Working Papers 1991-1999

Copies of these papers are downloadable in PDF format from this web page. They are also available from individual faculty members (see Faculty information page) or from the Economics Department.

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1999

456. K.C. Fung, Hitomi Iizaka, Joseph Lee and Stephen Parker, Determinants of U.S. and Japanese Foreign Direct Investment in China, December 1999.

454. Phillip McCalman, Reaping What You Sow: An Empirical Analysis of International Patent Harmonization," December 1999.

453. Robert W. Fairlie, Drug Dealing and Legitimate Self-Employment," November 1999.

452. Michael M. Hutchison and EPRU, European Banking Distress and EMU: Institutional and Macroeconomic Risks," November 1999.

451. Yin-Wong Cheung and Frank Westermann, Does Austria Respond to the German or the U.S. Business Cycle? November 1999.

450. Robert W. Fairlie and Bruce D. Meyer, Trends in Self-Employment Among White and Black Men: 1910-1990, November 1999.

449. K.C. Fung and Lawrence J. Lau, "New Estimates of the United States-China Bilateral Trade Balances," November 1999.

448. K.C. Fung and Andrea M. Maechler, The Impact of Intra-Industry Trade on the Environment, November 1999.

447. Reuven Glick and Michael Hutchison, Banking and Currency Crises: How Common Are Twins?" October 1999.

446. Ben Crow and Nirvikar Singh, Impediments and Innovation in International Rivers: The Waters of South Asia," September 1999.

445. Yin-Wong Cheung and Eiji Fujii, A Note on the Power of Money_Output Causality Tests," September 1999.

444. Yin-Wong Cheung and Frank Westermann, An Analysis of German Effects on the Austrian Business Cycle," September 1999.

443. Menzie D. Chinn, A Monetary Model of the South African Rand," July 1999.

442. Menzie D. Chinn and Louis D. Johnston, The Impact of Productivity Differential On Real Exchange Rates: Beyond the Balassa-Samuelson Framework," June 1999.

441. Guy Meredith and Menzie D. Chinn, Long-Horizon Uncovered Interest Parity," May 1999.

440. Daniel Friedman and Nirvikar Singh, On the Viability of Vengeance," May 1999.

439. M. Govinda Rao and Nirvikar Singh, An Analysis of Explicit and Implicit Intergovernmental Transfers In India, April 1999.

438. M. Govinda Rao and Nirvikar Singh, Intergovernmental Transfers: Rationale, Design and Indian Experience, April 1999.

437. K.C. Fung and Andrea Maechler, Can a Cleaner Environment Be Good For Business?" January 2000.

436. M. Govinda Rao and Nirvikar Singh, Fiscal Overlapping, Concurrency and Competition in Indian Federalism, March 1999.

435. M. Govinda Rao and Nirvikar Singh, The Assignment of Taxes and Expenditures in India, March 1999.

434. Yin-Wong Cheung, Menzie Chinn, and Eiji Fujii, Market Structure and the Persistence of Sectoral Real Exchange Rates, March 1999.

433. Yin-Wong Cheung and Eiji Fujii, Which Measure of Aggregate Output Should We Use? March 1999.

432. Rasmus Fatum & Michael Hutchison, Is Sterilized Foreign Exchange Intervention Effective After All? An Event Study Approach, March 1999.

431. Yin-Wong Cheung & Menzie D. Chinn, Traders, Market Microstructure and Exchange Rate Dynamics, January 1999.

430. Yin-Wong Cheung and Menzie D. Chinn, Macroeconomic Implications of the Beliefs and Behavior of Foreign Exchange Traders January 1999.

429. Yin-Wong Cheung with Hung-Gay Fung,"Information Flows Between the Eurodollar Spot and Future Markets," January 1999.

428. Michael Hutchison, with Kathleen McDill, Are All Banking Crises Alike? The Japanese Experience in International Comparison, January 1999.

427. Andrea M. Maechler, with Clinton R. Shiells,An Assessment of Agricultural Trade Liberalization by the European Union in the Context of the WTO," January 1999.

