NBER Working Papers

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12444: Financial Innovation for an Aging World

Olivia Mitchell, John Piggott, Michael Sherris and Shaun Yow

12443: The Welfare Consequences of ATM Surcharges: Evidence from a Structural Entry Model

Gautam Gowrisankaran and John Krainer

12442: Expectations, Asset Prices, and Monetary Policy: The Role of Learning

Simon Gilchrist and Masashi Saito

12441: E-Stability vis-a-vis Determinacy Results for a Broad Class of Linear Rational Expectations Models

Bennett McCallum

12440: Schooling Externalities, Technology and Productivity: Theory and Evidence from U.S. States

Susana Iranzo and Giovanni Peri

12439: Home and Regional Biases and Border Effects in Armington Type Models

John Whalley and Xian Xin

12438: Regulatory Exploitation and the Market for Corporate Controls

Leemore Dafny and David Dranove

12437: How Do Youth with Mental Disorders Fare in the Juvenile Justice System?

Pinka Chatterji and Alison Cuellar

12436: The Growth in the Social Security Disability Rolls: A Fiscal Crisis Unfolding

David Autor and Mark Duggan

12435: Reaching for the Stars: Who Pays for Talent in Innovative Industries?

Fredrik Andersson, Matthew Freedman, John Haltiwanger, Julia Lane and Kathryn Shaw

12434: The Equity Premium in India

Rajnish Mehra

12433: Recursive Competitive Equilibrium

Rajnish Mehra

12432: On the Determinants of Exporters' Currency Pricing: History vs. Expectations

Shin-ichi Fukuda and Masanori Ono

12431: The Direct Substitution Between Government and Private Consumption in East Asia

Yum K. Kwan

12430: Employment and Adverse Selection in Health Insurance

Jayanta Bhattacharya and William Vogt

12429: Health Insurance Enrollment Decisions: Preferences for Coverage, Worker Sorting, and Insurance Take Up

Alan C. Monheit and Jessica Primoff Vistnes

12428: Corruption Perceptions vs. Corruption Reality

Benjamin Olken

12427: Policy Options for Financing the Future Health and Long-Term Care Costs in Japan

Tadashi Fukui and Yasushi Iwamoto

12426: Reflections on One Year at the Bank of Israel

Stanley Fischer

12425: Evaluating Wireless Carrier Consolidation Using Semiparametric Demand Estimation

Patrick Bajari, Jeremy Fox and Stephen Ryan

12424: Cohort Crowding: How Resources Affect Collegiate Attainment

John Bound and Sarah Turner

12423: Parallel Imports and Price Controls

Gene Grossman and Edwin Lai

12422: Cross-Border Acquisitions and Target Firms' Performance: Evidence From Japanese Firm-Level Data

Kyoji Fukao, Keiko Ito, Hyeog Ug Kwon and Miho Takizawa

12421: The Consumption-Tightness Puzzle

Morten Ravn

12420: Noisy Macroeconomic Announcements, Monetary Policy, and Asset Prices

Roberto Rigobon and Brian Sack

12419: Optimal Taxation of Entrepreneurial Capital with Private Information

Stefania Albanesi

12418: When Knowledge is not Enough: HIV/AIDS Information and Risky Behavior in Botswana

James Levinsohn, Taryn Dinkelman and Rolang Majelantle

12417: The Effect of Anticipated Tax Changes on Intertemporal Labor Supply and the Realization of Taxable Income

W. Looney and Monica Singhal

12416: Military Positions and Post-Service Occupational Mobility of Union Army Veterans, 1861-1880

Chulhee Lee

12415: Cyclical Wages in a Search-and-Bargaining Model with Large Firms

Julio Rotemberg

12414: What Determines Immigration's Impact? Comparing Two Global Centuries

Timothy Hatton and Jeffrey Williamson

12413: Intra-Day Seasonality in Activities of the Foreign Exchange Markets: Evidence From the Electronic Broking System

Takatoshi Ito and Yuko Hashimoto

12412: Intertemporal Consumption Choices, Transaction Costs and Limited Participation to Financial Markets: Reconciling Data and Theory

Orazio Attanasio and Monica Paiella

12411: Skill Acquisition, Credit Constraints, and Trade

Tatyana Chesnokova and Kala Krishna

12410: The Church vs the Mall: What Happens When Religion Faces Increased Secular Competition?

