NBER Working Papers

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2436: Permanent Income, Current Income, and Consumption

John Campbell and N. Gregory Mankiw

2435: The Real Exchange Rate and Employment in U.S. Manufacturing: State and Regional Results

William Branson and James P. Love

2434: Macroeconomic Effects of Price Controls: The Role of Market Structure

Elhanan Helpman

2433: The Effect of Mental Distress on Income: Results from a Community Survey

Richard G. Frank and Paul Gertler

2432: The Equilibrium and Optimal Timing of Price Changes

Laurence Ball and David Romer

2431: Credible Commitment and Exchange Rate Stability: Canada's Interwar Experience

Michael Bordo and Angela Redish

2430: Tax Neutrality and Intangible Capital

Don Fullerton and Andrew Lyon

2429: Risk, Uncertainty and Exchange Rates

Robert Hodrick

2428: Equilibrium Political Budget Cycles

Kenneth Rogoff

2427: Federal Deductibility and Local Property Tax Rates

Douglas Holtz-Eakin and Harvey Rosen

2426: Pensions, Efficiency Wages, and Job Mobility

Alan Gustman and Thomas L. Steinmeier

2425: Inventories and the Propagation of Sectoral Shocks

Russell Cooper and John Haltiwanger

2424: Adjustment in the World Economy

Paul Krugman

2423: The Learning Curve and Optimal Production Under Uncertainty

Saman Majd and Robert Pindyck

2422: Bank Financing and Investment Decisions with Asymmetric Information

Deborah Lucas and Robert L. McDonald

2421: Bank Portfolio Choice with Private Information About Loan Quality: Theory and Implications for Regulation

Deborah Lucas and Robert L. McDonald

2420: Import Competition and the Stock Market Return to Capital

Gene Grossman and James Levinsohn

2419: Have Productivity Levels Converged? Productivity Growth, Convergence, and Welfare in the Very Long Run

J. Bradford De Long

2418: The Costs of Conflict Resolution and Financial Distress: Evidence from the Texaco-Pennzoil Litigation

David Cutler and Lawrence Summers

2417: Trade in Nominal Assets: Monetary Policy, and Price Level and Exchange Rate Risk

Lars Svensson

2416: Commitment and the Modern Union: Assessing the Link Between Premarital Cohabitation and Subsequent Marital Stability

Neil G. Bennett, Ann Klimas Blanc and David Bloom

2415: The Importance of Gifts and Inheritances Among the Affluent

Michael Hurd and Gabriela Mundaca

2414: Worker Knowledge of Pension Provisions

Olivia Mitchell

2413: Seigniorage, Operating Rules and the High Inflation Trap

Michael Bruno and Stanley Fischer

2412: The Equilibrium and Optimal Timing of Price Changes

Laurence Ball and David Romer

2411: The Marginal Value of Social Security

Michael Hurd

2410: Investment, Openness, and Country Risk

Joshua Aizenman

2409: Prospects for Liberalizing the International Trading System

Anne O. Krueger

2408: United States-Japan Economic Relations

Rachel McCulloch

2407: Transactions Costs and Internal Labor Markets

Sherwin Rosen

2406: Economic Incentives and Political Institutions: Spending and Voting in School Budget Agenda

Thomas Romer, Howard Rosenthal and Vincent Munley

2405: The Political Economy of Fiscal Policy

Daniel E. Ingberman and Robert P. Inman

2404: Energy, Obsolescence, and the Productivity Slowdown

Charles R. Hulten, James W. Robertson and Frank C. Wykoff

2403: Trade in Risky Assets

Lars Svensson

2402: What Do We Know About Worker Displacement in the U.S.?

Daniel Hamermesh

2401: Heteroskedasticity-Consistent Estimation of the Variance-Covariance Matrix for the Almost Ideal Demand System

Melvyn A. Fuss

2400: Can Futures Market Data Be Used to Understand the Behavior of Real Interest Rates?

Frederic Mishkin

2399: Contraction and Expansion: The Divergence of Private Sector and Public Sector Unionism in tht U.S

Richard Freeman

2398: Israel's Stabilization: A Two-Year Review

Michael Bruno and Sylvia Piterman

2397: Disaggregating the Effect of the Business Cycle on the Distribution of Income

Rebecca Blank

2396: Why are Wages Cyclical in the 1970's?

Rebecca Blank

2395: The Economic Consequences of Noise Traders

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

2394: Til Debt Do Us Part: The U.S. Capital Market and Foreign Lending, 1920-1955

Barry Eichengreen

2393: Prices of Single Family Homes Since 1970: New Indexes for Four Cities

Karl Case and Robert Shiller

2392: Asset Accumulation, Information, and the Life Cycle

Mervyn A. King and Jonathan I. Leape

2391: How Much Care Do the Aged Receive from Their Children? A Bimodal Picture of Contact and Assistance

Laurence Kotlikoff and John N. Morris

2390: U.S. and Swedish Direct Investment and Exports

Magnus Blomstrom, Robert Lipsey and Ksenia Kulchycky

2389: Fiscal Policies and the Stock Market: International Dimensions

Assaf Razin

2388: Dynamic Behavior of Imperfectly Competitive Economies with Multiple Equilibria

