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作者：Hayashi, Fumio; Prescott, Edward C.
作者单位：University of Tokyo; National Bureau of Economic Research; University of Arizona; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Why didn't the Japanese miracle take place before World War II? The culprit we identify is a barrier that kept prewar agricultural employment constant. Using a standard neoclassical two-sector growth model, we show that the barrier-induced sectoral distortion and an ensuring lack of capital accumulation account well for the depressed output level. Without the barrier, Japan's prewar GNP per worker would have been at least about a half of that of the United States, not about a third as in the d...
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作者：Hansen, Lars Peter; Heaton, John C.; Li, Nan
作者单位：University of Chicago; National University of Singapore
摘要：We characterize and measure a long-term risk-return trade-off for the valuation of cash flows exposed to fluctuations in macroeconomic growth. This trade-off features risk prices of cash flows that are realized far into the future but continue to be reflected in asset values. We apply this analysis to claims on aggregate cash flows and to cash flows from value and growth portfolios by imputing values to the long-run dynamic responses of cash flows to macroeconomic shocks. We explore the sensit...
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作者：Gertler, Mark; Leahy, John
作者单位：New York University; National Bureau of Economic Research
摘要：We develop an analytically tractable Phillips curve based on state-dependent pricing. We consider a local approximation around a zero inflation steady state and introduce infrequent idiosyncratic shocks. The resulting Phillips curve is a simple variant of the conventional time-dependent Calvo formulation with important differences. First, the model is able to match the micro evidence on the magnitude and timing of price adjustments. Second, our state-dependent model exhibits greater flexibilit...
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作者：Acemoglu, Daron; Finkelstein, Amy
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper examines the implications of regulatory change for input mix and technology choices of regulated industries. We study the increase in the relative price of labor faced by U. S. hospitals that resulted from the move from full cost to partial cost reimbursement under the Medicare Prospective Payment System ( PPS) reform. Using the interaction of hospitals' pre-PPS Medicare share of patient days with the introduction of PPS, we document substantial increases in capital-labor ratios and...
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作者：Fleck, Robert K.
作者单位：Montana State University System; Montana State University Bozeman
摘要：What conditions cause major policy changes under representative government? This article addresses that question by providing a theoretically grounded analysis of a massive policy change: the New Deal. It explains how the economic problems of the early 1930s initiated changes on several dimensions of policy: federal spending, labor market regulation, and civil rights. The article concludes by considering the broader lessons learned from the political economy of the New Deal.
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作者：Guerrieri, Veronica
作者单位：University of Chicago
摘要：I explore the efficiency properties of a competitive search model with match-specific private information and limited commitment on the workers' side. In a static setting the competitive search equilibrium is constrained efficient, whereas in a dynamic setting it is constrained inefficient whenever the initial unemployment rate is different from its steady-state level. Inefficiency arises because the workers' outside option becomes endogenous and affects the severity of the distortion due to t...
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作者：Chetty, Raj
作者单位：University of California System; University of California Berkeley
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作者：Field, Erica; Ambrus, Attila
作者单位：Harvard University
摘要：Using data from rural Bangladesh, we explore the hypothesis that women attain less schooling as a result of social and financial pressure to marry young. We isolate the causal effect of marriage timing using age of menarche as an instrumental variable. Our results indicate that each additional year that marriage is delayed is associated with 0.22 additional year of schooling and 5.6 percent higher literacy. Delayed marriage is also associated with an increase in use of preventive health servic...
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作者：Davis, Lucas W.
作者单位：University of Michigan System; University of Michigan
摘要：In 1989, the government of Mexico City introduced a program, Hoy No Circula, that bans most drivers from using their vehicles one weekday per week on the basis of the last digit of the vehicle's license plate. This article measures the effect of the driving restrictions on air quality using high-frequency measures from monitoring stations. Across pollutants and specifications there is no evidence that the restrictions have improved air quality. Evidence from additional sources indicates that t...
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作者：Djankov, Simeon; Hart, Oliver; McLiesh, Caralee; Shleifer, Andrei
作者单位：The World Bank; Harvard University
摘要：Insolvency practitioners from 88 countries describe how debt enforcement will proceed against an identical hotel about to default on its debt. We use the data on time, cost, and the likely disposition of the assets (preservation as a going concern vs. piecemeal sale) to construct a measure of the efficiency of debt enforcement in each country. This measure is strongly correlated with per capita income and legal origin and predicts debt market development. Several characteristics of debt enforc...
