NBER Working Papers

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2257: Social Security Benefits: An Empirical Study of Expectations and Realizations

B. Douglas Bernheim

2256: Future Social Security Financing Alternatives and National Saving

Michael J. Boskin

2255: The Stochastic Properties of Velocity: A New Interpretation

Michael Bordo and Lars Jonung

2254: Unions and Efficiency in Private Sector Construction: Further Evidence

Steven Allen

2253: Implicit Estimates of Natural, Trend, and Cyclical Components of Real GNP

Charles Nelson

2252: The Insensitivity of Consumption to News About Income

Kenneth West

2251: Efficient "Myopic" Asset Pricing in General Equilibrium: A Potential Pitfall in Excess Volatility Tests

Willem Buiter

2250: Capital Controls and the Timing of Exchange Regime Collapse

Daekuen Park and Jeffrey Sachs

2249: Are Exchange Rates Excessively Variable?

Jeffrey Frankel and Richard Meese

2248: Self-Selection and the Earnings of Immigrants

George Borjas

2247: Intertemporal Constraints, Shadow Prices, and Financial Asset Values

Bob Chirinko

2246: Implicit Taxation in Lottery Finance

Charles Clotfelter and Philip J Cook

2245: Home Ownership and Real House Prices: Sources of Change, 1965-85

Patric Hendershott

2244: International Macroeconomic Policy Coordination

Stanley Fischer

2243: Share Repurchases and Acquisitions: An Analysis of Which Firms Participate

John B. Shoven and Laurie Blair Simon

2242: Accounting for Racial Differences in School Attendance in the American South, 1900: The Role of Separate-But-Equal

Robert Margo

2241: Institutional Aspects of High Unemployment in the Federal Republic of Germany

Michael Burda and Jeffrey D. Sachs

2240: Changing Patterns of International Investment In and By the United States

Robert Lipsey

2239: A Generic Model of Monetary Policy, Inflation, and Reputation

Herschel Grossman

2238: Constraints on the Choice of Work Hours: Agency vs. Specific-Capital

Shulamit Kahn and Kevin Lang

2237: Intergenerational Transfers and Savings

Laurence Kotlikoff

2236: Country Risk and Contingencies

Joshua Aizenman

2235: International Competition in Services

Rachel McCulloch

2234: The Social Security Cost of Smoking

John B. Shoven, Jeffrey O. Sundberg and John P. Bunker

2233: Econometric Modeling as Information Aggregation

Ray Fair and Robert Shiller

2232: Loan Commitments and Monetary Policy

George Sofianos, Arie Melnik and Paul Wachtel

2231: The Marriage Tax is Down But Not Out

Harvey Rosen

2230: Real-Financial Linkages Among Open Economies

Sven Arndt and J. David Richardson

2229: Stochastic Trends and Economic Fluctuations

Robert King, Charles Plosser, James Stock and Mark Watson

2228: Interpreting Evidence on Money-Income Causality

James Stock and Mark Watson

2227: The Postwar Evolution of Computer Prices

Robert Gordon

2226: Trade and Exchange Rate Policies in Growth-Oriented Adjustment Programs

Jeffrey D. Sachs

2225: The Financial Impact of Social Security by Cohort Under Alternative Financing Assumptions

Michael J. Boskin and Douglas J. Puffert

2224: Tax Deductibility and Municipal Budget Structure

Douglas Holtz-Eakin and Harvey Rosen

2223: Household Saving and Permanent Income in Canada and the United Kingdom

John Campbell and Richard Clarida

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