Recent Faculty Publications by Field


Economic Theory

Arnott, Richard, "Moral Hazard and Non-market Institutions: Dysfunctional Crowding Out or Peer Monitoring?" with Joseph Stiglitz, American Economic Review, 81:179-190, March 1991.

_____, "Information and Economic Efficiency," with Bruce Greenwald and Joseph Stiglitz, Information Economics and Policy, 6:77-88, 1994.

MacLeod, Bentley, "Continuous Time Repeated Games," with Jim Bergin, International Economic Review, 34(1), February 1993, 21-37.

_____, "Efficiency and Renegotiation in Repeated Games," with James Bergin, Journal of Economic Theory, 61, 1993, pp. 42-73.

_____, "The Role of Exit Costs in the Theory of Co-operative Teams," Journal of Comparative Economics, 17, June 1993, 521-529.

_____, "Efficient Specific Investments, Incomplete Contracts and the Role of Market Alternatives," with James Malcomson, American Economic Review, 83, 1993, 811 - 837.

_____, "Spatial Competition and the Core," with Jonathan Hamilton and Jacques Thisse, 1991, Quarterly Journal of Economics, 106, 925-937.

_____, "Optimal Labor Contracts with Non-Contractible Human Capital," with Yoshitsugu Kanemoto, 1989, Journal of Japanese and International Economies, 3, pp. 385-403.

_____, "Entry, Sunk Costs and Renegotiation in Duopoly," joint with Jim Bergin, Annales d'Economiques et Statistique, 15/16, pp. 173-191, 1989.

_____, "Reputation and Hierarchy in Dynamic Models of Employment," with J. Malcomson, 1988, Journal of Political Economy, 96, pp. 832-54.

_____, "Price Discrimination and Equilibrium in Monopolistic Competition," with George Norman and Jacques Thisse, 1988, International Journal of Industrial Organization, 6, pp. 429-46. Reprinted in Market Strategy and Structure, edited by A. Gee and G. Norman.

Macroeconomics


Cox, Donald, "Intergenerational Transfers and Liquidity Constraints," Quarterly Journal of Economics, 105:187-217, February 1990.

_____, "Credit Rationing and Private Transfers: Evidence from Survey Data," with Tullio Jappelli, Review of Economics and Statistics, 72:445-454, August 1990.

_____, "Inter-vivos Transfers and Intergenerational Exchange," with Mark Rank, Review of Economics and Statistics, 74:305-314, May 1992.

MacLeod, Bentley, "Implicit Contracts, Incentive Compatibility and Involuntary Unemployment," with J. Malcomson, 1989, Econometrica, Vol 56, No. 2, March, 447-480.

Murphy, Robert, "Macroeconomic Adjustment under Alternative Lending Arrangements," Journal of Economic Dynamics and Control, January 1991.

Schiantarelli, Fabio, "Monopolistic Competition and the Q Theory of Investment," with D. Georgoutsos, European Economic Review, June 1990.

_____, "Generalized Q Models for Investment," with M. Galeotti, Review of Economics and Statistics, August 1991.

_____, "Stock Market Volatility and Investment: Do Only Fundamentals Matter?" with M. Galeotti, Economica, 1994.

_____, "Investment Decisions and the Role of Tax Asymmetries: Evidence from Company Panel Data," with M. Galeotti and F. Jaramillo, Applied Financial Economics, 121-132, 1994.

Econometrics


Bai, Chong-en, "Hyperaccuracy of Bootstrap Based Prediction," with Peter Bickel and Richard Olshen, Probability in Banach Spaces 7, Progress in Probability, Birkhauser, 1990.

Baum, Christopher F., "Analyzing the Stability of Demand-for-Money Equations via Bounded-Influence Estimation Techniques," with M. Furno, Journal of Money, Credit and Banking, 22:4, 465-477, 1990.

Belsley, David, "The Degree of Effective Identification and a Measure for Assessing It," in Computational Economics and Econometrics, ed. H. Amman, D. Belsley and L. Pau, Kluwer, 1991.

