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作者：Bento, Antonio; Freedman, Matthew; Lang, Corey
作者单位：University of Southern California; National Bureau of Economic Research; Drexel University; University of Rhode Island
摘要：Using geographically disaggregated data and exploiting an instrumental variable strategy, we show that contrary to conventional wisdom, the benefits of the 1990 Clean Air Act Amendments (CAAA) were progressive. The CAAA created incentives for local regulators to target the initially dirtiest areas for cleanup, creating heterogeneity in the incidence of air quality improvements that favored lower-income households. Based on house price appreciation, households in the lowest quintile of the inco...
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作者：Cosar, A. Kerem; Grieco, Paul L. E.; Tintelnot, Felix
作者单位：University of Chicago; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Princeton University
摘要：Using a microlevel data set of wind turbine installations in Denmark and Germany, we estimate a structural oligopoly model with cross-border trade and heterogeneous firms. Our approach separately identifies border-related from distance-related variable costs and bounds the fixed cost of exporting for each firm. In the data, firms' market shares drop precipitously at the border. We find that 40% to 50% of the gap can be attributed to national border costs. Counterfactual analysis indicates that...
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作者：Benigno, Pierpaolo; Ricci, Luca Antonio; Surico, Paolo
作者单位：International Monetary Fund; University of London; London Business School
摘要：This paper presents a new empirical regularity between the volatility of productivity growth and long-run unemployment for a given level of long-run productivity growth. A theoretical framework based on asymmetric real wage rigidities is shown to have the potential to rationalize this finding. The model tends to fit U.S. long-run unemployment better than a specification based on long-run productivity growth only, especially during the Great Moderation and the Great Recession.
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作者：Antman, Francisca; Duncan, Brian
作者单位：University of Colorado System; University of Colorado Boulder; IZA Institute Labor Economics; University of Colorado System; University of Colorado Denver; University of Colorado Anschutz Medical Campus; Children's Hospital Colorado
摘要：We link data on racial self-identification with changes in state-level affirmative action policies to ask whether racial self-identification responds to economic incentives. We find that after a state bans affirmative action, multiracial individuals who face an incentive to identify under affirmative action are about 30% less likely to identify with their minority group. In contrast, multiracial individuals who face a disincentive to identify under affirmative action are roughly 20% more likel...
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作者：Ashraf, Quamrul; Michalopoulos, Stelios
作者单位：Williams College; Brown University; National Bureau of Economic Research
摘要：This research examines the climatic origins of the diffusion of Neolithic agriculture across countries and archaeological sites. The theory suggests that a foraging society's history of climatic shocks shaped the timing of its adoption of farming. Specifically, as long as climatic disturbances did not lead to a collapse of the underlying resource base, the rate at which hunter-gatherers were climatically propelled to experiment with their habitats determined the accumulation of tacit knowledge...
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作者：de Janvry, Alain; McIntosh, Craig; Sadoulet, Elisabeth
作者单位：University of California System; University of California Berkeley; University of California System; University of California San Diego
摘要：The Fair Trade (FT) coffee initiative attempts to channel charity from consumers to poor producers via increased prices. We show that the rules of the FT system permit this rent to be eliminated due to free entry and costly excess certification of output. Using data from an association of coffee cooperatives in Central America, we verify that expected producer benefits are close to 0 when we take into account the output that is certified but not sold as FT. Our results illustrate how free entr...
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作者：Manova, Kalina; Wei, Shang-Jin; Zhang, Zhiwei
作者单位：Stanford University; National Bureau of Economic Research; Columbia University; Centre for Economic Policy Research - UK
摘要：We provide firm-level evidence that credit constraints restrict international trade and affect the pattern of multinational activity. We show that foreign affiliates and joint ventures in China have better export performance than private domestic firms in financially more vulnerable sectors. These results are stronger for destinations with higher trade costs and not driven by firm size or other sector characteristics. Our findings are consistent with multinational subsidiaries being less liqui...
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作者：Patton, Andrew J.; Sheppard, Kevin
作者单位：Duke University; University of Oxford
摘要：Using estimators of the variation of positive and negative returns (realized semivariances) and high-frequency data for the S&P 500 Index and 105 individual stocks, this paper sheds new light on the predictability of equity price volatility. We show that future volatility is more strongly related to the volatility of past negative returns than to that of positive returns and that the impact of a price jump on volatility depends on the sign of the jump, with negative (positive) jumps leading to...
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作者：Fernandes, Ana M.; Paunov, Caroline
作者单位：The World Bank; Organisation for Economic Co-operation & Development (OECD)
摘要：While innovation matters for competitiveness, it may expose firms to survival risks. Using plant-product data for Chile and discrete-time hazard models, we show that innovating plants have a lower hazard of exit. However, risk has a strong impact on the innovation-exit relationship: only innovators that retain diversified sources of revenue or face lower market risk are less likely to die. Single-product innovators are at greater risk of exiting. Exposure to technical risk does not affect exit...
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作者：Carlsson, Magnus; Dahl, Gordon B.; Oeckert, Bjoern; Rooth, Dan-Olof
作者单位：Linnaeus University; University of California System; University of California San Diego; Uppsala University
摘要：To identify the causal effect of schooling on cognitive skills, we exploit conditionally random variation in the date Swedish males take a battery of cognitive tests in preparation for military service. We find an extra ten days of school instruction raises scores on crystallized intelligence tests (synonyms and technical comprehension tests) by approximately 1% of a standard deviation, whereas extra nonschool days have almost no effect. In contrast, test scores on fluid intelligence tests (sp...
