NBER Working Papers

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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

2122: How Far Has the Dollar Fallen?

Philippe Bacchetta and Martin Feldstein

2121: Labor Supply Preferences, Hours Constraints, and Hours-Wage Tradeoffs

Joseph Altonji and Christina Paxson

2120: Household Behavior and the Tax Reform Act of 1986

Jerry Hausman and James Poterba

2119: Tax Evasion and Capital Gains Taxation

James Poterba

2118: Why Have Corporate Tax Revenues Declined?

Alan Auerbach and James Poterba

2117: Social Security and the American Family

Michael J. Boskin and Douglas J. Puffert

2116: Testing for Real Effects of Monetary Policy Regime Shifts

Carl Walsh

2115: Market Structure and Cyclical Fluctuations in U.S. Manufacturing

Ian Domowitz, Robert Hubbard and Bruce Petersen

2114: A Note on Optimal Public Enforcement with Settlements and Litigation Costs

A. Mitchell Polinsky and Daniel L. Rubinfeld

2113: A Guide to Target Zones

Jacob A. Frenkel and Morris Goldstein

2112: Sources of Output and Price Variability in a Macroeconometric Model

Ray Fair

2111: The Other Side of the Trade Imbalance: What Will Japan Do?

Ryuzo Sato and John A. Rizzo

2110: Terms of Trade, Exchange Rates and Labor Markets Adjustment in Developing Countries

Sebastian Edwards

2109: Real Business Cycles and the Lucas Paradigm

Richard T. Froyen and Roger Waud

2108: Unions and Job Security in the Public Sector

Steven Allen

2107: Regional Effects of Taxes in Canada: An Applied General Equilibrium Approach

Rich Jones and John Whalley

2106: International Evidence on the Demand for Money

Ray Fair

2105: Interest Rate and Exchange Rate Determination

Ray Fair

2104: Married Women's Retirement Behavior

Silvana Pozzebon and Olivia Mitchell

2103: Tax Reform and Adjustment Costs: The Impact on Investment and Market Value

Alan Auerbach

2102: A Standard Monetary Model and the Variability of the Deutschemark-DollarExchange Rate

Kenneth West

2101: Did Henry Ford Pay Efficiency Wages?

Daniel M.G. Raff and Lawrence Summers

2100: The Dividend-Price Ratio and Expectations of Future Dividends and Discount Factors

John Campbell and Robert Shiller

2099: The Record and Improvability of Economic Forecasting

Victor Zarnowitz

2098: Real Estate and the Tax Reform Act of 1986

Patric Hendershott, James R. Follain and David Ling

2097: Assessing Dynamic Efficiency: Theory and Evidence

Andrew Abel, N. Gregory Mankiw, Lawrence Summers and Richard Zeckhauser

2096: Amnesty, Enforcement and Tax Policy

Herman B. Leonard and Richard Zeckhauser

2095: Forecasting the Depression: Harvard Versus Yale

Ray Fair, Matthew Shapiro and Kathryn Dominguez

2094: Tax Policy and Stock Prices

Thomas Downs and Patric Hendershott

2093: Imperfect Information, Credit Markets and Unemployment

Bruce C. Greenwald and Joseph Stiglitz

2092: Firm Size and Foreign Direct Investment

Magnus Blomstrom and Robert Lipsey

2091: New Developments in Corporate Finance and Tax Avoidance: Some Evidence

John B. Shoven

2090: Comparable Worth in a General Equilibrium Model of the U.S. Economy

Perry C. Beider, B. Douglas Bernheim, Victor Fuchs and John B. Shoven

2089: Employee Response to Compulsory Short-Time Work

Victor Fuchs and Joyce Jacobsen

2088: A Constant Recontracting Model of Sovereign Debt

Jeremy I. Bulow and Kenneth Rogoff

2087: Does the Estate Tax Raise Revenue?

B. Douglas Bernheim

2086: Is Everything Neutral?

B. Douglas Bernheim and Kyle Bagwell

2085: Growing in Debt: The 'Farm Crisis' and Public Policy

Charles Calomiris, Robert Hubbard and James Stock

2084: Optimal Monetary Growth with Accomodating Fiscal Policy in a Small Open Economy

Stephen J Turnovsky

2083: The Value of Patents as Indicators of Inventive Activity

Zvi Griliches, Ariel Pakes and Bronwyn Hall

2082: Tobin's Q and Financial Policy

Bob Chirinko

2081: The Export Performance of Swedish and U.S. Multinationals

Magnus Blomstrom and Robert Lipsey

2080: Deficits with Distortionary Taxes: International Dimensions

Jacob A. Frenkel and Assaf Razin

2079: Why did the Bank of Canada Emerge in 1935?

