NBER Working Papers

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2222: The Effect of Economic Events on Votes for President: 1984 Update

Ray Fair

2221: Relative Wage Variability in the United States, 1860-1983

Steven Allen

2220: Smuggler's Blues at the Central Bank: Lessons from Sudan

William Branson and Jorge Braga de Macedo

2219: Discounting Rules for Risky Assets

Stewart C. Myers and Richard S. Ruback

2218: The United States and Foreign Competition in Latin America

Sebastian Edwards

2217: Have IRAs Increased U.S. Saving?: Evidence from Consumer Expenditure Surveys

Steven Venti and David Wise

2216: Short-term and Long-Term Expectations of the Yen/Dollar Exchange Rate: Evidence from Survey Data

Jeffrey Frankel and Kenneth Froot

2215: Capital Gains Taxes Under the Tax Reform Act of 1986: Revenue EstimatesUnder Various Assumptions

Lawrence B. Lindsey

2214: Anticipated Protectionist Policies, Real Exchange Rates and the Current Account

Sebastian Edwards and Jonathan Ostry

2213: Dynamic Optimization in Two-Party Models

Warwick McKibbin, Nouriel Roubini and Jeffrey Sachs

2212: Measuring Market Power in U.S. Industry

Matthew Shapiro

2211: Negotiator Behavior Under Arbitration

David Bloom and Christopher L. Cavanagh

2210: International Capital Flows and Domestic Economic Policies

Jeffrey Frankel

2209: The Permanent Income Hypothesis Revisited

Lawrence Christiano, Martin Eichenbaum and David Marshall

2208: U.S. and Foreign Competition in the Developing Countries of the Asian Pacific Rim

Robert Baldwin

2207: Economic Rents Derived from Hospital Privileges in the Market for Podiatric Services

Richard G. Frank, Jonathan P. Weiner, Donald M. Steinwachs and David Salkever

2206: International Adjustment Under the Classical Gold Standard: Evidence for the U.S. and Britain, 1879-1914

Charles Calomiris and Robert Hubbard

2205: Firm Size and R&D Intensity: A Re-Examination

Wesley M. Cohen, Richard C. Levin and David C. Mowery

2204: Country Risk and the Organization of International Capital Transfer

Jonathan Eaton and Mark Gersovitz

2203: Peso Problems, Bubbles, and Risk in the Empirical Assessment of Exchange-Rate Behavior

Maurice Obstfeld

2202: Successful Adjustment in a Multi-Sectoral Economy

Joshua Aizenman

2201: Imperfect Information and Staggered Price Setting

Laurence Ball and Stephen Cecchetti

2200: Should Social Security Benefits Increase with Age?

Martin Feldstein

2199: Why Was there Mandatory Retirement? or the Impossibility of Efficient Bonding Contracts

Kevin Lang

2198: The Gold-Exchange Standard and the Great Depression

Barry Eichengreen

2197: City Taxes and Property Tax Bases

Katharine Bradbury and Helen Ladd

2196: Privatization, Information and Incentives

David Sappington and Joseph Stiglitz

2195: The Importance of Economic Policy in Development: Contrasts Between Korea and Turkey

Anne O. Krueger

2194: Incentives and Worker Behavior: Some Evidence

Andrew Weiss

2193: Hegemonic Stability Theories of the International Monetary System

Barry Eichengreen

2192: The Effects of Taxation on the Merger Decision

Alan Auerbach and David Reishus

2191: The Effect of Takeover Activity on Corporate Research and Development

Bronwyn Hall

2190: International Competition in the Products of U.S. Basic Industries

Barry Eichengreen

2189: Pareto Efficient and Optimal Taxation and the New New Welfare Economics

Joseph Stiglitz

2188: Money, Imperfect Information and Economic Fluctuations

Bruce Greenwald and Joseph Stiglitz

2187: Existing Estimates, New Estimates, and New Interpretations of World War I and its Aftermath

Christina Romer

2186: New Directions in the Relationship Between Public and Private Debt

Benjamin M. Friedman

2185: Hiring Procedures in the Firm: Their Economic Determinants and Outcomes

Harry Holzer

2184: Factors Affecting the Output and Quit Propensities of Production Workers

Roger Klein, Richard H. Spady and Andrew Weiss

2183: Can People Compute? An Experimental Test of the Life Cycle Consumption Model

Stephen Johnson, Laurence Kotlikoff and William Samuelson

2182: High Tech Trade Policy

Kala Krishna

2181: Estimating Models with Intertemporal Substitution Using Aggregate Time Series Data

Martin Eichenbaum and Lars Hansen

2180: The Revenues-Expenditures Nexus: Evidence from Local Government Data

Douglas Holtz-Eakin, Whitney Newey and Harvey Rosen

2179: Economic Liberalization and the Equilibrium Real Exchange rate in Developing Countries

Sebastian Edwards

2178: The Theory and the Facts of How Markets Clear: Is Industrial Organization Valuable for Understanding Macroeconomics?

Dennis Carlton

2177: Currency Incontrovertibility, Trade Taxes and Smuggling

Jorge Braga de Macedo

2176: Carrots and Sticks: Pay, Supervision and Turnover

Jonathan Leonard

2175: Tariffs, Terms of Trade, and the Real Exchange Rate in an Intertemporal Optimizing Model of the Current Account

Sebastian Edwards

2174: Optimal Liability when the Injurer's Information about the Victim's Loss is Imperfect

A. Mitchell Polinsky

2173: Measuring the Effect of Subsidized Training Programs on Movements In andOut of Employment

David Card and Daniel Sullivan

2172: Public Debt Guarantees and Private Capital Flight

Jonathan Eaton

2171: Are Prices Too Sticky?