_____, Conditioning Diagnostics: Collinearity and Weak Data in Regression, New York: John Wiley and Sons, Inc., 1991.

_____, "Paring 3SLS Calculations Down to Manageable Proportions," Computer Science in Economics and Management, 1992.

_____, "An Econometric Analysis of Selected Dairy Programs of the '80s and Some Policy Implications," with C.W. Bausell and S.L. Smith, American Journal of Agricultural Economics, 1992.

______, "Doing Monte Carlo Studies using Mathematica," in Economic and Financial Modeling with Mathematica, Vol. 2, H. Varian, ed., Springer Verlag: forthcoming.

Gottschalk, Peter, "A Random Effects Logit Model of Work-Welfare Transitions," with John Engberg and Doug Wolf, Journal of Econometrics, Special Issue on Econometric Issues in Measuring Inequality, 1990.

Hansen, Bruce E., "The Likelihood Ratio Test under Non-standard Conditions: Testing the Markov Switching Model of GNP," Journal of Applied Econometrics, 7:S61-S82, 1992.

_____, "Convergence to Stochastic Integrals for Dependent Heterogeneous Processes," Econometric Theory, 8:489-500, 1992.

_____, "Consistent Covariance Matrix Estimation for Dependent Heterogeneous Processes," Econometrica, 62:967-972, 1992.

_____ "Tests for Parameter Instability in Regressions with I(1) Processes," Journal of Business and Economic Statistics, 10:331-335, 1992.

_____, "Heteroskedastic Cointegration," Journal of Econometrics, 54:139-158, 1992.

_____, "Tests for Parameter Instability in Linear Models," Journal of Policy Modeling, 14:517-533, 1992.

_____, "Efficient Estimation and Testing of Cointegrating Vectors in the Presence of Deterministic Trends," Journal of Econometrics, 53:87-121, 1992.

_____, "Strong Laws for Dependent Heterogeneous Processes," Econometric Theory, 7:213-221, 1991, and 8:421-422, 1992.

_____, "Autoregressive Conditional Density Estimation," International Economic Review, 35:705-730, 1994.

_____, "Asymptotic Theory for the GARCH(1,1) Quasi-maximum Likelihood Estimator," with Sang-Won Lee, Econometric Theory, 10:29-52, 1994.

_____, "Residual-Based Tests for Cointegration in Models with Regime Shifts," with Allan Gregory, Journal of Econometrics, forthcoming 1995.

_____, "Regression with Non-Stationary Volatility," Econometrica, forthcoming 1995.

_____, "Are Seasonal Patterns Constant over Time? A Test for Seasonal Stability," with Fabio Canova, Journal of Business and Economic Statistics, forthcoming 1995.

_____, "Stochastic Equicontinuity for Unbounded Dependent Heterogeneous Arrays," Econometric Theory, forthcoming 1995.

Schiantarelli, Fabio, "Investment and Tobin's Q: Evidence from Panel Data," with R. Blundell, S. Bond, and M. Devereux, Journal of Econometrics, 233:257, 1992.

_____, "Price and Output Adjustment in a Model with Inventories: Econometric Evidence from Categorical Survey Data," with J. McIntosh, J. Breslaw, and W. Low, Review of Economics and Statistics, 657-663, 1993.

Development Economics


Baum, Christopher F., "Structural Change and Economic Development in Southern Italy," with J. Munro and G. Schachter, Journal of Development Studies, 27:1, 54-71, 1990.

Cox, Donald, "Achieving Social Objectives Through Private Transfers: A Review," with Emmanuel Jimenez, World Bank Research Observer, July 1990.

_____, "The Relative Effectiveness of Private and Public Schools: Evidence from Two Developing Countries," with Emmanuel Jimenez, Journal of Development Economics, 34:99-121, November 1990.

