Papers 1990

Working Papers 1990

Asset Prices Under Habit Formation and Catching Up With the Jones
Andrew B. Abel

Financing Losers in Competitive Markets
Andrew Abel and George J. Mailath
(Journal of Financial Intermediation, Vol 3, Issue 2, March 1994)

Self-Generating Trade and Rational Fads: The Response of Price to New Information
James Dow and Gary Gorton

Equity Risk Premia and Corporate Profit Forecasts Around the Stock Crash of October 1987
Jeremy J. Siegel

The Risk and Return Characteristics of Stock Market-Based Real Estate Indexes and Their Relation to Appraisal-Based Returns
Joseph Gyourko and Donald B. Keim

The Sustainability of Budget Deficits in a Stochastic Economy (Revised: 17-91)
Henning Bohn
(The Journal of Money, Credit and Banking, Vol 27, No 1, February 1995)

Asset Returns, Investment Horizons, and Intertemporal Preferences (Reprint 009)
Shmuel Kandel and Robert F. Stambaugh

Time Consistency of Monetary Policy in the Open Economy (Revision of 33-88) (Reprint 010)
Henning Bohn
(Journal of International Economics, Vol 30, Issues 3-4, May 1991)

Endogenous Government Spending and Ricardian Equivalence (Revision of 13-88)
Henning Bohn
(The Economic Journal, Vol 102, Issue 412, May 1992)

Fiscal Policy with Impure Intergenerational Altruism (Reprint 011)
Andrew B. Abel and B. Douglas Bernheim

The Origins of Banking Panics: Models, Facts, and Bank Regulation
Charles W. Calomiris and Gary Gorton

Security Prices and Market Transparency (Revised: 1-92)
Ananth Madhavan
(Journal of Financial Intermediation, Vol 5, Issue 3, July 1996)

Stock Price Manipulation (Reprint 025)
Franklin Allen and Douglas Gale
(The Review of Financial Studies, Vol 5, Issue 3, July 1992)

The Real Exchange in the Short, Medium and Long Run
Jack D. Glen

Intertemporal Price Discovery by Market Makers: Active versus Passive Learning
Chris J. Leach and Ananth N. Madhavan
(Journal of Financial Intermediation, Vol 2, Issue 2, June 1992)

Trading Mechanisms in Securities Markets
Ananth N. Madhavan
(The Journal of Finance, Vol 47, Issue 2, June 1992)

The Sustainability of Budget Deficits with Lump-Sum and with Income-Based Taxation
Henning Bohn
(The Journal of Money, Credit and Banking, Vol 27, No 1, February 1995)

Evaluating the Performance of Foreign Exchange Hedges
Jack D. Glen

The Enforceability of Private Money Contracts, Market Efficiency, and Technological Change
Gary Gorton

Monetary Contracting between Central Banks and the Design of Sustainable Exchange-Rate Zones (Reprint 035)
Francisco Delgado and Bernard Dumas
(Journal of International Economics, Vol 34, Issues 3-4, May 1993)

How Rational is the Market? Testing Alternative Hypotheses on Financial Market Equilibrium
Larry H.P. Lang and Robert H. Litzenberger and Vicente Madrigal

The Informational Role of Upstairs and Downstairs Trading
Sanford J. Grossman
(The Journal of Business, Vol 65, Issue 4, October 1992)

The Consumption of Stockholders and Non-Stockholders (Reprint 015)
Gregory N. Mankiw and Stephen P. Zeldes
(Journal of Financial Economics, Vol 29, Issue 1, March 1991)

Returns and Volatility of Low-Grade Bonds 1977-1989 (Reprint 005)
Marshall E. Blume, Donald B. Keim and Sandeep A. Patel
(The Journal of Finance, Vol 46, Issue 1, March 1991)

Some Issues Associated with Business Debt
L.R. Klein, N.B. Gultekin, M.N. Gultekin and Q. Mohiuddin

Measurement Distortion and Missing Contingencies in Optimal Contracts (Reprint 018)
Franklin Allen and Douglas Gale
(Economic Theory, Vol 2, Issue 1, March 1992)

Banks and Loan Sales: Marketing Non-Marketable Assets (Reprint 051)
Gary Gorton and George Pennacchi

The Crash of ’87: Was it Expected? The Evidence from Options Markets
David S. Bates
(The Journal of Finance, Vol 46, Issue 3, July 1991)