NBER Working Papers

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4706: A Semi-Classical Model of Price Level Adjustment

Bennett McCallum

4705: Recent Developments in the Marriage Tax

Daniel Feenberg and Harvey Rosen

4704: Executive Pay and Performance: Evidence from the U.S. Banking Industry

R. Glenn Hubbard and Darius Palia

4703: The Tax Sensitivity of Foreign Direct Investment: Evidence from Firm-Level Panel Data

Jason Cummins and R. Glenn Hubbard

4702: Portfolio Inefficiency and the Cross-Section of Expected Returns

Shmuel Kandel and Robert F. Stambaugh

4701: How Much Did Capital Forbearance Add to the Cost of the S&L Insurance Mess

Edward Kane and Min-Teh Yu

4700: Information and the Demand for Supplemental Medicare Insurance

Paul Gertler, Roland Sturm and Bruce Davidson

4699: The Effects of Monetary Policy Shocks: Some Evidence from the Flow of Funds

Lawrence Christiano, Martin Eichenbaum and Charles Evans

4698: Shocks

John Cochrane

4697: Macroeconomic Stabilization in Latin America: Recent Experience and Some Sequencing Issues

Sebastian Edwards

4696: Measuring Industry Specific Protection: Antidumping in the United States

Robert W. Staiger and Frank A. Wolak

4695: Issues in the Industrial Organization of the Market for Physician Services

Martin Gaynor

4694: Can Foreign Aid Accelerate Stabilization?

Alessandra Casella and Barry Eichengreen

4693: Exchange Rate Dynamics Redux

Maurice Obstfeld and Kenneth Rogoff

4692: Monetary Policy Rules and Financial Stability

Bennett McCallum

4691: Outward Direct Investment and the U.S. Economy

Robert Lipsey

4690: Why Is There Corporate Taxation In a Small Open Economy? The Role of Transfer Pricing and Income Shifting

Roger Gordon and Jeffrey Mackie-Mason

4689: Taxes, Leverage and the National Return on Outbound Foreign Direct Investment

Martin Feldstein

4688: Why Do Wage Profiles Slope Upwards? Tests of the General Human Capital Model

David Neumark and Paul Taubman

4687: The Economics of Adjustment

Andrew Caplin and John Leahy

4686: Cross-Border Banking

Jonathan Eaton

4685: Accounting Standards, Information Flow, and Firm Investment Behavior

Jason Cummins, Trevor S. Harris and Kevin A. Hassett

4684: Wage Inequality and Industrial Change: Evidence from Five Decades

Chinhui Juhn

4683: Foreign Direct Investment, Employment Volatility and Cyclical Dumping

Joshua Aizenman

4682: International R&D Spillovers Between U.S. and Japanese R&D Intensive Sectors

Jeffrey Bernstein and Pierre Mohnen

4681: Policy, Technology Adoption, and Growth

William Easterly, Robert King, Ross Levine and Sergio Rebelo

4680: The Tyranny of Numbers: Confronting the Statistical Realities of the East Asian Growth Experience

Alwyn Young

4679: Minimum Wage Effects on Employment and School Enrollment

David Neumark and William Wascher

4678: International Differences in Male Wage Inequality: Institutions versus Market Forces

Francine Blau and Lawrence Kahn

4677: A Sticky-Price Manifesto

Laurence Ball and N. Gregory Mankiw

4676: Reverse Engineering the Yield Curve

David Backus and Stanley Zin

4675: Factor Hoarding and the Propagation of Business Cycles Shocks

Craig Burnside and Martin Eichenbaum

4674: Developments in Collective Bargaining in Construction in the 1980s and 1990s

Steven Allen

4673: The Impact of Prenatal Exposure to Cocaine on Newborn Costs and Length of Stay