_____, "Social Security and Private Transfers in Peru," with Emmanuel Jimenez, World Bank Economic Review, January 1992.

_____, "Female Labor Force Participation and Earnings in Venezuela," with George Psacharaopoulos, in G. Psacharaopoulos and Z. Tzannatos, eds., Womens' Employment and Pay in Latin America, World Bank, 1992.

______, "Private Transfers and the Effectiveness of Public Income Redistribution in the Philippines," with Emmanuel Jimenez, in D. van de Walle and K. Nead, eds., Public Spending and the Poor: Theory and Evidence, Johns Hopkins University Press, 1995.

Marcouiller, Douglas, "The Black Hole of Graft: The Predatory State and the Informal Economy," with Leslie Young, American Economic Review, June 1995.

Schiantarelli, Fabio, "The Effect of Financial Liberalization on Firms' Capital Structure and Investment Decisions: Evidence from a Panel of Indonesian Manufacturing Establishments, 1981-1988," with J. Harris and M. Siregar, World Bank Economic Review, January 1994.

______, "Capital Market Imperfections Before and After Financial Liberalization: An Euler Equation Approach to Panel Data for Ecuadorian Firms," with F. Jaramillo and A. Weiss, Journal of Development Economics, forthcoming 1995.

Health, Education and Welfare


Gottschalk, Peter, "AFDC Participation across Generations," American Economic Review, May 1990.

______, "The Intergenerational Transmission of Welfare Participation: Facts and Possible Causes," Journal of Policy Analysis and Management, Spring 1992.

_____, "Equity in the Finance and Delivery of Health Care in the United States," in Equity in the Finance and Delivery of Health Care: An International Perspective, E. Van Doorslaer, A. Wagstaff and F. Rutten, eds., Oxford University Press, 1993.

_____, "Welfare Dependence: Concepts, Measures and Trends," with Robert Moffitt, American Economic Review, May 1994.

Murphy, Robert G., "The Relation Between a University's Football Record and the Size of Its Applicant Pool," with Greg Trandel, Economics of Education Review, 1994.

Quinn, Joseph, "Public Policy and the Plans and Preferences of Older Americans," with Richard Burkhauser, Journal of Aging and Social Policy, Fall 1994.

______, "Changing Policy Signals," with Richard Burkhauser, in Age and Structural Lag, M.W. Riley et al., eds, John Wiley, 1994.

Industrial Organization


Gollop, Frank M., "A Generalized Index of Diversification: Trends in U.S. Manufacturing," with James Monahan, Review of Economics and Statistics, 73:318-30, May 1991.

_____, "Alternative Approaches to Classifying Economic Activity," in 1991 International Conference on the Classification of Economic Activity- Proceedings, Washington, DC: U.S. Department of Commerce, 1992.

_____, "Productivity Growth in U.S. Agriculture: A Postwar Perspective," with Dale Jorgenson, American Journal of Agricultural Economics, 74:745-750, August 1992.

_____, "The Heterogeneity Index: A Quantitative Tool to Support Industrial Classification," Bureau of Economic Analysis Report (BE-42), Economic Classification Policy Committee, Washington, DC: U.S. Department of Commerce, May 1994.

International Economics


Anderson, James, "The Optimal Borrowing Tax," Journal of International Economic Integration, Spring 1991. Winner of Dae Yang Prize in Economics for 1991.

_____, "The Coefficient of Trade Utilization: the Cheese Case," in Empirical Studies of Commercial Policy, R. Baldwin, ed., NBER, Chicago: University of Chicago Press, 1991.

_____, "Trade Reform with Quotas, Partial Rent Retention and Tariffs," with Peter Neary, Econometrica, January 1992.

_____, "Optimal Taxation and Debt in an Open Economy," with Leslie Young, Journal of Public Economics, February 1992.

_____, "Domino Dumping, I: Competitive Exporters," American Economic Review, March 1992.

_____, "The Theory of Protection," in Surveys in International Trade, D. Greenaway and Q. Winters, eds., Oxford: Basil Blackwell, 1993.

