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New This Week Archive

NBER Working Papers released in the past, by week.

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Week of March 28, 2005

Latest NBER Working Papers

• Trade Policy, Income Risk, and Welfare
  Tom Krebs, Pravin Krishna, and William Maloney #11255 (ITI)
  
• When Labor Has a Voice in Corporate Governance
  Olubunmi Faleye, Vikas Mehrotra, and Randall Morck #11254 (CF, LS)
  
• A Tale of Two Labor Markets: Intergenerational Occupational Mobility in Britain and the U.S. Since 1850
  Jason Long and Joseph Ferrie #11253 (DAE)
  
• Charter School Quality and Parental Decision Making with School Choice
  Eric A. Hanushek, John F. Kain, Steven G. Rivkin, and Gregory F. Branch #11252 (ED, CH)
  
• Technology Adoption From Hybrid Corn to Beta Blockers
  Jonathan Skinner and Douglas Staiger #11251 (HE, PR)
  
• Rethinking Social Insurance
  Martin Feldstein #11250 (EFG, PE)
  
• The Euro and the Stability Pact
  Martin Feldstein #11249 (EFG, IFM, PE)
  
• The Thick Market Effect on Local Unemployment Rate Fluctuations
  Li Gan and Qinghua Zhang #11248 (LS)
  
• Portfolio Choice over the Life-Cycle in the Presence of "Trickle Down" Labor Income
  Luca Benzoni, Pierre Collin-Dufresne, and Robert S. Goldstein #11247 (AP)
  
• Births, Deaths, and New Deal Relief during the Great Depression
  Price V. Fishback, Michael R. Haines, and Shawn Kantor #11246 (DAE)
  
• The Limited Influence of Unemployment on the Wage Bargain
  Robert E. Hall and Paul R. Milgrom #11245 (EFG, LS)
  
• Deflation and Monetary Policy in Taiwan
  Ya-Hwei Yang and Jia-Dong Shea #11244 (IFM, ME)
  
• Fear and Greed in Financial Markets: A Clinical Study of Day-Traders
  Andrew W. Lo, Dmitry V. Repin, and Brett N. Steenbarger #11243 (AP)
  
• Ex Ante Carrots instead of Ex Post Sticks
  Joshua Aizenman #11242 (ITI)
  
• Corporate Tax Avoidance and Firm Values
  Mihir A. Desai and Dhammika Dharmapala #11241 (CF, PE)
  
• What Do Wage Differentials Tell Us about Labor Market Discrimination?
  June E. O'Neill and Dave M. O'Neill #11240 (LS)
  
• Bargaining Power in a Marriage: Earnings, Wage Rates and Household Production
  Robert A. Pollak #11239 (LS)
  
• Suicidal Behavior and the Labor Market Productivity of Young Adults
  Erdal Tekin and Sara Markowitz #11238 (HE, CH)
  
• Deflation and the International Great Depression: A Productivity Puzzle
  Harold L. Cole, Lee E. Ohanian, and Ron Leung #11237 (EFG)
  
• Choosing Electoral Rules: Theory and Evidence from US Cities
  Philippe Aghion, Alberto Alesina, and Francesco Trebbi #11236 (PE)
  

  Chapters for Forthcoming NBER Books

  "The International Exposure of U.S. Banks"
  Linda S. Goldberg
  "Mexican Assimilation in the United States"
  Edward Lazear
  "Mexican Entrepreneurship: A Comparison of Self-Employment in Mexico and the United States"
  Robert W. Fairlie and Christopher Woodruff
  "Impacts of Policy Reforms on Labor Migration from Rural Mexico to the United States"
  Susan Richter, J. Edward Taylor and Antonio Yunez-Naude
  "The Risks of Financial Institutions: Introduction"
  Mark Carey and Rene Stultz
  "Systemic Risk and Regulation"
  Franklin Allen and Douglas Gale
  "Pillar 1 versus Pillar 2 under Risk Management"
  Loriana Pelizzon and Stephen Schaefer
  "Bank Trading Risk and Systemic Risk"
  Philippe Jorion
  "Default Risk Sharing Between Banks and Markets: The Contribution of Collateralized Debt Obligations"
  Gunter Franke and Jan Pieter Krahnen
  "How Do Banks Manage Liquidity Risk? Evidence from the Equity and Deposit Markets in the Fall of 1998"
  Evan Gatev, Til Schuermann and Philip E. Strahan
  "Bank Concentration and Fragility: Impact and Mechanics"
  Thorsten Beck, Asli Demigurc-Kunt and Ross Levine
  "Banking System Stability: A Cross-Atlantic Perspective"
  Philip Hartmann, Stefan Straetmans and Casper de Vries
  "Practical Volatility and Correlation Modeling for Financial Market Risk Management"
  Torben G. Andersen, Tim Bollerslev, Peter F. Christoffersen and Francis X. Diebold
  "The Role of Industry, Geography and Firm Heterogeneity in Credit Risk Diversification"
  M. Hashem Pesaran, Til Schuermann and Bjorn-Jakob Treutler
  "Banking System Stability: A Cross-Atlantic Perspective"
  Philip Hartmann, Stefan Straetmans and Casper de Vries
  "Implications of Alternative Operational Risk Modeling Techniques"
  Patrick de Fontnouvelle, Eric Rosengren and John Jordan

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Week of March 21, 2005

Latest NBER Working Papers

• Constitutions, Politics and Economics: A Review Essay of Persson and Tabellini's "The Economic Effect of Constitutions"
  Daron Acemoglu #11235 (EFG)
  
• The Economic Winners and Losers of Legalized Gambling
  Melissa S. Kearney 11234 (PE)
  
