Benjamin M. Friedman

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue

Cambridge, MA 02138

United States

Harvard University - Department of Economics

William Joseph Maier Professor of Economics

Littauer Center

Room 127

Cambridge, MA 02138

United States

SCHOLARLY PAPERS

77

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in Total Papers Citations

1,126

Scholarly Papers (77)

1.

Monetary Policy

NBER Working Paper No. w8057
Number of pages: 34 Posted: 15 Dec 2000
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 117 (201,955)
Citation 248

Abstract:

2.

Targets and Instruments of Monetary Policy

NBER Working Paper No. w2668
Number of pages: 78 Posted: 04 Jul 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 93 (224,453)
Citation 33

Abstract:

Has the Financial Crisis Permanently Changed the Practice of Monetary Policy? Has it Changed the Theory of Monetary Policy?

NBER Working Paper No. w20128
Number of pages: 26 Posted: 19 May 2014
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 85 (253,300)
Citation 1

Abstract:

Has the Financial Crisis Permanently Changed the Practice of Monetary Policy? Has it Changed the Theory of Monetary Policy?

The Manchester School, Vol. 83, pp. 5-19, 2015
Number of pages: 15 Posted: 17 Jun 2015
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 0
Citation 1
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4.

Crowding Out or Crowding in? The Economic Consequences of Financing Government Deficits

NBER Working Paper No. w0284
Number of pages: 78 Posted: 27 Apr 2000 Last Revised: 02 Jan 2002
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 82 (238,813)
Citation 23

Abstract:

5.

Implementation of Monetary Policy: How Do Central Banks Set Interest Rates?

NBER Working Paper No. w16165
Number of pages: 97 Posted: 12 Jul 2010 Last Revised: 05 Sep 2010
Benjamin M. Friedman and Kenneth N. Kuttner
Harvard University - Department of Economics and Williams College
Downloads 65 (275,079)
Citation 4

Abstract:

6.

The Role of Interest Rates in Federal Reserve Policymaking

NBER Working Paper No. w8047
Number of pages: 42 Posted: 16 Dec 2000
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 65 (281,677)
Citation 4

Abstract:

7.

The Cost of Annuities: Implications for Saving Behavior and Bequests

NBER Working Paper No. w1682
Number of pages: 35 Posted: 06 Jul 2004 Last Revised: 08 Aug 2010
Benjamin M. Friedman and Mark J. Warshawsky
Harvard University - Department of Economics and Towers Watson
Downloads 64 (295,436)
Citation 74

Abstract:

8.

Debt Restructuring

NBER Working Paper No. w7722
Number of pages: 38 Posted: 12 Jun 2000 Last Revised: 18 Oct 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 59 (307,945)
Citation 2

Abstract:

9.

What Have We Learned from the Reagan Deficits and Their Disappearance?

NBER Working Paper No. w7647
Number of pages: 22 Posted: 21 May 2000
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 51 (318,646)

Abstract:

10.

Structural Models of Interest Rate Determination and Portfolio Behavior in the Corporate and Government Bond Markets

NBER Working Paper No. w0205
Number of pages: 11 Posted: 04 Jul 2004 Last Revised: 26 Jul 2010
Benjamin M. Friedman and V. Vance Roley
Harvard University - Department of Economics and University of Hawaii - Shidler College of Business
Downloads 48 (339,120)
Citation 1

Abstract:

11.

Decoupling at the Margin: The Threat to Monetary Policy from the Electronic Revolution in Banking

NBER Working Paper No. w7955
Number of pages: 18 Posted: 12 Oct 2000 Last Revised: 19 Oct 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 48 (324,256)
Citation 22

Abstract:

12.

Economic Implications of Changing Share Ownership

NBER Working Paper No. w5141
Number of pages: 30 Posted: 26 Jul 2000
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 48 (339,120)
Citation 16

Abstract:

13.

The Future of Monetary Policy: The Central Bank as an Army with Only a Signal Corps

NBER Working Paper No. w7420
Number of pages: 30 Posted: 21 May 2000 Last Revised: 10 Apr 2001
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 48 (333,098)
Citation 87

Abstract:

14.

