NBER Working Papers

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16810: Advances in Consumption-Based Asset Pricing: Empirical Tests

Sydney Ludvigson

16809: Industrial Catching Up in the Poor Periphery 1870-1975

Jeffrey Williamson

16808: Market Timing, Investment, and Risk Management

Patrick Bolton, Hui Chen and Neng Wang

16807: Has Consumption Inequality Mirrored Income Inequality?

Mark A. Aguiar and Mark Bils

16806: The Evolution of Comparative Advantage: Measurement and Welfare Implications

Andrei Levchenko and Jing Zhang

16805: Capital Controls: Myth and Reality - A Portfolio Balance Approach

Nicolas Magud, Carmen Reinhart and Kenneth Rogoff

16804: Cream Skimming in Financial Markets

Patrick Bolton, Tano Santos and Jose Scheinkman

16803: The Impact of Early Occupational Choice On Health Behaviors

Inas Kelly, Dhaval Dave, Jody L. Sindelar and William T. Gallo

16802: New Evidence on Teacher Labor Supply

Mimi Engel and Brian A. Jacob

16801: Hedge Fund Leverage

Andrew Ang, Sergiy Gorovyy and Gregory B. van Inwegen

16800: Sex Ratios, Entrepreneurship, and Economic Growth in the People's Republic of China

Shang-Jin Wei and Xiaobo Zhang

16799: Temporarily Unstable Government Debt and Inflation

Troy Davig and Eric Leeper

16798: Inequality at Birth: Some Causes and Consequences

Janet Currie

16797: Beaches, Sunshine, and Public-Sector Pay: Theory and Evidence on Amenities and Rent Extraction by Government Workers

Jan Brueckner and David Neumark

16796: The Elasticity of Trade: Estimates and Evidence

Ina Simonovska and Michael Waugh

16795: Why Do Some People Want to Legalize Cannabis Use?

Jenny Williams, Jan van Ours and Michael Grossman

16794: Occupational Status and Health Transitions

G. Brant Morefield, David Ribar and Christopher Ruhm

16793: Higher Order Properties of the Wild Bootstrap Under Misspecification

Patrick Kline and Andres Santos

16792: The Economics of State and Local Public Pensions

Jeffrey Brown, Robert Clark and Joshua Rauh

16791: Who Is (More) Rational?

Syngjoo Choi, Shachar Kariv, Wieland Müller and Dan Silverman

16790: Historical Oil Shocks

James Hamilton

16789: International Risk Sharing in the Short Run and in the Long Run

Marianne Baxter

16788: A Darwinian Perspective on "Exchange Rate Undervaluation"

Qingyuan Du and Shang-Jin Wei

16787: Safety-Net Benefits Conferred on Difficult-to-Fail-and-Unwind Banks in the US and EU Before and During the Great Recession

Santiago Carbo-Valverde, Edward Kane and Francisco Rodriguez-Fernandez

16786: The Effects of Tax Shocks on Output: Not So Large, But Not Small Either

Roberto Perotti

16785: Counterfeiters: Foes or Friends? How Do Counterfeits Affect Different Product Quality Tiers?

Yi Qian

16784: Speculators and Middlemen: The Strategy and Performance of Investors in the Housing Market

Patrick Bayer, Christopher Geissler, Kyle Mangum and James W. Roberts

16783: School Admissions Reform in Chicago and England: Comparing Mechanisms by Their Vulnerability to Manipulation

Parag Pathak and Tayfun Sönmez

16782: Fiscal Fatigue, Fiscal Space and Debt Sustainability in Advanced Economies

Atish Ghosh, Jun I. Kim, Enrique Mendoza, Jonathan Ostry and Mahvash Qureshi

16781: Estimation and Evaluation of DSGE Models: Progress and Challenges

Frank Schorfheide

16780: The Consequences of Financial Innovation: A Counterfactual Research Agenda