• Changes in the Physiology of Aging during the Twentieth Century
  Robert W. Fogel #11233 (AG, DAE)
  
• Beyond Goods and Services: ASEAN Countries
  O G Dayaratna Banda and John Whalley #11232 (ITI)
  
• Time on the Ladder: Career Mobility in Agriculture 1890-1938
  Lee J. Alston and Joseph P. Ferrie #11231 (DAE)
  
• Changes in the Labor Supply Behavior of Married Women: 1980-2000
  Francine D. Blau and Lawrence M. Kahn #11230 (LS)
  
• Pharmaceutical Stock Price Reactions to Price Constraint Threats and Firm-Level R&D Spending
  Joseph Golec, Shantaram Hegde, and John Vernon #11229 (HE, PR)
  
• Globalization and Taste Convergence: The Case of Wine and Beer
  Joshua Aizenman and Eileen L. Brooks #11228 (ITI)
  
• A Damage-Revelation Rationale for Coupon Remedies
  A. Mitchell Polinsky and Daniel L. Rubinfeld #11227 (LE)
  
• The Effects of Competition on Variation in the Quality and Cost of Medical Care
  Daniel P. Kessler and Jeffrey J. Geppert #11226 (HE, IO)
  
• Pricing Capital Under Mandatory Unbundling and Facilities Sharing
  Robert S. Pindyck #11225 (IO, AP)
  
• SMEs, Growth, and Poverty
  Thorsten Beck, Asli Demirguc-Kunt, and Ross Levine #11224 (EFG)
  
• The Competitive Effects of Drug Withdrawals
  John Cawley and John A. Rizzo #11223 (HE)
  
• The Tactical and Strategic Value of Commodity Futures
  Claude B. Erb and Campbell R. Harvey #11222 (AP)
  
• The Structure of Factor Content Predictions
  Daniel Trefler and Susan Chun Zhu #11221 (ITI)
  
• An Information Approach to International Currencies
  Richard K. Lyons and Michael J. Moore #11220 (IFM, AP)
  

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Week of March 14, 2005

Latest NBER Working Papers

• Rural Windfall or a New Resource Curse? Coca Income, and Civil Conflict in Colombia
  Joshua D. Angrist and Adriana Kugler #11219 (LS)
  
• Socioeconomic Differences in the Adoption of New Medical Technologies
  Dana Goldman and James P. Smith #11218 (HE)
  
• The Labor Market Impact of High-Skill Immigration
  George J. Borjas #11217 (LS)
  
• Competition Among Public Schools: A Reply to Rothstein (2004)
  Caroline M. Hoxby #11216 (ED, CH)
  
• Does Competition Among Public Schools Benefit Students and Taxpayers? A Comment on Hoxby (2000)
  Jesse Rothstein #11215 (CH)
  
• Pitfalls of State-Dominated Financial System: The Case of China
  Genevieve Boyreau-Debray and Shang-Jin Wei #11214 (CF, IFM)
  
• Affirmative Action in Hierarchies
  Suzanne Scotchmer #11213 (LS, LE)
  
• Fluctuating Macro Policies and the Fiscal Theory
  Troy Davig and Eric M. Leeper #11212 (EFG)
  
• Attention, Demographics, and the Stock Market
  Stefano DellaVigna and Joshua M. Pollet #11211 (LS, AP)
  
• Asymmetric Crime Cycles
  H. Naci Mocan and Turan G. Bali #11210 (PE)
  
• Equivalence Results for Optimal Pass-Through, Optimal Indexing to Exchange Rates, and Optimal Choice of Currency for Export Pricing
  Charles Engel #11209 (IFM)
  
• Belief in a Just World and Redistributive Politics
  Roland Benabou and Jean Tirole #11208 (EFG, PE)
  
• Health, Information, and Migration: Geographic Mobility of Union Army Veterans, 1860-1880
  Chulhee Lee #11207 (LS)
  
• Industrialization and Urbanization: Did the Steam Engine Contribute to the Growth of Cities in the United States?
  Sukkoo Kim #11206 (DAE)
  
• Income and Democracy
  Daron Acemoglu, Simon Johnson, James A. Robinson, and Pierre Yared #11205 (EFG)
  
• From Education to Democracy?
  Daron Acemoglu, Simon Johnson, James A. Robinson, and Pierre Yared #11204 (EFG, LS)
  
• Financing Cities
  Robert Inman #11203 (PE)
  
• Did Iraq Cheat the United Nations? Underpricing, Bribes, and the Oil for Food Program
  Chang-Tai Hsieh and Enrico Moretti #11202 (EFG, PE)
  
• Competition and Efficiency in Congested Markets
  Daron Acemoglu and Asuman Ozdaglar #11201 (EFG. LS)
  
• Systemic Risk and Hedge Funds
  Nicholas Chan, Mila Getmansky, Shane M. Haas, and Andrew W. Lo #11200 (AP)
  

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Week of March 7, 2005

Latest NBER Working Papers

• Slow Passthrough Around the World: A New Import for Developing Countries?
  Jeffrey A. Frankel, David C. Parsley, and Shang-Jin Wei #11199 (ITI)
  
• The IMF in a World of Private Capital Markets
  Barry Eichengreen, Kenneth Kletzer, and Ashoka Mody #11198 (IFM, ITI)
  
• Do Firms Go Public to Raise Capital?
  Woojin Kim and Michael S. Weisbach #11197 (CF)
  
• Corporate Taxation and Bilateral FDI with Threshold Barriers
  Assaf Razin, Yona Rubinstein, and Efraim Sadka #11196 (IFM, ITI, PE)
  
