Review of Economics and Statistics

最新文章

• How Are You, My Dearest Mozart? Well-Being and Creativity of Three Famous Composers Based on Their Letters AI翻译
  作者：Borowiecki, Karol Jan
  作者单位：University of Southern Denmark
  摘要：The importance of creativity is being increasingly recognized by economists; however, the possibility that emotional factors determine creative processes is largely ignored. Building on 1,400 letters written by three famous music composers, I obtain well-being indices that span their lifetimes. The validity of this methodology is shown by linking the indices with biographical information and through estimation of the determinants of well-being. I then exploit the data and provide quantitative ...
• Culture, Institutions, and the Wealth of Nations AI翻译
  作者：Gorodnichenko, Yuriy; Roland, Gerard
  作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
  摘要：We argue that a more individualist culture leads to more innovation and to higher growth because of the social status rewards associated with innovation in that culture. We use data on the frequency of particular genes associated with collectivist cultures, as well as a measure of distance in terms of frequencies of blood types, and historic prevalence of pathogens to instrument individualism scores. The relationship between individualism and innovation/growth remains strong even after control...
• Granger Causal Priority and Choice of Variables in Vector Autoregressions AI翻译
  作者：Jarocinski, Marek; Mackowiak, Bartosz
  作者单位：European Central Bank; Centre for Economic Policy Research - UK
  摘要：We derive a closed-form expression for the posterior probability of Granger noncausality in a gaussian vector autoregression with a conjugate prior. We also express in closed form the posterior probability of Granger causal priority, a more general relation that accounts for indirect effects between variables and therefore is suitable in a multivariate context. One can use these results to answer the classic question, Is variable z relevant for variable x? and to choose variables for a vector ...
• Box Office Buzz: Does Social Media Data Steal the Show from Model Uncertainty When Forecasting for Hollywood? AI翻译
  作者：Lehrer, Steven; Xie, Tian
  作者单位：Queens University - Canada; New York University; NYU Shanghai; National Bureau of Economic Research; Xiamen University; Xiamen University
  摘要：Business decision makers are increasingly using predictive social media analytic tools in forecasting exercises but ignoring potential model uncertainty. Using data on the universe of Twitter messages, we calculate the sentiment regarding each film to understand whether these opinions affect box office opening and DVD retail sales. Our results contrasting eleven different econometric strategies including penalization methods indicate that accounting for model uncertainty can lead to large gain...
• Recasting the Iron Rice Bowl: The Reform of China's State-Owned Enterprises AI翻译
  作者：Berkowitz, Daniel; Ma, Hong; Nishioka, Shuichiro
  作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Tsinghua University; West Virginia University
  摘要：Following the enactment of reforms in the mid-1990s, China's state-owned enterprises (SOEs) became more profitable. Using theoretical insights from Azmat, Manning, and Van Reenen (2012) and Karabarbounis and Neiman (2014) and econometric methods in De Loecker andWarzynski (2012), this paper finds that SOE restructuring was nevertheless limited. This is because SOE profitability gains in part reflect that they were under less political pressure to hire excess labor and also their cost of capita...
• Asymptotic Behavior of a t-Test Robust to Cluster Heterogeneity AI翻译
  作者：Carter, Andrew V.; Schnepel, Kevin T.; Steigerwald, Douglas G.
  作者单位：University of California System; University of California Santa Barbara; University of Sydney
  摘要：For a cluster-robust t-statistic under cluster heterogeneity we establish that the cluster-robust t-statistic has a gaussian asymptotic null distribution and develop the effective number of clusters, which scales down the actual number of clusters, as a guide to the behavior of the test statistic. The implications for hypothesis testing in applied work are that the number of clusters, rather than the number of observations, should be reported as the sample size, and the effective number of clu...
• The Minimum Legal Drinking Age and Morbidity in the United States AI翻译
  作者：Carpenter, Christopher; Dobkin, Carlos
  作者单位：Vanderbilt University; National Bureau of Economic Research; University of California System; University of California Santa Cruz
  摘要：We provide the first evaluation of the effect of the U.S. minimum legal drinking age (MLDA) on nonfatal injuries. Using administrative records from several states and a regression discontinuity approach, we document that inpatient hospital admissions and emergency department (ED) visits increase by 8.4 and 71.3 per 10,000 person-years, respectively, at age 21. These effects are due mainly to an increase in the rate at which young men experience accidental injuries, alcohol overdoses, and injur...
• Measuring the Stringency of Land Use Regulation: The Case of China's Building Height Limits AI翻译
  作者：Brueckner, Jan K.; Fu, Shihe; Gu, Yizhen; Zhang, Junfu
  作者单位：University of California System; University of California Irvine; Xiamen University; Jinan University; Clark University
  摘要：This paper develops a new approach for measuring the stringency of a major form of land use regulation, building height restrictions, and applies it to an extraordinary data set of land-lease transactions from China. Our theory shows that the elasticity of land price with respect to the floor area ratio (FAR), a building height indicator, is a measure of the regulation's stringency (the extent to which FAR is kept below the free-market level). Using a national sample, estimation allowing this ...
• In Aid We Trust: Hearts and Minds and the Pakistan Earthquake of 2005 AI翻译
  作者：Andrabi, Tahir; Das, Jishnu
  作者单位：Claremont Colleges; Pomona College; The World Bank
  摘要：In 2005 an earthquake in northern Pakistan led to a significant inflow of international relief groups. Four years later, trust in Europeans and Americans was markedly higher among those exposed to the earthquake and the relief that followed. These differences reflect the greater provision of foreign aid and foreigner presence in affected villages rather than preexisting population differences or a general impact of disasters on trust. We thus demonstrate large-scale, durable attitudinal change...
• Market Structure and Cost Pass-Through in Retail AI翻译
  作者：Hong, Gee Hee; Li, Nicholas
  作者单位：International Monetary Fund; University of Toronto
  摘要：We examine the extent to which vertical and horizontal market structure can together explain incomplete retail pass-through. To answer this question, we use scanner data from a large U.S. retailer to estimate product level pass-through for three vertical structures: national brands, private label goods not manufactured by the retailer, and private label goods manufactured by the retailer. Our approach circumvents issues associated with internal firm prices and demonstrates that accounting for ...