_____, "Domino Dumping, II: Anti-Dumping," Journal of International Economics, 35:133-150, August 1993.

_____, "Domestic Distortions and International Trade," with Peter Neary, International Economic Review, 36:139-158, February 1995.

_____, "Tariff Index Theory," Review of International Economics, forthcoming.

Canavan, Christopher, "Assessing the Foreign Investment Boom in Latin America," Risk Management Review, Spring 1993.

Murphy, Robert, "The Terms of Trade, Investment, and the Current Account," Journal of International Economic Integration, 1992.

Labor Economics


Arnott, Richard, "Wage Profiles and Imperfect Capital Markets: A Positive Analysis," with B. Mak Arvin, Canadian Journal of Economics, 25:524-537, 1992.

Butcher, Kristin, "The Effect of Sibling Sex Composition on Women's Educational Attainment and Earnings," with Anne Case, Quarterly Journal of Economics, August 1994.

______, "Black Immigrants in the United States: A Comparison with Native Blacks and Other Immigrants," Industrial and Labor Relations Review, 47:2, 1994.

______, "Immigration and Wages: Evidence from the 1980's," with David Card, American Economic Review, 81:2, 1991.

Cox, Donald, "Selectivity Bias in Assessing Educational Outcomes," in International Encyclopedia of Education, T. Husen and T.N. Postlethwaite, eds., Oxford: Pergamon Press, 1992.

_____, "The Connection Between Public Transfers and Private Interfamily Transfers," with George Jakubson, Journal of Public Economics, 57:129-167, 1995.

Gottschalk, Peter, "Changes in Inequality of Family Income in Seven Industrialized Countries," American Economic Review, May 1993.

_____, "Growth in Earnings Instability in the U.S. Labor Market," with Robert Moffitt, Brookings Papers on Economic Activity, 1994.

_____, "The Impact of Cohort Composition on School Enrollments," with Rachel Connelly, Journal of Labor Economics, January 1995.

MacLeod, Bentley, "Turnover Costs, Efficiency Wages and Cycles," with James Malcomson, Annales d'Economiques et Statistique, 37/38, Janvier/Juin, 1995, 55-74.

_____, "Labour Turnover and the Natural Rate of Unemployment: Efficiency Wage vs Frictional Unemployment," with James Malcomson and Paul Gomme, Journal of Labor Economics, 12, no.2, 1994, 276-315.

_____, "Wage Premiums and Profit Maximisation in Efficiency Wage Models," with James Malcomson, European Economic Review, 1993, 37, 1223-1249.

_____, "Multi-skilling, Technical Change and the Japanese Firm," joint with Lorne Camichael, Economic Journal, 103(416) January 1993, 142-160.

_____, "Specific Investment and Wage Profiles in Labour Markets," with Jim Malcomson, European Economic Review, 37, May 1993, 343-354.

_____, "The Ratchet Effect and the Market for Second-Hand Workers," with Yoshitsugu Kanemoto, 1992, Journal of Labor Economics, 10, 85-98.

_____, "Firm Reputation and Self-Enforcing Labor Contracts," with Yoshitsugu Kanemoto, 1992, Journal of Japanese and International Economies, 6, 144-162.

_____, "Les contrats auto-exécutoires et la théorie des institutions du marché du travail," Actualité économique/Revue d'analyse économique, 68, Septembre 1992, 433-476.

_____, "The Theory of Labor Practices in Japan and the United States," with Yoshitsugu Kanemoto, 1991, Managerial and Decision Economics,12, 159-170.

_____, "Involuntary Unemployment in Dynamic Contract Models," with James Malcomson, 1987, European Economic Review, 31, February/March, pp. 427-435.

Quinn, Joseph, Passing the Torch: The Influence of Economic Incentives on Work and Retirement, with Richard V. Burkhauser and Daniel A. Myers, Kalamazoo, Upjohn Institute for Employment Research, 1990.