426. Yin-Wong Cheung, with Clement Yuk-Pang Wong, "A Survey of Market Practitioners Views on Exchange Rate Dynamics," January 1999.

425. Yin-Wong Cheung, with Clement Yuk-Pang Wong, "Foreign Exchange Traders in Hong Kong, Tokyo, and Singapore: A Survey Study," January 1999.


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1998

391. Menzie D. Chinn,Before the Fall: Were East Asian Currencies Overvalued?",February 1998

392. Michael M. Hutchison & U. Michael Bergman, The Costs and Benefits of Joining EMU: Should the Outsiders Stay on the Periphery?", February 1998

393. Nirvikar Singh, Issues in Local Government Reform in India, February 1998

394. Daniel Friedman, Hugh Kelley, Learning to Forecast Price," June 1998

395. Menzie David Chinn, Jaewoo Lee, "The Current Account and the Real Exchange Rate: A Structural VAR Analysis of Major Currencies," June 1998

396. Menzie David Chinn "The Usual Suspects? Productivity and Demand Shocks and Asia-Pacific Real Exchange Rates," June 1998 (Revision of WP #371, March 1997)

397. Yin-Wong Cheung, Menzie David Chinn, Are Macroeconomic Forecasts Informative? Cointegration Evidence from the ASA-NBER Surveys, June 1998 (Revision of WP #350)

398. Menzie David Chinn, Measuring Misalignment: PPP and East Asian Currencies in the 1990's, June 1998

399. Michael Dooley, A Model of Crises in Emerging Markets, June 1998

400. Jules Leichter, Optimal Wage Indexation for a Monetary Union with Country Specific Shocks, June 1998

401. Daniel Friedman, Hugh Kelley, "Broadening the Tests of Learning Models," June 1998 (co-authored with: Eric Berg, Stephen N. Kitzis, Dominic W. Massaro)

402. Antonio I Garcia Pascual, Frank Westerman, On Productivity Convergence of the Manufacturing Sector in Europe, June 1998

403. Antonio I. Garcia Pascual, Productivity Covergence: A Panel Data Approach in the Presence of Cross Country Correlation, June 1998

404. Michael Hutchison, Carl Walsh, Disinflation in New Zealand, June 1998

405. Nirvikar Singh, Miracles and Reform: Policy Reflections for India, June 1998

406. Yin-Wong Cheung, Kon S. Lai, "Economic Growth and Stationarity of Real Exchange Rates: Evidence from Some Fast-Growing Asian Countries," June 1998

407. Yin-Wong Cheung, Kon S. Lai, "Macroeconomics Determinants of Long-Term Stock Market Comovements Among Major EMS Counties," June 1998

408. Yin-Wong Cheung, Kon S. Lai, "Parity Reversion in Real Exchange Rates During the Post-Bretton Woods Period," June 1998

409. Michael P. Dooley, Government Debt and Asset Management and Financial Crises: Sellers Beware, July 1998

410. Michael P. Dooley, The IMF and the 1982 and 1994 Debt Crises: Who is in Charge? July 1998

411. Michael P. Dooley, Financial Liberalization and Policy Challenges, July 1998

412. K.C. Fung, Francis Ng , "What do Trade Negotiators Negotiate About? Some Evidence from the Uruguay Round," July 1998

413. K.C. Fung, Kar-yui Wong, Richard Y.C. Wong, "Unilateral Trade Liberalization and Hong Kong: Theory, History and Political Economy," July 1998

414. Lori G. Kletzer, Trade and Job Loss in U.S. Manufacturing, 1979-94, July 1998

415. Kenneth Kletzer and Nirvikar Singh, "Indian Fiscal Federalism: Political Economy and Issues for Reform," July 1998

416. Nirvikar Singh and Ravi Thomas, "Welfare Policy: Cash versus Kind, Self-Selection and Notches," July 1998

417. Nirvikar Singh and Donald Wittman, "Contest Design and the Objective of the Contest Designer: Sales Promotions, Sporting Events, and Patent Races," July 1998

