneling Simon Johnson, Rafael La Porta, Florencio Lopez-de-Silanes and Andrei Shleifer (pp. 22-27)

U.S. Banks, Crises, and Bailouts: From Mexico to LTCM Bong-Chan Kho, Dong Lee and Rene M. Stulz (pp. 28-31)

Floating, Fixed, or Super-Fixed? Dollarization Joins the Menu of Exchange-Rate Options Blake LeBaron and Rachel McCulloch (pp. 32-37)

Conflicting Demands on the International Monetary Fund Anne O. Krueger (pp. 38-42)

Rules and Authorities in International Monetary Arrangements: The Role of the Central Bank Robert Z. Aliber (pp. 43-47)

Why Did the Ruble Collapse in August 1998? Padma Desai (pp. 48-52)

The Polish Zloty, 1990-1999: Success and Underperformance Domenico Mario Nuti (pp. 53-58)

Capital-Markets Crises and Economic Collapse in Emerging Markets: An Informational-Frictions Approach Guillermo A. Calvo and Enrique G. Mendoza (pp. 59-64)

Mirage of Floating Exchange Rates Carmen M. Reinhart (pp. 65-70)

Exchange-Rate Policy for Developing Countries Roberto Chang and Andres Velasco (pp. 71-75)

Telling Better Stories in Introductory Macro David Colander (pp. 76-80)

Eight Reasons Why Real versus Nominal Interest Rates Is the Most Important Concept in Macroeconomics Principles Courses Peter E. Kennedy (pp. 81-84)

The Principles of Macroeconomics at the Millennium Michael Parkin (pp. 85-89)

Teaching Modern Macroeconomics at the Principles Level John B. Taylor (pp. 90-94)

The First Year of the Eurosystem: Inflation Targeting or Not? Lars E. O. Svensson (pp. 95-99)

Pitfalls of Forward-Looking Monetary Policy Michael Woodford (pp. 100-104)

Inflation Targeting in Emerging-Market Countries Frederic S. Mishkin (pp. 105-109)

Requiem for the Representative Consumer? Aggregate Implications of Microeconomic Consumption Behavior Christopher D. Carroll (pp. 110-115)

Testing the (S, s) Model Christopher Foote, Erik Hurst and John Leahy (pp. 116-119)

The Savers-Spenders Theory of Fiscal Policy N. Gregory Mankiw (pp. 120-125)

Political Losers as a Barrier to Economic Development Daron Acemoglu and James A. Robinson (pp. 126-130)

Ethnicity and Development in Africa: A Reappraisal Robert H. Bates (pp. 131-134)

Capture and Governance at Local and National Levels Pranab K. Bardhan and Dilip Mookherjee (pp. 135-139)

Participatory Politics, Social Cooperation, and Economic Stability Dani Rodrik (pp. 140-144)

Beyond the Algebra of Explanation: HOV for the Technology Age Daniel Trefler and Susan Chun Zhu (pp. 145-149)

International Trade as an "Integrated Equilibrium": New Perspectives Donald R. Davis and David E. Weinstein (pp. 150-154)

Aggregation Bias in the Factor Content of Trade: Evidence from U.S. Manufacturing Robert C. Feenstra and Gordon H. Hanson (pp. 155-160)

U.S. Economic Growth at the Industry Level Dale W. Jorgenson and Kevin J. Stiroh (pp. 161-167)

Economic and Productivity Growth in Canadian Industries Wulong Gu, Frank C. Lee and Jianmin Tang (pp. 168-171)

A Comparison of Industrial Productivity Growth in Canada and the United States Wulong Gu and Mun S. Ho (pp. 172-175)

Productivity Levels and International Competitiveness between Canadian and U.S. Industries Frank C. Lee and Jianmin Tang (pp. 176-179)

The IBM and Microsoft Cases: What's the Difference? Franklin M. Fisher (pp. 180-183)

A Competitive Perspective on Internet Explorer Steven J. Davis and Kevin M. Murphy (pp. 184-187)

Toward a Quantification of the Effects of Microsoft's Conduct Chris E. Hall and Robert E. Hall (pp. 188-191)

Antitrust Issues in Schumpeterian Industries Richard Schmalensee (pp. 192-196)

Has the "Million-Dollar Cap" Affected CEO Pay? Nancy L. Rose and Catherine Wolfram (pp. 197-202)

Agents with and without Principals Marianne Bertrand and Sendhil Mullainathan (pp. 203-208)

