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作者：Parker, JA; Julliard, C
作者单位：Princeton University; National Bureau of Economic Research
摘要：This paper evaluates the central insight of the consumption capital asset pricing model that an asset's expected return is determined by its equilibrium risk to consumption. Rather than measure risk by the contemporaneous covariance of an asset's return and consumption growth, we measure risk by the covariance of an asset's return and consumption growth cumulated over many quarters following the return. While contemporaneous consumption risk explains little of the variation in average returns ...
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作者：Li, W; Yang, DT
作者单位：University of Virginia; Virginia Polytechnic Institute & State University
摘要：The Great Leap Forward disaster, characterized by a collapse in grain production and a widespread famine in China between 1959 and 1961, is found attributable to a systemic failure in central planning. Wishfully expecting a great leap in agricultural productivity from collectivization, the Chinese government accelerated its aggressive industrialization timetable. Grain output fell sharply as the government diverted agricultural resources to industry and imposed an excessive grain procurement b...
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作者：Christiano, LJ; Eichenbaum, M; Evans, CL
作者单位：National Bureau of Economic Research; Northwestern University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We present a model embodying moderate amounts of nominal rigidities that accounts for the observed inertia in inflation and persistence in output. The key features of our model are those that prevent a sharp rise in marginal costs after an expansionary shock to monetary policy. Of these features, the most important are staggered wage contracts that have an average duration of three quarters and variable capital utilization.
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作者：Chiquiar, D; Hanson, GH
作者单位：Bank of Mexico; University of California System; University of California San Diego; National Bureau of Economic Research
摘要：We use the 1990 and 2000 Mexican and U. S. population censuses to test Borjas's negative-selection hypothesis that the less skilled are those most likely to migrate from countries with high skill premia/earnings inequality to countries with low skill premia/earnings inequality. We find that Mexican immigrants in the United States are more educated than nonmigrants in Mexico; and were Mexican immigrants to be paid according to current skill prices in Mexico, they would be concentrated in the mi...
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作者：Teulings, CN
作者单位：University of Amsterdam
摘要：I apply Ricardo's principle of comparative advantage to a theory of factor substitutability in a model with a continuum of worker and job types. Highly skilled workers have a comparative advantage in complex jobs. The model satisfies the distance-dependent elasticity of substitution (DIDES) characteristic: substitutability between types declines with their skill distance. I analyze changes in relative wages due to human capital accumulation. The concept of a complexity dispersion parameter or ...
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作者：Oster, E
作者单位：Harvard University
摘要：In many Asian countries the ratio of male to female population is higher than in the West: as high as 1.07 in China and India, and even higher in Pakistan. A number of authors ( most notably Amartya Sen) have suggested that this imbalance reflects excess female mortality and have argued that as many as 100 million women are missing. This paper proposes an explanation for some of the observed over-representation of men: the hepatitis B virus. I present new evidence, consistent with an existing...
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作者：Farber, HS
作者单位：Princeton University
摘要：The labor supply of taxi drivers is consistent with the existence of intertemporal substitution. My analysis of the stopping behavior of New York City cabdrivers shows that daily income effects are small and that the decision to stop work at a particular point on a given day is primarily related to cumulative daily hours to that point. This is in contrast to the analysis of Camerer et al., who find that the daily wage elasticity of labor supply of New York City cabdrivers is substantially nega...
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作者：Galiani, S; Gertler, P; Schargrodsky, E
作者单位：Universidad Mayor de San Andres; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：While most countries are committed to increasing access to safe water and thereby reducing child mortality, there is little consensus on how to actually improve water services. One important proposal under discussion is whether to privatize water provision. In the 1990s Argentina embarked on one of the largest privatization campaigns in the world, including the privatization of local water companies covering approximately 30 percent of the country's municipalities. Using the variation in owner...
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作者：Clark, G
作者单位：University of California System; University of California Davis
摘要：I use building workers' wages for 1209 - 2004 and the skill premium to consider the causes and consequences of the Industrial Revolution. Real wages were trendless before 1800, as would be predicted for the Malthusian era. Comparing wages with population, however, suggests that the break from the technological stagnation of the Malthusian era came around 1640, long before the classic Industrial Revolution, and even before the arrival of modern democracy in 1689. Building wages also conflict wi...
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作者：Acemoglu, D; Johnson, S
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This paper evaluates the importance of property rights institutions, which protect citizens against expropriation by the government and powerful elites, and contracting institutions, which enable private contracts between citizens. We exploit exogenous variation in both types of institutions driven by colonial history and document strong first-stage relationships between property rights institutions and the determinants of European colonization strategy ( settler mortality and population dens...