418. Deepali Singhal Kohli and Nirvikar Singh, The Green Revolution in Punjab, India: The Economics of Technological Change, July 1998

419. Kenneth M. Kletzer, Monetary Union, Asymmetric Productivity Shocks and Fiscal Insurance: an Analytical Discussion of Welfare Issues, September 1998

420. Michael M. Hutchison and Kathleen McDill, Determinants, Costs, and Duration of Banking Sector Distress: The Japanese Experience in International Comparison", October 1998

421. Michael M. Hutchison and Kathleen McDill, Empirical Determinants of Banking Crises: Japan's Experience in International Perspective", September 198

422. Michael Hutchison, Kathleen McDill, "Empirical Determinants of Banking Crises: Japan's Experience in International Perspective," October 1998

423. Lori Kletzer, with Jere R. Behrman, Michael S. McPherson, and Morton Owen Schapiro, The Microeconomics of College Choice, Careers, and Wages: Measuring the Impact of Higher Education", November 1998

424. K.C. Fung, with Lawrence J. Lau, " Price-Based Empirical test of the reciprocal Dumping Model," December 1998


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1997

369. K.C. Fung, "The China-United States Bilateral Trade Balance: How Big Is It Really?", with Laurence J. Lau, January 1997

370. K.C. Fung, "China's Foreign Economic Relations," January 1997

371. Menzie Chinn, The Usual Suspects: Productitivy and the Demand Shocks and Asia-Pacific Real Exchange Rates", March 1997

372. Yin-Wong Cheung, "On Cross-Country Differences in the Persistence of Real Exchange Rates", with Kon S. Lai, April 1997

373. Yin-Wong Cheung, "The Performance of Trading Rules on Four Asian Currency Exchange Rates", with Clement Yuk-Pang Wong, April 1997

374. Yin-Wong Cheung, "Foreign Echange Markets in Hong Kong, Tokyo, and Singapore", with Clement Yuk-Pang Wong, April 1997

375. Yin-Wong Cheung, "What are the Global Sources of Rational Variation in International Equity Returns?", with Lillian K. Ng, April 1997

376. Dominik Egli, "Optimal Trade Policy for Open Markets", with Frank Westerman, June 1997

377. Robert W. Fairlie, Jobs, Lost, Jobs Regained: An Analysis of Black/White Differences in Job Displacement in the 1980s",with Lori G. Kletzer, June 1997.

378. Robert W. Fairlie, The Emergence, Persistence, and Recent Widening of the Racial Unemployment Gap, with William A. Sundstrom, July 1997

379. Robert W. Fairlie, The Absence of the African-American Owned Business: An Analysis of the Dynamics of Self-Employment, July 1997

380. Robert W. Fairlie ,"Does Immigration Hurt African-American Self-Employment?", with Bruce D. Meyer, July 1997

381. Kenneth M. Kletzer with Willem H. Buiter, DEBT AND TAXES: Ponzi Finance, Dynamic Efficiency and Government Solvency, September 1997

382. Kenneth M. Kletzer with Willem H. Buiter, Monetary Union and the Role of Automatic Stablizers, September 1997

383. Menzie David ChinnReal and Financial Linkages and Asia-Pacific Exchange Rates, September 1997

384. K.C. Fung, "How Labor Markets Affect Trade Policies and Trade: The Case of the Foreign Labor Union," September 1997

385. K.C. Fung, "International Trade and Bank Groups: Welfare-Enhancing or Welfare-Reducing?" September 1997

386. Michael M. Hutchison with U. Michael Bergman, Economic Expansions and Fiscal Contractions: International Evidence and the 1982 Danish Stabilization, October 1997

387. Menzie D. Chinn, On the Won: And Other East Asian Currencies, October 1997

388. Lori G. Kletzer Job Displacement, November 1997

389. U. Michael Bergman, Yin-Wong Cheung & Michael M. Hutchison, Should Nordic Countries Join a European Monetary Union? An Empirical Analysis? November 1997

390. Rasmus Fatum & Michael M. Hutchison, Is Intervention a Signal of Future Monetary Policy? Evidence from the Federal Funds Futures Market, November 1997


