NBER Working Papers

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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

2336: Risky Income, Life Cycle Consumption, and Precautionary Savings

Jonathan Skinner

2335: Taxation and Output Growth: Evidence from African Countries

Jonathan Skinner

2334: Sibling and Intergenerational Correlations in Welfare Program Participation

Gary Solon, Mary Corcoran, Roger Gordon and Deborah Laren

2333: The Right Combination of Demand and Supply Policies: The Case for a Two-Handed Approach

Willem Buiter

2332: Concepts and Measures of Federal Deficits and Debt and Their Impact on Economic Activity

Michael J. Boskin

2331: Operative Gift and Bequest Motives

Andrew Abel

2330: Ricardian Equivalence: An Evaluation of Theory and Evidence

B. Douglas Bernheim

2329: The Role of Education: Mobility Increasing or Mobility Impeding?

Axel Borsch-Supan

2328: Long-Term Care, Wealth, and Health of the Disabled Elderly Living in the Community

Alan M. Garber

2327: Sticky Prices as Coordination Failure

Laurence Ball and David Romer

2326: The Poverty of Widows: Future Prospects

Michael Hurd

2325: The Wealth and Poverty of Widows: Assets Before and After the Husband's Death

Michael Hurd and David Wise

2324: Aging, Moving, and Housing Wealth

Steven Venti and David Wise

2323: Employee Retirement and a Firm's Pension Plan

Laurence Kotlikoff and David Wise

2322: Treasury Bill Futures as Hedges Against Inflation Risk

Jayendu Patel and Richard Zeckhauser

2321: The Mundell-Flemming Model: A Quarter Century Later

Jacob A. Frenkel and Assaf Razin

2320: Declining Unionization in Construction: The Facts and the Reasons

Steven Allen

2319: Why Have Private Saving Rates in the United States and Canada Diverged?

Christopher Carroll and Lawrence Summers

2318: Financial Fragility and Economic Performance

Ben Bernanke and Mark Gertler

2317: No Room for Weak Links in the Chain of Deposit Insurance Reform

Edward Kane

2316: Implicit Contracts, Labor Mobility and Unemployment

Richard Arnott, Arthur Hosios and Joseph Stiglitz

2315: Costly Adjustment and Limited Borrowing: A Welfare Analysis of Policiesto Achieve External Balance

Joshua Aizenman and Marcelo Selowsky

2314: Income Originating in the State and Local Sector

Charles R. Hulten and Robert M. Schwab

2313: Sectoral and National Aggregate Disturbances to Industrial Output in Seven European Countries

Alan Stockman

2312: Inflation: Theory and Evidence

Bennett McCallum

2311: Menu Costs and the Neutrality of Money

Andrew Caplin and Daniel Spulber

2310: Exchange Rate Policy Reconsidered

Richard C. Marston

2309: Political vs. Currency Premia in International Real Interest Differentials: A Study of Forward Rates for 24 Countries

Jeffrey Frankel and Alan T. MacArthur

2308: A Positive Theory of Fiscal Deficits and Government Debt in a Democracy

Alberto Alesina and Guido Tabellini

2307: U.S. Firms in Latin American Service Industries

Magnus Blomstrom and Robert Lipsey

2306: Wage Structures and Labor Turnover in the U.S. and in Japan

Jacob Mincer and Yoshio Higuchi

2305: Homeownership Rates of Married Couples: An Econometric Investigation

Donald Haurin, Patric Hendershott and David Ling

2304: Productivity Levels and Productivity Change Under Unionism

Steven Allen

2303: Tests of International CAPM with Time-Varying Covariances

Charles Engel and Anthony Rodrigues

2302: Monopolistic Competition, Credibility and the Output Costs of Disinflation Programs: An Analysis of Price Controls

Sweder van Wijnbergen

2301: Breath Testing and the Demand for Drunk Driving

Henry Saffer and Frank Chaloupka

2300: Monetary Policy Lessons of recent Inflation and Disinflation

William Poole

2299: Are User Fees Regressive? The Welfare Implications of Health Care Financing Proposals in Peru

Paul Gertler, Luis Locay and Warren Sanderson

2298: An Analysis of Fiscal Policy Under Operative and Inoperative Bequest Motives

Andrew Abel

2297: The Efficiency of Investment in the Presence of Aggregate Demand Spillovers

