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New This Week Archive

NBER Working Papers released in the past, by week.

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Week of March 31, 2003

Latest NBER Working Papers

• Dynamic Seemingly Unrelated Cointegrating Regression
  Nelson C. Mark, Masao Ogaki, and Donggyu Sul #T292 (TWP)
  
• How Often to Sample a Continuous-Time Process in the Presence of Market Microstructure Noise
  Yacine Ait-Sahalia and Per A. Mykland #9611 (AP)
  
• Effects of Child Health on Parents' Relationship Status
  Nancy E. Reichman, Hope Corman, and Kelly Noonan #9610 (HE, C)
  
• The Effects of War Risk on U.S. Financial Markets
  Roberto Rigobon and Brian Sack #9609 (IFM, AP)
  
• The New Comparative Economics
  Simeon Djankov, Edward L. Glaeser, Rafael La Porta, Florencio Lopez-de-Silanes, and Andrei Shleifer #9608 (CF, EFG, LE, PE)
  
• The Evolution of High Incomes in Canada, 1920-2000
  Emmanuel Saez and Michael R. Veall #9607 (PE)
  
• A Brazilian-Type Debt Crisis: Simple Analytics
  Assaf Razin and Efraim Sadka #9606 (IFM)
  
• Expected Returns and Expected Dividend Growth
  Martin Lettau and Sydney C. Ludvigson #9605 (AP)
  
• Frictionless Technology and Diffusion: The Case of Tractors
  Rodolfo Manuelli and Ananth Seshadri #9604 (EFG, P)
  
• In-State versus Out-of-State Students: The Divergence of Interest between Public Universities and State Governements
  Jeffrey A. Groen and Michelle J. White #9603 (ED, LE, PE)
  
• The Effect of Automobile Insurance and Accident Liability Laws on Traffic Fatalities
  Alma Cohen and Rajeev Dehejia #9602 (LE, PE)
  
• Power-hungry Candidates, Policy Favors, and Pareto Improving Campaign Finance Reform
  Stephen Coate #9601 (PE))
  
• Antitrust Merger Policy: Lessons from the Australian Experience
  Philip L. Williams and Graeme Woodbridge #9600 (CF)
  
• Inflation Targeting and Sudden Stops
  Ricardo J. Caballero and Arvind Krishnamurthy #9599 (CF, EFG, IFM)
  
• Intellectual Property & External Consumption Effects: Generalizations from Pharmaceutical Markets
  Tomas Philipson and Stephane Mechoulan #9598 (HE)
  
• The Kindergarten Rule of Sustainable Growth
  William A. Brock and M. Scott Taylor #9597 (ITI)
  
• Transition Policy: A Conceptual Framework
  Louis Kaplow #9596 (LE, PE)
  

  Chapters for Forthcoming NBER Books

  "The Role of Globalization in the Within-Industry Shift Away from Unskilled Workers in France"
  Vanessa Strauss-Kahn
  "The Cross Border Mergers and Acquisitions Wave of the Late 1990s"
  Simon J. Evenett
  Comment by Simon J. Evenett on "Globalization and Dirty Industries: Do Pollution Havens Matter?" by Jean-Marie Grether and Jaime de Melo
  "Productivity Growth and R&D Expenditure in Taiwanese Manufacturing Firms"
  Jiann-Chyuan Wang and Kuen-Hung Tsai
  Comment by Ben S. Bernanke on "Inflation Targeting and Sudden Stops," by Ricardo J. Caballero and Arvind Krishnamurthy"
  "Information Processing Equipment and Software in the National Accounts"
  Bruce T. Grimm, Brent R. Moulton and David B. Wasshausen

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Week of March 24, 2003

Latest NBER Working Papers

• Generalized Moments Estimation for Panel Data
  Viliam Druska and William C. Horrace #T291 (TWP)
  
• Banks and Markets: The Changing Character of European Finance
  Luigi Zingales and Raghuram Rajan #9595 (CF)
  
• Historical Perspectives on U.S. Economic Geography
  Sukkoo Kim and Robert A. Margo #9594 (DAE, LS)
  
• Race and Pregnancy Outcomes in the Twentieth Century: A Long-Term Comparison
  Dora L. Costa #9593 (DAE, C, CS)
  
• Rail Reform Strategies: The Australian Experience
  Helen Owens #9592 (IO)
  
• A Workers' Lobby to Provide Portable Benefits
  Joni Hersch #9591 (LS)
  
• Union Participation in Strategic Decisions of Corporations
  Eileen Appelbaum and Larry W. Hunter #9590 (LS)
  
• Market Evaluations of Banking Fragility in Japan: Japan Premium, Stock Prices, and Credit Derivatives
  Takatoshi Ito and Kimie Harada #9589 (IFM, ME)
  
• Are There Civic Returns to Education?
  Thomas S. Dee #9588 (ED, C)
  
• What Do Financial Markets Think of War in Iraq?
  Andrew Leigh, Justin Wolfers, and Eric Zitzewitz #9587 (EFG, AP)
  

