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作者：Chay, KY; Greenstone, M
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：We exploit the structure of the Clean Air Act to provide new evidence on the capitalization of total suspended particulates (TSPs) air pollution into housing values. This legislation imposes strict regulations on polluters in nonattainment counties, which are defined by concentrations of TSPs that exceed a federally set ceiling. TSPs nonattainment status is associated with large reductions in TSPs pollution and increases in county-level housing prices. When nonattainment status is used as an i...
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作者：Chiquiar, D; Hanson, GH
作者单位：Bank of Mexico; University of California System; University of California San Diego; National Bureau of Economic Research
摘要：We use the 1990 and 2000 Mexican and U. S. population censuses to test Borjas's negative-selection hypothesis that the less skilled are those most likely to migrate from countries with high skill premia/earnings inequality to countries with low skill premia/earnings inequality. We find that Mexican immigrants in the United States are more educated than nonmigrants in Mexico; and were Mexican immigrants to be paid according to current skill prices in Mexico, they would be concentrated in the mi...
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作者：Teulings, CN
作者单位：University of Amsterdam
摘要：I apply Ricardo's principle of comparative advantage to a theory of factor substitutability in a model with a continuum of worker and job types. Highly skilled workers have a comparative advantage in complex jobs. The model satisfies the distance-dependent elasticity of substitution (DIDES) characteristic: substitutability between types declines with their skill distance. I analyze changes in relative wages due to human capital accumulation. The concept of a complexity dispersion parameter or ...
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作者：Piazzesi, M
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Bond yields respond to policy decisions by the Federal Reserve and vice versa. To learn about these responses, I model a high-frequency policy rule based on yield curve information and an arbitrage-free bond market. In continuous time, the Fed's target is a pure jump process. Jump intensities depend on the state of the economy and the meeting calendar of the Federal Open Market Committee. The model has closed-form solutions for yields as functions of a few state variables. Introducing monetary...
