Links to my NBER Working Papers:

Links to my abstracts/papers on the Social Science Research Network:


“Pharmaceutical Knowledge-Capital Accumulation and Longevity,” in Measuring Capital in the New Economy, ed. by Carol Corrado, John Haltiwanger, and Dan Sichel, (University of Chicago Press, forthcoming).

“Public policy and innovation in the U.S. pharmaceutical industry,” in Public Policy and Entrepreneurship, ed. by Douglas Holtz-Eakin (MIT Press, forthcoming).

“The Dual Effects of Intellectual Property Regulations: Within- and Between-Patent Competition in The US Pharmaceuticals Industry,” with Tomas Philipson, Journal of Law & Economics 45, pp. 643-672, 2002.

“The Effect of New Drugs on HIV Mortality in the U.S., 1987-1998,” Economics and Human Biology 1 (2003) 259-266.

“Pharmaceutical Innovation, Mortality Reduction, and Economic Growth,” in Measuring the Gains from Medical Research: An Economic Approach, ed. by Kevin M. Murphy and Robert H. Topel (Chicago: University of Chicago Press, 2003), pp. 74-109.

“The Effects of Medicare on Health Care Utilization and Outcomes,” Frontiers in Health Policy Research, Vol. 5, ed. by Alan Garber (MIT Press, 2002).

“Are the Benefits of Newer Drugs Worth Their Cost? Evidence from the 1996 MEPS,” Health Affairs 20(5), September/October 2001, 241-51.

“Does foreign direct investment transfer technology across borders?,” with Bruno van Pottelsberghe de la Potterie, The Review of Economics and Statistics, Aug 2001; Vol. 83, Iss. 3; pp. 490-7.

“The Allocation of Publicly Funded Biomedical Research,” in Medical Care Output and Productivity, Studies in Income and Wealth Volume 62, ed. by Ernst Berndt and David Cutler (University of Chicago Press, 2001), 565-89.

“The Effect of Pharmaceutical Utilisation and Innovation on Hospitalisation and Mortality,” in Productivity, Technology, and Economic Growth, ed. by B. van Ark, S. K. Kuipers and G. Kuper (Kluwer Academic Publishers, 2000).

"The European Strategic Programme for Research in Information Technologies (ESPRIT): An Ex-Post Analysis," in The Political Economy of Industrial Policy, ed. by D. Neven and Lars-Hendrik Roller (Wissenschaftszentrum Berlin and Edition Sigma).

“Managerial Ownership and Firm Performance: A Re-examination Using Productivity Measurement,” with Darius Palia, Journal of Corporate Finance: Contracting, Governance and Organization 5(4), December 1999, 323-39.

“Information Technology and Its Impact on Productivity: Firm-level Evidence from Government and Private Data Sources, 1977-1993,” with Bill Lehr, Canadian Journal of Economics 32(2), April 1999, 335-62.

"Computer Use and Productivity Growth in Federal Government Agencies, 1987-92," with Bill Lehr, Journal of Industrial Economics 46(2), June 1998, 257-79.

“International R&D Spillovers: A Comment,” with Bruno van Pottelsberghe de la Potterie, European Economic Review 42(8), September 1998, 1483-91.

“The Impact and Organization of Publicly-Funded Research and Development in the European Community,” with Maryann Feldman, Annales d’Economie et Statistique 0(49-50), (in English), Jan.-June 1998, 199-222.

“Technology Investment is Driving Economic Growth,” in The Rising Tide, ed. by Jerry Jasinowski (New York: Wiley, 1998), 163-9.

“Commentary: Shoring up Government Support,” in The Future of Biomedical Research, ed. by Claude Barfield and Bruce Smith (Washington: American Enterprise Institute and Brookings Institution, 1997), 67-72.

"Do (More and Better) Drugs Keep People Out of Hospitals?," American Economic Review 86, May, 1996, 384-8.

"Labour Market Institutions, Liquidity Constraints, and Macroeconomic Stability," Journal of Economic Behavior and Organization 28 (1995), 145-54.

"The Output Contributions of Computer Equipment and Personnel: A Firm-Level Analysis," Economics of Innovation and New Technology 3 (1995), 201-17.

“The Economics of Defense R&D," in The Handbook of Defense Economics, Volume 1, ed. by K. Hartley and T. Sandler. Handbooks in Economics, vol. 12. (Amsterdam, New York and Oxford: Elsevier, 1995), 431-57.

"Ownership Structure and Corporate Performance in Japan," with George Pushner, Japan and the World Economy 6 (1994), 239-61.

"Testing the Convergence Hypothesis," Review of Economics and Statistics 76(3), August 1994, 576-9.

