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作者：Edwards, S; Susmel, R
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; University of Houston System; University of Houston
摘要：We use high-frequency interest-rate data for a group of Latin American and Asian countries to analyze the behavior of volatility through time. We focus on volatility comovements across countries. Our analysis relies on univariate and bivariate switching volatility models. We compare the results from the switching models with those from rolling-standard-deviation models. We argue that the switching models are superior. Our results indicate that high-volatility episodes are, in general, short-li...
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作者：Keay, I
作者单位：Queens University - Canada
摘要：No significant convergence between Canadian and American income per capita occurred during the first ninety years of the twentieth century. This lack of convergence does not appear to have been due to technological dependence, input price distortions, or diseconomies of scale within the Canadian manufacturing sector. The evidence presented in this paper is based on total factor productivity measurement, statistical testing, and counterfactual experimentation using data from national statistica...
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作者：Adams, JD; Chiang, EP; Jensen, JL
作者单位：Rensselaer Polytechnic Institute; National Bureau of Economic Research; State University System of Florida; Florida Atlantic University; New York University
摘要：This paper studies the influence of R&D in the U.S. federal laboratory system, the world's largest, on firm research. Our results are based on a sample of 220 industrial research laboratories that work with a variety of federal laboratories and agencies and are owned by 115 firms in the chemicals, machinery, electrical equipment, and motor vehicles industries. Using an indicator of their importance to R&D managers, we find that cooperative research and development agreements (CRADAs) dominate ...
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作者：Bollinger, CR
作者单位：University of Kentucky
摘要：Proxy variables are frequently used in economics to control for unavailable variables in a linear regression setting. For example, AFQT scores have been used to control for human capital accumulation in measuring black-white wage differentials. This practice may bias the coefficient estimates for the correctly measured variables as well. This paper models proxy variables as a measurement error process and derives bounds for the coefficients on the correctly measured variables under a variety o...
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作者：Davis, GC
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：Because of common data limitations, the existing testing framework for the generalized composite commodity theorem (Lewbel, 1996) is incomplete. This note clarifies and strengthens the testing procedure by implementing modified Bonferroni procedures. The conditions are established for consistency between the existing and modified Bonferroni tests. In an empirical application, the Bonferroni tests provide more powerful support for the generalized composite commodity theorem than is obtained fro...
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作者：Miron, JA
作者单位：Boston University
摘要：This paper examines the effect of drug prohibition on the black market prices of cocaine and heroin. The paper examines the ratio of retail to farmgate price for cocaine, heroin, and several legal goods, and it compares legal versus black market prices for cocaine and heroin. The results suggest that cocaine and heroin are substantially more expensive than they would be in a legalized market, but to a lesser degree than suggested in previous research.
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作者：Yeaple, SR
作者单位：University of Pennsylvania
摘要：This paper reports the results of an empirical study of the industry and country determinants of U.S. outward foreign direct investment (FDI). These results contribute to the literature in two dimensions. First, they demonstrate that the structure of U.S. FDI reflects an interaction between country skilled-labor abundance and industry skilled-labor intensities that is consistent with comparative advantage. Second, they confirm the results of early studies that market access plays an important ...
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作者：Carroll, CD; Dynan, KE; Krane, SD
作者单位：Johns Hopkins University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This paper examines precautionary behavior by relating job-loss risk to household net worth. We use existing best practice and some new strategies to deal with some problematic issues inherent in this literature regarding proxying uncertainty, instrumentation, and incorporating theoretical restrictions. We do not find precautionary variation in the wealth holdings of households with low permanent income, but do find precautionary effects for moderate and higher-income households. When the depe...
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作者：Beron, KJ; Murdoch, JC; Vijverberg, WPM
作者单位：University of Texas System; University of Texas Dallas
摘要：This paper develops a correlated probit model to describe dichotomous choices that may contain a public-goods component or same other forms of interdependency. The key contribution of the paper is to formulate tests for interdependent behavior among agents. In particular, we examine the decisions by nations whether or not to ratify the Montreal Protocol on Substances that Deplete the Ozone Layer. Specifically, we reject free riding as a motive for not ratifying the Protocol, and we find little...
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作者：Calvet, L; Comon, E
作者单位：Harvard University
摘要：Inspired by the recent literature on aggregation theory, this paper introduces HITS, a semiparametric model of consumer demand that allows for diversity in tastes. The strong variation of budget shares observed across income groups has two possible origins: the individual income effect, and taste differences between poor and rich households. Consumer surveys reporting repeated cross sections do not permit the direct measurement of these two effects. In HITS, linear heterogeneity allows the GMM...
