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作者：Wheelock, David C.; Wilson, Paul W.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Clemson University
摘要：U.S. credit unions serve 93 million members, hold 10% of U.S. savings deposits, and make 13.2% of all nonrevolving consumer loans. Since 1985, the share of U.S. depository institution assets held by credit unions has nearly doubled, and the average (inflation-adjusted) size of credit unions has increased over 600%. We use a local-linear estimator, dimesion-reduction techniques, and bootstrap methods to estimate and make inference about ray scale and expansion-path scale economies. We find subs...
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作者：Ang, James B.; Madsen, Jakob B.
作者单位：Monash University
摘要：Using data for six Asian miracle economies over the period from 1953 to 2006, this paper examines the extent to which growth has been driven by R&D and tests which second-generation endogenous growth model is most consistent with the data. The results give strong support to Schumpeterian growth theory but only limited support to semi-endogenous growth theory. Furthermore, it is shown that R&D has played a key role for growth in the Asian miracle economies.
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作者：Dionne, Georges; Pinquet, Jean; Maurice, Mathieu; Vanasse, Charles
作者单位：Universite de Montreal; HEC Montreal; Universite Paris Nanterre; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：Road safety policies often use incentive mechanisms based on traffic violations to promote safe driving-for example, fines, experience rating, and point-record driver's licenses. We analyze the effectiveness of these mechanisms in promoting safe driving. We derive their theoretical properties with respect to contract time and accumulated demerit points. These properties are tested empirically with data from the Quebec public insurance plan. We find evidence of moral hazard, which means that dr...
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作者：Grosjean, Pauline; Senik, Claudia
作者单位：University of San Francisco; Paris School of Economics; Sorbonne Universite
摘要：We estimate the impact of market development and democratization on subjective political preferences. We rely on the specific situation of frontier zones and the considerable regional variations in culture and economic development in the countries of the former socialist bloc for identification. Using a survey conducted in 2006, we find a positive and significant effect of democracy on support for a market economy, but no effect of market liberalization on support for democracy. Hence, in cont...
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作者：Inoue, Atsushi; Solon, Gary
作者单位：North Carolina State University; Michigan State University
摘要：Following an influential article by Angrist and Krueger (1992) on two-sample instrumental variables (TSIV) estimation, numerous empirical researchers have applied a computationally convenient two-sample two-stage least squares (TS2SLS) variant of Angrist and Krueger's estimator. In the two-sample context, unlike the single-sample situation, the IV and 2SLS estimators are numerically distinct. We derive and compare the asymptotic distributions of the two estimators and find that the commonly us...
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作者：Hallak, Juan Carlos
作者单位：Universidad Mayor de San Andres; National Bureau of Economic Research
摘要：The Linder hypothesis has attracted substantial empirical research over decades. However, the evidence has failed to provide consistent support for it. This paper explains the failure. Building a theoretical framework in which, as in Linder's theory, product quality plays the central role, I show that the Linder hypothesis is formally derived but holds only when formulated as a sector-level prediction. This prediction is then estimated using a sample of 64 countries in 1995. The results suppor...
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作者：Lin, Shu
作者单位：University of Colorado System; University of Colorado Denver
摘要：This study empirically examines the international effects of inflation targeting. Employing a variety of propensity score matching methods, we find strong evidence that inflation targeting has significantly different impacts on exchange rate volatility and international reserves in different country groups. It significantly increases real and nominal exchange rate stability and international reserves in developing countries but lowers them in industrial countries. On average, inflation targeti...
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作者：Oberholzer-Gee, Felix; Waldfogel, Joel; White, Matthew W.
作者单位：Harvard University; University of Pennsylvania
摘要：Why do people frequently cooperate in defiance of their immediate incentives? One explanation is that individuals are conditionally cooperative. As an explanation of behavior in one-shot settings, such preferences require individuals to be able to discern their opponents' preferences. Using data from a television game show, we provide evidence about how individuals implement conditionally cooperative preferences. We show that contestants forgo large sums of money to be cooperative; they cooper...
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作者：Rich, Robert; Tracy, Joseph
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper examines matched point and density forecasts of inflation from the Survey of Professional Forecasters to analyze the relationships among expected inflation, disagreement, and uncertainty. We undertake the empirical analysis within a seemingly unrelated regression framework and derive measures of uncertainty using a decomposition proposed by Wallis (2004, 2005) and by drawing on the concept of entropy. The results offer little evidence that disagreement is a useful proxy for uncertai...
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作者：Gallego, Francisco A.
作者单位：Pontificia Universidad Catolica de Chile; Pontificia Universidad Catolica de Chile
摘要：Why does schooling attainment vary widely across countries? Why are differences in schooling attainment highly persistent? I show that cross-country differences in schooling are related to political institutions, such as democracy and local democracy (political decentralization), which are affected by colonial factors. By using the number of native cultures before colonization as an instrument for political decentralization, I show that after controlling for the causal effect of income on scho...
