Report NEP-MAC-2016-11-27
This is the archive for NEP-MAC, a report on new working papers in the area of Macroeconomics. Soumitra Kumar Mallick issued this report. It is usually issued weekly.Subscribe to this report: email, RSS, or Mastodon, or Bluesky.
Other reports in NEP-MAC
The following items were announced in this report:
- Aliya Algozhina, 2016, "Monetary Policy Rule, Exchange Rate Regime, and Fiscal Policy Cyclicality in a Developing Oil Economy," CERGE-EI Working Papers, The Center for Economic Research and Graduate Education - Economics Institute, Prague, number wp572, Oct.
- Simon Gilchrist & Raphael Schoenle & Jae Sim & Egon Zakrajšek, 2016, "Inflation Dynamics During the Financial Crisis," NBER Working Papers, National Bureau of Economic Research, Inc, number 22827, Nov.
- Andreas Neuhierl & Michael Weber, 2016, "Monetary Policy and the Stock Market: Time-Series Evidence," NBER Working Papers, National Bureau of Economic Research, Inc, number 22831, Nov.
- Leonid Karasik & Danny Leung & Ben Tomlin, 2016, "Firm-Specific Shocks and Aggregate Fluctuations," Staff Working Papers, Bank of Canada, number 16-51, DOI: 10.34989/swp-2017-51.
- Giri, Federico & Riccetti, Luca & Russo, Alberto & Gallegati, Mauro, 2016, "Monetary policy and large crises in a financial accelerator agent-based model," FinMaP-Working Papers, Collaborative EU Project FinMaP - Financial Distortions and Macroeconomic Performance: Expectations, Constraints and Interaction of Agents, number 65.
- Geert Bekaert & Eric Engstrom & Andrey Ermolov, 2016, "Macro Risks and the Term Structure of Interest Rates," NBER Working Papers, National Bureau of Economic Research, Inc, number 22839, Nov.
- Hirokazu Mizobata & Hiroki Toyoda, 2016, "Business Cycles, Asset Prices, and the Frictions of Capital and Labor," KIER Working Papers, Kyoto University, Institute of Economic Research, number 953, Nov.
- Yashiv, Eran & Faccini, Renato, 2016, "The Hiring Frictions and Price Frictions Nexus in Business Cycle Models," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 11639, Nov.
- Joseph E. Stiglitz, 2016, "The Theory of Credit and Macro-economic Stability," NBER Working Papers, National Bureau of Economic Research, Inc, number 22837, Nov.
- Brent Meyer & Saeed Zaman, 2016, "The Usefulness of the Median CPI in Bayesian VARs Used for Macroeconomic Forecasting and Policy," FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta, number 2016-13, Nov.
- Koji Takahashi, 2016, "TIPS: The Trend Inflation Projection System and Estimation Results," Bank of Japan Working Paper Series, Bank of Japan, number 16-E-18, Nov.
- Francesco Bianchi & Leonardo Melosi, 2016, "Escaping the Great Recession," Working Paper Series, Federal Reserve Bank of Chicago, number WP-2016-16, Sep.
- Pasquale Tridico & Riccardo Pariboni, 2016, "Inequality, financialisation and economic decline," Departmental Working Papers of Economics - University 'Roma Tre', Department of Economics - University Roma Tre, number 0211, Nov.
- Emilie Ja?ová, 2016, "The effect of the psychological factor among companies onto the NAIRU and economic cycle on the labour market," Proceedings of International Academic Conferences, International Institute of Social and Economic Sciences, number 5307026, Nov.
- Federico Etro, 2016, "Macroeconomics with endogenous markups and optimal taxation," Working Papers, Department of Economics, University of Venice "Ca' Foscari", number 2016:32.
- Javier Villar Burke, 2016, "Stocks or flows? New thinking about monetary transmission through the lending channel," Working Papers, International Network for Economic Research - INFER, number 2016.04.
- Leonardo Melosi, 2016, "Signaling Effects of Monetary Policy," Working Paper Series, Federal Reserve Bank of Chicago, number WP-2016-14, Sep.
- Portier, Franck & Galizia, Dana & Beaudry, Paul, 2016, "Putting the Cycle Back into Business Cycle Analysis," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 11647, Nov.