Another Look at the Evidence on Money-Income Causality

NBER Working Paper No. w3856
Number of pages: 23 Posted: 28 Dec 2006
Benjamin M. Friedman and Kenneth N. Kuttner
Harvard University - Department of Economics and Williams College
Downloads 47 (342,053)
Citation 11

Abstract:

15.

The Lm Curve: A Not-so-Fond Farewell

NBER Working Paper No. w10123
Number of pages: 12 Posted: 28 Nov 2003 Last Revised: 31 Aug 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 46 (333,098)
Citation 8

Abstract:

16.

Deficits and Debt in the Short and Long Run

NBER Working Paper No. w11630
Number of pages: 39 Posted: 21 Nov 2005 Last Revised: 26 Jul 2009
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 45 (339,120)
Citation 6

Abstract:

17.

The Use and Meaning of Words in Central Banking: Inflation Targeting, Credibility, and Transparency

NBER Working Paper No. w8972
Number of pages: 23 Posted: 30 May 2002
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 44 (351,409)
Citation 8

Abstract:

18.

Comment on 'Sustaining Entrepreneurial Capitalism' (by William J. Baumol, Robert E. Litan and Carl J. Schramm)

Capitalism and Society, Vol. 2, Issue 2, Article 2, 2007
Number of pages: 6 Posted: 24 Jan 2013
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 43 (321,465)

Abstract:

19.

Pension Funding, Pension Asset Allocation, and Corporate Finance: Evidence from Individual Company Data

NBER Working Paper No. w0957
Number of pages: 64 Posted: 22 Jun 2004 Last Revised: 15 Aug 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 43 (354,667)
Citation 18

Abstract:

20.

Annuity Prices and Saving Behavior in the United States

NBER Working Paper No. w1683
Number of pages: 45 Posted: 15 Mar 2004 Last Revised: 09 Aug 2010
Benjamin M. Friedman and Mark J. Warshawsky
Harvard University - Department of Economics and Towers Watson
Downloads 43 (354,667)
Citation 25

Abstract:

21.

Debt Management Policy, Interest Rates, and Economic Activity

NBER Working Paper No. w0830
Number of pages: 42 Posted: 27 Apr 2000 Last Revised: 22 Jan 2002
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 42 (345,100)
Citation 8

Abstract:

22.

The Greenspan Era: Discretion, Rather than Rules

NBER Working Paper No. w12118
Number of pages: 17 Posted: 15 May 2006 Last Revised: 13 Aug 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 41 (361,234)
Citation 4

Abstract:

23.

Lessons on Monetary Policy from the 1980's

NBER Working Paper No. w2551
Number of pages: 42 Posted: 09 Jun 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 41 (348,219)
Citation 9

Abstract:

24.

Why Does the Paper-Bill Spread Predict Real Economic Activity?

NBER Working Paper No. w3879
Number of pages: 68 Posted: 27 Apr 2000 Last Revised: 12 Aug 2010
Benjamin M. Friedman and Kenneth N. Kuttner
Harvard University - Department of Economics and Williams College
Downloads 40 (364,674)
Citation 32

Abstract:

25.

Increasing Indebtedness and Financial Stability in the United States

NBER Working Paper No. w2072
Number of pages: 41 Posted: 26 May 2004 Last Revised: 01 Sep 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 38 (345,100)
Citation 4

Abstract:

26.

Time-Varying Risk Perceptions and the Pricing of Risky Assets

NBER Working Paper No. w2694
Number of pages: 58 Posted: 27 Apr 2000
Benjamin M. Friedman and Kenneth N. Kuttner
Harvard University - Department of Economics and Williams College
Downloads 37 (368,230)
Citation 1

Abstract:

27.

Postwar Changes in the American Financial Markets

NBER Working Paper No. w0458
Number of pages: 128 Posted: 25 Jun 2004 Last Revised: 09 Dec 2008
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 35 (382,739)
Citation 7

Abstract:

28.

Lessons from the 1979-1982 Monetary Policy Experiment

NBER Working Paper No. w1272
Number of pages: 15 Posted: 09 Jun 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 33 (382,739)
Citation 8

Abstract:

29.