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1996

344. Daniel Friedman "The Three Door Anomaly: Construction and Deconstruction," January 1996

345. Menzie D. Chinn Real Exchange Rate Levels, Productivity and Demand Shocks Evidence from a Panel of 14 Countries, with Louis Johnson, January 1996

346. Robert W. Fairlie The Effect of Incremental Benefit Levels on Births to AFDC Recipients, with Rebecca A. London, February 1996

347. Yin-Wong Cheung "A Comparison of Learning and Replicator Dynamics Using Experimental Data," with Daniel Friedman, March 1996

348. Yin-Wong Cheung "Parity Reversion in Real Exchange Rates During the Post- Bretton Woods Period," with Kon S. Lai, April 1996

349. Menzie David Chinn Whither the Yen? Implications of an Intertemporal Model of the Dollar/Yen Rate, April 1996 (Revision of #321)

350. Yin-Wong Cheung "Are Macroeconomic Forecasts Informative? Cointegration Evidence from the ASA-NBER Surveys," with Menzie David Chinn, April 1996

351. Yin-Wong Cheung "International Evidence on the Stock Market and Aggregate Economic Activity," with Lillian K. Ng, April 1996

352. Menzie David Chinn with William F. Maloney,Financial and Capital Account Liberalization in the Pacific Basin: Korea and Taiwan During the 1980's, April 1996

353. Carl E. Walsh "Announcements, Inflation Targeting and Central Bank Incentives", May 1996

354. Alan Richards & Nirvikar Singh, Two-Level Negotiations in Bargaining Over Water, June 1996

355. Nirvikar Singh "Implementation and Partial Verification," June 1996 Donald Wittman

356. Nirvikar Singh Governance and Reform in India, July 1996

357. Lori G. Kletzer "The Role of Sector-Specific Skills in Post-Displacement Earnings," July 1996

358. Menzie D. Chinn Asian Pacific Real Exchange Rates and Relative Prices, July 1996

359.Menzie D. Chinn, with Louis Johnston, Real Exchange Rate Level, Productivity and Demand Shocks Evidence from a Panel of 14 Countries, July 1996

360. Michael P. Dooley and Menzie D. Chinn, Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration, July 1996 (revision of WP#335 November 1995)

361. Nirvikar Singh Total Factor Productivity Growth in Japan, South Korea, and Taiwan, with Hung Trieu, July 1996

362. Nirvikar Singh and Hung Trieu, The Role of R&D in Explaining Total Factor Productivity Growth in Japan, South Korea, and Taiwan, September 1996

363. Nirvikar Singh & Inderjit Kohli "Rent Seeking and Rent Setting with Asymmetric Effectiveness of Lobbying," September 199

364. Michael Hutchison & Rasmus Fatum Is Intervention a Signal of Future Monetary Policy? Evidence from the Federal Funds Futures Market, October 1996

365. Michael P. Dooley , Donald J. Mathieson, & Liliana Rojas-Suarez, "Capital Mobility and Exchange Market Intervention in Developing Countries, " October 1996

366. Michael Hutchison "Central Bank Institutional Design and the Output Cost of Carl E. Walsh Disinflation: Did the 1989 New Zealand Reserve Bank Act Affect the Inflation-Output Tradeoff?

367. U. Michael Bergman The 'German View,' Fiscal Consolidation and Consumption Michael M. Hutchison Booms: Empirical Evidence from Denmark," October 1996

368. K. C. Fung "Trade in Greater China," December 1996 Francis Ng


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1995

313. Alan Richards, "Is Unemployment a Bourgeois Luxury? The Case of the Arab World," January 1995.

314. Yin-Wong Cheung with Menzie D. Chinn, "Integration, Cointegration and the Forecast Consistency of Structural Exchange Rate Models," March 1995.

315. K.C. Fung, "Accounting for Chinese Trade: Some National and Regional Considerations," April 1995.

316. Menzie D. Chinn with Louis D. Johnston, "How Well is America Competing? A Comment on Papadakis," May 1995.

317. Menzie Chinn with Michael Dooley, "National, Regional, and International Capital Markets: Measurement and Implications for Domestic Financial Fragility," June 1995.