"An Industry-Level Analysis of Import Relief Petitions Filed by U.S. Manufacturers, 1958-1985," with Hong Tan, in Troubled Industries in the United States and Japan, ed. by Hong Tan and Haruo Shimada (New York: St. Martin's Press, 1994), 161-88.

"Have International Differences in Educational Attainment Levels Narrowed?," in Convergence of Productivity: Cross-National Studies and Historical Evidence, ed. by W. Baumol, R. Nelson, and E. Wolff (New York: Oxford University Press, 1994), 225-42.

"R&D Investment and International Productivity Differences," in Economic Growth in the World Economy, ed. by Horst Siebert (Tubingen: J. C. B. Mohr, 1993), 89-110.

"Industrial De-Diversification and Its Consequences for Productivity," Journal of Economic Behavior and Organization 18 (1992), 427-38.

"A Perspective on Accounting for Defense Contracts," The Accounting Review 67 (4), 742-53, October 1992.

"Asset Stripping," in The New Palgrave Dictionary of Money and Finance, J. Eatwell, M. Milgate, and P. Newman, eds. (London: Macmillan, 1992).

"The Managerial Response to Regulation of Financial Reporting for Segments of a Business Enterprise," Journal of Regulatory Economics 3 (1991), 241-9.

"The Age of Technology and Its Impact on Employee Wages," with Ann Bartel, Economics of Innovation and New Technology 1 (1991), 215-31.

"The Impact of R&D Investment on Productivity: New Evidence Using Linked R&D-LRD Data," with Donald Siegel, Economic Inquiry 29 (1991), April, 203-28.

"The Effect of Leveraged Buyouts on Productivity and Related Aspects of Firm Behavior," with Donald Siegel, Journal of Financial Economics 26 (1990), 165-94.

"The Effect of Ownership Changes on the Employment and Wages of Central-Office and Other Personnel," with Donald Siegel, Journal of Law and Economics 33 (1990), October, 383-408.

"U.S. Government Subsidies to Private Military R&D: The Defense Department's Independent R&D Policy," Defense Economics 1 (1990),  149-58.

"Aggregation of Variables in Least-Squares Regression," American Statistician 44 (1990), 169-71.

"Issues in Measuring Industrial R&D," Research Policy 19 (1990), 157-63.

"How Elastic is the Government's Demand for Weapons?," Journal of Public Economics 40 (1989), 57-78.

"The Effect of Control Changes on the Productivity of U.S. Manufacturing Plants," with Donald Siegel, Journal of Applied Corporate Finance, August 1989, 60-7.

"Contributions to Federal Election Campaigns by Government Contractors," Journal of Industrial Economics 38, September 1989, 31-48.

"IR&D Project Data and Theories of R&D Investment," Journal of Economic Dynamics and Control 13, 1989, 271-82.

"Errors of Measurement in Output Deflators," with Zvi Griliches, Journal of Business and Economic Statistics 7, Jan. 1989, 1-9.

"The Impact of the Strategic Defense Initiative on U.S. Civilian R&D Investment and International Competitiveness," Social Studies of Science 19(2), 1989; also published (in French) in J.J. Salomon (ed.), Science, Guerre et Paix (Paris: Economica, 1989), 137-56.

"Managerial Economics," in The Portable MBA, Mary Anne Devanna and Eliza G.C. Collins, eds. (New York: Wiley, 1989).

"Estimation of the Internal Adjustment Costs Model Using Longitudinal Establishment Data," Review of Economics and Statistics 70(3), August 1988, 421-30.

"The Private R&D Investment Response to Federal Design and Technical Competitions," American Economic Review 78(3), June 1988, 550-9.

"Productivity Improvements from Changes in Ownership," Mergers and Acquisitions 23(2), Sept./Oct. 1988, 48-50.

"Assessing the Impact of Federal Industrial R&D Expenditure on Private R&D Activity in the U.S.," in The Relation Between Defence and Civil Technologies, Philip Gummett and Judith Reppy, eds. (Dordrecht: Kluwer Academic Publishers, 1988), 68-87.

"Productivity and Changes in Ownership of Manufacturing Plants," with Donald Siegel, Brookings Papers on Economic Activity, 1987:3, 643-73.

"The Effect of Government Funding on Private Industrial Research and Development: A Re-Assessment," Journal of Industrial Economics 36(1), Sept. 1987.

"Changing Market Opportunities and the Structure of R&D Investment: The Case of Energy," Energy Economics 9(3), July 1987, 154-8.

"The Comparative Advantage of Educated Workers in Implementing New Technology," with Ann Bartel, Review of Economics and Statistics 69(1), Feb. 1987, 1-11.

"The Skill Distribution and Competitive Trade Advantage of High-Technology Industries," with Ann Bartel, in Advances in Industrial and Labor Relations, Vol. 4, D. Lewin, D. Lipsky, and D. Sockell, eds. (JAI Press, 1987).

