## Working Papers 1992 --- EC-92-1 Lawrence J. White, **"A Cautionary Tale of Deregulation Gone Awry: The S&L Debacle,"** January 1992. --- EC-92-2 Nicholas Economides, **"Network Externalities and Invitations to Enter,"** January 1992. --- EC-92-3 Nicholas Economides and Susan Rose-Ackerman, **"Differentiated Public Goods: Privatization and Optimality,"** January 1992. --- EC-92-4 David K. Backus, **"Interpreting Comovements in the Trade Balance and the Terms of Trade,"** February 1992. --- EC-92-5 David K. Backus and Patrick J. Kehoe, **"International Evidence on the Historical Properties of Business Cycles,"** February 1992. --- EC-92-6 David K. Backus, Patrick Kehoe, and Finn Kydland, **"Dynamics of the Trade Balance and the Terms of Trade: The J-Curve Revisited,"** February 1992. --- EC-92-7 David K. Backus and Gregor W. Smith, **"Consumption and Real Exchange Rates in Dynamic Exchange Economies with Nontraded Goods,"** February 1992. --- EC-92-8 Angelos A. Antzoulatos, **"Borrowing Constraints, Income Expectations and The Euler Equation: Theoretical and Empirical Analysis,"** March 1992. --- EC-92-9 Eran Yashiv, **"Inflation, Wages and the Role of Money Under Discretion and Rules: A New Interpretation,"** March 1992. *subsequently published in Economic Letters, Vol. 45, July 1994, pp. 323-327* --- EC-92-10 Eran Yashiv, **"Sustainable Stabilization Policies and Private Sector Optimal Behaviour,"** March 1992. --- EC-92-11 Martin D. Evans and Karen K. Lewis, **"Do Stationary Risk Premia Explain It All? Evidence from the Term Structure,"** March 1992. --- EC-92-12 Martin Evans and Paul Wachtel, **"Were Price Changes during the Great Depression Anticipated? Evidence from Nominal Interest Rates,"** March 1992. --- EC-92-13 Martin D. Evans and Karen K. Lewis, **"Peso Problems and Heterogeneous Trading: Evidence from Excess Returns in Foreign Exchange and Euromarkets,"** March 1992. --- EC-92-14 Martin D. Evans, **"Expected Returns, Time-Varying Risk and Risk Premia,"** March 1992. --- EC-92-15 Angelos A. Antzoulatos, **"Credit Rationing and Rational Behavior: Theory and Evidence,"** April 1992. *subsequently published in the Journal of Money, Credit and Banking, Vol. 26, No. 2, May 1994, pp. 182-202* --- EC-92-16 Martin D. Evans and James R. Lothian, **"The Response of Exchange Rates to Permanent and Transitory Shocks under Floating Exchange Rates,"** April 1992. --- EC-92-17 Martin D. Evans, **"The Changing Nature of the Output-Inflation Trade-off,"** April 1992. --- EC-92-18a David K. Backus and Allan W. Gregory, **"Theoretical Relations Between Risk Premiums and Conditional Variances,"** April 1992. --- EC-92-18b David K. Backus, Allan W. Gregory, and Chris I. Telmer, **"Accounting for Forward Rates in Markets for Foreign Currency,"** April 1992. --- EC-92-19 Lawrence J. White, **"Change and Turmoil in U.S. Banking: Causes, Consequences, and Lessons,"** May 1992. --- EC-92-20 Martin D. Evans and Karen K. Lewis, **"Trends in Expected Returns in Currency and Bond Markets,"** May 1992. --- EC-92-21 Eran Yashiv, **"On the Causes of High Unemployment: Lessons from the Israeli Experience,"** June 1992. --- EC-92-22 Martin D. Evans and Karen K. Lewis, **"Do Expected Shifts in Inflation Policy Affect Real Rates?"** June 1992. --- EC-92-23 Nicholas Economides, **"Hotelling's `Main Street’ With More Than Two Competitors,"** July 1992. --- EC-92-24 Angelos A. Antzoulatos, **"Borrowing, Saving, and Aggregate Dynamics,"** August 1992. --- EC-92-25 David K. Backus, Patrick J. Kehoe, and Finn E. Kydland, **"Relative Price Movements in Dynamic General Equilibrium Models of International Trade,"** August 1992. --- EC-92-26 Replaced by EC-93-20 William H. Greene, **"Frontier Production Functions,"** September 1993. --- EC-92-27 William Greene, Laura Greene Knapp and Terry G. Seaks, **"Estimating the Functional Form of the Independent Variables in Probit Models,"** September 1992. --- EC-92-28 Jiawen Yang, **"Exchange Rate Pass-Through in U.S. Manufacturing Industries,"** October 1992. --- EC-92-29 William H. Greene, **"A Statistical Model for Credit Scoring,"** October 1992. [![](http://web-images.stern.nyu.edu/old_web/emplibrary/ED_pdficon.gif)](http://web-docs.stern.nyu.edu/old_web/emplibrary/WP92_29-Stat-Model-Credit-Scoring.pdf) --- EC-92-30 Lawrence J. White and Michael Rothschild, **"Some Simple Analytics of the Pricing of Higher Education,"** November 1992. --- EC-92-31 Nicholas S. Economides and Glenn A. Woroch, **"Benefits and Pitfalls of Network Interconnection,"** November 1992. --- EC-92-32 Martin D. Evans and Karen K. Lewis, **"Trends in Excess Returns in Currency and Bond Markets,"** December 1992.