Ted Joyce, Andrew D. Racine, Sandra McCalla and Hassan Wehbeh

4672: The Changing Labor Market Position of Canadian Immigrants

David Bloom, Gilles Grenier and Morley Gunderson

4671: Quality Change and other Influences on Measures of Export Prices of Manufactured Goods and the Terms of Trade between Primary Products and Manufacture

Robert Lipsey

4670: Household Responses for Pricing Garbage by the Bag

Don Fullerton and Thomas Kinnaman

4669: Do Teachers' Race, Gender, and Ethnicity Matter?: Evidence from NELS88

Ronald Ehrenberg, Daniel D. Goldhaber and Dominic J. Brewer

4668: The Effects of Outbound Foreign Direct Investment on the Domestic Capital Stock

Martin Feldstein

4667: Do Repatriation Taxes Matter? Evidence from the Tax Returns of U.S. Multinationals

Rosanne Altshuler, T. Scott Newlon and William C. Randolph

4666: The Impact of Demographics on Housing and Non-Housing Wealth in the United States

Hilary Williamson Hoynes and Daniel McFadden

4665: The Consequences of Population Aging on Private Pension Fund Saving and Asset Markets

Sylvester J. Schieber and John B. Shoven

4664: Updated Notes on the Interindustry Wage Structure

Steven Allen

4663: The Impact of the Federal Reserve Bank's Open Market Operations

Campbell R. Harvey and Roger D. Huang

4662: Do Youths Substitute Alcohol and Marijuana? Some Econometric Evidence

Frank Chaloupka and Adit Laixuthai

4661: Fixed Exchange Rates, Inflation and Macroeconomic Discipline

Sebastian Edwards and Fernando J. Losada

4660: What Determines Expected International Asset Returns?

Campbell R. Harvey, Bruno Solnik and Guofu Zhou

4659: Balanced and Unbalanced Growth

James Rauch

4658: Sources of Real Exchange Rate Fluctuations: How Important are Nominal Shocks?

Richard Clarida and Jordi Galí

4657: A Test of the International CAPM Using Business Cycles Indicators as Instrumental Variables

Bernard Dumas

4656: On The Need For Fiscal Discipline in an Union

Joshua Aizenman

4655: Relative Returns on Equities in Pacific Basin Countries

Charles Engel and John Rogers

4654: Asset Sales, Firm Performance, and the Agency Costs of Managerial Discretion

Larry Lang, Annette Poulsen and Rene M. Stulz

4653: Intellectual Capital and the Birth of U.S. Biotechnology Enterprises

Lynne Zucker, Michael Darby and Marilynn B. Brewer

4652: Non-Leaky Buckets: Optimal Redistributive Taxation and Agency Costs

Karla Hoff and Andrew Lyon

4651: Explaining the Duration of Exchange-Rate Pegs

Michael Klein and Nancy Marion

4650: Is the Business Cycles a Necessary Consequence of Stochastic Growth?

Julio Rotemberg and Michael Woodford

4649: Health, Income, and Risk Aversion: Assessing Some Welfare Costs of Alcoholism and Poor Health

John Mullahy and Jody L. Sindelar

4648: The Federal Deposit Insurance Fund That Didn't Put A Bite on U.S. Tax Payers

Edward Kane and Robert Hendershott

4647: Did Computer Technology Diffuse Quickly?: Best and Average Practice in Mainframe Computers, 1968-1983

Shane Greenstein

4646: A Model of Research, Patenting, and Technological Change

Samuel Kortum

4645: International Portfolio Choice and Asset Pricing: An Integrative Survey

Rene M. Stulz

4644: Saving Babies: The Efficacy and Cost of Recent Expansions of Medicaid Eligibility for Pregnant Women

Janet Currie and Jonathan Gruber

4643: Measuring Business Cycles: A Modern Perspective

Francis Diebold and Glenn Rudebusch

4642: France and the Bretton Woods International Monetary System: 1960-1968

Michael Bordo, Dominique Simard and Eugene White

4641: Long-Run Convergence of Ethnic Skill Differentials

George Borjas

4640: The Logic of Currency Crises

Maurice Obstfeld

4639: Home Country Effects of Foreign Direct Investment: Evidence from Sweden

Magnus Blomstrom and Ari Kokko

4638: Economic Growth, Population Theory, and Physiology: The Bearing of Long-Term Processes on the Making of Economic Policy

