American Economic Review: Papers & Proceedings 2014, 104(5): 621631
http://dx.doi.org/10.1257/aer.104.5.621
American Economic Review
General Nature of the Editorial Process
Manuscripts submitted to the American
Economic Review are handled by an Editor, sev-
eral Coeditors, and a staff located in Pittsburgh,
using an Internet-based manuscript manage-
ment software system. Papers are submitted
online, processed by the Pittsburgh office staff,
and then distributed by the Editor to one of the
Coeditors or to herself for refereeing and a publi-
cation decision. Papers are assigned on the basis
of field of expertise of the Coeditor, combined
with a variety of other considerations including
equalization of workload and conflict-of-interest
rules. Once assigned, papers are handled by the
designated Coeditor throughout the decision
process, without review by the Editor.
There are several conflict rules that affect
assignment of manuscripts. Coeditors are gen-
erally not assigned manuscripts authored by
an individual at his or her institution, by an
individual with whom the Coeditor has been
a recent coauthor, by an individual who has a
close professional or personal relationship with
the Coeditor, or by an individual who has served
as a graduate student advisor or advisee of
the Coeditor. Papers falling into these catego-
ries are handled by the Editor or by a different
Coeditor with appropriate procedures for con-
fidentiality of refereeing. Papers submitted by
a Coeditor are generally handled by the Editor,
and papers submitted by the Editor are handled
by a Coeditor, again employing appropriate con-
fidentiality procedures.
Following a vote of the Executive Committee
of the American Economic Association,
the American Economic Review replaced
its double-blind refereeing policy by a
single-blind refereeing process, effective July
1, 2011. The Executive Committee maintained
that easy access to search engines increasingly
limited the effectiveness of the double-blind
process in maintaining anonymity.
The Editor and Coeditors reserve the right
to return manuscripts to authors without ref-
eree review. The decision to return a manu-
script without review is based upon a number of
621
considerations, including expected probability
of meeting the standards of the Review, breadth
of topic, interest to the AER audience, and other
factors.
Comments submitted to the Review are refer-
eed by the author of the article being commented
on and by other referees. Replies to Comments
are sent to the author of the Comment and to
other referees. There is no automatic right to
Reply; the author of a Reply must provide sub-
stantive and material discussion of the issues in
question.
Papers appearing in the May issue of the
Review, the issue containing the Papers and
Proceedings of the Annual Meeting, are han-
dled separately. The President-Elect of the
Association chooses the papers for publication
with advice from a team of experts in the vari-
ous fields and those papers are not subject to
peer review.
Editorial and Publication Statistics
In 2011, the AER began publishing bimonthly.
The increase in the number of regular issues
from four to six per year was necessary to
accommodate the increase in submissions of the
past few years, which in conjunction with faster
turnaround times, has generated a consider-
able backlog of accepted papers. The increased
number of issues paid off. As is evident in Table
4, the backlog was reduced from 61 weeks in
2011 to 54 weeks in 2012, and to 49 weeks in
2013. To further reduce backlog, the AER will
start publishing monthly in 2014. There will be
11 regular issues per yearone for each month,
except for May. The May issue has always been
devoted to the Papers and Proceedings, so in
order to avoid confusion, there will be no regu-
lar monthly issue in May.
Tables 1 to 7 provide information about the
editorial process and the journal for the past
year and some previous years.
Table 1 shows historical trends in submissions
and publication. The number of submissions was
fairly steady from 1986 to 2002 but jumped in
2003, the year that the Review began accepting
622 AEA PAPERS AND PROCEEDINGS MAY 2014

Table 1Manuscripts Submitted and Published, eight to nine. The number of papers published in
19802013
the last several years has fluctuated around 100,
Year Submitted Published but increased to 122 in 2011, to 130 in 2012, and
to 121 in 2013. This reflects the increase in sub-
1980 641 127
1981 784 115 missions combined with a stationary acceptance
1982 820 120 rate (see Table 2).
1983 932 129 Table 2 shows the status of cohorts of manu-
1984 921 138 scripts submitted in each of the last five years
1985 952 128
1986 987 123 as of November 1, 2013, including a measure
1987 843 99 of the acceptance rate for each annual submis-
1988 844 100 sion cohort. Approximately 8 percent of 2009
1989 946 116 submissions were accepted. The maximum
1990 911 100
1991 884 110 acceptance rate, equal to the sum of accepted,
1992 950 108 pending, and revise-and-resubmitted manu-
1993 900 94 scripts ranges from 7 percent to 8 percent from
1994 953 91 2009 to 2012. The acceptance rate appears to
1995 929 88
1996 976 85 have dropped by one percentage point between
1997 976 66 2010 and 2012. Too few 2013 manuscripts have
1998 900 71 been acted on to accurately estimate the accep-
1999 927 79
2000 989 85
tance rate for that year.
2001 931 96 Table 3 shows turnaround time distributions
2002 990 103 for first decisions for 2012 and 2013 submis-
2003 1,223 106 sions. The 2013 distribution is close to that of
2004 1,265 92
2005 1,337 98
the 2012 distribution with one difference: the
2006 1,304 98 summarily reject rate which is approximated by
2007 1,308 101 the fraction of manuscripts that received a deci-
2008 1,326 99 sion in the first two months rose from 38 percent
2009 1,398 89
2010 1,477 106
in 2012 to 48 percent in 2013. The median deci-
2011 1,645 122 sion time is slightly over two months, 95 percent
2012 1,648 130 of manuscripts are decided before 6 months,
2013 1,714 121 and virtually all manuscripts have received a
Notes: Submissions for each year include all new sub- decision by the end of the eighth month. These
missions from November 1 of the previous year through distributions mark a decided improvement com-
October 31 of the stated year. Publications for each year pared to the years prior to 2008 (see previous
include the December issue of the preceding year and Reports of the Editor).
the February, April, June, August, and October issue of
the stated year. Published does not include Papers and Table 4 indicates that the total time from sub-
Proceedings or invited papers and lectures. mission to acceptance for papers published in
2013 rose by 17 weeks compared to 2012; one
week of this increase is due to a slightly lon-
ger review time at the journal (41 instead of 40
online submissions. Submissions continued to weeks), but the rest is the result of slower return
climb by approximately 4 percent in the next time by authors coupled with the publication of a
two years but leveled off for a few subsequent few comments and replies that had gone through
years. In 2009, they started increasing again. more revision rounds than is typical. The length
In 2009 and 2010 they rose by approximately 5 of time to publication decreased from 54 to 49
percent per year. In 2011, submissions grew by weeks. This improvement was achieved by the
11 percent, rising to a total of 1,645. This num- transition to six issues per year in combination
ber remained stable in 2012 with a total of 1,648 with thicker volumes for each regular issue.
submissions, but in 2013 we saw another 4 per- Table 5 shows the number and length of each
cent increase with a total of 1,714 submissions. type of publication (Article, Shorter Paper, and
To accommodate the increasing number of sub- Comment or Reply) over the last three years.
missions, the Executive Committee recently The number of Articles rose from 73 in 2011 to
voted to increase the number of Coeditors from 87 in 2012, but returned to its previous level in
VOL. 104 NO. 5 American Economic Review 623

Table 2Status of Manuscripts by Year of Submission, 20092013

Submission Summary Revise and

year Accepted Pending Rejected reject resubmit Withdrawn Total
2009 115 0 873 404 3 3 1,398
(8) (0) (62) (29) (0) (0) (100)
2010 124 0 887 452 9 4 1,476
(8) (0) (60) (31) (0) (0) (100)
2011 47 24 964 555 52 2 1,644
(3) (1) (59) (34) (3) (0) (100)
2012 54 22 831 686 53 2 1,648
(3) (1) (50) (41) (3) (0) (100)
2013 13 310 524 794 70 3 1,714
(1) (18) (30) (46) (4) (0) (100)

Notes: Entries show status as of November 1, 2013. Figures in parentheses show row percents rounded to the nearest integer.
Pending manuscripts include submissions and revisions that were undergoing review as of November 1, 2013, while Revise
and Resubmit manuscripts are manuscripts that have been returned and are in the hands of the authors on that date. Summary
rejections are manuscripts rejected without referee review.

Table 3Distribution of First Decision Times, Table 4Average Processing Times

by Submission Year by Year of Publication

2012 2013 Submission to acceptance Weeks from

Months to Monthly Cumulative Monthly Cumulative Total Weeks in acceptance to
response percent percent percent percent weeks review publication
1 35 35 46 46 2011 69 37 61
2 3 38 2 48 2012 73 40 54
3 19 57 12 60 2013 90 41 49
4 20 77 18 78
5 13 90 10 88 Notes: Total weeks column shows the combined time a
6 4 94 7 95 manuscript spent in review at the AER and the time taken
7 2 96 3 98 by authors to develop their various revisions. Table excludes
8 1 97 1 99 May Papers and Proceedings, invited papers, and lectures.
9 1 98 0 100
10 0 100 0 100
11 0 100 0 100
12 0 100 0 100
from year to year (see prior Reports), with no
Notes: Submission year denotes period from November clear long-run trend.
1 of the preceding year to October 31 of the stated year.
The 2012 distribution is the actual distribution. The 2013
distribution is projected from Kaplan-Meier hazards com- Disclosure Policy
puted from the right-censored distribution of decision times
of manuscripts submitted between November 1, 2012, and On July 1, 2012, the Review began requiring
October 31, 2013. Percents are rounded to the nearest inte-
ger. Figures in this table supersede those contained in pre-
all submissions be accompanied by a Disclosure
vious AER reports. Statement, including revisions of previously
submitted papers. This is applicable even when
the authors have no relevant interests to disclose.
Authors need to provide a separate Disclosure
2013. The number of Shorter Papers declined Statement for each coauthor at the time of sub-
slightly from 38 papers in 2012 to 26 in 2013, mission. The complete disclosure policy is avail-
while the number of Comments and Replies has able at: http://www.aeaweb.org/aea_journals/
remained roughly the same. Page lengths have AEA_Disclosure_Policy.pdf.
been stable relative to 2011. Table 6 shows the The implementation of the policy has been
subject distribution of published papers in 2013. smooth. I thank the staff for their foresight,
There is a considerable degree of fluctuation organization, and diligence in achieving a suc-
in the number of publications in each category cessful transition.
624 AEA PAPERS AND PROCEEDINGS MAY 2014

Table 5Distribution of Publication Type, by Year

Articles Shorter papers Comments and replies

Year of Average page Average page Average page
publication Number length Number length Number length
2011 73 32 38 21 9 13
2012 87 31 38 23 8 13
2013 74 33 26 21 9 10

Notes: Does not include Papers and Proceedings or invited papers and lectures.

Table 6Subject Matter of Published Manuscripts, 2013

(Counts of areas)

Subject category
General economics and teaching 2
Schools of economic thought and methodology 0
Mathematical and quantitative methods 14
Microeconomics 58
Macroeconomics and monetary economics 17
International economics 9
Financial economics 15
Public economics 16
Health, education, and welfare 19
Labor and demographic economics 32
Law and economics 6
Industrial organization 29
Business administration and business economics; marketing; accounting 3
Economic history 9
Economic development, technological change, and growth 16
Economic systems 2
Agricultural and natural resource economics; environmental and 4
ecological economics
Urban, rural, and regional economics 6
Other special topics 5

Notes: Derived from JEL codes reported for each manuscript. Does not include Papers and
Proceedings or invited papers and lectures. Entries represent totals for February, April, June,
August, October, and December issues.