The Roles of Money and Credit in Macroeconomic Analysis

NBER Working Paper No. w0831
Number of pages: 46 Posted: 07 Sep 2001 Last Revised: 13 Feb 2002
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 33 (361,234)
Citation 9

Abstract:

30.

Money, Credit and Interest Rates in the Business Cycle

NBER Working Paper No. w1482
Number of pages: 76 Posted: 19 Jun 2004 Last Revised: 22 Jul 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 32 (394,420)
Citation 12

Abstract:

31.

Aspects of Investor Behavior Under Risk

NBER Working Paper No. w1611
Number of pages: 41 Posted: 24 Jul 2001
Benjamin M. Friedman and V. Vance Roley
Harvard University - Department of Economics and University of Hawaii - Shidler College of Business
Downloads 30 (378,985)
Citation 4

Abstract:

32.

What Remains from the Volcker Experiment?

NBER Working Paper No. w11346
Number of pages: 13 Posted: 20 Jun 2005
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 29 (390,462)

Abstract:

33.

The Rise and Fall of Money Growth Targets as Guidelines for U.S. Monetary Policy

NBER Working Paper No. w5465
Number of pages: 55 Posted: 30 Apr 1998
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 29 (386,548)
Citation 70

Abstract:

34.

Debt and Economic Activity in the United States

NBER Working Paper No. w0704
Number of pages: 35 Posted: 18 Aug 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 28 (386,548)
Citation 5

Abstract:

35.

Learning from the Reagan Deficits

NBER Working Paper No. w4022
Number of pages: 19 Posted: 08 Jun 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 28 (402,683)
Citation 3

Abstract:

36.

Heterogeneous-Expectations Model of the Value of Bonds Bearing Call Options

NBER Working Paper No. w0218
Number of pages: 45 Posted: 20 May 2004 Last Revised: 08 Aug 2010
Zvi Bodie and Benjamin M. Friedman
Boston University - Department of Finance & Economics and Harvard University - Department of Economics
Downloads 28 (411,529)

Abstract:

37.

Indicator Properties of the Paper-Bill Spread: Lessons from Recent Experiences

NBER Working Paper No. w4969
Number of pages: 36 Posted: 11 Sep 2000 Last Revised: 18 Aug 2010
Benjamin M. Friedman and Kenneth N. Kuttner
Harvard University - Department of Economics and Williams College
Downloads 28 (411,529)
Citation 21

Abstract:

38.

The Determination of Long-Term Interest Rates: Implications for Monetary and Fiscal Policies

NBER Working Paper No. w0366
Number of pages: 43 Posted: 06 Jul 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 26 (402,683)
Citation 2

Abstract:

39.

Does Monetary Policy Affect Real Economic Activity?: Why Do We Still Ask this Question?

NBER Working Paper No. w5212
Number of pages: 41 Posted: 15 Aug 2000
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 26 (411,529)
Citation 2

Abstract:

40.

Implications of Government Deficits for Interest Rates, Equity Returns and Corporate Financing

NBER Working Paper No. w1520
Number of pages: 44 Posted: 26 May 2004 Last Revised: 29 Aug 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 25 (416,130)

Abstract:

41.

Crowding Out or Crowding in? Evidence on Debt-Equity Substitutability

NBER Working Paper No. w1565
Number of pages: 38 Posted: 11 Apr 2004 Last Revised: 09 Oct 2008
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 24 (416,130)
Citation 2

Abstract:

42.

The Role of Judgment and Discretion in the Conduct of Monetary Policy: Consequences of Changing Financial Markets

NBER Working Paper No. w4599
Number of pages: 64 Posted: 11 Jun 2000 Last Revised: 28 Jul 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 23 (436,031)
Citation 149

Abstract:

43.

Financing Capital Formation in the 1980s: Issues for Public Policy

NBER Working Paper No. w0745
Number of pages: 43 Posted: 19 Aug 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 22 (441,222)
Citation 2

Abstract:

44.

Monetary Policy with a Credit Aggregate Target

NBER Working Paper No. w0980
Number of pages: 55 Posted: 19 Jun 2004 Last Revised: 07 Sep 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 22 (411,529)

Abstract:

45.

