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作者：BEASON, R
摘要：Using monthly physical quantity data on production, sales, and inventories for 29 selected Japanese industries, it is found that the usual variance decompositions are generally consistent with the production smoothing model at both seasonal and nonseasonal frequencies. However, the estimated seasonal coefficients in production and sales are highly correlated, which should not be the case if firms smooth production in the face of anticipated seasonal movements in sales. A further test of the mo...
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作者：EASTERLY, W; REBELO, S
作者单位：University of Rochester; The World Bank
摘要：This paper describes the empirical regularities relating fiscal policy variables, the level of development, and the rate of growth. We employ historical data, recent cross-section data, and newly constructed public investment series. Our main findings are: (i) there is a strong association between the development level and the fiscal structure: poor countries rely heavily on international trade taxes, while income taxes are only important in developed economies; (ii) fiscal policy is influence...
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作者：OCONNELL, SA; ZELDES, SP
作者单位：University of Pennsylvania; National Bureau of Economic Research; Swarthmore College
摘要：In the standard analysis of overlapping generations economies with gifts from children to parents, each generation takes the actions of other generations as given. The resulting equilibrium is dynamically inefficient. In reality, however, parents realize that children will respond to higher parental saving by reducing gifts. For a broad class of gift economies, this implicit tax on saving pushes the equilibrium to dynamic efficiency. This result reestablishes the potential relevance of the gif...
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作者：BARRO, RJ; LEE, JW
作者单位：Korea University
摘要：Many theories of economic growth stress the role of human capital in the form of education, but empirical studies have been hampered by inadequate data. We describe a data set on educational attainment for 129 countries over five-year periods from 1960 to 1985. Census/survey figures fill over 40% of the cells, and the remainder are estimated from school-enrollment data by a perpetual-inventory method. The data refer to male and female attainment of the adult population at four levels: no schoo...
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作者：HORNSTEIN, A
摘要：The neoclassical growth model is extended to incorporate monopolistic competition and increasing returns to scale. Implications for the measurement of productivity change through the Solow residual are studied. It is found that for this extension productivity fluctuations continue to account for a substantial fraction of output volatility. The model cannot account for volatility of employment.
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作者：RISSMAN, ER
摘要：Nominal wages grew faster over the seventies than predicted from standard Phillips curve analyses. This paper argues that sectoral disturbances cause higher unemployment but do not lead to higher nominal wage growth. Upward wage pressures in some industries are tempered by downward adjustments in others. Only that portion of unemployment that is net of the effects of compositional shifts in the structure of labor demand influence nominal wage growth. Once unemployment has been purged of the ef...