Laurence Ball and David Romer

2170: Alternative Compensation Arrangements and Productive Efficiency in Partnerships: Evidence from Medical Group Practice

Martin Gaynor and Mark Pauly

2169: Permanent and Transitory Components in Macroeconomic Fluctuations

John Campbell and N. Gregory Mankiw

2168: Stock Market Prices Do Not Follow Random Walks: Evidence From a Simple Specification Test

Andrew Lo and A. Craig MacKinlay

2167: Validating Hiring Criteria

Andrew Weiss and Henry Landau

2166: Central Policies for Local Debt: The Case of Teacher Pensions

Robert P. Inman and David J. Albright

2165: Project Appraisal and Foreign Exchange Constraints: A Simple Exposition

Charles R. Blitzer, Partha Dasgupta and Joseph Stiglitz

2164: Macro-Economic Equilibrium and Credit Rationing

Joseph Stiglitz and Andrew Weiss

2163: The International Monetary System: Should it be Reconsidered?

Jacob A. Frenkel

2162: The Liberalization of the Current Capital Accounts and the Real ExchangeRate

Sebastian Edwards

2161: Suing Solely to Extract a Settlement Offer

Lucian Bebchuk

2160: Keynesian, New Keynesian, and New Classical Economics

Bruce C. Greenwald and Joseph Stiglitz

2159: Infant-Industry Protection Reconsidered: The Case of Informational Barriers to Entry

Gene Grossman and Henrik Horn

2158: Finite Lifetimes, Borrowing Constraints, and Short-Run Fiscal Policy

Robert Hubbard and Kenneth Judd

2157: Money: Theoretical Analysis of the Demand for Money

Bennett McCallum and Marvin Goodfriend

2156: The Development of Keynesian Macroeconomics

Bennett McCallum

2155: Dynamic Factor Models of Consumption, Hours, and Income

Joseph Altonji, Ana Paula Martins and Aloysius Siow

2154: Specification of the Joy of Giving: Insights from Altruism

Andrew Abel and Mark Warshawsky

2153: Inflation Stabilization with Incomes Policy Support: A Review of the Experience in Argentina, Brazil and Israel

Rüdiger Dornbusch and Mario Henrique Simonsen

2152: Monopolistic Competition and Labor Market Adjustment in the Open Economy

Joshua Aizenman

2151: The Dollar and Real Interest Rates

John Campbell and Richard Clarida

2150: Optimal Choice of Monetary Policy Instruments in a Macroeconometric Model

Ray Fair

2149: The Life-Cycle Permanent-Income Model and Consumer Durables

Avner Bar-ilan and Alan Blinder

2148: Incentive Effects of Price Rises and Payment-System Changes on Chinese Agricultural Productivity Growth

John McMillan, John Whalley and Zhu Li Jing

2147: Are Cyclical Fluctuations in Productivity Due More to Supply Shocks or Demand Shocks?

Matthew Shapiro

2146: Supply Shocks in Macroeconomics

Matthew Shapiro

2145: Compensation and Firm Performance

Ronald Ehrenberg and George T. Milkovich

2144: Recent Evidence on Budget Deficits and National Savings

James Poterba and Lawrence Summers

2143: Money and the Consumption Goods Market in China

Richard Portes and Anita Santorum

2142: Brazil's Tropical Plan

Eliana Cardoso and Rüdiger Dornbusch

2141: Saving and Investment in an Open Economy with Non-Traded Goods

Charles Engel and Kenneth Kletzer

2140: The Real Effects of Foreign Inflation in the Presence of Currency Substitution

Charles Engel

2139: Divergent Expectations as a Cause of Disagreement in Bargaining: Evidence from a Comparison of Arbitration Schemes."

Henry S. Farber and Max H. Bazerman

2138: Our LDC Debts

Rüdiger Dornbusch

2137: Collective Bargaining and the Division of the Value of the Enterprise

John Abowd

2136: Optimal Monetary Growth

Andrew Abel

2135: Why Do Fixed-Effects Models Perform So Poorly? The Case of Academic Salaries

Daniel Hamermesh

2134: Is Consumption Too Smooth?

John Campbell and Angus Deaton

2133: Monetary Growth, Inflation, and Economic Activity in a Dynamic Macro Model

Stephen J Turnovsky

2132: Should Tax Reform Level the Playing Field?

Lawrence Summers

2131: New Estimates of State and Local Government Tangible Capital and Net Investment

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

2130: Fiscal Deficits, Exchange Rate Crises and Inflation

Sweder van Wijnbergen

2129: Ultimate Sources of Aggregate Variability

Robert Shiller

2128: Tax Policy, Asset Prices, and Growth: A General Equilibrium Analysis

Lawrence H. Goulder and Lawrence Summers

2127: Neoclassical and Sociological Perspectives on Segmented Labor Markets

Kevin Lang and William T. Dickens

2126: The Anatomy of Financial Crises

Barry Eichengreen and Richard Portes

2125: The Response of Interest Rates to the Federal Reserve's Weekly Money Announcements: The "Puzzle" of Anticipated Money

Richard Deaves, Angelo Melino and James Pesando

2124: The Adjustment of Expectations to a Change in Regime: A Study of the Founding of the Federal Reserve

N. Gregory Mankiw, Jeffrey Miron and David Weil

2123: Alternative Modes of Deficit Financing and Endogenous Monetary and Fiscal Policy 1923-1982

Stephen J Turnovsky