NBER Working Papers

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3006: Government Relief for Risk Associated with Government Action

Louis Kaplow

3005: Legal Advice about Acts Already Commited

Louis Kaplow and Steven Shavell

3004: Building Blocks of Market Clearing Business Cycle Models

Kevin Murphy, Andrei Shleifer and Robert Vishny

3003: The Euromarkets after 1992

Richard M. Levich

3002: The Impact of a Ban on Legalized Abortion on Adolescent Childbearing in New York City

Ted Joyce and Naci Mocan

3001: Data-Snooping Biases in Tests of Financial Asset Pricing Models

Andrew Lo and A. Craig MacKinlay

3000: Do Managerial Objectives Drive Bad Acquisitions?

Randall Morck, Andrei Shleifer and Robert Vishny

2999: Policy Uncertainty and Private Investment in Developing Countries

Dani Rodrik

2998: Stochastic Process Switching: Some Simple Solutions

Kenneth Froot and Maurice Obstfeld

2997: Self-Reported vs. Objective Measures of Health in Retirement Models

John Bound

2996: Optimal Taxation with Costly Enforcement and Evasion

Louis Kaplow

2995: Tying, Foreclosure, and Exclusion

Michael Whinston

2994: Corporate Savings and Shareholder Consumption

Alan Auerbach and Kevin Hassett

2993: Unraveling the Productivity Growth Slowdown in the U.S., Canada and Japan: The Effects of Subequilibrium, Scale Economies and Markup

Catherine Morrison Paul

2992: The Sources of Fluctuations in Aggregate Inventories and GNP

Kenneth West

2991: Why do World War II Veterans Earn More Than Nonveterans?

Alan Krueger and Joshua Angrist

2990: Did ACRS Really Cause Stock Prices to Fall?

Andrew Lyon

2989: Municipal Construction Spending: An Empirical Examination

Douglas Holtz-Eakin and Harvey Rosen

2988: Sleep and the Allocation of Time

Jeff Biddle and Daniel Hamermesh

2987: Why Do Multinational Firms Seek Out Joint Ventures?

Magnus Blomstrom and Mario Zejan

2986: Macroeconomic Populism in Latin America

Rüdiger Dornbusch and Sebastian Edwards

2985: Indexes of United States Stock Prices From 1802 to 1987

G. Schwert

2984: Long-term Memory in Stock Market Prices

Andrew Lo

2983: Changes in the Structure of Wages During the 1980's: An Evaluation of Alternative Explanations

John Bound and George Johnson

2982: New Classicals and Keynesians, or the Good Guys and the Bad Guys

Robert Barro

2981: Sovereign-Debt Renegotiations Revisted

Raquel Fernandez and Robert Rosenthal

2980: The Scope for Collusive Behavior Among Debtor Countries

Raquel Fernandez and Jacob Glazer

2979: Incentives, Information, and Organizational Design

Joseph Stiglitz

2978: Measuring Nontariff Trade Policies

Robert Baldwin

2977: When are Contrarian Profits Due to Stock Market Overreaction?

Andrew Lo and A. Craig MacKinlay

2976: Macroeconomic Implications of Production Bunching

Russell Cooper and John Haltiwanger

2975: Dividends, Capital Gains, and the Corporate Veil: Evidence from Britain, Canada, and the United States

James Poterba

2974: Patents, Appropriate Technology, and North-South Trade

Ishac Diwan and Dani Rodrik

2973: Research and Development As An Investment

Bronwyn Hall and Fumio Hayashi

2972: Is Bilateralism Bad?

Paul Krugman

2971: History Vs. Expectations

Paul Krugman

2970: Growth and Welfare in A Small Open Economy

Gene Grossman and Elhanan Helpman

2969: High Tech Firms in Israeli Industry

Arie Bregman, Melvyn Fuss and Haim Regev

2968: Layoffs and Lemons

Robert Gibbons and Lawrence Katz

2967: Labor Market Dynamics When Unemployment Is A Worker Discipline Device

Miles Kimball

2966: Does Monetary Policy Matter? A New Test in the Spirit of Friedman and Schwartz

Christina Romer and David Romer

2965: Trade Liberalization in General Equilibrium: Intertemporal and Inter-Industry Effects

Lawrence H. Goulder and Barry Eichengreen

2964: Non-Neutral Taxation and the Efficiency Gains of the 1986 Tax Reform Act - - A New Look

Jane Gravelle

2963: Crumbling Pillar? Declining Union Density in Japan

Richard Freeman and Marcus Rebick

2962: The Long-Run Impact on Federal Tax Revenues and Capital Allocation of A Cut in the Capital Gains Tax Rate

Patric Hendershott and Yunhi Won

2961: Markets and Development

Joseph Stiglitz

2960: An Econometric Analysis of Nonsynchronous Trading

Andrew Lo and A. Craig MacKinlay

2959: Tariffs with Private Information and Reputation

Richard Jensen and Marie Thursby

2958: Foreign Investment and Technology Transfer: A Simple Model

Magnus Blomstrom and Jian-Ye Wang

2957: Business Cycles, Financial Crises, and Stock Volatility

G. Schwert

2956: Heteroskedasticity in Stock Returns

G. Schwert and Paul J. Seguin

2955: Alternative Models For Conditional Stock Volatility

Adrian Pagan and G. Schwert

2954: Stock Volatility and the Crash of '87

G. Schwert

2953: Birth, Death and Taxes

Andrew Abel

2952: Experimental Assessment of the Effect of Vocational Training on Youthful Property Offenders

