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作者：Davig, Troy; Doh, Taeyoung
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City
摘要：Using Bayesian methods, we estimate a Markov-switching New Keynesian (MSNK) model that allows shifts in the monetary policy reaction coefficients and shock volatilities with U. S. data. We find that a more aggressive monetary policy regime was in place after the Volcker disinflation and before 1970 than during the Great Inflation of the 1970s. Our estimates also indicate that a low-volatility regime has been in place during most of the sample period after 1984. We connect the timing of the dif...
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作者：Weinberger, Catherine J.
作者单位：University of California System; University of California Santa Barbara
摘要：Data linking 1972 and 1992 adolescent skill endowments to adult outcomes reveal increasing complementarity between cognitive and social skills. In fact, previously noted growth in demand for cognitive skills affected only individuals with strong endowments of both social and cognitive skills. These findings are corroborated using Census and CPS data matched with Dictionary of Occupational Titles (DOT) job task measures; employment in and earnings premia to occupations requiring high levels of ...
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作者：Ahern, Kenneth R.
作者单位：University of Southern California
摘要：Though common stocks are one of the most important assets in an economy, little is known about their demand curves. I estimate demand curves for 144 NYSE stocks using a unique data set of all orders, including off-equilibrium orders, during three months in 1990 and 1991. Connecting asset pricing with industrial organization, I find that stocks of firms in less competitive industries are more elastic because they have closer substitutes than stocks in more competitive industries. Tests that exp...
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作者：Stahl, Dale O.
作者单位：University of Texas System; University of Texas Austin
摘要：There is much interest in ambiguity-averse behavior under uncertainty, and many theories have been advanced to explain this. Empirical analyses of choices involving ambiguous options have typically used a representative agent model. We address the question of whether representative agent models are accurate approximations of reality or whether there is substantial heterogeneity in ambiguity preferences. In contrast to the representative agent model, we find that the vast majority of participan...
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作者：Bozzoli, Carlos; Quintana-Domeque, Climent
作者单位：Universidad Torcuato Di Tella; University of Oxford; IZA Institute Labor Economics
摘要：We investigate how prenatal economic fluctuations affected birth weight in Argentina during the period from January 2000 to December 2005 and document its procyclicality. We find evidence that the birth weight of children born to low-educated (less than high school) mothers is sensitive to macroeconomic fluctuations during both the first and third trimesters of pregnancy, while those of high-educated (high school or above) mothers react only to the first trimester of pregnancy. Our results are...
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作者：Grigolon, Laura; Verboven, Frank
作者单位：McMaster University; KU Leuven; Centre for Economic Policy Research - UK
摘要：We propose a random coefficients nested logit (RCNL) model to compare the tractable nested logit (NL) model with the more complex random coefficients logit (RC) model. After a simulation study, we use data on the European automobile market. Both the NL and RC models are rejected against the RCNL model. The RC model results in different substitution patterns and a wider market definition than the NL and RCNL models. Nevertheless, the predicted price effects from mergers are robust across models...
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作者：Hilber, Christian A. L.; Turner, Tracy M.
作者单位：University of London; London School Economics & Political Science; Kansas State University
摘要：This paper examines the impact of the combined U.S. state and federal mortgage interest deduction (MID) on homeownership attainment, using data from 1984 to 2007 and exploiting variation in the subsidy arising from changes in the MID within and across states over time. We test whether capitalization of the MID into house prices offsets the positive effect on homeownership. We find that the MID boosts homeownership attainment only of higher-income households in less tightly regulated housing ma...
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作者：Bhargava, Saurabh; Fisman, Ray
作者单位：Carnegie Mellon University; Columbia University
摘要：We provide an empirical test of contrast effects-a bias where a decision maker perceives information in contrast to what preceded it-in the quasi-experimental context of speed dating decisions. We document that prior partner attractiveness reduces the subsequent likelihood of an affirmative dating decision. This relationship is confined to recent interactions, consistent with a perceptual error, but not learning or the presence of a quota in affirmative responses. The contrast effect is driven...
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作者：Crespo, Laura; Mira, Pedro
摘要：We study the prevalence of informal caregiving to elderly parents by their mature daughters in Europe and the links between parental health, intense (daily) caregiving, and the employment status of daughters. We group data from SHARE into three country pools (North, Central, and South), which differ in the availability of public formal care services and female labor market attachment. There is a strong North-South gradient in the (positive) effect of parental ill health on the probability of d...
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作者：Fabrizio, Kira R.; Tsolmon, Ulya
作者单位：Boston University; Duke University
摘要：The Schumpeterian opportunity cost hypothesis predicts that firms concentrate innovative activities in recessions. However, empirical evidence suggests that innovative activities are procyclical. Theory proposes that firms shift R&D investments and innovation from recessions to booms to maximize returns by capturing high-demand periods before imitators compete away rents. This paper provides the first empirical test of these predictions. Results indicate that R&D spending is more procyclical i...
