NBER Working Papers

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3957: Testing Trade Theory

Edward Leamer

3956: Exploring the Relationship Between R&D and Productivity in French Manufacturing Firms

Bronwyn Hall and Jacques Mairesse

3955: Estimating Expected Exchange Rates Under Target Zones

Zhaohui Chen and Alberto Giovannini

3954: Labor Supply Flexibility and Portfolio Choice in a Life-Cycle Model

Zvi Bodie, Robert Merton and William F. Samuelson

3953: Exchange Rate Flexibility, Volatility, and the Patterns of Domestic and Foreign Direct Investment

Joshua Aizenman

3952: Is Arbitration Addictive? Evidence From the Laboratory and the Field

Janet Currie and Henry S. Farber

3951: The Role of International Organizations in the Bretton Woods System

Kathryn Dominguez

3950: Is There a Conflict Between EC Enlargement and European Monetary Unification?

Tamim Bayoumi and Barry Eichengreen

3949: Shocking Aspects of European Monetary Unification

Tamim Bayoumi and Barry Eichengreen

3948: Convergence and Growth Linkages Between North and South

John Helliwell and Alan Chung

3947: The Rush to Free Trade in the Developing World: Why So Late? Why Now? Will it Last?

Dani Rodrik

3946: How Pervasive is the Product Cycle? The Empirical Dynamics of American and Japanese Trade Flows

Joseph Gagnon and Andrew Rose

3945: Tax Policy and Urban Development: Evidence From The Indiana Enterprise Zone Program

Leslie Papke

3944: The Debt Burden and Debt Maturity

Alessandro Missale and Olivier Blanchard

3943: The Adjustment Mechanism

Maurice Obstfeld

3942: Anatomy of Financial Distress: An Examination of Junk-Bond Issuers

Paul Asquith, Robert Gertner and David Scharfstein

3941: Fiscal Federalism in Europe: Lessons From the United States Experience

Robert P. Inman and Daniel L. Rubinfeld

3940: Why Didn't the Tax Reform Act of 1986 Raise Corporate Taxes?

James Poterba

3939: The Structure of Production, Technical Change and Efficiency in a Multiproduct Industry: An Application to U.S. Airlines

David H. Good, M. Ishaq Nadiri and Robin Sickles

3938: Individual Retirement Accounts: A Review of the Evidence

Jonathan Skinner

3937: Revisions and Investment Plans and the Stock Market Rate of Return

Mark Schankerman

3936: Openness and Inflation: Theory and Evidence

David Romer

3935: Errors in Output Deflators Revisited: Unit Values and the PPI

Donald Siegel

3934: Anatomy of a Financial Crisis

Frederic Mishkin

3933: Local House Price Indexes: 1982-1991

Donald Haurin, Patric Hendershott and Dongwook Kim

3932: Consumption Taxes in a Life-Cycle Framework: Are Sin Taxes Regressive?

Andrew Lyon and Robert M. Schwab

3931: How Long do Unilateral Target Zones Last?

Bernard Dumas and Lars Svensson

3930: On the Sensitivity of R&D to Delicate Tax Changes: The Behavior of U.S. Multinationals in the 1980s

James Hines

3929: How Does It Matter?

Benjamin M. Friedman

3928: The Appointment-Book Problem and Commitment, With Applications to Refereeing and Medicine

Daniel Hamermesh

3927: Changes in Relative Wages, 1963-1987: Supply and Demand Factors

Lawrence Katz and Kevin Murphy

3926: Labor Market Institutions, Liquidity Constraints, and Macroeconomic Stability

Frank Lichtenberg

3925: The Effects of U.S. Tax Policy on the Income Repatriation Patterns of U.S. Multinational Corporations

Rosanne Altshuler and T. Scott Newlon

3924: Income Shifting in U.S. Multinational Corporations

David Harris, Randall Morck, Joel Slemrod and Bernard Yeung

3923: Organizational Failure and Government Transfers: Evidence From an Experiment in the Financing of Mental Health Care

Richard G. Frank and Martin Gaynor

3922: The Cleansing Effect of Recessions

Ricardo Caballero and Mohamad L. Hammour

3921: Bank Runs: Liquidity and Incentives

Russell Cooper and Thomas Ross

3920: Identification and the Liquidity Effect of a Monetary Policy Shock

Lawrence Christiano and Martin Eichenbaum

3919: Speculative Attacks and Models of Balance-of-Payments Crises

Pierre-Richard Agénor, Jagdeep S. Bhandari and Robert Flood

3918: Devaluation Expectations: The Swedish Krona 1982-1991

Hans Lindberg, Lars Svensson and Paul Söderlind

3917: The Currency Reform as the Last Stage of Economic and Monetary Union: Some Policy Questions

Alberto Giovannini

3916: The Impact of Terms of Trade Shocks on a Small Open Economy: A Stochastic Analysis

Stephen J Turnovsky

3915: Social Security and Medicare Policy From the Perspective of Generational Accounting

Alan Auerbach, Jagadeesh Gokhale and Laurence Kotlikoff

3914: Environmental Impacts of a North American Free Trade Agreement

Gene Grossman and Alan Krueger

3913: Borrowing Constraints and Two-Sided Altruism With an Application to Social Security

David Altig and Steven Davis

3912: Estimating the Effect of Training on Employment and Unemployment Durations: Evidence From Experimental Data

John Ham and Robert LaLonde

3911: Do Bulls and Bears Move Across Borders? International Transmission of Stock Returns and Volatility as the World Turns

Wen-Ling Lin, Robert Engle and Takatoshi Ito

3910: Are Option-Implied Forecasts of Exchange Rate Volatility Excessively Variable?

Shang-Jin Wei and Jeffrey Frankel

3909: Alcoholism, Work, and Income Over the Life Cycle

John Mullahy and Jody L. Sindelar

3908: Pension COLAs

Alan Gustman and Thomas L. Steinmeier

3907: Liquidity Constraints and Intertemporal Consumer Optimization: Theory and Evidence From Durable Goods

Eun Young Chah, Valerie Ramey and Ross M. Starr

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