NBER Working Papers

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12809: Do Wealth Fluctuations Generate Time-varying Risk Aversion? Micro-Evidence on Individuals' Asset Allocation

Markus Brunnermeier and Stefan Nagel

12808: Measuring the Impacts of FDI in Central and Eastern Europe

Robert Lipsey

12807: Debt Enforcement Around the World

Simeon Djankov, Oliver Hart, Caralee McLiesh and Andrei Shleifer

12806: Decomposing the Effects of Financial Liberalization: Crises vs. Growth

Romain Ranciere, Aaron Tornell and Frank Westermann

12805: Notional Defined Contribution Pension Systems in a Stochastic Context: Design and Stability

Alan Auerbach and Ronald Lee

12804: Price and Capacity Competition

Daron Acemoglu, Kostas Bimpikis and Asuman Ozdaglar

12803: Black Box Warnings and Drug Safety: Examining the Determinants and Timing of FDA Warning Labels

Allan Begosh, John Goldsmith, Ed Hass, Randall Lutter, Clark Nardinelli and John A. Vernon

12802: Which Countries Become Tax Havens?

Dhammika Dharmapala and James Hines

12801: Did Big Government's Largesse Help the Locals? The Implications of WWII Spending for Local Economic Activity, 1939-1958

Joseph Cullen and Price Fishback

12800: Immigration and the Survival of Social Security: A Political Economy Model

Edith Sand and Assaf Razin

12799: We Can Work It Out - The Globalisation of ICT-enabled Services

Desirée van Welsum and Xavier Reif

12798: Optimal Executive Compensation vs. Managerial Power: A Review of Lucian Bebchuk and Jesse Fried's "Pay without Performance: The Unfulfilled Promise of Executive Compensation"

Michael Weisbach

12797: Multifrequency Jump-Diffusions: An Equilibrium Approach

Laurent Calvet and Adlai Fisher

12796: An Economic History of Fertility in the U.S.: 1826-1960

Larry Jones and Michele Tertilt

12795: A Conceptual Framework for Interpreting Recorded Human History

Douglass North, John Joseph Wallis and Barry Weingast

12794: Coping with Disaster: The Impact of Hurricanes on International Financial Flows, 1970-2002

Dean Yang

12793: When Is It Optimal to Abandon a Fixed Exchange Rate?

Sergio Rebelo and Carlos Vegh

12792: Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability

Lubos Pastor, Lucian Taylor and Pietro Veronesi

12791: Fixed-Term Employment Contracts in an Equilibrium Search Model

Fernando Alvarez and Marcelo Veracierto

12790: Lead Them to Water and Pay Them to Drink: An Experiment with Services and Incentives for College Achievement

Joshua Angrist, Daniel Lang and Philip Oreopoulos

12789: When is Democracy an Equilibrium?: Theory and Evidence from Colombia's "La Violencia"

Mario Chacon, James Robinson and Ragnar Torvik

12788: Monetary Policy Challenges in Emerging Markets: Sudden Stop, Liability Dollarization, and Lender of Last Resort

Guillermo Calvo

12787: Housing Dynamics

Edward Glaeser and Joseph Gyourko

12786: Long-Term Changes in Labor Supply and Taxes: Evidence from OECD Countries, 1956-2004

Lee Ohanian, Andrea Raffo and Richard Rogerson

12785: Online Auctions

Axel Ockenfels, David Reiley and Abdolkarim Sadrieh

12784: Regulating Misinformation

Edward Glaeser and Gergely Ujhelyi

12783: Sovereign Risk and Secondary Markets

Fernando Broner, Alberto Martin and Jaume Ventura

12782: Multi-Product Firms and Trade Liberalization

Andrew Bernard, Stephen Redding and Peter Schott

12781: Heterogeneous Expectations and Bond Markets

Wei Xiong and Hongjun Yan

12780: State-Owned Enterprise Behaviour Responses to Trade Reforms: Some Analytics and Numerical Simulation Results Using Chinese Data

John Whalley and Shunming Zhang

12779: Rural Income Volatility and Inequality in China

John Whalley and Ximing Yue

12778: Socially Optimal Coordination: Characterization and Policy Implications

George-Marios Angeletos and Alessandro Pavan

12777: Is the Endangered Species Act Endangering Species?

