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作者：Yogo, M
作者单位：Harvard University
摘要：In the instrumental variables (IV) regression model, weak instruments can lead to bias in estimators and size distortion in hypothesis tests. This paper examines how weak instruments affect the identification of the elasticity of intertemporal substitution (EIS) through the linearized Euler equation. Conventional IV methods result in an empirical puzzle that the EIS is significantly less than I but its reciprocal is not different from 1. This paper shows that weak instruments can explain the p...
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作者：Heckman, J; Navarro-Lozano, S
作者单位：University of Chicago
摘要：This paper investigates four topics. (1) It examines the different roles played by the propensity score (the probability of selection into treatment) in matching instrumental variable, and control function methods. (2) It contrasts the roles of exclusion restrictions in matching and selection models. (3) It characterizes the sensitivity of matching to the choice of conditioning variables and demonstrates the greater robustness of control function methods to misspecification of the conditioning...
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作者：Sianesi, B
摘要：We investigate the presence of short- and long-term effects from joining a Swedish labor market program vis-a-vis more intense job search in open unemployment. Overall, the impact of the program system is found to have been mixed. Joining a program has increased employment rates among participants, a result robust to a misclassification problem in the data. On the other hand it has also allowed participants to remain significantly longer on unemployment benefits and more generally in the unemp...
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作者：Head, K; Mayer, T
作者单位：University of British Columbia; Centre for Economic Policy Research - UK
摘要：This paper develops a theoretical model of location choice under imperfect competition to formalize the notion that firms prefer to locate where the markets are. The profitability of a location depends on a term that weights demand in all locations by accessibility. Using a sample of Japanese firms' choices of regions within European countries, we compare the theoretically derived measure of market potential with the standard form used by geographers. Our results show that market potential mat...
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作者：Ireland, PN
作者单位：Boston College; National Bureau of Economic Research
摘要：In the New Keynesian model, preference, cost-push, and monetary shocks all compete with the real-business-cycle model's technology shock in driving aggregate fluctuations. A version of this model, estimated via maximum likelihood, points to these other shocks as being more important for explaining the behavior of output, inflation, and interest rates in the postwar U.S. data. These results weaken the links between the current generation of New Keynesian models and the real-business-cycle model...
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作者：Edison, HJ; Warnock, FE
作者单位：International Monetary Fund; Federal Reserve System - USA
摘要：We analyze a unique data set and uncover a remarkable result that casts a new light on the home bias phenomenon. The data are comprehensive, security-level holdings of emerging market equities by U.S. investors. We document that at a point in time U.S. portfolios are tilted towards firms that are large, have fewer restrictions on foreign ownership, or are cross-listed on a U.S. exchange. The size of the cross-listing effect is striking. In contrast to the well-documented under-weighting of for...
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作者：Karolyi, GA
作者单位：University System of Ohio; Ohio State University
摘要：This paper finds that the growth and expansion of U.S. cross-listings by firms from emerging markets around the world facilitated an expansion of cross-border equity flows and overall development of their stock markets during the 1990s. However, these benefits have negative spillover effects; the capitalization and turnover ratios of local-market firms that do not pursue overseas listings decline as U.S. cross-listings in the form of American depositary receipts (ADRs) increase in size and sco...
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作者：Zbaracki, MJ; Ritson, M; Levy, D; Dutta, S; Bergen, M
作者单位：University of Pennsylvania; University of London; London Business School; Bar Ilan University; Emory University; University of Southern California; University of Minnesota System; University of Minnesota Twin Cities
摘要：We study the price adjustment practices and provide quantitative measurement of the managerial and customer costs of price adjustment using data from a large U.S. industrial manufacturer and its customers. We find that price adjustment costs are a much more complex construct than the existing industrial-organization or macroeconomics literature recognizes. In addition to physical costs (menu costs), we identify and measure three types of managerial costs (information gathering, decision-making...
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作者：Long, MC
作者单位：University of Washington; University of Washington Seattle
摘要：During the late 1990s, several states eliminated affirmative action admissions policies at their public colleges. Some of these states substituted a program that grants admission to the top x% of each high school's graduating class. These new programs were instituted in efforts to restore minority college enrollments to their prior levels. This paper finds that the preferences given to minority applicants under affirmative action are large and that the minority share of admitted students in to...
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作者：Card, D; Shore-Sheppard, LD
作者单位：University of California System; University of California Berkeley; Williams College
摘要：Despite intensive scrutiny, the effects of Medicaid expansions on the health insurance status of low-income children remain controversial. We reexamine the effects of the two largest federally mandated expansions which offered Medicaid coverage to low-income children in specific age ranges and birth cohorts. We use a regression discontinuity approach, comparing Medicaid enrollment, private insurance coverage, and overall insurance coverage on either side of the age limits of the laws. We concl...
