NBER Working Papers

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4406: Does Head Start Make a Difference?

Janet Currie and Duncan Thomas

4405: Reassessing the Social Returns to Equipment Investment

Alan Auerbach, Kevin Hassett and Stephen Oliner

4404: U.S. Commercial Banking: Trends, Cycles, and Policy

John H. Boyd and Mark Gertler

4403: Cattle Cycles

Sherwin Rosen, Kevin Murphy and Jose Scheinkman

4402: Does Public Health Insurance Reduce Labor Market Flexibility or Encourage the Underground Economy? Evidence from Spain and the United States

Sara De La Rica and Thomas Lemieux

4401: Measuring the Welfare Effect of Quality Change: Theory and Application of Japanese Autos

Robert Feenstra

4400: Reputation Formation in Early Bank Debt Markets

Gary Gorton

4399: Market Share and Exchange Rate Pass-Through in World Automobile Trade

Robert Feenstra, Joseph Gagnon and Michael M. Knetter

4398: Living Arrangements: Health and Wealth Effects

Axel Borsch-Supan, Daniel McFadden and Reinhold Schnabel

4397: Altered States: Taxes and the Location of Foreign Direct Investment in America

James Hines

4396: Aggregate Income Risks and Hedging Mechanisms

Robert Shiller

4395: Presidential Leadership and the Reform of Fiscal Policy: Learning from Reagan's Role in TRA 86

Robert P. Inman

4394: Labor Demand and the Source of Adjustment Costs

Daniel Hamermesh

4393: Ranking Mutual Funds on an After-Tax Basis

Joel M. Dickson and John B. Shoven

4392: Internal Finance and Firm Investment

Robert Hubbard, Anil Kashyap and Toni Whited

4391: Do 401(k) Contributions Crowd Out Other Persoanl Saving?

James Poterba, Steven Venti and David Wise

4390: Does Employment Protection Inhibit Labor Market Flexibility? Lessons from Germany, France, and Belgium

Katharine Abraham and Susan Houseman

4389: Monopolistic Competition and International Trade: Reconsidering the Evidence

David Hummels and James Levinsohn

4388: Health Insurance Provision and Labor Market Efficiency in the United States

Douglas Holtz-Eakin

4387: Is A Value Added Tax Progressive? Annual Versus Lifetime Incidence Measures

Erik Caspersen and Gilbert Metcalf

4386: The Allocation of Time: Young Versus Elderly Households in Japan

Tadashi Yamada and Tetsuji Yamada

4385: Effects of Alcohol Price Policy on Youth

Michael Grossman, Frank Chaloupka, Henry Saffer and Adit Laixuthai

4384: Did the Thatcher Reforms Change British Labour Performance?

David Blanchflower and Richard Freeman

4383: Timing is All: Elections and the Duration of United States Business Cycles

Michael Klein

4382: Efficiency of the Tokyo Housing Market

Takatoshi Ito and Keiko Nosse Hirono

4381: Effciency and Equality in a Simple Model of Unemployment Insurance

Andrew Atkeson and Robert Lucas

4380: Economic Instability and Aggregate Investment

Robert Pindyck and Andres Solimano

4379: The Common Development of Institutional Change as Measured by Income Velocity: A Century of Evidence from Industrialized Countries

Michael Bordo, Lars Jonung and Pierre Siklos

4378: Investment in Manufacturing, Exchange-Rates and External Exposure

Jose Campa and Linda Goldberg

4377: Are Forign Exchange Intervention and Monetary Policy Related and Does it Really Matter?

Karen Lewis

4376: Tobin's Q, Corporate Diversification and Firm Performance

Larry Lang and René Stulz

4375: State Responses to Fiscal Crisis: The Effects of Budgetary Institutionsand Politics

James Poterba

4374: Garbage, Recycling, and Illicit Burning or Dumping

Don Fullerton and Thomas Kinnaman

4373: Prices and Trading Volume in the Housing Market: A Model with Downpayment Effects

Jeremy Stein

4372: Corruption

Andrei Shleifer and Robert Vishny

4371: A Comparison of Formal and Informal Dispute Resolution in Medical Malpractice

Henry S. Farber and Michelle White

4370: How High are the Giants' Shoulders: An Empirical Assessment of Knowledge Spillovers and Creative Destruction in a Model of Economic Growth

Ricardo Caballero and Adam Jaffe

4369: Myopic Loss Aversion and the Equity Premium Puzzle

Shlomo Benartzi and Richard Thaler

4368: Unit Roots in Macroeconomic Time Series: Some Critical Issues

Bennett McCallum

4367: Macroeconomics After Two Decades of Rational Expectations

Bennett McCallum

4366: Resource Allocation During the Transition to a Market Economy: Political Implications of Supply Bottlenecks and Adjustment Costs

Joshua Aizenman and Peter Isard

4365: Wage Dispersion, Returns to Skill, and Black-White Wage Differentials

David Card and Thomas Lemieux

4364: Multilateral Tarriff Cooperation During the Formation of Regional Free Trade Areas

Kyle Bagwell and Robert Staiger

4363: Start-Up Costs and Pecuniary Externalities as Barriers to Economic Development

Antonio Ciccone and Kiminori Matsuyama

4362: Public Debt in the USA: How Much, How Bad and Who Pays?