318. Michael Dooley, "A Survey of Academic Literature on Controls Over International Capital Transactions," June 1995.

319. Alan Richards, "Towards a Political Economy of Islamism," June 1995.

320. Alan Richards, "How will Islamists Run the Economy?" June 1995.

321. Menzie Chinn, "Whither the Yen? Implications on an Intertemporal Model of the Yen/Dollar Rate," June 1995.

322. K.C. Fung, "Mainland Chinese Investment in Hong Kong: How Much, Why, and So What," July 1995.

323. K.C. Fung with Hitomi Iizaka, "US-Japan Rivalry and China," July 1995.

324. Yin-Wong Cheung with Kon S. Lai, "Bandwidth Selection, Prewhitening, and the Power of the Phillips-Perron Test," September 1995.

325. Yin-Wong Cheung, "Stock Market Volatility and Fractional Integration," September 1995.

326. Menzie Chinn with Michael Dooley, Asia-Pacific Capital Markets: Integration and Implications for Economic Activity, September 1995.

327. Menzie Chinn, "Paper Pushers or Paper Money? Empirical Assessment of Fiscal and Monetary Models of Exchange Rate Determination," September 1995.

328. Yin-Wong Cheung with Jia He and Lilian K. Ng, "What are the Global Sources of Rational Variation in International Equity Returns?" September 1995.

329. Robert W. Fairlie with Lori G. Kletzer, "Race and the Shifting Burden of Job Displacement from 1982 to 1993, September 1995.

330. Robert W. Fairlie with Lori G. Kletzer, "Why Did So Many African-American Men Lose Their Jobs in the 1980s? An Analysis of Black/White Difference in Job Displacement," September 1995.

331. Lori G. Kletzer, "International Trade and Job Displacement in U.S. Manufacturing, 1979-1991," September 1995.

332. Terrie Carolan with Nirvikar Singh and Cyrus Talati, "The Composition of U.S.-East Asia Trade and Changing Comparative Advantage," September 1995.

333. Lori G. Kletzer, "What Have We Learned About Job Displacement?" October 1995 (revised).

334. Lori G. Kletzer, "Gender Differences in the Incidence Consequences of Job Displacement from Import-Sensitive Industries," October 1995.

335. Menzie Chinn and Michael P. Dooley, "Financial Repression and Capital Mobility: Why Capital Flows and Covered Interest Rate Differentials Fail to Measure Capital Market Integration," November 1995.

336. Willem H. Buiter with Kenneth M. Kletzer, Capital Mobility, Fiscal Policy and Growth Under Self-Financing of Human Capital Formation, November 1995.

337. Kenneth M. Kletzer with Brian D. Wright, Sovereign Debt as Intertemporal Barter, November 1995.

338. Kenneth M. Kletzer, "The Implications of Monetary Union for Fiscal Policy in Europe," November 1995.

339. Kenneth M. Kletzer "The Political Economy of Indian Fiscal Federalism," November Nirvikar Singh 1995

340. Nirvikar Singh "Political Institutions, Identity and Conflict in Developing David Wright Countries," November 1995

341. Yin-Wong Cheung "Common Predictable Components in Regional Stock Markets," Jia He December 1995 Lilian K. Ng

342. Nirvikar Singh "Contests," December 1995 Donald Wittman

343. Yin-Wong Cheung "Further Investigation of the Uncertain Unit Root in GNP," Menzie D. Chinn December 1995


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1994

281. Nirvikar Singh with Sugata Marjit, "Technology and Indian Industry," January 1994.

282. Yin-Wong Cheung with Menzie D. Chinn, "Deterministic, Stochastic, and Segmented Trends in Aggregate Output: A Cross-Country Analysis," February 1994.

283. Yin-Wong Cheung with Lillian Ng, "Equity Price Variation In Pacific Basin Countries," February 1994.

284. Menzie D. Chinn with Jeffrey A. Frankel, "The Relative Influence of US and Japan on Real Interest Rates Around the Pacific Rim: 1982-1992," February 1994.

