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作者：Shioji, E
作者单位：Yokohama National University
摘要：A panel data estimation finds a high speed of income convergence among the U.S. states. However, initial incomes show a pattern which is difficult to explain by the estimated model. A simulation study shows that this pattern can be explained much more naturally when we assume that true convergence is slow.
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作者：Griffith, R; Redding, S; Van Reenen, J
作者单位：University of London; London School Economics & Political Science; University of London; University College London; University of London; London School Economics & Political Science
摘要：Many writers have claimed that research and development (R&D) has two faces. In addition to the conventional role of stimulating innovation, R&D enhances technology transfer (absorptive capacity). We explore this idea empirically using a panel of industries across twelve OECD countries. We find R&D to be statistically and economically important in both technological catch-up and innovation. Human capital also plays an major role in productivity growth, but we only find a small effect of trade....
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作者：Jacob, BA; Lefgren, L
作者单位：Harvard University; Brigham Young University
摘要：As standards and accountability have become increasingly prominent features of the educational landscape, educators have relied more on remedial programs such as summer school and grade retention to help low-achieving students meet minimum academic standards. Yet the evidence on the effectiveness of such programs is mixed, and prior research suffers from selection bias. However, recent school reform efforts in Chicago provide an opportunity to examine the causal impact of these remedial educat...
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作者：Mikosch, T; Starica, C
作者单位：University of Copenhagen; Chalmers University of Technology
摘要：We give the theoretical basis of a possible explanation for two stylized facts observed in long log-return series: the long-range dependence (LRD) in volatility and the integrated GARCH (IGARCH). Both these effects can be explained theoretically if one assumes that the data are nonstationary.
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作者：Zhao, Z
作者单位：Peking University
摘要：We compare propensity-score matching methods with covariate matching estimators. We first discuss the data requirements of propensity-score matching estimators and covariate matching estimators. Then we propose two new matching metrics incorporating the treatment outcome information and participation indicator information, and discuss the motivations of different metrics. Next we study the small-sample properties of propensity-score matching versus covariate matching estimators, and of differe...
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作者：Ahmed, S; Levin, A; Wilson, BA
作者单位：Federal Reserve System - USA
摘要：The volatility of U.S. real GDP growth since 1984 has been markedly lower than over the previous quarter century. We utilize frequency-domain and VAR methods to distinguish among competing explanations for this reduction: improvements in monetary policy, better business practices, and a fortuitous reduction in exogenous disturbances. We find that reduced innovation variances account for much of the decline in aggregate output volatility, suggesting that good luck is the most likely explanation...
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作者：Swanson, ET
作者单位：Federal Reserve System - USA
摘要：There is a growing consensus among economists that real wages in the postwar United States have been procyclical, greatly bolstering technology-driven theories of business cycles at the expense of more classical models. This paper makes the point that technological movements in firm's labor demand curves should be tested with a wage that is deflated by the firm's own price of output, with appropriate controls for intermediate inputs, and with respect to the cyclical state of the firm's own ind...
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作者：Conlin, M; Emerson, PM
作者单位：Syracuse University; University of Colorado System; University of Colorado Denver
摘要：This paper empirically tests for a multidimensional separating equilibrium in contract negotiations and tests for evidence of the moral hazard inherent in many contracts. Using contract and performance data on players drafted into the National Football League from 1986 through 1991, we find evidence that players use delay to agreement and incentive clauses to reveal their private information during contract negotiations. In addition, our empirical tests of the moral hazard issue indicate that ...
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作者：Brandt, MW
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Minimum-variance hedging of a contingent claim in discrete time is suboptimal when the contingent claim is hedged for multiple periods and the objective is to maximize the expected utility of cumulative hedging errors. This is because the hedging errors are not independent. The difference between a minimum-variance hedge and the optimal multiperiod hedge is called the hedging demand and depends on the hedger's preferences, the characteristics of the contingent claim, the trading frequency and ...
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作者：Servén, L
作者单位：The World Bank
摘要：This paper examines empirically the link between real-exchange-rate uncertainty and private investment in developing countries, using a large cross-country time series data set. The paper builds a GARCH-based measure of real-exchange-rate volatility and finds that it has a strong negative effect on investment, after controlling for other standard investment determinants and taking into account their potential endogeneity. The effect of uncertainty is not uniform, however. There is some evidenc...
