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作者：Fernandez-Huertas Moraga, Jesus
作者单位：Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); Barcelona School of Economics
摘要：This paper examines the extent to which Mexican emigrants to the United States are negatively selected. Previous studies have been limited by the lack of nationally representative longitudinal data. This one uses a newly available household survey, that identifies emigrants before they leave. On average, U.S.-bound Mexican emigrants from 2000 to 2004 earn lower wages and have less (more for females) schooling than nonmigrant Mexicans, evidence of negative selection. This argues against Chiquia...
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作者：Abbott, Joshua K.; Klaiber, H. Allen
作者单位：Arizona State University; Arizona State University-Tempe; University System of Ohio; Ohio State University
摘要：Many researchers have addressed concerns of omitted variable bias in hedonic price models through the use of spatial fixed effects. We argue that this approach does not consider the biases introduced by effects that overlap the zone of capitalization for nonmarket goods. We show this bias can dominate the usual omitted variable bias using data on developer-provided open space. We control for multiscale capitalization and omitted variables simultaneously by extending the Hausman-Taylor estimato...
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作者：Roine, Jesper; Waldenstrom, Daniel
作者单位：Stockholm School of Economics; Uppsala University
摘要：We use newly compiled top income data and structural breaks techniques to estimate common trends and breaks in inequality across countries over the twentieth century. Our results both confirm earlier findings and offer new insights. In particular, the division into an Anglo-Saxon and a Continental European experience is not as clear-cut as previously suggested. Some Continental European countries seem to have, experienced increases in top income shares, just as Anglo-Saxon countries have, but ...
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作者：Chun, Hyunbae; Kim, Jung-Wook; Morck, Randall
作者单位：Sogang University; Seoul National University (SNU); University of Alberta
摘要：U.S. firms' stock return volatility rose fivefold from 1971 through 2000 and then reverted to near 1971 levels by 2006. This was driven mainly by a rise and fall in the firm-specific, rather than systematic, component of volatility. Firm-level total factor productivity growth volatility exhibited a similar pattern. We hypothesize that firm heterogeneity, reflected in firm-specific volatility, rises as a new general purpose technology (GPT) propagates across the economy and then ebbs once the G...
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作者：Inoue, Atsushi; Rossi, Barbara
作者单位：North Carolina State University; Duke University
摘要：This paper investigates the sources of the substantial decrease in output growth volatility in the mid-1980s by identifying which of the structural parameters in a representative New Keynesian and structural VAR models changed. Overturning conventional wisdom, we show that the Great Moderation was due not only to changes in shock volatilities but also to changes in monetary policy parameters, as well as in the private sector's parameters. The Great Moderation was previously attributed to good ...
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作者：Jensen, Robert T.; Miller, Nolan H.
作者单位：Brown University; National Bureau of Economic Research; University of Illinois System; University of Illinois Urbana-Champaign
摘要：Many developing countries use food-price subsidies or controls to improve nutrition. However, subsidizing goods on which households spend a high proportion of their budget can create large wealth effects. Consumers may then substitute toward foods with higher nonnutritional attributes (such as taste) but lower nutritional content per unit of currency, weakening or perhaps even reversing the subsidy's intended impact. We analyze data from a randomized program of large price subsidies for poor h...
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作者：Wheelock, David C.; Wilson, Paul W.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Clemson University
摘要：U.S. credit unions serve 93 million members, hold 10% of U.S. savings deposits, and make 13.2% of all nonrevolving consumer loans. Since 1985, the share of U.S. depository institution assets held by credit unions has nearly doubled, and the average (inflation-adjusted) size of credit unions has increased over 600%. We use a local-linear estimator, dimesion-reduction techniques, and bootstrap methods to estimate and make inference about ray scale and expansion-path scale economies. We find subs...
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作者：Ang, James B.; Madsen, Jakob B.
作者单位：Monash University
摘要：Using data for six Asian miracle economies over the period from 1953 to 2006, this paper examines the extent to which growth has been driven by R&D and tests which second-generation endogenous growth model is most consistent with the data. The results give strong support to Schumpeterian growth theory but only limited support to semi-endogenous growth theory. Furthermore, it is shown that R&D has played a key role for growth in the Asian miracle economies.
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作者：Dionne, Georges; Pinquet, Jean; Maurice, Mathieu; Vanasse, Charles
作者单位：Universite de Montreal; HEC Montreal; Universite Paris Nanterre; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：Road safety policies often use incentive mechanisms based on traffic violations to promote safe driving-for example, fines, experience rating, and point-record driver's licenses. We analyze the effectiveness of these mechanisms in promoting safe driving. We derive their theoretical properties with respect to contract time and accumulated demerit points. These properties are tested empirically with data from the Quebec public insurance plan. We find evidence of moral hazard, which means that dr...
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作者：Grosjean, Pauline; Senik, Claudia
作者单位：University of San Francisco; Paris School of Economics; Sorbonne Universite
摘要：We estimate the impact of market development and democratization on subjective political preferences. We rely on the specific situation of frontier zones and the considerable regional variations in culture and economic development in the countries of the former socialist bloc for identification. Using a survey conducted in 2006, we find a positive and significant effect of democracy on support for a market economy, but no effect of market liberalization on support for democracy. Hence, in cont...
