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作者：Lochner, L; Moretti, E
作者单位：Western University (University of Western Ontario); University of California System; University of California Los Angeles
摘要：We estimate the effect of education on participation in criminal activity using changes in state compulsory schooling laws over time to account for the endogeneity of schooling decisions. Using Census and FBI data, we find that schooling significantly reduces the probability of incarceration and arrest. NLSY data indicate that our results are caused by changes in criminal behavior and not differences in the probability of arrest or incarceration conditional on crime. We estimate that the socia...
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作者：Persson, T; Tabellini, G
作者单位：Stockholm University; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; National Bureau of Economic Research; Bocconi University
摘要：We investigate the effect of electoral rules and forms of government on fiscal policy outcomes in a large sample of democracies. We rely on different estimation methods to address prospective problems of statistical inference, due to nonrandom selection of these constitutional rules. The findings are consistent with our theoretical priors: presidential regimes induce smaller governments than parliamentary democracies, while majoritarian elections lead to smaller governments and smaller welfare...
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作者：McCullough, BD; Vinod, HD
作者单位：Drexel University; Drexel University; Fordham University
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作者：Helpman, E; Melitz, MJ; Yeaple, SR
作者单位：Harvard University; Tel Aviv University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; University of Pennsylvania
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作者：Lubik, TA; Schorfheide, F
作者单位：Johns Hopkins University; University of Pennsylvania
摘要：This paper considers a prototypical New Keynesian model, in which the equilibrium is undetermined if monetary policy is passive. The likelihood-based estimation of dynamic equilibrium models is extended to allow for indeterminacies and sunspot fluctuations. We construct posterior weights for the determinacy and indeterminacy region of the parameter space and estimates for the propagation of fundamental and sunspot shocks. According to the estimated model, U.S. monetary policy post-1982 is cons...
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作者：Jovanovic, B; Braguinsky, S
作者单位：New York University; State University of New York (SUNY) System; University at Buffalo, SUNY
摘要：On news of a takeover, the sum of the stock market values of the firms involved often falls, and the value of the acquirer almost always does. Does this mean that takeovers do not raise the values of the firms involved? Not necessarily. We set up a model in which the equilibrium number of takeovers is constrained efficient. Yet upon news of a takeover, a target's price rises, the bidder's price falls, and most of the time the joint value of the target and acquirer also falls.
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作者：Blonigen, BA; Park, JH
作者单位：University of Oregon; Wayne State University
摘要：Antidumping (AD) trade protection policies allow government agencies to recalculate AD duties based on foreign firms' most recent pricing behavior. We examine the resulting dynamic pricing problem of a foreign firm facing such policy. We show that the expected pattern of AD duty recalculations over time crucially depends on the foreign firm's ex ante expectations of possible outcomes of AD policy enforcement. Our empirical analysis then confirms the role of ex ante expectations in explaining o...
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作者：Schmidt, MB; Berri, DJ
作者单位：Portland State University; California State University System; California State University Bakersfield
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作者：Diamond, P
作者单位：Massachusetts Institute of Technology (MIT)
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作者：Jacob, BA
作者单位：Harvard University
摘要：This paper utilizes a plausibly exogenous source of variation in housing assistance generated by public housing demolitions in Chicago to examine the impact of high-rise public housing on student outcomes. I find that children in households affected by the demolitions do no better or worse than their peers on a wide variety of achievement measures. Because the majority of households that leave high-rise public housing in response to the demolitions move to neighborhoods and schools that closel...
