NBER Working Papers

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3906: A Theory of Debt Based on the Inalienability of Human Capital

Oliver Hart and John Moore

3905: Productivity Gains From Geographic Concentration of human Capital: Evidence From the Cities

James Rauch

3904: Taxation of Labor Income and the Demand For Risky Assets

Douglas Elmendorf and Miles Kimball

3903: Productivity and Machinery Investment: A Long Run Look 1870-1980

J. Bradford De Long

3902: Corporate Financial Policy, Taxation, and Macroeconomic Risk

Mark Gertler and Robert Hubbard

3901: Changes in Earnings Differentials in the 1980s: Concordance, Convergence, Causes, and Consequences

McKinley Blackburn, David Bloom and Richard Freeman

3900: Which Households Own Municipal Bonds? Evidence From Tax Returns

Daniel Feenberg and James Poterba

3899: The Marshall Plan: History's Most Successful Structural Adjustment Program

J. Bradford De Long and Barry Eichengreen

3898: Pension Funding in the Public Sector

Olivia Mitchell and Robert S. Smith

3897: Does Employer Monopsony Power Increase Occupational Accidents? The Case of Kentucky Coal Mines

Shulamit Kahn

3896: Moderate Inflation

Rüdiger Dornbusch and Stanley Fischer

3895: Taxation and Foreign Direct Investment in the United States: A Reconsideration of the Evidence

Alan Auerbach and Kevin Hassett

3894: Continuous Versus Episodic Change: The Impact of Civil Rights Policy on the Economic Status of Blacks

John Donohue and James Heckman

3893: Productivity Gains From the Implementation of Employee Training Programs

Ann P. Bartel

3892: Monetary Policy, Business Cycles and the Behavior of Small Manufacturing Firms

Mark Gertler and Simon Gilchrist

3891: The Role of Federal Taxation in the Supply of Municipal Bonds: Evidence From Municipal Governments

Gilbert Metcalf

3890: Labor Demand: What Do We Know? What Don't We Know?

Daniel Hamermesh

3889: Private Beliefs and Information Externalities in the Foreign Exchange Market

Richard Lyons

3888: An Ordered Probit Analysis of Transaction Stock Prices

Jerry Hausman, Andrew Lo and A. Craig MacKinlay

3887: The Effects of Public Infrastructure and R&D Capital on the Cost Structure and Performance of U.S. Manufacturing Industries

M. Ishaq Nadiri and Theofanis Mamuneas

3886: Leapfrogging: A Theory of Cycles in National Technological Leadership

Elise Brezis, Paul Krugman and Daniel Tsiddon

3885: The Reincarnation of Keynesian Economics

N. Gregory Mankiw

3884: National Health Insurance Revisited

Victor Fuchs

3883: Do Labor Markets Provide Enough Short Hour Jobs? An Analysis of Work Hours and Work Incentives

James Rebitzer and Lowell Taylor

3882: Pension Substitution in the 1980s: Why the Shift Toward Defined Contribution Pension Plans?

Douglas Kruse

3881: From Sharp Stabilization to Growth: On the Political Economy of Israel's Transition

Michael Bruno

3880: Are Real House Prices Likely to Decline by 47 Percent?

Patric Hendershott

3879: Why Does the Paper-Bill Spread Predict Real Economic Activity?

Benjamin M. Friedman and Kenneth Kuttner

3878: Why Were Poverty Rates So High in the 1980s?

Rebecca Blank

3877: The Consequences of Minimum Wage Laws: Some New Theoretical Ideas

James Rebitzer and Lowell Taylor

3876: Financial Repression and Economic Growth

Nouriel Roubini and Xavier Sala-i-Martin

3875: Crime and the Employment of Disadvantaged Youths

Richard Freeman

3874: Housing and Saving in the United States

Jonathan Skinner

3873: Asset Pricing and Intrinsic Values: A Review Essay

Bruce N. Lehmann

3872: Hospital Costs and the Cost of Empty Hospital Beds

Martin Gaynor and Gerard F. Anderson

3871: Younger Households Saving: Evidence From Japan and Italy

Albert Ando, Luigi Guiso, Daniele Terlizzese and Daniel Dorsainvil

3870: Patent Races, Product Standards, and International Competition

Richard Jensen and Marie Thursby

3869: Endogenous Macroeconomic Growth Theory

Elhanan Helpman

3868: Private Versus Socially Optimal Provision of Ex Ante Legal Advice

Louis Kaplow and Steven Shavell

3867: Has Macro-Forecasting Failed?

Victor Zarnowitz

3866: Labor Turnover Costs and Average Labor Demand

Giuseppe Bertola

3865: Irreversibility and Aggregate Investment

Giuseppe Bertola and Ricardo Caballero

3864: Flexibility, Investment, and Growth

Giuseppe Bertola

3863: What is a Business Cycle?

Victor Zarnowitz

3862: Stock Price Manipulation, Market Microstructure and Asymmetric Information

Franklin Allen and Gary Gorton

3861: On Biases in the Measurement of Foreign Exchange Risk Premiums

Geert Bekaert and Robert Hodrick

3860: The European Central Bank: Reshaping Monetary Politics in Europe

Alberto Alesina and Vittorio Grilli

3859: Evidence on Employment Effects of Minimum Wages and Subminimum Wage Provisions From Panel Data on State Minimum Wage Laws

David Neumark and William Wascher

3858: How Computers Have Changed the Wage Structure: Evidence From Microdata, 1984-1989

Alan Krueger

3857: Unobserved Ability, Efficiency Wages, and Interindustry Wage Differentials

McKinley Blackburn and David Neumark

3856: Another Look at the Evidence on Money-Income Causality

Benjamin M. Friedman and Kenneth Kuttner

3855: Fiscal Federalism and Optimum Currency Areas: Evidence for Europe From the United States