_____, "Economic Incentives and the Labor Force Participation of Older Workers," with Richard V. Burkhauser, Research in Labor Economics, Lauri Bassi and David Crawford, eds., Vol. 11, 159-179, 1990.

_____, "Retirement Wealth Accrual and the Patterns of Post-Career Employment," with Richard V. Burkhauser, in The Aging Workforce, Irving Bluestone, Rhonda Montgomery and John Owen, eds., Wayne State University Press, 101-119, 1990.

_____, "The Nature of Retirement: Survey and Econometric Evidence," in Retirement and Public Policy, Alicia H. Munnell, ed., Ames, IA: Kendall Hunt Publishing Co., 115-137, 1991.

_____, "The Present and Future Economic Well-Being of the Elderly," with Timothy Smeeding, in Employer Pensions in a Changing Economy, Richard Burkhauser and Dallas Salisbury, eds., Washington, DC: Employee Benefit Research Institute, 1993.

_____, "Is Early Retirement a Threat to Our Economy?" Generations, Winter 1993.

_____, "The Future of Retirement," in The Columbia Retirement Handbook, Abraham Monk, ed., New York: Columbia University Press, 1994.

_____, "Capitalism and Wealth Creation," in Wealth in Western Thought: The Case For and Against Riches, Paul Schervish, ed., New York: W.W. Norton Co., 1994.

_____, "Retirement and the Labor Force Participation of the Elderly," with Richard Burkhauser, in The Demography of Aging, Linda Martin and Samuel Preston, eds., Washington, DC: The National Academy Press, 1994.

_____, "Towards Pro-Work Policies and Programs for Older Americans," with Scott Bass and Richard Burkhauser, in Active and Aging: Dimensions of Productive Engagement Among Older Americans, Scott Bass, ed., New Haven: Yale University Press, forthcoming.

Schiantarelli, Fabio, "Dynamics and Asymmetric Adjustment in Insider-Outsider Models," with F. Huizinga, Economic Journal, November 1992.

_____, "Are Adjustment Costs for Labor Asymmetric? An Econometric Test on Panel Data for Italy," with F. Jaramillo and A. Sembenelli, Review of Economics and Statistics, 640-648, 1993.

Monetary Economics and Finance


Baum, Christopher F., "Tobin's q and Measurement Error: Caveat Investigator," with Mark Klock and Clifford Thies, Journal of Economics and Business, 1991.

_____, "On the Construction of Monthly Term Structures of U.S. Interest Rates, 1919-1930," with C. Thies, Computer Science in Economics and Management, 5:221-246, 1992.

_____, "Intensity of Anti-Takeover Defenses: The Empirical Evidence," with A. Chakraborty, in Computational Techniques for Econometrics and Economic Analysis, D.A. Belsley, ed., Dordrecht: Kluwer Academic Publishers, 1994.

_____, "Agency Costs, Charter Amendments, and the Market for Corporate Control," with A. Chakraborty, in New Directions in Finance, D. Ghosh and S. Khaksari eds., London: Routledge, 1994.

Cox, Donald, "The Effect of Borrowing Constraints on Consumer Liabilities," with Tullio Jappelli, Journal of Money, Credit and Banking, 25:199-213, 1993.

Murphy, Robert, "Managing the Dollar: Has the Plaza Agreement Mattered?" with Michael Klein and Bruce Mizrach, Journal of Money, Credit, and Banking, 1991.

_____, "Interest Rate Parity and the Exchange Risk Premium: Evidence from Panel Data," with E. Scott Mayfield, Economics Letters, 1992.

Peek, Joe, "Treasury Bill Rates in the 1970s and 1980s," with Patric Hendershott, Journal of Money, Credit, and Banking, 195-214, May 1992.

_____, "Bank Capital Regulation and the New England Credit Crunch," with Eric Rosengren, in Proceedings of a Conference on Bank Structure and Competition: Credit Markets in Transition, Federal Reserve Bank of Chicago, 490:501, 1992.

