NBER Working Papers

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12839: Is Numerairology the Future of Monetary Economics? Unbundling numeraire and medium of exchange through a virtual currency and a shadow exchange rate

Willem Buiter

12838: The Demographic Transition and the Sexual Division of Labor

Bruno L. S. Falcao and Rodrigo Soares

12837: On the Determinants of Mortality Reductions in the Developing World

Rodrigo Soares

12836: Altruism, Fertility, and the Value of Children: Health Policy Evaluation and Intergenerational Welfare

Javier Birchenall and Rodrigo Soares

12835: Backing, the Quantity Theory, and the Transition to the U.S. Dollar, 1723-1850

Peter Rousseau

12834: The Decline of Defined Benefit Retirement Plans and Asset Flows

James Poterba, Steven Venti and David Wise

12833: Economics and Politics of Alternative Institutional Reforms

Francesco Caselli and Nicola Gennaioli

12832: The Role of School Improvement in Economic Development

Eric Hanushek and Ludger Woessmann

12831: Synthetic Control Methods for Comparative Case Studies: Estimating the Effect of California's Tobacco Control Program

Alberto Abadie, Alexis Diamond and Jens Hainmueller

12830: Estimating Interdependence Between Health and Education in a Dynamic Model

Li Gan and Guan Gong

12829: International Comparisons of R&D Expenditure: Does an R&D PPP Make a Difference?

Sean Dougherty, Robert Inklaar, Robert H. McGuckin and Bart van Ark

12828: How and Why do Teacher Credentials Matter for Student Achievement?

Charles Clotfelter, Helen Ladd and Jacob Vigdor

12827: Self-Protection and Insurance with Interdependencies

Alexander Muermann and Howard Kunreuther

12826: Why are Buyouts Levered: The Financial Structure of Private Equity Funds

Ulf Axelson, Per Stromberg and Michael Weisbach

12825: Striking at the Roots of Crime: The Impact of Social Welfare Spending on Crime During the Great Depression

Ryan S. Johnson, Shawn Kantor and Price Fishback

12824: Sticky Prices and Monetary Policy: Evidence from Disaggregated U.S. Data

Jean Boivin, Marc Giannoni and Ilian Mihov

12823: Birds of a Feather - Better Together? Exploring the Optimal Spatial Distribution of Ethnic Inventors

Ajay Agrawal, Devesh Kapur and John McHale

12822: Debt and the Effects of Fiscal Policy

Carlo Favero and Francesco Giavazzi

12821: Climate Change, Insurability of Large-scale Disasters and the Emerging Liability Challenge

Howard C. Kunreuther and Erwann Michel-Kerjan

12820: Mandated Health Insurance Benefits and the Utilization and Outcomes of Infertility Treatments

M. Kate Bundorf, Melinda Henne and Laurence Baker

12819: Do U.S. Firms Have the Best Corporate Governance? A Cross-Country Examination of the Relation between Corporate Governance and Shareholder Wealth

Reena Aggarwal, Isil Erel, René Stulz and Rohan Williamson

12818: Outsourcing Tariff Evasion: A New Explanation for Entrepot Trade

Raymond Fisman, Peter Moustakerski and Shang-Jin Wei

12817: Test-Based Accountability and Student Achievement: An Investigation of Differential Performance on NAEP and State Assessments

Brian A. Jacob

12816: Trade in Business Services in General Equilibrium

James Markusen and Bridget Strand

12815: The Return to Knowledge Hierarchies

Luis Garicano and Thomas N. Hubbard

12814: Predictive Systems: Living with Imperfect Predictors

Lubos Pastor and Robert Stambaugh

12813: The Economics of Hurricanes in the United States

William Nordhaus

12812: Restructuring Research: Communication Costs and the Democratization of University Innovation

Ajay Agrawal and Avi Goldfarb

12811: Lucky Directors

Lucian Bebchuk, Yaniv Grinstein and Urs Peyer

12810: Money Illusion and Housing Frenzies

Markus Brunnermeier and Christian Julliard

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