• Names, Expectations and the Black-White Test Score Gap
  David N. Figlio #11195 (ED, CH)
  
• Testing, Crime and Punishment
  David N. Figlio #11194 (ED, CH)
  
• Financial Market and the Real Economy
  John H. Cochrane #11193 (EFG, AP)
  
• Hospital Ownership Mix Efficiency in the US: An Exploratory Study
  Rexford E. Santerre and John A. Vernon #11192 (HE)
  
• Self-Fulfilling Currency Crises: The Role of Interest Rates
  Christian Helliwig, Arijit Mukherji, and Aleh Tsyvinski #11191 (EFG, IFM)
  
• Special Purpose Vehicle and Securitization
  Gary Gorton and Nicholas Souleles #11190 (AP)
  
• Strategic Bargaining Behavior, Self-Serving Biases, and the Role of Expert Agents: An Empirical Study of Final-Offer Arbitration
  Orley Ashenfelter and Gordon Dahl #11189 (LS)
  
• Volatility Forecasting
  Torben G. Anderson, Tim Bollerslev, Peter F. Christoffersen, and Francis X. Diebold #11188 (EFG, AP)
  
• Integrating Industry and National Economic Accounts: First Steps and Future Improvements
  Ann M. Lawson, Brian C. Moyer, Sumiye Okubo, and Mark A. Planting #11187 (EFG)
  
• The Amplification of Unemployment Fluctuations through Self-Selection
  Robert E. Hall #11186 (EFG, LS)
  
• Optimal Taxation with Endogenous Insurance Markets
  Mikhail Golosov and Aleh Tsyvinski #11185 (EFG, PE)
  
• Outsourcing Price Decisions: Evidence from U.S. 9802 Imports
  Deborah Swenson #11184 (ITI)
  
• Employment Efficiency and Sticky Wages: Evidence from Flows in the Labor Market
  Robert E. Hall #11183 (EFG, LS, PR)
  
• Cohort Turnover and Productivity: The July Phenomenon in Teaching Hospitals
  Robert S. Huckman and Jason Barro #11182 (HE)
  
• Socio-economic Impact of Nanoscale Science: Initial Results and NanoBank
  Lynne G. Zucker and Michael R. Darby #11181 (PR)
  
• Uninsured Idiosyncratic Investment Risk and Aggregate Saving
  George-Marios Angeletos #11180 (EFG)
  
• Out-of-Pocket Health Spending Between Low- and High-Income Populations: Who is at Risk of Having High Financial Burdens?
  Yu-Chu Shen and Joshua McFeeters #11179 (HE)
  
• Are Asset Price Guarantees Useful for Preventing Sudden Stops? A Quantitative Investigation of the Globalization Hazard-Moral Hazard Tradeoff
  Ceyhun Bora Durdu and Enrique G. Mendoza #11178 (IFM)
  
• Reading, Writing and Raisinets: Are School Finances Contributing to Children's Obesity?
  Patricia M. Anderson and Kristin F. Butcher #11177 (ED, PE, CH)
  
• The Effect of the 1998 Master Settlement on Prenatal Smoking
  Douglas E. Levy and Ellen Meara #11176 (HE)
  
• Globalization and Complementary Policies: Poverty Impacts in Rural Zambia
  Jorge F. Balat and Guido Porto #11175 (ITI)
  

  Chapters for Forthcoming NBER Books

  "Special Purpose Vehicles and Securitization"
  Gary Gorton and Nicholas S. Souleles,
  "Estimating Bank Trading Risk: A Factor Model Approach"
  James O'Brien and Jeremy Berkowitz
  Comment by Xavier Sala-i-Martin on "Why are the Critics So Convinced that Globalization is Bad for the Poor?"
  Emma Aisbett
  "Capital Flows in a Globalized World: The Role of Policies and Institutions"
  Laura Alfaro, Sebnem Kalemli-Ozcan and Vadym Volosovych
  "The Microeconomic Evidence on Capital Controls: No Free Lunch"
  Kristin J. Forbes
  "International Borrowing and Macroeconomic Performance in Argentina"
  Kathryn M.E. Dominguez and Linda L. Tesar; and comment by Nicolas Magud
  "Capital Flows and Exchange Rate Volatility: Singapore's Experience"
  Basant K. Kapur
  "Capital Controls, Sudden Stops and Current Account Reversals"
  Sebastian Edwards; and comment by Alan M. Taylor
  "Currency Mismatches, Debt Intolerance and Original Sin: Why They are Not the Same and Why it Matters"
  Barry Eichengreen, Ricardo Hausmann and Ugo Panizza; and comment by Joshua Aizenman
  "The Chinese Approach to Capital Inflows"
  Eswar Prasad and Shang-Jin
  "South Korea's Experience with International Capital Flows"
  Marcus Noland; and comment by Gita Gopinath
  "International Borrowing, Capital Controls and the Exchange Rate: Lessons from Chile"
  Kevin Cowan and Jose De Gregorio
  "India's Experience with Capital Flows: The Elusive Quest for a Sustainable Current Account Deficit"
  Ajay Shah and Ila Patnaik

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Week of February 28, 2005

Latest NBER Working Papers

• Cost-Effective Policies to Reduce Vehicle Emissions
  Don Fullerton and Li Gan #11174 (PE, ENV)
  
• Financial Crises, 1880-1913: The Role of Foreign Currency Debt
  Michael D. Bordo and Christopher M. Meissner #11173 (DAE, IFM, ME)
  
• Measurement and Explanation of the Intensity of Co-publication in Scientific Research: An Analysis at the Laboratory Level
  Jacques Mairesse and Laure Turner #11172 (PR)
  