285. Yin-Wong Cheung with Michael Hutchison, "Should Nordic EFTA Join A European Monetary Union? An Empirical Analysis," March 1994.

286. Yin-Wong Cheung with Menzie D. Chinn and Tuan Tran, "How Sensitive Are Estimated Trends To Data Definitions? Results For East Asian and G-5 Countries," April 1994.

287. Michael Dooley with Kenneth Kletzer and Eduardo Fernandez-Arias, "Recent Private Capital Inflows to Developing Countries: Is the Debt Crisis History?" April 1994.

288. Yin-Wong Cheung with Menzie D. Chinn, "Further Investigation of the Uncertain Unit Root in GNP," April 1994.

289. Alexis Derviz, "Structural Change, Bargaining and Learning," May 1994.

290. Yin-Wong Cheung with Kon S. Lai, Hung-Gay Fung and Wai-Chung Lo, "Purchasing Power Parity Under the European Monetary System," May 1994.

291. Ken Kletzer with T.N. Srinivasan, "Price Normalization and Equilibria in General Equilibrium Models of International Trade Under Imperfect Competition," May 1994.

292. Ken Kletzer with Willem H. Buiter "Ponzi Finance, Government Solvency and the Redundancy or Usefulness of Public Debt," May 1994.

293. Yin-Wong Cheung, "A Search for Long Memory in International Stock Market Returns," May 1994.

294. Menzie D. Chinn with William F. Maloney, "Financial and Capital Account Liberalization in the Pacific Basin: Korea and Taiwan during the 1980's" May 1994.

295. Michael P. Dooley, "Are Recent Capital Inflows to Developing Countries a Vote For or Against Economic Policy Reforms?" May 1994.

296. Inderjit Kohli with Nirvikar Singh, "Rent-Seeking Costs, Government Objectives and Institutional Structures" October 1994.

297. Inderjit Kohli, "Institutional Structure, Strategic Behavior and Rent-Seeking Costs" October 1994.

298. Yin-Wong Cheung with Lilian K. Ng, "A Causality-in-Variance Test and Its Application to Financial Market Prices" October 1994.

299. Yin-Wong Cheung with Kon S. Lai, "Lag Order and Critical Values of Unit Root Tests: Two Essays" October 1994.

300. Inderjit Kohli, "Lobbying as a Welfare-Improving Screening Device for Infant-Industry Protection," October 1994.

301. Menzie Chinn, "Paper Pushers or Paper Money? Empirical Assessment of Fiscal and Monetary Models of Exchange Rate Determination," November 1994.

302. Menzie Chinn with Jeffrey A. Frankel, "The Relative Influence of US and Japan on Real Interest Rates Around the Pacific Rim: 1982-1992," November 1994 (Revision of Paper #284, February 1994).

303. Yin-Wong Cheung with Daniel Friedman, "Learning in Evolutionary Games: Some Laboratory Results," November 1994.

304. K. C. Fung with Lawrence J. Lau, "Characteristics and Determinants of Retail Price Differentials in the United States and Japan," November 1994.

305. K.C. Fung, "Rent-Seeking and Rent-Shifting: Tariffs under Government Failure and Market Failure," December 1994.

306. Daniel Friedman with Donald Wittman, "Learning Liability Rules," December 1994.

307. Alan Richards, "The Political Economy of Crisis in the Maghreb," December 1994.

308. Alan Richards, "Economic Roots of Instability in the Middle East," December 1994.

309. Alan Richards, "Markets and Water: Getting There From Here," December 1994.

310. Maria E. Muniagurria with Nirvikar Singh, "Foreign Technology, Spillovers, and R&D Policy," December 1994.

311. K.C. Fung, "The Clinton Administration's Trade Policies and the U.S.- Japan Trade Problem," December 1994.

312. Menzie D. Chinn with Jeffrey A. Frankel, "More Survey Data on Exchange Rate Expectations: More Currencies, More Horizons, More Tests," December 1994.


