NBER Working Papers

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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

2906: Market Value Vs. Financial Accounting Measures of National Saving

David Bradford

2905: Pricing to Market in Japanese Manufacturing

Richard C. Marston

2904: Asymmetries in Policy Between Exportables and Import-Competing Goods

Anne O. Krueger

2903: Testable Implications of Indeterminacies in Models with Rational Expectations

Robert Flood and Robert Hodrick

2902: The Term Structure of Interest Rates and the Effects of Macroeconomic Policy

Stephen J Turnovsky

2901: The Impact of R&D Investment On Productivity - New Evidence Using Linked R&D-LRD Data

Frank Lichtenberg and Donald Siegel

2900: Tax Reform and the Market For Tax-Exempt Debt

James Poterba

2899: Taxes and Capital Formation: How Important is Human Capital?

James Davies and John Whalley

2898: Black-White Differences in Wealth and Asset Composition

Francine Blau and John Graham

2897: Social Conflict and Populist Policies in Latin America

Jeffrey D. Sachs

2896: Effects of Family and Community Background on Men's Economic Status

Mary Corcoran, Roger Gordon, Deborah Laren and Gary Solon

2895: The Effect of Takeovers on the Employment and Wages of Central-Office and Other Personnel

Frank Lichtenberg and Donald Siegel

2894: Exchange Rate Volatility and Misalignment: Evaluating Some Proposals for Reform

Jacob A. Frenkel and Morris Goldstein

2893: Empirical Implications of Alternative Models of Firm Dynamics

Ariel Pakes and Richard Ericson

2892: The American Way of Aging: An Event History Analysis

David T. Ellwood and Thomas J. Kane

2891: The Variability of Velocity in Cash-In-Advance Models

Robert Hodrick, Narayana Kocherlakota and Deborah Lucas

2890: Conditional Mean-Variance Efficiency of the U.S. Stock Market

Charles Engel, Jeffrey Frankel, Kenneth Froot and Anthony Rodrigues

2889: Financial Factors in Economic Development

Rüdiger Dornbusch and Alejandro Reynoso

2888: Real Wages Over The Business Cycle

Robert Barsky and Gary Solon

2887: Developing Country Borrowing and Domestic Wealth

Mark Gertler and Kenneth Rogoff

2886: Recent Trends in Housing Conditions Among the Urban Poor

Rebecca Blank and Harvey Rosen

2885: The Extent of Measurement Error In Longitudinal Earnings Data: Do Two Wrongs Make A Right?

John Bound and Alan Krueger

2884: Measurement Error In Cross-Sectional and Longitudinal Labor Market Surveys: Results From Two Validation Studies

John Bound, Charles Brown, Greg Duncan and Willard L. Rodgers

2883: Empirical Research on Trade Liberalization With Imperfect Competition: A Survey

J. David Richardson

2882: Real Business Cycles: A New Keynesian Perspective

N. Gregory Mankiw

2881: Policy Analysis With a Multicountry Model

John Taylor

2880: Positive Feedback Investment Strategies and Destabilizing Rational Speculation

J. Bradford De Long, Andrei Shleifer, Lawrence Summers and Robert Waldmann

2879: Is the Bank of Japan a Closet Monetarist? Monetary Targeting in Japan, 1978-1988

Takatoshi Ito

2878: Price and Output Adjustment in Japanese Manufacturing

William Branson and Richard C. Marston

2877: The Production Smoothing Model is Alive and Well

Ray Fair

2876: Cost-Reducing and Demand-Creating R&D With Spillovers

Richard C. Levin and Peter C. Reiss

2875: The Size and Incidence of the Losses from Noise Trading

J. Bradford De Long, Andrei Shleifer, Lawrence Summers and Robert Waldmann

2874: School District Leave Policies, Teacher Absenteeism, and Student Achievement

Ronald Ehrenberg, Randy A. Ehrenberg, Daniel Rees and Eric L. Ehrenberg

2873: International Effects of Tax Reforms

Jacob A. Frenkel and Assaf Razin

2872: Private Sector Training and its Impact on the Earnings of Young Workers

Lisa Lynch

2871: Recent Trends in Insured and Uninsured Unemployment: Is There an Explanation?

Rebecca Blank and David Card

2870: The Employer Size-Wage Effect

Charles Brown and James Medoff

2869: Dynamic Seigniorage Theory: An Exploration

Maurice Obstfeld

2868: Inward Versus Outward Growth Orientation in the Presence of Country Risk

Joshua Aizenman

2867: Dealing With Debt: The 1930s and the 1980s

Barry Eichengreen and Richard Portes

2866: Devaluation Crises and the Macroeconomic Consequences of Postponed Adjustment in Developing Countries

Sebastian Edwards and Peter Montiel

2865: Facts and Factors in the Recent Evolution of Business Cycles in the United States

Victor Zarnowitz

2864: Adverse Selection in Credit Markets and Infant Industry Protection

Harry Flam and Robert Staiger

2863: Integration of the International Capital Markets: The Size of Government and Tax Coordination

Assaf Razin and Efraim Sadka

2862: Unemployment, Inflation, and Wages in the American Depression: Are There Lessons for Europe?

Ben Bernanke and Martin Parkinson

2861: Choosing Among Alternative Nonexperimental Methods for Estimating the Impact of Social Programs: The Case of Manpower Training

James Heckman

2860: The Impact of Government on the Economic Status of Black Americans

James Heckman

2859: But They Don't Want to Reduce Housing Equity

Steven Venti and David Wise

2858: Employment, Unemployment and Demand Shifts in Local Labor Markets

Harry Holzer