• Forms of Democracy, Policy and Economic Development
  Torsten Persson #11171 (EFG, IFM)
  
• Capital Controls, Sudden Stops and Current Account Reversals
  Sebastian Edwards #11170 (IFM)
  
• Explaining Returns with Cash-Flow Proxies
  Peter Hecht and Tuomo Vuolteenaho #11169 (AP)
  
• What is the Impact of Software Patent Shifts?: Evidence from Lotus v. Borland
  Josh Lerner and Feng Zhu #11168 (PR)
  
• Monetary Policy with Judgment: Forecast Targeting
  Lars E.O. Svensson #11167 (ME)
  
• Stocks, Bonds, Money Markets and Exchange Rates: Measuring Financial Transmission
  Michael Ehrmann, Marcel Fratzscher, and Roberto Rigobon #11166 (IFM)
  
• Productivity Spillovers, Terms of Trade and the "Home Market Effect"
  Giancarlo Corsetti, Philippe Martin, and Paolo A. Pesenti #11165 (ITI)
  
• Technology, Monopoly, and the Decline of the Viatical Settlements Industry
  Neeraj Sood, Abby Alpert, and Jay Bhattacharya #11164 (HE)
  
• Estimating Life-Cycle Parameters from Consumption Behavior at Retirement
  John Laitner and Dan Silverman #11163 (EFG)
  
• Private Benefits of Control, Ownership, and the Cross-Listing Decision
  Craig Doidge, G. Andrew Karolyi, Karl V. Lins, Darius P. Miller, and Rene M. Stulz #11162 (CF, AP)
  

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Week of February 21, 2005

Latest NBER Working Papers

• What's Real About the Business Cycle?
  James D. Hamilton #11161 (EFG)
  
• The Labor Market Effects of Rising Health Insurance Premiums
  Katherine Baicker and Amitabh Chandra #11160 (HE, LS, PE)
  
• Selection, Investment, and Women's Relative Wages Since 1975
  Casey B. Mulligan and Yona Rubinstein #11159 (LS)
  
• Outsourcing and Technological Change
  Ann Bartel, Saul Lach, and Nachum Sicherman #11158 (LS, PR)
  
• An Improved Annual Chronology of U.S. Business Cycles since the 1790's
  Joseph H. Davis #11157 (DAE)
  
• The Rules of Standard Setting Organizations: An Empirical Analysis
  Benjamin Chiao, Josh Lerner, and Jean Tirole #11156 (CF, PR)
  

  Chapters for Forthcoming NBER Books

  "Systemic Risk and Hedge Funds"
  Nicholas Chan, Mila Getmansky, Shane M. Haas and Andrew W. Lo
  "Financial Globalization, Growth and Volatility in Developing Countries"
  Eswar S. Prasad, Kenneth Rogoff, Shang-Jin Wei and M. Ayhan Kose
  "Does Food Aid Harm the Poor? Household Evidence from Ethiopia"
  James Levinsohn and Margaret McMillan, and Comments by Rohini Pande
  "Trade Protection and Industry Wage Structure in Poland"
  Chor-ching Goh and Beata Smarzynska Javorcik
  "Does Tariff Liberalization Increase Wage Inequality? Some Empirical Evidence"
  Branko Milanovic and Lyn Squire
  "Globalization and Complementary Policies: Poverty Impacts in Rural Zambia"
  Jorge F. Balat and Guido G. Porto
  Comment by Aart Kraay on "Globalization, Poverty, and All That: Factor Endowment versus Productivity Views," by William Easterly"

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Week of February 14, 2005

Latest NBER Working Papers

• International Financial Adjustment
  Pierre-Olivier Gourinchas and Helene Rey #11155 (IFM, AP)
  
• The Market for Teacher Quality
  Eric A. Hanushek, John F. Kain, Daniel M. O'Brien, and Steven G. Rivkin #11154 (ED, PE)
  
• Sudden Stop, Financial Factors and Economic Collapse in Latin America: Learning from Argentina and Chile
  Guillermo A. Calvo and Ernesto Talvi #11153 (IFM)
  
• Anticipating Artistic Success (or, How to Beat the Art Market): Lessons from History
  David W. Galenson #11152 (LS, AP)
  
• Monetary and Fiscal Policy in a Liquidity Trap: The Japanese Experience 1999-2004
  Mitsuru Iwamura, Takeshi Kudo, and Tsutomu Watanabe #11151 (ME)
  
• Understanding Rules of Origin
  Kala Krishna #11150 (ITI)
  
• Firm-Specific Capital and the New-Keynesian Phillips Curve
  Michael Woodford #11149 (EFG, ME)
  
• Investment Timing, Agency, and Information
  Steven R. Grenadier and Neng Wang #11148 (AP)
  
• Why Inflation Rose and Fell: Policymakers' Beliefs and US Postwar Stabilization Policy
  Giorgio E. Primiceri #11147 (ME)
  
• Fertility and Social Security
  Michele Boldrin, Mariacristina De Nardi, and Larry E. Jones #11146 (EFG, AG, PE)
  
• Financial Liberalizations in Latin America in the 1990s: A Reassessment
  Joshua Aizenman #11145 (EFG, ITI)
  
• Why is Long-Horizon Equity Less Risky? A Duration-Based Explanation of the Value Premium
  Martin Lettau and Jessica Wachter #11144 (AP)
  
• Trade Protection and Industry Wage Structure in Poland
  Chor-ching Goh and Beata Smarzynska Javorcik #11143 (ITI, LS)
  
• Lessons from the Technology of Skill Formation
  James J. Heckman #11142 (ED, LS)
  