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1993

255. Michael Dooley with Peter Isard and Mark Taylor,"Exchange Rates, Country-Specific Shocks, and Gold" January 1993.

256. Michael Dooley with Mark Stone, "Endogenous Creditor Seniority and External Debt Values" January 1993.

257. Yin-Wong Cheung "Stock Market Volatility and Fractional Integration," January 1993.

258. Maria Muniagurria with Hugo Hopenhayn "Policy Variability and Economic Growth," February 1993.

259. Jeffrey A. Frankel with Menzie Chinn, "The Stabilizing Properties of a Nominal GNP Rule in an Open Economy," March 1993.

260. Jeffrey A. Frankel with Menzie Chinn, Appendix to "The Stabilizing Properties of a Nominal GNP Rule in an Open Economy," March 1993.

261. Carl E. Walsh, "Optimal Contracts for Independent Central Bankers: Private Information, Performance Measures and Reappointment," April 1993.

262. Michael Dooley, "Medium-Term Financing Needs of the Independent States of the Former Soviet Union," April 1993.

263. Michael Hutchison with Nirvikar Singh, "Long-Term International Capital Mobility: New Evidence from Equilibrium Real Interest Rate Linkages," May 1993.

264. Menzie D. Chinn with Richard A. Meese, "Banking on Currency Forecasts: How Predictable Is Change in Money?" (Revision of Working Paper No. 249), June 1993.

265. Kenneth M. Kletzer, "Sovereign Immunity and International Lending," June 1993.

266. Yin Wong Cheung with Menzie D. Chinn, "Deterministic, Stochastic, and Segmented Trends in Aggregate Output: A Cross-Country Analysis", July 1993.

267. Michael P. Dooley with Donald J. Mathieson, "Exchange Rate Policy, International Capital Mobility, and Monetary Policy Instruments," August 1993.

268. Menzie D. Chinn, "Error Correction Models of the US Trade Balance," August 1993.

269. Yin-Wong Cheung with Kon S. Lai, "Lag Order and the Finite Sample Behavior of the Augmented Dickey-Fuller Test," September 1993.

270. Yin-Wong Cheung with Jia He and Lillian Ng, "Pacific Basin Stock Markets and Real Activity," September 1993.

271. Michael Dooley with Stijn Claessens and Andrew Warner, "Portfolio Capital Flows: Hot or Cool?" October 1993.

272. Nirvikar Singh, "The Economic Role of Government: Reform as a Mechanism Design Problem," October 1993.

273. Inderjit Kohli with Nirvikar Singh, "The Economic Role of Government: Managing Rent-Seeking," October 1993.

274. Inderjit Kohli with Nirvikar Singh, "Rent Seeking and Rent Setting with Asymmetric Effectiveness of Lobbying," October 1993.

275. Nirvikar Singh, "The Economic Role of Government: Property Rights, Externalities and Mechanism Design," October 1993.

276. K. C. Fung with J. Michael Finger, "Will GATT Enforcement Control Antidumpting?", October 1993.

277. Bernard Elbaum with Nirvikar Singh, "The Economic Rationale of Apprenticeship Training: Some Lessons From British and U.S. Experience," October 1993.

278. K.C. Fung with J. Michael Finger, "Can Competition Policy Control "301"?," October 1993.

279. Yin-Wong Cheung,"Aggregate Output Dynamics in the 20th Century," November 1993.

280. Yin-Wong Cheung with Kon S. Lai, "Long-Run Determinants of Stock Market Comovements in EMS Countries," December 1993.


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1992

244. Alan Richards, "The Behavior of LDC Farm Labor Markets: The Case of Egypt", January 1992.

245. Michael Hutchison with Reuven Glick, "Fiscal Policy in Monetary Unions: Implications for Europe", March 1992.

246. Michael Hutchison, "Structural Change and the Macroeconomic Effects of Oil Shocks: Empirical Evidence from the United States and Japan", March 1992.

247. Michael Dooley, "A Payments Mechanism for the Independent States of the Former Soviet Union", August 1992.

248. Michael Dooley with Peter Isard, "The Roles of Incentives and Planning In Market-Oriented Transformations", September 1992.

