NBER Working Papers

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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

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