NBER Working Papers

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3806: Exchange Rate Expectations and the Risk Premium: Tests For a Cross- Section of 17 Currencies

Jeffrey Frankel and Menzie Chinn

3805: International Economic Transactions: Issues in Measurement and Empirical Research

Peter Hooper and J. David Richardson

3804: The Nonequivalence of High School Equivalents

Stephen V. Cameron and James Heckman

3803: Pricing, Patent Loss and the Market For Pharmaceuticals

Richard G. Frank and David Salkever

3802: The Joint Consumption/Asset Demand Decision: A Case Study in Robust Estimation

Marjorie A. Flavin

3801: Crime Rates Versus Labor Market Conditions; Theory and Time-Series Evidence

Tadashi Yamada, Tetsuji Yamada and Johan M. Kang

3800: Labor Productivity and Market Competition in Japan

Tetsuji Yamada, Tadashi Yamada and Guorn Liu

3799: A Theory of War Finance

Herschel Grossman and Taejoon Han

3798: Information Handling and Firm Performance: Evidence from Reverse LBOs

Francois Degeorge and Richard Zeckhauser

3797: Incomplete Appropriability of R&D and the Role of Strategies and Cultural Factors in International Trade: A Japanese Case

Ryuzo Sato, Rama Ramachandran and Shunichi Tsutsui

3796: Vanishing Tax on Capital Income in the Open Economy

Assaf Razin and Efraim Sadka

3795: Assessing Target Zone Credibility: Mean Reversion and Devaluation Expectations in the ERM 1979-1992

Lars Svensson

3794: Corporate Restructuring and Investment Horizons

Bronwyn Hall

3793: Are Economists' Traditional Trade Policy Views Still Valid?

Robert Baldwin

3792: Optimal Incentive Contracts in the Presence of Career Concerns: Theory and Evidence

Robert Gibbons and Kevin J. Murphy

3791: Pervasive Shortages Under Socialism

Andrei Shleifer and Robert Vishny

3790: Characterizing Predictable Components in Excess Returns on Equity and Foreign Exchange Markets

Geert Bekaert and Robert Hodrick

3789: Sex Discrimination by Sex: Voting in a Professional Society

Alan E. Dillingham, Marianne A. Ferber and Daniel Hamermesh

3788: Ethnic Capital and Intergenerational Mobility

George Borjas

3787: Growth in Cities

Edward Glaeser, Hedi D. Kallal, Jose Scheinkman and Andrei Shleifer

3786: The Theory of Allocation and Its Implications for Marketing and Industrial Structure

Dennis Carlton

3785: Competition and Price Dispersion in the U.S. Airline Industry

Severin Borenstein and Nancy Rose

3784: Fear of Flying? Economic Analysis of Airline Safety

Nancy Rose

3783: The Australian Pharmaceutical Subsidy Gambit: Transmuting Deadweight Loss and Oligopoly Rents to Consumer Surplus

Mark Johnston and Richard Zeckhauser

3782: Long-Term Contracting and Multiple-Price Systems

Robert Hubbard and Robert J. Weiner

3781: How Much Do Taxes Discourage Incorporation

Jeffrey Mackie-Mason and Roger Gordon

3780: How Valuable is Patent Protection? Estimates By Technology Field Using Patent Renewal Data

Mark Schankerman

3779: International Fiscal Policy Coordination and Competition: An Exposition

Assaf Razin and Efraim Sadka

3778: What Went Wrong? The Erosion of Relative Earnings and Employment Among Young Black Men in the 1980s

John Bound and Richard Freeman

3777: An Analysis of the Nature of Unemployment in Sri Lanka

William T. Dickens and Kevin Lang

3776: Obstacles to Transforming Centrally-Planned Economies: The Role of Capital Markets

Guillermo Calvo and Jacob A. Frenkel

3775: Floating Exchange Rates in Peru, 1950-54

Richard Lyons

3774: Do OSHA Inspections Reduce Injuries? A Panel Analysis

Wayne Gray and John T. Scholz

3773: Protecting Losers: Optimal Diversification, Insurance, and Trade Policy

S. Lael Brainard

3772: External Debt and Political Instability

Sule Ozler and Guido Tabellini

3771: Measurement of Output and Quality Adjustment When Hedonics Cannot Be Used: An Illustration for the Day Care Industry

Swati Mukerjee and Ann Dryden Witte

3770: An Altered U.S. Housing Finance System: Implications for Housing

Patric Hendershott

3769: The "Gambler's Fallacy" in Lottery Play

Charles Clotfelter and Philip J Cook

3768: The Search for R&D Spillovers

Zvi Griliches

3767: Foreign Direct Investment, Productive Capacity and Exchange Rate Regimes

Joshua Aizenman

3766: The Peculiar Scale Economies of Lotto

Philip J Cook and Charles Clotfelter

3765: Life Insurance Inadequacy - Evidence From a Sample of Older Widows

Alan Auerbach and Laurence Kotlikoff

3764: Learning and Wage Dynamics

Henry S. Farber and Robert Gibbons

3763: Sources of Cycles in Japan, 1975-1987

Kenneth West

3762: A Comparison of the Behavior of Japanese and U.S. Inventories

Kenneth West

3761: On the Labor Market Effects of Immigration and Trade

George Borjas, Richard Freeman and Lawrence Katz

3760: What Moves the Stock and Bond Markets? A Variance Decomposition for Long-Term Asset Returns

John Campbell and John Ammer

3759: Minimum Wages in Puerto Rico: Textbook Case of a Wage Floor?