Jonathan Gruber and Daniel Hungerman

12409: Is Crime Contagious?

Jens Ludwig and Jeffrey Kling

12408: Bond Markets as Conduits for Capital Flows: How Does Asia Compare?

Barry Eichengreen and Pipat Luengnaruemitchai

12407: Signaling Credibility --- Choosing Optimal Debt and International Reserves

Joshua Aizenman and Jorge Fernández-Ruiz

12406: The Impact of Increased Utilization of HIV Drugs on Longevity and Medical Expenditures: An Assessment Based on Aggregate U.S. Time-Series Data

Frank Lichtenberg

12405: Endogenous Monetary Policy Regime Change

Troy Davig and Eric Leeper

12404: How Progressive is the U.S. Federal Tax System? A Historical and International Perspective

Thomas Piketty and Emmanuel Saez

12403: Two Paths to Abstract Art: Kandinsky and Malevich

David Galenson

12402: Optimal Simple and Implementable Monetary and Fiscal Rules: Expanded Version

Stephanie Schmitt-Grohe and Martín Uribe

12401: The Chilean Pension Reform Turns 25: Lessons From the Social Protection Survey

Alberto Arenas de Mesa, David Bravo, Jere Behrman, Olivia Mitchell and Petra Todd

12400: The Brevity and Violence of Contractions and Expansions

Alisdair McKay and Ricardo Reis

12399: Renegotiation Without Holdup: Anticipating Spending and Infrastructure Concessions

Eduardo Engel, Ronald Fischer and Alexander Galetovic

12398: The Politics and Economics of Offshore Outsourcing

N. Gregory Mankiw and Phillip Swagel

12397: What Drives the Disposition Effect? An Analysis of a Long-Standing Preference-Based Explanation

Nicholas Barberis and Wei Xiong

12396: Why Do Migrants Return to Poor Countries? Evidence From Philippine Migrants%u2019 Responses to Exchange Rate Shocks

Dean Yang

12395: Exchange Rate Changes and Inflation in Post-Crisis Asian Economies: VAR Analysis of the Exchange Rate Pass-Through

Takatoshi Ito and Kiyotaka Sato

12394: Big Business Stability and Economic Growth: Is What's Good for General Motors Good for America?

Kathy Fogel, Randall Morck and Bernard Yeung

12393: Sudden Stops, Financial Crises, and Original Sin in Emerging Countries: Déjà vu?

Michael Bordo

12392: Optimizing the Retirement Portfolio: Asset Allocation, Annuitization, and Risk Aversion

Wolfram J. Horneff, Raimond Maurer, Olivia Mitchell and Ivica Dus

12391: How Household Portfolios Evolve After Retirement: The Effect of Aging and Health Shocks

Courtney Coile and Kevin Milligan

12390: That's News to Me! Information Revelation in Professional Certification Markets

Ginger Zhe Jin, Andrew Kato and John List

12389: Financial Globalization, Governance, and the Evolution of the Home Bias

Bong-Chan Kho, René Stulz and Francis Warnock

12388: The Level and Composition of Consumption Over the Business Cycle: The Role of "Quasi-Fixed" Expenditures

Kerwin Kofi Charles and Melvin Stephens

12387: Handedness and Earnings

Christopher Ruebeck, Joseph Harrington and Robert Moffitt

12386: The Effect of Inheritance Receipt on Retirement

Jeffrey Brown, Courtney Coile and Scott Weisbenner

12385: Innovation, Diffusion, and Trade

Jonathan Eaton and Samuel Kortum

12384: Inflation Band Targeting and Optimal Inflation Contracts

Frederic Mishkin and Niklas Westelius

12383: Uncertainty and Investment Dynamics

Nicholas Bloom, John van Reenen and Stephen Bond

12382: ICT Use in the Developing World: An Analysis of Differences in Computer and Internet Penetration

Menzie Chinn and Robert Fairlie

12381: Railroads and Local Economic Development: The United States in the 1850s

Michael Haines and Robert Margo

12380: Using a Hedonic Model of Solar Radiation to Assess the Economic Effect of Climate Change: The Case of Mosel Valley Vineyards