- Wu, Cheng, 2016, "Economics and How Obama Could Have Lost the 2016 Election Too," MPRA Paper, University Library of Munich, Germany, number 75107, Nov.
- Jonathan A. Attey, 2016, "Time-Varying Degree of Wage Indexation and the New Keynesian Wage Phillips Curve," Tinbergen Institute Discussion Papers, Tinbergen Institute, number 16-102/VI, Nov.
- Punzi, Maria Teresa & Rabitsch, Katrin, 2016, "Borrower heterogeneity within a risky mortgage-lending market," FinMaP-Working Papers, Collaborative EU Project FinMaP - Financial Distortions and Macroeconomic Performance: Expectations, Constraints and Interaction of Agents, number 67.
- Martin Guzman & Joseph E. Stiglitz, 2016, "Pseudo-wealth and Consumption Fluctuations," NBER Working Papers, National Bureau of Economic Research, Inc, number 22838, Nov.
- Dominguez, Begona & Gomis-Porqueras, Pedro, 2016, "The Effects of Secondary Markets and Unsecured Credit on Inflation Dynamics," MPRA Paper, University Library of Munich, Germany, number 75096, Nov.
- Uhrin, Gábor B. & Herwartz, Helmut, 2016, "Monetary policy shocks, set-identifying restrictions, and asset prices: A benchmarking approach for analyzing set-identified models," University of Göttingen Working Papers in Economics, University of Goettingen, Department of Economics, number 295.
- Caglayan, Mustafa & Kandemir Kocaaslan, Ozge & Mouratidis, Kostas, 2016, "Financial Depth and the Asymmetric Impact of Monetary Policy," MPRA Paper, University Library of Munich, Germany, number 75250, Aug, revised Aug 2016.
- Corrado Di Guilmi & Laura Carvalho, 2015, "The dynamics of leverage in a Minskyan model with heterogenous firms," Working Paper Series, Economics Discipline Group, UTS Business School, University of Technology, Sydney, number 28, Jul.
- Anil Ari, 2016, "Sovereign Risk and Bank Risk-Taking," 2016 Papers, Job Market Papers, number par455, Nov.
- Hamza Bennani, 2016, "Media Coverage and ECB Policy-Making: Evidence from a New Index," EconomiX Working Papers, University of Paris Nanterre, EconomiX, number 2016-38.
- Ravn, Morten & Balke, Neele Lisabet, 2016, "Time-Consistent Fiscal Policy in a Debt Crisis," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 11646, Nov.
- Rafael Doménech & Juan Ramón García & Camilo Ulloa, 2016, "The effects of wage flexibility on activity and employment in the Spanish economy," Working Papers, BBVA Bank, Economic Research Department, number 16/17, Nov.
- Andreas Irmen & Amer Tabakovic, 2016, "Factor Income Distribution and Endogenous Economic Growth - When Piketty meets Romer -," DEM Discussion Paper Series, Department of Economics at the University of Luxembourg, number 16-18.
- Boel, Paola & Camera, Gabriele, 2016, "Money, Credit and Banking and the Cost of Financial Activity," Working Paper Series, Sveriges Riksbank (Central Bank of Sweden), number 331, Oct.
- Pedro, Gomis-Porqueras, 2016, "Fiscal Requirements for Price Stability in Economies with Private Provision of Liquidity and Unemployment," MPRA Paper, University Library of Munich, Germany, number 75113, Aug.
- Claire Océane Chevallier & Sarah El Joueidi, 2016, "Regulation and Rational Banking Bubbles in Infinite Horizon," DEM Discussion Paper Series, Department of Economics at the University of Luxembourg, number 16-15.
- Шевченко, Елена & Стукач, Виктор, 2016, "Форсайт: Инструмент Исследования, Основа Формирования Государ-Ственной Стратегии
[Foresight: a research tool, a basis of formation of the state strategy]," MPRA Paper, University Library of Munich, Germany, number 75177, revised 2016. - Yanovski, Boyan, 2016, "Monetary policy and the stock market: Insights from a model of endogenous business cycles," FinMaP-Policy Letters, Collaborative EU Project FinMaP - Financial Distortions and Macroeconomic Performance: Expectations, Constraints and Interaction of Agents, number 2.
