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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：Fortson, Jane G.
摘要：Over the past several decades, the HIV/AIDS epidemic has dramatically altered patterns of morbidity and mortality in sub-Saharan Africa, with potential consequences for human capital investment and economic growth. Using data from Demographic and Health Surveys for fifteen countries in sub-Saharan Africa, I estimate the relationship between regional HIV prevalence and the change in individual human capital investment over time. Consistent with a simple model of human capital investment incorpo...
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作者：Foley, C. Fritz
作者单位：Harvard University; National Bureau of Economic Research
摘要：Analysis of daily reported incidents of major crimes in twelve U.S. cities reveals an increase in crime over the course of monthly welfare payment cycles. This increase reflects an increase in crimes that are likely to have a direct financial motivation as opposed to other kinds of crime. Temporal patterns in crime are observed in jurisdictions in which disbursements are focused at the beginning of monthly welfare payment cycles and not in jurisdictions in which disbursements are relatively mo...
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作者：Commander, Simon; Svejnar, Jan
作者单位：Center for Economic & Policy Research (CEPR); University of Michigan System; University of Michigan
摘要：We use two large samples of firms to assess the effects of business environment constraints, competition, export orientation, and ownership on firm performance. We deal with omitted variables, errors in variables, and endogeneity, and find that few business constraints affect performance. Replicating the analysis with Doing Business and Heritage Foundation indicators of the business environment yields similar results. In fact, country fixed effects, reflecting time-invariant differences in the...
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作者：Czarnitzki, Dirk; Toole, Andrew A.
作者单位：University of Copenhagen; United States Department of Agriculture (USDA)
摘要：The main reason governments grant patent protection is to spur innovation. However, the size of the R&D stimulus from patent protection is far from clear because it depends on how effective patents are as a mechanism for appropriating returns. Drawing on real options investment theory, this paper highlights one mechanism through which patents may improve appropriability and stimulate R&D investment: patents reduce the effect of market uncertainty on the firm's investment decision. We find that...
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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：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：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...
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作者：Morikawa, Masayuki
摘要：This study aims to empirically investigate the determinants of service industry productivity, such as economies of scale and economies of density. By using establishment-level data related to personal service industries in Japan, the study estimates the production functions for both value-added and physical output measures. In almost all the service industries examined, significant economies of scale and economies of density are observed, wherein productivity increases by 7% to 15% when the mu...