Andrei Shleifer and Robert Vishny

2296: Uncertainty and Liquidity

Alberto Giovannini

2295: Characteristics of Hostile and Friendly Takeover Targets

Randall Morck, Andrei Shleifer and Robert Vishny

2294: Private Saving in the United States: 1950-85

Patric Hendershott and Joe Peek

2293: International Coordination of Trade Policy

J. David Richardson

2292: Federal Deductibility of State and Local Taxes: A Test of Public Choiceby Representative Government

Lawrence B. Lindsey

2291: The Timing of Retirement: A Comparison of Expectations and Realizations

B. Douglas Bernheim

2290: Pricing Mortgages: An Interpretation of the Models and Results

Patric Hendershott and Robert Van Order

2289: Understanding the Real Estate Provisions of Tax Reform: Motivation and Impact

James R. Follain, Patric Hendershott and David Ling

2288: Intergenerational Altruism and Social Welfare: A Critique of the Dynastic Model

B. Douglas Bernheim

2287: International Policy Coordination: The Case of the Developing Country Debt Crisis

Jeffrey D. Sachs

2286: The Cost of Capital in the U.S. and Japan: A Comparison

Albert Ando and Alan Auerbach

2285: Why Does Money Affect Output? A Survey

Olivier Blanchard

2284: The Effect of Public Sector Labor laws on Collective Bargaining, Wages, and Employment

Richard Freeman and Robert Valletta

2283: Federal Assistance and Local Services in the United States: The Evolution of a New Federalist Fiscal Order

Robert P. Inman

2282: The Effect of Family Background on Economic Status: A Longitudinal Analysis of Sibling Correlations

Gary Solon, Mary Corcoran, Roger Gordon and Deborah Laren

2281: Household Migration, Urban Growth, and Industrialization: The United States, 1850-1860

Richard Steckel

2280: Effects of the Changing U.S. Age Distribution on Macroeconomic Equations

Ray Fair and Kathryn Dominguez

2279: The Significance of Tax Law Asymmetries: An Empirical Investigation

Rosanne Altshuler and Alan Auerbach

2278: Delay in Reporting Acquired Immune Deficiency Syndrome (AIDS)

Jeffrey E. Harris

2277: Financial Innovations in International Financial Markets

Richard M. Levich

2276: Developing the ECU Markets: Perspectives on Financial Innovation

Richard M. Levich

2275: On the Definition and Magnitude of Recent Capital Flight

Robert Cumby and Richard M. Levich

2274: Is the U.S. a Spendthrift Nation?

Robert Lipsey and Irving B. Kravis

2273: The Impact of Firm Acquisitions on Labor

Charles Brown and James Medoff

2272: Housing Finance Imperfections and Private Saving: A Comparative Simulation Analysis of the U.S. and Japan

Fumio Hayashi, Takatoshi Ito and Joel Slemrod

2271: Inter-Industry Wage Differences and Theories of Wage Determination

William T. Dickens and Lawrence Katz

2270: The Optimal Collection of Seigniorage: Theory and Evidence

N. Gregory Mankiw

2269: Regulation and the Provision of Quality to Heterogenous Consumers: The Case of Prospective Pricing of Medical Services

Robin Allen and Paul Gertler

2268: Stabilization with Exchange Rate Management under Uncertainty

Allan Drazen and Elhanan Helpman

2267: The Decline of Unionization in the United States: What can Be Learned from Recent Experience?

Henry S. Farber

2266: Pensions and Firm Performance

Steven Allen and Robert L. Clark

2265: Consumption

Robert Hall

2264: Investment Under Uncertainty: Theory and Tests with Industry Data

Robert Hall

2263: Longitudinal Analysis of Strike Activity

David Card

2262: Excess Capacity, Monopolistic Competition, and International Transmission of Monetary Disturbances

Lars Svensson and Sweder van Wijnbergen

2261: Tariffs, Employment and the Current Account: Real Wage Resistance and the Macroeconomics of Protectionism

Sweder van Wijnbergen

2260: Who Should Learn What From the Failure and Delayed Bailout of the ODGF?

Edward Kane

2259: Nominally Sovereign Debt, Risk Shifting, and Reputation

Herschel Grossman and John van Huyck

2258: Testing Ricardian Neutrality with an Intertemporal Stochastic Model

Leonardo Leiderman and Assaf Razin