NBER Working Papers

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3677: Notes on Dynamic Factor Pricing Models

Bruce N. Lehmann

3676: Earnings, Dividend Policy, and Present Value Relations: Building Blocks of Dividend Policy Invariant Cash Flows

Bruce N. Lehmann

3675: Alcohol Consumption During Prohibition

Jeffrey Miron and Jeffrey Zwiebel

3674: Learning About Intervention Target Zones

Michael Klein and Karen Lewis

3673: Rent Sharing in the Multi-Fibre Arrangement: Theory and Evidence from US Apparel Imports from Hong Kong

Kala Krishna, Refik Erzan and Ling Hui Tan

3672: Investment Policies in the GATT

Rachel McCulloch

3671: Environmental Policy When Market Structure and Plant Locations are Endo-genous

James Markusen, Edward Morey and Nancy Olewiler

3670: Intramarginal Intervention in the EMS and the Target-Zone Model of Exchange-Rate Behavior

Kathryn Dominguez and Peter Kenen

3669: Government, Financial Markets, and Economic Development

Joseph Stiglitz

3668: Distributive Politics and Economic Growth

Alberto Alesina and Dani Rodrik

3667: Changes in the Structure of Wages in the Public and Private Sectors

Lawrence Katz and Alan Krueger

3666: R&D Productivity: A Survey of Econometric Studies at the Firm Level

Jacques Mairesse and Mohamed Sassenou

3665: Dispersion and Heterogeneity of Firm Performances in Nine French Service Industries, 1984-1987

Elisabeth Kremp and Jacques Mairesse

3664: Wage Bargaining and Unemployment Persistence

Olivier Blanchard

3663: Why Are There So Many Divided Senate Delegations?

Alberto Alesina, Morris Fiorina and Howard Rosenthal

3662: Targeting the Exchange Rate: An Empirical Investigation

Shula Pessach and Assaf Razin

3661: Political-Economy Arguments for a Uniform Tariff

Arvind Panagariya and Dani Rodrik

3660: The Earnings of Linguistic Minorities: French in Canada and Spanish in the United States

David Bloom and Gilles Grenier

3659: The Distribution of Family Income: Measuring and Explaining Changes in the 1980s for Canada and the United States

McKinley Blackburn and David Bloom

3658: Fiscal Deficits, Public Debt and Government Solvency: Evidence from OECD Countries

Giancarlo Corsetti and Nouriel Roubini

3657: Testing the Imports-as-Market-Discipline Hypothesis

James Levinsohn

3656: International VAT Harmonization: Economic Effects

Jacob A. Frenkel, Assaf Razin and Steve Symansky

3655: The Effect of the New Minimum Wage Law in a Low-Wage Labor Market

Lawrence Katz and Alan Krueger

3654: Debt Concentration and Secondary Markets Prices: A Theoretical and Empirical Analysis

Raquel Fernandez and Sule Ozler

3653: The Staying Power of Leveraged Buyouts

Steven Kaplan

3652: Information, Finance, and Markets: The Architecture of Allocative Mechanisms

Bruce C. Greenwald and Joseph Stiglitz

3651: Stochastic Equilibrium and Exchange Rate Determination in a Small Open Economy with Risk Averse Optimizing Agents

Earl L. Grinols and Stephen J Turnovsky

3650: Externalities, Incentives and Failure to Achieve National Objectives in Decentralized Economies

Joshua Aizenman and Peter Isard

3649: Tax Policy to Combat Global Warming: On Designing a Carbon Tax

James Poterba

3648: Efficient and Inefficient Employment Outcomes: A Study Based on Canadian Data

Louis Christofides and Andrew Oswald

3647: Work Incentives and the Demand for Primary and Contingent Labor

James Rebitzer and Lowell Taylor

3646: Why are Prices Sticky? Preliminary Results from an Interview Study

Alan Blinder

3645: The Enforceability of Private Money Contracts, Market Efficiency, and Technological Change

Gary Gorton

3644: Exchange Rate Volatility and International Prices

Robert Feenstra and Jon D. Kendall

3643: Measuring Risk Aversion From Excess Returns on a Stock Index

Ray Chou, Robert Engle and Alex Kane

3642: Price Equilibrium, Efficiency, and Decentralizability in Insurance Markets

Richard Arnott and Joseph Stiglitz

3641: The Invisible Hand and Modern Welfare Economics

Joseph Stiglitz

3640: Actual and Warranted Relations Between Asset Prices

Andrea E. Beltratti and Robert Shiller

3639: Nursing Home Discharges and Exhaustion of Medicare Benefits

Alan M. Garber and Thomas E. MaCurdy

3638: Shareholder Trading Practices and Corporate Investment Horizons

Kenneth Froot, Andre F. Perold and Jeremy Stein

3637: Persistent Differences in National Productivity Growth Rates with A Com-mon Technology and Free Capital Mobility: The Roles of Private Thrift

Willem Buiter and Kenneth Kletzer

3636: Currency Substitution and the Fluctuations of Foreign-Exchange Reserves with Credibly Fixed Exchange Rates

Alberto Giovannini

3635: Why Do Countries and Industries with Large Seasonal Cycles Also Have Large Business Cycles?