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Week of March 17, 2003

Latest NBER Working Papers

• The Retirement-Consumption Puzzle: Anticipated and Actual Declines in Spending and Retirement
  Michael Hurd and Susann Rohwedder #9586 (A, EFG)
  
• The Effect of Expected Income on Individual Migration Decisions
  John Kennan and James R. Walker #9585 (EFG, LS)
  
• Does Education Improve Citizenship? Evidence from the U.S. and the U.K.
  Kevin Milligan, Enrico Moretti, and Philip Oreopoulos #9584 (ED)
  
• Financial Development and the Composition of Industrial Growth
  Raymond Fisman and Inessa Love #9583 (CF, EFG)
  
• Financial Dependence and Growth Revisited
  Raymond Fisman and Inessa Love #9582 (CF, EFG)
  
• The Measurement of Firm-Specific Organization Capital
  Baruch Lev and Suresh Radhakrishnan #9581 (EFG)
  
• Foreign Capital in Latin America in the Nineteenth and Twentieth Centuries
  Alan M. Taylor #9580 (DAE, IFM, ITI)
  
• Categorical Cognition: A Psychological Model of Categories and Identification in Decision Making
  Roland G. Fryer, Jr. and Matthew O. Jackson #9579 (LS)
  
• Openness and Growth: What's the Empirical Relationship?
  Robert E. Baldwin #9578 (ITI)
  
• Does Inflation Targeting Matter?
  Laurence Ball and Niamh Sheridan #9577 (EFG, ME)
  
• Active Labour Market Policies and the British New Deal for the Young Unemployed in Context
  John Van Reenen #9576 (LS)
  
• Sources of Corporate Financing and Economic Crisis in Korea
  Youngjae Lim #9575 (CF, IFM)
  
• Initial Public Offering and Corporate Governance in China's Transitional Economy
  Chen Chien-Hsun and Shih Hui-Tzu #9574 (CF)
  
• Charcteristics of Foreign-Owned Firms in British Manufacturing
  Rachel Griffith and Helen Simpson #9573 (LS, P)
  

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Week of March 10, 2003

Latest NBER Working Papers

• Trader, Cops and Robbers
  James E. Anderson and Oriana Bandiera #9572 (ITI)
  
• An Econometric Model of Serial Correlation and Illiquidity in Hedge Fund Returns
  Mila Getmansky, Andrew W. Lo and Igor Makarov #9571 (AP)
  
• On the International Financial Architecture: Insuring Emerging Markets
  Ricardo J. Caballero #9570 (CF, EFG, IFM)
  
• How Workers Fare When Employers Innovate
  Snadra E. Black, Lisa Lynch, and Anya Krivelyova #9569 (LS)
  
• Monetary Rules for Small, Open, Emerging Economies
  Douglas Laxton and Paolo Pesenti #9568 (IFM)
  
• Subsidies to Employee Health Insurance Premiums and the Health Insurance Market
  Jonathan Gruber and Ebonya Washington #9567 (HE, PE)
  
• Modeling Model Uncertainty
  Alexei Onatski and Noah Williams #9566 (EFG, ME)
  
• Individual Rights and Collective Agents: The Role of Old and New Workplace Institution in the Regulation of Labor Markets
  David Weil #9565 (LS)
  
• The Surprising Retreat of Union Britain
  John Pencavel #9564 (LS)
  
• What Has Happened to Wages in Mexico since NAFTA?
  Gordon H. Hanson #9563 (ITI, LS)
  
• The Housing Market Impact of State-Level Anti-Discrimination Laws, 1960-1970
  William J. Collins #9562 (DAE)
  
• Lighting Up and Slimming Down: The Effects of Body Weight and Cigarette Prices on Adolescent Smoking Initiation
  John Cawley, Sara Markowitz, and John Tauras #9561 (HE)
  
• Regulation and Investment
  Alberto Alesina, Silvia Ardagna, Giuseppi Nicoletti, and Fabio Schiantarelli #9560 (EFG, IO)
  
• Implicit Contracts, the Great Depression, and Institutional Change: A Comparative Analysis of U.S. and Japanese Employment Relations, 1920-1940
  Chiaki Moriguchi #9559 (DAE)
  
• Backward-Looking Interest-Rate Rules, Interest-Rate Smoothing, and Macroeconomic Instability
  Jess Benhabib, Stephanie Schmitt-Grohe, and Martin Uribe #9558 (EFG, ME)
  
• Inflation Inertia and Credible Disinflation - The Open Economy Case
  Guillermo Calvo, Oya Cesalun, and Michael Kumhof #9557 (IFM)
  
• Pension Reform and Economic Performance in Britain in the 1980s and 1990s
  Richard Disney, Carl Emmerson, and Sarah Smith #9556 (A, LS)
  
• A Decomposition of Global Linkages in Financial Markets Over Time
  Kristin J. Forbes and Menzie D. Chinn #9555 (IFM)
  