- Schmitt-Grohé, Stephanie & Uribe, MartÃn, 2016, "Is Optimal Capital-Control Policy Countercyclical In Open-Economy Models With Collateral Constraints?," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 11619, Nov.
- Combey, Adama, 2016, "Private Consumption in The WAEMU Zone: Does Interest Rates Matter?," MPRA Paper, University Library of Munich, Germany, number 75144, Nov.
- Favero, Carlo A. & Tamoni, Andrea & Ortu, Fulvio & Yang, Haoxi, 2016, "Implications of Return Predictability across Horizons for Asset Pricing Models," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 11645, Nov.
- Pijoan-Mas, Josep & GarcÃa-Santana, Manuel & Villacorta, Lucciano, 2016, "Investment Demand and Structural Change," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 11636, Nov.
- Piotr Krajewski, 2016, "Fiscal multipliers in non-EMU CEE countries," Proceedings of International Academic Conferences, International Institute of Social and Economic Sciences, number 5306957, Nov.
- Adolfo Barajas & Sergio Restrepo & Roberto Steiner & Juan Camilo Medell�n & C�sar Pab�n, 2016, "Balance Sheet Effects in Colombian Non-Financial Firms," Working Papers Series. Documentos de Trabajo, Fedesarrollo, number 15228, Nov.
- Francesco Furlanetto & Ørjan Robstad, 2016, "Immigration and the macroeconomy: some new empirical evidence," Working Paper, Norges Bank, number 2016/18, Oct.
- Andrés Fernández & Stephanie Schmitt-Grohé & Martín Uribe, 2016, "World Shocks, World Prices, and Business Cycles: An Empirical Investigation," NBER Working Papers, National Bureau of Economic Research, Inc, number 22833, Nov.
- Guiso, Luigi & Pistaferri, Luigi & Fagereng, Andreas & Malacrino, Davide, 2016, "Heterogeneity and Persistence in Returns to Wealth," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 11635, Nov.
- Jochen Späth & Kai Daniel Schmid, 2016, "The Distribution of Household Savings in Germany," IAW Discussion Papers, Institut für Angewandte Wirtschaftsforschung (IAW), number 128, Nov.
- Marek Kapicka & Julian Neira, 2015, "Optimal Taxation with Risky Human Capital," CERGE-EI Working Papers, The Center for Economic Research and Graduate Education - Economics Institute, Prague, number wp553, Nov.
- Pawe? Baranowski & Zbigniew Kuchta, 2016, "Changes in nominal rigidities in Poland - a regime switching DSGE perspective," Proceedings of International Academic Conferences, International Institute of Social and Economic Sciences, number 5306955, Nov.
- Giorgio Canarella & Luis A. Gil-Alana & Rangan Gupta & Stephen M. Miller, 2016, "Modeling U.S. Historical Time-Series Prices and Inflation Using Various Linear and Nonlinear Long-Memory Approaches," Working Papers, University of Pretoria, Department of Economics, number 201683, Nov.
- Hye-Jin Cho, 2016, "Economics of Regulation: Credit Rationing and Excess Liquidity," Documents de travail du Centre d'Economie de la Sorbonne, Université Panthéon-Sorbonne (Paris 1), Centre d'Economie de la Sorbonne, number 16075, Nov.
- Andreas Fagereng & Luigi Guiso & Davide Malacrino & Luigi Pistaferri, 2016, "Heterogeneity and Persistence in Returns to Wealth," NBER Working Papers, National Bureau of Economic Research, Inc, number 22822, Nov.
- Ardakani, Omid & Kishor, Kundan & Song, Suyong, 2015, "On the Effectiveness of Inflation Targeting: Evidence from a Semiparametric Approach," MPRA Paper, University Library of Munich, Germany, number 75091, Jan.
- Eric Rosengren, 2016, "After the Great Recession, a not-so-great recovery: remarks at the Federal Reserve Bank of Boston's 60th Economic Conference, Boston, Massachusetts, October 14, 2016," Speech, Federal Reserve Bank of Boston, number 111, Oct.