Josh Lerner and Peter Tufano

16779: Net Fiscal Stimulus During the Great Recession

Joshua Aizenman and Gurnain Pasricha

16778: A Global View of Productivity Growth in China

Chang-Tai Hsieh and Ralph Ossa

16777: Margin-Based Asset Pricing and Deviations from the Law of One Price

Nicolae Gârleanu and Lasse Pedersen

16776: Rethinking America's Illegal Drug Policy

John Donohue, Benjamin Ewing and David Peloquin

16775: Targeted Transfers and the Fiscal Response to the Great Recession

Hyunseung Oh and Ricardo Reis

16774: Transition to FDI Openness: Reconciling Theory and Evidence

Ellen McGrattan

16773: The Fragility of Estimated Effects of Unilateral Divorce Laws on Divorce Rates

Jin Young Lee and Gary Solon

16772: Health Care Spending Growth and the Future of U.S. Tax Rates

Katherine Baicker and Jonathan Skinner

16771: Why Are Saving Rates so High in China?

Dennis Yang, Junsen Zhang and Shaojie Zhou

16770: The Cross-Section of Hurdle Rates for Capital Budgeting: An Empirical Analysis of Survey Data

Ravi Jagannathan, Iwan Meier and Vefa Tarhan

16769: Saints Marching In, 1590-2009

Robert Barro and Rachel M. McCleary

16768: Does the Indexing of Government Transfers Make Carbon Pricing Progressive?

Don Fullerton, Garth Heutel and Gilbert Metcalf

16767: FDI Spillovers and Industrial Policy: The Role of Tariffs and Tax Holidays

Luosha Du, Ann Harrison and Gary Jefferson

16766: Securitization without Adverse Selection: The Case of CLOs

Efraim Benmelech, Jennifer Dlugosz and Victoria Ivashina

16765: Is It Whom You Know or What You Know? An Empirical Assessment of the Lobbying Process

Marianne Bertrand, Matilde Bombardini and Francesco Trebbi

16764: Investors' and Central Bank's Uncertainty Embedded in Index Options

Alexander David and Pietro Veronesi

16763: The Promise and Performance of the Federal Reserve as Lender of Last Resort 1914-1933

Michael Bordo and David Wheelock

16762: The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices

Robin Cross, Andrew J. Plantinga and Robert Stavins

16761: Financial Integration, Entrepreneurial Risk and Global Imbalances

George-Marios Angeletos and Vasia Panousi

16760: The Distribution of the Size of Price Changes

Alberto Cavallo and Roberto Rigobon

16759: Did the Stimulus Stimulate? Real Time Estimates of the Effects of the American Recovery and Reinvestment Act

James Feyrer and Bruce Sacerdote

16758: Unconventional Fiscal Policy at the Zero Bound

Isabel Correia, Emmanuel Farhi, Juan Pablo Nicolini and Pedro Teles

16757: The Service Sector as India's Road to Economic Growth

Barry Eichengreen and Poonam Gupta

16756: Reducing Greenhouse Gas Emissions by Forest Protection: The Transaction Costs of REDD

Lee Alston and Krister Andersson

16755: Monetary Policy Strategy: Lessons from the Crisis

Frederic Mishkin

16754: Currency and Financial Crises of the 1990s and 2000s

Assaf Razin and Steven Rosefielde

16753: The Network Structure of International Trade

Thomas Chaney

16752: Deposit Insurance Without Commitment: Wall St. Versus Main St

Russell Cooper and Hubert Kempf

16751: Consumption and Income Poverty over the Business Cycle

Bruce Meyer and James Sullivan

16750: Bubbly Liquidity

Emmanuel Farhi and Jean Tirole

16749: Insurance and Taxation over the Life Cycle

Emmanuel Farhi and Iván Werning

16748: Marital Sorting and Parental Wealth

Kerwin Kofi Charles, Erik Hurst and Alexandra Killewald

16747: A Model of Momentum

Laura Xiaolei Liu and Lu Zhang

16746: Estimating the Returns to Urban Boarding Schools: Evidence from SEED

Vilsa E. Curto and Roland Fryer

16745: Under Pressure: Job Security, Resource Allocation, and Productivity in Schools Under NCLB

Randall Reback, Jonah Rockoff and Heather L. Schwartz

16744: On the Persistent Financial Losses of U.S. Airlines: A Preliminary Exploration

