NBER Working Papers

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4057: Attitudes Towards Inflation and the Viability of Fixed Exchange Rates: Evidence From the EMS

Susan M. Collins and Francesco Giavazzi

4056: A Theory of Persistent Income Inequality

Steven Durlauf

4055: Spatial and Temporal Aggregation in the Dynamics of Labor Demand

Daniel Hamermesh

4054: "Excess Volatility" and the German Stock Market, 1876-1990

J. Bradford De Long and Marco Becht

4053: Interest Differentials Under Fixed and Flexible Exchange Rates: The Effects of Capital Controls and Exchange Risk

Richard C. Marston

4052: Does the Human-Capital/Educational-Sorting Debate Matter for Development Policy?

Kevin Lang

4051: Noncooperative Equilibria in Regional Environmental Policies When Plant Locations are Endogenous

James Markusen, Edward Morey and Nancy Olewiler

4050: Is Japan Creating a Yen Bloc in East Asia and the Pacific?

Jeffrey Frankel

4049: Sources of Output Fluctuations During the Interwar Period: Further Evidence on the Causes of the Great Depression

Stephen Cecchetti and Georgios Karras

4048: Adoption of Technologies With Network Effects: An Empirical Examination of the Adoption of Automated Teller Machines

Garth Saloner and Andrea Shepard

4047: Devaluation Controversies in the Developing Countries: Lessons From the Bretton Woods Era

Sebastian Edwards and Julio A. Santaella

4046: Union Threat Effects and Nonunion Industry Wage Differentials

David Neumark and Michael L. Wachter

4045: On the Growth Effects of Import Competition

Richard Baldwin

4044: A Test of Negotiation and Incentive Compensation Models Using Longitudinal French Enterprise Data

John Abowd and Francis Kramarz

4043: Empirical Testing of Asset Pricing Models

Bruce N. Lehmann

4042: "New" Trade Theory and Policy a Decade Old: Assessment in a Pacific Context

J. David Richardson

4041: Incumbent Behavior: Vote Seeking, Tax Setting and Yardstick Competition

Timothy Besley and Anne Case

4040: Moscow Black Markets and Official Markets for Foreign Exchange: How Much Flexiblity in Flexible Rates?

Linda Goldberg

4039: Conceptually Based Measures of Structural Adaptability

Kala Krishna

4038: Regional Growth and Migration: A Japan-U.S. Comparison

Robert Barro and Xavier Sala-i-Martin

4037: Training at Work: A Comparison of U.S. and British Youths

David Blanchflower and Lisa Lynch

4036: Testing for Price Anomalies in Real Estate Auctions

Orley Ashenfelter and David Genesove

4035: Near-Rationality, Heterogeneity and Aggregate Consumption

Ricardo Caballero

4034: Differential Effects of Post-School Training on Early Career Mobility

Lisa Lynch

4033: The Bretton Woods International Monetary System: An Historical Overview

Michael Bordo

4032: College Scholarship Rules and Private Saving

Martin Feldstein

4031: Diminished Expectations of Nuclear War and Increased Personal Savings: Evidence From Individual Survey Data

Bruce Russett and Joel Slemrod

4030: Unemployment Insurance Taxes and the Cyclical and Seasonal Properties of Unemployment

David Card and Phillip Levine

4029: National Origin and Immigrant Welfare Recipiency

George Borjas and Stephen Trejo

4028: Convertible Bonds as "Back Door" Equity Financing

Jeremy Stein

4027: Training, Wage Growth and Job Performance: Evidence From a Company Database

Ann P. Bartel

4026: The Inconsistency of Common Scale Estimators When Output Prices Are Unobserved and Engogenous

Tor Klette and Zvi Griliches

4025: A Cross-Sectional Test of a Production-Based Asset Pricing Model

John Cochrane

4024: Maximizing Seignorage Revenue During Temporary Suspensions of Convertibility: A Note

Michael Bordo and Angela Redish

4023: Firm-Specific Determinants of the Real Wage

Janet Currie and Sheena McConnell

4022: Learning From the Reagan Deficits

Benjamin M. Friedman

4021: The Effects of Tax-Based Saving Incentives on Government Revenue and National Saving

Martin Feldstein

4020: Energy Tax Credits and Residential Conservation Investment

Kevin Hassett and Gilbert Metcalf

4019: Sources of Bias in Women's Wage Equations: Results Using Sibling Data

David Neumark and Sanders Korenman

4018: Inflation Expectations and the Structural Shift in Aggregate Labor-Cost Determination in the 1980s

David Neumark and Jonathan Leonard

4017: The Private ECU: A Currency Floating on Gossamer Wings

David Folkerts-Landau and Peter Garber

4016: The European Central Bank: A Bank or a Monetary Policy Rule

David Folkerts-Landau and Peter Garber

4015: Monetary Policy and Credit Conditions: Evidence From the Composition of External Finance

Anil Kashyap, Jeremy Stein and David Wilcox

4014: A Procedure for Predicting Recessions With Leading Indicators: Econometric Issues and Recent Experience

James Stock and Mark Watson

4013: Detection of Bid Rigging in Procurement Auctions

Robert Porter and John Zona

4012: Suit Versus Settlement When Parties Seek Nonmonetary Judgements

Steven Shavell

4011: The Growth and Welfare Consequences of Differential Tariffs With Endogenously-Supplied Capital and Labor

Philip L. Brock and Stephen J Turnovsky

4010: High-Tech Capital Formation and Labor Composition in U.S. Manufacturing Industries: An Exploratory Analysis

Ernst R. Berndt, Catherine Morrison Paul and Larry S. Rosenblum

4009: Auditing the Producer Price Index: Micro Evidence From Prescription Pharmaceutical Preparations