Pamela K. Lattimore, Ann Dryden Witte and Joanna R. Baker

2951: The Sources and Nature of Long-term Memory in the Business Cycle

Joseph Haubrich and Andrew Lo

2950: Real Exchange Rates in the Developing Countries: Concepts and Measure- ment

Sebastian Edwards

2949: Long-run Income and Interest Elasticities of Money Demand in the United States

Dennis Hoffman and Robert Rasche

2948: Wage Indexation and Time-Consistent Monetary Policy

Laurence Ball and Stephen Cecchetti

2947: Equilibrium Exchange Rate Hedging

Fischer Black

2946: Mean Reversion and Consumption Smoothing

Fischer Black

2945: Financial Market Imperfections and Productivity Growth

Bruce C. Greenwald and Joseph Stiglitz

2944: Relative Performance Evaluation for Chief Executive Officers

Robert Gibbons and Kevin J. Murphy

2943: Adjustment and Income Distribution: A Counterfactual Analysis

François Bourguignon, William Branson and Jaime de Melo

2942: How Strong are Bequest Motives? Evidence Based on Estimates of the Demand for Life Insurance and Annuities

B. Douglas Bernheim

2941: Markup Behavior in Durable and Nondurable Manufacturing: A production Theory Approach

Catherine Morrison Paul

2940: Capital Controls and the Real Exchange Rate

Sweder van Wijnbergen

2939: Signalling, Wage Controls and Monetary Disinflation Policy

Torsten Persson and Sweder van Wijnbergen

2938: Toward a Theory of Rigidities

Bruce C. Greenwald and Joseph Stiglitz

2937: The Competitive Externalities and the Optimal Seignorage

Joshua Aizenman

2936: Bounds on the Variances of Specification Errors in Models with Expectations

Steven Durlauf and Robert Hall

2935: The Pension Cost of Changing Jobs

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

2934: Simple Rules, Discretion and Monetary Policy

Robert Flood and Peter Isard

2933: Technological Characteristics of Industries and the Competitiveness of the U.S. and its Multinational Firms

Irving B. Kravis and Robert Lipsey

2932: Economic Capacity Utilization and Productivity Measurement for Multi-product firms with multiple quasi-fixed inputs

Ernst R. Berndt and Melvyn A. Fuss

2931: Coming Home to America: Dividend Repatriations by U.S. Multinationals

James Hines and Robert Hubbard

2930: Perishable Investment and Hysteresis in Capital Formation

Bernard Dumas

2929: Simulating the Effects of Some Simple Coordinated versus Uncoordinated Policy

Jacob A. Frenkel, Morris Goldstein and Paul Masson

2928: The Demand for Lottery Products

Charles Clotfelter and Philip J Cook

2927: International Spillovers of Taxation

Jacob A. Frenkel, Assaf Razin and Steve Symansky

2926: Confidence Crises and Public Debt Management

Francesco Giavazzi and Marco Pagano

2925: The Stock Market and Investment

Robert Barro

2924: Consumption, Income, and Interest Rates: Reinterpreting the Time Series Evidence

John Campbell and N. Gregory Mankiw

2923: The Internationalization of Production

Robert Lipsey

2922: Patents: Recent Trends and Puzzles

Zvi Griliches

2921: The Local Decision to Tax: Evidence from Large U.S. Cities

Robert P. Inman

2920: Vertical Foreclosure and International Trade Policy

Barbara Spencer and Ronald Jones

2919: Government Spending and Budget Deficits in the Industrial Economies

Nouriel Roubini and Jeffrey Sachs

2918: The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates

Robert Flood and Peter Garber

2917: Pensions as Retirement Income Insurance

Zvi Bodie

2916: Strategic Trade Policy When Domestic Firms Compete Against Vertically Integrated Rivals

Dani Rodrik and Chang-Ho Yoon

2915: Public Sector Bargaining and the Local Budgetary Process

Joseph Gyourko and Joseph Tracy

2914: Exchange Rates and Foreign Direct Investment: An Imperfect Capital Markets Approach

Kenneth Froot and Jeremy Stein

2913: Endogenous Product Cycles

Gene Grossman and Elhanan Helpman

2912: Understanding Investment Incentives Under Parallel Tax Systems: An Application to the Alternative Minimum Tax

Andrew Lyon

2911: Sunk-Cost Hysteresis

Richard Baldwin

2910: Transmission of Volatility Between Stock Markets

Mervyn A. King and Sushil Wadhwani

2909: The International Monetary Fund and the Developing Countries: A Critical Evaluation

Sebastian Edwards

2908: Openness, Outward Orientation, Trade Liberalization and Economic Performance in Developing Countries

Sebastian Edwards

2907: Terms of Trade Disturbances, Real Exchange Rates and Welfare: The Role of Capital Controls and Labor Market Distortions

Sebastian Edwards and Jonathan Ostry