Russell Cooper

2387: Financing Constraints and Corporate Investment

Steven Fazzari, Robert Hubbard and Bruce Petersen

2386: Imperfect Competition and the Keynesian Cross

N. Gregory Mankiw

2385: Order Backlogs and Production Smoothing

Kenneth West

2384: The Impact of Monetary Targeting in the United States: 1976-1984

Carl Walsh

2383: Consumption Risk and International Asset Returns: Some Empirical Evidence

Robert Cumby

2382: Social Security Reforms and Poverty Among Older Dual-Earner Couples

Olivia Mitchell

2381: The Regularity of Business Cycles

Victor Zarnowitz

2380: Is it Risk? Explaining Deviations from Uncovered Interest Parity

Robert Cumby

2379: Debt Problems and the World Macro Economy

Rüdiger Dornbusch

2378: Argentina: Debt and Macroeconomic Instability

Rüdiger Dornbusch and Juan de Pablo

2377: The Interaction Between Capital Investment and R&D in Science-Based Firms

Saul Lach and Mark Schankerman

2376: Finanial Policy and Speculative Runs with a Crawling Peg: Argentina 1979-1981

Robert Cumby and Sweder van Wijnbergen

2375: Household Formation and Home Ownership: The Impacts of Demographics andTaxes

Patric Hendershott

2374: Negotiated Trade Restrictions with Private Political Pressure

Robert Feenstra and Tracy Lewis

2373: Resolving the International Debt Crisis

Stanley Fischer

2372: Open Economy Macroeconomics: New Directions

Rüdiger Dornbusch

2371: Exchange Rates and U.S. Auto Competitiveness

J. David Richardson

2370: Market Power and Exchange Rate Adjustment in the Presence of Quotas

Joshua Aizenman

2369: Asset Pricing and Optimal Portfolio Choice in the Presence of Illiquid Durable Consumption Goods

Sanford Grossman and Guy Laroque

2368: Returns to Seniority in Union and Nonunion Jobs: A New Look at the Evidence

Katharine Abraham and Henry S. Farber

2367: Recent Estimates of Time-Variation in the Conditional Variance and in the Exchange Risk Premium

Jeffrey Frankel

2366: Firm Characteristics, Unanticipated Inflation, and Stock Returns

Douglas Pearce and V. Vance Roley

2365: Tariffs, the Real Exchange Rate and the Terms of Trade: On Two Popular Propositions in International Economics

Sebastian Edwards and Sweder van Wijnbergen

2364: On the Interpretation of Near Random-Walk Behavior in GNP

Kenneth West

2363: New Hope for the Expectations Hypothesis of the Term Structure of Interest Rates

Kenneth Froot

2362: Tests of Excess Forecast Volatility in the Foreign Exchange and Stock Markets

Kenneth Froot

2361: The Evolution of Public Sector Bargaining Laws

Henry S. Farber

2360: Seasonality, Cost Shocks, and the Production Smoothing Model of Inventories

Jeffrey Miron and Stephen Zeldes

2359: Integrated Regressors and Tests of the Permanent Income Hypothesis

James Stock and Kenneth West

2358: Credibility, Real Interest Rates, and the Optimal Speed of Trade Liberalization

Kenneth Froot

2357: An Analysis of the Implications for Stock and Futures Price Volatility of Program Trading and Dynamic Hedging Strategies

Sanford Grossman

2356: Employee Crime, Monitoring, and the Efficiency Wage Hypothesis

William T. Dickens, Lawrence Katz, Kevin Lang and Lawrence Summers

2355: Taxes, Budget Deficits ad Consumer Spending: Some New Evidence

Martin Feldstein and Douglas Elmendorf

2354: An Overlapping Generations Model of Electoral Competition

Alberto Alesina and Stephen Spear

2353: The Marginal Excess Burden of Different Capital Tax Instruments

Don Fullerton and Yolanda K. Henderson

2352: Government Saving, Capital Formation and Wealth in the United States, 1947-1985

Michael J. Boskin, Marc S. Robinson and Alan M. Huber

2351: Arbitrator Behavior in Public Sector Wage Disputes

David Bloom

2350: A Goodness of Fit Test of Dual Labor Market Theory

William T. Dickens and Kevin Lang

2349: Imputing Corporate Tax Liabilities to Individual Taxpayers

Martin Feldstein

2348: Exchange Controls, Devaluations and Real Exchange Rates: The Latin American Experience

Sebastian Edwards

2347: One Share/One Vote and the Market for Corporate Control

Sanford Grossman and Oliver Hart

2346: A Cost-Effectiveness Analysis of Strategies to Reduce Infant Mortality

Hope Corman, Ted Joyce and Michael Grossman

2345: The ECU - An Imaginary or Embryonic Form of Money: What Can We Learn from History?

Michael Bordo and Anna Schwartz

2344: The Worldwide Change in the Behavior of Interest Rates and Prices in 1914

Robert Barsky, N. Gregory Mankiw, Jeffrey Miron and David Weil

2343: Mean Reversion in Stock Prices: Evidence and Implications

James Poterba and Lawrence Summers

2342: Breach of Trust in Hostile Takeovers

Andrei Shleifer and Lawrence Summers

2341: The Term Structure of Interest Rates

Robert Shiller and J. Huston McCulloch

2340: Interest-Only/Principal-Only Mortgage-Backed Strips: A Valuation and Risk Analysis

Alan Marcus and Arnold Kling

2339: Sources of Macroeconomic Imbalances in the World Economy: A Simulation Approach

Jeffrey D. Sachs and Nouriel Roubini

2338: Household Dissolution and the Choice of Alternative Living Arrangements Among Elderly Americans

Axel Borsch-Supan

2337: The Effects of Technological Change on Earnings and Income Inequality inthe United States

McKinley Blackburn and David Bloom