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Week of February 7, 2005

Latest NBER Working Papers

• The War Against Drug Producers
  Herschel I. Grossman and Daniel Mejia #11141 (HE, PE)
  
• Constraining Managers without Owners: Governance of the Not-for-Profit Enterprise
  Mihir A. Desai and Robert J. Yetman #11140 (CF, PE)
  
• Assessing Consumer Gains from a Drug Price Control Policy in the U.S.
  Rexford Santerre and John Vernon #11139 (HE)
  
• Are Alcohol Excise Taxes Good For Us? Short and Long-Term Effects on Mortality Rates
  Philip J. Cook, Jan Ostermann, and Frank A. Sloan #11138 (HE)
  
• The U.S. Current Account and the Dollar
  Olivier Blanchard, Francesco Giavazzi, and Filipa Sa #11137 (EFG, IFM)
  
• Smart Institutions, Foolish Choices? The Limited Partner Performance Puzzle
  Josh Lerner, Antoinette Schoar, and Wan Wong #11136 (CF, AP)
  
• How Does Job-Protected Maternity Leave Affect Mothers' Employment and Infant Health?
  Michael Baker and Kevin Milligan #11135 (LS, CH)
  
• A Framework for Exploring the Macroeconomic Determinants of Systematic Risk
  Torben G. Andersen, Tim Bollerslev, Francis X Diebold, and Jin (Ginger) Wu #11134 (EFG, AP)
  
• Sudden Stops and Output Drops
  V.V. Chari, Patrick J. Kehoe, and Ellen R. McGrattan #11133 (EFG, IFM)
  
• The Market Price of Aggregate Risk and the Wealth Distribution
  Hanno Lustig #11132 (AP)
  
• Evaluation of Exchange-Rate, Capital Market, and Dollarization Regimes in the Presence of Sudden Stops
  Assaf Razin and Yona Rubinstein #11131 (IFM)
  
• Trends in Hours, Balanced Growth, and the Role of Technology in the Business Cycle
  Jordi Gali #11130 (EFG)
  
• Why Have Housing Prices Gone Up?
  Edward L. Glaeser, Joseph Gyourko, and Raven E. Saks #11129 (EFG)
  
• Shirking, Sharing Risk, and Shelving: The Role of University License Contracts
  Marie Thursby, Jerry Thursby, and Emmanuel Dechenaux #11128 (PR)
  
• Vehicle Currency Use in International Trade
  Linda S. Goldberg and Cedric Tille #11127 (IFM, ME)
  
• Profitable Investments or Dissipated Cash? Evidence on the Investment-Cash Flow Relationship
  Marianne Bertrand and Sendhil Mullainathan #11126 (CF)
  
• Reconsidering Expectations of Economic Growth after World War II from the Perspective of 2004
  Robert W. Fogel #11125 (EFG, DAE)
  
• Does Educational Tracking Affect Performance and Inequality? Differences-in-Differences Evidence across Countries
  Eric A. Hanushek and Ludger Woessmann #11124 (ED, CH)
  
• Understanding Strategic Bidding in Restructured Electricity Markets: A Case Study of ERCOT
  Ali Hortacsu and Steven L. Puller #11123 (IO)
  
• Junior is Rich: Bequests as Consumption
  George M. Constantinides, John B. Donaldson, and Rajnish Mehra #11122 (AP)
  
• Social Security, Demographic Trends, and Economic Growth: Theory and Evidence from the International Experience
  Isaac Ehrlich and Jinyoung Kim #11121 (AG, PE)
  
• Proprietary vs. Public Domain Licensing of Software and Research Products
  Alfonso Gambardella and Bronwyn H. Hall #11120 (IO, PR)
  
• The Term Structure of the Risk-Return Tradeoff
  John Y. Campbell and Lui M. Viceira #11119 (AP)
  
• An Integrated Model of Downtown Parking and Traffic Congestion
  Richard Arnott and Eren Inci #11118 (PE)
  
• The Globalization of Trade and Democracy, 1870-2000
  J. Ernesto Lopez-Cordova and Christopher M. Meissner #11117 (DAE, ITI)
  
• Order Flow and the Formation of Dealer Bids: Information flows and Strategic Behavior in the Government of Canada Securities Auctions
  Ali Hortacsu and Samita Sareen #11116 (IO)
  

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Week of January 31, 2005

Latest NBER Working Papers

• Testing for Ownership Mix Efficiency: The Case of the Nursing Home Industry
  Rexford E. Santerre and John A. Vernon #11115 (HE)
  
• The Cost of US Pharmaceutical Price Reductions: A Financial Simulation Model of R&D Reductions
  Thomas A. Abbott and John A. Vernon #11114 (HE, PR)
  
• Schooling and the AFQT: Evidence from School Entry Laws
  Elizabeth U. Cascio and Ethan G. Lewis #11113 (DAE)
  
• Capital Account Liberalization, Institutional Quality and Economic Growth: Theory and Evidence
  Michael W. Klein #11112 (IFM)
  
• The Foreign Service and Foreign Trade: Embassies as Export Promotion
  Andrew K. Rose #11111 (ITI)
  
• Testing out Contractual Incompleteness: Evidence from Soccer
  Oriol Carbonell-Nicolau and Diego Comin #11110 (CF, EFG)
  
• Estimating the Impact of Medical Innovation: The Case of HIV Antiretroviral Treatments
  Mark G. Duggan and William N. Evans #11109 (HE)
  
• Property Tax Limitations and Mobility: The Lock-in Effect of California's Proposition 13
  Nada Wasi and Michelle J. White #11108 (LS, LE, PE)
  