  Chapters for Forthcoming NBER Books

  "Inflation Targeting, Price-Path Targeting, and Output Variability"
  Stephen G. Cecchetti and Junhan Kim
  "Imperfect Knowledge, Inflation Expectations, and Monetary Policy"
  Athanasios Orphanides and John C. Williams
  "Whither Poverty in Great Britain and the United States? The Determinants of Changing Poverty and Whether Work Will Work"
  Richard Dickens and David T. Ellwood
  "Active Labor Market Policies and the British New Deal for the Young Unemployed in Context"
  John Van Reenen

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Week of March 3, 2003

Latest NBER Working Papers

• The (Interesting) Dynamic Properties of the Neoclassical Growth Model with CES Production
  Kent Smetters #T290 (TWP)
  
• Iatrogenic Specification Error: A Cautionary Tale of Cleaning Data
  Christopher R. Bollinger and Amitabh Chandra #T289 (TWP)
  
• Exploring the Health-Wealth Nexus
  Jonathan Meer, Douglas L. Miller, and Harvey S. Rosen #9554 (PE)
  
• The Impact of Federal Tax Credits for Higher Education Expenses
  Bridget Terry Long #9553 (ED, PE, C)
  
• Putting 'M' back in Monetary Policy
  Eric M. Leeper and Jennifer E. Roush #9552 (EFG, ME)
  
• Why Does Financial Development Matter? The United States from 1900 to 1940
  Rajeev Dehejia and Adriana Lleras-Muney #9551 (DAE, ME))
  
• Labor Market Status of Older Males in the United States, 1880-1940
  Chulhee Lee #9550 (DAE, LS)
  
• Lead Water Pipes and Infant Mortality in Turn-of-the-Century Massachusetts
  Werner Troesken #9549 (A, C, DAE)
  
• Consumption Risk and Expected Stock Returns
  Jonathan A. Parker #9548 (AP, ME)
  
• Strategic Asset allocation in a Continuous-Time VAR Model
  John Y. campbell, George Chacko, Jorge Rodriguez, and Luis M. Viciera #9547 (AP, ME, EFG)
  
• Estimating Distributions of Treatment Effects with an Application to the Returns to Schooling and Measurement of the Effects of Uncertainty on College Choice
  Pedro Carneiro, Karsten T. Hansen, and James J. Heckman #9546 (C, ED, LS)
  
• Does Teacher Testing Raise Teacher Quality? Evidence from State Certification Requirements
  Joshua D. Angrist and Jonathan Guryan #9545(C, ED, LS)
  
• Analysts' Conflict of Interest and Biases in Earnings Forecasts
  Louis K.C. Chan, Jason Karceski, and Josef Lakonishok #9544 (AP)
  
• Endogenous Exchange Rate Pass-through when Nominal Prices are Set in Advance
  Michael B. Devereux, Charles Engel, and Peter E. Storgaard #9543 (IFM)
  
• A Catering Theory of Dividends
  Malcolm Baker and Jeffrey Wurgler #9542 (CF)
  
• Does Insider Trading Raise Market Volatility?
  Julan Du and Shang-Jin Wei #9541 (AP, IFM)
  
• The Reallocation of Compensation in Response to Health Insurance Premium Increases
  Dana P. Goldman, Neeraj Sood, and Arleen A. Leibowitz #9540 (HE, LS)
  
• The Life Cycles of Modern Artists: Theory, Measurement, and Implications
  David W. Galenson #9539 (LS)
  
• Consumption Risk and Cross-Sectional Returns
  Jonathan A. Parker and Christian Julliard #9538 (AP, ME, EFG)
  
• The Effect of Payroll Tax on Earnings: A Test of Competing Models of Wage Determination
  Kevin Lang #9537 (LS, PE)
  
• The Cyclical Behavior of Equilibrium Unemployment and Vacancies: Evidence and Theory
  Robert Shimer #9536 (EFG)
  
• A New Summary Measure of the Effective Tax Rate on Investment
  Roger Gordon, Laura Kalambokidis, and Joel Slemrod #9535 (PE)
  

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Week of February 24, 2003

Latest NBER Working Papers

• Multinomial Choice with Social Interaction
  William A. Brock and Steven N. Durlauf #T288 (TWP)
  
• Merchant Transmission Investment
  Paul L. Joskow and Jean Tirole #9534 (IO)
  
• International Agreements on Product Standards: An Incomplete-Contracting Theory
  Giovanni Maggi and Pierpaolo Battigalli #9533 (ITI)
  
• Further Evidence that Legalized Abortion Lowered Crime: A Reply to Joyce
  John J. Donohue III and Steven D. Levitt #9532 (HC, LE, LS)
  
• Freight Rates and Productivity Gains in British Tramp Shipping 1869-1950
  Saif I. Shah Mohammed and Jeffrey G. Williamson #9531 (DAE, ITI, P)
  
• Why is Productivity Growing Faster?
  Martin Feldstein #9530 (PE)
  
• Price Discovery in the U.S. Treasury Market: The Impact of Orderflow and Liquidity on the Yield Curve
  Michael W. Brandt and Kenneth A. Kavajecz #9529 (AP, ME)
  