Optimal Exercise Prices for Executive Stock Options Brian J. Hall and Kevin J. Murphy (pp. 209-214)

Knowledge Spillovers and Patent Citations: Evidence from a Survey of Inventors Adam B. Jaffe, Manuel Trajtenberg and Michael S. Fogarty (pp. 215-218)

Who Benefits Most from Employee Involvement: Firms or Workers? Richard B. Freeman and Morris M. Kleiner (pp. 219-223)

Is Cost-Cutting Evidence of X-Inefficiency? Severin Borenstein and Joseph Farrell (pp. 224-227)

Economists and Field Research: "You Can Observe a Lot Just by Watching." Susan Helper (pp. 228-232)

Can Downstream Waste Disposal Policies Encourage Upstream "Design for Environment"? Paul Calcott and Margaret Walls (pp. 233-237)

Two Generalizations of a Deposit-Refund Systems Don Fullerton and Ann Wolverton (pp. 238-242)

Restricting the Trash Trade Eduardo Ley, Molly Macauley and Stephen W. Salant (pp. 243-246)

Economic Measurement: Progress and Challenges Michael J. Boskin (pp. 247-252)

Getting the 21st-Century GDP Right: What's Underway? Brent R. Moulton (pp. 253-258)

New Directions in National Economic Accounting William D. Nordhaus (pp. 259-263)

The Income and Tax Share of Very High-Income Households, 1960-1995 Daniel R. Feenberg and James M. Poterba (pp. 264-270)

Taxes, High-Income Executives, and the Perils of Revenue Estimation in the New Economy Austan Goolsbee (pp. 271-275)

Capital-Gains Realizations of the Rich and Sophisticated Alan J. Auerbach and Jonathan M. Siegel (pp. 276-282)

Tax Policy and Entrepreneurial Entry William M. Gentry and R. Glenn Hubbard (pp. 283-287)

How Much Should Americans Be Saving for Retirement? B. Douglas Bernheim, Lorenzo Forni, Jagadeesh Gokhale and Laurence J. Koltikoff (pp. 288-292)

Generational Accounts for the United States: An Update Jagadeesh Gokhale, Benjamin Page, Joan Potter and John Sturrock (pp. 293-296)

Saver Behavior and 401(k) Retirement Wealth James M. Poterba, Steven F. Venti and David A. Wise (pp. 297-302)

Generational Aspects of Medicare David M. Cutler and Louise Sheiner (pp. 303-307)

Racial and Ethnic Economic Inequality: The International Record William Darity and Jessica Gordon Nembhard (pp. 308-311)

Persistent Discrimination: Racial Disparity in the United States, 1967-1988 Patrick L. Mason (pp. 312-316)

Intergroup Economic Inequality in South Africa: The Post-apartheid Era George Sherer (pp. 317-321)

Does Caste Still Define Disparity? A Look at Inequality in Kerala, India Ashwini Deshpande (pp. 322-325)

The Convergence in Black-White Infant Mortality Rates during the 1960's Kenneth Y. Chay and Michael Greenstone (pp. 326-332)

Labor-Market Dropouts and the Racial Wage Gap: 1940-1990 Amitabh Chandra (pp. 333-338)

Evaluating a Simple Method for Estimating Black-White Gaps in Median Wages William Johnson, Yuichi Kitamura and Derek Neal (pp. 339-343)

Understanding Black-White Wage Differentials, 1960-1990 James J. Heckman, Thomas M. Lyons and Petra E. Todd (pp. 344-349)

Immigration, Social Security, and Broader Fiscal Impacts Ronald Lee and Timothy Miller (pp. 350-354)

Foreign-Born Teaching Assistants and the Academic Performance of Undergraduates George J. Borjas (pp. 355-359)

Do Immigrant Inflows Lead to Native Outflows? David Card and John DiNardo (pp. 360-367)

Immigrant Earnings Assimilation: Estimates from Longitudinal Data Wei-Yin Hu (pp. 368-372)

Welfare Benefits and Female Headship in U.S. Time Series Robert A. Moffitt (pp. 373-377)

The Economics of Fatherhood Robert J. Willis (pp. 378-382)

Women on Welfare: A Macroeconomic Analysis Jeremy Greenwood, Nezih Guner and John A. Knowles (pp. 383-388)

Carrots and Sticks: Fertility Effects of China's Population Policies Marjorie McElroy and Dennis Tao Yang (pp. 389-392)

Child Health and Household Resources in South Africa: Evidence from the Old Age Pension Program Esther Duflo (pp. 393-398)