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作者：Christelis, Dimitris; Georgarakos, Dimitris; Haliassos, Michael
作者单位：Goethe University Frankfurt; Center for Economic & Policy Research (CEPR)
摘要：We use cross-country microdata and counterfactual methods to document international differences in ownership and holdings of stocks, private businesses, homes, and mortgages among older households in thirteen countries. We decompose these differences into two parts, related to population characteristics and economic environments. Shortly prior to the recent financial crisis, U.S. households tended to invest more in stocks and less in homes and to have larger mortgages than Europeans of similar...
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作者：Kahane, Leo; Longley, Neil; Simmons, Robert
作者单位：Providence College; University of Massachusetts System; University of Massachusetts Amherst; Lancaster University
摘要：This paper uses data from the National Hockey League (NHL) to consider the potential gains to firms from employing culturally diverse work teams. It finds that the presence of foreign workers does increase firm-level performance: NHL teams that employed a higher proportion of European players performed better. However, the results also indicate that teams perform better when their European players come from the same country rather than being spread across many European countries. When teams ha...
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作者：Sanyal, Paroma; Ghosh, Suman
作者单位：State University System of Florida; Florida Atlantic University
摘要：This paper studies the innovation response of upstream technology suppliers when their downstream buyers transition from regulation to competition. By modeling the impact of the 1990s U.S. electricity deregulation on patenting, we find that after deregulation, the net competition effect (comprising the pure competition and the escape competition effect) decreased innovation by 18.3% and the appropriation effect increased innovation by 19.6%. Other deregulation factors have led to a 20.6% decli...
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作者：Black, Dan A.; Kolesnikova, Natalia; Sanders, Seth G.; Taylor, Lowell J.
作者单位：University of Chicago; IZA Institute Labor Economics; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Mississippi; Duke University; Carnegie Mellon University
摘要：We examine Becker's (1960) contention that children are normal. For the cross-section of non-Hispanic white married couples in the United States, we show that when we restrict comparisons to similarly educated women living in similarly expensive locations, completed fertility is positively correlated with the husband's income. The empirical evidence is consistent with children being normal. In an effort to show causal effects, we analyze the localized impact on fertility of the mid-1970s' incr...
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作者：Cagliarini, Adam; Kulish, Mariano
作者单位：Reserve Bank of Australia; University of New South Wales Sydney
摘要：Standard solution methods for linear stochastic models with rational expectations presuppose a time-invariant structure. Consequently, credible announcements that entail future changes of the structure cannot be handled by standard solution methods. This paper develops the solution for linear stochastic rational expectations models in the face of a finite sequence of anticipated structural changes. These events encompass anticipated changes to the structural parameters and also anticipated add...
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作者：Crossley, Thomas; Jametti, Mario
作者单位：Koc University; University of Cambridge; Universita della Svizzera Italiana; Leibniz Association; Ifo Institut
摘要：Pension benefit guarantees have been introduced in several countries to protect private plan members from the loss of income associated with the termination of an underfunded plan. Most such schemes face financial difficulty. Consequently, policy reforms are being contemplated. Economic theory suggests that such schemes will suffer moral hazard problems. We test a specific theoretical prediction: insured plans will invest more heavily in risky assets. Our test exploits policy differences acros...
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作者：Wunder, Christoph; Wiencierz, Andrea; Schwarze, Johannes; Kuechenhoff, Helmut
作者单位：University of Erlangen Nuremberg; University of Munich; Otto Friedrich University Bamberg; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; IZA Institute Labor Economics
摘要：This paper applies semiparametric regression models using penalized splines to investigate the profile of well-being over the life span. Using data from the British Household Panel Survey (BHPS) and the German Socio-Economic Panel Study (SOEP), the analysis shows a common, and quite similar, age-specific pattern of life satisfaction for both Britain and Germany that can be characterized by three age stages. The evidence suggests that the U-shaped profile is a good approximation of decreasing a...
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作者：Chinn, Menzie D.; Wei, Shang-Jin
作者单位：University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Columbia University
摘要：It is often asserted that a flexible exchange rate regime would facilitate current account adjustment. Using data on over 170 countries over the 1971-2005 period, we examine this assertion systematically. We find no strong, robust, or monotonic relationship between exchange rate regime flexibility and the rate of current account reversion, even after accounting for the degree of economic development and trade and capital account openness. This finding presents a challenge to the Friedman (1953...
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作者：Eichholtz, Piet; Kok, Nils; Quigley, John M.
作者单位：Maastricht University; University of California System; University of California Berkeley
摘要：We analyze the economics of green building, finding that recent increases in the supply of green buildings and the volatility in property markets have not affected the returns to green buildings. We then analyze a large cross-section of office buildings, demonstrating that economic returns to energy-efficient buildings are substantial. Finally, we relate the economic premiums for green buildings to their relative efficiency in energy use-the attributes rated for thermal efficiency, as well as ...
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作者：Loupias, Claire; Sevestre, Patrick
作者单位：Universite Paris Saclay; European Central Bank; Bank of France; Paris School of Economics; heSam Universite; Universite Pantheon-Sorbonne
摘要：Using business survey data, we estimate an ordered probit model to explain the occurrence of producer price increases and decreases in the French manufacturing industry. Our results show that changes in intermediate input prices are the main driver of producer price changes. Changes in firms' labor costs, their production level, or the producer price index of their industry contribute less to the occurrence of price changes. Moreover, when they face a change in their costs, firms adjust their ...
