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作者：Carbo Valverde, Santiago; Chakravorti, Sujit; Rodriguez Fernandez, Francisco
作者单位：Bangor University; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of Granada
摘要：We study the impact of reductions in interchange fees on payment card services. We find that consumer and merchant acceptance and transaction volumes increased when interchange fees were reduced. Our results suggest that a 10% reduction in the rate of decline per quarter in the average interchange fee by an acquirer resulted in a rate of increase in merchant acceptance per quarter of up to 1.4%. In addition, a 10% increase in the rate of interaction of merchant acceptance and the total number ...
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作者：Cesur, Resul; Sabia, Joseph J.
作者单位：University of Connecticut; University System Of New Hampshire; University of New Hampshire; United States Department of Defense; United States Army
摘要：This study is the first to estimate the effect of war service in the Global War on Terrorism on domestic violence. We exploit a natural experiment in overseas deployment assignment among active-duty servicemen by relying on theoretical and empirical evidence that, conditional on military rank and occupation, deployment assignments are orthogonal to the propensity for violence. Our results show that assignment to combat substantially increases the probability of intimate partner violence and ch...
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作者：Baltussen, Guido; van den Assem, Martijn J.; van Dolder, Dennie
作者单位：Erasmus University Rotterdam; Erasmus University Rotterdam - Excl Erasmus MC; Vrije Universiteit Amsterdam; University of Nottingham
摘要：This paper examines how risk behavior in the limelight differs from that in anonymity. In two separate experiments, we find that subjects are more risk averse in the limelight. However, risky choices are similarly path dependent in the different treatments. Under both limelight and anonymous laboratory conditions, a simple prospect theory model with a path-dependent reference point provides a better explanation for subjects' behavior than a flexible specification of expected utility theory. In...
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作者：de Jong, Robert M.; Sakarya, Neslihan
作者单位：University System of Ohio; Ohio State University
摘要：The Hodrick-Prescott (HP) filter is a commonly used tool in macroeconomics used to extract a trend component from a time series. In this paper, we derive a new representation of the transformation of the data that is implied by the HP filter. This representation highlights that the HP filter is a symmetric weighted average plus a number of adjustments that are important near the beginning and end of the sample. The representation allows us to carry out a rigorous analysis of properties of the ...
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作者：Godlonton, Susan; Munthali, Alister; Thornton, Rebecca
作者单位：Williams College; University of Malawi; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Understanding behavioral responses to changes in actual or perceived risk is important because risk-reduction goals can be undermined by risk-compensating behavior. This paper examines the response to new information about the risk of HIV infection. Approximately 1,200 circumcised and uncircumcised men in rural Malawi are randomly informed that male circumcision reduces the HIV transmission rate, predicting asymmetric behavioral responses. We find no evidence that the information induces circu...
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作者：Bai, Jushan; Li, Kunpeng
作者单位：Columbia University; Nankai University; Capital University of Economics & Business
摘要：An approximate factor model of high dimension has two key features. First, the idiosyncratic errors are correlated and heteroskedastic over both the cross-section and time dimensions; the correlations and heteroskedasticities are of unknown forms. Second, the number of variables is comparable or even greater than the sample size. Thus, a large number of parameters exist under a high-dimensional approximate factor model. Most widely used approaches to estimation are principal component based. T...
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作者：Toivanen, Otto; Vaananen, Lotta
作者单位：Aalto University; KU Leuven
摘要：Modern growth theory puts invention on the center stage. Inventions are created by individuals, raising the question of whether we can increase the number of inventors. To answer this question, we study the causal effect of MSc engineering education on invention, using data on U.S. patents' Finnish inventors and the distance to the nearest technical university as an instrument. We find a positive effect of engineering education on the propensity to patent and a negative OLS bias. Our counterfa...
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作者：Jedwab, Remi; Moradi, Alexander
作者单位：George Washington University; University of Sussex; University of Oxford; Stellenbosch University
摘要：We exploit the construction and eventual demise of the colonial railroads in Ghana, and most of the rest of Africa, to study the impact of transportation investments in poor countries. Using new data on railroads and cities spanning over one century, we find that railroads had large effects on the distribution of economic activity during the colonial period and these effects have persisted to date, although railroads collapsed and road networks expanded considerably after independence. Initial...
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作者：Kahn, Shulamit; MacGarvie, Megan J.
作者单位：Boston University; National Bureau of Economic Research
摘要：This paper asks whether being located outside the United States lowers research productivity in a data set of foreign-born, U.S.-educated scientists. Instrumenting location with visa status that requires return to home countries, we find a large negative relationship between non-U.S. location and research output for countries with low income per capita but none for countries with high income per capita. This suggests that a scientist exogenously located in a country at the top of the income di...
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作者：Gonzalez-Navarro, Marco; Quintana-Domeque, Climent
作者单位：University of Toronto; University of Oxford
摘要：We provide the first experimental estimation of the effects of the supply of publicly financed urban infrastructure on property values. Using random allocation of first-time street asphalting of residential streets located in peripheral neighborhoods in Mexico, we show that within two years of the intervention, households are able to transform their increased property wealth into significantly larger rates of vehicle ownership, household appliances, and home improvements. Increased consumption...