Table 72013 Data-Posting Policy Statistics

Papers with First-round Second-round

Issue Number of papers data Exemptions compliance compliance Noncompliance
February 21 14 5 14 0 0
April 17 12 2 9 3 0
June 16 10 2 10 0 0
August 18 16 7 15 1 0
October 20 14 2 13 1 0
December 17 12 6 11 1 0

Notes: Table includes regular articles, shorter papers, and comments and replies. Table excludes invited papers and lectures.
VOL. 104 NO. 5 American Economic Review
Data-Posting Policy
In 2004, the Review began to require that
authors of accepted papers who employ data
in econometric exercises, simulation models,
or experiments agree to post their data and
programs on the journal website unless an
exemption for proprietary data is requested
and granted. The policy was strengthened in
2005 with more systematic enforcement and
with greater attention to searching for alterna-
tive means of data access for papers requesting
exemptions. Table 7 shows the number of papers
in each of the 2013 issues containing data analy-
sis, the number of exemptions granted, the num-
ber of authors who complied on the first round
(defined as supplying data after receiving the
acceptance letter detailing the requirement),
and the number of authors who complied after
a later reminder. Full compliance was achieved
for all issues.
For the past three years, graduate students at
the University of Pittsburgh have been check-
ing all submitted files for completeness and gen-
eral compliance with the policy. I would like to
thank Michael LeGower for his excellent work
during 2013.
Papers and Proceedings
The Papers and Proceedings of the One
Hundred and Twenty-Fifth Annual Meeting of
the American Economic Association was pub-
lished in May 2013. The volume was edited by
Samantha Bennett and William Johnson. I am
deeply indebted to both of them for the difficult
work that they have so expertly performed.
Editorial Staff
The current number of Coeditors (including
the Editor-in-Chief) is eight: Marianne Bertrand
(University of Chicago, Booth School of
Business), Martin Eichenbaum (Northwestern
University), Hilary Hoynes (Berkeley), Luigi
Pistaferri (Stanford University), Debraj Ray
(New York University), Larry Samuelson (Yale
University), and Andrzej Skrzypacz (Stanford
University, Graduate School of Business). I am
deeply indebted to the Coeditors for their dedi-
cation, professionalism, hard work, and insight.
Each has handled a demanding job with energy
and good humor, and their collective efforts
625
have made an enormous contribution to this
journal and to the profession.
The Editors rely heavily on the Board of
Editors for advice and evaluation of manu-
scripts. Board members are selected to reflect
the highest level of scholarship in the econom-
ics profession over the many different fields
represented in the submissions, as well as for
conscientiousness, judgment, and professional
reliability as demonstrated in their refereeing
for the journal. Twelve members of the Board
of Editors ended their service in 2013 and
have not been previously acknowledged: Mark
Aguiar, Sandra Black, Gary Charness, Dora
Costa, Miguel Costa-Gomes, Hanming Fang,
Emmanuel Farhi, David Green, Ali Hortasu,
Botond Ko
szegi, Rohini Pande, and Fiona
Scott Morton. I would like to express my deep
gratitude to all for their service to the Review.
Six new members of the Board began terms in
2013: Ariel Burstein, Sylvain Chassang, Tim
Feddersen, Brian Knight, Philip Oreopoulos,
and Jn Steinsson. I wish to thank them for their
service. I wish also to thank all continuing mem-
bers: Pol Antrs, Simon Board, Craig Burnside,
Steven Callander, Michael Fishman, William
Fuchs, Gautam Gowrisankaran, Veronica
Guerrieri, Igal Hendel, Shachar Kariv, Navin
Kartik, Ilan Kremer, Arvind Krishnamurthy,
Jonathan Levin, Gilat Levy, Hamish Low,
Shelly Lundberg, Matthew Mitchell, Dilip
Mookherjee, Guiseppe Moscarini, Jonathan
Parker, Parag Pathak, Nina Pavcnik, Fabrizio
Perri, Ricardo Reis, Jesse Rothstein, Rajiv
Sethi, Amir Sufi, Christopher Timmins, Sarah
Turner, Eric Verhoogen, Lise Vesterlund, and
Leaat Yariv.
Office Staff and Other Assistants
The AER is supported by an outstanding staff
located in Pittsburgh. Steve Stelling has con-
tinued to serve as Managing Editor and Kelly
Markel as Assistant Managing Editor during
2013. They did an outstanding job handling
the major demands of the journal and con-
tinually sought improvements in operations.
The Review has been in capable hands under
their supervision. The Reviews Copyeditor,
Samantha Bennet, and Editorial Assistants Matt
Roberson, Emilee Stanford, and Ethan Zaharia,
have also been excellent. In addition, valuable
research support has been provided by Annette
626 AEA PAPERS AND PROCEEDINGS MAY 2014

Blanar and Salma Khwaja. Several assistants to
the Coeditors have also furnished needed and
important support, including Barbara McCarthy
(Stanford University, Graduate School of
Business), Maggie Newman (University of
Chicago, Booth School of Business), Sharline
Samuelson (Yale University), and SevgiYuksel
(New York University).
As always, this report ends with the list of
referees who have volunteered their services
during 2013, more than 1,500 in number. I
extend my deepest appreciation for the time
and energy they have devoted to the advance-
ment of our field. In addition, this year I wish
again to announce awards for referees who have
provided exceptional service to the Review by
a large number and quality of referee reports.
Those individuals receiving AER Excellence in
Refereeing Awards are designated in the lists
that follow.
Pinelopi Koujianou Goldberg,
Editor