Money, Credit and Nonfinancial Economic Activity: An Empirical Study of Five Countries

NBER Working Paper No. w1033
Number of pages: 34 Posted: 19 Jun 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 22 (425,885)

Abstract:

46.

A Note on the Derivation of Linear Homogeneous Asset Demand Functions

NBER Working Paper No. w0345
Number of pages: 12 Posted: 09 Jul 2000
Benjamin M. Friedman and V. Vance Roley
Harvard University - Department of Economics and University of Hawaii - Shidler College of Business
Downloads 22 (420,961)
Citation 7

Abstract:

47.

The Value of Intermediate Targets in Implementing Monetary Policy

NBER Working Paper No. w1487
Number of pages: 41 Posted: 16 Jul 2004 Last Revised: 27 Jul 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 21 (446,364)
Citation 51

Abstract:

48.

Implications of the U.S. Net Capital Inflow

NBER Working Paper No. w1804
Number of pages: 41 Posted: 26 May 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 21 (436,031)
Citation 1

Abstract:

49.

Financial Intermediation in the United States

NBER Working Paper No. w1451
Number of pages: 47 Posted: 13 Mar 2007
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 20 (436,031)

Abstract:

50.

The Substitutability of Debt and Equity Securities

NBER Working Paper No. w1130
Number of pages: 67 Posted: 05 Jul 2004 Last Revised: 05 Aug 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 20 (451,604)
Citation 3

Abstract:

51.

Survey Evidence on the Rationality of Interest Rate Expectations

NBER Working Paper No. w0261
Number of pages: 13 Posted: 04 Jul 2004 Last Revised: 20 Sep 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 20 (436,031)
Citation 12

Abstract:

52.

Managing the U.S. Government Deficit in the 1980s

NBER Working Paper No. w1209
Number of pages: 56 Posted: 09 Jun 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 20 (430,912)

Abstract:

53.

Interest Rate Expectations Versus Forward Rates: Evidence from an Expectations Survey

NBER Working Paper No. w0295
Number of pages: 9 Posted: 28 May 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 20 (430,912)
Citation 13

Abstract:

54.

Implications of Corporate Indebtedness for Monetary Policy

NBER Working Paper No. w3266
Number of pages: 53 Posted: 18 Apr 2007
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 19 (446,364)
Citation 2

Abstract:

55.

Portfolio Choice and the Debt-to-Income Relationship

NBER Working Paper No. w1545
Number of pages: 16 Posted: 25 Jun 2004 Last Revised: 23 Sep 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 18 (446,364)

Abstract:

56.

Effects of Shifting Saving Patterns on Interest Rates and Economic Activity

NBER Working Paper No. w0587
Number of pages: 54 Posted: 30 Jan 2002 Last Revised: 11 Aug 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 18 (446,364)
Citation 2

Abstract:

57.

Who Puts the Inflation Premium into Nominal Interests Rates?

NBER Working Paper No. w0231
Number of pages: 23 Posted: 15 Feb 2001
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 18 (441,222)
Citation 4

Abstract:

58.

Changing Effects of Monetary Policy on Real Economic Activity

NBER Working Paper No. w3278
Number of pages: 61 Posted: 30 Dec 2006
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 17 (451,604)
Citation 2

Abstract:

59.

The Relative Stability of Money and Credit "Velocities" in the United States: Evidence and Some Speculations

NBER Working Paper No. w0645
Number of pages: 66 Posted: 16 Jul 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 17 (441,222)
Citation 2

Abstract:

60.

Price Inflation, Portfolio Choice, and Nominal Interest Rates

NBER Working Paper No. w0235
Number of pages: 51 Posted: 25 Jun 2004 Last Revised: 25 Aug 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 17 (451,604)
Citation 4

Abstract:

61.

New Directions in the Relationship between Public and Private Debt

NBER Working Paper No. w2186
Number of pages: 31 Posted: 09 Jul 2007
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 16 (456,874)
Citation 1

Abstract:

62.

The Behavior of U.S. Short-Term Interest Rates Since October 1979

NBER Working Paper No. w1273
Number of pages: 21 Posted: 05 Jul 2004
Richard Clarida and Benjamin M. Friedman
Columbia University - Graduate School of Arts and Sciences - Department of Eco and Harvard University - Department of Economics
Downloads 16 (451,604)
Citation 9

Abstract:

63.