• Knife Edge of Plateau: When Do Market Models Tip?
  Glenn Ellison and Drew Fudenberg #9528 (IO)
  
• CEO Turnover and Foreign Market Participation
  Bruce A. Blonigen and Rossitza B. Wooster #9527 (CF, ITI)
  
• Measuring Capital
  W. Erwin Diewert #9526 (EFG, P)
  
• Equity Premium in Retrospect
  Rajnish Mehra and Edward Prescott #9525 (AP)
  
• Strikes, Scabs and Tread Separations: Labor Strife and the Production of Defective Bridgestone/Firestone Tires
  Alan B. Krueger and Alexandre Mas #9524 (LS)
  
• Do Shareholders of Acquiring Firms Gain from Acquisitions?
  Sara B. Moeller, Frederik P. Schlingemann and Rene M. Stulz #9523 (AP, CF)
  
• Deflation, Silent Runs, and Bank Holidays, in the Great Contraction
  Hugh Rockoff #9522 (DAE, ME)
  
• Doomed to Deficits? Aggregate U.S. Trade Flows Re-examined
  Menzie Chinn #9521 (IFM, ITI)
  
• Is Deflation Depressing? Evidence from the Classical Gold Standard Period
  Michael D. Bordo and Angela Redish #9520 (DAE, ME)
  
• What Can be Learned from Skeletons that Might Interest Economists, Historians and Other Social Scientists?
  Richard H. Steckel #9519 (DAE)
  
• Time in Purgatory: Determinants of the Grant Lag for U.S. Patent Applications
  David Popp, Ted Juhl, and Daniel K.N. Johnson #9518 (P)
  
• Export-Platform Foreign Direct Investment
  Karolina Ekholm, Rikard Forslid, and James R. Markusen #9517 (ITI)
  

  Chapters for Forthcoming NBER Books

  "Inflation Targeting in Transition Economies: Experience and Prospects"
  Jiri Jonas and Frederic S. Mishkin
  "Optimal Inflation Targeting Rules"
  Marc P. Giannoni and Michael Woodford
  "Inflation Targeting in the United States?"
  Marvin Goodfriend
  "The Impact of Trade Liberalization on Wage Inequality: Evidence from Argentina"
  Sebastian Galiani and Pablo Sanguinetti
  "Constraints on the Level and Efficient Use of Labor in Japan"
  Hiroshi Ono and Marcus E. Rebick
  "The Impact of Federal Tax Credits for Higher Education Expenses"
  Bridget Terry Long

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Week of February 17, 2003

Latest NBER Working Papers

• Resident and Nonresident Tuition and Enrollment at Flagship State Universities
  Michael J. Rizzo and Ronald G. Ehrenberg #9516 (ED)
  
• Do Asset Prices Reflect Fundamentals? Freshly Squeezed Evidence from the OJ Market
  Jacob Boudoukh, Matthew Richardson, YuQing Shen, and Robert F. Whitelaw #9515 (AP)
  
• A Currency of One's Own? An Empirical Investigation on Dollarization and Independent Currency Unions
  Sebastian Edwards and Igal Magendzo #9514 (IFM)
  
• Geography and Racial Health Disparities
  Amitabh Chandra and Jonathan Skinner #9513 (HC)
  
• The Equity Premium: Why is it a Puzzle?
  Rajnish Mehra #9512 (AP)
  
• International Price-Fixing Cartels and Developing Countries: A Discussion of Effects and Policy Remedies
  Margaret Levenstein, Valerie Suslow, and Lynda Oswald #9511 (DAE)
  
• Market Integration and Contagion
  Geert Bekaert, Campbell R. Harvey, and Angela Ng #9510 (AP, IFM)
  
• Bad Beta, Good Beta
  John Y. Campbell and Tuomo Vuolteenaho #9509 (AP)
  

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Week of February 10, 2003

Latest NBER Working Papers

• Job Loss Expectations, Realizations, and Household Consumption Behavior
  Melvin Stephens, Jr. #9508 (LS)
  
• Who Shall Live and Who Shall Die? An Analysis of Prisoners on Death Row in the United States
  Laura Argys and Naci Mocan #9507 (HE, PE)
  
• Fiscal Policy and Inflation: Pondering the Imponderables
  Eric M. Leeper #9506 (EFG)
  
• Education Saving Incentives and Household Saving: Evidence from the 2000 TIAA-CREF Survey of Participant Finances
  Jennifer Ma #9505 (ED)
  
• Multinational Enterprises, International Trade, and Productivity Growth: Firm-Level Evidence from the United States
  Wolfgang Keller and Stephen R. Yeaple #9504 (ITI, P)
  
• Taxation of Interest Income
  Roger H. Gordon #9503 (PE)
  
• Fairness and Redistribution: U.S. versus Europe
  Alberto Alesina and George-Marios Angeletos #9502 (EFG, PE)
  
