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作者：Goldfarb, Avi; Xiao, Mo
作者单位：University of Toronto; University of Arizona
摘要：We examine US local telephone markets shortly after the Telecommunications Act of 1996. The data suggest that more experienced, better-educated managers tend to enter markets with fewer competitors. This motivates a structural econometric model based on behavioral game theory that allows heterogeneity in managers' ability to conjecture competitor behavior. We find that manager characteristics are key determinants in managerial ability. This estimate of ability predicts out-of-sample success. A...
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作者：Buera, Francisco J.; Kaboski, Joseph P.; Shin, Yongseok
作者单位：University of California System; University of California Los Angeles; University of Notre Dame; Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：We develop a quantitative framework to explain the relationship between aggregate/ sector-level total factor productivity (TFP) and financial development across countries. Financial frictions distort the allocation of capital and entrepreneurial talent across production units, adversely affecting measured productivity. In our model, sectors with larger scales of operation (e. g., manufacturing) have more financing needs, and are hence disproportionately vulnerable to financial frictions. Our q...
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作者：Reinhart, Carmen M.; Rogoff, Kenneth S.
作者单位：National Bureau of Economic Research; Harvard University
摘要：Newly developed historical time series on public debt, along with data on external debts, allow a deeper analysis of the debt cycles underlying serial debt and banking crises. We test three related hypotheses at both world aggregate levels and on an individual country basis. First, external debt surges are an antecedent to banking crises. Second, banking crises (domestic and those in financial centers) often precede or accompany sovereign debt crises; we find they help predict them. Third, pub...
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作者：James, Jonathan G.; Lawler, Phillip
作者单位：Swansea University
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作者：Bishop, Kelly C.; Murphy, Alvin D.
作者单位：Washington University (WUSTL)
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作者：Guimaraes, Bernardo; Sheedy, Kevin D.
作者单位：University of London; London School Economics & Political Science
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作者：Song, Zheng; Storesletten, Kjetil; Zilibotti, Fabrizio
作者单位：Fudan University; Chinese University of Hong Kong; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Zurich
摘要：We construct a growth model consistent with China's economic transition: high output growth, sustained returns on capital, reallocation within the manufacturing sector, and a large trade surplus. Entrepreneurial firms use more productive technologies, but due to financial imperfections they must finance investments through internal savings. State-owned firms have low productivity but survive because of better access to credit markets. High-productivity firms outgrow low-productivity firms if e...
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作者：Engel, Charles
作者单位：University of Wisconsin System; University of Wisconsin Madison
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作者：Kuhn, Peter; Kooreman, Peter; Soetevent, Adriaan; Kapteyn, Arie
作者单位：University of California System; University of California Santa Barbara; Tilburg University; University of Amsterdam; RAND Corporation
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作者：Matsa, David A.; Miller, Amalia R.
作者单位：Northwestern University; University of Virginia; RAND Corporation
