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The American Economic Review is a general-interest economics journal. The journal is published quarterly and contains articles on a broad range of topics. Established in 1911, the AER is among the nation's oldest and most respected scholarly journals in the economics profession.

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Volume 94, Number 2, 1 May 2004

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Editors' Introduction

Editors' Introduction
pp. vii-vii(1)
Authors: Baldwin D.J.; Oaxaca R.L.

Foreword

Foreword
pp. viii-viii(1)
Author: Feldstein M.

Richard T. Ely Lecture

The Institutions of Monetary Policy
pp. 1-13(13)
Author: King M.

Asset Bubbles and the Macroeconomy

Inflation Illusion and Stock Prices
pp. 19-23(5)
Authors: Campbell J.Y.; Vuolteenaho T.

The Fed Response to Equity Prices and Inflation
pp. 24-28(5)
Authors: Dupor B.; Conley T.

Aggregate Short Interest and Market Valuations
pp. 29-32(4)
Authors: Lamont O.A.; Stein J.C.

Innovations and Issues in Monetary Policy: The Last Fifteen Years

Risk and Uncertainty in Monetary Policy
pp. 33-40(8)
Author: Greenspan A.

Panel Discussion
pp. 41-48(8)
Authors: Feldstein M.; King M.; Yellen J.L.

Capital-Account Liberalization, Debt Financing, and Financial Crises

Serial Default and the "Paradox" of Rich-to-Poor Capital Flows
pp. 53-58(6)
Authors: Reinhart C.M.; Rogoff K.S.

Polices to Deal with Deflation

Monetary and Fiscal Remedies for Deflation
pp. 71-75(5)
Authors: Auerbach A.J.; Obstfeld M.

Policy Options in a Liquidity Trap
pp. 76-79(4)
Authors: Eggertsson G.B.; Woodford M.

Exchange-Rate Policy and the Zero Bound on Nominal Interest Rates
pp. 80-84(5)
Authors: Coenen G.; Wieland V.W.

Conducting Monetary Policy at Very Low Short-Term Interest Rates
pp. 85-90(6)
Authors: Bernanke B.S.; Reinhart V.R.

Issues in Macroeconomic Policy Design

Deflation and Depression: Is There an Empirical Link?
pp. 99-103(5)
Authors: Atkeson A.; Kehoe P.J.

Negative Nominal Interest Rates
pp. 104-108(5)
Author: Bassetto M.

Wedges and Taxes
pp. 109-113(5)
Author: Kocherlakota N.R.

Understanding Exchange-Rate Dynamics: A Session in Memory of Rudi Dornbusch

A Scapegoat Model of Exchange-Rate Fluctuations
pp. 114-118(5)
Authors: Bacchetta P.; Van Wincoop E.

Dissecting International Trade: The Dimensions of National Market Penetration

Why Is Manufacturing Trade Rising Even as Manufacturing Output is Falling?
pp. 134-138(5)
Authors: Bergoeing R.; Kehoe T.J.; Strauss-Kahn V.; Yi K-M.

Variety Growth and World Welfare
pp. 139-144(6)
Authors: Broda C.; Weinstein D.W.

On the Measurement of Product Variety in Trade
pp. 145-149(5)
Authors: Feenstra R.; Looi Kee H.

Dissecting Trade: Firms, Industries, and Export Destinations
pp. 150-154(5)
Authors: Eaton J.; Kortum S.; Kramarz F.

Taxation, Investment, and Saving

How Much Equity Does the Government Hold?
pp. 155-160(6)
Author: Auerbach A.

Toward a Consumption Tax, and Beyond
pp. 161-165(5)
Authors: Gordon R.; Kalambokidis L.; Rohaly J.; Slemrod J.

Taxation and Corporate Payout Policy
pp. 171-175(5)
Author: Poterba J.

Solvency and Reform of Social Security

Is the Social Security Trust Fund a Store of Value?
pp. 176-181(6)
Author: Smetters K.

Improving Social Security's Progressivity and Solvency with Hybrid Indexing
pp. 187-191(5)
Authors: Pozen R.; Schieber S.J.; Shoven J.B.

New Developments in Human Capital Theory

CEO Pay and Appointments: A Market-Based Explanation for Recent Trends
pp. 192-196(5)
Authors: Murphy K.J.; Zábojník J.

Inequality and the Organization of Knowledge
pp. 197-202(6)
Authors: Garicano L.; Rossi-Hansberg E.

Task-Specific Human Capital
pp. 203-207(5)
Authors: Gibbons R.; Waldman M.

Balanced Skills and Entrepreneurship
pp. 208-211(4)
Author: Lazear E.P.

New Data and New Questions in Personnel Economics

The Structure of Wages and Internal Mobility
pp. 212-216(5)
Authors: Lazear E.; Oyer P.

Using "Insider Econometrics" to Study Productivity
pp. 217-223(7)
Authors: Bartel A.n.n.; Ichniowski C.; Shaw K.

