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作者：Balasubramanian, Natarajan; Sivadasan, Jagadeesh
作者单位：Syracuse University; University of Michigan System; University of Michigan
摘要：We build a new concordance between the NBER Patent Data and U.S. Census microdata and use it to examine what happens when firms patent. We find strong evidence that increases in patent stock are associated with increases in firm size, scope, and skill and capital intensity. We find somewhat weaker evidence that changes in patenting are positively correlated with changes in total factor productivity. We also analyze first-time patentees and find similar effects following initial patent applicat...
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作者：Neumark, David; Wall, Brandon; Zhang, Junfu
作者单位：University of California System; University of California Irvine; National Bureau of Economic Research; Stanford University; Clark University
摘要：We use the National Establishment Time Series (NETS) to revisit the debate about the role of small businesses in job creation (Birch, 1987; Davis, Haltiwanger, & Schuh, 1996a). Using the NETS data, we examine evidence for the overall economy, as well as for different sectors. The results indicate that small firms and small establishments create more jobs, on net, although the difference is much smaller than Birch's methods suggest. Moreover, in the recent period we study, a negative relationsh...
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作者：Montalvo, Jose G.
作者单位：Pompeu Fabra University
摘要：Can terrorist attacks be timed to change the outcome of democratic elections? In this paper, we analyze the electoral impact of the terrorist attacks of March 11, 2004, in Madrid. Studies using individual level postelectoral survey data reach contradictory conclusions. We propose an alternative approach. Since the bombings took place only three days before the 2004 congressional election, we can find a control group of individuals who cast their vote before the terrorist attacks. The results i...
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作者：Lin, Jeffrey
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Where does adaptation to innovation take place? I present evidence on the role of agglomeration economies in the application of new knowledge to production. All else equal, workers are more likely to be observed in new work in locations initially dense in college graduates and industry variety. This pattern is consistent with economies from the geographic concentration of factors and markets related to technological adaptation. A main contribution is a new measure, based on revisions to occupa...
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作者：Korniotis, George M.; Kumar, Alok
作者单位：University of Miami; University of Texas System; University of Texas Austin
摘要：This paper examines the investment decisions of older individual investors. We find that older and experienced investors are more likely to follow rules of thumb that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated, earn lower income, and belong to minority racial/ethnic groups. Overall, the adverse effects of aging dominate the positive effects of e...
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作者：Madsen, Jakob B.; Timol, Isfaaq
作者单位：Monash University
摘要：Most studies of comparative productivities fail to find evidence of convergence in OECD manufacturing despite major economic growth theories predicting convergence. Using manufacturing data for nineteen OECD countries over the period from 1870 to 2006, this study finds strong evidence of unconditional beta-convergence as well as sigma-convergence. Panel data estimates suggest that the convergence has been driven by domestic R&D, international R&D spillovers, and financial development as predic...
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作者：Ehrmann, Michael; Fratzscher, Marcel
摘要：How and why do politicians' preferences about monetary policy differ from the interest rates set by independent central banks? Looking at the European Central Bank (ECB), this paper shows that politicians, on average, favor significantly lower interest rates. Three factors explain the different preferences. First, politicians put relatively less weight on inflation (and more on output) in their preferred monetary policy reaction function. Second, their preferences are affected by political eco...
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作者：Almond, Douglas; Hoynes, Hilary W.; Schanzenbach, Diane Whitmore
作者单位：Columbia University; National Bureau of Economic Research; University of California System; University of California Davis; Northwestern University
摘要：This paper evaluates the health impacts of a signature initiative of the War on Poverty: the introduction of the modern Food Stamp Program (FSP). Using variation in the month FSP began operating in each U.S. county, we find that pregnancies exposed to FSP three months prior to birth yielded deliveries with increased birth weight, with the largest gains at the lowest birth weights. We also find small but statistically insignificant improvements in neonatal mortality. We conclude that the sizabl...
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作者：Martorell, Paco; McFarlin, Isaac, Jr.
作者单位：RAND Corporation; University of Michigan System; University of Michigan; University of Texas System; University of Texas Dallas
摘要：Providing remedial (also known as developmental) education is the primary way colleges cope with students who do not have the academic preparation needed to succeed in college-level courses. Remediation is widespread, with nearly one-third of entering freshmen taking remedial courses at an annual cost of at least $1 billion. Despite its prevalence, there is uncertainty surrounding its short- and longer-run effects. This paper presents new evidence on this question using longitudinal administra...
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作者：Card, David; Ransom, Michael
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Brigham Young University
摘要：Defined contribution pensions in many postsecondary institutions are funded by a combination of an employer premium and a mandatory employee premium. Individuals can also contribute to a supplemental savings account. Holding constant total compensation, standard reasoning suggests that supplemental savings should depend negatively on the sum of the employer and employee pension contributions. Contrarily, we find that the supplementary savings of professors are significantly more sensitive to e...
