NBER Working Papers

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1622: Pension Funding and Saving

B. Douglas Bernheim and John B. Shoven

1621: A Model for Analyzing Youth Labor Market Policies

Alan Gustman and Thomas L. Steinmeier

1620: Education Achievement in Segregated School Systems: The Effects of "Separate-But-Equal"

Robert Margo

1619: Credit Rationing and Effective Supply Failures

Alan Blinder

1618: Money and Interest in a Cash-in-Advance Economy

Robert Lucas and Nancy Stokey

1617: The Implications of Mean-Variance Optimization for Four Questions in International Macroeconomics

Jeffrey Frankel

1616: Do Wages Rise With Job Seniority?

Joseph Altonji and Robert A. Shakotko

1615: The Impossibility of Rational Bubbles

Behzad Diba and Herschel Grossman

1614: Valuation and Optimal Exercise of the Wild Card Option in the Treasury Bond Futures Market

Alex Kane and Alan Marcus

1613: On the Negative Correlation Between Performance and Experience and Education

Andrew Weiss and Henry Landau

1612: Asset Pricing Model Specification and the Term Structure Evidence

Terry A. Marsh

1611: Aspects of Investor Behavior Under Risk

Benjamin M. Friedman and V. Vance Roley

1610: Conventional Valuation and the Term Structure of Interest Rates

Robert Shiller

1609: Supply Shocks, Wage Indexation and Monetary Accommodation

Joshua Aizenman and Jacob A. Frenkel

1608: Part-Time Work vs. Full-Time Work of Married Women in Japan

Tadashi Yamada and Tetsuji Yamada

1607: Estimating the Effects of R&D on Bell System Productivity: A Model of Embodied Technical Change

Roger Gordon, Mark Schankerman and Richard H. Spady

1606: Some Historical Evidence 1870-1933 on the Impact and International Transmission of Financial Crises

Michael Bordo

1605: Paying the Piper, Calling the Tune: Implications of Changes in Reimbursement

Victor Fuchs

1604: Does a Flexible Industry Wage Structure Increase Employment?: The U.S. Experience

Linda A. Bell and Richard Freeman

1603: Real Aspects of Exchange Rate Regime Choice with Collapsing Fixed Rates

Robert Flood and Robert Hodrick

1602: How Does the Market Value Unfunded Pension Liabilities?

Jeremy I. Bulow, Randall Morck and Lawrence Summers

1601: Ruling Out Nonstationary Speculative Bubbles

Maurice Obstfeld and Kenneth Rogoff

1600: Does the Tax System Favor Investment in High-Tech or Smoke-Stack Industries?

Don Fullerton and Andrew Lyon

1599: An Empirical Examination of Municipal Financial Policy

Roger Gordon and Joel Slemrod

1598: Capital Flows, Investment, and Exchange Rates

Alan Stockman and Lars Svensson

1597: The Effect of Job Complexity on Job Satisfaction: Evidence From Turnover and Absenteeism

Andrew Weiss

1596: On Consequences and Criticisms of Monetary Targeting

Bennett McCallum

1595: High School Graduation, Performance and Earnings

Andrew Weiss

1594: Parsimoneous Modeling of Yield Curves for U.S. Treasury Bills

Charles Nelson and Andrew F. Siegel

1593: Optimal Time-Consistent Fiscal Policy with Uncertain Lifetimes

Guillermo Calvo and Maurice Obstfeld

1592: The Effect of the Treasury Proposal on Charitable Giving: A Comparison of Constant and Variable Elasticity Models

Lawrence B. Lindsey

1591: Purchasing Power Parity

Rüdiger Dornbusch

1590: Exchange Rate Management: Intertemporal Tradoffs

Elhanan Helpman and Assaf Razin

1589: Monetary Information and Interest Rates

Carl Walsh

1588: Game Modelling the Tokyo Round of Tariff Negotiations

Robert Baldwin and Richard N. Clarke

1587: Shifts in the Nineteenth-Century Phillips Curve Relationship

John James

1586: Macroeconomic Stabilization Through Taxation and Indexation: The use ofFirm-Specific Information

Richard C. Marston and Stephen J Turnovsky

1585: A Disaggregated, Structural Analysis of Retirement by Race, Difficulty of Work and Health

Alan Gustman and Thomas L. Steinmeier

1584: International Monetary Policy to Promote Economic Recovery

Willem Buiter

1583: On the Complementarity of Commercial Policy, Capital Controls and Inflation Tax

Joshua Aizenman

1582: Labor Relations, Wages and Nonwage Compensation in Municipal Employment

Jeffrey Zax

1581: A Variance Bounds Test of the Linear Quardractic Inventory Model

Kenneth West

1580: Money Demand Predictability

V. Vance Roley

1579: Firm-Level Policy Toward Older Workers

Olivia Mitchell and Rebecca A. Luzadis

1578: Collective Bargaining Laws and Threat Effects of Unionism in the Determination of Police Compenstation

Richard Freeman, Casey Ichniowski and Harrison Lauer

1577: The Real Exchange Rate as a Tool of Commercial Policy

Michael Mussa

1576: Exchange Rate and Current Account Dynamics Under Rational Expectations: An Econometric Analysis

David Papell

1575: Real Interest Rate, Credit Markets, and Economic Stabilization

Paul Jenkins and Carl Walsh

1574: Collective Pegging to a Single Currency: The West African Monetary Union

Jorge Braga de Macedo

1573: Exchange Rate Flexibility and the Transmission of Business Cycles

Jorge Braga de Macedo and David M. Meerschwam

1572: Bank Deregulation, Accounting Systems of Exchange, and the Unit of Account: A Critical Review

