Review of Economics and Statistics

最新文章

• Are daily cross-border equity flows pushed or pulled? AI翻译
  作者：Griffin, JM; Nardari, F; Stulz, RM
  作者单位：University of Texas System; University of Texas Austin; Arizona State University; Arizona State University-Tempe; University System of Ohio; Ohio State University; National Bureau of Economic Research
  摘要：We investigate the conditions under which an intertemporal equilibrium model based on investors' portfolio decisions can explain the dynamics of high-frequency equity flows. Our model shows that, when there are barriers to international investment and when the expectations of foreign investors are more extrapolative than those of domestic investors (either due to foreigners being less informed or for behavioral reasons), unexpectedly high worldwide or local stock returns lead to net equity inf...
• The transfer problem revisited: Net foreign assets and real exchange rates AI翻译
  作者：Lane, PR; Milesi-Ferretti, GM
  作者单位：Trinity College Dublin; Centre for Economic Policy Research - UK; International Monetary Fund
  摘要：The relationship between international payments and the real exchange rate-the transfer problem-is a classic question in international economics. We use cross-country data on real exchange rates and a newly constricted data set on countries' net external positions to shed new light on this question. We present a simple theoretical framework that leads to testable implications for the long-run comovements of real exchange rates, net foieign assets. relative GDP and terms of trade, and cross-cou...
• Community composition and collective action: Analyzing initial mail response to the 2000 Census AI翻译
  作者：Vigdor, JL
  作者单位：Duke University
  摘要：This paper analyzes how community heterogeneity influences resident decisions to undertake actions generating public benefits. The decision in question is completing and returning the 2000 Census questionnaire, an action which secures a significant amount of federal grants for the community. The model developed to explain this action allows members of societal groups to differentially value public benefits that accrue to other group members. Racial, generational, and socioeconomic class hetero...
• Trade, finance, specialization, and synchronization AI翻译
  作者：Imbs, J
  作者单位：University of London; London Business School; Princeton University; Centre for Economic Policy Research - UK
  摘要：I investigate the determinants of business cycle synchronization across regions. The linkages between trade in goods, financial openness, specialization, and business cycle synchronization are evaluated in the context of a system of simultaneous equations. The main results are as follows. (i) Specialization patterns have a sizable effect on business cycles. Most of this effect is independent of trade or financial policy, but directly reflects differences in GDP per capita. (ii) A variety of me...
• Are international R&D spillovers costly for the United States? AI翻译
  作者：Luintel, KB; Khan, M
  作者单位：Brunel University; Organisation for Economic Co-operation & Development (OECD)
  摘要：Coe and Helpman, among others, report positive and equivalent R&D spillovers across groups of countries. However, the nature of their econometric tests does not address the heterogeneity of knowledge diffusion across countries. We empirically examine these issues in a sample of 10 OECD countries by extending both the time span and the coverage of R&D activities in the data set. We find that the elasticity of total factor productivity with respect to domestic and foreign R&D stocks is extremely...
• Superior forecasts of the US unemployment rate using a nonparametric method AI翻译
  作者：Golan, A; Perloff, JM
  作者单位：American University; University of California System; University of California Berkeley
  摘要：We use a nonlinear, nonparametric method to forecast unemployment rates. This method is an extension of the nearest-neighbor method but uses a higher-dimensional simplex approach. We compare these forecasts with several linear and nonlinear parametric methods based on the work of Montgomery et al. (1998) and Carruth et al. (1998). Our main result is that, due to the nonlinearity in the data-generating process, the nonparametric method outperforms many other well-known models, even when these m...
• Understanding the black-white test score gap in the first two years of school AI翻译
  作者：Fryer, RG; Levitt, SD
  作者单位：National Bureau of Economic Research; University of Chicago
  摘要：In previous research, a substantial gap in test scores between white and black students persists, even after controlling for a wide range of observable characteristics. Using a newly available data set (the Early Childhood Longitudinal Study), we demonstrate that in stark contrast to earlier studies, the black-white test score gap among incoming kindergartners disappears when we control for a small number of covariates. Real gains by black children in recent cohorts appear to play an important...
• Technical efficiency and US manufacturing productivity growth AI翻译
  作者：Bernstein, JI; Mamuneas, TP; Pashardes, P
  作者单位：Carleton University; National Bureau of Economic Research; University of Leicester; University of Cyprus
  摘要：This paper establishes that new inputs increase technical efficiency levels for U.S. manufacturing. Over the period 1950-1998, intermediate inputs exhibited higher rates of efficiency growth than labor and capital. Efficiency-adjusted productivity growth annually averaged 0.4 percentage points above measured growth. The gap between efficiency-adjusted and measured productivity growth arises from aggregating inputs using observed, and not efficiency-adjusted, cost share weights in the calculati...
• Asset market linkages in crisis periods AI翻译
  作者：Hartmann, P; Straetmans, S; de Vries, CG
  作者单位：Centre for Economic Policy Research - UK; Maastricht University; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
  摘要：We characterize asset return linkages during periods of stress by an extremal dependence measure. Contrary to correlation analysis, this nonparametric measure is not predisposed toward the normal distribution and can allow for nonlinear relationships. Our estimates for the G-5 countries suggest that simultaneous crashes between stock markets are much more likely than between bond markets. However, for the assessment of financial system stability the widely disregarded cross-asset perspective i...
• The funding of economics research: Does social capital matter for success at the National Science Foundation? AI翻译
  作者：Feinberg, RM; Price, GN
  作者单位：American University; University of North Carolina; North Carolina A&T State University
  摘要：Utilizing data on research proposals submitted to the National Science Foundation (NSF) Economics Program over a 5-year period, this paper examines whether the social capital stock of grant applicants enhances their access to research resources by increasing the probability of being awarded a research grant. We estimate latent-variable specifications of the NSF decision to fund a research proposal. Our results show that, given ability, being a National Bureau of Economic Research associate inc...