-
作者：JAFFE, AB; TRAJTENBERG, M; HENDERSON, R
作者单位：Massachusetts Institute of Technology (MIT); Tel Aviv University
摘要：We compare the geographic location of patent citations with that of the cited patents, as evidence of the extent to which knowledge spillovers are geographically localized. We find that citations to domestic patents are more likely to be domestic, and more likely to come from the same state and SMSA as the cited patents, compared with a ''control frequency'' reflecting the pre-existing concentration of related research activity. These effects are particularly significant at the local (SMSA) le...
-
作者：CLAESSENS, S; VANWIJNBERGEN, S
作者单位：University of London; London School Economics & Political Science; University of Amsterdam
摘要：The use of official funds in debt reduction packages has been widely argued to amount to a creditor bailout. We analyze this question using a case study of Mexico's 1989 Brady deal. Using an option-based pricing model, we obtain pre- and postmarket, values for Mexico's commercial debt and find that the market value inclusive or official funds went up only marginally. Consequently, Mexico obtained a large share of the benefits of the official funds and struck a favorable deal. The Brady debt re...
-
作者：CHAPPELL, HW; HAVRILESKY, TM; MCGREGOR, RR
作者单位：Duke University; University of North Carolina; University of North Carolina Charlotte
摘要：We investigate the channels through which partisan influence from a Presidential administration could affect monetary policy-making. Influence could be a result of direct Presidential pressure exerted on members of the Federal Open Market Committee (FOMC), or it could be a result of partisan considerations in Presidential appointments to the Board of Governors. To investigate these two channels of influence, we devise and apply a method for estimating parameters of monetary policy reaction fun...
-
作者：SHLEIFER, A; VISHNY, RW
作者单位：University of Chicago
摘要：This paper presents two propositions about corruption. First, the structure of government institutions and of the political process are very important determinants of the level of corruption. In particular, weak governments that do not control their agencies experience very high corruption levels. Second, the illegality of corruption and the need for secrecy make it much more distortionary and costly than its sister activity, taxation. These results may explain why, in some less developed coun...
-
作者：KING, RG; LEVINE, R
作者单位：The World Bank
摘要：We present cross-country evidence consistent with Schumpeter's view that the financial system can promote economic growth, using data on 80 countries over the 1960-1989 period. Various measures of the level of financial development are strongly associated with real per capita GDP growth, the rate of physical capital accumulation, and improvements in the efficiency with which economies employ physical capital. Further, the predetermined component of financial development is robustly correlated ...
-
作者：CHOW, GC
摘要：First, production functions are estimated for China's aggregate economy and for the five sectors-agriculture, industry, construction, transportation, and commerce-using annual data (some constructed by the author) from 1952 to 1980. Then, this paper measures the contribution of capital formation to the growth of these sectors, the effects of the Great Leap Forward of 1958-1962 and of the Cultural Revolution of 1966-1976 on outputs, the impact of economic reforms since 1979 on growth, the rates...
-
作者：CHRISTOFIDES, LN; OSWALD, AJ
作者单位：Dartmouth College; University of London; London School Economics & Political Science
摘要：The microeconomic forces that influence real wages are not fully understood. This paper studies pay determination using data on approximately 600 labor contracts. It finds that the real wage is an increasing function of past profitability in the employer's industry, and a decreasing function of the level of unemployment in the employer's region. These results are consistent with rent-sharing theories.
-
作者：PHELPS, ES
摘要：Though not conceived as a constant, the natural unemployment rate was taken to be invariant to supply shocks until the late seventies and to real demand shocks until now. The largely micro-theoretic model here is one in a series deriving the natural rate path from general equilibrium. In this model the labor market exhibits generalized real-wage rigidity, resulting from the use of incentive wages to combat shirking, and the asset backing shares is the firms' customers, arising from customer-ma...
-
作者：WEITZMAN, ML
摘要：An oft-repeated goal in many contexts is the preservation of diversity. But what is the diversity function to be optimized? This paper shows how a reasonable measure of the value of diversity of a collection of objects can be recursively generated from more fundamental information about the dissimilarity-distance between any pair of objects in the set. The diversity function is shown to satisfy a basic dynamic programming equation, which in a well-defined sense generates an optimal classificat...
-
作者：GOLDIN, C; MARGO, RA
作者单位：National Bureau of Economic Research; Vanderbilt University
摘要：The era of wage stretching has been a current focus, but we direct attention here to a decade of extraordinary wage compression-the 1940s. Wages narrowed by education, job experience, and occupation, and compression occurred within cells. The 90-10 differential in the log of wages for men was 1.45 in 1940 but 1.06 in 1950. By the late 1980s it returned to its 1940 level, thus restoring a dispersion of 50 years ago. World War II and the National War Labor Board share some credit for the Great C...
