-
作者：Wright, Jonathan H.
作者单位：Johns Hopkins University
摘要：Bauer, Rudebusch, and Wu (2014) advocate the use of bias-corrected estimates in their comment on Wright (2011). Econometric estimation of a macro-finance VAR provides quite imprecise estimates of future short-term interest rates. Nonetheless, comparison with survey responses indicates that the proposed bias-corrected point estimates are less plausible than their maximum-likelihood counterparts.
-
作者：Young, Alwyn
作者单位：University of London; London School Economics & Political Science
摘要：If workers self-select into industries based upon their relative productivity in different tasks, and comparative advantage is aligned with absolute advantage, then the average efficacy of a sector's workforce will be negatively correlated with its employment share. This might explain the difference in the reported productivity growth of contracting goods and expanding services. Instrumenting with defense expenditures, I find the elasticity of worker efficacy with respect to employment shares ...
-
作者：Zhou, Jidong
作者单位：New York University
摘要：This paper presents a sequential search model where consumers look for several products from multiproduct firms. Multiproduct search can significantly influence firms' pricing decisions. For example, it can make market prices decrease with search costs. Possible applications of the model are also discussed.
-
作者：Nunn, Nathan; Qian, Nancy
作者单位：Harvard University; National Bureau of Economic Research; Yale University; Center for Economic & Policy Research (CEPR)
摘要：We study the effect of US food aid on conflict in recipient countries. Our analysis exploits time variation in food aid shipments due to changes in US wheat production and cross-sectional variation in a country's tendency to receive any US food aid. According to our estimates, an increase in US food aid increases the incidence and duration of civil conflicts, but has no robust effect on interstate conflicts or the onset of civil conflicts. We also provide suggestive evidence that the effects a...
-
作者：Boone, Peter; Johnson, Simon
作者单位：University of London; London School Economics & Political Science; Massachusetts Institute of Technology (MIT)
-
作者：Chari, Anusha; Henry, Peter Blair
作者单位：University of North Carolina; University of North Carolina Chapel Hill; National Bureau of Economic Research; New York University; Brookings Institution
-
作者：Choi, Eleanor Jawon; Moon, Hyungsik Roger; Ridder, Geert
作者单位：Hanyang University; University of Southern California; Yonsei University
-
作者：Kreiner, Claus Thustrup; Leth-Petersen, Soren; Skov, Peer Ebbesen
作者单位：University of Copenhagen
-
作者：Manuelli, Rodolfo E.; Seshadri, Ananth
作者单位：Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Wisconsin System; University of Wisconsin Madison
摘要：Many new technologies display long adoption lags, and this is often interpreted as evidence of frictions inconsistent with the standard neoclassical model. We study the diffusion of the tractor in American agriculture between 1910 and 1960-a well-known case of slow diffusion-and show that the speed of adoption was consistent with the predictions of a simple neoclassical growth model. The reason for the slow rate of diffusion was that tractor quality kept improving over this period and, more im...
-
作者：Nakamura, Emi; Steinsson, Jon
作者单位：Columbia University; Columbia University
摘要：We use rich historical data on military procurement to estimate the effects of government spending. We exploit regional variation in military buildups to estimate an open economy relative multiplier of approximately 1.5. We develop a framework for interpreting this estimate and relating it to estimates of the standard closed economy aggregate multiplier. The latter is highly sensitive to how strongly aggregate monetary and tax policy leans against the wind. Our open economy relative multiplier...
