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A Theory of Income and Dividend Smoothing Based on Incumbency Rents
(University of Chicago Press, 1995)
"Income smoothing" is the process of manipulating the time profile of earnings or earnings reports to make the reported income stream less variable. This paper builds a theory of income smoothing based on the managers' ...
Exchange Rate Dynamics Redux
(University of Chicago Press, 1995)
We develop an analytically tractable two-country model that marries a full account of global macroeconomic dynamics to a supply framework based on monopolistic competition and sticky nominal prices. The model offers simple ...
Word-of-Mouth Communication and Social Learning
(MIT Press, 1995)
This paper studies the way that word-of-mouth communication aggregates the information of individual agents. We find that the structure of the communication process determines whether all agents end up making identical ...
Consistency and Cautious Fictitious Play
(Elsevier, 1995)
We study a variation of fictitious play, in which the probability of each action is an exponential function of that action's utility against the historical frequency of opponents' play. Regardless of the opponents' strategies, ...
Effect of Marginal Tax Rates on Taxable Income: A Panel Study of the 1986 Tax Reform Act
(University of Chicago Press, 1995)
This paper uses a Treasury Department panel of more than 4,000 taxpayers to estimate the sensitivity of taxable income to changes in tax rates based on a comparison of the tax returns of the same individual taxpayers before ...
Some Lessons from the Yield Curve
(American Economic Association, 1995)
Focuses on the relationship between short- and long-term interest rates in the United States. Review of the academic literature on the term structure; United States Treasury securities; Expectations hypothesis of the term ...
Trade Wars and Trade Talks
(University of Chicago Press, 1995)
Whether governments clash in trade disputes or negotiate over trade agreements, their actions in the international arena reflect political conditions back home. Previous studies of cooperative and non-cooperative trade ...
Cliometrics and the Nobel
(American Economic Association, 1995)
In October 1993, the Royal Swedish Academy of Sciences awarded the Nobel Prize in Economics to Robert William Fogel and Douglass Cecil North `for having renewed research in economic history.' The Academy noted that `they ...