Xavier Sala-i-Martin and Jeffrey Sachs

3854: Changes in the Cyclical Sensitivity of Wages in the United States, 1891-1987

Steven Allen

3853: The University in the Marketplace: Some Insights and Some Puzzles

Michael Rothschild and Lawrence White

3852: Halting Inflation in Italy and France After World War II

Alessandra Casella and Barry Eichengreen

3851: Factor Shares and Savings in Endogenous Growth

Giuseppe Bertola

3850: The Effects of Child Health on Marital Status

Hope Corman and Robert Kaestner

3849: World Interest Rates and Investment

Robert Barro

3848: Policy Uncertainty, Persistence and Growth

Joshua Aizenman and Nancy Marion

3847: The Optimal Two-Bracket Linear Income Tax

Joel Slemrod, Shlomo Yitzhaki and Joram Mayshar

3846: Do Institutional Investors Destabilize Stock Prices? Evidence on Herding and Feedback Trading

Josef Lakonishok, Andrei Shleifer and Robert Vishny

3845: Trade Adjustment Assistance and Pareto Gains From Trade

Robert Feenstra and Tracy Lewis

3844: Trigger Points and Budget Cuts: Explaining the Effects of Fiscal Austerity

Giuseppe Bertola and Allan Drazen

3843: Changing Social Security Survivorship Benefits and the Poverty of Widows

Michael Hurd and David Wise

3842: Measuring the Contribution of Public Infrastructure Capital in Sweden

Ernst R. Berndt and Bengt Hansson

3841: Rail Costs and Capital Adjustments in a Quasi-Regulated Environment

Ann F. Friedlaender, Ernst R. Berndt, Judy Shaw-Er Wang Chiang, Mark Showalter and Christopher A. Vellturo

3840: Designing a Central Bank for Europe: A Cautionary Tale From the Early Years of the Federal Reserve System

Barry Eichengreen

3839: Tax Exporting, Federal Deductibility, and State Tax Structure

Gilbert Metcalf

3838: Education and Unemployment

Jacob Mincer

3837: Education and Unemployment of Women

Jacob Mincer

3836: Measuring Depreciation For Japan: Rejoinder to Dekle and Summers

Fumio Hayashi

3835: Do Tax-Exempt Bonds Really Subsidize Municipal Capital?

Roger Gordon and Gilbert Metcalf

3834: Risk-Sharing, Altruism, and the Factor Structure of Consumption

Fumio Hayashi, Joseph Altonji and Laurence Kotlikoff

3833: The Informativeness of Prices: Search With Learning and Cost Uncertainty

Roland Benabou and Robert Gertner

3832: Does Participation in Transfer Programs During Pregnancy Improve Birth Weight?

Janet Currie and Nancy Cole

3831: Alcohol Control Policies and Motor Vehicle Fatalities

Frank Chaloupka, Henry Saffer and Michael Grossman

3830: Macroeconomic Policy and Elections in OECD Democracies

Alberto Alesina, Gerald D. Cohen and Nouriel Roubini

3829: What Ended the Great Depression?

Christina Romer

3828: Investment in Capital Assets and Economic Performance: The U.S. Chemicals and Primary Metals Industries in Transition

Catherine Morrison Paul

3827: Skill Differentials in Canada in an Era of Rising Labor Market Inequality

Richard Freeman and Karen Needels

3826: How Much Has De-Unionisation Contributed to the Rise in Male Earnings Inequality?

Richard Freeman

3825: Multinational Firms, Technology Diffusion and Trade

Wilfred Ethier and James Markusen

3824: Money, Output and Prices: Evidence from A New Monetary Aggregate

Julio Rotemberg, John Driscoll and James Poterba

3823: An Aggregate Demand - Aggregate Supply Analysis of Japanese Monetary Policy, 1973-1990

Kenneth West

3822: Optimal Law Enforcement with Self-Reporting of Behavior

Louis Kaplow and Steven Shavell

3821: Rules, Coordination and Manipulability Among Arbitrators

Janet Currie

3820: Optimal Investment Strategies for University Endowment Funds

Robert Merton

3819: The European Monetary System: Credible at Last?

Jeffrey Frankel and Steven Phillips

3818: The Significance of Technical Trading-Rule Profits in the Foreign Exchange Market: A Bootstrap Approach

Richard M. Levich and Lee R. Thomas

3817: The Great Compression: The Wage Structure in the United States at Mid- Century

Claudia Goldin and Robert Margo

3816: Stabilization and Liberalization Policies in Central and Eastern Europe: Lessons From Latin America

Sebastian Edwards

3815: Productivity in the Transportation Sector

Robert Gordon

3814: Entry, Dumping, and Shakeout

Richard Clarida

3813: Endogenous Comparative Advantage, Government, and the Pattern of Trade

Richard Clarida and Ronald Findlay

3812: Co-Integration, Aggregate Consumption, and the Demand For Imports: A Structural Econometric Investigation

Richard Clarida

3811: The Real Exchange Rate, Exports, and Manufacturing Profits: A Theoreti- cal Framework With Some Empirical Support

Richard Clarida

3810: Short and Long Run Externalities

Eric Bartelsman, Ricardo Caballero and Richard Lyons

3809: Empirical Evidence on European Dual Exchange Rates and Its Relevance For Latin America

Nancy Marion

3808: The Effects of Product Market Competition on Collective Bargaining Agreements: The Case of Foreign Competition in Canada

John Abowd and Thomas Lemieux

3807: Patterns in Exchange Rate Forecasts for 25 Currencies

Menzie Chinn and Jeffrey Frankel