## Working Papers 1994 **Trade Orientation Measurement and Consequences,** by Holger C. Wolf, Working Paper EC-94-01, Stern School of Business, N.Y.U. --- **Market Failures, Government Failures, and Economic Development.** by Lawrence J. White, Working Paper EC-94-02, Stern School of Business, N.Y.U. --- **How to Enhance Market Liquidity,** by Nicholas Economides, Working Paper EC-94-03, Stern School of Business, N.Y.U., in *Global Equity Markets*, Robert A. Schwartz (ed.), Irwin Professional. New York: 1995. [\[Abstract\]](http://edgar.stern.nyu.edu/networks/howabs.html) [\[Acrobat ~40K\]](http://raven.stern.nyu.edu/networks/how.pdf) --- **Financial Intermediation and Economic Growth: A Historical Comparison of the U.S., U.K. and Canada,** by Paul Wachtel and Peter Rousseau, Working Paper EC-94-04, Stern School of Business, N.Y.U. --- **The Incentive for Vertical Integration,** by Nicholas Economides, Working Paper EC-94-05, Stern School of Business, N.Y.U. [\[Abstract\]](http://edgar.stern.nyu.edu/networks/94-05abs.html) [\[Acrobat ~290K\]](http://raven.stern.nyu.edu/networks/94-05.pdf) --- **The Quality of Complex Systems and Industry Structure** by Nicholas Economides and William Lehr, Discussion Paper EC-94-06, Stern School of Business, N.Y.U. in William Lehr (ed.)*, Quality and Reliability of Telecommunications Infrastructure*. Lawrence Erlbaum. Hillsdale: 1994. [\[Abstract\]](http://edgar.stern.nyu.edu/networks/94-06abs.html) [\[Acrobat ~162K\]](http://raven.stern.nyu.edu/networks/94-06.pdf) --- **Is Downstream Forclosure a Barrier to Upstream Entry?** by Chris Stefanadis, EC-94-07, Stern School of Business, N.Y.U. --- **Exchange Rate Pass-Through in U.S. Manufacturing Industries: A Demand Side Story,** by Angelos A. Antzoulatos and Jiawen Yang, Working Paper EC-94-08, Stern School of Business, N.Y.U. *subsequently published in the International Trade Journal, Vol. X, No.3, Fall 1996, pp. 325-352* --- **Reverse Engineering the Yield Curve,** by David K. Backus and Stanley E. Zin, Working Paper EC-94-09, Stern School of Business, N.Y.U. --- **[Accounting for Excess Zeros and Sample Selection in Poisson and Negative Binomial Regression Models](http://www.stern.nyu.edu/eco/wkpapers/POISSON-Excess_zeros-Selection.pdf),** by William H. Greene, Working Paper EC-94-10, Stern School of Business, N.Y.U. --- **The Delayed Miracle: New Zealand 1984-1994,** by Holger C. Wolf, Working Paper EC-94-11, Stern School of Business, N.Y.U. --- **The Excess Sensitivity of Consumption to Information About Income: Borrowing Constraints, "Rule-of-Thumb" Behavior, or Information Aggregation Bias?** by Angelos A. Antzoulatos, Working Paper EC-94-12, Stern School of Business, N.Y.U. *subsequently published in the Journal of Macroeconomics, Vol. 19, No. 3, Summer 1997, pp. 539-553, with new title "The Excess Sensitivity of Consumption to Information about Income"* --- **U.S. Banking Regulation: Multiple Dimensions, Multiple Consequences,**by Lawrence J. White, Working Paper EC-94-13, Stern School of Business, N.Y.U. --- **Testing the Expectations Hypothesis on the Term Structure of Implied Volatilities in Foreign Exchange Options,** by Jose Manuel Campa and P.H. Kevin Chang, Working Paper EC-94-14, Stern School of Business, N.Y.U. *subsequently published in the Journal of Finance, Vol. 50, No. 2, June 1995, pp.529-547* --- **Equilibrium Fee Schedules in a Monopolist Call Market,** by Nicholas Economides and Jeff Heisler, Discussion Paper no. EC-94-15, Stern School of Business, N.Y.U. [\[Abstract\]](http://edgar.stern.nyu.edu/networks/94-15abs.html) [\[Acrobat ~351K\]](http://raven.stern.nyu.edu/networks/94-15.pdf) --- **The Max-Min Principle of Product Differentiation,** by Nicholas Economides,Asim Ansari and Joel Steckel, Discussion Paper no. EC-94-16, Stern School of Business, N.Y.U. --- **Commercial Paper, Corporate Finance and the Business Cycle: A Microeconomic Perspective,** by Charles W. Calomiris, Charles P. Himmelberg, and Paul Wachtel, Working Paper EC-94-17, Stern School of Business, N.Y.U. --- **How Many Monies? A Genetic Approach to Finding Optimum Currency Areas,**by Atish R. Ghosh and Holger C. Wolf, EC-94-18, Stern School of Business, N.Y.U. --- **Terms of Trade, Productivity, and the Real Exchange Rate,** by Jose De Gregorio and Holger C. Wolf, Working Paper EC-94-19, Stern School of Business, N.Y.U. --- **Relative Price Changes Across US-States,** by Jose De Gregorio and Holger C. Wolf, Working Paper EC-94-20, Stern School of Business, N.Y.U. --- **Pricing in International Markets: Lessons from The Economist,** by Atish R. Ghosh and Holger C. Wolf, Working Paper EC-94-21, Stern School of Business, N.Y.U. --- **Quality Choice and Vertical Integration** by Nicholas Economides, Discussion Paper no. EC-94-22, Stern School of Business, N.Y.U. [\[Abstract\]](http://edgar.stern.nyu.edu/networks/94-22abs.html) [\[Acrobat ~50K\]](http://raven.stern.nyu.edu/networks/94-22.pdf) --- **Financial Innovation, Intermediation, and Long Run Growth,** by Peter L. Rousseau, Working Paper EC-94-23, Stern School of Business, N.Y.U. --- **The Economics of Networks,** by Nicholas Economides, Discussion Paper EC-94-24, Stern School of Business, N.Y.U., forthcoming, *International Journal of Industrial Organization* 1~ (1996). [\[Abstract\]](http://raven.stern.nyu.edu/networks/94-24abs.html) [\[Acrobat ~1188K\]](http://raven.stern.nyu.edu/networks/94-24.pdf) --- **Explaining the Time Path of Unemployment: The Differential Role of Growth, Business Cycles, Search Intensity and Labor Supply Factors,** by Eran Yashiv, Working Paper EC-94-25, Stern School of Business, N.Y.U. --- **The Economic Role of the Japanese Intermarket Keiretsu,** by Chris Stefanadis, Working Paper EC-94-26, Stern School of Business, N.Y.U. --- **Financial System Design for Formerly Planned Economies: Defining the Issues,** by Gregory F. Udell and Paul Wachtel, Working Paper EC-94-27, Stern School of Business, N.Y.U. --- **Arbitrage Opportunities in Arbitrage-Free Models of Bond Pricing,** by David K. Backus, Silverio Foresi, and Stanley E. Zin, Working Paper EC-94-28, Stern School of Business, N.Y.U.