NBER Working Papers

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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

3706: Equalizing Exchange: A Study of the Effects of Trade Liberalization

Dan Ben-David

3705: The Company You Keep: The Effects of Family and Neighborhood on Disadvantaged Youths

Anne Case and Lawrence Katz

3704: The Decline in Black Teenage Labor Force Participation in the South, 1900-1970: The Role of Schooling

Robert Margo and T. Aldrich Finegan

3703: Privatization in East European Transformation

Stanley Fischer

3702: Growth, Macroeconomics, and Development

Stanley Fischer

3701: The Socioeconomic Consequences of Teen Childbearing Reconsidered

Arline T. Geronimus and Sanders Korenman

3700: Incentives, Optimality, and Publicly Provided Goods: The Case of Mental Health Services

Richard Frank and Martin Gaynor

3699: The Effect of Social Security on Labor Supply: A Cohort Analysis of the Notch Generation

Alan Krueger and Jorn-Steffen Pischke

3698: From Centrally-Planned to Market Economies: The Road from CPE to PCPE

Guillermo Calvo and Jacob A. Frenkel

3697: Productivity, Market Power and Capacity Utilization When Spot Markets are Complete

Benjamin Eden and Zvi Griliches

3696: Information and the Scope of Liability for Breach of Contract: The Rule of Hadley V. Baxendale

Lucian Bebchuk and Steven Shavell

3695: The Evolution of Buyout Pricing and Financial Structure

Steven Kaplan and Jeremy Stein

3694: Unemployment and Infant Health: Times-Series Evidence from the State of Tennessee

Ted Joyce and Naci Mocan

3693: Omitted-Ability Bias and the Increase in the Return to Schooling

McKinley Blackburn and David Neumark

3692: Bequest Taxes and Accumulation of Household Wealth: U.S. - Japan Comparison

Thomas A. Barthold and Takatoshi Ito

3691: Immigration Policy, National Origin, and Immigrant Skills: A Comparison of Canada and the United States

George Borjas

3690: Japan's High Saving Rate Reaffirmed

Robert Dekle and Lawrence Summers

3689: Money versus Credit Rationing: Evidence for the National Banking Era, 1880-1914

Michael Bordo, Peter Rappoport and Anna Schwartz

3688: Pensions, Bonding, and Lifetime Jobs

Steven Allen, Robert L. Clark and Ann A. McDermed

3687: Trading, Communication and the Response of Price to New Information

Gary Gorton and James Dow

3686: Monetary Economics: A Review Essay

Herschel Grossman

3685: Expected and Predicted Realignments: The FF/DM Exchange Rate During the EMS

Andrew Rose and Lars Svensson

3684: The EMS, the EMU, and the Transition to a Common Currency

Kenneth Froot and Kenneth Rogoff

3683: Do Exchange Auctions Work? An Examination of the Bolivian Experience

Kathryn Dominguez

3682: Time-Varying Volatility and the Dynamic Behavior of the Term Structure

Robert Engle and Victor K. Ng

3681: Measuring and Testing the Impact of News on Volatility

Robert Engle and Victor K. Ng

3680: Endogenous Capital Utilization and Productivity Measurement in Dynamic Factor Demand Models: Theory and an Application to the U.S. Electrical

Ingmar Prucha and M. Ishaq Nadiri

3679: Trade Liberalization in a Multinational-Dominated Industry: A Theoretical and Applied General-Equilibrium Analysis

Linda Hunter, James Markusen and Thomas Rutherford

3678: Purchased Services, Outsourcing, Computers, and Productivity in Manufacturing

Donald Siegel and Zvi Griliches

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