NBER Working Papers

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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.

1522: Valuing Financial Flexibility

Scott P. Mason

1521: Debt and Equity Returns Revisited

Patric Hendershott

1520: Implications of Government Deficits for Interest Rates, Equity Returns and Corporate Financing

Benjamin M. Friedman

1519: The Economic Effects of the Corporate Income Tax: Changing Revenues and Changing Views

Alan Auerbach

1518: Anticipated Budget Deficits and the Term Structure of Interest Rates

Daniel Valente Dantas and Rüdiger Dornbusch

1517: Trade and Financial Interdependence Under Flexible Exchange Rates: The Pacific Area

Jorge Braga de Macedo

1516: The Distribution of Prizes in a Match-Play Tournament with Single Eliminations

Sherwin Rosen

1515: The Impact of Assimilation on the Earnings of Immigrants: A Reexamination of the Evidence

George Borjas

1514: Pricing and Location of Physician Services in Mental Health

Richard G. Frank

1513: R & D Activities and the Technology Game: A Dynamic Model of U.S.-JapanCompetition

Ryuzo Sato

1512: Foreign-Owned Land

Jonathan Eaton

1511: Life Cycle Annuity Valuation

B. Douglas Bernheim

1510: The Incentive Effects of Private Pension Plans

Laurence Kotlikoff and David Wise

1509: Bond and Stock Returns in a Simple Exchange Model

John Campbell

1508: A Defense of Traditional Hypotheses About the Term Structure of InterestRates

John Campbell

1507: The Order of Liberalization of the Current and Capital Accounts of the Balance of Payments

Sebastian Edwards

1506: International Coordination in the Design of Macroeconomic Policy Rules

John Taylor

1505: Seigniorage, Inflation, and Reputation

Herschel Grossman and John van Huyck

1504: The Resolution of the Labor Scarcity Paradox

John James and Jonathan Skinner

1503: Recent Work on Business Cycles in Historical Perspective: Review of Theories and Evidence

Victor Zarnowitz

1502: The Analysis of Union Behavior

Henry S. Farber

1501: His and Hers: Gender Differences in Work and Income, 1959-1979

Victor Fuchs

1500: Macroeconomic Analysis and Microeconomic Analyses of Labor Supply

Orley Ashenfelter

1499: Rent-Seeking and Trade Policy: An Industry Approach

Robert Baldwin

1498: Exchange Rates and Economic Recovery in the 1930s

Barry Eichengreen and Jeffrey Sachs

1497: Real Balances, the Exchange Rate and Indexation: Real Variables in Disinflation

Stanley Fischer

1496: Planned and Unplanned Bequests

Daniel Hamermesh and Paul Menchik

1495: The Costs of Worker Displacement

Daniel Hamermesh

1494: Imports as a Cause of Injury: The Case of the U.S. Steel Industry

Gene Grossman

1493: Use of (Time-Domain) Vector Autoregressions to Test Uncovered Interest Parity

Takatoshi Ito

1492: Looking for the News in the Noise - Additional Stochastic Implications of Optimal Consumption Choice

Laurence Kotlikoff and Ariel Pakes

1491: Improvements in Macroeconomic Stability: The Role of Wages and Prices

John Taylor

1490: Credibility and Monetary Policy

Bennett McCallum

1489: Using the Longitudinal Structure of Earnings to Estimate the Effect of Training Programs

Orley Ashenfelter and David Card

1488: The General Basis of Arbitrator Behavior: An Empirical Analysis of Conventional and Final-Offer Arbitration

Henry S. Farber and Max H. Bazerman

1487: The Value of Intermediate Targets in Implementing Monetary Policy

Benjamin M. Friedman

1486: Rational and Self-Fulfilling Balance-of-Payments Crises

Maurice Obstfeld

1485: The Incidence of the Local Property Tax: A Re-evaluation

Peter Mieszkowski and George Zodrow

1484: A Stochastic Model of Investment, Marginal q and the Market Value of theFirm

Andrew Abel

1483: The Inflationary Process in Israel: Shocks and Accommodation

Michael Bruno and Stanley Fischer

1482: Money, Credit and Interest Rates in the Business Cycle

Benjamin M. Friedman

1481: The New View of the Property Tax: A Reformulation

Peter Mieszkowski and George Zodrow

1480: Money Growth Variability and Money Supply Interdependence Under InterestRate Control: Some Evidence For Canada

Michael Bordo, Ehsan Choudhri and Anna Schwartz

1479: A Dynamic Specific-Factors Model of International Trade

Jonathan Eaton

1478: Change and Progress in Contemporary Mortgage Markets

Edward Kane

1477: Pension Inequality

Edward Lazear and Sherwin Rosen

1476: Brothers and Sisters in the Family and the Labor Market

John Bound, Zvi Griliches and Bronwyn Hall