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作者：Chudik, Alexander; Mohaddes, Kamiar; Pesaran, M. Hashem; Raissi, Mehdi
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of Cambridge; University of Cambridge; University of Southern California; University of Cambridge; International Monetary Fund
摘要：This paper studies the relationship between public debt expansion and economic growth and investigates whether the debt-growth relation varies with the level of indebtedness. We contribute theoretically by developing tests for threshold effects in the context of dynamic heterogeneous panel data models with cross-sectionally dependent errors. In the empirical application, using data on a sample of forty countries over the 1965-2010 period, we find no evidence for a universally applicable thresh...
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作者：Helland, Eric; Yoon, Jungmo
作者单位：Claremont Colleges; Claremont Graduate University; Claremont McKenna College; Hanyang University
摘要：The English rule prescribes that the loser of a lawsuit pays the winner's litigation costs. Previous research on the English rule finds that plaintiffs win more often at trial, receive higher awards, and receive larger settlements. Theory predicts that the English rule discourages settlement by raising the threshold payment necessary for settlement. In this paper, we reexamine the Florida experiment with the English rule by placing bounds on the selection effects. We find that the mean and med...
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作者：Chung, Andrea Park; Gaynor, Martin; Richards-Shubik, Seth
作者单位：Carnegie Mellon University; University of Bristol; National Bureau of Economic Research; Lehigh University
摘要：We study the effect of public subsidies from the Hill-Burton program on hospital capacity, organization of the hospital industry, and utilization. We estimate that the program accounted for a net increase of over 70,000 beds nationwide and that these effects lasted well beyond twenty years. We also show that differences in the number of hospital beds per capita between high- and low-income counties, rural and urban counties, and the South and the rest of the country fell substantially. We conc...
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作者：Gibbs, Michael; Neckermann, Susanne; Siemroth, Christoph
作者单位：University of Chicago; IZA Institute Labor Economics; Leibniz Association; Zentrum fur Europaische Wirtschaftsforschung (ZEW); University of Essex
摘要：We study a field experiment at a large technology company. Employees were encouraged to submit ideas on process and product improvements. The company randomly assigned nineteen teams into treatment and control groups. Treatment team employees received rewards if their ideas were approved. Nothing changed for control team employees. Our main finding is that rewards substantially increased the quality of ideas. Rewards increased participation in the suggestion system but decreased ideas per part...
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作者：Addoum, Jawad M.
作者单位：Cornell University
摘要：This study examines household portfolio choice through the retirement transition. I show that couples significantly decrease their stock allocations after retirement, whereas singles' allocations remain relatively unchanged. Reallocations are concentrated among couples in which the wife is more risk averse than her husband. Husbands' and wives' respective retirement events are followed by opposite-signed changes in stock allocations. These findings are consistent with a model of collective hou...
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作者：Osterrieder, Daniela u; Schotman, Peter C.
作者单位：Rutgers University System; Rutgers University New Brunswick; Maastricht University; Tilburg University
摘要：We develop an almost affine term-structure model with a closed-form solution for factor loadings in which the spot rate and the risk price are fractionally integrated processes with different integration orders. This model is used to explain two stylized facts. First, predictability of longterm excess bond returns requires sufficient volatility and persistence in the risk price. Second, the large volatility of long-term bond returns requires persistence in the spot rate. Decomposing long-term ...
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作者：Stevenson, Megan
作者单位：George Mason University
摘要：I conduct a series of tests of peer influence in juvenile incarceration facilities motivated by three mechanisms: criminal skill transfer, the formation of new criminal networks, and the social contagion of crime-oriented noncognitive factors. Identifying peer influence off natural variation in small cohorts within the same facility, I find evidence consistent with social contagion: exposure to peers who come from unstable homes and have high levels of aggression leads to an increase in crime ...
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作者：Gortz, Christoph; Tsoukalas, John D.
作者单位：University of Birmingham; University of Glasgow
摘要：An important disconnect in the news view of fluctuations is the lack of consistent evidence suggestive of significant macroeconomic effects of news shocks. Findings from estimated DSGE models that in theory allow news shocks to matter quantitatively suggest that they do not. This disconnect can be resolved once we augment a DSGE model with a financial channel that provides amplification to news shocks. Our results suggest that news shocks to the future growth prospects of the economy are signi...
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作者：Koopman, S. J.; Mesters, G.
作者单位：Tinbergen Institute; Vrije Universiteit Amsterdam; CREATES; Aarhus University; Pompeu Fabra University; Barcelona School of Economics; Vrije Universiteit Amsterdam
摘要：We consider the dynamic factor model where the loading matrix, the dynamic factors, and the disturbances are treated as latent stochastic processes. We present empirical Bayes methods that enable the shrinkagebased estimation of the loadings and factors. We investigate the methods in a large Monte Carlo study where we evaluate the finite sample properties of the empirical Bayes methods for quadratic loss functions. Finally, we present and discuss the results of an empirical study concerning th...
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作者：Keskin, Pinar; Shastry, Gauri Kartini; Willis, Helen
作者单位：Wellesley College; University of California System; University of California Berkeley
摘要：Decades of campaigns have cautioned households in Bangladesh about waterborne contaminants such as arsenic. In addition to switching water sources, mothers can protect young children from contaminated water by breastfeeding longer. We exploit time series variation in whether children were born before or after a nationwide information campaign and geographic variation in exposure to arsenic. We find that mothers breast-feed children longer in response to the campaign, especially when they have ...
