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作者：Pakes, A
作者单位：Harvard University; National Bureau of Economic Research
摘要：This paper compares hedonic to matched model indexes. Matched model indexes are averages of the price changes of goods that remain on sampled stores' shelves. Since goods that disappear tend to have falling market values, matched model indexes select from the right tail of price changes. The BLS can construct hedonic indexes that correct for this selection and are justified by standard arguments. In an empirical study of PC's hedonics produce sharp price declines while matched model indexes ar...
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作者：Rotemberg, JJ
作者单位：Harvard University
摘要：This paper studies a model of random technical progress where technology diffuses at realistically slow rates. It fits smooth trends to the sum of GDP series generated by this model and series representing transitory, or cyclical, fluctuations. Detrended GDP is then largely unrelated to technical progress. The detrending method proposed by Rotemberg (1999) reconstructs cyclical variations somewhat more accurately than the HP filter. With sufficiently slow diffusion it is also more accurate tha...
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作者：Grubb, F
作者单位：University of Delaware
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作者：Calomiris, CW; Mason, JR
作者单位：Columbia University; National Bureau of Economic Research; Drexel University
摘要：We assemble bank-level and other data for Fed member banks to model determinants of bank failure. Fundamentals explain bank failure risk well. The first two Friedman-Schwartz crises are not associated with positive unexplained residual failure risk, or increased importance of bank illiquidity for forecasting failure. The third Friedman-Schwartz crisis is more ambiguous, but increased residual failure risk is small in the aggregate. The final crisis (early 1933) saw a large unexplained increase...
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作者：Jacob, BA; Lefgren, L
作者单位：Harvard University; Brigham Young University
摘要：This paper examines the short-term effect of school on juvenile crime. To do so, we bring together daily measures of criminal activity and detailed school calendar information from 29 jurisdictions across the country, and utilize the plausibly exogenous variation generated by teacher in-service days. We find that the level of property crime committed by juveniles decreases by 14 percent on days when school is in session, but the level of violent crime increases by 28 percent on such days. Our ...
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作者：Kahneman, D
作者单位：Princeton University
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作者：Marcet, A; Nicolini, JP
作者单位：Pompeu Fabra University; Universidad Torcuato Di Tella
摘要：We use a model of boundedly rational learning to account for the observations of recurrent hyperinflations, in the 1980's. In a standard monetary model we replace the assumption of full rational expectations by a formal definition of quasi-rational learning. The model under learning matches some crucial stylized facts observed during the recurrent hyperinflations experienced by several countries in the 1980's remarkably well. We argue that, despite being a small departure from rational expecta...
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作者：Brock, WA; Xepapadeas, A
作者单位：University of Wisconsin System; University of Wisconsin Madison; University of Crete
摘要：We develop a conceptual framework for valuing biodiversity from an economic perspective. We argue for a dynamic economic welfare measure of biodiversity that complements the literature on benefit-cost approaches and genetic distance/phylogenic tree approaches. Using a unified model of optimal economic management of an ecosystem under ecological and genetic constraints, we identify gains from management policies leading to a more diverse system, using the Bellman state valuation function of the...
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作者：Bradford, WD
作者单位：Medical University of South Carolina
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作者：Attanasio, OP; Rohwedder, S
作者单位：University of London; University College London; University of London; London School Economics & Political Science; RAND Corporation; University of London; University College London
摘要：Using three major U.K. pension reforms as natural experiments we investigate the relationship between pension saving and discretionary private savings. Unlike most differences-in-differences approaches which rely on average differences between control and treatment group, we use economic theory to model the response of each individual household. The empirical analysis, based on the Family Expenditure Survey, uses both time-series and cross-sectional variation to identify the behavioral respons...
