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作者：Bucciol, Alessandro; Miniaci, Raffaele
作者单位：University of Verona; University of Amsterdam; University of Brescia
摘要：We derive the distribution of a proxy for the risk tolerance in a representative sample of U. S. households. Our measure is deduced from the willingness to bear risk as indicated by the variance of returns of each household's observed portfolio. The estimates, obtained assuming constraints on portfolio composition, show substantial heterogeneity across households. We find that risk tolerance falls with age and increases with wealth. Other variables, such as education, gender, race, and househo...
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作者：Gibson, John; McKenzie, David; Stillman, Steven
作者单位：University of Waikato; The World Bank
摘要：We use a migration lottery program to overcome the double-selectivity problems posed by migration. We compare a wide range of outcomes for the remaining household members of Tongan emigrants with those of members of similar households who were unsuccessful in the lottery, with the policy rules determining which household members can move. Multiple hypothesis testing procedures are used to examine robustness. The overall impact on households left behind is largely negative in terms of resource ...
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作者：Angrist, Joshua D.; Kuersteiner, Guido M.
作者单位：Massachusetts Institute of Technology (MIT); Georgetown University
摘要：We develop semiparametric tests for conditional independence in time series models of causal effects. Our approach is motivated by empirical studies of monetary policy effects and is semiparametric in the sense that we model the process determining the distribution of treatment-the policy propensity score-but leave the model for outcomes unspecified. A conceptual innovation is that we adapt the cross-sectional potential outcomes framework to a time series setting. We also develop root-T consis...
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作者：Cadot, Olivier; Carrere, Celine; Strauss-Kahn, Vanessa
作者单位：The World Bank; Universite Clermont Auvergne (UCA); heSam Universite; ESCP Business School
摘要：The paper explores the evolution of export diversification patterns along the economic development path. Using a large database with 156 countries over 19 years at the HS6 level of disaggregation (4,991 product lines), we look for action at the intensive and extensive margins. We find a hump-shaped pattern of export diversification similar to what Imbs and Wacziarg (2003) found for production. Diversification and subsequent reconcentration take place mostly along the extensive margin. This hum...
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作者：Greiner, D. James; Rubin, Donald B.
作者单位：Harvard University
摘要：Despite their ubiquity, observational studies to infer the causal effect of a so-called immutable characteristic, such as race or sex, have struggled for coherence, given the unavailability of a manipulation analogous to a treatment in a randomized experiment and the danger of posttreatment bias. We demonstrate that a shift in focus from actual traits to perceptions of them can address both of these issues while facilitating articulation of other critical concepts, particularly the timing of t...
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作者：Ehrmann, Michael; Fratzscher, Marcel; Guerkaynak, Refet S.; Swanson, Eric T.
作者单位：European Central Bank; Ihsan Dogramaci Bilkent University; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：We study the convergence of European bond markets and the anchoring of inflation expectations in the euro area from 1993 to 2008, using high-frequency bond yield data for France, Germany, Italy, and Spain; some smaller euro-area countries; and a control group comprising the United Kingdom, Denmark, and Sweden. We find that Economic and Monetary Union (EMU) led to substantial convergence in euro-area sovereign bond markets in terms of interest rate levels, unconditional daily fluctuations, and ...
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作者：Cook, David
作者单位：Hong Kong University of Science & Technology
摘要：This paper reports evidence that OECD economies adopting fixed exchange rates in the process of forming the European currency union experienced declines in labor share of income at the industry level. This occurs most sharply among countries that experienced the biggest changes in their exchange rate policy. An implication of New Keynesian sticky price theory is that monetary policy has a first-order impact on labor share through the interaction of business cycle uncertainty and the choice of ...
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作者：Topalova, Petia; Khandelwal, Amit
作者单位：Columbia University; National Bureau of Economic Research
摘要：This paper exploits India's rapid, comprehensive, and externally imposed trade reform to establish a causal link between changes in tariffs and firm productivity. Pro-competitive forces, resulting from lower tariffs on final goods, as well as access to better inputs, due to lower input tariffs, both appear to have increased firm-level productivity, with input tariffs having a larger impact. The effect was strongest in import-competing industries and industries not subject to excessive domestic...
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作者：Egger, Peter; Nelson, Douglas
作者单位：Leibniz Association; Ifo Institut; University of Munich; University of Nottingham; Tulane University
摘要：Current research on antidumping suggests a number of channels through which antidumping affects the volume of world trade. This paper uses a structural approach to the gravity model framework to evaluate these hypotheses using data on trade volume over the period 1948 to 2001. We conclude that the volume and welfare effects have been negative but quite modest.
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作者：Oswald, Andrew J.; Wu, Stephen
作者单位：University of Warwick; University of Warwick; Hamilton College
摘要：This paper uses Behavioral Risk Factor Surveillance System data to study life satisfaction and mental health across the geography of the United States. The analysis draws on a sample of 1.3 million citizens. Initially we control for people's personal characteristics (though not income). There is no correlation between states' regression-adjusted wellbeing and their GDP per capita. States like Louisiana, plus Washington, D. C., have high psychological well-being levels; California and West Virg...