- Ryo Arawatari & Takeo Hori & Kazuo Mino, 2016, "On the Nonlinear Relationship between Inflation and Growth: A Theoretical Exposition," KIER Working Papers, Kyoto University, Institute of Economic Research, number 950, Sep.
- Item repec:imf:imfwpa:16/201 is not listed on IDEAS anymore
- Taisuke Nakata & Sebastian Schmidt, 2016, "Gradualism and Liquidity Traps," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 2016-092, Nov, DOI: 10.17016/FEDS.2016.092.
- James B. Bullard, 2016, "Safe Real Interest Rates and Fed Policy : a Presentation at Commerce Bank 2016 Annual Economic Breakfast, St. Louis, Mo. November 10, 2016," Speech, Federal Reserve Bank of St. Louis, number 276, Nov.
- Michael T. Kiley, , "Endogenous Price Stickiness and Business Cycle Persistence," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.), number 1996-23, revised 04 Dec 2019.
- Steven Yamarik & Makram El Shagi, 2016, "Does Inequality Lead to Credit Growth? Testing the Rajan Hypothesis Using State-Level Data," Working Papers, International Network for Economic Research - INFER, number 2016.01.
- Lars Kuehn & David Schreindorfer & Cedric Ehouarne, 2016, "Misallocation Cycles," 2016 Meeting Papers, Society for Economic Dynamics, number 1482.
- Rabitsch, Katrin & Schoder, Christian, 2016, "Buffer stock savings in a New-Keynesian business cycle model," FinMaP-Working Papers, Collaborative EU Project FinMaP - Financial Distortions and Macroeconomic Performance: Expectations, Constraints and Interaction of Agents, number 64.
- Görg, Holger & Henze, Philipp & Jienwatcharamongkhol, Viroj & Kopasker, Daniel & Molana, Hassan & Montagna, Catia & Sjöholm, Fredrik, 2016, "Firm Size Distribution and Employment Fluctuations: Theory and Evidence," IZA Discussion Papers, Institute of Labor Economics (IZA), number 10371, Nov.
- Görg, Holger & Henze, Philipp & Jienwatcharamongkhol, Viroj & Kopasker, Daniel & Molana, Hassan & Montagna, Catia & Sjöholm, Fredrik, 2016, "Firm Size Distribution and Employment Fluctuations: Theory and Evidence," Working Papers, Lund University, Department of Economics, number 2016:32, Nov.
- Görg, Holger & Henze, Philipp & Jienwatcharamongkhol, Viroj & Kopasker, Daniel & Molana, Hassan & Montagna, Catia & Sjöholm, Fredrik, 2016, "Firm size distribution and employment fluctuations: Theory and evidence," Kiel Working Papers, Kiel Institute for the World Economy (IfW Kiel), number 2064.
- Schmitt-Grohé, Stephanie & Uribe, MartÃn, 2016, "Multiple Equilibria in Open Economy Models with Collateral Constraints: Overborrowing Revisited," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 11623, Nov.
- Item repec:imf:imfwpa:16/197 is not listed on IDEAS anymore
- Raphael Schoenle & Michael Weber & Ernesto Pasten, 2016, "Nominal Rigidity and the Idiosyncratic Origin of Aggregate Fluctuations," 2016 Meeting Papers, Society for Economic Dynamics, number 1473.
- Heather D. Gibson & Stephen G. Hall & George S. Tavlas, 2016, "Self-fulfilling dynamics: The interactions of sovereign spreads, sovereign ratings and bank ratings during the euro financial crisis," Discussion Papers in Economics, Division of Economics, School of Business, University of Leicester, number 16/18, Nov.
- Tyran, Jean-Robert & Thomas, Thomas, 2016, "Money Illusion and Household Finance," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 11643, Nov.
- Francesco Bianchi & Leonardo Melosi, 2016, "Constrained Discretion and Central Bank Transparency," Working Paper Series, Federal Reserve Bank of Chicago, number WP-2016-15, Oct.
- Florian Léon, 2016, "Enterprise credit, household credit and growth: New evidence from 126 countries," DEM Discussion Paper Series, Department of Economics at the University of Luxembourg, number 16-17.
