NBER Reporter articles from September 2000

NBER Reporter archives from September 2000

Asset Pricing.
September 22, 2000... John H. Cochrane [*] As the name suggests, a large part of our effort in this program involves understanding the prices of financial assets -- stocks, bonds, options, currencies, and derivatives. Why do prices move? Why do some assets give...

Strategic Asset Allocation: Portfolio Choice for Long-Term Investors.
September 22, 2000... John Y. Campbell [*] Academic finance has had a remarkable impact on many financial services. Yet, financial planners offering portfolio advice to long-term investors have received curiously little guidance from academic financial...

Capital Flows and Crises in Emerging Markets.
September 22, 2000... Michael P. Dooley [*] Private capital flows to developing countries have been characterized by surges of inflows followed by financial crises. Explanations for this volatility can be found in the behavior and expectations of investors....

Computers and the Internet.
September 22, 2000... Shane M. Greenstein [*] The "commercialization of the Internet" is shorthand for three nearly simultaneous events: the removal of restrictions by the National Science Foundation (NSF) over use of the Internet for commercial purposes; the...

Globalization and Macroeconomics.
September 22, 2000... Maurice Obstfeld [*] Although the U.S. economy has become increasingly open over the postwar period, by standard measures the United States remains surprisingly insular. For example, the ratio of U.S international trade to GDP, which stood...

NBER Profiles.(Brief Article)
September 22, 2000... Michael P. Dooley Michael P. Dooley is a Research Associate in the NBER's Program in International Finance and Macroeconomics and a professor of economics at the University of California, Santa Cruz (UCSC). He joined the faculty at UCSC in...

NBER Researchers Share Nobel Prize in Economics.(Brief Article)
September 22, 2000... NBER Research Associates James J. Heckman of the University of Chicago and Daniel L. McFadden of the University of California, Berkeley, will share the 2000 Nobel Prize in Economics. Heckman, who has been affiliated with the NBER since 1987...

NBER Announces Nonprofit Fellowships.(Brief Article)
September 22, 2000... The NBER has just announced that it will award dissertation fellowships on "The Economics of the Nonprofit Sector" to four graduate students for the coming academic year: Jason Brown, Stanford University, whose topic is "Behavior of For-Profit...

New Directors Elected.(Brief Article)
September 22, 2000... The NBER's Board of Directors elected two new members at its annual meeting in September: Angelo Melino, representing the Canadian Economic Association, and Alicia H. Munnell, Director-at-Large. Melino is a professor of economics at the...

Bernanke to Head Monetary Economics Program.(Brief Article)
September 22, 2000... NBER Research Associate Ben S. Bernanke will succeed N. Gregory Mankiw as Director of the NBER's Program on Monetary Economics. Mankiw is retiring as Program Director, having served since 1991, but will continue as a member of the Program. ...

Twenty-First NBER Summer Institute Held in 2000.(Brief Article)
September 22, 2000... In the summer of 2000, the NBER held its twenty-first annual Summer Institute. Nearly 1000 economists from universities and organizations throughout the world attended. As in prior years, this year's program was funded primarily by a grant from...

Frontiers in Health Policy Research, Volume 3.(Brief Article)
September 22, 2000... Frontiers in Health Policy Research, Volume 3, edited by Alan M. Garber, is now available from the MIT Press. This series presents economic research on health care and health policy issues. This volume contains five papers presented at an...

Risk Aspects of Investment-Based Social Security Reform.(Review)
September 22, 2000... Risk Aspects of In vestment-Based Social Security Reform, edited by John Y. Campbell and Martin Feldstein, will be available from the University of Chicago Press this fall for $69.00. This NBER conference volume includes papers discussed at a...

Behavioral and Distributional Effects of Environmental Policy.(Review)
September 22, 2000... Behavioral and Distributional Effects of Environmental Policy, edited by Carlo Carraro and Gilbert E. Metcalf, is available this fall from the University of Chicago Press for $52.00 This NBER conference volume examines the trade-offs...

Means-Tested Transfer Programs in the United States.
September 22, 2000... The Temporary Assistance for Needy Families (TANF) program, established in 1996, replaced what previously was called the Aid to Families with Dependent Children (AFDC) program. TANF, like AFDC, primarily serves low-income single mothers and has...

Eleventh Annual East Asian Seminar on Economics.(summary of papers presented)
September 22, 2000... Dee, Hanslow, and Phamduc analyze the liberalization of trade in services in order to assess the extent to which the traditional Stolper-Samuelson and Rybczynski results in the Heckscher-Ohlin framework are still relevant. In the process, they...

Indonesia.(Brief Article)
September 22, 2000... The fifth in a series of country-specific meetings of the NBER Project on Economic and Financial Crises in Emerging Market Countries, directed by NBER President Martin Feldstein and Research Associate Jeffrey A. Frankel, both of Harvard...

Scanner Data and Price Indexes.
September 22, 2000... The Consumer Price Index (CPI) is the nation's primary measure of the price change in consumer goods and services. To produce the CPI, BLS staff observe prices in stores and other retail outlets, thus tracking the prices of samples of items in...

Tax Policy and the Economy.(upcoming papers for MIT Press)(Brief Article)
September 22, 2000... Desai and Hines investigate the economic impact of tax subsidies to American exporters, including a partial tax exemption for export profits (available by routing exports through Foreign Sales Corporations) and the allocation of export profits...

First Summer Institute Session of Inter-American Seminar on Economics.(Brief Article)
September 22, 2000... Rauch and Trindade model the home country's familiarity with business opportunities in a foreign country as a parameter in a matching process between domestic and foreign firms. They show that as familiarity increases: the effect of relative...

Economic Fluctuations and Growth.(Brief Article)
September 22, 2000... Gourinchas explores the implications of precautionary saving and life-cycle behavior for aggregate macroeconomic fluctuations and individual dynamics. Existing heterogeneous agent models of the business cycle, with uncertainty of labor income...

Japan Project.
September 22, 2000... Carroll examines an implication of models of habit formation in consumption that has been largely overlooked: habits strong enough to explain certain observed empirical puzzles imply an immediate marginal propensity to consume (MPC) out of...

International Evidence on Social Security and Retirement.(Brief Article)
September 22, 2000... On June 1 and 2, the NBER held a conference on social security systems and retirement around the world as part of a cross-national research effort to compare retirement income programs in a dozen developed countries, including the United...