J. Joseph Beaulieu, Jeffrey Mackie-Mason and Jeffrey Miron

3634: Decoupling Liability: Optimal Incentives for Care and Litigation

A. Mitchell Polinsky and Yeon-Koo Che

3633: Asset Returns and Intertemporal Preferences

Shmuel Kandel and Robert Stambaugh

3632: Is the Fisher Effect for Real? A Reexamination of the Relationship Between Inflation and Interest Rates

Frederic Mishkin

3631: Habit Persistence and Durability in Aggregate Consumption: Empirical Tests

Wayne Ferson and George Constantinides

3630: Lump-Sums, Profit Sharing, and the Labor Costs in the Union Sector

Linda A. Bell and David Neumark

3629: Multiple Equilibria and Persistence in Aggregate Fluctuations

Steven Durlauf

3628: Decomposing the Welfare Costs of Capital Tax Distortions: The Importance of Risk Assumptions

Bob Hamilton, Jack Mintz and John Whalley

3627: Internal Quota Allocation Schemes and the Costs of the MFA

Irene Trela and John Whalley

3626: Recent U.S. Investment Behavior and the Tax Reform Act of 1986: A Disaggregate View

Alan Auerbach and Kevin Hassett

3625: Product Demand, Cost of Production, Spillovers, and the Social Rate of Return to R&D

Jeffrey Bernstein and M. Ishaq Nadiri

3624: Updated Estimates of the Impact of Prenatal Care on Birthweight Outcomes by Race

Richard G. Frank, Donna Strobino, David Salkever and Catherine A. Jackson

3623: Foreign Direct Investment in the U.S. and U.S. Trade

Robert Lipsey

3622: Quality and Trade

Kevin Murphy and Andrei Shleifer

3621: The Genesis of Inflation and the Costs of Disinflation

Laurence Ball

3620: Reducing the Risk of Economic Crisis

Martin Feldstein

3619: Tax Policy and Business Fixed Investment in the United States

Alan Auerbach and Kevin Hassett

3618: Asset Sales and Debt Capacity

Andrei Shleifer and Robert Vishny

3617: Window Dressing by Pension Fund Managers

Josef Lakonishok, Andrei Shleifer, Richard Thaler and Robert Vishny

3616: Capital Formation in Latin America

Eliana Cardoso

3615: Host Country Benefits of Foreign Investment

Magnus Blomstrom

3614: Internal Currency Markets and Production in the Soviet Union

Linda Goldberg and Ildar Karimov

3613: Speculative Behavior in the Stock Markets: Evidence from the United States and Japan

Robert Shiller, Fumiko Kon-Ya and Yoshiro Tsutsui

3612: Was there a bubble in the 1929 Stock Market?

Peter Rappoport and Eugene White

3611: A Model of the Political Economy of the United States

Alberto Alesina, John Londregan and Howard Rosenthal

3610: New Goods and Index Numbers: U.S. Import Prices

Robert Feenstra

3609: Investor Diversification and International Equity Markets

Kenneth French and James Poterba

3608: The Fertility of Immigrant Women: Evidence from High Fertility Source Countries

Francine Blau

3607: Cities in Space: Three Simple Models

Paul Krugman

3606: Agricultural Productivity, Comparative Advantage and Economic Growth

Kiminori Matsuyama

3605: Reconciling the Pattern of Trade with the Pattern of Migration

James Rauch

3604: Government Revenue from Financial Repression

Alberto Giovannini and Martha de Melo

3603: Destabilizing Effects of Exchange-Rate Escape Clauses

Maurice Obstfeld

3602: Intertemporal Labor Supply: An Assessment

David Card

3601: Target Zones Big and Small

Francisco Delgado and Bernard Dumas

3600: Trade Reforms, Credibility, and Development

Joshua Aizenman

3599: Is Inequality Harmful for Growth? Theory and Evidence

Torsten Persson and Guido Tabellini

3598: How Regional Differences in Taxes and Public Goods Distort Life Cycle Location Choices

Laurence Kotlikoff and Bernd Raffelhueschen

3597: Alexander Hamilton's Market Based Debt Reduction Plan

Peter Garber

3596: Macroeconomic Aspects of German Unification

Hans-Werner Sinn

3595: Money, Interest and Prices

Stanley Fischer

3594: International Trade with Endogenous Technological Change

Luis Rivera-Batiz and Paul Romer

3593: The Effects of Pensions and Retirement Policies on Retirement in Higher Education

Alan Gustman and Thomas L. Steinmeier

3592: The Changing Fortunes of FHA's Mutual Mortgage Insurance Fund and the Legislative Response

Patric Hendershott and James A. Waddell

3591: Volatility Tests and Efficient Markets: A Review Essay

John Cochrane

3590: International Accounting Diversity: Does it Impact Market Participants?

Frederick D.S. Choi and Richard M. Levich

3589: Generational Accounts - A Meaningful Alternative to Deficit Accounting

Alan Auerbach, Jagadeesh Gokhale and Laurence Kotlikoff

3588: Equilibrium in Competitive Insurance Markets with Moral Hazard

Richard Arnott and Joseph Stiglitz

3587: Employer Size and Dual Labor Markets

James Rebitzer and Michael Robinson

3586: Precautionary Motives for Holding Assets

Miles Kimball

3585: From Inertia to Megainflation: Brazil in the 1980s

Eliana Cardoso

3584: Price-Cost Margins, Exports and Productivity Growth: With an Application to Canadian Industries

Jeffrey Bernstein and Pierre Mohnen

3583: Should the Holding Period Matter for the Intertemporal Consumption-BasedCAPM?

Karen Lewis

3582: Assessing the Productivity of Information Technology Equipment in U.S. Manufacturing Industries

Catherine Morrison Paul and Ernst R. Berndt

3581: Human Capital, Technology, and the Wage Structure: What Do Time Series Show?

Jacob Mincer

3580: Methodological Issues and the New Keynesian Economics

Joseph Stiglitz

3579: Is Europe an Optimum Currency Area?

Barry Eichengreen

3578: Is the Gasoline Tax Regressive?

James Poterba