Integrated Longitudinal Employer-Employee Data for the United States
pp. 224-229(6)
Authors: Abowd J.J.; Haltiwanger J.; Lane J.

Teacher Quality

Changing Labor-Market Opportunities for Women and the Quality of Teachers, 1957–2000
pp. 230-235(6)
Authors: Corcoran S.P.; Evans W.N.; Schwab R.M.

Teacher Quality

Teacher Testing, Teacher Education, and Teacher Characteristics
pp. 241-246(6)
Authors: Angrist J.D.; Guryan J.

Recent Research in Economic Education

Efficiency in the Use of Technology in Economic Education: Some Preliminary Results
pp. 253-258(6)
Authors: Sosin K.; Lecha B.J.; Agarwal R.; Bartlett R.L.; Daniel J.I.

What Students Remember and Say about College Economics Years Later
pp. 259-265(7)
Authors: Allgood S.; Bosshardt W.; van der Klaauw W.; Watts M.

Ph. D. Program Learning and Job Demands: How Close Is the Match?
pp. 266-271(6)
Authors: Stock W.A.; Hansen L.W.

The Labor Market for New Ph.D. Economists

The Market for New Ph. D. Economists in 2002
pp. 272-285(14)
Authors: Siegfried J.J.; Stock W.A.

Panel Discussion
pp. 286-290(5)
Authors: Auerbach A.J.; Blau F.D.; Shoven J.B.

The Underrepresentation of Minority Faculty in Higher Education Supply or Demand?

The Effects of Ph. D. Supply on Minority Faculty Representation
pp. 296-301(6)
Authors: Myers S.L.; Turner C.S.

Panel Discussion
pp. 302-306(5)
Authors: Slaughter J.B.; Ehrenberg R.G.; Hanushek E.A.

Gender in Policy and the Labor Market

Occupation, Sex-Integration, and Divorce
pp. 322-325(4)
Author: Mckinnish T.G.

Health, Health Care, and Economic Development

Wealth, Health, and Health Services in Rural Rajasthan
pp. 326-330(5)
Authors: Banerjee A.; Deaton A.; Duflo E.

Medical Compliance and Income-Health Gradients
pp. 331-335(5)
Authors: Case A.; Le Roux I.; Menendez A.

Information, Pricing, and Productivity of Medical Technology

Managed Care, Information, and Diffusion: The Case of Treatment for Heart-Attack Patients
pp. 347-351(5)
Authors: Baker L.C.; Afendulis C.C.; Heidenreich P.A.

Hospital Transaction Prices and Managed-Care Discounting for Selected Medical Technologies
pp. 352-356(5)
Authors: Dor A.; Grossman M.; Koroukian S.M.

Realism in Experimental Economics: Integrating the Real World into Experiments

Mood-Driven Behavior in Strategic Interactions
pp. 367-372(6)
Author: Capra M.C.

Social Capital and Contributions in a Public-Goods Experiment
pp. 373-376(4)
Authors: Anderson L.R.; Mellor J.M.; Milyo J.

Gender and Competition at a Young Age
pp. 377-381(5)
Authors: Gneezy U.; Rustichini A.

Invention and Institutions of Intellectual Property in Historical Perspective

Competition

Do We Underestimate the Benefits of Cultural Competition?
pp. 402-407(6)
Authors: Caplan B.; Cowen T.

Psychology and the Market
pp. 408-413(6)
Author: Glaeser E.L.

Does Competition Destroy Ethical Behavior?
pp. 414-418(5)
Author: Shleifer A.

Memos to the Council of Behavioural-Economics Advisors

A Behavioral-Economics View of Poverty
pp. 419-423(5)
Authors: Bertrand M.; Mullainathan S.; Shafir E.

Toward National Well-Being Accounts
pp. 429-434(6)
Authors: Kahneman D.; Krueger A.B.; Schkade D.; Schwarz N.; Stone A.

Persuasion in Politics
pp. 435-439(5)
Authors: Murphy K.M.; Shleifer A.

State Legal Variation and Economic Outcomes

The Employment Consequences of Wrongful-Discharge Laws: Large, Small, or None at All?
pp. 440-446(7)
Authors: Autor D.H.; Donohue J.J.; Schwab S.J.

When are Sunk Costs Barriers to Entry? Entry Barriers in Economic and Antitrust Analysis

What Is a Barrier to Entry?
pp. 461-465(5)
Authors: Fee P.R.; Mialon H.M.; Williams M.A.

Why Barriers to Entry Are Barriers to Understanding
pp. 466-470(5)
Author: Carlton D.W.

Sunk Costs and Antitrust Barriers to Entry
pp. 471-475(5)
Author: Schmalensee R.

Proceedings

John Bates Clark Award
pp. 478-478(1)

Report of the Treasurer
pp. 495-498(4)

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