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Titles of all papers issued since January 2005 are presented below. For previous papers, see past issues of the NBER Reporter. Working Papers are intended to make results of NBER research available to other economists in preliminary form to encourage discussion and suggestions for revision before final publication. They are not reviewed by the Board of Directors of the NBER.

NBER Working Papers Paper Author(s) Title 11037 Philippe Jorion Bank Trading Risk and Systemic Risk 11038 Kent Smetters Insuring Against Terrorism: The Policy Challenge 11039 Amy Finkelstein Dynamic Inefficiencies in Kathleen McGarry Insurance Markets: Evidence Amir Sufi from Long-Term Care Insurance 11040 Robert C. Feenstra World Trade Flows: 1962-2000 Robert E. Lipsey Haiyan Deng Alyson C. Ma Hengyong Mo 11041 Martin D. D. Evans Do Currency Markets Absorb Richard K. Lyons News Quickly? 11042 Martin D. D. Evans Meese-Rogoff Redux: Micro-Based Richard K. Lyons Exchange Rate Forecasting 11043 Peter J. Klenow State-Dependent or Time- Oleksiy Kryvtsov Dependent Pricing: Does it Matter for Recent U.S. Inflation? 11044 Juan Carlos Conesa On the Optimal Progressivity Dirk Krueger of the Income Tax Code 11045 Francesco Caselli Is Poland the Next Spain? Silvana Tenreyro 11046 Branko Milanovic Does Tariff Liberalization Lyn Squire Increase Wage Inequality? Some Empirical Evidence 11047 Itay Goldstein Foreign Direct Investment vs. Assaf Razin Foreign Portfolio Investment 11048 James Levinsohn Does Food Aid Harm the Poor? Margaret McMillan Household Evidence from Ethiopia 11049 Roland G. Fryer The Black-White Test Score Steven D. Levitt Gap Through Third Grade 11050 Claudio Michelacci Financial Markets and Wages Vincenzo Quadrini 11051 James R. Markusen A Mutli-Country Approach Anthony J. Venables to Factor-Proportions Trade and Trade Costs 11052 Jun Qian How Law and Institutions Philip E. Strahan Shape Financial Contracts: The Case of Bank Loans 11053 Steven D. Levitt Market Distortions when Chad Syverson Agents are Better Informed: The Value of Information in Real Estate 11054 Dongchul Cho Interest Rate, Inflation, and Housing Price: With an Emphasis on Chonsei Price in Korea 11055 Matthew B. Canzoneri How Do Monetary and Fiscal Robert E.. Cumby Policy Interact in the European Behzad T. Diba Monetary Union? 11056 Bennett T. McCallum A Monetary Policy Rule for Automatic Prevention of a Liquidity Trap 11057 Stanley L. Engerman Colonialism, Inequality, and Long-Run Kenneth L. Sokoloff Paths of Development 11058 Price Fishback The Irony of Reform: Did Large Employers Subvert Workplace Safety Reform, 1869 to 1930? 11059 John Romalis NAFTA's and CUSFTA's Impact on International Trade 11060 Kent Smetters Measuring Social Security's Jagadeesh Gokhale Financial Problems 11061 Nelson C. Mark Changing Monetary Policy Rules, Learning, and Real Exchange Rate Dynamics 11062 Randall K. Morck The Global History of Corporate Lloyd Steier Governance: An Introduction 11063 Dana Goldman Wage and Benefit Changes in Neeraj Sood Response to Rising Health Arleen Leibowitz Insurance Costs 11064 Martin D.D. Evans Where are we Now? Real-Time Estimates of the Macroeconomy 11065 Fabio Canova Does it Cost to be Virtuous? Evi Pappa The Macroeconomic Effects of Fiscal Constraints 11066 Emma Aisbett Why are the Critics so Convinced that Globalization is Bad for the Poor? 11067 Michelle Hanlon Bank-Tax Conformity for Terry Shevlin Corporate Income: An Introduction to the Issues 11068 John R. Moran Income and the Use of Pres- Kosali Ilayperuma Simon cription Drugs by the Elderly Evidence from the Notch Cohorts 11069 Torben G. Andersen Practical Volatility and Cor- Time Bollerslev relation Modeling for Financial Peter F. Christoffersen Market Risk Management Francis X. Diebold 11070 Rene M. Stulz The Limits of Financial Globalization 11071 Patrick Bolton Structuring and Restructuring Olivier Jeanne Sovereign Debt: The Role of Seniority 11072 Austan Goolsbee How do Incumbents Respond Chad Syverson to the Threat of Entry? Evidence from the Major Airlines 11073 Brian Moyer Aggregation Issues in Marshall Reinsdorf Integrating and Accelerating Robert Yuskavage BEA's Accounts: Improved Methods for Calculating GDP by Industry 11074 James J. Choi Optimal Defaults and Active David Laibson Decisions Brigitte C. Madrian Andrew Metrick 11075 Mihir C. Desai Foreign Direct Investment and C. Fritz Foley the Domestic Capital Stock James R. Hines, Jr. 11076 Romain Ranciere Systemic Crises and Growth Aaron Tornell Frank Westermann 11077 Menzie D. Chinn Testing Uncovered Interest Guy Meredith Parity at Short and Long Horizons during the Post- Bretton Woods Era 11078 Simeon Djankov Private Credit in 129 Countries Caralee McLiesh Andrei Shleifer 11079 Rob Alessie Saving and Cohabitation: The Agar Brugliavini Economic Consequences of Guglielmo Weber Living with One's Parents in Italy and the Netherlands 11080 John Joseph Wallis Politics, Relief, and Reform: Price Fishback The Transformation of America's Shawn Kantor Social Welfare System during the New Deal 11081 Pinelopi K. Goldberg The Effects...