Michael Bordo and Angela Redish

2078: Contractionary Devaluation, and Dynamic Adjustment of Exports and Wages

Felipe Larrain and Jeffrey Sachs

2077: International Finance

Maurice Obstfeld

2076: International Debt Service and Economic Growth: Some Simple Analytics

Martin Feldstein

2075: How Integrated are World Capital Markets? Some New Tests

Maurice Obstfeld

2074: The Global Velocity Curve 1952-1982

Michael Bordo and Lars Jonung

2073: The Bolivian Hyperinflation and Stabilization

Jeffrey Sachs

2072: Increasing Indebtedness and Financial Stability in the United States

Benjamin M. Friedman

2071: Exchange Rate Economics: 1986

Rüdiger Dornbusch

2070: Productivity, Wages, and Prices Inside and Outside of Manufacturing in the U.S., Japan, and Europe

Robert Gordon

2069: Individual Taxpayer Response to Tax Cuts 1982-1984 with Implications forthe Revenue Maximizing Tax Rate

Lawrence B. Lindsey

2068: Laws as Assets: A Possible Solution to the Time Consistency Problem

Laurence Kotlikoff, Torsten Persson and Lars Svensson

2067: A Specification Test for Speculative Bubbles

Kenneth West

2066: Forecasting Recessions Under the Gramm-Rudman-Hollings Law

Victor Zarnowitz and Geoffrey H. Moore

2065: Fiscal Policies and Real Exchange Rates in the World Economy

Jacob A. Frenkel and Assaf Razin

2064: The Economic Consequences of the Franc Poincare

Barry Eichengreen and Charles Wyplosz

2063: Trends and Deviations in Federal, State and Local Finance

Jeffrey Zax

2062: The Effects of Fiscal Policies When Incomes are Uncertain: A Contradiction to Ricardian Equivalence

Martin Feldstein

2061: Debt Problems and Macroeconomic Policies

Lawrence Summers

2060: Optimal Labor Contracts, Imperfect Competition and Underemployment Equilibria: A Framework for Analysis

Russell Cooper

2059: International Macroeconomic Policy Coordination When Policy-Makers Disagree on the Model

Jeffrey Frankel and Katharine Rockett

2058: Structural Change and Patterns of International Trade

Robert Baldwin

2057: Business Cycles and Oligopoly Supergames: Some Empirical Evidence on Prices and Margins

Ian Domowitz, Robert Hubbard and Bruce Petersen

2056: The Demand for Workers and Hours and the Effects of Job Security Policies: Theory and Evidence

Daniel Hamermesh

2055: Management Ownership and Corporate Performance: An Empirical Analysis

Randall Morck, Andrei Shleifer and Robert Vishny

2054: A Test of International CAPM

Charles Engel and Anthony Rodrigues

2053: Is Debt Neutral in the Life Cycle Model?

Laurence Kotlikoff

2052: New Evidence on the Effects of Exchange Rate Intervention

Martin Feldstein

2051: The Competitiveness and Comparative Advantage of U.S. Multinationals, 1957-1983

Robert Lipsey and Irving B. Kravis

2050: Investment and Sales: Some Empirical Evidence

Andrew Abel and Olivier Blanchard

2049: Location Decisions of the New Immigrants to the United States

Ann P. Bartel

2048: The Intra-Daily Exchange Rate Dynamics and Monetary Policies After the G5 Agreement

Takatoshi Ito

2047: Why Don't the Prices of Stocks and Bonds Move Together?

Robert Barsky

2046: Capital Accumulation and Annuities in an Adverse Selection Economy

Martin Eichenbaum and Dan Peled

2045: Alternative Liberalization Strategies

Robert Baldwin

2044: Empirical Structural Evidence on Wages, Prices and Employment in the US

Olivier Blanchard

2043: International Capital Mobility in Developing Countries vs. Industrial Countries: What do Saving-Investment Correlations Tell Us?

Jeffrey Frankel, Michael Dooley and Donald Mathieson

2042: Optimal Monetary Policy and Wage Indexation Under Alternative Disturbances and Information Structures

Stephen J Turnovsky

2041: Fiscal Prerequisites for a Viable Managed Exchange Rate Regime: A Non-technical Eclectic Introduction

Willem Buiter

2040: The Importance of Local Fiscal Conditions in Analyzing Local Labor Markets

Joseph Gyourko and Joseph Tracy

2039: Seniority Rules and the Gains from Union Organization

Joseph Tracy

2038: International Oligopoly and Asymmetric Labour Market Institutions

James Brander and Barbara Spencer

2037: Wages, Employment, Training and Job Attachment in Low Wage Labor Marketsfor Women

Alan Gustman and Thomas L. Steinmeier