"... In PAGE 13: ...etail prices in the U.S. fall, worsening the imbalance in settlement payments. One way to see this, is to note that settlement rates are well above costs, even when there is no income di#1Berential across countries. Table2 presents the results of simulations using two di#1Berent levels of foreign income, three di#1Berent levels of foreign costs, and two di#1Berent levels of U.... ..."

"... In PAGE 4: ... Estimates of Shadow Rents in China .35 Table3 . Estimating Rent in US .... In PAGE 23: ... The characteridss of dwdings are the eplantory variales that are included in the equatfon as a set of dummy variables The idea ofthe procedue is rooted in the hedonic indexes approach (GTiliches, 1971). As shownin Table3 inArx, theaveragerntintheU.S.... ..."

"... In PAGE 31: ... 29 Table4 presents the implied marginal weights from the point of view of the U.S.... ..."

"... In PAGE 13: ...ne could argue that this calls for limiting our sample to U.S. firms only. When we re-estimate our model on this subsample (see Table7 ), the evidence in favor of pollution haven hypothesis is fairly weak. The coefficient of environmental regulation is significant and negative only in two cases and none of the interaction terms is negative and significant.... ..."

"... In PAGE 14: ...y a household that earns the mean household income both in the U.S. and in the model economies. We want our model economy apos;s estate tax function to mimic the estate tax schedule reported in Table2 above. To do this, once again, we have to translate the $600,000 limit into model units.... ..."

"... In PAGE 14: ... The recession dates in our sample, moreover, remain unchanged if adopt an alternative criterion of three consecutive monthly declines in industrial production. 16 With the exception of money supply figures, which are released at 16:30 EST after the futures markets have closed, the indicators listed in Table4 include all of the regularly-scheduled major U.S.... In PAGE 14: ... The MMS sample covers the period from January 1, 1992 through December 31, 2002. Table4 provides a brief description of the most salient features of the announcements, including the total number of observations in our sample, the agency reporting the news,... In PAGE 32: ...S. macroeconomic announcements described in Table4 . The full common... In PAGE 33: ...S. macroeconomic announcements described in Table4 . The full common sample spans July 1, 1998 through December 31, 2002.... In PAGE 35: ...Table4 : We partition the U.S.... ..."

"... In PAGE 5: ... Numerous influential studies, from early work such as Urich and Wachtel (1984) through recent work such as Balduzzi, Elton and Green (2001), have verified that the MMS expectations contain valuable information about the forecasted variable, and in most cases are unbiased and less variable than those produced from extrapolative benchmarks such as ARMA models. Table1 provides a brief description of salient aspects of U.S.... In PAGE 13: ...he large number of U.S. macroeconomic indicators whose news affect the DM/$ rate, only very few of the German macroeconomic indicators have a significant effect (M3 and industrial production). We conjecture that the disparity may be due to the fact, detailed in Table1 , that the release times of U.S.... In PAGE 26: ...Table1 (continued) German News Announcements18 Announcement Obs.1 Source2 Dates3 Announcement Time4 Quarterly Announcements 29- GDP 24 GFSO 03/09/93-12/03/98 Varies Monthly Announcements Real Activity 30- Employment 59 FLO 04/06/93-12/08/98 Varies 31- Retail Sales 59 GFSO 04/14/93-12/10/98 Varies 32- Industrial Production 63 GFSO 05/04/93-12/07/98 Varies Investment 33- Manufacturing Orders 62 GFSO 04/06/93-12/07/98 Varies 34- Manufacturing Output 64 GFSO 03/02/93-12/07/98 Varies Net Exports 35- Trade Balance 61 GFSO 07/13/93-12/11/98 Varies 36- Current Account 61 BD 07/13/93-12/11/98 Varies Prices 37- Consumer Price Index 68 GFSO 03/01/93-12/23/98 Varies 38- Producer Prices 65 GFSO 03/18/93-12/22/98 Varies 39- Wholesale Price Index 68 GFSO 03/16/93-12/16/98 Varies 40- Import Prices 68 GFSO 03/26/93-12/21/98 Varies Monetary 41- Money Stock M3 66 BD 03/18/93-12/18/98 Varies Notes: We group the U.... ..."