Severin Borenstein

16743: Sale Rates and Price Movements in Art Auctions

Orley Ashenfelter and Kathryn Graddy

16742: Misallocation, Economic Growth, and Input-Output Economics

Charles Jones

16741: The Long Slump

Robert Hall

16740: How Financial Literacy and Impatience Shape Retirement Wealth and Investment Behaviors

Justine Hastings and Olivia Mitchell

16739: Making friends with your neighbors? Agglomeration and tacit collusion in the lodging industry

Li Gan and Manuel Hernandez

16738: A Simple Test of Private Information in the Insurance Markets with Heterogeneous Insurance Demand

Li Gan, Feng Huang and Adalbert Mayer

16737: Capital-Market Effects of Securities Regulation: Prior Conditions, Implementation, and Enforcement

Hans B. Christensen, Luzi Hail and Christian Leuz

16736: Economic Impacts of Immigration: A Survey

Sari Pekkala Kerr and William Kerr

16735: Transaction Cost Regulation

Pablo Spiller

16734: Understanding Booms and Busts in Housing Markets

Craig Burnside, Martin Eichenbaum and Sergio Rebelo

16733: Learning Versus Stealing: How Important are Market-Share Reallocations to India's Productivity Growth?

Ann Harrison, Leslie Martin and Shanthi Nataraj

16732: Electricity Consumption and Durable Housing: Understanding Cohort Effects

Dora Costa and Matthew Kahn

16731: If Drug Treatment Works So Well, Why Are So Many Drug Users in Prison?

Harold Pollack, Peter Reuter and Eric L. Sevigny

16730: Why Is an Elite Undergraduate Education Valuable? Evidence from Israel

Kevin Lang and Erez Siniver

16729: Does Indivisible Labor Explain the Difference Between Micro and Macro Elasticities? A Meta-Analysis of Extensive Margin Elasticities

Raj Chetty, Adam Guren, Dayanand Manoli and Andrea Weber

16728: Behavioral Economics Perspectives on Public Sector Pension Plans

John Beshears, James Choi, David Laibson and Brigitte Madrian

16727: Informational Rents, Macroeconomic Rents, and Efficient Bailouts

Thomas Philippon and Philipp Schnabl

16726: Differences of Opinion and International Equity Markets

Bernard Dumas, Karen Lewis and Emilio Osambela

16725: Credit Spreads as Predictors of Real-Time Economic Activity: A Bayesian Model-Averaging Approach

Jon Faust, Simon Gilchrist, Jonathan Wright and Egon Zakrajšek

16724: Liquidity Mergers

Heitor Almeida, Murillo Campello and Dirk Hackbarth

16723: Selection in Insurance Markets: Theory and Empirics in Pictures

Liran Einav and Amy Finkelstein

16722: Non-Production Benefits of Education: Crime, Health, and Good Citizenship

Lance Lochner

16721: Mobile Money: The Economics of M-PESA

William Jack and Tavneet Suri

16720: Individual Rationality and Participation in Large Scale, Multi-Hospital Kidney Exchange

Itai Ashlagi and Alvin Roth

16719: Social Security and Retirement around the World: Historical Trends in Mortality and Health, Employment, and Disability Insurance Participation and Reforms - Introduction and Summary

Kevin Milligan and David Wise

16718: Fertility and the Plough

Alberto Alesina, Paola Giuliano and Nathan Nunn

16717: Trade Induced Technical Change? The Impact of Chinese Imports on Innovation, IT and Productivity

Nicholas Bloom, Mirko Draca and John van Reenen

16716: Risk Response in Agriculture

Jeffrey LaFrance, Rulon Pope and Jesse Tack

16715: Is the Endowment Effect a Reference Effect?

Ori Heffetz and John List

16714: Forecasts in a Slightly Misspecified Finite Order VAR

Ulrich K. Müller and James Stock

16713: Assessing China's Top-Down Securities Markets

William T. Allen and Han Shen

16712: What Does Futures Market Interest Tell Us about the Macroeconomy and Asset Prices?

Harrison Hong and Motohiro Yogo

16711: The Equal Environments Assumption in the Post-Genomic Age: Using Misclassified Twins to Estimate Bias in Heritability Models

Dalton Conley and Emily Rauscher