AER Excellence in Refereeing Award, 2013

Abaluck, Jason Gelber, Alexander Nagel, Stefan

Angelucci, Manuela Genicot, Garance Nakamura, Emi
Arkolakis, Costas Gentzkow, Matthew Nimark, Kristoffer
Asker, John Giuliano, Paola Notowidigdo, Matthew
Atkin, David Gyourko, Joe Noussair, Charles
Baliga, Sandeep Handel, Benjamin Ortoleva, Pietro
Bar-Isaac, Heski Hanson, Gordon Ossa, Ralph
Bianchi, Javier Hassan, Tarek Oster, Emily
Bigio, Saki He, Zhiguo Padro-i-Miquel, Gerard
Blattman, Christopher Hendren, Nathaniel Pakes, Ariel
Bloch, Francis Ho, Katherine Polborn, Matthias
Bloom, Nick Hurst, Erik Qian, Nancy
Bonatti, Alessandro Ilut, Cosmin Quadrini, Vincenzo
Bouton, Laurent Ito, Koichiro Razin, Ronny
Buera, Francisco Itskhoki, Oleg Rockoff, Jonah
Chaney, Thomas Johannsen, Benjamin Rodrguez-Clare, Andrs
Collard-Wexler, Allan Jones, Damon Sacerdote, Bruce
Costinot, Arnaud Kamenica, Emir Sannikov, Yuliy
Crocker, Keith Kawai, Kei Sautmann, Anja
Currie, Janet Khandelwal, Amit Seshadri, Ananth
Cutler, David Kilian, Lutz Siegel, Ron
Dahl, Gordon Klenow, Peter Silverman, Dan
Davis, Lucas Koessler, Frederic Skinner, Jonathan
De Loecker, Jan Kowalski, Amanda Sprenger, Charles
Dix-Carneiro, Rafael Krishnamurthy, Arvind Syverson, Chad
Doepke, Matthias Kurlat, Pablo Sweeting, Andrew
Donaldson, David Lacetera, Nicola Szeidl, Adam
Doyle, Joseph Lewis, Ethan Tarozzi, Alessandro
Dupas, Pascaline Luttmer, Erzo Van Reenen, John
Eeckhout, Jan MacLeod, William Vavra, Joseph
Figlio, David Mas, Alexandre Veldkamp, Laura
Finan, Frederico Mastrobuoni, Giovanni Venkateswaran, Venky
Finkelstein, Amy Melosi, Leonardo Vespa, Emanuel
Fisman, Raymond Mendoza, Enrique G. Wiederholt, Mirko
French, Eric Mian, Atif Xu, Daniel Yi
Friedman, John Midrigan, Virgiliu Yared, Pierre
Fujiwara, Thomas Miller, David Yurukoglu, Ali
Gabaix, Xavier Miravete, Eugenio
Galor, Oded Moll, Benjamin
VOL. 104 NO. 5 Report of the editor, aer 627

All Referees 2013

J. Abaluck A. Arora R. Benabou R. Braun E. Chaney

A. Abdulkadiroglu S. Aruoba I. Ben-David B. Breon-Drish B. Chang
R. Abramitzky I. Ashlagi P. Benigno C. Brett K. Charles
D. Abrams N. Ashraf D. Benjamin E. Breza G. Charness
D. Abreu S. Ashworth E. Benmelech W. Brooks S. Chassang
K. Adam J. Asker D. Bergemann C. Brown S. Chatterjee
J. Adda E. Asparouhova D. Berger M. Bruche Y. Che
T. Adrian V. Asriyan D. Bergstresser M. Bruckner D. Checchi
G. Afonso A. Atakan A. Bernard J. Brueckner K. Chen
S. Agarwal S. Athey D. Bernhardt A. Bruhin M. Chernov
R. Aggarwal K. Athreya J. Berry M. Bruhn R. Chetty
M. Agranov A. Atkeson G. Bertocchi M. Brunnermeier P. Chiappori
A. Agrawal D. Atkin J. Beshears G. Bryan A. Ching
M. Aguiar O. Attanasio T. Besley K. Buckles M. Chinn
C. Ahlin M. Auffhammer R. Betancourt E. Budish P. Chintagunta
D. Ahn N. Augenblick E. Bettinger F. Buera G. Chodorow-Reich
J. Aizenman D. Autor S. Bhargava J. Bulow J. Choi
A. Aizer C. Avery V. Bhaskar B. Bundick D. Chor
A. Ajello E. Azevedo S. Bhattacharya P. Buonanno C. Chu
U. Akcigit M. Azzimonti F. Bianchi R. Burgess K. Chung
S. Alan L. Babcock F. Bierbrauer C. Burnside A. Ciccone
S. Albanesi R. Bachmann S. Bigio A. Burstein M. Cipriani
D. Albouy K. Back M. Bigoni L. Bursztyn G. Cisternas
J. Albrecht D. Backus S. Bikhchandani T. Buser A. Clark
R. Albuquerque M. Bagues L. Bilir J. Bushnell J. Clemens
G. Aldashev K. Bagwell M. Bils M. Busse G. Clementi
S. Alder Y. Bai A. Bisin K. Butcher C. Clotfelter
A. Alesina K. Baicker M. Bitler J. Butler S. Coate
G. Alessandria M. Bailey D. Black M. Cagetti J. Cocco
Y. Algan S. Baird C. Blattman A. Caggese D. Coen-Pirani
S. Ali S. Baker H. Bleakley P. Cahuc J. Cohen
M. Allain J. Baland F. Bloch H. Cai O. Coibion
H. Allcott S. Baliga N. Bloom S. Callander S. Cole
D. Allen M. Ballester R. Boadway M. Callen M. Coles
J. Alm O. Bandiera S. Board C. Calomiris A. Collard-Wexler
D. Almond S. Banerjee G. Bobonis E. Calvano P. Collier
N. Al-Najjar S. Banzhaf A. Bodoh-Creed C. Camerer O. Compte
R. Alonso S. Barbera M. Bombardini F. Campante D. Condorelli
R. Alquist N. Barberis A. Bommier A. Campbell J. Conesa
J. Altonji H. Bar-Isaac A. Bonatti A. Caplin L. Cong
F. Alvarez G. Barlevy E. Bond C. Carpenter E. Conover
M. Amador A. Barr A. Booth R. Carrasco D. Cooper
B. Ambrose A. Barreca A. Borah S. Carrell B. Copeland
A. Ambrus D. Barron P. Bordalo J. Carrillo M. Corak
M. Amiti L. Barseghyan S. Borenstein C. Carroll D. Corbae
A. Anas P. Barwick J. Borland A. Carvajal C. Cornand
L. Anderlini M. Bassetto J. Borovicka M. Casanova I. Correia
M. Anderson K. Basu G. Bose M. Casari G. Corsetti
J. Andreoni J. Baten P. Bossaerts E. Cascio P. Cortes
G. Angeletos M. Battaglini J. Bound A. Casella D. Costa
M. Angelucci M. Bauer L. Boustan K. Casey M. Costa Dias
S. Ansolabehere N. Baum-Snow L. Bouton T. Cavalcanti M. Costa-Gomes
J. Anton P. Bayer R. Bowen J. Cawley J. Costantini
K. Antonovics S. Bazzi S. Bowles D. Cesarini A. Costinot
P. Antras L. Beaman C. Bown B. Chabot V. Couture
M. Aoyagi A. Becker J. Boyd III H. Chade P. Cramton
P. Arcidiacono W. Beckert I. Brambilla S. Chakravarty G. Crawford
C. Arellano K. Bedard Y. Bramoulle D. Chan B. Crepon
C. Arkolakis K. Behrens L. Brandt P. Chander M. Cripps
R. Armenter F. Belo J. Brandts A. Chandra M. Croce
M. Armstrong R. Bems L. Branstetter A. Chandrasekhar K. Crocker
628 AEA PAPERS AND PROCEEDINGS MAY 2014

