-
作者：Jia, Ruixue
作者单位：Stockholm University
摘要：This paper investigates the long-run development of China's treaty ports from the mid-eighteenth century until today. Focusing on a sample of prefectures on the coast or on the Yangtze River, I document the dynamic development paths of treaty ports and their neighbors in alternate phases of closedness and openness. I also provide suggestive evidence on migration and sector-wise growth to understand the advantage of treaty ports in the long run.
-
作者：Chandra, Ambarish; Head, Keith; Tappata, Mariano
作者单位：University of Toronto; University of British Columbia; Center for Economic & Policy Research (CEPR)
摘要：We model the decision to travel across an international border as a trade-off between benefits derived from buying a range of products at lower prices and the costs of travel. We estimate the model using microdata on Canada-United States travel. Price differences motivate cross-border travel; a 10% home appreciation raises the propensity to cross by 8% to 26%. The larger elasticity arises when the home currency is strong, a result predicted by the model. Distance to the border strongly inhibit...
-
作者：Madsen, Jakob B.
作者单位：Monash University
摘要：This paper examines the productivity growth effects of educational attainment and its interaction with the distance to the world technology frontier, which is the percentage distance to the country with the highest total factor productivity (TIP) (the United Kingdom or United States), while allowing for the endogeneity of educational attainment in some of the estimates. For this purpose, a new annual data set for educational attainment is constructed for 21 industrialized countries over the pe...
-
作者：Madeira, Joao
作者单位：University of York - UK
摘要：This paper presents a New Keynesian (NK) model that is extended to differentiate between straight time and overtime work. The model proposes that the New Keynesian Phillips curve (NKPC) should be estimated with marginal cost measured in terms of overtime labor; the resulting coefficient estimates are in accordance with theory and statistically significant for the hybrid NKPC (which allows for backward-looking price setters) but not for the purely forward-looking NKPC. In the hybrid model, back...
-
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...
-
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...
-
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...
-
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...
-
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...
-
作者：Feenstra, Robert C.; Li, Zhiyuan; Yu, Miaojie
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; Shanghai University of Finance & Economics; Peking University
摘要：This paper examines why credit constraints for domestic and exporting firms arise in a setting where banks do not observe firms' productivities. To maintain incentive compatibility, banks lend below the amount that firms need for optimal production. The longer time needed for export shipments induces a tighter credit constraint on exporters than on purely domestic firms. In our application to Chinese firms, we find that the credit constraint is more stringent as a firm's export share grows, as...