Orley Ashenfelter and Karl Storchmann

12379: Charting the Economic Life Cycle

Ronald Lee, Sang-Hyop Lee and Andrew Mason

12378: The Loss Aversion / Narrow Framing Approach to the Equity Premium Puzzle

Nicholas Barberis and Ming Huang

12377: Using Target Efficiency to Select Program Participants and Risk-Factor Models: An Application to Child Mental Health Interventions for Preventing Future Crime

David Salkever, Stephen Johnston, Mustafa Karakus, Nicholas Ialongo and Eric Slade

12376: Flight-to-Quality or Flight-to-Liquidity? Evidence From the Euro-Area Bond Market

Alessandro Beber, Michael W. Brandt and Kenneth A. Kavajecz

12375: Divorce, Fertility and the Shot Gun Marriage

Alberto Alesina and Paola Giuliano

12374: The Effects of HMO and Its For-Profit Expansion on the Survival of Specialized Hospital Services

Yu-Chu Shen

12373: China's Embrace of Globalization

Lee Branstetter and Nicholas Lardy

12372: Outsourcing Jobs? Multinationals and US Employment

Ann Harrison and Margaret McMillan

12371: Fifty Million Voters Can't Be Wrong: Economic Self-Interest and Redistributive Politics

Jacob Vigdor

12370: Evaluating Welfare with Nonlinear Prices

Peter C. Reiss and Matthew W. White

12369: Biological Gender Differences, Absenteeism and the Earning Gap

Andrea Ichino and Enrico Moretti

12368: The Effect of Court-Ordered Hiring Quotas on the Composition and Quality of Police

Justin McCrary

12367: Determinants and Consequences of Bargaining Power in Households

Leora Friedberg and Anthony Webb

12366: Welfare Work Requirements with Paternalistic Government Preferences

Robert Moffitt

12365: Why Has CEO Pay Increased So Much?

Xavier Gabaix and Augustin Landier

12364: A Model of Social Interactions and Endogenous Poverty Traps

Roland Fryer

12363: Real Exchange Rate and International Reserves in the Era of Growing Financial and Trade Integration

Joshua Aizenman and Daniel Riera-Crichton

12362: In Search of Distress Risk

John Campbell, Jens Hilscher and Jan Szilagyi

12361: Nursing Home Quality as a Public Good

David C. Grabowski, Jonathan Gruber and Joseph J. Angelelli

12360: A Skeptical Appraisal of Asset-Pricing Tests

Jonathan Lewellen, Stefan Nagel and Jay Shanken

12359: Agency Conflicts, Asset Substitution, and Securitization

Yingjin Hila Gan and Christopher Mayer

12358: Efficiency in Family Bargaining: Living Arrangements and Caregiving Decisions of Adult Children and Disabled Elderly Parents

Liliana E. Pezzin, Robert Pollak and Barbara Schone

12357: Sustainability, Debt Management, and Public Debt Policy in Japan

Takero Doi, Toshihiro Ihori and Kiyoshi Mitsui

12356: Inside the Family Firm: The Role of Families in Succession Decisions and Performance

Morten Bennedsen, Kasper M. Nielsen, Francisco Pérez-González and Daniel Wolfenzon

12355: Superstar Cities

Joseph Gyourko, Christopher Mayer and Todd Sinai

12354: Volatility and Dispersion in Business Growth Rates: Publicly Traded versus Privately Held Firms

Steven Davis, John Haltiwanger, Ron Jarmin and Javier Miranda

12353: Assessing Structural VARs

Lawrence Christiano, Martin Eichenbaum and Robert Vigfusson

12352: Education and Health: Evaluating Theories and Evidence

David Cutler and Adriana Lleras-Muney

12351: The Dissaving of the Aged Revisited: The Case of Japan

Charles Horioka

12350: Time Zones as Cues for Coordination: Latitude, Longitude, and Letterman

Daniel Hamermesh, Caitlin Myers and Mark Pocock

12349: The Macroeconomist as Scientist and Engineer

N. Gregory Mankiw

12348: The Catastrophic Effects of Natural Disasters on Insurance Markets

W Viscusi and Patricia Born

12347: Globalization and Poverty

Ann Harrison

12346: The Performance of International Equity Portfolios

Charles Thomas, Francis Warnock and Jon Wongswan

12345: Liquidity Insurance in a Financially Dollarized Economy

Eduardo Levy Yeyati