American Economic Association

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PREFACE Each of the four studies published herein grew out of a distinctive question regarding the employment and compensation of American economists: Study I began with the question as to how economists' total professional incomes differed from their basic salaries and thus what total...

FOREWORD The two surveys of national economic policy issues and policy research published in this Supplement to The American Economic Review are the first in a new series of studies of economics in foreign countries, commissioned by the Publications Committee of the American Economic Association...

Illiquidity and Ali Its Friends Jean Tirolé* The recent crisis was characterized híj mas.sive illiquidity. This paper reviews vohat we know and don't know about illiquidity and all its friends: markétfreezes,fire sales, contagion, and ultimately insolvencies and bailouts. It first explains why...