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作者：Djankov, Simeon; Ganser, Tim; McLiesh, Caralee; Ramalho, Rita; Shleifer, Andrei
作者单位：The World Bank; Harvard University; National Bureau of Economic Research
摘要：We present new data on effective corporate income tax rates in 85 countries in 2004. The data come from a survey, conducted jointly with PricewaterhouseCoopers, of all taxes imposed on the same standardized mid-size domestic firm. In a cross-section of countries, our estimates of the effective corporate tax rate have a large adverse impact on aggregate investment, FDI, and entrepreneurial activity. Corporate tax rates are correlated with investment in manufacturing but not services, as well as...
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作者：Gorodnichenko, Yuriy; Svejnar, Jan; Terrell, Katherine
作者单位：University of California System; University of California Berkeley; University of Michigan System; University of Michigan; University of Michigan System; University of Michigan
摘要：Globalization brings opportunities and pressures for domestic firms in emerging markets to innovate and improve their competitive position. Using data from 27 emerging market economies, we estimate the effects of foreign competition and linkages with foreign firms on innovation by domestic firms. We provide robust evidence of a positive relationship between foreign competition and innovation, broadly defined. The supply chain of multinational enterprises and trade are also important channels. ...
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作者：Reis, Ricardo; Watson, Mark W.
作者单位：Columbia University; Princeton University; Princeton University
摘要：This paper uses a dynamic factor model for the quarterly changes in consumption goods' prices in the United States since 1959 to separate them into three independent components: idiosyncratic relative-price changes, a low-dimensional index of aggregate relative-price changes, and an index of equiproportional changes in all inflation rates that we label pure inflation. We use the estimates to answer two questions. First, what share of the variability of inflation is associated with each compone...
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作者：Davis, Steven J.; Faberman, R. Jason; Haltiwanger, John; Jarmin, Ron; Miranda, Javier
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University System of Maryland; University of Maryland College Park
摘要：Unemployment inflows fell from 4 percent of employment per month in the early 1980s to 2 percent by the mid 1990s. Using low frequency movements in. industry-level data, we estimate that a 1 percentage point drop in the quarterly job destruction rate lowers the monthly unemployment inflow rate by 0.28 points. By our estimates, declines in job destruction intensity account for 28 (55) percent of the fall in unemployment inflows from 1982 (1990) to 2005. Slower job destruction accounts for simil...
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作者：Livshits, Igor; MacGee, James; Tertilt, Michele
作者单位：Western University (University of Western Ontario); Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Stanford University
摘要：Personal bankruptcies in the United States have increased dramatically, rising from 1.4 per thousand working age adults in 1970 to 8.5 in 2002. We use a heterogeneous agent life-cycle model with competitive lenders to evaluate several commonly offered explanations. We find that increased uncertainty (income shocks, expense uncertainty) cannot account quantitatively for the rise in bankruptcies. Instead, the rise in filings appears mainly to reflect changes in the credit market environment: a d...
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作者：Banerjee, Abhijit V.; Moll, Benjamin
作者单位：Massachusetts Institute of Technology (MIT); University of Chicago
摘要：Recent papers argue that the misallocation of resources can explain large cross-country TFP differences. This argument is underpinned by empirical evidence documenting substantial dispersion in the marginal products of resources, particularly capital, in developing countries. But why does misallocation persists? That is, why don't distortions disappear on their own? This is particularly true for capital misallocation, a point we illustrate in a simple model of capital accumulation with credit ...
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作者：Hsieh, Chang-Tai; Klenow, Peter J.
作者单位：University of Chicago; Stanford University; National Bureau of Economic Research
摘要：Researchers have made much progress in the past 25 years in accounting for the proximate determinants of income levels: physical capital, human capital, and Total Factor Productivity (TFP). But we still know little about why these factors vary. We argue that TFP exerts a powerful influence on output not only directly, but also indirectly, through its effect on physical and human capital accumulation. We discuss why TFP varies across countries, highlighting misallocation of inputs across firms ...
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作者：Guerrieri, Luca; Gust, Christopher; Lopez-Salido, J. David
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We develop and estimate an open economy New Keynesian Phillips Curve (NKPC) in which variable demand elasticities give rise to movements in desired markups in response to changes in competitive pressure from abroad. A parametric restriction yields the standard NKPC under constant elasticity and no role for foreign competition to influence domestic inflation. Foreign competition plays an important role in accounting for the behavior of traded goods price inflation. Foreign competition accounted...
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作者：Philippon, Thomas
作者单位：New York University; National Bureau of Economic Research
摘要：I study the allocation of human capital in an economy with production externalities, financial constraints, and career choices. Agents choose to become entrepreneurs, workers, or financiers. Entrepreneurship has positive externalities but requires the services of financiers. In the second best solution, the financial sector should be taxed in exactly the same way as the nonfinancial sector When direct subsidies to investment and scientific education are not feasible, subsidizing the financial ...
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作者：Cogley, Timothy; Primiceri, Giorgio E.; Sargent, Thomas J.
作者单位：New York University; Northwestern University; National Bureau of Economic Research; Stanford University
摘要：We estimate vector autoregressions with drifting coefficients and stochastic volatility to investigate whether US inflation persistence has changed. We focus on the inflation gap, defined as the difference between inflation and trend inflation, and we measure persistence in terms of short- to medium-term predictability. We present evidence that inflation-gap persistence increased during the Great Inflation and that it fell after the Volcker disinflation. We interpret these changes using a dyna...