John List, Michael Margolis and Daniel E. Osgood

12776: Mandatory Versus Voluntary Disclosure of Product Risks

A. Mitchell Polinsky and Steven Shavell

12775: State-Dependent Intellectual Property Rights Policy

Daron Acemoglu and Ufuk Akcigit

12774: The Dynamic Effects of an Earnings Subsidy for Long-Term Welfare Recipients: Evidence from the SSP Applicant Experiment

David Card and Dean Hyslop

12773: Corporate Financial and Investment Policies when Future Financing is not Frictionless

Heitor Almeida, Murillo Campello and Michael Weisbach

12772: DSGE Models in a Data-Rich Environment

Jean Boivin and Marc Giannoni

12771: Lucky CEOs

Lucian Bebchuk, Yaniv Grinstein and Urs Peyer

12770: Population Aging and Intergenerational Transfers: Introducing Age into National Accounts

Andrew Mason, Ronald Lee, An-Chi Tung, Mun-Sim Lai and Tim Miller

12769: Growth and Intellectual Property

Michele Boldrin and David Levine

12768: Economic Performance and Work Activity in Sweden after the Crisis of the Early 1990s

Steven Davis and Magnus Henrekson

12767: Information Cascades: Evidence from An Experiment with Financial Market Professionals

Jonathan Alevy, Michael S. Haigh and John List

12766: Can Housing Collateral Explain Long-Run Swings in Asset Returns?

Hanno Lustig and Stijn Van Nieuwerburgh

12765: What Do Independent Directors Know? Evidence from Their Trading

Enrichetta Ravina and Paola Sapienza

12764: Health Insurance and Ex Ante Moral Hazard: Evidence from Medicare

Dhaval Dave and Robert Kaestner

12763: On the Welfare Costs of Consumption Uncertainty

Robert Barro

12762: Cross-Cohort Differences in Health on the Verge of Retirement

Beth J. Soldo, Olivia Mitchell, Rania Tfaily and John F. McCabe

12761: The International Migration of Knowledge Workers: When is Brain Drain Beneficial?

Peter Kuhn and Carol McAusland

12760: South African Trade Policy Matters: Trade Performance and Trade Policy

Lawrence Edwards and Robert Lawrence

12759: China and the Multilateral Trading System

Robert Lawrence

12758: Is Drug Coverage a Free Lunch? Cross-Price Elasticities and the Design of Prescription Drug Benefits

Martin Gaynor, Jian Li and William Vogt

12757: Job Security Does Affect Economic Efficiency: Theory, A New Statistic, and Evidence from Chile

Amil Petrin and Jagadeesh Sivadasan

12756: Anomalies in Estimates of Cross-Price Elasticities for Marketing Mix Models: Theory and Empirical Test

Andre Bonfrer, Ernst R. Berndt and Alvin Silk

12755: The Return to Capital in China

Chong-En Bai, Chang-Tai Hsieh and Yingyi Qian

12754: Crime and Circumstance: The Effects of Infant Health Shocks on Fathers' Criminal Activity

Hope Corman, Kelly Noonan, Nancy E. Reichman and Ofira Schwartz-Soicher

12753: On the Macroeconomics of Asset Shortages

Ricardo Caballero

12752: Uncertainty In Environmental Economics

Robert Pindyck

12751: Party Influence in Congress and the Economy

Erik Snowberg, Justin Wolfers and Eric Zitzewitz

12750: Economic Growth with Constraints on Tax Revenues and Public Debt: Implications for Fiscal Policy and Cross-Country Differences

Joshua Aizenman, Kenneth Kletzer and Brian Pinto

12749: Coalition Formation in Political Games

Daron Acemoglu, Georgy Egorov and Konstantin Sonin

12748: Emergence and Persistence of Inefficient States

Daron Acemoglu, Davide Ticchi and Andrea Vindigni

12747: Contractual Frictions and Global Sourcing

Pol Antras and Elhanan Helpman

12746: How Large Is the Housing Wealth Effect? A New Approach

Christopher Carroll, Misuzu Otsuka and Jiri Slacalek

12745: Trade Agreements as Endogenously Incomplete Contracts

Henrik Horn, Giovanni Maggi and Robert Staiger

12744: Unspanned Stochastic Volatility and the Pricing of Commodity Derivatives

Anders B. Trolle and Eduardo S. Schwartz

12743: Does Increased Access Increase Equality? Gender and Child Health Investments in India