• Peer Effects in Higher Education
  Gordon C. Winston and David J. Zimmerman #9501 (ED)
  
• Capital Account Openness and the Varieties of Growth Experience
  Michael W. Klein #9500 (IFM)
  
• Disposition Matters: Volume, Volatility and Price Impact of a Behavioral Bias
  William N. Goetzmann and Massimo Massa #9499 (AP)
  
• Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?
  Eric van Wincoop and Philippe Bacchetta #9498 (IFM)
  
• Using Matching, Instrumental Variables and Control Functions to Estimate Economic Choice Models
  James Heckman and Salvador Navarro-Lozano #9497 (C, ED, LS, PE)
  
• Retirement Incentives and Couples' Retirement Decisions
  Courtney Coile #9496 (A, LS, PE)
  
• Human Capital Policy
  James Heckman and Pedro Carneiro #9495 (C, ED, LS, PE))
  

  Chapters for Forthcoming NBER Books

  "The Relation among Human Capital, Productivity and Market Value: Building Up from Micro Evidence"
  John Abowd, John Haltiwanger, Ron Jarmin, Julia Lane, Paul Lengermann, Kristin McCue, Kevin McKinney and Kristin Sandusky
  "The Response of the Informal Sector to Trade Liberalization"
  Pinelopi K. Goldberg and Nina Pavcnik
  "Resident and Nonresident Tuition and Enrollment at Flagship State Universities"
  Michael J. Rizzo and Ronald G. Ehrenberg
  Comment by Jonathan Guryan on "How Financial Aid Affects Persistence"
  Eric Bettinger
  "International Migration, Remittances, and Schooling: Evidence from El Salvador"
  Alejandra Cox Edwards and Manuelita Ureta
  "Changing Economic Geography and Vertical Linkages in Japan"
  Eiichi Tomiura
  "Implementing Optimal Policy through Inflation-Forecast Targeting"
  Lars Svensson, Michael Woodford
  "Does Inflation Targeting Matter?"
  Laurence Ball and Niamh Sheridan
  "Inflation Targeting, Price Level Targeting, and Output Variability"
  Stephen G. Cecchetti and Junhan Kim
  "Optimal Inflation Targeting Rules"
  Marc P. Giannoni and Michael Woodford
  "Imperfect Knowledge, Inflation Expectations, and Monetary Policy"
  Athanasios Orphanides and John C. Williams
  "Limits to Inflation Targeting"
  Christopher A. Sims
  "Inflation Targeting in the United States?"
  Marvin Goodfriend
  "Inflation Targeting in Transition Economies: Experience and Prospects"
  Jiri Jonas and Frederic S. Mishkin
  "Inflation Targeting and Sudden Stops"
  Ricardo J. Caballero and Arvind Krishnamurthy

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Week of February 3, 2003

Latest NBER Working Papers

• Micro-Stimulation of Social Security Reform in Belgium
  Raphael Desmet, Alain Jousten, Sergio Perelman, and Pierre Pestieau #9494 (A, C, PE)
  
• Will the Sovereign Debt Market Survive?
  Andrei Shleifer #9493 (AP, CF, IFM, LE, PE)
  
• Consumption Taxes and Economic Efficiency in a Stochastic OLG Economy
  Shinichi Nishiyama and Kent Smetters #9492 (PE)
  
• Monetary Policy for Inattentive Economies
  Laurence Ball, N. Gregory Mankiw, and Ricardo Reis #9491 (EFG, ME)
  
• Institutions Don't Rule: Direct Effects of Geography on Per Capita Income
  Jeffrey D. Sachs #9490 (EFG, IFM)
  
• The Economics of Foreign Direct Investment Incentives
  Magnus Blomstrom and Ari Kokko #9489 (ITI)
  
• Capital Account Liberalization, The Cost of Capital, and Economic Growth
  Peter Blair Henry #9488 (CF, IFM)
  
• The Value of a Statistical Life: A Critical Review of Market Estimates throughout the World
  W. Kip Viscusi and Joseph E. Aldy #9487 (HC, LE)
  
• Monetary Policy and Real Stabilization
  Lars E. O. Svensson #9486 (EFG, IFM, ME)
  
• Border Delays and Trade Liberalization
  Edgar Cudmore and John Whalley #9485 (ITI)
  
• Constraints on the Level and Efficient Use of Labor in Japan
  Hiroshi Ono and Marcus E. Rebick #9484 (LS)
  
• Economic Analysis of Accident Law
  Steven Shavell #9483 (LE)
  
• Do and Should Financial Aid Packages Affect Students' College Choices?
  Christopher Avery and Caroline Hoxby #9482 (C, ED)
  
• Equity Market Liberalizations as Country IPOs
  Rodolfo Martell and Rene M. Stulz #9481 (AP, CF, IFM)
  

