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作者：Myers, SL Jr; Lange, LT; Corrie, B
作者单位：University of Minnesota System; University of Minnesota Twin Cities
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作者：Salemi, MK
作者单位：University of North Carolina; University of North Carolina Chapel Hill
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作者：Agnew, J; Balduzzi, P; Sundén, A
作者单位：William & Mary; Boston College; Boston College
摘要：We study nearly 7,000 retirement accounts during the April 1994-August 1998 period. Several interesting patterns emerge. Most asset allocations are extreme (either 100 percent or zero percent in equities) and there is inertia in asset allocations. Equity allocations are higher for males, married investors, and for investors with higher earnings and more seniority on the job; equity allocations are lower for older investors. There is very limited portfolio reshuffling, in sharp contrast to disc...
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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：Kose, MA; Otrok, C; Whiteman, CH
作者单位：International Monetary Fund; University of Virginia; University of Iowa
摘要：The paper investigates the common dynamic properties of business-cycle fluctuations across countries, regions, and the world. We employ a Bayesian dynamic latent factor model to estimate common components in macroeconomic aggregates (output, consumption, and investment) in a 60-country sample covering seven regions of the world. The results indicate that a common world factor is an important source of volatility for aggregates in most countries, providing evidence for a world business cycle. W...
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作者：Anderson, JE; van Wincoop, E
作者单位：Boston College; National Bureau of Economic Research; University of Virginia
摘要：Gravity equations have been widely used to infer trade flow effects of various institutional arrangements. We show that estimated gravity equations do not have a theoretical foundation. This implies both that estimation suffers from omitted variables bias and that comparative statics analysis is unfounded. We develop a method that (i) consistently and efficiently estimates a theoretical gravity equation and (ii) correctly calculates the comparative statics of trade frictions. We apply the meth...
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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：Amuedo-Dorantes, C; Mundra, K
作者单位：California State University System; San Diego State University
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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...
