-
作者：Hanushek, Eric A.; Ruhose, Jens; Woessmann, Ludger
作者单位：Stanford University; IZA Institute Labor Economics; Leibniz Association; Ifo Institut; National Bureau of Economic Research; Leibniz University Hannover; IZA Institute Labor Economics; University of Munich; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut
摘要：Improvement in human capital is often presumed to be important for state economic development, but little research links better education to state incomes. We develop detailed measures of worker skills in each state that incorporate cognitive skills from state-and-country-of-origin achievement tests. These new measures of knowledge capital permit development accounting analyses calibrated with standard production parameters. Differences in knowledge capital account for 20-30 percent of the sta...
-
作者：Hansen, Mary Eschelbach; Ziebarth, Nicolas L.
作者单位：American University; University of Iowa; National Bureau of Economic Research
摘要：Credit relationships are sticky. Stickiness makes relationships beneficial to borrowers in times of their own distress but makes them potentially problematic when lenders themselves face hardship. To examine the role of credit relationships during a financial crisis, we exploit a natural experiment in Mississippi during the Great Depression that generated plausibly exogenous differences in financial distress for banks. Using new data drawn from the publications of the credit rating agency Dun ...
-
作者：Inklaar, Robert; Rao, D. S. Prasada
作者单位：University of Groningen; University of Queensland
摘要：The latest global survey on relative prices and income levels, for the year 2011, showed changes to relative income levels that were larger in lower income countries, thereby narrowing the world income distribution compared to estimates based on the previous, 2005 survey. This paper examines whether changes in measurement methodology between the 2005 and 2011 survey can explain these large differences. We construct a counterfactual set of relative prices for 2005 that harmonizes measurement, a...
-
作者：Castro, Rui; Coen-Pirani, Daniele
作者单位：Western University (University of Western Ontario); Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh
摘要：We study the evolution of educational attainment of the 1932-1972 cohorts using a human capital investment model with heterogeneous learning ability. Inter-cohort variation in schooling is driven by changes in skill prices, tuition, and education quality over time, and average learning ability across cohorts. Under static expectations the model accounts for the main empirical patterns. Rising skill prices for college explain the rapid increase in college graduation until the 1948 cohort. The d...
-
作者：Debortoli, Davide; Lakdawala, Aeimit
作者单位：Pompeu Fabra University; Barcelona School of Economics; Michigan State University
摘要：The paper proposes a new measure of the degree of credibility of the Federal Reserve. We estimate a medium-scale macroeconomic model, where the central bank has access to a commitment technology, but where a regime-switching process governs occasional re-optimizations of announced plans. The framework nests the commonly used discretion and commitment cases, while allowing for a continuum of intermediate cases. Our estimates reject both full-commitment and discretion. We instead identify occasi...
-
作者：di Giovanni, Julian; Levchenko, Andrei A.; Zhang, Jing
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; University of Michigan System; University of Michigan; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This paper evaluates the global welfare impact of China's trade integration and technological change in a multi-country quantitative Ricardian-Heckscher-Ohlin model. We simulate two alternative growth scenarios: a balanced one in which China's productivity grows at the same rate in each sector, and an unbalanced one in which China's comparative disadvantage sectors catch up disproportionately faster to the world productivity frontier. Contrary to a well-known conjecture (Samuelson 2004), the l...
-
作者：Ngai, L. Rachel; Pissarides, Christopher A.
作者单位：University of London; London School Economics & Political Science
摘要：We examine the allocation of hours of work across industrial sectors in OECD countries. We find large disparities across three sector groups, one that produces goods without home substitutes, and two others that have home substitutes but are treated differently by welfare policy. We attribute the disparities to the countries' tax and subsidy policies. High taxation substantially reduces hours in sectors that have close home substitutes but less so in other sectors. Subsidies increase hours in ...
-
作者：Thesmar, David; Thoenig, Mathias
作者单位：Hautes Etudes Commerciales (HEC) Paris; University of Lausanne
摘要：Over the past decades, the real and financial volatility of listed firms has increased, while the volatility of private firms has decreased. We first provide panel data evidence that, at the firm level, sales and employment volatility are impacted by changes in the degree of ownership concentration. We then construct a model with private and listed firms where risk-taking is a choice variable at the firm-level. Due to general equilibrium feedback, we find that both an increase in stock market ...
-
作者：Iacoviello, Matteo; Neri, Stefano
作者单位：Boston College; European Central Bank; Bank of Italy
摘要：We study sources and consequences of fluctuations in the US housing market. Slow technological progress in the housing sector explains the upward trend in real housing prices of the last 40 years. Over the business cycle, housing demand and housing technology shocks explain one-quarter each of the volatility of housing investment and housing prices. Monetary factors explain less than 20 percent, but have played a bigger role in the housing cycle at the turn of the century. We show that the hou...
-
作者：Burnside, Craig; Eichenbaum, Martin; Rebelo, Sergio
作者单位：Duke University; Northwestern University; Northwestern University
摘要：High interest rate currencies tend to appreciate relative to low interest rate currencies. We argue that adverse selection problems between participants in foreign exchange markets can account for this forward premium puzzle. The key feature of our model is that the adverse selection problem facing market makers is worse when an agent wants to trade against a public information signal. So, when based on public information, the currency is expected to appreciate, there is more adverse selection...