Bennett McCallum

1571: Macroeconomic Policy Under Currency Inconvertibility

Jorge Braga de Macedo

1570: Commodity Export Prices and the Real Exchange Rate in Developing Countries: Coffee in Colombia

Sebastian Edwards

1569: Market, Government, and Israel's Muted Baby Boom

Yoram Ben-Porath

1568: Notes on the Effect of Capital Gains Taxation on Non-Austrian Assets

Dan Kovenock and Michael Rothschild

1567: Macroeconomics, Income Distribution, and Poverty

Rebecca Blank and Alan Blinder

1566: Economics of Information and the Theory of Economic Development

Joseph Stiglitz

1565: Crowding Out or Crowding In? Evidence on Debt-Equity Substitutability

Benjamin M. Friedman

1564: Adjusting Output and Productivity Indexes for Changes in the Terms of Trade

Walter Diewert and Catherine Morrison Paul

1563: Inventories, Stock-Outs, and Production Smoothing

Andrew Abel

1562: Education, Welfare, and the "New" Federalism: State Budgeting in a Federalist Public Economy

Steven Craig and Robert P. Inman

1561: Productivity Measurement with Nonstatic Expectations and Varying Capacity Utilization: An Integrated Approach

Catherine Morrison Paul

1560: Monitoring Costs and Occupational Segregation by Sex: An Historical Analysis

Claudia Goldin

1559: The Usefulness of the Wind-Up Measure of Pension Liabilities: A LabourMarket Perspective

James Pesando

1558: Unemployment-Rate Dynamics and Persistent Unemployment Under Rational Expectations

Michael Darby, John Haltiwanger and Mark W. Plant

1557: The Competitive Position of U.S. Manufacturing Firms

Robert Lipsey and Irving B. Kravis

1556: Monetary vs. Fiscal Policy Effects: A Review of the Debate

Bennett McCallum

1555: Why Construction Industry Productivity is Declining

Steven Allen

1554: Labor and Investment Demand at the Firm Level: A Comparison of French, German and U.S. Manufacturing, 1970-79

Jacques Mairesse and Brigitte Dormont

1553: Valuing the Government's Tax Claim on Risky Corporate Assets

Saman Majd and Stewart C. Myers

1552: Monopolistic Competition and Deviations from PPP

Joshua Aizenman

1551: The Welfare Effects of a Capital Income Tax in an Open Economy

David G. Hartman

1550: On the Optimal Taxation of Capital Income in the Open Economy

David G. Hartman

1549: Dynamic Behavior of Capital Accumulation in a Cash-in-Advance Model

Andrew Abel

1548: Pricing Adjustable Rate Mortgages

Patric Hendershott

1547: Productivity, R&d, and Basic Research at the Firm Level in the 1970s

Zvi Griliches

1546: Trade Restrictions as Facilitating Practices

Kala Krishna

1545: Portfolio Choice and the Debt-to-Income Relationship

Benjamin M. Friedman

1544: Taxable and Tax-Exempt Interest Rates: The Role of Personal and Corporate Tax Rates

Joe Peek and James A. Wilcox

1543: Short-Term Movements of Long-Term Real Interest Rates: Evidence from the U.K. Indexed Bond Market

James A. Wilcox

1542: Efficient Inflation Forecasts: An International Comparison

Alex Kane and Leonard Rosenthal

1541: The U.S. Capital Stock in the Nineteenth Century

Robert E. Gallman

1540: Determinants of Slave and Crew Mortality in the Atlantic Slave Trade

Richard Steckel and Richard Jensen

1539: Academic Ability, Earnings, and the Decision to Become a Teacher: Evidence From the National Longitudinal Study of the High School Class of 1972

Charles Manski

1538: Workers' Compensation, Wages, and the Risk of Injury

Ronald Ehrenberg

1537: Protection and the Product Line: Monopoly and Product Quality

Kala Krishna

1536: On the Economic Interpretation and Measurement of Optimal Capacity Utilization with Anticipatory Expectations

Catherine Morrison Paul

1535: Tariffs vs. Quotas with Endogenous Quality

Kala Krishna

1534: Macroeconomic Policies in the OECD and LDC External Adjustmemt

Jeffrey Sachs and Warwick McKibbin

1533: Tax Aversion, Deficits and the Tax Rate-Tax Revenue Relationship

Roger Waud

1532: On the Interest Rate Elasticity of the Demand for International Reserves: Some Evidence from Developing Coutries

Sebastian Edwards

1531: Interest Rate Determination in Developing Countries: A Conceptual Framework

Sebastian Edwards and Mohsin Khan

1530: Asset Returns, Discount Rate Changes and Market Efficiency

Michael Smirlock and Jess B. Yawitz

1529: Discrete Devaluation as a Signal to Price Setters

Louka T. Katseli

1528: Causal Relationships between Infant Mortality and Fertility in Developedand Less Developed Countries

Tadashi Yamada

1527: The International Transmission of Fiscal Expenditures and Budget Deficits in the World Economy

Jacob A. Frenkel and Assaf Razin

1526: Capital Flows, the Current Account, and the Real Exchange Rate: Consequences of Liberalization and Stabilization

Maurice Obstfeld

1525: Pricing Rate Caps on Default-Free Adjustable-Rate Mortgages

Stephen A. Buser, Patric Hendershott and Anthony Sanders

1524: Tax Reform and Housing

Patric Hendershott and David Ling

1523: Have U.S. Corporations Grown Financially Weak?

Robert A. Taggart, Jr.