Emily Oster

12742: Catastrophe Bonds, Reinsurance, and the Optimal Collateralization of Risk-Transfer

Darius Lakdawalla and George Zanjani

12741: The "Stern Review" on the Economics of Climate Change

William Nordhaus

12740: Comparing Two Variants of Calvo-Type Wage Stickiness

Stephanie Schmitt-Grohe and Martín Uribe

12739: Family Firms, Paternalism, and Labor Relations

Holger M. Mueller and Thomas Philippon

12738: The Political Economy of Warfare

Edward Glaeser

12737: Do Students Care about School Quality? Determinants of Dropout Behavior in Developing Countries

Eric Hanushek, Victor Lavy and Kohtaro Hitomi

12736: The Effects of the Ageing European Population on Economic Growth and Budgets: Implications for Immigration and Other Policies

Martin Feldstein

12735: Global Patterns of Income and Health: Facts, Interpretations, and Policies

Angus Deaton

12734: International Reserves Management and the Current Account

Joshua Aizenman

12733: Evaluating Effects of Tax Preferences on Health Care Spending and Federal Revenues

John F. Cogan, Robert Hubbard and Daniel P. Kessler

12732: Taxing Sales Under the FairTax: What Rate Works?

Paul Bachman, Jonathan Haughton, Laurence Kotlikoff, Alfonso Sánchez-Peñalver and David G. Tuerck

12731: Pricing to Habits and the Law of One Price

Morten Ravn, Stephanie Schmitt-Grohe and Martín Uribe

12730: Taxing Consumption and Other Sins

James Hines

12729: The Nature of Exchange Rate Regimes

Michael Klein and Jay Shambaugh

12728: Is Home Bias in Assets Related to Home Bias in Goods?

Eric van Wincoop and Francis Warnock

12727: What Do Trade Negotiators Negotiate About? Empirical Evidence from the World Trade Organization

Kyle Bagwell and Robert Staiger

12726: Sudden Flight and True Sudden Stops

Alexander Rothenberg and Francis Warnock

12725: Do Trade Policy Differences Induce Sorting? Theory and Evidence from Bangladeshi Apparel Exporters

Svetlana Demidova, Hiau Looi Kee and Kala Krishna

12724: Security Issue Timing: What Do Managers Know, and When Do They Know It?

Dirk Jenter, Katharina Lewellen and Jerold B. Warner

12723: The Determinants of Household Saving in China: A Dynamic Panel Analysis of Provincial Data

Charles Horioka and Junmin Wan

12722: Innovation and Productivity across Four European Countries

Rachel Griffith, Elena Huergo, Jacques Mairesse and Bettina Peters

12721: Trading Tasks: A Simple Theory of Offshoring

Gene Grossman and Esteban Rossi-Hansberg

12720: Coarse Thinking and Persuasion

Sendhil Mullainathan, Joshua Schwartzstein and Andrei Shleifer

12719: A Comment Concerning Deposit Insurance and Moral Hazard

Gary Richardson

12718: Financial Versus Monetary Mercantilism-Long-run View of Large International Reserves Hoarding

Joshua Aizenman and Jaewoo Lee

12717: Bank Distress during the Great Depression: The Illiquidity-Insolvency Debate Revisited

Gary Richardson

12716: Correspondent Clearing and the Banking Panics of the Great Depression

Gary Richardson

12715: Quarterly Data on the Categories and Causes of Bank Distress During the Great Depression

Gary Richardson

12714: Painting by Proxy: The Conceptual Artist as Manufacturer

David Galenson

12713: The Effect of Monetary Policy on Real Commodity Prices

Jeffrey Frankel

12712: A Product-Quality View of the Linder Hypothesis

Juan Hallak

12711: A Stable International Monetary System Emerges: Inflation Targeting is Bretton Woods, Reversed

Andrew Rose

12710: Gold Rush Fever in Business Cycles

Paul Beaudry, Fabrice Collard and Franck Portier