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作者：Rajan, RG; Zingales, L
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Transactions take place in the firm rather than in the market because the firm offers power to agents who make specific investments. Past literature emphasizes the allocation of ownership as the primary mechanism by which the firm does this. Within the contractibility assumptions of this literature, we identify a potentially superior mechanism, the regulation of access to critical resources. Access can be better than ownership because (i) the power agents get from access is more contingent on ...
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作者：Jones, CI; Williams, JC
作者单位：Stanford University; Federal Reserve System - USA
摘要：Is there too much or too little research and development (R&D)? In this paper we bridge the gap between the recent growth literature and the empirical productivity literature. We derive in a growth model the relationship between the social rate of return to R&D and the coefficient estimates of the empirical literature and show that these estimates represent a lower bound. Furthermore, our analytic framework provides a direct mapping from the rate of return to the degree of underinvestment in r...
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作者：Dixit, A; Londregan, J
作者单位：Princeton University; University of California System; University of California Los Angeles
摘要：We model the electoral politics of redistribution when voters and parties care about inequality in addition to their private concerns for consumption and votes, respectively. Ideological concerns about income redistribution lead each party to adopt a general proportional income tax, adjusted to appeal to the ideological leanings of high clout groups, with disproportionately many swing voters, which the parties also ply with pork-barrel projects. Our results relate to Director's Law, which says...
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作者：Jin, HH; Qian, YY
作者单位：Stanford University
摘要：Why are many of China's successful rural enterprises publically owned by local communities? Using a set of provincial data, we find that the share of community public firms (Township-Village Enterprises, or TVEs) relative to private enterprises is higher where the central government's influence is greater, the community government's power is stronger, and the level of market development is lower. We also find that TVEs help achieve the community government's goals of increasing government reve...
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作者：Shin, HH; Stulz, RM
作者单位：California State University System; California Polytechnic State University San Luis Obispo; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：Using segment information from Compustat, we find that the investment by a segment of a diversified firm depends on the cash flow of the firm's other segments, but significantly less than it depends on its own cash flow. The investment by segments of highly diversified firms is less sensitive to their cash flow than the investment of comparable single-segment firms. The sensitivity of a segment's investment to the cash flow of other segments does not depend on whether its investment opportunit...
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作者：Acemoglu, D
作者单位：Massachusetts Institute of Technology (MIT)
摘要：A high proportion of skilled workers in the labor force implies a large market size for skill-complementary technologies, and encourages faster upgrading of the productivity of skilled workers. As a result, an increase in the supply of skills reduces the skill premium in the short run, but then it induces skill-biased technical change and increases the skill premium, possibly even above its initial value. This theory suggests that the rapid increase in the proportion of college graduates in th...
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作者：Cutler, DM; McClellan, M; Newhouse, JP; Remler, D
作者单位：Harvard University; National Bureau of Economic Research; Stanford University; Tulane University
摘要：We address long-standing problems in measuring medical inflation by estimating two types of price indices. The first, a Service Price Index, prices specific medical services, as does the current CPI. The second, a Cost of Living Index, measures a quality-adjusted cost of treating a health problem. We apply these indices to heart attack treatment between 1983 and 1994. More frequent reweighting and accounting for price discounts lowers the measured price change for heart attacks by three percen...
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作者：Bernanke, BS; Mihov, I
作者单位：Princeton University; National Bureau of Economic Research; INSEAD Business School
摘要：We develop a model-based, VAR methodology for measuring innovations in monetary policy and their macroeconomic effects. Using this framework, we are able to compare existing approaches to measuring monetary policy shocks and derive a new measure of policy innovations based directly on (possibly time-varying) estimates of the central bank's operating procedures. We also propose a new measure of the overall stance of policy (including the endogenous or systematic component) that is consistent wi...
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作者：Blundell, R; Preston, I
作者单位：University of London; University College London; University of London; London School Economics & Political Science
摘要：This paper places the debate over using consumption or income in studies of inequality growth in a formal intertemporal setting. It highlights the importance of permanent and transitory income uncertainty in the evaluation of growth in consumption inequality. We derive conditions under which the growth of variances and covariances of income and consumption can be used to separately identify the growth in the variance of permanent and transitory income shocks. Household data from Britain for th...
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作者：Weitzman, ML
作者单位：Harvard University
摘要：This paper attempts to provide microfoundations for the knowledge production function in an idea-based growth model. Production of new ideas is made a function of newly reconfigured old ideas in the spirit of the way an agricultural research station develops improved plant varieties by cross-pollinating existing plant varieties. The model shows how knowledge can build upon itself in a combinatoric feedback process that may have significant implications for economic growth. The paper's main the...
