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作者：Onatski, Alexei
作者单位：Columbia University
摘要：We develop a new estimator of the number of factors in the approximate factor models. The estimator works well even when the idiosyncratic terms are substantially correlated. It is based on the fact, established in the paper, that any finite number of the largest idiosyncratic eigenvalues of the sample covariance matrix cluster around a single point. In contrast, all the systematic eigenvalues, the number of which equals the number of factors, diverge to infinity. The estimator consistently se...
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作者：Dupor, Bill; Kitamura, Tomiyuki; Tsuruga, Takayuki
作者单位：University System of Ohio; Ohio State University; Kansai University
摘要：Understanding the relationship between nominal and real variables, most notably inflation and cyclical output, is one of the fundamental questions of economics. Toward this understanding, we develop a model that integrates sticky prices and sticky information-a dual-stickiness model. We find that both rigidities are present in U. S. data. We also show that the dual-stickiness model's closest competitor is the hybrid New Keynesian model. For both models, current inflation depends in part on las...
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作者：Lutz, Byron
摘要：Economic theory suggests that intergovernmental grants are equivalent to private income. A large empirical literature, however, contradicts this prediction. A school finance reform in New Hampshire, where local public goods decisions are made by a form of direct democracy, provides an unusually compelling test of the theory. The results, which suggest that approximately ninety cents per grant dollar are spent on tax reduction, provide support for equivalence. The paper's findings have importan...
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作者：Blattman, Christopher; Annan, Jeannie
作者单位：Yale University
摘要：Little is known about the impacts of military service on human capital and labor market outcomes due to an absence of data as well as sample selection: recruits are self-selected, screened, and selectively survive. We examine the case of Uganda, where rebel recruitment methods provide exogenous variation in conscription. Economic and educational impacts are widespread and persistent: schooling falls by nearly a year, skilled employment halves, and earnings drop by a third. Military service see...
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作者：Barrios, Salvador; Bertinelli, Luisito; Strobl, Eric
作者单位：University of Luxembourg
摘要：We examine the role of rainfall trends in poor growth performance of sub-Saharan African nations relative to other developing countries, using a new cross-country panel climatic data set in an empirical economic growth framework. Our results show that rainfall has been a significant determinant of poor economic growth for African nations but not for other countries. Depending on the benchmark measure of potential rainfall, we estimate that the direct impact under the scenario of no decline in ...
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作者：Harvey, David I.; Kellard, Neil M.; Madsen, Jakob B.; Wohar, Mark E.
作者单位：University of Nottingham; University of Essex; Monash University; University of Nebraska System
摘要：We employ a unique data set and new time-series techniques to reexamine the existence of trends in relative primary commodity prices. The data set comprises 25 commodities and provides a new historical perspective, spanning the seventeenth to the twenty-first centuries. New tests for the trend function, robust to the order of integration of the series, are applied to the data. Results show that eleven price series present a significant and downward trend over all or some fraction of the sample...
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作者：Charles, Kerwin Kofi; Luoh, Ming Ching
作者单位：University of Chicago; National Bureau of Economic Research; National Taiwan University
摘要：This paper studies how rising male incarceration has affected women through its effect on the marriage market. Variation in marriage-market shocks arising from incarceration is isolated using two facts: the tendency of people to marry within marriage markets defined by the interaction of race, location, and age and the fact that increases in incarceration have been very different across these three characteristics. Using a variety of estimation strategies, including difference and fixed effect...
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作者：Schularick, Moritz; Steger, Thomas M.
作者单位：Free University of Berlin; Leipzig University
摘要：Does international financial integration boost economic growth? The empirical literature has not yet established a robust link between openness to the international capital market and economic growth. In this paper, we turn to the economic history of the first era of financial globalization (1880-1914) for new insights. Using identical empirical models and techniques as contemporary studies, we find a significant growth effect in the historical period. A key difference between now and then is ...
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作者：Lewbel, Arthur
作者单位：Boston College
摘要：Shape invariance is a property of demand functions that is widely used for parametric and semiparametric modeling and is associated with a commonly employed class of equivalence scale models used for welfare calculations. This paper derives the set of all shape-invariant demand functions and associated preferences. All previously known shape-invariant demands were derived from utility functions that, up to monotonic transformation, are called IB/ESE (independent of base-equivalence scale exact...
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作者：De Fraja, Gianni; Oliveira, Tania; Zanchi, Luisa
作者单位：University of Leicester; University of Rome Tor Vergata; University of Leeds
摘要：The efforts exerted by children, parents, and schools affect the outcome of the education process. We build this idea into a theoretical model where the effort exerted by the three groups of agents is simultaneously determined as a Nash equilibrium. The empirical analysis tests the model using the British National Child Development Study and finds support for this idea. We identify which factors affect educational attainment directly and which indirectly through effort. From a policy perspecti...