- Bystrov, Victor & Mackewicz, Michał, 2016, "Recurrent explosive behaviour of debt-to-GDP ratio," MPRA Paper, University Library of Munich, Germany, number 75203, Nov.
- Ichiro Iwasaki & Kazuhiro Kumo, 2016, "Decline and Growth in Transition Economies: A Meta-Analysis," KIER Working Papers, Kyoto University, Institute of Economic Research, number 951, Oct.
- Kaufmann, Christoph, 2016, "Optimal fiscal substitutes for the exchange rate in a monetary union," Discussion Papers, Deutsche Bundesbank, number 44/2016.
- Li-Hsien Sun, 2016, "Systemic Risk and Interbank Lending," Papers, arXiv.org, number 1611.06672, Nov, revised Mar 2017.
- Peter Diep & Andrea L. Eisfeldt & Scott Richardson, 2016, "Prepayment Risk and Expected MBS Returns," NBER Working Papers, National Bureau of Economic Research, Inc, number 22851, Nov.
- Josef Schroth, 2016, "Capital Flows to Developing Countries: Is There an Allocation Puzzle?," Staff Working Papers, Bank of Canada, number 16-53, DOI: 10.34989/swp-2017-53.
- Horvarth, Roman, 2016, "Financial crisis, speculative bubbles and the functioning of financial markets," FinMaP-Policy Letters, Collaborative EU Project FinMaP - Financial Distortions and Macroeconomic Performance: Expectations, Constraints and Interaction of Agents, number 3.
- Kyle Herkenhoff & Gordon Phillips & Ethan Cohen-Cole, 2016, "The Impact of Consumer Credit Access on Employment, Earnings and Entrepreneurship," NBER Working Papers, National Bureau of Economic Research, Inc, number 22846, Nov.
- Margherita Borella & Mariacristina De Nardi & Fang Yang, 2016, "The Aggregate Implications of Gender and Marriage," NBER Working Papers, National Bureau of Economic Research, Inc, number 22817, Nov.
- Jeremy Greenwood & Nezih Guner & Guillaume Vandenbroucke, 2016, "Family Economics Writ Large," Working Papers, Federal Reserve Bank of St. Louis, number 2016-26, Nov, DOI: 10.20955/wp.2016.026.
- Greenwood, Jeremy & Guner, Nezih & Vandenbroucke, Guillaume, 2016, "Family Economics Writ Large," IZA Discussion Papers, Institute of Labor Economics (IZA), number 10362, Nov.
- Aubhik Khan, 2016, "Aggregate Fluctuations in a Quantitative Overlapping Generations Economy with Unemployment Risk," 2016 Meeting Papers, Society for Economic Dynamics, number 1468.
- Axel Demenet, 2016, "Health Shocks and Permanent Income Loss: the Household Business Channel," Working Papers, DIAL (Développement, Institutions et Mondialisation), number DT/2016/11, Oct.
- Item repec:imf:imfwpa:16/209 is not listed on IDEAS anymore
- Jeremy Greenwood & Nezih Guner & Guillaume Vandenbroucke, 2016, "Family Economics Writ Large," Working Papers, Human Capital and Economic Opportunity Working Group, number 2016-021, Nov.
- Item repec:imf:imfwpa:16/208 is not listed on IDEAS anymore
- Item repec:wii:rpaper:rr:413 is not listed on IDEAS anymore
- Josef Schroth, 2016, "Supervising Financial Regulators," Staff Working Papers, Bank of Canada, number 16-52, DOI: 10.34989/swp-2017-52.
- Weder di Mauro, Beatrice & Bartels, Bernhard & Eichengreen, Barry, 2016, "No Smoking Gun: Private Shareholders, Governance Rules and Central Bank Financial Behavior," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 11625, Nov.
- David Albouy & Gabriel Ehrlich & Yingyi Liu, 2016, "Housing Demand, Cost-of-Living Inequality, and the Affordability Crisis," NBER Working Papers, National Bureau of Economic Research, Inc, number 22816, Nov.
