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作者：Kurmann, Andre; Mertens, Elmar
作者单位：Drexel University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Beaudry and Portier (2006) propose an identification scheme to study the effects of news shocks about future productivity in vector error correction models (VECMs). This comment shows that, when applied to their VECMs with more than two variables, the identification scheme does not have a unique solution. The problem arises from a particular interplay of cointegration assumptions and long-run restrictions.
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作者：Bramoulle, Yann; Kranton, Rachel; D'Amours, Martin
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Laval University; Duke University
摘要：Geography and social links shape economic interactions. In industries, schools, and markets, the entire network determines outcomes. This paper analyzes a large class of games and obtains a striking result. Equilibria depend on a single network measure: the lowest eigenvalue. This paper is the first to uncover the importance of the lowest eigenvalue to economic and social outcomes. It captures how much the network amplifies agents' actions. The paper combines new tools-potential games, optimiz...
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作者：Rosenthal, Stuart S.
作者单位：Syracuse University; Syracuse University
摘要：While filtering has long been considered the primary mechanism by which markets supply low-income housing, direct estimates of that process have been absent. This has contributed to doubts about the viability of markets and to misplaced policy. I fill this gap by estimating a repeat income model using 1985-2011 panel data. Real annual filtering rates are faster for rental housing (2.5 percent) than owner-occupied (0.5 percent), vary inversely with the income elasticity of demand and house pric...
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作者：Adams, Abi; Cherchye, Laurens; De Rock, Bram; Verriest, Ewout
作者单位：University of Oxford; KU Leuven; Universite Libre de Bruxelles; New York University
摘要：We develop a revealed preference methodology that allows us to explore whether time inconsistencies in household choice are the product of individual preference nonstationarities or the result of individual heterogeneity and renegotiation within the household. An empirical application to household-level microdata highlights that an explicit recognition of the collective nature of household choice enables the observed behavior to be rationalized by a theory that assumes preference stationarity ...
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作者：Davis, Steven J.; Haltiwanger, John; Handley, Kyle; Jarmin, Ron; Lerner, Josh; Miranda, Javier
作者单位：University of Chicago; University System of Maryland; University of Maryland College Park; University of Michigan System; University of Michigan; Harvard University
摘要：Private equity critics claim that leveraged buyouts bring huge job losses and few gains in operating performance. To evaluate these claims, we construct and analyze a new dataset that covers US buyouts from 1980 to 2005. We track 3,200 target firms and their 150,000 establishments before and after acquisition, comparing to controls defined by industry, size, age, and prior growth. Buyouts lead to modest net job losses but large increases in gross job creation and destruction. Buyouts also brin...
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作者：Damm, Anna Piil; Dustmann, Christian
作者单位：Aarhus University; University of London; University College London
摘要：This paper investigates the effect of early exposure to neighborhood crime on subsequent criminal behavior of youth exploiting a unique natural experiment between 1986 and 1998 when refugee immigrants to Denmark were assigned to neighborhoods quasi-randomly. We find strong evidence that the share of young people convicted for crimes, in particular violent crimes, in the neighborhood increases convictions of male assignees later in life. No such effects are found for other measures of neighborh...
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作者：Attanasio, Orazio; Pistaferri, Luigi
作者单位：University of London; University College London; National Bureau of Economic Research; Stanford University
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作者：Ausubel, Lawrence M.; Baranov, Oleg V.
作者单位：University System of Maryland; University of Maryland College Park; University of Colorado System; University of Colorado Boulder
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作者：Banerjee, Abhijit V.; Duflo, Esther
作者单位：Massachusetts Institute of Technology (MIT)
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作者：Davis, Lucas W.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
