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作者：Kilian, Lutz; Vega, Clara
作者单位：University of Michigan System; University of Michigan; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We propose a formal test of the hypothesis that energy prices are predetermined with respect to U.S. macroeconomic aggregates. The test is based on regressing changes in daily energy prices on daily news from U.S. macroeconomic data releases. Using a wide range of macroeconomic news, we find no compelling evidence of feedback at daily or monthly horizons, contradicting the view that energy prices respond instantaneously to macroeconomic news and consistent with the commonly used identifying as...
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作者：Coibion, Olivier; Gorodnichenko, Yuriy
作者单位：William & Mary; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：We consider a dynamic stochastic general equilibrium model (DSGE) in which firms follow one of four price-setting regimes: sticky prices, sticky information, rule of thumb, or full-information flexible prices. The parameters of the model, including the fraction of each type of firm, are estimated by matching the moments of the observed variables of the model to those found in the data. We find that sticky price firms and sticky information firms jointly account for over 80% of firms in the mod...
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作者：Pickering, Andrew; Rockey, James
作者单位：University of Bristol; University of Leicester
摘要：We analyze the impact of ideology on the size of government. In a simple model, the government sets redistribution and provision of public services according to the preferences of the median voter. Ideology is defined in terms of preferences for public services, and the impact of ideology on the size of government is shown to increase with mean income. This idea is tested using measures of ideology based on party manifestos. We show that the interaction of ideology and mean income has a major ...
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作者：Van Ourti, Tom; Clarke, Philip
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; University of Sydney; Australian National University
摘要：We propose a first-order bias correction term for the Gini index to reduce the bias due to grouping. It depends on only the number of individuals in each group and is derived from a measurement error framework. We also provide a formula for the remaining second-order bias. Both Monte Carlo and EU and U. S. empirical evidence show that the first-order correction reduces a considerable share of the bias, but that some remaining second-order bias is increasing in the variance. We propose a proced...
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作者：Fernandez-Huertas Moraga, Jesus
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics
摘要：This paper examines the extent to which Mexican emigrants to the United States are negatively selected. Previous studies have been limited by the lack of nationally representative longitudinal data. This one uses a newly available household survey, that identifies emigrants before they leave. On average, U.S.-bound Mexican emigrants from 2000 to 2004 earn lower wages and have less (more for females) schooling than nonmigrant Mexicans, evidence of negative selection. This argues against Chiquia...
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作者：Abbott, Joshua K.; Klaiber, H. Allen
作者单位：Arizona State University; Arizona State University-Tempe; University System of Ohio; Ohio State University
摘要：Many researchers have addressed concerns of omitted variable bias in hedonic price models through the use of spatial fixed effects. We argue that this approach does not consider the biases introduced by effects that overlap the zone of capitalization for nonmarket goods. We show this bias can dominate the usual omitted variable bias using data on developer-provided open space. We control for multiscale capitalization and omitted variables simultaneously by extending the Hausman-Taylor estimato...
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作者：Roine, Jesper; Waldenstrom, Daniel
作者单位：Stockholm School of Economics; Uppsala University
摘要：We use newly compiled top income data and structural breaks techniques to estimate common trends and breaks in inequality across countries over the twentieth century. Our results both confirm earlier findings and offer new insights. In particular, the division into an Anglo-Saxon and a Continental European experience is not as clear-cut as previously suggested. Some Continental European countries seem to have, experienced increases in top income shares, just as Anglo-Saxon countries have, but ...
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作者：Chun, Hyunbae; Kim, Jung-Wook; Morck, Randall
作者单位：Sogang University; Seoul National University (SNU); University of Alberta
摘要：U.S. firms' stock return volatility rose fivefold from 1971 through 2000 and then reverted to near 1971 levels by 2006. This was driven mainly by a rise and fall in the firm-specific, rather than systematic, component of volatility. Firm-level total factor productivity growth volatility exhibited a similar pattern. We hypothesize that firm heterogeneity, reflected in firm-specific volatility, rises as a new general purpose technology (GPT) propagates across the economy and then ebbs once the G...
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作者：Inoue, Atsushi; Rossi, Barbara
作者单位：North Carolina State University; Duke University
摘要：This paper investigates the sources of the substantial decrease in output growth volatility in the mid-1980s by identifying which of the structural parameters in a representative New Keynesian and structural VAR models changed. Overturning conventional wisdom, we show that the Great Moderation was due not only to changes in shock volatilities but also to changes in monetary policy parameters, as well as in the private sector's parameters. The Great Moderation was previously attributed to good ...
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作者：Jensen, Robert T.; Miller, Nolan H.
作者单位：Brown University; National Bureau of Economic Research; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Many developing countries use food-price subsidies or controls to improve nutrition. However, subsidizing goods on which households spend a high proportion of their budget can create large wealth effects. Consumers may then substitute toward foods with higher nonnutritional attributes (such as taste) but lower nutritional content per unit of currency, weakening or perhaps even reversing the subsidy's intended impact. We analyze data from a randomized program of large price subsidies for poor h...