• The Integration of the Canadian Productivity Accounts within the System of National Accounts: Current Status and Challenges Ahead
  John R. Baldwin and Tarek M. Harchaoui #11107 (EFG)
  
• The Architecture of the System of National Accounts: A Three Country Comparison, Canada, Australia, and United Kingdom
  Karen Wilson #11106 (EFG)
  
• Monetary Policy, Asset-Price Bubbles and the Zero Lower Bound
  Tim Robinson and Andrew Stone #11105 (ME)
  
• The Cross-Section of Currency Risk Premia and US Consumption Growth Risk
  Hanno Lustig and Adrien Verdelhan #11104 (IFM, AP)
  
• Implications of Alternative Operational Risk Modeling Techniques
  Patrick de Fontnouvelle, John Jordan, and Eric Rosengren #11103 (AP)
  
• Money Growth and Interest Rates
  Seok-Kyun Hur #11102 (IFM)
  
• Social Security Privatization with Elastic Labor Supply and Second-Best Taxes
  Kent Smetters #11101 (AG, PE)
  
• What Explains Differences in Smoking, Drinking and Other Health-Related Behaviors?
  David Cutler and Edward Glaeser #11100 (HE)
  
• Health Insurance, Treatment and Outcomes: Using Auto Accidents as Health Shocks
  Joseph J. Doyle Jr. #11099 (HE)
  
• Structural Reform of Social Security
  Martin Feldstein #11098 (AG, AP, PE)
  

  Chapters for Forthcoming NBER Books

  "Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?
  Osge Senay and Alan Sutherland

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Week of January 24, 2005

Latest NBER Working Papers

• Using Out-of-Sample Mean Squared Prediction Errors to Test the Martingale Difference
  Todd E. Clark and Kenneth D. West #T305 (TWP, IFM, AP)
  
• Avoiding the Curse of Dimensionality in Dynamic Stochastic Games
  Ulrich Doraszelski and Kenneth L. Judd #T304 (TWP)
  
• Urban Growth and Housing Supply
  Edward L. Glaeser, Joseph Gyourko, and Raven E. Saks #11097 (PR, PE)
  
• Water, Water, Everywhere: Municipal Finance and Water Supply in American Cities
  David Cutler and Grant Miller #11096 (HE, DAE, PE)
  
• Residential Segregation in General Equilibrium
  Patrick Bayer, Robert McMillan, and Kim Rueben #11095 (ED)
  
• Offshoring in a Knowledge Economy
  Pol Antras, Luis Garicano, and Esteban Rossi-Hansberg #11094 (ITI, LS)
  
• General Purpose Technologies
  Boyan Jovanovic and Peter L. Rousseau #11093 (EFG, DAE, PR)
  
• Can Endogenous Changes in Price Flexibility Alter the Relative Welfare Performance of Exchange Rate Regimes?
  Ozge Senay and Alan Sutherland #11092 (IFM)
  
• Stemming the Tide? The Effect of Expanding Medicaid Eligibility on Health Insurance
  Lara D. Shore-Sheppard #11091 (HE, CH)
  
• Why Has Black-White Skill Convergence Stopped?
  Derek Neal #11090 (ED, LS)
  
• Modeling Bond Yields in Finance and Macroeconomics
  Francis X. Diebold, Monika Piazzesi, and Glenn D. Rudebusch #11089 (EFG, ME, AP)
  
• Time Consistency of Fiscal and Monetary Policy: A Solution
  Mats Persson, Torsten Persson, and Lars E.O. Svensson #11088 (EFG, IFM, ME)
  
• Did the HMO Revolution Cause Hospital Consolidation?
  Robert Town, Douglas Wholey, Roger Feldman, and Lawton R. Burns #11087 (HE, IO)
  
• Federal Oversight, Local Control, and the Specter of "Resegregation" in Southern Schools
  Charles T. Clotfelter, Helen F. Ladd, and Jacob L. Vigdor #11086 (ED, LE, PE)
  
• Electoral Manipulation via Expenditure Composition: Theory and Evidence
  Allan Drazen and Marcela Eslava #11085 (EFG, PE)
  
• Reducing the Risk of Investment-Based Social Security Reform
  Martin Feldstein #11084 (AG, AP, PE)
  

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Week of January 17, 2005

Latest NBER Working Papers

• A Dynamic Theory of Optimal Capital Structure and Executive Compensation
  Andrew Atkeson and Harold Cole #11083 (EFG)
  
• A Theory of Takeovers and Disinvestment
  Bart M. Lambrecht and Stewart C. Myers #11082 (CF)
  
• The Effects of the Colombian Trade Liberalization on Urban Poverty
  Pinelopi K. Goldberg and Nina Pavcnik #11081 (ITI)
  
• Politics, Relief , and Reform: The Transformation of America's Social Welfare System during the New Deal
  John Joseph Wallis, Price Fishback, and Shawn Kantor #11080 (DAE, PE)
  
• Saving and Cohabitation: The Economic Consequences of Living with One's Parents in Italy and the Netherlands
  Rob Alessie, Agar Brugliavini, and Guglielmo Weber #11079 (EFG)
  
• Private Credit in 129 Countries
  Simeon Djankov, Caralee McLiesh, and Andrei Shleifer #11078 (CF, EFG, LE, AP, PE)
  
• Testing Uncovered Interest Parity at Short and Long Horizons during the Post-Bretton Woods Era
  Menzie D. Chinn and Guy Meredith #11077 (IFM, AP)
  
• Systemic Crises and Growth
  Romain Ranciere, Aaron Tornell, and Frank Westermann #11076 (IFM)
  
