-
作者：Hunt, Jennifer; Gauthier-Loiselle, Marjolaine
作者单位：McGill University; Princeton University
摘要：We measure the extent to which skilled immigrants increase innovation in the United States. The 2003 National Survey of College Graduates shows that immigrants patent at double the native rate, due to their disproportionately holding science and engineering degrees. Using a 1940-2000 state panel, we show that a 1 percentage point increase in immigrant college graduates' population share increases patents per capita by 9-18 percent. Our instrument for the change in the skilled immigrant share i...
-
作者：Rodriguez-Clare, Andres
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; National Bureau of Economic Research
摘要：This paper proposes a Ricardian model to understand the short-run and long-run aggregate effects of increased fragmentation and off shoring on rich and poor countries. The short-run analysis shows that, when offshoring is sufficiently high, further increases in offshoring benefit the poor country and hurt the rich country. But these effects may be reversed in the long run as countries adjust their research efforts in response to increased offshoring. In particular, in the long run, the rich co...
-
作者：Iacoviello, Matteo; Neri, Stefano
作者单位：Boston College; European Central Bank; Bank of Italy
摘要：We study sources and consequences of fluctuations in the US housing market. Slow technological progress in the housing sector explains the upward trend in real housing prices of the last 40 years. Over the business cycle, housing demand and housing technology shocks explain one-quarter each of the volatility of housing investment and housing prices. Monetary factors explain less than 20 percent, but have played a bigger role in the housing cycle at the turn of the century. We show that the hou...
-
作者：Obstfeld, Maurice; Shambaugh, Jay C.; Taylor, Alan M.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Dartmouth College; University of California System; University of California Davis
摘要：The rapid growth of international reserves, a development concentrated in the emerging markets, remains a puzzle. In this paper, we suggest that a model based on financial stability and financial openness goes far toward explaining reserve holdings in the modern era of globalized capital markets. The size of domestic financial liabilities that could potentially be converted into foreign currency (M2), financial openness, the ability to access foreign currency through debt markets, and exchange...
-
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. ...
-
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...
-
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...
-
作者：Blanchard, Olivier; Gali, Jordi
作者单位：Massachusetts Institute of Technology (MIT); Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Centre for Economic Policy Research - UK; Barcelona School of Economics
摘要：We construct a utility-based model of fluctuations with nominal rigidities and unemployment. We first show that under a standard utility specification, productivity shocks have no effect on unemployment in the constrained efficient allocation. That property is also shown to hold, despite labor market frictions, in the decentralized equilibrium under flexible prices and wages. Inefficient unemployment fluctuations arise when we introduce real-wage rigidities. As a result, in the presence of sta...
