Staff Report

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208: The conditional CAPM and the cross-section of expected returns

Ravi Jagannathan and Zhenyu Wang

207: How prescribed policy can mislead when data are defective: a follow-up to Srinivasan (1994) using general equilibrium

Jean Mercenier and Erinc Yeldan

206: Econometric evaluation of asset pricing models

Wayne Ferson and Ravi Jagannathan

205: The effects of state policies on the location of industry: evidence from state borders

Thomas Holmes

204: The poverty of nations: a quantitative exploration

Varadarajan Chari, Patrick Kehoe and Ellen McGrattan

203: The optimum quantity of debt

S. Aiyagari and Ellen McGrattan

202: Social insurance and transition

Andrew Atkeson and Patrick Kehoe

201: Industry evolution and transition: measuring investment in organization

Andrew Atkeson and Patrick Kehoe

200: Tobin's Q and asset returns: implications for business cycle analysis

Lawrence Christiano and Jonas Fisher

199: Small sample properties of GMM for business cycle analysis

Lawrence Christiano and Wouter J. Den Haan

198: On the mechanics of forming and estimating dynamic linear economies

Evan Anderson, Lars Hansen, Ellen McGrattan and Thomas Sargent

197: Social insurance and taxation under sequential majority voting and utilitarian regimes

S. Aiyagari and Dan Peled

196: Comments on Farmer and Guo's \\"the econometrics of indeterminacy: an applied study.\\"

S. Aiyagari

195: Gender differences in education in a dynamic household bargaining model

E. Echevarria and Antonio Merlo

194: Fixed vs. floating exchange rates: a dynamic general equilibrium analysis

Daniel M. Chin and Preston J. Miller

193: The jointly optimal inflation tax, income tax structure, and transfers

Preston J. Miller

192: Monte Carlo simulation and numerical integration

John Geweke

191: An equilibrium model of the business cycle with household production and fiscal policy

Ellen McGrattan, Richard Rogerson and Randall Wright

190: Localization of industry and vertical disintegration

Thomas Holmes

189: Measuring the pricing error of the arbitrage pricing theory

John Geweke and Guofu Zhou

188: On sunk costs and trade liberalization in applied general equilibrium

Jean Mercenier and Nicolas Schmitt

187: Capacity precommitment as a barrier to entry: a Bertrand-Edgeworth approach

Beth Allen, Raymond Deneckere, Tom Faith and Dan Kovenock

186: Estimating substitution elasticities in household production models

Richard Rogerson, Peter Rupert and Randall Wright

185: On the political economy of education subsidies

Raquel Fernandez and Richard Rogerson

184: Resistance to technology and trade between areas

Thomas Holmes and James Schmitz

183: Nonuniqueness of solutions in applied general equilibrium models with scale economies and imperfect competition

Jean Mercenier

182: Mechanics of forming and estimating dynamic linear economies

Lars Hansen, Ellen McGrattan and Thomas Sargent

181: The solution and estimation of discrete choice dynamic programming models by simulation and interpolation: Monte Carlo evidence

Michael Keane and Kenneth I. Wolpin

180: Default, settlement, and signalling: lending resumption in a reputational model of sovereign debt

Harold Cole, James Dow and William B. English

179: The role of institutions in reputation models of sovereign debt

Harold Cole and Patrick Kehoe

178: The computational experiment: an econometric tool

Finn Kydland and Edward Prescott

177: Statistical inference in the multinomial multiperiod probit model

John Geweke, Michael Keane and David E. Runkle

176: An experimental study of learning and limited information in games

Kevin McCabe, Arijit Mukherji and David E. Runkle

175: Inflation, money, and output under alternative monetary standards

Arthur J. Rolnick and Warren Weber

174: Valuation equilibria with clubs

Harold Cole and Edward Prescott

173: Ex-dividend price behavior of common stocks

John H. Boyd and Ravi Jagannathan

172: Dynamic bargaining theory

Melvyn Coles and Randall Wright

171: Algorithms for solving dynamic models with occasionally binding constraints

Lawrence Christiano and Jonas Fisher

170: Alternative computational approaches to inference in the multinomial probit model

John Geweke, Michael Keane and David E. Runkle

169: Two-sided search

Kenneth Burdett and Randall Wright

168: Seasonality and equilibrium business cycle theories

R. Braun and Charles Evans

167: Assessing specification errors in stochastic discount factor models

Lars Hansen and Ravi Jagannathan

166: Household production and taxation in the stochastic growth model

Ellen McGrattan, Richard Rogerson and Randall Wright

165: The CAPM is alive and well

Ravi Jagannathan and Zhenyu Wang

164: Solving the stochastic growth model with a finite element method

Ellen McGrattan

163: Why are representative democracies fiscally irresponsible?

Varadarajan Chari and Harold Cole

162: Industry evolution and transition: the role of information capital

Andrew Atkeson and Patrick Kehoe

161: Interest rates under the U.S. national banking system

Bruce Champ, Neil Wallace and Warren Weber

160: Optimal fiscal policy in a business cycle model

Varadarajan Chari, Lawrence Christiano and Patrick Kehoe

159: A contingent claim approach to performance evaluation

Lawrence R. Glosten and Ravi Jagannathan