NBER Working Papers

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3406: P* Type Models: Evaluation and Forecasts

Rowena Pecchenino and Robert Rasche

3405: Tax Aspects of Policy Towards Aging Populations: Canada and the United States

Alan Auerbach and Laurence Kotlikoff

3404: U.S. Demographics and Saving: Predictions of Three Saving Models

Alan Auerbach, Jinyong Cai and Laurence Kotlikoff

3403: Precautionary Saving and the Marginal Propensity to Consume

Miles Kimball

3402: The Consumption of Stockholders and Non-Stockholders

N. Gregory Mankiw and Stephen Zeldes

3401: Capital Positions of Japanese Banks

Edward Kane, Haluk Unal and Asli Demirguc-Kunt

3400: Asymmetric Information and Financial Crises: A Historical Perspective

Frederic Mishkin

3399: Sanctions

Jonathan Eaton and Maxim Engers

3398: Occasional Interventions to Target Rates with a Foreign Exchange Application

Karen Lewis

3397: Why Doesn't Society Minimize Central Bank Secrecy?

Karen Lewis

3396: Interdependent Pricing and Markup Behavior: An Empirical Analysis of GM, Ford and Chrysler

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

3395: Externalities, Incentives, and Economic Reforms

Joshua Aizenman and Peter Isard

3394: The Simplest Test of Target Zone Credibility

Lars Svensson

3393: The Phillips Curve Now and Then

Robert Gordon

3392: An Empirical Model of Labor Supply in the Underground Economy

Bernard Fortin, Thomas Lemieux and Pierre Frechette

3391: The Impact of Permanent and Temporary Import Surcharges on the U.S. Trade Deficit

Barry Eichengreen and Lawrence H. Goulder

3390: How Risky is the Debt in Highly Leveraged Transactions? Evidence from Public Recapitalizations

Steven Kaplan and Jeremy Stein

3389: Hot Hands in Mutual Funds: The Persistence of Performance, 1974-87

Darryll Hendricks, Jayendu Patel and Richard Zeckhauser

3388: Should The Fed Smooth Interest Rates? The Case of Seasonal Monetary Policy

N. Gregory Mankiw and Jeffrey Miron

3387: Ranking, Unemployment Duration, and Wages

Olivier Blanchard and Peter Diamond

3386: Revenue and Welfare Implications for a Capital Gains Tax Cut

Patric Hendershott, Eric Toder and Yunhi Won

3385: Waiting for Work

George Akerlof, Andrew Rose and Janet Yellen

3384: International Costs and Benefits from EMU

George Alogoskoufis and Richard Portes

3383: Money and Prices in Colonial America: A New Test of Competing Theories

Bennett McCallum

3382: Rules versus Discretion in Trade Policy: An Empirical Analysis

Robert Staiger and Guido Tabellini

3381: Banks in the Market for Liquidity

Peter Garber and Steven Weisbrod

3380: Before the Accord: U.S. Monetary-Financial Policy 1945-51

Barry Eichengreen and Peter Garber

3379: Tax Policy Toward Art Museums

Don Fullerton

3378: Price Indexes for Microcomputers: An Exploratory Study

Ernst R. Berndt and Zvi Griliches

3377: Taxes, Outward Orientation, and Growth Performance in Korea

Irene Trela and John Whalley

3376: Business Cycle Properties of Selected U.S. Economic Time Series, 1959-1988

James Stock and Mark Watson

3375: An Alternative View of Tax Incidence Analysis for Developing Countries

Anwar Shah and John Whalley

3374: The Term Structure of Interest Rate Differentials in a Target Zone: Theory and Swedish Data

Lars Svensson

3373: Moral Hazard in Partnerships

Martin Gaynor and Paul Gertler

3372: Can Severe Fiscal Contractions be Expansionary? Tales of Two Small European Countries

Francesco Giavazzi and Marco Pagano

3371: The Cost of Capital in Japan: Recent Evidence and Further Results

Albert Ando and Alan Auerbach

3370: The Stock Market, Profit and Investment

Olivier Blanchard, Changyong Rhee and Lawrence Summers

3369: Efficient Windows and Labor Force Reduction

Robin L. Lumsdaine, James Stock and David Wise

3368: Forecasting Prices and Excess Returns in the Housing Market

Karl Case and Robert Shiller

3367: The Gold Standard as a Rule

Michael Bordo and Finn Kydland

3366: The Manufacturing Sector Master File: 1959-1987

Bronwyn Hall

3365: Fear, Unemployment and Pay Flexibility

David Blanchflower

3364: Price Behavior in Japanese and U.S. Manufacturing

Richard C. Marston

3363: The Provision of Time to the Elderly by Their Children

Axel Borsch-Supan, Jagadeesh Gokhale, Laurence Kotlikoff and John N. Morris

3362: Public Finance in Models of Economic Growth

Robert Barro and Xavier Sala-i-Martin

3361: Self-Fulfilling Expectations and Fluctuations in Aggregate Demand

Michael Woodford

3360: Equilibrium Models of Endogenous Fluctuations: an Introduction

Michael Woodford

3359: Asymmetric Information and the New Theory of the Firm: Financial Constraints and Risk Behavior

Bruce C. Greenwald and Joseph Stiglitz

3358: Does School Quality Matter? Returns to Education and the Characteristics of Public Schools in the United States

David Card and Alan Krueger

3357: Volatiltiy and Links Between National Stock Markets

Mervyn King, Enrique Sentana and Sushil Wadhwani

3356: A Genral Model of Dynamic Labor Demand

Daniel Hamermesh

3355: Market Power, Economic Profitability and Productivity Growth Measurement: An Integrated Structural Approach

Catherine Morrison Paul

3354: Some Inefficiency Implication of Generational Politics and Exchange

Laurence Kotlikoff and Robert Rosenthal

3353: Product Market Competition, Union Organizing Activity, and Employer Resistence

John Abowd and Henry S. Farber

3352: The Effects of International Competiton on Collective Bargaining Outcomes: A Comparison of the United States and Canada

John Abowd and Thomas Lemieux

3351: The NBER Immigration, Trade, and Labor Markets Data Files

John Abowd

3350: Valuation of Variance Forecast with Simulated Option Markets

Robert Engle, Che-Hsiung Hong and Alex Kane

3349: Testing the Positive Theory of Government Finance

David S. Bizer and Steven Durlauf

3348: Does Corporate Performance Improve After Mergers?

