NBER Working Papers

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1657: Economic Effects of Municipal Government Institutions

Jeffrey Zax

1656: Who Escapes? The Relation of Church-Going & Other Background Factors to the Socio-Economic Performance of Blk. Male Yths. from Inner-City Pvrty Tracts

Richard Freeman

1655: The Indexation of Interest, Depreciation, and Capital Gains: A Model ofInvestment Incentives

Don Fullerton

1654: Time to Build, Option Value, and Investment Decisions

Saman Majd and Robert Pindyck

1653: How do Public Sector Wages and Employment Respond to Economic Conditions

Richard Freeman

1652: Union Maids: Unions and the Female Workforce

Richard Freeman and Jonathan Leonard

1651: Country Risk, Foreign Borrowing and the Social Discount Rate in an Open Developing Economy

Sebastian Edwards

1650: Estimates of the Value of Patent Rights in European Countries During thePost-1950 Period

Mark Schankerman and Ariel Pakes

1649: The Effect of Unionism on Productivity in Privately and Publicly Owned Hospitals and Nursing Homes

Steven Allen

1648: Unemployment, Disequilibrium, and the Short Run Phillips Curve: An Econometric Approach

Richard E. Quandt and Harvey Rosen

1647: Banking in General Equilibrium

Ben Bernanke and Mark Gertler

1646: Pubic Debt and U.S. Saving: A New Test of the Neutrality Hypothesis

Michael J. Boskin and Laurence Kotlikoff

1645: The Efficiency Gains from Social Security Benefit - Tax Linkage

Alan Auerbach and Laurence Kotlikoff

1644: Is the Strong Dollar Sustainable?

Paul Krugman

1643: Estimating the Continuous Time Consumption Based Asset Pricing Model

Sanford Grossman, Angelo Melino and Robert Shiller

1642: Employment, Hours, and Earnings in the Depression: An Analysis of EightManufacturing Industries

Ben Bernanke

1641: Wages in the Federal and Private Sectors

Steven Venti

1640: Are Imports to Blame?: Attribution of Injury Under the 1974 Trade Act

Robert Pindyck and Julio Rotemberg

1639: A Vintage Model of Supply Applied to French Manufacturing

Pentti J.K. Kouri, Jorge Braga de Macedo and Albert J. Viscio

1638: Hours Restrictions and Labor Supply

William T. Dickens and Shelly Lundberg

1637: Macroeconomic Interdependence of Japan and the United States: Some Simulation Results

Naoko Ishii, Warwick McKibbin and Jeffrey Sachs

1636: The Dollar and the Policy Mix: 1985

Jeffrey Sachs

1635: Implicit Contracts: A Survey

Sherwin Rosen

1634: Small Countries in Monetary Unions: A Two-Tier Model

Jorge Braga de Macedo

1633: Hospital Cost and Efficiency Under Per Service and Per Case Payment in Maryland: A Tale of the Carrot and the Stick

David Salkever, Donald M. Steinwachs and Agnes Rupp

1632: On the Limitations of Government Borrowing: A Framework for Empirical Testing

James Hamilton and Marjorie A. Flavin

1631: State Personal Income and Sales Taxes: 1977-1983

Daniel Feenberg and Harvey Rosen

1630: Pure Price Effects of Nonwage Compensation

Jeffrey Zax

1629: Borrowing Restrictions and Wealth Constraints: Implications for Aggregate Consumption

Carl Walsh

1628: Estimating Neonatal Mortality Rates from the Heights of Children: The Case of American Slaves

Richard Steckel

1627: A Tax-Based Test for Nominal Rigidities

James Poterba, Julio Rotemberg and Lawrence Summers

1626: Stock Returns and the Term Structure

John Campbell

1625: Serial Correlation of Asset Returns and Optimal Portfolios for the Long and Short Term

Stanley Fischer and George Pennacchi

1624: The Sensitivity of Labor Demand Functions to Choice of Dependent Variable

George Borjas

1623: Aggregate Output with Operating Rates and Inventories as Buffers BetweenVariable Final Demand and Quasi-Fixed Factors

John Helliwell and Alan Chung

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