  Chapters for Forthcoming NBER Books

  Comment by Charles Clotfelter on "The Consequences of Merit Aid"
  Susan Dynarski
  Comment by Harvey S. Rosen on "Education Saving Incentives and Household Saving: Evidence from the 2000 TIAA-CREF Survey of Participant Finances," by Jennifer Ma"
  Comment by Bruce Sacerdote on "Student Perceptions of College Opportunities: The Boston COACH Program," by Christopher Avery and Thomas J. Kane
  "Home and Host Country Effects of FDI"
  Robert E. Lipsey
  "The Impact of Federal Tax Credits for Higher Education Expenses"
  Bridget Terry Long and comment by Michael McPherson.
  "Education Saving Incentives and Household Saving: Evidence from the 2000 TIAA-CREF Survey of Participant Finances"
  Jennifer Ma
  Comment by Michelle J. White on "Resident and Nonresident Tuition and Enrollment at Flagship State Universities," by Michael J. Rizzo and Ronald G. Ehrenberg
  "Peer Effects in Higher Education"
  Gordon C. Winston and David J. Zimmerman, and comment by Thomas S. Dee
  "Vertical Intra-Industry Trade and Foreign Direct Investment in East Asia"
  Kyoji Fukao, Hikari Ishido and Keiko Ito
  "Changing Economic Geography and Import Penetration in Japan"
  Eiichi Tomiura
  "Globalizing Activities and the Rate of Survival: Panel Data Analysis on Japanese Firms"
  Fukunari Kimura and Takamune Fujii
  "Do All Networks Facilitate International Commerce? U.S. Law Firms and the International Market for Corporate Control"
  Simon J. Evenett
  "International Joint Ventures and the Boundaries of the Firm"
  Mihir A. Desai, C. Fritz Foley and James R. Hines Jr.
  "Factors Influencing Choice of Alliance Form: Resource Complementarities and Budget Balancing"
  Michael D. Ryall and Rachelle Sampson
  "Corporate Affiliations and the (Mis)Allocation of Credit"
  Joe Peek and Eric Rosengren
  "Relational Contracts in Strategic Alliances"
  George Baker, Robert Gibbons and Kevin J. Murphy
  "Financial Contracting in Biotech Strategic Alliances"
  David T. Robinson and Toby E. Stuart
  "The Life-and-Death Implications of Globalization"
  Shang-Jin Wei and Yi Wu
  "The Response of the Informal Sector to Trade Liberalization"
  Pinelopi Koujianou Goldberg and Nina Pavcnik
  "Economic Development as Self-Discovery"
  Ricardo Hausmann and Dani Rodrik
  "Is Japan's Trade (Still) Different?"
  James Harrigan and Rohit Vanjani
  "'Optimal' Pollution Abatement: Whose Benefits Matter and How Much?"
  Wayne B. Gray and Ronald J. Shadbegian
  "Substitutability, Experience, and the Value Disparity: Evidence from the Marketplace"
  John A. List
  "Estimates from a Consumer Demand System: Implications for the Incidence of Environmental Taxes"
  Sarah E. West and Roberton C. Williams III
  "Measuring Capital and Technology: An Expanded Framework"
  Carol Corrado, Charles Hulten and Dan Sichel
  "Communications Equipment: What Has Happened to Prices?"
  Mark Doms
  "Measuring Organizational Capital in the New Economy"
  Sandra E. Black and Lisa M. Lynch
  "Pharmaceutical Knowledge-Capital Accumulation and Longevity"
  Frank R. Lichtenberg
  "R&D in the National Income and Product Accounts: A First Look at Its Effect on GDP"
  Barbara M. Fraumeni and Sumiye Okubo
  "Growth of U.S. Industries and Investments in Information Technology and Higher Education"
  Dale W. Jorgenson, Mun S. Ho and Kevin J. Stiroh
  "The Relationship Between Human Capital, Productivity and Market Value: Building Up from Micro Evidence"
  John Abowd, John Haltiwanger, Ron Jarmin, Julia Lane, Paul Lengermann, Kristin McCue, Kevin McKinney, Kristin Sandusky
  "Structural Capital"
  Baruch Lev and Suresh Radhakrishnan
  "A New Approach to the Valuation of Intangible Capital"
  Jason G. Cummins
  "Intangible Risk?"
  Lars Peter Hansen, John C. Heaton and Nan Li
  "Measuring Capital"
  Erwin Diewert
  "Information Processing Equipment and Software in the National Accounts"
  Bruce T. Grimm, Brent R. Moulton and David B. Wasshausen

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Week of January 27, 2003

Latest NBER Working Papers

• Individual Subjective Survival Curves
  Li Gan, Michael Hurd, and Daniel McFadden #9480 (A)
  
• The Center and the Periphery: The Globalization of Financial Turmoil
  Graciela Kaminsky and Carmen Reinhart #9479 (IFM)
  
• The Emergence of Strong Property Rights: Speculations from History
  Raghuram Rajan and Luigi Zingales #9478 (CF)
  
• Do We Now Collect Any Revenue from Taxing Capital Income?
  Roger Gordon, Laura Kalambokidis, and Joel Slemrod #9477 (PE)
  
• Is the Convergence in the Racial Wage Gap Illusory?
  Amitabh Chandra #9476 (ED, LS)
  