• Foreign Direct Investment and the Domestic Capital Stock
  Mihir C. Desai, C. Fritz Foley, and James R. Hines #11075 (CF, IFM, ITI, PE)
  
• Optimal Defaults and Active Decisions
  James J. Choi, David Laibson, Brigitte C. Madrian, and Andrew Metrick #11074 (AG, LS, PE)
  
• Aggregation Issues in Integrating and Accelerating BEA's Accounts: Improved Methods for Calculating GDP by Industry
  Brian Moyer, Marshall Reinsdorf, and Robert Yuskavage #11073 (EFG)
  
• How do Incumbents Respond to the Threat of Entry? Evidence from the Major Airlines
  Austan Goolsbee and Chad Syverson #11072 (IO)
  
• Structuring and Restructuring Sovereign Debt: The Role of Seniority
  Patrick Bolton and Olivier Jeanne #11071 (CF, IFM)
  
• The Limits of Financial Globalization
  Rene M. Stulz #11070 (CF, AP)
  
• Practical Volatility and Correlation Modeling for Financial Market Risk Management
  Torben G. Andersen, Tim Bollerslev, Peter F. Christoffersen, and Francis X. Diebold #11069 (AP)
  
• Income and the Use of Prescription Drugs by the Elderly: Evidence from the Notch Cohorts
  John R. Moran and Kosali Ilayperuma Simon #11068 (AG, HE)
  
• Bank-Tax Conformity for Corporate Income: An Introduction to the Issues
  Michelle Hanlon and Terry Shevlin #11067 (PE)
  
• Why are the Critics so Convinced that Globalization is Bad for the Poor?
  Emma Aisbett #11066 (ITI)
  
• Does it Cost to be Virtuous? The Macroeconomic Effects of Fiscal Constraints
  Fabio Canova and Evi Pappa #11065 (EFG, PE)
  
• Where are We Now? Real-Time Estimates of the Macro Economy
  Martin D.D. Evans #11064 (EFG)
  
• Wage and Benefit Changes in Response to Rising Health Insurance Costs
  Dana Goldman, Neeraj Sood, and Arleen Leibowitz #11063 (HE, LS)
  
• The Global History of Corporate Governance: An Introduction
  Randall K. Morck and Lloyd Steier #11062 (CF)
  
• Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics
  Nelson C. Mark #11061 (IFM, ME)
  

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Week of January 10, 2005

Latest NBER Working Papers

• Measuring Social Security's Financial Problems
  Kent Smetters and Jagadeesh Gokhale #11060 (EFG, PE)
  
• NAFTA's and CUSFTA's Impact on International Trade
  John Romalis #11059 (ITI)
  
• The Irony of Reform: Did Large Employers Subvert Workplace Safety Reform, 1869 to 1930?
  Price Fishback #11058 (DAE)
  
• Colonialism, Inequality, and Long-Run Paths of Development
  Stanley L. Engerman and Kenneth L. Sokoloff #11057 (DAE)
  
• A Monetary Policy Rule for Automatic Prevention of a Liquidity Trap
  Bennett T. McCallum #11056 (EFG, ME)
  
• How Do Monetary and Fiscal Policy Interact in the European Monetary Union?
  Matthew B. Canzoneri, Robert E.. Cumby, and Behzad T. Diba #11055 (IFM)
  
• Interest Rate, Inflation, and Housing Price: With an Emphasis on Chonsei Price in Korea
  Dongchul Cho #11054 (EFG)
  
• Market Distortions when Agents are Better Informed: The Value of Information in Real Estate
  Steven D. Levitt and Chad Syverson #11053 (CF)
  
• How Law and Institutions Shape Financial Contracts: The Case of Bank Loans
  Jun Qian and Philip E. Strahan #11052 (CF)
  
• A Mutli-Country Approach to Factor-Proportions Trade and Trade Costs
  James R. Markusen and Anthony J. Venables #11051 (ITI)
  
• Financial Markets and Wages
  Claudio Michelacci and Vincenzo Quadrini #11050 (EFG, LS)
  
• The Black-White Test Score Gap Through Third Grade
  Roland G. Fryer and Steven D. Levitt #11049 (CH, ED, LS)
  
• Does Food Aid Harm the Poor? Household Evidence from Ethiopia
  James Levinsohn and Margaret McMillan #11048 (ITI)
  
• Foreign Direct Investment vs. Foreign Portfolio Investment
  Itay Goldstein and Assaf Razin #11047 (IFM, ITI)
  
• Does Tariff Liberalization Increase Wage Inequality? Some Empirical Evidence
  Branko Milanovic and Lyn Squire #11046 (ITI)
  
• Is Poland the Next Spain?
  Francesco Caselli and Silvana Tenreyro #11045 (EFG)
  
• On the Optimal Progressivity of the Income Tax Code
  Juan Carlos Conesa and Dirk Krueger #11044 (PE)
  
• State-Dependent or Time-Dependent Pricing: Does it Matter for Recent U.S. Inflation?
  Peter J. Klenow and Oleksiy Kryvtsov #11043 (EFG)
  
• Meese-Rogoff Redux: Micro-Based Exchange Rate Forecasting
  Martin D. D. Evans and Richard K. Lyons #11042 (AP, IFM)
  
• Do Currency Markets Absorb News Quickly?
  Martin D. D. Evans and Richard K. Lyons #11041 (AP, IFM)
  
• Weak and Semi-Strong Form Stock Return Predictability Revisited
  Robert C. Feenstra, Robert E. Lipsey, Haiyan Deng, Alyson C. Ma, and Hengyong Mo #11040 (ITI)
  