Alida Castillo Freeman and Richard Freeman

3758: Economic Development, Urban Underemployment, and Income Inequality

James Rauch

3757: How Fast Do Old Men Slow Down?

Ray Fair

3756: The Source of Fluctuations in Money: Evidence From Trade Credit

Valerie Ramey

3755: Technology Commitment and the Cost of Economic Fluctuations

Garey Ramey and Valerie Ramey

3754: Real Interest Rates and the Savings and Loan Crisis: The Moral Hazard Premium

John B. Shoven, Scott B. Smart and Joel Waldfogel

3753: The Timing of Intergenerational Transfers, Tax Policy, and Aggregate Savings

David Altig and Steven Davis

3752: The Equity Premium and the Risk Free Rate: Matching the Moments

Stephen Cecchetti, Pok-sang Lam and Nelson C. Clark

3751: An Indicator of Future Inflation Extracted From the Steepness of the Interest Rate Yield Curve Along Its Entire Length

Jeffrey Frankel and Cara S. Lown

3750: Lifetime vs. Annual Perspectives on Tax Incidence

Don Fullerton and Diane Lim

3749: Mergers, Deregulation and Cost Savings in the U.S. Rail Industry

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

3748: Durable Goods: An Explanation for Their Slow Adjustment

Ricardo Caballero

3747: A Note on Internationally Coordinated Policy Packages Intended to be Robust Under Model Uncertainty

Jeffrey Frankel, Scott Erwin and Katharine Rockett

3746: A Longitudinal Analysis of Young Entrepreneurs in Australia and the United States

David Blanchflower and Bruce Meyer

3745: The Asset Allocation of Private Pension Plans

Leslie Papke

3744: Trends in Pension Benefit Formulas and Retirement Provisions

Olivia Mitchell

3743: Expected Changes in the Workforce and Implications for Labor Markets

Phillip Levine and Olivia Mitchell

3742: No News is Good News: An Asymmetric Model of Changing Volatility in Stock Returns

John Campbell and Ludger Hentschel

3741: How Would Universities Respond to Increased Federal Support for Graduate Students?

Ronald Ehrenberg, Daniel Rees and Dominic J. Brewer

3740: First Nature, Second Nature, and Metropolitan Location

Paul Krugman

3739: A Model of Optimal Fines for Repeat Offenders

A. Mitchell Polinsky and Daniel L. Rubinfeld

3738: Determinants of External Imbalances: The Role Taxes, Government Spending and Productivity

Leonardo Leiderman and Assaf Razin

3737: Japanese Foreign Direct Investment

Kenneth Froot

3736: Black-White Earnings Over the 1970s and 1980s: Gender Differences in Trends

Francine Blau and Andrea Beller

3735: A Fallacy of Composition

Ricardo Caballero

3734: Dynamic (S,s) Economies

Ricardo Caballero and Eduardo Engel

3733: Technology Adoption and Growth

Stephen Parente and Edward Prescott

3732: The Diffusion of Technology and Inequality Among Nations

Boyan Jovanovic and Saul Lach

3731: Nonrational Actors and Financial Market Behavior

Richard Zeckhauser, Jayendu Patel and Darryll Hendricks

3730: Dividends and Profits: Some Unsubtle Foreign Influences

James Hines

3729: Heterogeneity and Output Fluctuations in a Dynamic Menu-Cost Economy

Ricardo Caballero and Eduardo Engel

3728: Gross Job Creation, Gross Job Destruction and Employment Reallocation

Steven Davis and John Haltiwanger

3727: Do the Benefits of Fixed Exchange Rates Outweigh Their Costs? The Franc Zone in Africa

Shantayanan Devarajan and Dani Rodrik

3726: Was the Great Depression a Low-Level Equilibrium?

John Dagsvik and Boyan Jovanovic

3725: U.S. Trade Policy in the 1980s: Turns -- and Roads Not Taken

J. David Richardson

3724: Relationships Among the Family Incomes and Labor Market Outcomes of Relatives

Joseph Altonji and Thomas A. Dunn

3723: The Income Tax as Insurance: The Casualty Loss and Medical Expense Deductions and the Exclusion of the Medical Insurance Premiums

Louis Kaplow

3722: Wage Dispersion Between and Within U.S. Manufacturing Plants, 1963-1986

Steven Davis and John Haltiwanger

3721: Political Instability, Political Weakness and Inflation: An Empirical Analysis

Sebastian Edwards and Guido Tabellini

3720: Externalities from Labor Mobility

Laurence Ball

3719: Nonergodic Economic Growth

Steven Durlauf

3718: Path Dependence in Aggregate Output

Steven Durlauf

3717: Convergence of International Output Movements

Andrew Bernard and Steven Durlauf

3716: Trade Orientation, Distortions and Growth in Developing Countries

Sebastian Edwards

3715: Industrial Shifts, Skills Levels, and the Labor Market for White and Black Males

John Bound and Harry Holzer

3714: The Demand for and Return to Education When Education Outcomes are Uncertain

Joseph Altonji

3713: School Quality and Black-White Relative Earnings: A Direct Assessment

David Card and Alan Krueger

3712: Invention and Bounded Learning by Doing

Alwyn Young

3711: Security Baskets and Index-Linked Securities

Gary Gorton and George Pennacchi

3710: Do Minimum Wages Reduce Employment? A Case Study of California, 1987-89

David Card

3709: Taxation and Risk Taking: A General Equilibrium Perspective

Louis Kaplow

3708: A Note on Taxation as Social Insurance for Uncertain Labor Income

Louis Kaplow

3707: Rational Finite Bubbles

Franklin Allen and Gary Gorton