• An Equilibrium Analysis of Real Estate
  Steven R. Grenadier #9475 (AP)
  
• Individual Perceptions of the Criminal Justice System
  Lance Lochner #9474 (LS, PE, C)
  
• Unionization and Wage Inequality: A Comparitive Study of the U.S., the U.K., and Canada
  David Card, Thomas Lemieux, and W. Craig Riddell #9473 (LS))
  
• Welfare Transitions in the 1990's: The Economy, Welfare Policy, and the EITC
  Jeffrey Grogger #9472 (LS, PE)
  
• Competition Among Hospitals
  Martin Gaynor and William B. Vogt #9471 (HE)
  
• Investor Sentiment in Japanese and U.S. Daily Mutual Fund Flows
  Stephen J. Brown, William N. Goetzmann, Takato Hiraki, Noriyoshi Shirishi, and Masahiro Watanabe #9470 (AP)
  
• Modeling and Measuring Russian Corporate Governance: The Case of Russian Preferred and Common Shares
  William N. Goetzmann, Matthew Spiegel, and Andrey Ukhov #9469 (AP)
  
• Healthy Living in Hard Times
  Christopher J. Ruhm #9468 (HE)
  
• The collapse of a medical clearinghouse (and why such failures are rare)
  C. Nicholas McKinney, Muriel Niederle, and Alvin E. Roth #9467 (LS)
  
• Efficiency and the Bear: Short Sales and Markets around the World
  Arturo Bris, William N. Goetzmann, and Ning Zhu #9466 (AP)
  
• Rain or Shine: Where is the Weather Effect?
  William N. Goetzmann and Ning Zhu #9465 (AP)
  
• Fees on Fees in Funds of Funds
  Stephen J. Brown, William N. Goetzmann, and Bing Liang #9464 (AP)
  

  Chapters for Forthcoming NBER Books

  "Bankruptcy Policy Reform and Total Factor Productivity Dynamics in Korea: Evidence from Micro Data"
  Youngjae Lim and Chin Hee Hahn
  "Sectoral Productivity and Economic Growth in Japan: 1970-1998"
  Kyoji Fukao, Tomohiko Inui, Hiroki Kawai and Tsutomu Miyagawa
  "Productivity Growth and R&D Expenditure in Taiwan's Manufacturing Firms"
  Jiann-Chyuan Wang and Kuen-Hung Tsai
  Comment by Tsutomu Miyagawa on "Productivity Growth and R&D Expenditure in Taiwan's Manufacturing Firms," Jiann-Chyuan Wang and Kuen-Hung Tsai
  "The Surprising Retreat of Union Britain"
  John Pencavel
  "Productivity Effects of TVE Privatization: The Case Study of Garment and Metal Casting Enterprises in the Greater Yangtze River Region"
  Tetsushi Sonobe and Keijiro Otsuka
  "How to Restructure Failed Banking Systems: Lessons from the U.S. in the 1930s and Japan in the 1990s"
  Charles W. Calomiris and Joseph R. Mason
  "Mobility and Joblessness"
  Paul Gregg, Stephen Machin and Alan Manning
  Introduction, by Caroline M. Hoxby, to "College Decisions: The Economics of Which College, When College, and How to Pay for It"
  "Do and Should Financial Aid Packages Affect Students' College Choices?"
  Christopher Avery and Caroline M. Hoxby
  Comment by Michael Rothschild on "Do and Should Financial Aid Packages Affect Students' College Choices?" by Christopher Avery and Caroline M. Hoxby

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Week of January 20, 2003

Latest NBER Working Papers

• Universities, Joint Ventures, and Success in the Advanced Technology Program
  Michael R. Darby, Lynne G. Zucker, and Andrew Wang #9463 (P)
  
• Owner Occupied Housing as a Hedge Against Rent Risk
  Todd Sinai and Nicholas Souleles #9462 (EFG, A, ME, AP)
  
• Diversification and the Optimal Construction of Basis Portfolios
  Bruce N. Lehmann and David M. Modest #9461 (AP)
  
• Health Policy and Technological Change: Evidence from the Vaccine Industry
  Amy Finkelstein #9460 (HE, P, PE)
  
• Has Monetary Policy Become More Effective?
  Jean Boivin and Marc P. Giannoni #9459 (ME)
  
• Time-Consistent No-Arbitrage Models of the Term Structure
  Michael W. Brandt and Amir Yaron #9458 (AP)
  
• Gaucho Banking Redux
  Gerardo della Paolera and Alan M. Taylor #9457 (DAE, IFM)
  
• Inter-Asset Differences in Effective Estate Tax Burdens
  James Poterba and Scott Weisbenner #9456 (PE)
  
• Simulating the Response to Reform of Canada's Income Security Programs
  Michael Baker, Jonathan Gruber, and Kevin Milligan #9455 (A, LS, PE)
  
• The cash flow, return and risk characteristics of private equity
  Alexander Ljungqvist and Matthew Richardson #9454 (AP)
  