Willem Buiter

4361: The Endogeneity of Exchange Rate Regimes

Barry Eichengreen

4360: Contrarian Investment, Extrapolation, and Risk

Josef Lakonishok, Robert Vishny and Andrei Shleifer

4359: Illicit Drug Use and Health: Analysis and Projections of New York City Birth Outcomes Using a Kalman Filter Model

Naci Mocan and Kudret Topyan

4358: Rents, Regulation, and Indirect Tax Design

Carlo Perroni and John Whalley

4357: Equilibrium Unemployment as a Worker Screening Device

Barry Nalebuff, Andres Rodriguez and Joseph Stiglitz

4356: Do Historically Black Institutions of Higher Education Confer Unique Advantages on Black Students: An Initial Analysis

Ronald Ehrenberg and Donna S. Rothstein

4355: Currency Hedging over Long Horizons

Kenneth Froot

4354: Economic Growth and Decline with Endogenous Property Rights

Aaron Tornell

4353: The Political Economy of Capital Controls

Alberto Alesina, Vittorio Grilli and Gian Maria Milesi-Ferretti

4352: Free Trade Agreements as Protectionist Devices: Rules of Origin

Anne O. Krueger

4351: The Political Economy of Controls: Complexity

Anne O. Krueger and Roderick Duncan

4350: On the Feasibility of a One or Multi-Speed European Monetary Union

Alberto Alesina and Vittorio Grilli

4349: International Comparisons of Educational Attainment

Robert Barro and Jong-Wha Lee

4348: The Minimum Wage and the Employment of Youth: Evidence from the NLSY

Janet Currie and Bruce Fallick

4347: A Model of Target Changes and the Term Structure of Interest Rates

Pierluigi Balduzzi, Giuseppe Bertola and Silverio Foresi

4346: Do Hostile Takeovers Reduce Extramarginal Wage Payments?

Jagadeesh Gokhale, Erica Groshen and David Neumark

4345: The Political Economy of Immigration Restriction in the United States, 1890 to 1921

Claudia Goldin

4344: Consumer Response to the Timing of Income: Evidence from a Change in Tax Withholding

Matthew Shapiro and Joel Slemrod

4343: Bringing GATT into the Core

Carsten Kowalczyk and Tomas Sjostrom

4342: Federal Reserve Policy: Cause and Effect

Matthew Shapiro

4341: Losers and Winners in Economic Growth

Robert Barro and Jong-Wha Lee

4340: Internationally Diversified Bond Portfolios: The Merits of Active Currency Risk Management

Richard M. Levich and Lee R. Thomas

4339: Public Sector Growth and Labor Market Flexibility: The United States vs. The United Kingdom

Rebecca Blank

4338: Evaluating the Connection Between Social Protection and Economic Flexib ility

Rebecca Blank and Richard Freeman

4337: Anti-Tax Revolutions and Symbolic Prosecutions

Holger C. Wolf

4336: Convergence in Growth Rates: A Quantitative Assessment of the Role of Capital Mobility and International Taxation

Assaf Razin and Chi-Wa Yuen

4335: Emerging Currency Blocs

Jeffrey Frankel and Shang-Jin Wei

4334: The Dynamic-Optimizing Approach to the Current Account: Theory and Evidence

Assaf Razin

4333: Keeping People Out: Income Distribution, Zoning and the Quality of Public Education

Raquel Fernandez and Richard Rogerson

4332: Demographic Factors and Real House Prices

Richard Green and Patric Hendershott

4331: U.S. Manufacturing and an Emerging Mexico

Edward Leamer and Chauncey J. Medberry

4330: Saving, Growth, and Aging in Taiwan

Angus Deaton and Christina Paxson

4329: Where do Betas Come From? Asset Price Dynamics and the Sources of Systematic Risk

John Campbell and Jianping Mei

4328: Intertemporal Choice and Inequality

Angus Deaton and Christina Paxson

4327: Determinants of Young Male Schooling and Training Choices

Stephen V. Cameron and James Heckman

4326: Historical Perspectives on the Monetary Transmission Mechanism

Jeffrey Miron, Christina Romer and David Weil

4325: The Dollar and the Trade Deficit in the 1980s: A Personal View

Martin Feldstein

4324: Government Spending and Budget Deficits in the 1980s: A Personal View

Martin Feldstein

4323: Tax Policy in the 1980s: A Personal View

Martin Feldstein

4322: Monetary Policy and Inflation in the 1980s: A Personal View

Martin Feldstein

4321: Environmental Regulation and Manufacturing Productivity at the Plant Level

Wayne Gray and Ron Shadbegian

4320: Exchange Rates, Inflation and Disinflation: Latin American Experiences

Sebastian Edwards

4319: The Political Economy of Infaliton and Stabilization in Developing Countries

Sebastian Edwards

4318: Dynamic Efficiency in the Gifts Economy

Stephen O'Connell and Stephen Zeldes

4317: Monetary Policy and Bank Lending

Anil Kashyap and Jeremy Stein

4316: Poison or Placebo? Evidence on the Deterrent and Wealth Effects of Modern Antitakeover Measures

Robert Comment and G. Schwert

4315: Profitable Informed Trading in a Simple General Equilibrium Model of Asset Pricing

James Dow and Gary Gorton

4314: Arbitrage Chains

James Dow and Gary Gorton

4313: Productivity and the Density of Economic Activity

Antonio Ciccone and Robert Hall

4312: Does History Matter Only When it Matters Little? The Case of City-Indu try Location

James Rauch

4311: Heterogeneity, Stratification, and Growth

Roland Benabou

4310: The Gold Standard, Bretton Woods and other Monetary Regimes: An Historical Appraisal

Michael Bordo

4309: Production, Financial Structure and Productivity Growth in U.S. Manufacturing

Jeffrey Bernstein and M. Ishaq Nadiri

4308: Are Industrial-Country Consumption Risks Globally Diversified?

Maurice Obstfeld

4307: Employer Provided Health Insurance and Retirement Behavior

Alan Gustman and Thomas L. Steinmeier