H. Crongvist D. Dorn E. Farhi J. Gali O. Gossner

T. Crossley A. Dovis C. Favero S. Galiani D. Gottlieb
G. Cruces J. Doyle J. Favilukis T. Gall E. Gould
M. Crucini F. Drago T. Feddersen F. Gallego L. Goulder
J. Cullen D. Dranove J. Feigenbaum O. Galor P. Gourinchas
V. Cuat A. Dreber R. Feinberg J. Gans F. Gourio
F. Cunha I. Drechsler L. Felli J. Ganuza Fernandez G. Gowrisankaran
V. Crdia A. Dreher M. Fels D. Garcia S. Goyal
J. Currie J. Druckman J. Fernald L. Garicano J. Graff Zivin
D. Cutler J. Dube R. Fernandez N. Garleanu S. Grant
J. Cvitanic P. Dubois J. Fernandez- M. Garmaise J. Graveline
G. Dahl M. Dufwenberg Villaverde R. Garratt B. Green
E. Dal Bo M. Duggan C. Ferraz D. Garrett S. Greenstein
E. Damiano P. Dupas F. Ferreira C. Gathmann M. Greenstone
J. Dana G. Duranton J. Ferrie P. Gautier A. Greif
K. Daniel S. Durlauf C. Fershtman A. Gavazza R. Griffith
A. Dasgupta B. Dutta E. Field M. Gaynor P. Grossman
V. Daskalova W. Dziuda C. Fieler A. Gelber M. Grubb
D. Davis J. Eaton D. Figlio A. Gemici J. Gruber
G. de Clippel A. Ebenstein L. Filistrucchi D. Genesove H. Grner
A. de Corniere S. Ebert F. Finan G. Genicot L. Guerrieri
G. De Giorgi F. Echenique A. Finkelstein N. Gennaioli P. Guerron
D. de la Croix F. Ederer U. Fischbacher M. Gentzkow L. Guiso
J. De Loecker A. Edmans G. Fischer G. Georgiadis N. Guner
D. De Meza C. Edmond P. Fishback D. Gerardi M. Gurgand
M. De Nardi J. Eeckhout E. Fisher A. Geromichalos J. Guryan
A. de Paula G. Eggertsson M. Fishman A. Gershkov C. Gust
M. Dean G. Egorov R. Fisman M. Gervais F. Guvenen
A. Deaton J. Eguia B. Fitzenberger M. Ghatak J. Gyourko
R. Deb T. Eichner L. Flabbi C. Ghiglino S. Haber
F. Decarolis R. Eisenhuth M. Fleurbaey S. Ghosal K. Hachem
C. Deck A. Eisfeldt C. Flinn P. Ghosh I. Hafalir
A. Degan A. Eizenberg F. Foley R. Giammarino A. Hagiu
E. Dekel M. Ekmekci B. Fortin S. Giertz P. Haile
R. Dekle T. Ellingsen A. Foster S. Giglio M. Halac
M. Del Negro M. Elliott D. Fougere S. Gilchrist Y. Halevy
M. Dell G. Ellison M. Fowlie M. Gilens R. Hall
G. Demange M. Ellman J. Fox D. Gill J. Hallak
D. Deming A. Ellul W. Frame K. Gillingham T. Halliday
P. D'Erasmo J. Ely A. Francetich X. Gine J. Haltiwanger
O. Deschenes C. Engel N. Francis D. Ginther B. Hamilton
K. Desmet D. Engelmann A. Frankel H. Gintis J. Hamman
W. Dessein R. Enikolopov G. Frazer P. Giuliano B. Handel
J. DeVaro D. Epple G. Frechette S. Gjerstad L. Hansen
M. Di Maggio L. Epstein S. Frederick A. Glazer G. Hanson
S. Di Tella A. Erdil E. French V. Glode C. Hara
R. Diamond K. Ericson S. Frenkel U. Gneezy W. Harbaugh
R. Dickens M. Eriksen B. Frey L. Goette M. Harding
D. Diermeier T. Eriksson G. Friebel R. Goettler J. Harrington
D. Dillenberger P. Eso D. Friedman M. Gofman B. Harstad
F. Dilme J. Esteban P. Frijters J. Goldberg B. Hartman-Glaser
S. Dinc M. Eswaran C. Frydman C. Goldin T. Hassan
T. Dinkelman W. Evans R. Fryer, Jr. I. Goldstein K. Hassett
J. Dittmar O. Evren C. Fu C. Gollier J. Hassler
R. Dix-Carneiro E. Eyster W. Fuchs D. Gollin J. Hastings
Q. Do B. Faber N. Fuchs-Schuendeln M. Golosov J. Hatfield
M. Doepke R. Faberman D. Fudenberg M. Goltsman T. Hayashi
T. Dohmen M. Fafchamps S. Fujita B. Golub J. He
D. Domeij I. Fainmesser T. Fujiwara A. Gomes K. Head
D. Donaldson R. Fairlie D. Fullerton A. Goolsbee P. Healy
O. Donni P. Fajgelbaum P. Funk G. Gopinath J. Heathcote
J. Donohue T. Fally X. Gabaix A. Gorbenko O. Heffetz
K. Donovan Y. Fan S. Gagliarducci R. Gordon A. Heifetz
K. Doran H. Fang E. Gagnon Y. Gorodnichenko F. Heinemann
U. Doraszelski H. Farber D. Gale G. Gorton F. Heiss
VOL. 104 NO. 5 Report of the editor, aer 629

