No. 2005, March 2005
Index
- International trade and investment.
- Public economics.
- The conference on research in income and wealth.
- The Development of the American Economy.
- How private health insurance pools risk.
- Impatience and savings.
- Some perspective on capital flows to emerging market economies.
- The contribution of science and technology to production.
- Bank regulation and supervision.
- Mental health and public policy.
- World trade flows, 1962-2000.
- Foreign direct investment behavior of multinational corporations.
- Prospects for Social Security reform in the United States.
- Corporate governance and financial globalization.
- Social returns to human capital.
- Behavioral finance.
- Race and twentieth-century American economic history.
- NBER profile: David I. Laibson.
- NBER profile: Ross Levine.
- Political and economic forces sustaining social security.
- Conferences.
- NBER profile: Carmen M. Reinhart.
- NBER profile: Mark V. Pauly.
- Globalization and new comparative economic history.
- Innovation policy and the economy.
- NBER Profile: Kent Smetters.
- Yao, Anton, and Greene explore a range of work on the economic and policy implications of "weak" patents--patents that have a significant probability of being overturned or are relatively easy to circumvent--for innovation and disclosure incentives, antitrust policy, and organizational incentives and entrepreneurial activity.
- Berndt, Gottschalk, and Strobeck focus on the interactions between the Food and Drug Administration (FDA) and the biopharmaceutical companies that perform drug R and D.
- Freeman.
- Gilbert.
- In the last two decades, the role of patents in the U.S. innovation system has changed profoundly.
- Policy evaluation in macroeconomics.
- Scott Morton.
- Asset pricing with imperfect trading.
- Garleanu, Pedersen, and Poteshman model the demand-pressure effect on prices when options cannot be hedged perfectly.
- Hong and Yu develop and test a theory of seasonality in asset prices based on the idea that speculative trading generates a price premium.
- Novy-Marx.
- Sadka and Scherbina document a close link between mispricing and liquidity by investigating stocks with high analyst disagreement.
- Using proprietary data on stock loan fees and stock loan quantities from a large institutional investor, Cohen, Diether, and Malloy examine the link between the shorting market and stock prices.
- Andrade, Chang, and Seasholes examine the relationship between trading shocks and asset prices.
- Frazzini and Lamont use mutual fund flows as a measure of individual investor sentiment for different stocks.
- Petajisto.
- Clarida, Goretti, and Taylor find evidence of threshold behavior in current account adjustment for the G7 countries, such that the dynamics of adjustment towards equilibrium depend upon whether the current-account/ net output ratio breaches estimated, country-specific current account surplus or deficit thresholds.
- Current account imbalances.
- Does the center country of the International Monetary System enjoy an "exorbitant privilege" that significantly weakens its external constraint, as has been asserted in some European quarters?
- NBER profile: Bruce A. Blonigen.
- NBER profile: James Adams.
- Bernanke: long-time NBER researcher.
- Dooley, Folkerts-Landau, and Garber set out the political economy behind Asian governments' participation in a revived Bretton Woods System.
- Faruqee, Laxton, Muir, and Pesenti re-examine the issues surrounding global rebalancing through the lens of a dynamic, multi-region model of the world economy.
- Lane and Milesi-Ferretti highlight the increased dispersion in net external positions in recent years, particularly among industrial countries.
- Might the dollar eventually follow the precedent of the pound and cede its status as leading international reserve currency?
- Nakahara Prize goes to Hoshi.
- NBER profile: Alan M. Taylor.
- NBER profile: William J. Collins.
- Over the past decade the United States has experienced widening current account deficits and a steady deterioration of its net foreign asset position.
- Two NBER research associates to join CEA.
- Adalet and Eichengreen analyze the pre-1970 history of international capital flows and current account reversals, contrasting it with recent experience.
- Conferences.
- Japan project meets.
- Mann and Pluck prepare new estimates of the elasticity of U.S. trade flows using bilateral trade data for 31 countries, different measures of expenditure, and including alternative proxies for global supply-cum-variety.
- Obstfeld and Rogoff show that when one takes into account the global equilibrium ramifications of an unwinding of the U.S. current account deficit, currently running at nearly 6 percent of GDP, the potential collapse of the dollar becomes considerably larger (more than 50 percent larger) than in their previous estimates.
- Risks of Financial Institutions.
- There are a number of worrisome features of the U.S. current account deficit.
- Twenty-sixth NBER Summer Institute held in 2005.
- Boeri and Garibaldi.
- International seminar on macroeconomics.
- OECD countries experienced largely divergent employment rates over the last decades.
- Goldberg.
- In September 2002, a new market in "Economic Derivatives" was launched Mowing traders to take positions on future values of several macroeconomic data releases.
- Razin and Loungani analyze how globalization induces monetary authorities, guided by the welfare criterion of a representative household, to put greater emphasis on reducing the inflation rate than on narrowing output gaps.
- The Stability and Growth Pact is a continuing source of economic controversy within Europe.
- Using a panel of 21 OECD countries and 40 years of annual data, Darvas, Rose, and Szapary find that countries with similar government budget positions tend to have business cycles that fluctuate more closely.
- Vilagi.
- East Asian seminar on economics focuses on fiscal policy and management.
- IASE: Strengthening Global Financial Markets.
- Observed economic policies in developing countries differ sharply from those in developed countries and from those forecast by existing models of optimal policies.
- The Chinese Economy.
- Chetty and Looney assess the potential welfare gain from introducing social safety nets in developing economies.
- Fiscal incentives are closely related to extra-budgetary revenues.
- High ratios of external debt to GDP in selected Asian countries have contributed to the initiation, propagation, and severity of the financial and economic crises in recent years, reflecting runaway fiscal deficits and excessive foreign borrowing by the private sector.
- Hur.
- Kwan.
- Since almost eliminating net debt, the Australian government's attention has turned to the financing of broader balance sheet liabilities, such as public sector superannuation.
- The taxation of property left to one's heirs is among the oldest forms of taxation, dating back at least to the time of Ancient Egypt.
- Doi, Ihori, and Mitsui analyze sustainability issues with Japan's fiscal policy and then discuss the debt management policy based on the maturity structure of government bonds.
- Entrepreneurship Working Group.
- Koh.
- Kotlikoff, Fehr, and Jokisch develop a dynamic, life-cycle, general equilibrium model to study the interdependent demographic, fiscal, and economic transition path of China, Japan, the United States, and the EU.
- Llanto.
- To analyze the sustainability of a social security system, it is necessary to make long-term forecasts of the economy and the population for 50 years or longer.
- Chun.
- Structural Changes in the Global Economy.
- Acemoglu receives John Bates Clark Medal.
- Bernanke to chair CEA.
- Market Microstructure meeting.
- NBER researchers lead American Economics Association.
- Behavioral responses to taxation.
- Giertz.
- Johnson.