Paul M. Healy, Krishna G. Palepu and Richard C. Rubak

3347: On Uniform Import Tariffs in Developing Countries

Sebastian Edwards

3346: Labor Market Distortions and Structural Adjustments in Developing Countries

Sebastian Edwards and Alejandra Cox Edwards

3345: Provision of Child Care: Cost Functions for Profit-Making and Not-for-Profit Day Care Centers

Swati Mukerjee, Ann Dryden Witte and Sheila Hollowell

3344: Homework in Macoreconomics I: Basic Theory (Part I of II)

Jess Benhabib, Randall Wright and Richard Rogerson

3343: Health, Children, and Elderly Living Arrangements: A Multiperiod-Multinomial Probit Model with Unobserved Heterogeneity and Autocorrelated Errors

Axel Borsch-Supan, Vassilis Hajivassiliou, Laurence Kotlikoff and John N. Morris

3342: Going Different Ways: Unionism in the U.S. and Other Advanced O.E.C.D. Countries

David Blanchflower and Richard Freeman

3341: What is National Saving?: Alternative Measures in Historical and International Context

David Bradford

3340: Government Failures in Development

Anne O. Krueger

3339: Internal Net Worth and the Investment Process: An Application to U.S. Agriculture

Robert Hubbard and Anil Kashyap

3338: Public Policy and Economic Growth: Developing Neoclassical Implications

Robert King and Sergio Rebelo

3337: The Quality Dimension in Army Retention

Charles Brown

3336: Wage Levels and Method of Pay

Charles Brown

3335: Drawing Inferences From Statistics Based on Multi-Year Asset Returns

Matthew Richardson and James Stock

3334: Ownership, Agency and Wages: An Examination in the Fast Food Industry

Alan Krueger

3333: Capital Flight and Tax Competition: Are There Viable Solutions to Both Problems?

Alberto Giovannini and James Hines

3332: Systematic Movements in Real Exchange Rates in the G-5: Evidence on theIntegration of Internal and External Markets

Richard C. Marston

3331: Pensions and the U.S. Labor Market

Alan Gustman and Olivia Mitchell

3330: The Output, Employment, and Interest Rate Effects of Government Consumption

S. Aiyagari, Lawrence Christiano and Martin Eichenbaum

3329: The Welfare Economics of Cooperative and Noncooperative Fiscal Policy

Willem Buiter and Kenneth Kletzer

3328: Fiscal Policy Interdependence and Efficiency

Willem Buiter and Kenneth Kletzer

3327: Canada - U.S. Free Trade and Pressures for Tax Harmonization

Roger Gordon

3326: The Relation Between Firm Growth and Q with Multiple Capital Goods: Theory and Evidence from Panel Data on Japanese Firms

Fumio Hayashi and Tohru Inoue

3325: Long Run Policy Analysis and Long Run Growth

Sergio Rebelo

3324: Do Stock Prices Move Together Too Much?

Robert Pindyck and Julio Rotemberg

3323: Financial Innovation and Current Trends in U.S. Financial Markets

Frederic Mishkin

3322: An Empirical Analysis of Cigarette Addiction

Gary Becker, Michael Grossman and Kevin Murphy

3321: The Internationalization of the U.S. Labor Market

John Abowd and Richard Freeman

3320: Predicting Exchange Rate Crises: Mexico Revisited

Linda Goldberg

3319: Re-Interpreting the Failure of Foreign Exchange Market Efficiency Tests:Small Transaction Costs, Big Hysteresis Bands

Richard Baldwin

3318: Entry, Contestability, and Deregulated Airline Markets: An Event Study Analysis of People Express

Michael Whinston and Scott C. Collins

3317: World Real Interest Rates

Robert Barro and Xavier Sala-i-Martin

3316: The Welfare Economics of Moral Hazard

Richard Arnott and Joseph Stiglitz

3315: Tariffs and Sectoral Adjustments in an Open Economy

Stephen J Turnovsky

3314: Risk Adjusted Deposit Insurance for Japanese Banks

Ryuzo Sato, Rama V. Ramachandran and Bohyong Kang

3313: Fiscal Policy and the External Deficit: Siblings, but not Twins

John Helliwell

3312: Does Labor Supply Explain Fluctuations in Average Hours Worked?

Joshua Angrist

3311: Risk and Return on Real Estate: Evidence from Equity REITs

K.C. Chan, Patric Hendershott and Anthony Sanders

3310: Tenure Choice of American Youth

Donald Haurin, Patric Hendershott and Dongwook Kim

3309: Real Rents and Household Formation: The Effect of the 1986 Tax Reform Act

Donald Haurin, Patric Hendershott and Dongwook Kim

3308: Incentive Conflict in the International Regulatory Agreement on Risk-Based Analysis

Edward Kane

3307: Irreversibility, Uncertainty, and Investment

Robert Pindyck