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作者：Rosen, S
作者单位：University of Chicago
摘要：Price and quantity data prove that Irish potatoes in the 1840s were not Giffen goods. Intertemporal trade-offs required by the fact that a sizable fraction of the potato crop is needed for seed crops can produce unusual market dynamics. The Irish experience is well described by a normal demand model in which a permanent decline in the productivity of seed potatoes was at first mistaken as a transitory crop failure. These mistakes provoked oversaving of seed crop in a population in dire circums...
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作者：Campbell, JY; Cochrane, JH
作者单位：Harvard University; National Bureau of Economic Research; University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We present a consumption-based model that explains a wide variety of dynamic asset pricing phenomena, including the procyclical variation of stock prices, the long-horizon predictability of excess stock returns, and the countercyclical variation of stock market volatility. The model captures much of the history of stock prices from consumption data. It explains the short- and long-run equity premium puzzles despite a low and constant risk-free rate. The results are essentially the same whether...
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作者：Smith, RK
作者单位：Duke University; Resources for the Future
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作者：Pitt, MM; Khandker, SR
作者单位：Brown University; The World Bank
摘要：This paper estimates the impact of participation, by gender, in the Grameen Bank and two other group-based micro credit programs in Bangladesh on labor supply, schooling, household expenditure, and assets. The empirical method uses a quasi-experimental survey design to correct for the bias from unobserved individual and village-level heterogeneity. We find that program credit has a larger effect on the behavior of poor households in Bangladesh when women are the program participants. For examp...
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作者：Blau, DM; Hagy, AP
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：We estimate a model of demand for quality-related attributes of child care: group size, staff/child ratio, and provider training. The model is estimated jointly with equations for mode, expenditure on and hours of care, and the mother's labor supply The results show that a lower price of child care in a particular mode leads to substitution toward that mode and an increase in the use of paid child care. A decrease in the price of care causes an increase in hours of care demanded and a decrease...
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作者：Young, A
作者单位：University of Chicago
摘要：An increase in the size (scale) of an economy increases the total quantity of rents that can be captured by successful innovators, which, in equilibrium, should lead to a rise in innovative activity. Conventional wisdom and the theoretical predictions of models of endogenous innovation suggest that this increased research effort should lead to more rapid growth. As noted by Charles Jones, this prediction is at odds with the postwar experience of the OECD, where the growth of the market has ind...
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作者：Cooley, TF; Ohanian, LE
作者单位：University of Pennsylvania; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：The policies used by Britain to finance World War II represented a dramatic departure from the policies used to finance earlier wars and were very different from the policies used by the United States during the war. Following Keynes's recommendations, Britain taxed capital income at a much higher rate than the United States during the war and for much of the postwar period. We analyze quantitatively the policies designed by Keynes using an endogenous growth model and the neoclassical growth m...
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作者：MacLeod, WB
作者单位：Universite de Montreal
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作者：Keane, MP; Wolpin, KI
作者单位：University of Pennsylvania
摘要：This paper provides structural estimates of a dynamic model of schooling, work, and occupational choice decisions based on II years of observations on a sample of young men from the 1979 youth cohort of the National Longitudinal Surveys of Labor Market Experience (NLSY). The structural estimation framework that we adopt fully imposes the restrictions of the theory and permits an investigation of whether such a theoretically restricted model can succeed in quantitatively fitting the observed da...
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作者：Debelle, G; Lamont, O
作者单位：University of Chicago; National Bureau of Economic Research
摘要：We test whether the time-series positive correlation of inflation and intermarket relative price variability is also present in a cross section of U.S. cities. We find this correlation to be a robust empirical regularity: cities that have higher than average inflation also have higher than average relative price dispersion, ceteris paribus. This result holds for different periods of time, for different classes of goods, and across different time horizons. Our results suggest that at least part...