• Dynamic Inefficiencies in Insurance Markets: Evidence from long-term care insurance
  Amy Finkelstein, Kathleen McGarry, and Amir Sufi #11039 (AG, HC, PE)
  
• Insuring Against Terrorism: The Policy Challenge
  Kent Smetters #11038 (PE)
  
• Bank Trading Risk and Systemic Risk
  Philippe Jorion #11037 (CF)
  

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Week of January 3, 2005

Latest NBER Working Papers

• Work and the Disability Transition in 20th Century America
  Sven Wilson, Joseph Burton, and Benjamin Howell #11036 (AG, CS)
  
• Drinking and Academic Performance in High School
  Jeff DeSimone and Amy M. Wolaver #11035 (HE, CH)
  
• Firm-Specific Capital, Nominal Rigidities and the Business Cycle
  David Altig, Lawrence Christiano, Martin Eichenbaum, and Jesper Linde #11034 (EFG)
  
• The Predictive Content of Energy Futures: an Update on Petroleum, Natural Gas, Heating Oil and Gasoline
  Menzie D. Chinn, Michael LeBlanc, and Olivier Coibion #11033 (IFM, AP)
  
• Allander Series: Skill Policies for Scotland
  James J. Heckman and Dimitriy V. Masterov #11032 (ED, LS, PE, CH)
  
• Wage Dynamics and Unobserved Heterogeneity: Time Preference or Learning Ability?
  Lalith Munasinghe and Nachum Sicherman #11031 (LS)
  
• Politics and Efficiency of Separating Capital and Ordinary Government Budgets
  Marco Bassetto and Thomas J. Sargent #11030 (EFG)
  
• Optimal Taxation in an RBC Model: A Linear-Quadratic Approach
  Pierpaolo Benigno and Michael Woodford #11029 (EFG, ME)
  
• Public Finance and Individual Preferences over Globalization Strategies
  Gordon H. Hanson, Kenneth F. Scheve, and Matthew J. Slaughter #11028 (ITI)
  
• Globalization, Labor Income, and Poverty in Mexico
  Gordon H. Hanson #11027 (ITI)
  
• Consumption Risk and the Cost of Equity Capital
  Ravi Jagannathan and Yong Wang #11026 (AP)
  
• Choosing Between Gifts and Bequests: How Taxes Affect the Timing of Wealth Transfers
  David Joulfaian #11025 (PE)
  
• Separating Uncertainty from Heterogeneity in Life Cycle Earnings
  Flavio Cunha, James J. Heckman, and Salvador Navarro #11024 (EFG, ED, LS, CH)
  
• Internationalization and the Evolution of Corporate Valuation
  Ross Levine and Sergio L. Schmukler #11023 (CF, IFM, AP)
  
• Lobbies and Technology Diffusion
  Diego Comin and Bart Hobijn #11022 (EFG, PR)
  
• Weak and Semi-Strong Form Stock Return Predictability Revisited
  Wayne E. Ferson, Andrea Heuson, and Tie Su #11021 (AP)
  
• Mimicking Portfolios with Conditioning Information
  Wayne E. Ferson, Andrew F. Siegel, and Pisun (Tracy) Xu #11020 (AP)
  
• Place of Work and Place of Residence: Informal Hiring Networks and Labor Market Outcomes
  Patrick Bayer, Stephen Ross, and Giorgio Topa #11019 (LS)
  
• Money Illusion in the Stock Market: The Modigliani-Cohn Hypothesis
  Randolph B. Cohen, Christopher Polk, and Tuomo Vuolteenaho #11018 (AP)
  

  Chapters for Forthcoming NBER Books

  "How to Eliminate Pyramidal Business Groups: The Double Taxation of Inter-corporate Dividends and Other Incisive Uses of Tax Policy"
  Randall Morck
  "Financial Globalization, Growth and Volatility in Developing Countries"
  Eswar Prasad, Kenneth S. Rogoff, Shang-Jin Wei and M. Ayhan Kose
  "Systemic Risk and Regulation"
  Franklin Allen and Douglas M. Gale
  "Systemic Risk and Hedge Funds"
  Nicholas Chan, Mila Getmansky, Shane Haas and Andrew Lo
  "Pillar 1 versus Pillar 2 under Risk Management"
  Loriana Pelizzon and Stephen Schaefer
  "Bank Trading Risk and Systemic Risk"
  Philippe Jorion
  "Leverage Management"
  Darrell Duffie and Chenyang Wang
  "Special Purpose Vehicles and Securitization"
  Gary B. Gorton and Nicholas S. Souleles
  "Default Risk Sharing Between Banks and Markets: The Contribution of Collateralized Loan Obligations"
  Günter Franke and Jan Pieter Krahnen
  "How Do Banks Manage Liquidity Risk? Evidence From the Equity and Deposit Markets in the Fall of 1998"
  Evan Gatev, Til Schuermann and Philip E. Strahan
  "Bank Concentration and Fragility: Impact and Mechanics"
  Thorsten Beck, Asli Demirgüç-Kunt and Ross Levine
  "Banking System Stability: A Cross-Atlantic Perspective"
  Philipp Hartmann, Stefan Straetmans and Casper de Vries
  "Practical Volatility and Correlation Modeling for Financial Market Risk Management"
  Torben G. Andersen, Tim Bollerslev, Peter F. Christoffersen and Francis X. Diebold
  "The Role of Industry, Geography and Firm Heterogeneity in Credit Risk Diversification"
  M. Hashem Pesaran, Til Schuermann and Björn-Jakob Treutler
  "Implications of Alternative Operational Risk Modeling Techniques"
  Patrick de Fontnouvelle, Eric S. Rosengren and John S. Jordan

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