NBER Working Papers

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706: The Added-Worker Effect: A Reappraisal

Shelly Lundberg

705: Real and Monetary Disturbances in an Exchange-Rate Union

Richard C. Marston

704: Debt and Economic Activity in the United States

Benjamin M. Friedman

703: Private Pensions as Corporate Debt

Martin Feldstein

702: Changing Balance Sheet Relationships in the U.S. Manufacturing Sector, 1926-77

John H. Ciccolo, Jr.

701: Investment Strategy in an Inflationary Environment

Zvi Bodie

700: Risk and Return: A New Look

Burton G. Malkiel

699: Inflation, Resource Utilization, and Debt and Equity Returns

Patric Hendershott

698: Taxation and Excess Burden: A Life-Cycle Perspective

Edward Driffill and Harvey Rosen

697: Implications of the Changing U.S. Labor Market for Higher Education

Richard Freeman

696: Estimated Effects of Relative Prices on Trade Shares

Ray Fair

695: Familial Love and Intertemporal Optimality

Herschel Grossman

694: Utilitarianism and Horizontal Equity: The Case for Random Taxation

Joseph Stiglitz

693: Monetary Policy and Short-Term Interest Rates: An Efficient Markets-Rational Expectations Approach

Frederic Mishkin

692: Wealth Mobility: The Missing Element

J. R. Kearl and Clayne L. Pope

691: A Systematic Banking Collapse in a Perfect Foresight World

Robert Flood and Peter Garber

690: Consumption Correlatedness and Risk Measurement in Economies with Non trade Assets and Heterogeneous Information

Sanford Grossman and Robert Shiller

689: Tax Policy and Foreign Direct Investment

David G. Hartman

688: Pitfalls in the Construction and Use of Effective Tax Rates

David Bradford and Don Fullerton

687: Taxation of Corporate Capital Income: Tax Revenues vs. Tax Distortions

Roger Gordon

686: Aggregate Spending and the Terms of Trade: Is There a Laursen-Metzler Effect?

Maurice Obstfeld

685: Relative Prices, Employment, and the Exchange Rate in an Economy with Foresight

Maurice Obstfeld

684: On Non-Uniqueness in Rational Expectations Models: An Attempt at Perspective

Bennett McCallum

683: The Decline in Black Teenage Employment: 1950-1970

John F. Cogan

682: Simulating Nonlinear Tax Rules and Nonstandard Behavior: An Application to the Tax Treatment of Charitable Contributions

Martin Feldstein and Lawrence B. Lindsey

681: Alternative Tax Rules and Personal Savings Incentives: Microeconomic Data and Behavioral Simulations

Martin Feldstein and Daniel Feenberg

680: Inflation, Capital Taxation, and Monetary Policy

Martin Feldstein

679: Has the Rate of Investment Fallen?

Martin Feldstein

678: Information and Capital Markets

Joseph Stiglitz

677: Estimated Output, Price, Interest Rate, and Exchange Rate Linkages amongCountries

Ray Fair

676: Quantity and Elasticity Spillovers onto the Labor Market: Theory and Evidence on Sluggishness

Allan Drazen, Daniel Hamermesh and Norman P. Obst

675: Wage-Employment Contracts: Global Results

Jerry Green and Charles Kahn

674: Have Angels Done More? The Steel Industry Consent Decree

Casey Ichniowski

673: A Reexamination of Tax Distortions in General Equilibrium Models

Don Fullerton and Roger Gordon

672: A Competitive Theory of Monopoly Unionism

Edward Lazear

671: Training, Tenure, and Productivity

Frank Lichtenberg

670: Indexing and Inflation

Stanley Fischer

669: The Federal Attack on Labor Market Discrimination: The Mouse that Roared?

Charles Brown

668: Wives' Labor Force Participation, Wage Differentials and Family Income Inequality: The Israeli Experience

Reuben Gronau

667: Expected Interruptions in Labor Force Participation and Sex Related Differences in Earnings Growth

Yoram Weiss

666: Currency Baskets and Real Effective Exchange Rates

William Branson and Louka T. Katseli

665: Business Cycles and Growth: Some Reflections and Measures

Victor Zarnowitz

664: Profitability and Stability in International Currency Markets

John Bilson

663: Distributional Implications of Imperfect Capital Markets

Joon Koo Lee

662: Suit and Settlement vs. Trial: A Theoretical Analysis under Alternative Methods for the Allocation of Legal Costs

Steven Shavell

661: Taxation and Corporate Pension Policy

Irwin Tepper

660: Raw Materials, Profits, and the Productivity Slowdown (Rev)

Michael Bruno

659: The Effect of Social Security on Retirement in the Early 1970s

Michael Hurd and Michael J. Boskin

658: Real Exchange Rate Adjustment and the Welfare Effects of Oil Price Decontrol

Paul Krugman

657: Housing Behavior and the Experimental Housing Allowance Program: What Have We Learned?