• Portfolio Choice and Health Status
  Harvey S. Rosen and Stephen Wu #9453 (AP, HE, PE)
  
• Omitted Product Attributes in Discrete Choice Models
  Amil Petrin and Kenneth Train #9452 (IO)
  
• Letting States do the Dirty Work: State Responsibility for Federal Environmental Regulation
  Hilary Sigman #9451 (PE)
  
• Regulation, Distribution Efficiency, and Retail Density
  David Flath #9450 (IO, ITI)
  
• Testing Theories of Discrimination: Evidence from "Weakest Link"
  Steven D. Levitt #9449 (LS, LE)
  
• Legacies in Black and White: The Racial Composition of the Legacy Pool
  Cameron Howell and Sarah E. Turner #9448 (ED)
  
• Distance, Skill Deepening and Development: Will Peripheral Countries Ever Get Rich?
  Stephen Redding and Peter K. Schott #9447 (ITI)
  
• Why Have Americans Become More Obese?
  David Cutler, Edward Glaeser, and Jesse Shapiro #9446 (A, HE, C)
  
• The Productivity of U.S. States Since 1880
  Kris James Mitchener and Ian W. McLean #9445 (DAE)
  
• Inefficiency of Corporate Investment and Distortion of Savings Behavior in Japan
  Albert Ando, Dimitrios Christelis, and Tsutomu Miyagawa #9444 (EFG)
  
• The Reponse of the Informal Sector to Trade Liberalization
  Pinelopi K. Goldberg and Nina Pavcnik #9443 (ITI)
  
• Dynastic Management
  Francesco Caselli and Nicola Gennaioli #9442 (EFG, AP)
  

  Chapters for Forthcoming NBER Books

  "The Cross Border Mergers and Acquisitions Wave of the Late 1990s"
  Simon J. Evenett
  "Globalization and Democracy"
  Carl B. Hamilton
  "Home and Host Country Effects of FDI"
  Robert E. Lipsey
  "The Budget Impact of Reduced Early Retirement Incentives on the German Public Pension System"
  Axel B?rsch-Supan, Simone Kohnz and Reinhold Schnabel
  "The Effects of Labor Market Regulations on Employment Decisions by Firms: Empirical Evidence for Argentina"
  Guillermo Mondino and Silvia Montoya
  "Determinants of Labor Demand in Colombia: 1976-1996"
  Mauricio C?rdenas and Raquel Bernal
  "Antitrust Merger Policy: Lessons from the Australian Experience"
  Philip L. Williams and Graeme Woodbridge
  "Foreign Ownership and Productivity in the Indonesian Automobile Industry: Evidence from Establishment Data for 1990-1999"
  Keiko Ito
  Comment by Francis T. Lui on "Australia's 1990s Productivity Surge and Its Determinants"
  by Dean Parham
  Comment by Andrew K. Rose on "Ideas and Education: Level or Growth Effects?"
  by Steve Dowrick
  "Going to College and Finishing College: Explaining Different Educational Outcomes"
  Sarah E. Turner
  Comment by Christopher Taber on "Going to College and Finishing College: Explaining Different Educational Outcomes"
  by Sarah Turner

---

Week of January 6, 2003

Latest NBER Working Papers

• Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance
  Wayne E. Ferson #9441 (AP)
  
• Routine
  Daniel S. Hamermesh #9440 (LS)
  
• Export versus FDI
  Elhanan Helpman, Marc J. Melitz, and Stephen R. Yeaple #9439 (ITI)
  
• Is Japan's Innovative Capacity in Decline?
  Lee Branstetter and Yoshiaki Nakamura #9438 (ITI, P)
  
• Hi-tech Innovation and Productivity Growth: Does Supply Create Its Own Demand?
  Robert J. Gordon #9437 (EFG, PE)
  
• Mismeasurement of the CPI
  Kenn Arig and Kenji Matsui #9436 (P)
  
• Economic Effects of Currency Unions
  Silvana Tenreyro and Robert J. Barro #9435 (EFG, IFM, ME)
  
• The Price Impact and Survival of Irrational Traders
  Leonid Kogan, Stephen Ross, Jiang Wang, and Mark Westerfield #9436 (AP)
  
• How is Macro News Transmitted to Exchange Rates?
  Martin D. D. Evans and Richard K. Lyons #9433 (IFM)
  
• Corporate Investment with Financial Constraints: Sensitivity of Investment to Funds from Voluntary Asset Sales
  Gayane Hovakimian and Sheridan Titman #9432 (CF)
  
• R&D and the Patent Premium
  Ashish Arora, Marco Ceccagnoli, and Wesley M. Cohen #9431 (P)
  
• Optimal Policy with Partial Information in a Forward-Looking Model: Certainty Equivalence Redux
  Lars E. O. Svensson and Michael Woodford #9430 (ME)
  
• Work Costs and Nonconvex Preferences in the Estimation of Labor Supply Models
  Bradley T. Heim and Bruce D. Meyer #9429 (LS, PE)
  

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