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作者：Cole, Shawn; Stein, Daniel; Tobacman, Jeremy
作者单位：Harvard University; National Bureau of Economic Research; The World Bank; University of Pennsylvania
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作者：Watson, Mark W.
作者单位：Princeton University
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作者：Bachmann, Ruediger; Bayer, Christian
作者单位：RWTH Aachen University; Center for Economic & Policy Research (CEPR); Leibniz Association; Ifo Institut; University of Bonn
摘要：The cross-sectional dispersion of firm-level investment rates is procyclical. This makes investment rates different from productivity, output, and employment growth, which have countercyclical dispersions. A calibrated heterogeneous-firm business cycle model with nonconvex capital adjustment costs and countercyclical dispersion of firm-level productivity shocks replicates these facts and produces a correlation between investment dispersion and aggregate output of 0.53, close to 0.45 in the dat...
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作者：Rahman, David
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：In this paper, I offer two ways in which firms can collude: secret monitoring and infrequent coordination. Such collusion is enforceable with intuitive communication protocols. I make my case in the context of a repeated Cournot oligopoly with flexible production, prices that follow a Brownian motion and no monetary side payments, an environment where it has previously been argued that any collusion is impossible. Trade associations can easily facilitate collusion by mediating communication am...
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作者：Kartashova, Katya
作者单位：Bank of Canada
摘要：This paper revisits the results of Moskowitz and Vissing-Jorgensen (2002) on returns to entrepreneurial investments in the United States. Following the authors' methodology and new data from the Survey of Consumer Finances, I find that the private equity premium puzzle does not survive the period of high public equity returns in the 1990s. The difference between private and public equity returns is positive and large period-by-period between 1999 and 2007. Whereas in the 2008-2010 period, over...
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作者：Moser, Petra; Voena, Alessandra; Waldinger, Fabian
作者单位：Stanford University; National Bureau of Economic Research; University of Chicago; University of Warwick
摘要：Historical accounts suggest that Jewish emigres from Nazi Germany revolutionized US science. To analyze the emigres' effects on chemical innovation in the United States, we compare changes in patenting by US inventors in research fields of emigres with fields of other German chemists. Patenting by US inventors increased by 31 percent in emigre fields. Regressions which instrument for emigre fields with pre-1933 fields of dismissed German chemists confirm a substantial increase in US invention....
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作者：Hummels, David; Jorgensen, Rasmus; Munch, Jakob; Xiang, Chong
作者单位：Purdue University System; Purdue University; National Bureau of Economic Research; University of Copenhagen
摘要：We employ data that match the population of Danish workers to the universe of private-sector Danish firms, with product-level trade flows by origin-and destination-countries. We document new stylized facts about offshoring and instrument for offshoring and exporting. Within job spells, offshoring increases (decreases) the high-skilled (low-skilled) wage; exporting increases the wages of all skill-types; the net wage-effect of trade varies substantially within the same skill-type; conditional o...
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作者：Cropper, Maureen L.; Freeman, Mark C.; Groom, Ben; Pizer, William A.
作者单位：University System of Maryland; University of Maryland College Park; Loughborough University; University of London; London School Economics & Political Science; Duke University
摘要：In this paper we ask whether the US government should replace its current discounting practices with a declining discount rate schedule, as the United Kingdom and France have done, or continue to discount the future at a constant exponential rate. To address the question, we briefly present the theoretical basis for a declining discount rate (DDR) schedule, and focus on how, in practice, a DDR could be estimated for use by policy analysts. We discuss the empirical approaches in the literature ...
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作者：Head, Keith; Mayer, Thierry; Thoenig, Mathias
作者单位：University of British Columbia; Center for Economic & Policy Research (CEPR); Institut d'Etudes Politiques Paris (Sciences Po); University of Lausanne; Center for Economic & Policy Research (CEPR)
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作者：Poterba, James M.
作者单位：Massachusetts Institute of Technology (MIT)
