-
作者：Baum-Snow, Nathaniel; Pavan, Ronni
作者单位：Brown University; National Bureau of Economic Research; University of London
摘要：A strong positive monotonic relationship between wage inequality and city size developed between 1979 and 2007 in the United States. After accounting for differences in skill composition across cities of different sizes, we find that at least 23% of the nationwide increase in the variance of log hourly wages is explained by the more rapid growth in wage inequality in larger locations than in smaller locations. This influence occurred throughout the wage distribution, was most prevalent during ...
-
作者：Estevadeordal, Antoni; Taylor, Alan M.
作者单位：Inter-American Development Bank; University of California System; University of California Davis; National Bureau of Economic Research
摘要：According to the Washington Consensus, developing countries' growth would benefit from reductions in barriers to trade. However, the empirical basis for judging trade reforms is weak. Econometrics are mostly ad hoc, results are typically not judged against models, policies are poorly measured, and most studies are based on pre-1990 experience. We address these concerns by employing a model with capital and intermediate goods, compiling new disaggregated tariff measures, and employing treatment...
-
作者：Moench, Emanuel; Ng, Serena; Potter, Simon
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Columbia University
摘要：This paper uses multilevel factor models to characterize within- and between-block variations as well as idiosyncratic noise in large dynamic panels. Block-level shocks are distinguished from genuinely common shocks, and the estimated block-level factors are easy to interpret. The framework achieves dimension reduction and yet explicitly allows for heterogeneity between blocks. The model is estimated using an MCMC algorithm that takes into account the hierarchical structure of the factors. The...
-
作者：Faust, Jon; Gilchrist, Simon; Wright, Jonathan H.; Zakrajsek, Egon
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Johns Hopkins University; National Bureau of Economic Research; Boston University; Johns Hopkins University; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Employing a large number of financial indicators, we use Bayesian model averaging (BMA) to forecast real-time measures of economic activity. The indicators include credit spreads based on portfolios, constructed directly from the secondary market prices of outstanding bonds, sorted by maturity and credit risk. Relative to an autoregressive benchmark, BMA yields consistent improvements in the prediction of the cyclically sensitive measures of economic activity at horizons from the current quart...
-
作者：Lin, C. -Y. Cynthia
作者单位：University of California System; University of California Davis
摘要：When individual petroleum-producing firms make their exploration and development investment timing decisions, positive information externalities and negative extraction externalities may lead them to interact strategically with their neighbors. This paper examines whether these inefficient strategic interactions take place by estimating a structural econometric model of the firms' multi-stage investment timing game. Results show that firms interact strategically on small tracts but not on larg...
-
作者：Weinberg, Matthew C.; Hosken, Daniel
作者单位：Drexel University
摘要：This paper evaluates the efficacy of a structural model of oligopoly used for merger review. Using premerger data, we estimate several demand systems and use a static Bertrand model to simulate the price effects of two mergers. Using pre- and postmerger data, we directly estimate the price effects. The direct estimates imply that one merger resulted in moderate price increases, while the second left prices essentially unchanged. While some simulations are similar to the directly estimated pric...
-
作者：Daly, Mary C.; Wilson, Daniel J.; Johnson, Norman J.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We assess the importance of interpersonal income comparisons using data on suicide deaths. We examine whether suicide risk is related to others' income, holding own income and other individual and environmental factors fixed. We estimate models of the suicide hazard using two independent data sets: the National Longitudinal Mortality Study and the National Center for Health Statistics' Multiple Cause of Death Files combined with the 5% Public Use Micro Sample of the 1990 decennial census. Resu...
-
作者：Abowd, John M.; Stinson, Martha H.
作者单位：Cornell University
摘要：We propose a new methodology that does not assume a prior specification of the statistical properties of the measurement errors and treats all sources as noisy measures of some underlying true value. The unobservable true value can be represented as a weighted average of all available measures, using weights that must be specified a priori unless there has been a truth audit. The Census Bureau's Survey of Income and Program Participation (SIPP) survey jobs are linked to Social Security Adminis...
-
作者：Squires, Dale; Vestergaard, Niels
作者单位：University of Southern Denmark
摘要：This paper addresses normative exploitation of common renewable resources with changes in technology and technical, allocative, and scale efficiency that exacerbate the commons problem and externality. Their impact depends on the rate and nature of change, investment, and state of property rights. An augmented fundamental equation of renewable resources with a modified marginal stock effect and a new marginal technology effect account for changes in disembodied and embodied technology and tech...
-
作者：Hashmi, Aamir Rafique
作者单位：National University of Singapore
摘要：I reexamine the inverted-U relationship between competition and innovation (modeled and tested by Aghion et al. (2005)) by using data from publicly traded manufacturing firms in the United States. I control for the possible endogeneity of competition by using a trade-weighted average of industry exchange rates as an instrument. I find a mildly negative relationship between competition (as measured by the inverse of markups) and innovation (as measured by citation-weighted patents). The negativ...