Harvey Rosen

656: Minimum Wages and the Demand for Labor

Daniel Hamermesh

655: The Effects of Government Regulation on Teenage Smoking

Eugene M. Lewit, Douglas Coate and Michael Grossman

654: Early Retirement Pension Benefits

Jeremy I. Bulow

653: Indexation of the Minimum Wage with Rational Expectations

Herschel Grossman

652: The Federal Minimum Wage, Inflation, and Employment

John F. Boschen and Herschel Grossman

651: Consumption Preferences, Asset Demands, and Distribution Effects in International Financial Markets

Paul Krugman

650: Some Theoretical Aspects of Base Control

Charles Freedman

649: Dividend Yields and Stock Returns: A Test for Tax Effects

Patrick J. Hess

648: International Capital Flows under Full Monetary Equilibrium: An Empirical Analysis

John Makin

647: Exchange Rate Behavior under Full Monetary Equilibrium: An Empirical Analysis

John Makin

646: Multiple Time-Serie3 Models Applied to Panel Data

Thomas E. MaCurdy

645: The Relative Stability of Money and Credit "Velocities" in the United States: Evidence and Some Speculations

Benjamin M. Friedman

644: Balance of Payments and the Foreign Exchange Market: A Dynamic Partial Equilibrium Model

Pentti J.K. Kouri

643: The Effect of Risk on Interest Rates: A Synthesis of the Macroeconomic and Financial Views

Pentti J.K. Kouri

642: The Relation between Vocational Training in High School and Economic Outcomes

Alan Gustman and Thomas L. Steinmeier

641: Foreign Takeovers of Swedish Firms

Robert Lipsey and Birgitta Swedenborg

640: Deregulation, Savings and Loan Diversification, and the Flow of Housing Finance

Edward Kane

639: Nested Tests of Alternative Term-Structure Theories

Edward Kane

638: Accelerating Inflation, Technological Innovation, and the Decreasing Effectiveness of Banking Regulation

Edward Kane

637: Issues in the Design of Saving and Investment Incentives

David Bradford

636: On the Predictability of Tax-Rate Changes

Robert Barro

635: Process Consistency and Monetary Reform: Further Evidence and Implications

Robert Flood and Peter Garber

634: Involuntary Terminations under Explicit and Implicit Employment Contracts

James Medoff and Katharine Abraham

633: The Impact of Unions on the Labor Market for White and Minority Youth

Harry Holzer

632: Self-Selection and Pareto Efficient Taxation

Joseph Stiglitz

631: When Is a Positive Income Tax Optimal?

Fischer Black

630: Monetarist Principles and the Money Stock Growth Rule

Bennett McCallum

629: The Real Price of Oil and the 1970s World Inflation

Michael Darby

628: Trade Policy and Import Competition under Fluctuating Prices

Paul Strebel and Shabtai Donnenfeld

627: The Adequacy of Savings

Laurence Kotlikoff and Lawrence Summers

626: A Model of Stochastic Process Switching

Robert Flood and Peter Garber

625: Explanations of Exchange Rate Volatility and Other Empirical Regularities in Some Popular Models of the Foreign Exchange Market

Robert Flood

624: An Intertemporal Analysis of Taxation and Work Disincentives: An Analysis of the Denver Income Maintenance Experiment

Thomas E. MaCurdy

623: Wage-Employment Contracts (Replaced by W0675)

Jerry Green

622: The Real Interest Rate: An Empirical Investigation

Frederic Mishkin

621: Output Fluctuations and Gradual Price Adjustment

Robert Gordon

620: Inventories and Sticky Prices: More on the Microfoundations of Macroeconomics

Alan Blinder

619: Social Security, Bequests, and the Life Cycle Theory of Saving: Cross-Sectional Tests

Alan Blinder, Roger Gordon and Donald E. Wise

618: The Role of Seniority at U.S. Work Places: A Report on Some New Evidence

James Medoff and Katharine Abraham

617: Black-White Earnings Ratios Since the Civil Rights Act of 1964: The Importance of Labor Market Dropouts

Charles Brown

616: The Elusive Incidence of the Corporate Income Tax: The State Case

Charles E. McLure, Jr.

615: Variations in Infant Mortality Rates among Counties in the United States: The Roles of Social Policies and Programs

Michael Grossman and Steven Jacobowitz

614: Asset Holdings and the Life Cycle

Mervyn A. King and Louis Dicks-Mireaux

613: Is the Maximum Tax on Earned Income Effective?

Lawrence B. Lindsey

612: The Choice of Health Policies with Heterogeneous Populations

Richard Zeckhauser and Donald S. Shepard

611: Healthiness, Education, and Marital Status

Paul J. Taubman and Sherwin Rosen

610: Income and Payroll Tax Policy and Labor Supply

Jerry Hausman

609: Physical Disabilities and Post-Secondary Educational Outcomes

Robert A. Shakotko and Michael Grossman

608: On Functions, Quality, and Timeliness of Economic Information

Victor Zarnowitz

607: Does Purchasing Power Parity Work?

Michael Darby