Ernst R. Berndt, Zvi Griliches and Joshua G. Rosett

4008: Do Taxes Matter? Lessons From the 1980s

Joel Slemrod

4007: Debt Reduction, Adjustment Lending, and Burden Sharing

Ishac Diwan and Dani Rodrik

4006: Inflation and Poverty

Eliana Cardoso

4005: Business Cycle Durations and Postwar Stabilization of the U.S. Economy

Mark Watson

4004: Asset Bubbles and Endogenous Growth

Noriyuki Yanagawa and Gene Grossman

4003: Peso Problems and Heterogeneous Trading: Evidence From Excess Returns in Foreign Exchange and Euromarkets

Martin Evans and Karen Lewis

4002: Self-Selection and Internal Migration in the United States

George Borjas, Stephen Bronars and Stephen Trejo

4001: Bretton Woods and Its Precursors: Rules Versus Discretion in the History of International Monetary Regimes

Alberto Giovannini

4000: The Flow Approach to Labor Markets

Olivier Blanchard and Peter Diamond

3999: Taxation and Inequality: A Time-Exposure Perspective

Joel Slemrod

3998: Privatization in East Germany

Hans-Werner Sinn

3997: The Effect of the Minimum Wage on the Fast Food Industry

Lawrence Katz and Alan Krueger

3996: Local Versus Global Convergence Across National Economies

Steven Durlauf and Paul Johnson

3995: Why Does the Stock Market Fluctuate?

Robert Barsky and J. Bradford De Long

3994: Human Capital Accumulation and Income Distribution

Raquel Fernandez and Richard Rogerson

3993: Geographic Localization of Knowledge Spillovers as Evidenced by Patent Citations

Adam Jaffe, Manuel Trajtenberg and Rebecca Henderson

3992: Dynamic Efficiency, the Riskless Rate, and Debt Ponzi Games Under Uncertainty

Olivier Blanchard and Philippe Weil

3991: Wage Effects of A U.S. - Mexican Free Trade Agreement

Edward Leamer

3990: The Cowles Commission Approach, Real Business Cycle Theories, and New Keynesian Economics

Ray Fair

3989: Intertemporal Asset Pricing Without Consumption Data

John Campbell

3988: Forward Into the Past: Productivity Retrogression in the Electric Generating Industry

Robert Gordon

3987: The Consequences and Costs of Maternal Substance Abuse in New York City

Ted Joyce, Andrew D. Racine and Naci Mocan

3986: Transitional Dynamics in Two-Sector Models of Endogenous Growth

Casey Mulligan and Xavier Sala-i-Martin

3985: Pensions and Wage Premia

Edward Montgomery and Kathryn Shaw

3984: Do Tougher Licensing Provisions Limit Occupational Entry? The Case of Dentistry

Morris M. Kleiner and Robert T. Kudrle

3983: Disinflation With Imperfect Credibility

Laurence Ball

3982: Price Margins and Capital Adjustment: Canadian Mill Products and Pulp and Paper Industries

Jeffrey Bernstein

3981: State Infrastructure and Productive Performance

Catherine Morrison Paul and Amy Schwartz

3980: Sectoral Shifts and Unemployment in Interwar Britain

S. Lael Brainard

3979: Information Spillovers, Margins, Scale and Scope: With an Application to Canadian Life Insurance

Jeffrey Bernstein

3978: The Impact of Collective Bargaining Legislation on Disputes in the U.S. Public Sector: No Policy May Be the Worst Policy

Janet Currie and Sheena McConnell

3977: The Dynamics of Productivity in the Telecommunications Equipment Industry

G. Steven Olley and Ariel Pakes

3976: Precautionary Saving and Consumption Smoothing Across Time and Possibilities

Miles Kimball and Philippe Weil

3975: Equilibrium Asset Prices With Undiversifiable Labor Income Risk

Philippe Weil

3974: Liquidity Effects and the Monetary Transmission Mechanism

Lawrence Christiano and Martin Eichenbaum

3973: The Fall in Private Pension Coverage in the U.S

David Bloom and Richard Freeman

3972: The Intergenerational Mobility of Immigrants

George Borjas

3971: Growth Accounting When Technical Change is Embodied in Capital

Charles R. Hulten

3970: What is Productivity: Capacity or Welfare Management?

Charles R. Hulten

3969: Measuring the Aggregate Price Level: Implications For Economic Performance and Policy

Robert Gordon

3968: Menus of Linear Income Tax Schedules

Alberto Alesina and Philippe Weil

3967: On the Design and Reform of Capital Gains Taxation

Alan Auerbach

3966: The Budget and Trade Deficits Aren't Really Twins

Martin Feldstein

3965: Twenty-two Years of the NBER-ASA Quarterly Economic Outlook Surveys: Aspects and Comparisons of Forecasting Performance

Victor Zarnowitz and Phillip Braun

3964: Rising Inequality? Changes in the Distribution of Income and Consumption in the 1980s

David Cutler and Lawrence Katz

3963: Taxation and Housing: Old Questions, New Answers

James Poterba

3962: Social Security Rules and Marginal Tax Rates

Martin Feldstein and Andrew Samwick

3961: Bank Exposure, Capital and Secondary Market Discounts on the Developing Country Debt

Sule Ozler and Harry Huizinga

3960: External Shocks, Politics and Private Investment: Some Theory and Empirical Evidence

Sule Ozler and Dani Rodrik

3959: Have Commercial Banks Ignored History?

Sule Ozler

3958: A Model of the Optimal Complexity of Rules

Louis Kaplow