"The Duration and Intensity of Investment in Independent Research and Development Projects," Journal of Economic and Social Measurement 14, 1986, 207-18.

"Energy Prices and Induced Innovation," Research Policy 15, 1986, 67-75.

"Interindustry Technology Flows and Productivity Growth: A Re-Examination," with Zvi Griliches, Review of Economics and Statistics 66(2), May 1984.

"The Relationship Between Federal Contract R&D and Company R&D," American Economic Association Papers and Proceedings 74(2), May 1984.

"R&D and Productivity at the Industry Level: Is There Still a Relationship?," with Zvi Griliches, in R&D, Patents, and Productivity, Zvi Griliches, ed. (Chicago: Univ. of Chicago Press, 1984).

Other Publications

“Probing the Link Between Gross Profitability and R&D Spending,” Health Affairs 20(5), September/October 2001, 221-2.

Comment on Papers by Frank and Salkever and by Skinner and Wennberg, in The Changing Hospital Industry: Comparing Not-for-Profit and For-Profit Institutions, edited by David M. Cutler, The University of Chicago Press, 2000.

Comment on Paper by Barro and Cutler, in Mergers and Productivity, edited by Steven N. Kaplan, The University of Chicago Press, 2000.

Comment on Paper by McGuckin, Nguyen, and Reznek, in Labor Statistics Measurement Issues edited by John Haltiwanger, Marilyn E. Manser, and Robert Topel, The University of Chicago Press, 1998.

 “Do (more and better) medicines keep people out of hospitals?” (Pfizer Forum), The Economist, October 26, 1996, p. 63.

Review of The Performance of Companies, by Stephen Nickell (Oxford, U.K.: Blackwell, 1995), in The Journal of Economics.

Comment on “Efficiency in manufacturing and the need for global competition,” by Martin Baily and Neil Gersbach, Brookings Papers on Economic Activity: Microeconomics 1995.

"Rejoinder to Comment by Maarten Vendrik," Journal of Economic Behavior and Organization 28, Dec. 1995.  p. 455.

Comment on " Productivity levels in Germany, Japan, and the United States: Differences and causes," by Bart van Ark and Dirk Pilat, Brookings Papers on Economic Activity: Microeconomics 1993.

"Another Way to Measure IT's Productivity Contribution," The Brookings Review 12, Fall 1994, 2.

Review of International High-Technology Competition, by F. M. Scherer, in The Journal of Economic Literature XXXI (4), Dec. 1993, 2015-7.

Comment on "Decade of Debt: Lessons from LBOs in the 1980s," by William Long and David Ravenscraft, in The Deal Decade: What Takeovers and Leveraged Buyouts Mean for Corporate Governance, edited by Margaret Blair (Washington: Brookings, 1993), 230-234.

"In a Downturn, Cut Profits Before Jobs" New York Times (Sunday Business Section), Feb. 16, 1992, Section 3, p. 13.

"Want More Productivity? Kill That Conglomerate," Wall Street Journal (editorial page article), Jan. 16, 1990.

"The Issues in Restructuring," Institutional Investor, June 1989.

"In Takeover Wars, Everyone Wins,"  New York Times (Business Forum article), June 18, 1989.

"Takeovers Slash Corporate Overhead," Wall Street Journal (editorial page article), Feb. 7, 1989.

"What Makes Plant Productivity Grow?," Wall Street Journal (editorial page article), Dec. 24, 1987; also published (in Italian) in Il Sole 24 Ore (Milan), Jan. 20, 1988.

Review of The Burden of Government, by Edwin S. Mills (Stanford: Hoover Institution Press, 1986) in Journal of Comparative Economics 12(2), June 1988, 304-5.

"Military R&D Depletes Economic Might," Wall Street Journal (editorial page article), Aug. 21, 1986; reprinted in Impact, newsletter of the Institute of Electrical and Electronic Engineers 11(1), May 1987.


“Sources of U.S. Longevity Increase, 1960-1997,” NBER Working Paper No. 8755, Jan 2002.

Benefits and Costs of Newer Drugs: An Update,” NBER Working Paper No. 8996, Jun 2002.

 The Effect of Education on Medical Technology Adoption: Are the More Educated More Likely to Use New Drugs?,” with Adriana Lleras-Muney, NBER Working Paper No. 9185, Sep 2002.

The Effect of Changes in Drug Utilization on Labor Supply and Per Capita Output,” NBER Working Paper No. 9139, Sep 2002.

“Pharmaceutical-embodied technical progress, longevity, and quality of life: drugs as ‘equipment for your health’," with S. Virabhak, NBER Working Paper No. 9351, Nov 2002.

“Does Misery Love Company?  Pharmaceutical Markets before and after the Orphan Drug Laws,” with Joel Waldfogel, Jan. 2002.