_____, "Crunching the Recovery: Bank Capital and the Role of Bank Credit," with Eric Rosengren, in Real Estate and the Credit Crunch, Federal Reserve Bank of Boston Conference Series No. 36:151-74, 1992.

_____, "Bank Real Estate Lending and the New England Capital Crunch," with Eric Rosengren, Journal of the American Real Estate and Urban Economics Association, Vol. 22, No. 1:33-58.

_____, "Bank Regulation and the Credit Crunch," with Eric Rosengren, Journal of Banking and Finance, forthcoming.

_____, "The Capital Crunch: Neither a Borrower Nor a Lender Be," with Eric Rosengren, Journal of Money, Credit, and Banking, forthcoming.

Schiantarelli, Fabio, "Corporate Tax Asymmetries and Optimal Financial Policy," with M. Keen, Oxford Economic Papers, 43:280-291, 1991.

Public Finance


Arnott, Richard, "Reflections on Optimal Tax Theory," in Modern Public Finance: The Break-Musgrave-Packman Tradition, J. Quigley and E. Smolensky, eds., Cambridge University Press, 1994.

Kraus, Marvin, "The Ramsey Problem for Congestible Facilities," with Richard Arnott, Journal of Public Economics, March 1993.

Schiantarelli, Fabio, "Corporate Tax, Investment and the Role of Tax Asymmetries: Evidence from Company Panel Data," with M. Devereux and M. Keen, Journal of Public Economics, 395-418, 1994.

Tresch, Richard W., Principles of Economics, West Publishing Co., 1994.

Real Estate Economics


Arnott, Richard, "Residential Real Estate Brokerage as a Principal-Agent Problem," with Paul Anglin, Journal of Real Estate Finance and Economics, 4:99-125, 1990.

_____, "Dynamic Housing Market Equilibrium with Taste Heterogeneity, Idiosyncratic Perfect Foresight, and Stock Conversions," with Alex Anas, Journal of Housing Economics, 1:2-32, 1991.

Peek, Joe, "The Measurement and Determinants of Single-Family House Prices," with James A. Wilcox, AREUEA Journal, 353-382, Fall 1991.

_____, "The Baby Boom, 'Pent-Up' Demand, and Future House Prices," with James A. Wilcox, Journal of Housing Economics, 1:347-67, December 1991.

_____, "Adjustable Rate Mortgages," in The New Palgrave Dictionary of Money and Finance, John Eatwell, Murray Milgate and Peter Newman, eds., The Macmillan Press, Ltd., 1992.

_____, "Bank Real Estate Lending and the New England Capital Crunch," with Eric Rosengren, AREUEA Journal, 22:33-58, Spring 1994.

_____, "Bank Regulatory Agreements and Real Estate Lending," with Eric Rosengren, Real Estate Economics, forthcoming 1995.

Urban Economics


Arnott, Richard, "A Temporal and Spatial Equilibrium Analysis of Commuter Parking," with André de Palma and Robin Lindsey, Journal of Public Economics, 45:301-337, 1991.

_____, "Does Providing Information to Drivers Reduce Traffic Congestion?" with André de Palma and Robin Lindsey, Transportation Research, 25A:309-318, 1991.

______, "A Structural Model of Peak-Period Congestion: A Traffic Bottleneck with Elastic Demand," with André de Palma and Robin Lindsey, American Economic Review, 83:161-179, 1993.

______, "Technological Progress in a Model of the Housing-Land Cycle," Journal of Urban Economics, 34:186-206, 1993.

______, "The Welfare Effects of Congestion Tolls with Heterogeneous Commuters," with André de Palma and Robin Lindsey, Journal of Transport Economics and Policy, 1994.

Kraus, Marvin, "Discomfort Externalities and Marginal Cost Transit Fares," Journal of Urban Economics, March 1991.

_____, "Financing Capacity in the Bottleneck Model," with Richard Arnott, Journal of Urban Economics, forthcoming 1995.