NBER Working Papers

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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 René 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

René 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 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 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 Hodrick and David Marshall

4623: Conditional Asset Allocation in Emerging Markets

Campbell Harvey

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

Wayne Ferson and Campbell Harvey

4621: Predictable Risk and Returns in Emerging Markets

Campbell Harvey

4620: A Theory of Gradual Trade Liberalization

Robert 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 Scharfstein

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

Robin L. Lumsdaine, James 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 Schoeni

4606: The Political Economy of Declining Industries: Senescent Industry Collapse Revisited

S. Lael Brainard and Thierry Verdier

4605: Determinants of the Timing and Incidence of Exploratory Drilling on Offshort Wildcat Tracts

Kenneth Hendricks and Robert Porter

4604: The Simplest Test of Inflation Target Credibility

Lars Svensson

4603: Uncovering Some Causal Relationships between Productivity Growth and the Structure of Economic Fluctuations: A Tentative Survey

Philippe Aghion and Gilles Saint-Paul

4602: Open Door Policy and China's Rapid Growth: Evidence from City-level Data

Shang-Jin Wei

4601: The Effects of Demographic Trends on Consumption, Saving and Government Expenditures in the U.S

Michael Hurd

4600: The Wealth of Cohorts: Retirement Saving and the Changing Assets of Older Americans

David Wise and Steven Venti

4599: The Role of Judgment and Discretion in the Conduct of Monetary Policy: Consequences of Changing Financial Markets

Benjamin M. Friedman

4598: Tests of CAPM on an International Portfolio of Bonds and Stocks

Charles Engel

4597: The Politics of Free Trade Agreements

Gene Grossman and Elhanan Helpman

4596: Jumps and Stochastic Volatility: Exchange Rate Processes Implicit in thePHLX Deutschemark Options

David S. Bates

4595: An Exploratory Investigation of the Fundamental Determinants of National Equity Market Returns

Wayne Ferson and Campbell Harvey

4594: Health Insurance and Early Retirement: Evidence from the Availability of Continuation Coverage

Jonathan Gruber and Brigitte Madrian

4593: The Military Pension, Compensation, and Retirement of U.S. Air Force Pilots

John A. Ausink and David Wise

4592: Price Volatility and Volume Spillovers between the Tokyo and New York Stock Markets

Takatoshi Ito and Wen-Ling Lin

4591: Estimation of the Depreciation Rate of Physical and R&D Capital in the U.S. Total Manufacturing Sector

M. Ishaq Nadiri and Ingmar Prucha

4590: The Internationalization of Equity Markets

Jeffrey Frankel

4589: The Labor Market Effects of Introducing National Health Insurance: Evidence from Canada

Jonathan Gruber and Maria Hanratty

4588: Continental Trading Blocs: Are They Natural, or Super-Natural?

Jeffrey Frankel, Ernesto Stein and Shang-Jin Wei

4587: International Experiences with Securities Transaction Taxes

John Campbell and Kenneth Froot

4586: Should Liability be Based on the Harm to the Victim or the Gain to the Injurer?

A. Mitchell Polinsky and Steven Shavell

4585: Re-Employment Probabilities over the Business Cycle

Guido Imbens and Lisa Lynch

4584: Language, Employment and Earnings in the United States: Spanish-English Differentials from 1970 to 1990

David Bloom and Gilles Grenier

4583: An Empirical Assessment of the Factor Proportions Explanation of Multi-National Sales

S. Lael Brainard

4582: Energy Taxes: Traditional Efficiency Effects and Environmental Implications

Lawrence H. Goulder

4581: Tax Evasion and the Allocation of Capital

Don Fullerton and Marios Karayannis

4580: An Empirical Assessment of the Proximity-Concentration Tradeoff between Multinational Sales and Trade

S. Lael Brainard

4579: The Effect of Equity Barriers on Foreign Investment in Developing Countries

Stijn Claessens and Moon-Whoan Rhee

4578: The Dynamics of High Inflation

Laurence Ball

4577: Evidence on Macroeconomic Complementarities

Russell Cooper and John Haltiwanger

4576: Energy Taxes and Aggregate Economic Activity

Julio Rotemberg and Michael Woodford

4575: Does Electoral Accountability Affect Economic Policy Choices? Evidence from Gubernatorial Term Limits

Timothy Besley and Anne Case

4574: No Place Like Home: Tax Incentives and the Location of R&D by American Multinationals

James Hines

4573: Is the Discount Window Necessary? A Penn-Central Perspective

Charles Calomiris

4572: Elderly Health, Housing, and Mobility

Jonathan Feinstein

4571: What Moves the Discount on Country Equity Funds?

Gikas Hardouvelis, Rafael La Porta and Thierry A. Wizman

4570: Employment Effects of Minimum and Subminimum Wages: Reply to Card, Katz and Krueger

David Neumark and William Wascher

4569: Dissaving by the Elderly, Transfer Motives and Liquidity Constraints

Albert Ando, Luigi Guiso and Daniele Terlizzese

4568: Prices, Wages, and Employment in the U.S. Economy: A Traditional Model and Tests of Some Alternatives

Albert Ando and Flint Brayton

4567: Taking Trade Policy Seriously: Export Subsidization as a Case Study in Policy Effectiveness

Dani Rodrik

4566: Should the Government's Allocation Branch be Concerned about the Distortionary Cost of Taxation and Distributive Effects?

Louis Kaplow

4565: The Role of Macroeconomic Factors in Growth

Stanley Fischer

4564: The Influence of Nonmarital Childbearing on the Formation of First Marriages

Neil G. Bennett, David Bloom and Cynthia K. Miller

4563: Immigration, Investment and Real Wages

Elise Brezis and Paul Krugman

4562: Entry and Exit, Product Variety and the Business Cycle

Satyajit Chatterjee and Russell Cooper

4561: Technology and the Life Cycle of Cities

Elise Brezis and Paul Krugman

4560: Evaluation of Subjective Probability Distributions in the HRS

Michael Hurd and Kathleen McGarry

4559: Integration, Specialization, and the Adjustment

Paul Krugman and Anthony Venables

4558: The Relationship Between Job Characteristics and Retirement

Michael Hurd and Kathleen McGarry