T. Hellmann B. Jack L. Kilian C. Kuzmics A. Looney

D. Hemous C. Jackson E. Kimbrough E. La Ferrara R. Lopes de Melo
I. Hendel B. Jacob C. Kinnan N. Lacetera G. Lorenzoni
V. Henderson H. Jacoby M. Kirchler G. Lacroix M. Lovenheim
N. Hendren D. Jaeger Y. Kitamura L. Laeven S. Lovo
K. Hendricks N. Jaimovich S. Kitao F. Lafontaine H. Low
B. Hermalin P. Jakiela M. Kitzmuller D. Lagakos T. Lubik
F. Herold M. Janssen N. Kiyotaki R. Lagos M. Luca
B. Herrendorf T. Jappelli N. Klein R. Lagunoff C. Lucarelli
H. Herrera A. Jarque P. Klenow A. Lahiri R. Lucas
C. Herrington J. Jaumandreu H. Kleven D. Lakdawalla D. Lucca
M. Hertweck B. Javorcik B. Kline C. Landais R. Ludema
D. Hibbs S. Jayachandran J. Kling T. Landvoigt A. Ludwig
G. Hitsch C. Jenq S. Klonner F. Lange R. Lumsdaine
B. Ho R. Jensen A. Kloosterman J. La'O S. Lundberg
B. Hobijn D. Jenter E. Klor I. Larkin Y. Luo
S. Hoderlein I. Jewitt J. Kluve P. Lasserre A. Lusardi
K. Hoff P. Jeziorski B. Knight S. Lauermann H. Lustig
R. Holden R. Jia C. Knittel V. Lavy E. Luttmer
T. Holmes G. Jin F. Koessler J. Lawarree R. Macera
H. Holter J. Joensen R. Koijen P. Lawler M. Machina
H. Hong M. Johannesson F. Kojima J. Lazarev M. Macis
H. Hopenhayn B. Johannsen A. Kolotilin E. Leamer B. Mackowiak
E. Hopkins R. Johnson J. Kolstad S. Leduc W. MacLeod
R. Hornbeck B. Jones S. Kominers R. Lee K. Madarasz
J. Horner B. Jovanovic P. Kondor L. Lefgren B. Madrian
A. Hornstein C. Juhn H. Konishi S. Leider E. Madsen
A. Hortacsu A. Justiniano J. Konow D. Lemoine L. Maestri
R. Hortala-Vallve J. Kaboski K. Konrad R. Lentz M. Maggiori
H. Horvath R. Kaestner W. Kopczuk K. Leonard J. Magruder
V. Hotz J. Kagel I. Kopylov J. Lerner A. Mahajan
C. House S. Kahn M. Koren S. Leshem N. Mahoney
C. Hoxby M. Kalouptsidi A. Korinek P. Leslie A. Malani
D. Hryshko Y. Kamada S. Kortum B. Lester J. Malcomson
C. Hsee G. Kambourov M. Kosfeld S. Leth-Petersen A. Malenko
C. Hsieh E. Kamenica B. Koszegi C. Lever B. Malin
M. Hsu M. Kandori M. Kotchen J. Levin C. Malloy
L. Huang M. Kanz N. Kovrijnykh D. Levine U. Malmendier
G. Huber E. Kaplan A. Kowalski A. Levinson B. Mandel
S. Huck L. Karabarbounis A. Kraay G. Levy M. Manea
D. Huffman P. Karadi F. Kramarz A. Lewbel A. Manelli
P. Hummel S. Kariv R. Kranton E. Lewis A. Manning
D. Hummels L. Karp S. Krasa J. L'Huillier D. Manoli
D. Hungerman N. Kartik E. Krasnokutskaya A. Li K. Manova
J. Hunt J. Kastl M. Krawczyk J. Liebman I. Manovskii
S. Hurkens K. Kaufmann C. Kreiner E. Ligon G. Manso
E. Hurst S. Kaur I. Kremer C. Lim E. Mansur
J. Hwang K. Kawai V. Krishna M. Lin M. Marchal
D. Hyslop M. Keane A. Krishnamurthy J. Linde R. Margo
M. Iacoviello P. Keefer K. Kroft J. Linn M. Marinacci
A. Ichino P. Kehoe D. Krueger B. Lipman J. Marion
C. Ichniowski M. Kehrig O. Kruger F. Lippi M. Mariotti
C. Ilut G. Keller P. Krusell Z. Liscow R. Marquez
E. Ilzetzki R. Kellogg S. Kube M. Liski D. Martimort
G. Imbens I. Kelly F. Kubler C. List I. Martin
R. Inderst D. Keniston L. Kuehn E. Liu L. Marx
Y. Ioannides J. Kennan C. Kuhnen I. Livshits A. Mas
F. Ionescu L. Kent A. Kumar A. Lizzeri Y. Masatlioglu
R. Isaac W. Kerr M. Kumhof A. Lleras-muney G. Mastrobuoni
K. Ito J. Kessler N. Kuminoff G. Llobet F. Matejka
O. Itskhoki J. Ketcham T. Kundu H. Lloyd-Ellis L. Mathevet
M. Ivanov B. Keys P. Kurlat A. Lo N. Matouschek
R. Iyengar F. Khalil A. Kurmann L. Lochner D. Matsa
L. Iyer A. Khan B. Kuruscu B. Lockwood K. Matsuyama
M. Iyigun A. Khandelwal I. Kuziemko A. Loeper S. Matthews
630 AEA PAPERS AND PROCEEDINGS MAY 2014

