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作者：Altonji, JG; Elder, TE; Taber, CR
作者单位：Yale University; National Bureau of Economic Research; University of Illinois System; University of Illinois Urbana-Champaign; Northwestern University
摘要：In this paper we measure the effect of Catholic high school attendance on educational attainment and test scores. Because we do not have a good instrumental variable for Catholic school attendance, we develop new estimation methods based on the idea that the amount of selection on the observed explanatory variables in a model provides a guide to the amount of selection on the unobservables. We also propose an informal way to assess selectivity bias based on measuring the ratio of selection on ...
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作者：Parker, JA; Julliard, C
作者单位：Princeton University; National Bureau of Economic Research
摘要：This paper evaluates the central insight of the consumption capital asset pricing model that an asset's expected return is determined by its equilibrium risk to consumption. Rather than measure risk by the contemporaneous covariance of an asset's return and consumption growth, we measure risk by the covariance of an asset's return and consumption growth cumulated over many quarters following the return. While contemporaneous consumption risk explains little of the variation in average returns ...
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作者：Christiano, LJ; Eichenbaum, M; Evans, CL
作者单位：National Bureau of Economic Research; Northwestern University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We present a model embodying moderate amounts of nominal rigidities that accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts that have an average duration of three quarters and variable capital utilization.
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作者：Farber, HS
作者单位：Princeton University
摘要：The labor supply of taxi drivers is consistent with the existence of intertemporal substitution. My analysis of the stopping behavior of New York City cabdrivers shows that daily income effects are small and that the decision to stop work at a particular point on a given day is primarily related to cumulative daily hours to that point. This is in contrast to the analysis of Camerer et al., who find that the daily wage elasticity of labor supply of New York City cabdrivers is substantially nega...
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作者：Galiani, S; Gertler, P; Schargrodsky, E
作者单位：Universidad Mayor de San Andres; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：While most countries are committed to increasing access to safe water and thereby reducing child mortality, there is little consensus on how to actually improve water services. One important proposal under discussion is whether to privatize water provision. In the 1990s Argentina embarked on one of the largest privatization campaigns in the world, including the privatization of local water companies covering approximately 30 percent of the country's municipalities. Using the variation in owner...
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作者：Wennerlind, C
作者单位：Columbia University
摘要：David Hume's monetary theory has been controversial since its formulation. Lately, the focus has been on Hume's alleged misapplication of the quantity theory of money. While he appears to subscribe to a simple quantity theory with money neutrality, in a famously contested passage in the essay Of Money, he violates the neutrality condition by claiming that an increase in the money stock has favorable output effects. While most commentators argue about the persistence of the output effect, this ...