249. Menzie Chinn with Richard Meese, "Banking on Currency Forecasts: How Predictable Is Change In Money?", September 1992.

250. Menzie Chinn with Jeffrey Frankel, "Financial Links Around The Pacific Rim: 1982-1992", September 1992.

251. Yin-Wong Cheung with Kon S. Lai, "Do Gold Market Returns Have Long Memory?", November 1992.

252. Yin-Wong Cheung with Kon S. Lai and Michael S. Lai, "Are There Long Cycles in Foreign Stock Returns?" November 1992.

253. Yin-Wong Cheung with Francis X. Diebold, "On Maximum-Likelihood Estimation of the Differencing Parameter of Fractionally-Integrated Noise With Unknown Mean" - November 1992.

254. Yin-Wong Cheung "Tests for Fractional Integration: A Monte Carlo Investigation" - November 1992.


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1991

219. Bernard Elbaum, "Internal Labor Markets and General Training", Jan. 1991.

220. Yin-Wong Cheung, "Exchange Rate Risk Premiums, Expectations, and the Kalman Filter", Feb. 1991.

221. Dan Friedman, "How Trading Institutions Affect Financial Market Performance: Some Laboratory Evidence", March 1991.

222. Nirvikar Singh with Pranab Bardhan, "Entry Incentives to Multinationals and Potential Competition", April 1991.

223. Nirvikar Singh with Pranab Bardhan, "Government Policy Towards Joint Ventures With Multinational Rivalry", April 1991.

224. K.C. Fung with Robert W. Staiger, "A Theory of Trade Adjustment Assistance", April 1991.

225. K.C. Fung with Harry Huizinga, "The Free Trade Agreement and Union and Non-Union Wages in Canada", April 1991.

226. K.C. Fung, "Characteristics of Japanese Industrial Groups and Their Potential Impact on U.S. - Japan Trade", April 1991.

227. K.C. Fung, "Economic Integration, Labor Unions, and the Effectiveness of Employment Policies", April 1991.

228. Yin-Wong Cheung with Lilian K. Ng, "A Causality in Variance Test and Its Application to the U.S./Japan Stock Markets", May 1991.

229. Yin-Wong Cheung with Lilian K. Ng, "Correlations in the U.S. and Japan Stock Markets Before and After the October 1987 Crash", May 1991.

230. Yin-Wong Cheung with Lilian K. Ng, "Stock Price Dynamics and Firm Size: An Empirical Investigation", May 1991.

231. Maria Muniagurria, "Growth and Research and Development", May 1991.

232. Dan Friedman, "Privileged Traders and Asset Market Efficiency: A Laboratory Study", August 1991.

233. Ray-Shine Lee, "Zero-Degree Stochastic Dominance for Security Analysis", September 1991.

234. Nirvikar Singh, "Some Aspects of Technological Change and Innovation in Agriculture", October 1991.

235. Inderjit Kohli with Nirvikar Singh "Export Performance Requirements and Multinational Technology Choice", October 1991.

236. Yin Wong Cheung with Kon S. Lai, "The Finite-Sample Properties of Johansen's Likelihood Ratio Tests for Cointegration", October 1991.

237. Yin Wong Cheung with Kon S. Lai,"International Evidence on Output Persistence and Comovements", October 1991.

238. K.C. Fung "Some International Properties of Japanese Firms", Nov. 1991.

239. Menzie Chinn with Jeffrey Frankel,"Exchange Rate Expectations and the Risk Premium: Tests for a Cross-Section of 17 Currencies", November 1991.

240. Daniel Friedman with K.C. Fung, "Evolutionary Games, Organizational Modes, and International Trade Theory", November 1991.

241. Menzie Chinn "Estimation of Exchange Rate and Consumption Functions When Some Agents Follow Rules of Thumb", December 1991.

242. K.C. Fung "Japanese Firms and Strategic Trade Policies", December 1991.

243. K.C. Fung with Ronald I. McKinnon, "Floating Exchange Rates and the New Interbloc Protectionism: Tariffs versus Quotas", December 1991.