Quantifying Quality Growth

By Mark Bils and Peter J. Klenow

American Economic Review, September 2001

Using U.S. Consumer Expenditure Surveys, we estimate "quality Engel curves" for 66 durable goods based on the extent richer households pay more for each good. The same data show that the average price paid rises faster from 1980 to 1996 for goods with ste...

World Income Components: Measuring and Exploiting Risk-Sharing Opportunities

By Stefano G. Athanasoulis and Robert J. Shiller

American Economic Review, September 2001

A method is constructed for decomposing the variance of changes in incomes in the world into components, to indicate the most important risk-sharing opportunities among people of the world. A constant absolute risk premium (CARP) model, an intertemporal g...

The Declining Price Anomaly in Dutch Dutch Rose Auctions

By Gerard J. van den Berg, Jan C. van Ours, and Menno P. Pradhan

American Economic Review, September 2001

Creating Modern Art: The Changing Careers of Painters in France from Impressionism to Cubism

By David W. Galenson and Bruce A. Weinberg

American Economic Review, September 2001

The Law of One Price in Scandinavian Duty-Free Stores

By Marcus Asplund and Richard Friberg

American Economic Review, September 2001

VAT Base Broadening, Self Supply, and the Informal Sector

By John Piggott and John Whalley

American Economic Review, September 2001

Estimating the Value of Political Connections

By Raymond Fisman

American Economic Review, September 2001

The Political Geography of Tax H(e)avens and Tax Hells

By Nico A. Hansen and Anke S. Kessler

American Economic Review, September 2001

Individual Risk in an Investment-Based Social Security System

By Martin Feldstein and Elena Ranguelova

American Economic Review, September 2001

Longevity Expectations and Death: Can People Predict Their Own Demise?

By V. Kerry Smith, Donald H. Taylor, and Frank A. Sloan

American Economic Review, September 2001

Technological Change, Depletion, and the U.S. Petroleum Industry

By John T. Cuddington and Diana L. Moss

American Economic Review, September 2001

Intertemporal Depletion of Resource Sites by Spatially Distributed Users

By Gerard Gaudet, Michel Moreaux, and Stephen W. Salant

American Economic Review, September 2001

Comparing Apples to Oranges: Productivity Convergence and Measurement across Industries and Countries: Comment

By Anders Sorensen

American Economic Review, September 2001

Comparing Apples to Oranges: Productivity Convergence and Measurement across Industries and Countries: Reply

By Andrew B. Bernard and Charles I. Jones

American Economic Review, September 2001

An Asset Allocation Puzzle: Comment

By Isabelle Bajeux-Besnainou, James V. Jordan, and Roland Portait

American Economic Review, September 2001

Incorporating Fairness into Game Theory and Economics: Comment

By William Robert Nelson

American Economic Review, September 2001

Front Matter

American Economic Review, September 2001

The Stock Market and Capital Accumulation

By Robert E. Hall

American Economic Review, December 2001

The value of a firm's securities measures the value of the firm's productive assets. If the assets include only capital goods and not a permanent monopoly franchise, the value of the securities measures the value of the capital. Finally, if the price of t...

The Information-Technology Revolution and the Stock Market: Evidence

By Bart Hobijn and Boyan Jovanovic

American Economic Review, December 2001

Why did the stock market decline so much in the early 1970s and remain low until the early 1980s? We argue that it was because information technology arrived on the scene and the stock-market incumbents of the day were not ready to implement it. Instead, ...

Is the Price Level Determined by the Needs of Fiscal Solvency?

By Matthew B. Canzoneri, Robert E. Cumby, and Behzad T. Diba

American Economic Review, December 2001

The fiscal theory of price determination suggests that if primary surpluses evolve independently of government debt, the equilibrium price level "jumps" to assure fiscal solvency. In this non-Ricardian regime, fiscal policy--not monetary policy--provides ...