Recent Perspectives in and on Macroeconomics

NBER Working Paper No. w1208
Number of pages: 28 Posted: 28 Jun 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 16 (456,874)
Citation 2

Abstract:

64.

Investors' Portfolio Behavior Under Alternative Models of Long-Term Interest Rate Expectations: Unitary, Rational, or Autoregressive

NBER Working Paper No. w0178
Number of pages: 23 Posted: 08 Jun 2004
Benjamin M. Friedman and V. Vance Roley
Harvard University - Department of Economics and University of Hawaii - Shidler College of Business
Downloads 16 (456,874)
Citation 4

Abstract:

65.

How Does it Matter?

NBER Working Paper No. w3929
Number of pages: 29 Posted: 15 Jan 2007 Last Revised: 29 Sep 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 15 (462,088)

Abstract:

66.

Federal Reserve Policy, Interest Rate Volatility, and the U.S. Capital Raising Mechanism

NBER Working Paper No. w0917
Number of pages: 48 Posted: 23 Apr 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 15 (451,604)
Citation 3

Abstract:

67.

The Moral Consequences Of Economic Growth

Economic Affairs, Vol. 26, No. 2, pp. 83-83, June 2006
Number of pages: 1 Posted: 30 May 2006
Daniel M. Rothschild and Benjamin M. Friedman
affiliation not provided to SSRN and Harvard University - Department of Economics
Downloads 14 (482,954)
Citation 25
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68.

Monetary Policy Without Quantity Variables

NBER Working Paper No. w2552
Number of pages: 18 Posted: 18 Jun 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 14 (467,275)
Citation 9

Abstract:

69.

Interest Rate Implications for Fiscal and Monetary Policies: A Postscript on the Government Budget Constraint

NBER Working Paper No. w0886
Number of pages: 13 Posted: 10 Oct 2007
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 13 (472,461)

Abstract:

70.

How Important is Disaggregation in Structural Models of Interest Rate Determination?

NBER Working Paper No. w0294
Number of pages: 6 Posted: 26 May 2004
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 12 (477,707)
Citation 1

Abstract:

71.

The Effect of Shifting Wealth Ownership on the Term Structure of Interest Rates

NBER Working Paper No. w0239
Number of pages: 24 Posted: 15 Feb 2001 Last Revised: 29 Aug 2010
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 11 (477,707)
Citation 4

Abstract:

72.

Money, Income and Prices after the 1980s

NBER Working Paper No. w2852
Number of pages: 37 Posted: 19 Apr 2011
Benjamin M. Friedman and Kenneth Kuttner
Harvard University - Department of Economics and affiliation not provided to SSRN
Downloads 10 (477,707)
Citation 7

Abstract:

73.

Views on the Likelihood of Financial Crisis

NBER Working Paper No. w3407
Number of pages: 53 Posted: 05 Oct 2009
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 10 (488,093)
Citation 3

Abstract:

74.

Identifying Identical Distributed Lag Structures by the Use of Prior Sumconstraints

NBER Working Paper No. w0179
Number of pages: 28 Posted: 26 May 2004
Benjamin M. Friedman and V. Vance Roley
Harvard University - Department of Economics and University of Hawaii - Shidler College of Business
Downloads 10 (493,334)
Citation 2

Abstract:

75.

The Simple Analytics of Monetary Policy: A Post-Crisis Approach

NBER Working Paper No. w18960
Number of pages: 33 Posted: 13 Apr 2013
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 9 (498,460)

Abstract:

76.

Money, Credit, and Federal Reserve Policy: Reply to Porter and Offenbacher

FRB Richmond Economic Review, Vol. 69, No. 6, November/December 1983, pp. 30-34
Number of pages: 5 Posted: 24 Aug 2012
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 2 (522,690)

Abstract:

77.

Work and Consumption in an Era of Unbalanced Technological Advance

NBER Working Paper No. w21713
Number of pages: 33 Posted: 16 Nov 2015
Benjamin M. Friedman
Harvard University - Department of Economics
Downloads 0 (503,454)
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Abstract: