NBER Working Papers

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6257: Econometric Models of Limit-Order Executions

Andrew Lo, A. Craig MacKinlay and June Zhang

6256: The Big Players in the Foreign Exchange Market: Do They Trade on Information or Noise?

Shang-Jin Wei and Jungshik Kim

6255: Why is Corruption So Much More Taxing Than Tax? Arbitrariness Kills

Shang-Jin Wei

6254: Monetary Policy Rules in Practice: Some International Evidence

Richard Clarida, Jordi Galí and Mark Gertler

6253: Technology and Bilateral Trade

Jonathan Eaton and Samuel Kortum

6252: I Just Ran Four Million Regressions

Xavier Sala-i-Martin

6251: On the Superiority of Corrective Taxes to Quantity Regulation

Louis Kaplow and Steven Shavell

6250: Pricing and Hedging Derivative Securities in Incomplete Markets: An E-Aritrage Model

Dimitris Bertsimas, Leonid Kogan and Andrew Lo

6249: Persistence of Medicare Expenditures Among Elderly Beneficiaries

Alan M. Garber, Thomas E. MaCurdy and Mark B. McClellan

6248: Simulating U.S. Tax Reform

David Altig, Alan Auerbach, Laurence Kotlikoff, Kent Smetters and Jan Walliser

6247: Capital Mobility and Exchange Market Intervention in Developing Countries

Michael Dooley, Donald J. Mathieson and Liliana Rojas-Suarez

6246: Explaining National Differences in the Size and Industry Distribution of Employment

Steven Davis and Magnus Henrekson

6245: Consumer Beliefs and Buyer and Seller Behavior in the Vehicle Inspection Market

Thomas N. Hubbard

6244: Growth, Distribution and Demography: Some Lessons from History

Jeffrey Williamson

6243: International Competition and Exchange Rate Shocks: A Cross-Country Industry Analysis of Stock Returns

John M. Griffin and René Stulz

6242: Impact of a Managed Behavioral Health Care Carve-Out: A Case Study of One HMO

Anne E. Brisson, Richard G. Frank, Elizabeth S. Notman and Julie A. Gazmararian

6241: Foreign Direct Investment as a Catalyst for Industrial Development

James Markusen and Anthony Venables

6240: Projected Retirement Wealth and Savings Adequacy in the Health and Retirement Study

James F. Moore and Olivia Mitchell

6239: Higher Tariffs, Lower Revenues? Analyzing the Fiscal Aspects of the "Great Tariff Debate of 1888"

Douglas Irwin

6238: Is Bank-Centered Corporate Governance Worth It? A Cross-Sectional Analysis of the Performance of Japanese Firms during the Asset Price Deflation

Jun-Koo Kang and René Stulz

6237: State Fiscal Institutions and the U.S. Municipal Bond Market

James Poterba and Kim Rueben

6236: Finance and Development in an Emerging Market: Argentina and the Interwar Period

Gerardo della Paolera and Alan Taylor

6235: Firm-level Evidence on Productivity Differentials, Turnover, and Exports in Taiwanese Manufacturing

Bee Yan Aw, Xiaomin Chen and Mark Roberts

6234: The Determinants and Implications of Corporate Cash Holdings

Tim Opler, Lee Pinkowitz, René Stulz and Rohan Williamson

6233: A Strategy for Launching the Euro

Maurice Obstfeld

6232: Liberalization and Incentives for Labor Migration: Theory with Applications to NAFTA

James Markusen and Steven Zahniser

6231: Trade versus Investment Liberalization

James Markusen

6230: Business Cycles Observed and Assessed: Why and How They Matter

Victor Zarnowitz

6229: The Value of Children and Immigrants in a Pay-As-You-Go Pension System: A Proposal for a Partial Transition to a Funded System

Hans-Werner Sinn

6228: Evaluating Density Forecasts of Inflation: The Survey of Professional Forecasters

Francis Diebold, Anthony S Tay and Kenneth Wallis

6227: What Accounts for the Variation in Retirement Wealth Among U.S. Households?

B. Douglas Bernheim, Jonathan Skinner and Steven Weinberg

6226: The Surprising Symmetry of Gross Job Flows

Christopher Foote

6225: Consumption vs. Production of Insurance

Tomas Philipson and George Zanjani

6224: Both Sides of Corporate Diversification: The Value Impacts of Geographic and Industrial Diversification

Gordon Bodnar, Charles Tang and Joseph Weintrop

6223: Trade and Security,I: Anarchy

James Anderson and Douglas Marcouiller

6222: Option Hedging Using Empirical Pricing Kernels

Joshua Rosenberg and Robert Engle

6221: Jobless Growth: Appropriability, Factor Substitution, and Unemployment

Ricardo Caballero and Mohamad L. Hammour

6220: The Misallocation of Housing Under Rent Control

Edward Glaeser and Erzo Luttmer

6219: Discount Rate Heterogeneity and Social Security Reform

Andrew Samwick

6218: Gradual Incorporation of Information into Stock Prices: Empirical Strategies

Sara Fisher Ellison and Wallace P. Mullin

6217: A House of Her Own: Old Age Assistance and the Living Arrangements of Older Nonmarried Women

Dora Costa

6216: Trade and Environment: Bargaining Outcomes from Linked Negotiations

Lisandro Abrego, Carlo Perroni, John Whalley and Randall Wigle

6215: The Benefits of Privatization: Evidence from Mexico

Rafael La Porta and Florencio Lopez- de-Silane

6214: Social Security and Retirement in France

Didier Blanchet and Louis-Paul Pele

6213: Are CEOs Really Paid Like Bureaucrats?

Brian J. Hall and Jeffrey Liebman

6212: Young and Out in Germany: On the Youths' Chances of Labor Market Entrance in Germany

Wolfgang Franz, Joachim Inkmann, Winfried Pohlmeier and Volker Zimmermann

6211: Free Trade vs. Strategic Trade: A Peek into Pandora's Box

Gene Grossman and Giovanni Maggi

6210: Financial Constraints and Stock Returns

Owen Lamont, Christopher Polk and Jesus Saa-Requejo

6209: Immigrants and Natives in General Equilibrium Trade Models

Daniel Trefler

6208: Trends in Male Labor Force Participation And Retirement: Some Evidence On The Role Of Pensions And Social Security In The 1970's And 1980's

Patricia Anderson, Alan Gustman and Thomas L. Steinmeier

6207: Where is the Market Going? Uncertain Facts and Novel Theories

John Cochrane

6206: Trends in the Well-Being of American Women, 1970-1995

Francine Blau

6205: Foreign Direct Investment and Employment: Home Country Experience in the United States and Sweden

Magnus Blomstrom, Gunnar Fors and Robert Lipsey

6204: Stronger Protection or Technological Revolution: What is Behind the Recent Surge in Patenting?

Samuel Kortum and Josh Lerner

6203: Vertical Multinationals and Host-Country Characteristics

Kevin H. Zhang and James Markusen

6202: Chinese Rural Industrial Productivity and Urban Spillovers

Yusheng Peng, Lynne Zucker and Michael Darby

6201: Monetary Policy Regimes and Economic Performance: The Historical Record

Michael Bordo and Anna Schwartz

6200: Capital Income Taxes and the Benefit of Price Stability

Martin Feldstein

6199: Environmental Taxes and the Double-Dividend Hypothesis: Did You Really Expect Something for Nothing?

