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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：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：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...
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作者：Rincke, Johannes; Traxler, Christian
作者单位：University of Erlangen Nuremberg; Philipps University Marburg
摘要：This paper identifies spillovers from law enforcement. Our approach makes use of microdata on compliance with TV license fees that allow us to distinguish between households that were subject to enforcement and those that were not. Using snowfall as an instrument for local inspections, we find a striking response of households to increased enforcement in their vicinity: on average, three detections make one additional household comply with the law. As compliance rises significantly among those...
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作者：Levy, Daniel; Lee, Dongwon; Chen, Haipeng (Allan); Kauffman, Robert J.; Bergen, Mark
作者单位：Bar Ilan University; Emory University; Korea University; Texas A&M University System; Texas A&M University College Station; Singapore Management University; University of Minnesota System; University of Minnesota Twin Cities
摘要：We study the link between price points and price rigidity using two data sets: weekly scanner data and Internet data. We find that 9'' is the most frequent ending for the penny, dime, dollar, and ten-dollar digits; the most common price changes are those that keep the price endings at 9''; 9-ending prices are less likely to change than non-9-ending prices; and the average size of price change is larger for 9-ending than non-9-ending prices. We conclude that 9-ending contributes to price rigidi...
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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：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：Davis, Lucas W.
作者单位：National Bureau of Economic Research
摘要：This paper uses restricted census microdata to examine housing values and rents for neighborhoods in the United States where power plants were opened during the 1990s. Compared to neighborhoods with similar housing and demographic characteristics, neighborhoods within 2 miles of plants experienced 3%-7% decreases in housing values and rents, with some evidence of larger decreases within 1 mile and for large-capacity plants. In addition, there is evidence of taste-based sorting, with neighborho...
