NBER Working Papers

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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

606: Inflation, the Stock Market, and Owner-Occupied Housing

Lawrence Summers

605: Tax Policy and Corporate Investment

Lawrence Summers

604: Inflation, Taxation, and Corporate Investment: A q-Theory Approach

Lawrence Summers

603: How Close to an Auction Is the Labor Market? Employee Risk Aversion, Income Uncertainty, and Optimal Labor Contracts

James N. Brown

602: International Price Behavior and the Demand for Money

Arthur E. Gandolfi and James Lothian

601: Real Effects of Anticipated and Unanticipated Money: Some Problems of Estimation and Hypothesis Testing

Willem Buiter

600: Social Insurance and Consumption: An Empirical Inquiry

Daniel Hamermesh

599: Macroeconomic Policy, Exchange-Rate Dynamics, and Optimal Asset Accumulation

Maurice Obstfeld

598: The International Financial Market and U.S. Interest Rates

David G. Hartman

597: Variable Cost Functions and the Rate of Return to Quasi-Fixed Factors: An Application to R and D in the Bell System

M. Ishaq Nadiri and Mark Schankerman

596: Accelerated Depreciation and the Efficacy of Temporary Fiscal Policy: Implications for an Inflationary Economy

Andrew Abel

595: On Expectations, Term Premiums and the Volatility of Long-Term Interest Rates

James Pesando

594: Taxes and Corporate Capital Structure in an Incomplete Market

Robert A. Taggart, Jr.

593: Symmetry Restrictions in a System of Financial Asset Demands: A Theoretical and Empirical Analysis

V. Vance Roley

592: Oil, Disinflation, and Export Competitiveness: A Model of the "Dutch Disease"

Willem Buiter and Douglas Purvis

591: Monetary Policy and International Competitiveness

Willem Buiter and Marcus Miller

590: A Model of the Black Market for Dollars

Rüdiger Dornbusch, Daniel Valente Dantas, Clarice Pechman, Roberto de Rezende Rocha and Demetrio Simoes

589: Unanticipated or Actual Changes in Aggregate Demand Variables: A Cross-Country Analysis

Michael Darby

588: Inflation, Taxation, and Corporate Behavior

Roger Gordon

587: Effects of Shifting Saving Patterns on Interest Rates and Economic Activity

Benjamin M. Friedman

586: The Effect of Federal Debt Management Policy on Corporate Bond and Equity Yields

V. Vance Roley

585: International Transmission under Pegged and Floating Exchange Rates: An Empirical Comparison

Michael Darby

584: Self-Employment and Labor Force Participation of Older Males (Revised)

Victor Fuchs

583: Modeling Alternative Solutions to the Long-Run Social Security Funding Problem

Michael J. Boskin, Marcy Avrin and Kenneth Cone

582: Energy and Growth under Flexible Exchange Rates: A Simulation Study

Jeffrey D. Sachs

581: International Effects on the U.S. Capital Market

David G. Hartman

580: The Role of Economic Policy after the New Classical Macroeconomics

Willem Buiter

579: Social Security, Induced Retirement, and Aggregate Capital Accumulation:A Correction and Updating

Martin Feldstein

578: The Reservation Wage of Unemployed Persons in the Federal Republic of Germany: Theory and Empirical Tests

Wolfgang Franz

577: Inflation, Tax Rules, and Investment: Some Econometric Evidence

Martin Feldstein

576: Taxation and Corporation Finance

Roger Gordon and Burton G. Malkiel

575: Monetary and Fiscal Policies in an Open Economy

Jacob A. Frenkel and Michael Mussa

574: Symmetric Substitution Matrices in Asset Demand Systsems

David S. Jones

573: Consistent Simple Sum Aggregation over Assets

David S. Jones

572: Accumulation and Growth in a Two-Country Model: A Simulation Approach

David Lipton and Jeffrey Sachs

571: International Trade, Indebtedness, and Welfare Repercussions among Supply-Constrained Economies under Floating Exchange Rates

Bryce Hool and J. David Richardson

570: Wage and Employment Determinants under Trade Unionism: The InternationalTypographical Union

James N. Dertouzos and John Pencavel

569: The Collapse of Purchasing Power Parities during the 1970s

Jacob A. Frenkel

568: Private Pensions and Inflation

Martin Feldstein

567: Two Notes on Exchange Rate Rules and on the Real Value of External Debt

Rüdiger Dornbusch

566: Asset Prices, Substitution Effects, and the Impact of Changes in Asset Stocks

Carl Walsh

565: The Use of Volatility Measures in Assessing Market Efficiency

Robert Shiller

564: The Determinants of the Variability of Stock Market Prices

Sanford Grossman and Robert Shiller

563: Alternative Tests of Rational Expectations Models: The Case of the Term Structure

Robert Shiller

562: Reconsidering the Work Disincentive Effects of Social Security

Alan Blinder, Roger Gordon and Donald E. Wise

561: Patents and R and D at the Firm Level: A First Look

Ariel Pakes and Zvi Griliches

560: The Importance of Lifetime Jobs in the U.S. Economy

Robert Hall

559: Price Level Determinacy with an Interest Rate Policy Rule and Rational Expectations

Bennett McCallum

558: Tests of Equilibrium Macroeconomics Using Contemporaneous Monetary Data

John F. Boschen and Herschel Grossman