Don Fullerton and Gilbert Metcalf

6198: Schooling Quality in a Cross Section of Countries

Jong-Wha Lee and Robert Barro

6197: Optimal Management of Indexed and Nominal Debt

Robert Barro

6196: Restraining the Leviathan: Property Tax Limitation in Massachusetts

David Cutler, Douglas Elmendorf and Richard Zeckhauser

6195: Immigration and the Quality of Jobs

Daniel Hamermesh

6194: Adverse Selection in Durable Goods Markets

Igal Hendel and Alessandro Lizzeri

6193: The Predictive Validity of Subjective Probabilities of Survival

Michael Hurd and Kathleen McGarry

6192: Investment Tax Incentives, Prices, and the Supply of Capital Goods

Austan Goolsbee

6191: Juvenile Crime and Punishment

Steven Levitt

6190: Entry Decisions in the Generic Pharmaceutical Industry

Fiona M. Scott Morton

6189: Capital Income Taxation and Risk-Taking in a Small Open Economy

Patrick K. Asea and Stephen J Turnovsky

6188: Doing Without Money: Controlling Inflation in a Post-Monetary World

Michael Woodford

6187: Managed Care and Health Care Expenditures: Evidence From Medicare

Laurence C. Baker and Sharmila Shankarkumar

6186: Anonymous Market and Group Ties in International Trade

Alessandra Casella and James Rauch

6185: Household Portfolio Allocation Over the Life Cycle

James Poterba and Andrew Samwick

6184: Procompetitive Market Access

Kala Krishna, Suddhasatwa Roy and Marie Thursby

6183: Efficient Inflation Estimation

Michael F. Bryan, Stephen Cecchetti and Rodney L. Wiggins

6182: Is Price Inflation Different for the Elderly? An Empirical Analysis of Prescription Drugs

Ernst R. Berndt, Iain Cockburn, Douglas L. Cocks, Arnold Epstein and Zvi Griliches

6181: Revenue Neutral Trade Reform with Many Households, Quotas and Tariffs

James Anderson

6180: Geographical and Sectoral Shocks in the U.S. Business Cycle

Atish Ghosh and Holger C. Wolf

6179: Implied Exchange Rate Distributions: Evidence from OTC Option Markets

Jose Campa, P.H. Kevin Chang and Robert L. Reider

6178: Retirement Wealth Accumulation and Decumulation: New Developments and Outstanding Opportunities

Olivia Mitchell and James F. Moore

6177: Implicit Contracts and the Theory of the Firm

George Baker, Robert Gibbons and Kevin Murphy

6176: To Ghetto or Not to Ghetto: Ethnicity and Residential Segregation

George Borjas

6175: Ethnicity and the Intergenerational Transmission of Welfare Dependency

George Borjas and Glenn T. Sueyoshi

6174: Real Exchange Rate Misalignments and Growth

Ofair Razin and Susan M. Collins

6173: Taxes, Organizational Form, and the Deadweight Loss of the Corporate Income Tax

Austan Goolsbee

6172: The Main Bank System and Corporate Investment: An Empirical Reassessment

Fumio Hayashi

6171: Pensions and the Distribution of Wealth

Kathleen McGarry and Andrew Davenport

6170: Price Stability vs. Low Inflation in Germany: An Analysis of Costs and Benefits

Karl-Heinz Todter and Gerhard Ziebarth

6169: Social Security and Retirement in Belgium

Pierre Pestieau and Jean-Philippe Stijns

6168: What Happens When Countries Peg Their Exchange Rates? (The Real Side of Monetary Reforms)

Sergio Rebelo

6167: The Transition in East Germany: When is a Ten Point Fall in the Gender Wage Gap Bad News?

Jennifer Hunt

6166: Implications of Skill-Biased Technological Change: International Evidence

Eli Berman, John Bound and Stephen Machin

6165: Mexico's 1994 Exchange Rate Crisis Interpreted in Light of the Non-Traded Model

Andrew Warner

6164: Selection, Marketing, and Medicaid Managed Care

Sherry Glied, Jane Sisk, Sheila Gorman and Michael Ganz

6163: Economic Integration and Political Disintegration

Alberto Alesina, Enrico Spolaore and Romain Wacziarg

6162: Is Real Exchange Rate Mean Reversion Caused By Arbitrage?

Jose Campa and Holger C. Wolf

6161: Does Favorable Tax-Treatment of Housing Reduce Equipment Investment?

Ben Broadbent and Michael Kremer

6160: Effects of Air Quality Regulation on in Polluting Industries

Randy Becker and J. Vernon Henderson

6159: Beyond Balanced Growth

Piyabha Kongsamut, Sergio Rebelo and Danyang Xie

6158: Optimal Risk Management Using Options

Dong-Hyun Ahn, Jacob Boudoukh, Matthew Richardson and Robert F. Whitelaw