G. Matvos D. Mookherjee B. Olken A. Petrin M. Rhodes-Kropf

T. Maurer H. Moon W. Olszewski B. Petrongolo G. Richardson
P. Mauro J. Morduch H. Oosterbeek T. Phan M. Richter
C. Mayer M. Morelli M. Opp C. Phelan T. Riddiough
L. Mayoral E. Moretti G. Ordonez I. Piccioni F. Riedel
B. Mazumder J. Morgan S. Oreffice J. Pijoan-Mas G. Riella
M. Mazzeo A. Moro P. Oreopoulos P. Pinotti K. Ritzberger
M. Mazzocco S. Morris D. Orlov T. Piskorski S. Rivkin
I. Mbiti A. Morse P. Ortoleva E. Plug J. Roberts
D. McAdams G. Moscarini R. Ossa M. Polborn A. Robson
R. McAfee T. Moskowitz E. Oster A. Polinsky J. Rochet
C. McAusland A. Mueller M. Ostrovsky M. Polisson G. Rocheteau
J. McCrary S. Mukand G. Ottaviano D. Pomeranz J. Rocholl
E. McGrattan S. Mukerji H. Owan D. Pope J. Rockoff
A. McKay B. Mukherjee E. Owens J. Porter A. Rodrguez-Clare
J. McLaren S. Mullainathan M. Owyang F. Postel-Vinay G. Roger
R. McMillan K. Munshi E. Ozbay D. Pouzo R. Rogerson
C. Medina K. Muralidharan E. Ozdenoren R. Powell D. Rohner
C. Meh J. Murfin B. Ozler A. Prat N. Roketskiy
S. Meier P. Murrell L. Paciello B. Preston G. Roland
M. Melitz D. Musto G. Padro-i-Miquel A. Previtero R. Romano
B. Melly D. Myatt M. Padula J. Price D. Romer
L. Melosi J. Nachbar M. Page V. Prowse H. Rosenthal
B. Melzer R. Nagel E. Pagnotta A. Przeworski M. Rosenzweig
E. Mendoza S. Naidu M. Pai D. Puga B. Rossi
J. Meng M. Nakajima A. Pakes B. Pugsley E. Rossi-Hansberg
G. Menzio E. Nakamura B. Palazzo C. Puppe M. Rostek
A. Merlo T. Nannicini T. Palfrey M. Pycia J. Rothstein
K. Mertens B. Narajabad A. Pallais N. Qian N. Roussanov
M. Messner J. Nason J. Pan V. Quadrini B. Routledge
R. Metcalfe P. Natenzon R. Pancrazi J. Quah H. Royer
M. Meyer-ter-Vehn F. Nava R. Pande D. Quint N. Roys
C. Mezzetti S. Navarro M. Panov M. Rabin K. Rozen
A. Mian Z. Neeman T. Papageorgiou T. Ramadorai A. Rubinstein
J. Miao K. Nehring E. Papaioannou A. Ramanarayanan J. Rubio-Ramirez
G. Michaels M. Neidell D. Papanikolaou V. Ramey L. Rudanko
P. Michaillat B. Neiman E. Pappa A. Rampini K. Ruhl
S. Michalopoulos L. Nesheim D. Paravisini R. Ranciere C. Ruhm
C. Michelacci N. Netzer S. Parente E. Ranehill F. Ruiz-Aliseda
V. Midrigan A. Nevo J. Parker J. Rao M. Runkel
K. Milbradt J. Newhouse C. Parlour S. Raphael P. Rupert
A. Miller A. Newman F. Parro E. Rasmusen R. Russell
K. Milligan S. Ng M. Paserman I. Rasul M. Rysman
R. Minetti L. Ngai L. Pastor R. Rathelot D. Saari
P. Mira J. Nicolini E. Patacchini J. Rauch B. Sacerdote
E. Miravete P. Niehaus P. Pathak J. Rauh V. Sadiraj
J. Miron K. Nimark A. Paulson F. Ravenna P. Sadowski
M. Mironov T. Noe A. Pauzner E. Ravina T. Sadzik
M. Mitchell P. Nolen A. Pavan M. Ravn E. Saez
T. Mitton J. Noor N. Pavcnik R. Razin J. Sagi
O. Moav A. Norets A. Pavlova S. Reber A. Sahin
A. Mobarak P. Norman N. Pavoni S. Redding C. Sahm
N. Mocan J. Nosal A. Payne T. Reed M. Said
S. Modica M. Notowidigdo L. Pedersen M. Reguant G. Saint-Paul
R. Moffitt C. Noussair M. Pellizzari A. Reiff K. Saito
M. Mogstad I. Noy K. Pendakur D. Reiley B. Salanie
B. Moldovanu N. Nunn A. Penta J. Reinganum Y. Salant
M. Molico Y. Nyarko A. Perea M. Reiter J. Sallee
F. Molinari C. O Grada F. Perez-Gonzalez P. Rendahl T. Salmon
B. Moll I. Obara G. Perez-Quiros M. Rendall A. Samwick
T. Monacelli T. Odean G. Peri L. Renou V. Sanchez-Marcos
D. Monderer T. O'Donoghue F. Perri D. Restuccia S. Sanchez-Pages
A. Monge-Naranjo J. Oechssler N. Persico J. Reuter S. Sanders
C. Monnet M. Oehmke M. Pesendorfer R. Reuveny G. Sandleris
J. Montalvo C. Olivetti M. Peters M. Reynal-Querol A. Sandroni
VOL. 104 NO. 5 Report of the editor, aer 631