- Item repec:imf:imfwpa:16/210 is not listed on IDEAS anymore
- Bans-Akutey, Mawufemor & Yaw Deh, Isaac & Mohammed, Faisal, 2016, "What is the effect of Inflation on Manufacturing Sector Productivity in Ghana?," MPRA Paper, University Library of Munich, Germany, number 75145, Nov.
- Olivier Armantier & Giorgio Topa & Wilbert Van der Klaauw & Basit Zafar, 2016, "An overview of the Survey of Consumer Expectations," Staff Reports, Federal Reserve Bank of New York, number 800, Nov.
- Chen Lian & George-Marios Angeletos, 2016, "Dampening General Equilibrium: From Micro Elasticities to Macro Effects," 2016 Meeting Papers, Society for Economic Dynamics, number 1456.
- Item repec:imf:imfsdn:16/09 is not listed on IDEAS anymore
- Aïssata COULIBALY & Urbain Thierry YOGO, 2016, "Access to Financial Services and Working Poverty in Developing Countries," Working Papers, CERDI, number 201620, Nov.
- Fran Galeti? & Tomislav Herceg, 2016, "Productivity And Profitability In Croatian Retail After The Crisis," Proceedings of International Academic Conferences, International Institute of Social and Economic Sciences, number 5306961, Nov.
- Taro Ikeda, 2016, "A fractal analysis of US industrial sector stocks," Discussion Papers, Graduate School of Economics, Kobe University, number 1643, Nov.
- Kaixing Huang, 2016, "Population Growth, Human Capital Accumulation, and the Long-Run Dynamics of Economic Growth," School of Economics and Public Policy Working Papers, University of Adelaide, School of Economics and Public Policy, number 2016-13, Nov.
- Pieter Laubscher, 2016, "The business cycle resilience of the Western Cape economy: a regional analysis of the 2009 recession and subsequent recovery," Working Papers, Stellenbosch University, Department of Economics, number 17/2016.
- Mariona Segú & Benjamin Vignolles, 2016, "Taxing Vacant Apartments: Can fiscal policy reduce vacancy?," Working Papers, International Network for Economic Research - INFER, number 2016.02.
- Virgiliu Midrigan & Thomas Philippon & Callum Jones, 2016, "Beyond the Liquidity Trap: the Secular Stagnation of Investment," 2016 Meeting Papers, Society for Economic Dynamics, number 1429.
- Paul Beaudry & Dana Galizia & Franck Portier, 2016, "Putting the Cycle Back into Business Cycle Analysis," NBER Working Papers, National Bureau of Economic Research, Inc, number 22825, Nov.
- Mark Aguiar & Manuel Amador & Hugo Hopenhayn & Iván Werning, 2016, "Take the Short Route: Equilibrium Default and Debt Maturity," NBER Working Papers, National Bureau of Economic Research, Inc, number 22847, Nov.
- Amjad, Rashid & Awais, Namra, 2016, "Pakistan's productivity performance and TFP trends 1980-2015: Cause for real concern," MPRA Paper, University Library of Munich, Germany, number 75017, Sep.
- BESSO, CHRISTOPHE RAOUL & chameni, celestin, 2016, "Analyse De La Vulnerabilite Macroeconomique De La Zone Franc
[Analysis Of The Macroeconomic Vulnerability Of The Franc Zone]," MPRA Paper, University Library of Munich, Germany, number 75143, Nov. - Zenou, Yves & Hahn, Youjin & Hassani-Mahmooei, behrooz & Islam, Asad & Patacchini, Eleonora, 2016, "Do Friends Improve Female Education? The Case of Bangladesh," CEPR Discussion Papers, C.E.P.R. Discussion Papers, number 11615, Nov.
- Alan L. Gustman & Thomas L. Steinmeier & Nahid Tabatabai, 2016, "The Affordable Care Act as Retiree Health Insurance: Implications for Retirement and Social Security Claiming," NBER Working Papers, National Bureau of Economic Research, Inc, number 22815, Nov.
- Masahiro Tokunaga & Ichiro Iwasaki, 2016, "The Determinants of Foreign Direct Investment in Transition Economies: A Meta-Analysis," KIER Working Papers, Kyoto University, Institute of Economic Research, number 952, Nov.
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