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作者：Erickson, Tim; Pakes, Ariel
作者单位：United States Department of Labor; Harvard University
摘要：The CPI component indices are obtained from comparing price quotes at a given store in different periods. If we omit comparisons from goods in the store in the initial, but not in the comparison, period we generate a selection bias: goods that exit are disproportionately obsolete goods that have falling prices. Building on Pakes (2003), we explain why standard hedonic predictions for second-period prices of exiting goods do not account for this bias. New hedonic methods are derived, shown to h...
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作者：Hotz, V. Joseph; Xiao, Mo
作者单位：Duke University; University of Arizona
摘要：We examine the impact of state child care regulations on the supply and quality of care in child care markets. We exploit panel data on both individual establishments and local markets to control for state, time, and, where possible, establishment-specific fixed effects to mitigate the potential bias due to policy endogeneity. We find that the imposition of regulations reduces the number of center-based child care establishments, especially in lower income markets. However, such regulations in...
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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：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：Gorbenko, Alexander S.; Malenko, Andrey
作者单位：University of London; London Business School; Massachusetts Institute of Technology (MIT)
摘要：We study simultaneous security-bid second-price auctions with competition among sellers for potential bidders. The sellers compete by designing ordered sets of securities that the bidders can offer as payment for the assets. Upon observing auction designs, potential bidders decide which auctions to enter. We characterize all symmetric equilibria and show that there always exist equilibria in which auctions are in standard securities or their combinations. In large markets the unique equilibriu...
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作者：Furman, Jeffrey L.; Stern, Scott
作者单位：Boston University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT)
摘要：While cumulative knowledge production is central to growth, little empirical research investigates how institutions shape whether existing knowledge can be exploited to create new knowledge. This paper assesses the impact of a specific institution, a biological resource center, whose objective is to certify and disseminate knowledge. We disentangle the marginal impact of this institution on cumulative research from the impact of selection, in which the most important discoveries are endogenous...
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作者：Ashraf, Quamrul; Galor, Oded
作者单位：Williams College; Brown University
摘要：This paper examines the central hypothesis of the influential Malthusian theory, according to which improvements in the technological environment during the preindustrial era had generated only temporary gains in income per capita, eventually leading to a larger, but not significantly richer, population. Exploiting exogenous sources of cross-country variations in land productivity and the level of technological advancement, the analysis demonstrates that, in accordance with the theory, technol...
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作者：Draca, Mirko; Machin, Stephen; Witt, Robert
作者单位：University of London; London School Economics & Political Science; University of London; University College London; University of Surrey
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作者：Gorbachev, Olga
作者单位：University of Delaware