Robert Fogel

4637: The Political Economy of Budget Deficits

Alberto Alesina and Roberto Perotti

4636: Preventing Financial Crises: An International Perspective

Frederic Mishkin

4635: Employee Decisions with Respect to 401(k) Plans: Evidence From Individual-Level Data

Andrea L. Kusko, James Poterba and David Wilcox

4634: Economic Growth and the Environment

Gene Grossman and Alan Krueger

4633: Monetary Policy with Flexible Exchange Rates and Forward Interest Rates as Indicators

Lars E.O. Svensson

4632: Public Sector Pension Governance and Performance

Olivia Mitchell and Ping Lung Hsin

4631: Accuracy, Complexity, and the Income Tax

Louis Kaplow

4630: Exchange Rate Volatility, Monetary Policy, and Capital Mobility: Empirical Evidence on the Holy Trinity

Andrew Rose

4629: Retirement in a Family Context: A Structural Model for Husbands and Wives

Alan Gustman and Thomas L. Steinmeier

4628: Evaluating Labour Adjustment Costs from Trade Shocks: Illustrations for the U.S. Economy Using an Applied General Equilibrium Model With Transactions

Ramon L. Clarete, Irene Trela and John Whalley

4627: The New York Stock Market in the 1920s and 1930s: Did Stock Prices Move Together Too Much?

Eugene White and Peter Rappoport

4626: The New Regionalism: Trade Liberalization or Insurance?

Carlo Perroni and John Whalley

4625: New Facts About Factor-Demand Dynamics: Employment, Jobs, and Workers

Daniel S. Hamermesh, Wolter H. J. Hassink and Jan van Ours

4624: The Implications of First-Order Risk Aversion for Asset Market Risk Premiums

Geert Bekaert, Robert J. Hodrick and David Marshall

4623: Conditional Asset Allocation in Emerging Markets

Campbell R. Harvey

4622: Sources of Risk and Expected Returns in Global Equity Markets

Wayne Ferson and Campbell R. Harvey

4621: Predictable Risk and Returns in Emerging Markets

Campbell R. Harvey

4620: A Theory of Gradual Trade Liberalization

Robert W. Staiger

4619: Lifecycle vs. Annual Perspectives on the Incidence of A Value Added Tax

Gilbert Metcalf

4618: The Role of Exclusive Territories in Producers' Competition

Patrick Rey and Joseph Stiglitz

4617: Minimum Wage Effects and Low-Wage Labor Markets: A Disequilibrium Approach

David Neumark and William Wascher

4616: Fluctuations, Instability, and Agglomeration

Paul Krugman

4615: Structural Flexibility: A Partial Ordering

Kala Krishna and Marie Thursby

4614: Capital Market Imperfections and Countercyclical Markups: Theory and Evidence

Judith Chevalier and David S. Scharfstein

4613: Retirement Incentives: The Interaction between Employer-Provided Pensions, Social Security, and Retiree Health Benefits

Robin L. Lumsdaine, James H. Stock and David Wise

4612: Cities and Growth: Theory and Evidence from France and Japan

Jonathan Eaton and Zvi Eckstein

4611: International Equity Transactions and U.S. Portfolio Choice

Linda Tesar and Ingrid M. Werner

4610: Quality Improvements in Models of Growth

Robert Barro and Xavier Sala-i-Martin

4609: The Best Business Schools: A Market Based Approach

Joseph Tracy and Joel Waldfogel

4608: Auctions vs. Negotiations

Jeremy Bulow and Paul Klemperer

4607: Transfer Behavior: Measurement and the Redistribution of Resources within the Family

Kathleen McGarry and Robert F. Schoeni