Y. Sannikov R. Simmons P. Surico J. Van Biesebroeck M. Weinzierl

P. Sapienza K. Simon M. Sutter J. van Binsbergen M. Weitzman
L. Sarno S. Simonelli J. Svensson G. van den Berg G. Weizsacker
T. Sarver I. Simonovska A. Swanson S. van den Heuvel Y. Wen
A. Sautmann E. Sims A. Sweeting B. van der Klaauw E. Werker
P. Savor A. Simsek J. Sydnor S. Van J. Werner
A. Savov T. Sinai C. Syverson Nieuwerburgh B. Wernerfelt
S. Schaefer R. Singh D. Szalay J. van Ours J. West
J. Schaller M. Siniscalchi A. Szeidl J. Van Reenen E. Weyl
S. Schaner A. Siow B. Szentes F. Varas M. White
M. Schanzenbach T. Sjostrom M. Szydlowski J. Vargas T. Whited
F. Scheuer P. Skiba G. Tabellini J. Vavra M. Wiederholt
K. Scheve J. Skinner C. Taber A. Veiga D. Wildasin
B. Schipper V. Skreta A. Tahbaz-Salehi L. Veldkamp T. Wilkening
P. Schiraldi A. Skrzypacz S. Takahashi A. Venditti P. Willen
F. Schivardi M. Slade J. Tallon V. Venkateswaran H. Williams
E. Schlee K. Small A. Tambalotti G. Ventura A. Wilson
W. Schlenker F. Smets X. Tan F. Veras A. Winn
H. Schlesinger K. Smetters A. Tarozzi T. Verdier R. Winter
K. Schmidt A. Smith J. Tasoff E. Verhoogen T. Wiseman
P. Schmidt-Dengler C. Snider L. Taylor E. Vespa L. Woessmann
J. Schmieder E. Snowberg I. Telyukova L. Vesterlund C. Wolfram
S. Schmukler C. Snyder S. Tenreyro V. Viard A. Wolinsky
I. Schnabel R. Somanathan S. Teoh J. Vickers A. Wolitzky
A. Schoar Z. Song M. Tertilt J. Vickery C. Woodruff
T. Schoellman A. Sorensen M. Tervio P. Vida A. Wozniak
U. Schoenberg G. Spagnolo L. Tesar I. Vidangos G. Wright
E. Schokkaert C. Sparber J. Thanassoulis N. Vieille J. Wu
P. Schott J. Spenkuch D. Thesmar J. Vigdor J. Wurgler
A. Schotter M. Spiegel M. Thoenig R. Vigfusson C. Xiang
J. Schummer R. Spiegler K. Thom B. Villalonga W. Xiong
N. Schutz J. Spinnewijn C. Thomas G. Violante D. Xu
J. Schwartzstein C. Sprenger P. Thompson G. Virag D. Yagan
F. Scott Morton F. Squintani R. Thornton R. Vishny Y. Yamamoto
C. Segal D. Sraer C. Timmins A. Vissing-Jorgensen D. Yanagizawa-Drott
K. Seim R. Staiger J. Tobacman X. Vives D. Yang
T. Sekiguchi C. Stanton P. Todd R. Vlaicu P. Yared
H. Selin R. Stavins J. Toikka A. Voena L. Yariv
A. Sen R. Steckel T. Tomala J. Vogel S. Yeaple
K. Seo J. Steiner C. Tonetti R. Vohra S. Yeltekin
S. Sequeira J. Steinsson P. Topalova P. Volpin M. Yenmez
E. Sergenti M. Stephens R. Topel E. Von Thadden O. Yilankaya
D. Serra V. Sterk R. Town T. von Wachter M. Yildiz
R. Serrano A. Stevens M. Trabandt H. Voth B. Yilmaz
A. Seru C. Stewart J. Tracy J. Wachter W. Yin
A. Seshadri M. Stinchcombe C. Traeger R. Wacziarg M. Yogo
R. Sethi T. Stinebrickner N. Traum D. Waggoner Y. Yoshida
D. Shackelford L. Stole S. Trautmann W. Wagner A. Young
A. Shah K. Storesletten F. Trebbi J. Waldfogel J. Yu
C. Shannon J. Stoye D. Treisman M. Waldman V. Yue
J. Shapiro P. Strahan A. Trigari K. Walentin A. Yurukoglu
M. Shayo T. Stratmann T. Troger J. Walker J. Zabojnik
B. Shearer R. Strausz M. Troshkin J. Wallenius B. Zafar
A. Shephard D. Stromberg M. Tsoutsoura R. Walsh R. Zarutskie
X. Shi B. Strulovici A. TsyvinskiB. C. Wang R. Zeckhauser
H. Shin T. Strzalecki Tungodden L. Wantchekon C. Zehnder
E. Shmaya R. Stulz L. Turner E. Washington Y. Zenou
D. Shoag D. Sturm C. Tyson J. Watson A. Zetlin-Jones
A. Shourideh A. Stutzer P. Tzang M. Waugh L. Zhang
K. Shue J. Suarez Serrato C. Udry A. Weber J. Zhou
M. Shum A. Sufi U. Unver E. Weese H. Zhu
D. Sibley T. Sugaya R. Uppal J. Weibull N. Ziebarth
R. Siegel R. Sugden M. Urquiola N. Weidmann J. Zinman
D. Silverman S. Sukhtankar A. Valentinyi D. Weil P. Zryumov
T. Simcoe S. Sundaresan R. Valletta P. Weill J. Zweimueller
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Copyright of American Economic Review is the property of American Economic Association
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the copyright holder's express written permission. However, users may print, download, or
email articles for individual use.