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作者：Cole, Shawn
作者单位：Harvard University
摘要：In 1980, India nationalized its large private banks. This induced different bank ownership patterns across different towns, allowing credible identification of the effects of bank ownership on financial development, lending rates, and the quality of intermediation, as well as employment and investment. Credit markets with nationalized banks experienced faster credit growth during a period of financial repression. Nationalization led to lower interest rates and lower-quality intermediation, and...
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作者：Gibson, John; Stillman, Steven
作者单位：University of Waikato
摘要：Bigger firms pay higher wages. This note reports tests of the hypothesis that this big-firm premium (BFP) occurs because workers in big firms are more skilled. We use the International Adult Literacy Survey, which gives richer skill measures than those typically available in labor market surveys, to measure the BFP in nine countries with and without controls for worker skill. The results show that the BFP is not as universal as is often suggested, but in countries where it exists controlling f...
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作者：Woo, Jaejoon
作者单位：Organisation for Economic Co-operation & Development (OECD); DePaul University
摘要：We study the cyclical behavior of fiscal policy to explain why some countries exhibit procyclical fiscal policy stances-being expansionary in good times and contractionary in bad times. We develop a model that links the polarization of preferences over fiscal spending to the procyclicality bias. We then present evidence that social polarization as measured by income inequality and educational inequality is consistently and positively associated with fiscal procyclicality, even after controllin...
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作者：Currie, Janet; Hanushek, Eric A.; Kahn, E. Megan; Neidell, Matthew; Rivkin, Steven G.
作者单位：Columbia University; Stanford University; Amherst College
摘要：We examine the effect of air pollution on school absences using administrative data for elementary and middle school children in 39 of the largest school districts in Texas merged with air quality information maintained by the Environmental Protection Agency. We address potentially confounding factors with a difference-in-difference-in-differences strategy that controls for persistent characteristics of schools, years, and attendance periods. Of the pollutants considered, we find that high car...
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作者：Alexeev, Michael; Conrad, Robert
作者单位：Indiana University System; Indiana University Bloomington; Duke University; Duke University
摘要：Our goal is to show that contrary to the claims made in several recent papers, the effect of a large endowment of oil and other mineral resources on long-term economic growth of countries has been on balance positive. Moreover, the claims of a negative effect of oil and mineral wealth on the countries' institutions are called into question.
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作者：Ackerberg, Daniel A.; Devereux, Paul J.
作者单位：University of California System; University of California Los Angeles; Trinity College Dublin; University College Dublin
摘要：We introduce two simple new variants of the jackknife instrumental variables (JIVE) estimator for overidentified linear models and show that they are superior to the existing JIVE estimator, significantly improving on its small-sample-bias properties. We also compare our new estimators to existing Nagar (1959) type estimators. We show that, in models with heteroskedasticity, our estimators have superior properties to both the Nagar estimator and the related B2SLS estimator suggested in Donald ...
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作者：di Giovanni, Julian; McCrary, Justin; von Wachter, Till
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Columbia University
摘要：Forward-looking behavior on the part of the monetary authority makes it difficult to estimate the effect of monetary policy interventions on output. We present instrumental variables estimates of the impact of interest rates on quarterly real output for several European countries, using German interest rates as the instrument. These estimates confirm a strong forward-looking bias in least squares estimates that persists even conditional on standard controls for the history of the system. Due t...
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作者：Feenstra, Robert C.; Heston, Alan; Timmer, Marcel P.; Deng, Haiyan
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; University of Pennsylvania; University of Groningen
摘要：We propose a new approach to the international comparison of real GDP, as measured from the output-side. The traditional Gary-Khamis system, which measures real GDP from the expenditure-side, is modified to include differences in the terms of trade between countries. It is shown that this system has a strictly positive solution under mild assumptions. On the basis of a sample of 151 countries in 1996, it is shown that differences between real GDP measured from the expenditure-side and output-s...
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作者：Tarozzi, Alessandro; Deaton, Angus
作者单位：Duke University; Princeton University
摘要：Recent years have seen widespread use of small-area maps based on census data enriched by relationships estimated from household surveys that predict variables, such as income, not covered by the census. The purpose is to obtain putatively precise estimates of poverty and inequality for small areas for which no or few observations are available in the survey. We argue that to usefully match survey and census data in this way requires a degree of spatial homogeneity for which the method provide...
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作者：Conlin, Michael; Dickert-Conlin, Stacy; Pepper, John
作者单位：Michigan State University; University of Virginia
摘要：To control the deer population, state game commissions regulate the types of deer that can be legally harvested. These regulations, however, might have an unintended effect on hunting-related accidents by changing the care hunters take when firing their rifles-a moral hazard effect-or changing the composition of hunters. Using detailed data on hunting accidents and regulations in Pennsylvania counties from 1990 to 2005, we find compelling evidence that harvesting restrictions increase the care...
