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作者：Inoue, Atsushi; Solon, Gary
作者单位：North Carolina State University; Michigan State University
摘要：Following an influential article by Angrist and Krueger (1992) on two-sample instrumental variables (TSIV) estimation, numerous empirical researchers have applied a computationally convenient two-sample two-stage least squares (TS2SLS) variant of Angrist and Krueger's estimator. In the two-sample context, unlike the single-sample situation, the IV and 2SLS estimators are numerically distinct. We derive and compare the asymptotic distributions of the two estimators and find that the commonly us...
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作者：Hallak, Juan Carlos
作者单位：Universidad Mayor de San Andres; National Bureau of Economic Research
摘要：The Linder hypothesis has attracted substantial empirical research over decades. However, the evidence has failed to provide consistent support for it. This paper explains the failure. Building a theoretical framework in which, as in Linder's theory, product quality plays the central role, I show that the Linder hypothesis is formally derived but holds only when formulated as a sector-level prediction. This prediction is then estimated using a sample of 64 countries in 1995. The results suppor...
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作者：Lin, Shu
作者单位：University of Colorado System; University of Colorado Denver
摘要：This study empirically examines the international effects of inflation targeting. Employing a variety of propensity score matching methods, we find strong evidence that inflation targeting has significantly different impacts on exchange rate volatility and international reserves in different country groups. It significantly increases real and nominal exchange rate stability and international reserves in developing countries but lowers them in industrial countries. On average, inflation targeti...
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作者：Oberholzer-Gee, Felix; Waldfogel, Joel; White, Matthew W.
作者单位：Harvard University; University of Pennsylvania
摘要：Why do people frequently cooperate in defiance of their immediate incentives? One explanation is that individuals are conditionally cooperative. As an explanation of behavior in one-shot settings, such preferences require individuals to be able to discern their opponents' preferences. Using data from a television game show, we provide evidence about how individuals implement conditionally cooperative preferences. We show that contestants forgo large sums of money to be cooperative; they cooper...
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作者：Rich, Robert; Tracy, Joseph
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This paper examines matched point and density forecasts of inflation from the Survey of Professional Forecasters to analyze the relationships among expected inflation, disagreement, and uncertainty. We undertake the empirical analysis within a seemingly unrelated regression framework and derive measures of uncertainty using a decomposition proposed by Wallis (2004, 2005) and by drawing on the concept of entropy. The results offer little evidence that disagreement is a useful proxy for uncertai...
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作者：Gallego, Francisco A.
作者单位：Pontificia Universidad Catolica de Chile; Pontificia Universidad Catolica de Chile
摘要：Why does schooling attainment vary widely across countries? Why are differences in schooling attainment highly persistent? I show that cross-country differences in schooling are related to political institutions, such as democracy and local democracy (political decentralization), which are affected by colonial factors. By using the number of native cultures before colonization as an instrument for political decentralization, I show that after controlling for the causal effect of income on scho...
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作者：Onatski, Alexei
作者单位：Columbia University
摘要：We develop a new estimator of the number of factors in the approximate factor models. The estimator works well even when the idiosyncratic terms are substantially correlated. It is based on the fact, established in the paper, that any finite number of the largest idiosyncratic eigenvalues of the sample covariance matrix cluster around a single point. In contrast, all the systematic eigenvalues, the number of which equals the number of factors, diverge to infinity. The estimator consistently se...
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作者：Dupor, Bill; Kitamura, Tomiyuki; Tsuruga, Takayuki
作者单位：University System of Ohio; Ohio State University; Kansai University
摘要：Understanding the relationship between nominal and real variables, most notably inflation and cyclical output, is one of the fundamental questions of economics. Toward this understanding, we develop a model that integrates sticky prices and sticky information-a dual-stickiness model. We find that both rigidities are present in U. S. data. We also show that the dual-stickiness model's closest competitor is the hybrid New Keynesian model. For both models, current inflation depends in part on las...
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作者：Lutz, Byron
摘要：Economic theory suggests that intergovernmental grants are equivalent to private income. A large empirical literature, however, contradicts this prediction. A school finance reform in New Hampshire, where local public goods decisions are made by a form of direct democracy, provides an unusually compelling test of the theory. The results, which suggest that approximately ninety cents per grant dollar are spent on tax reduction, provide support for equivalence. The paper's findings have importan...
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作者：Blattman, Christopher; Annan, Jeannie
作者单位：Yale University
摘要：Little is known about the impacts of military service on human capital and labor market outcomes due to an absence of data as well as sample selection: recruits are self-selected, screened, and selectively survive. We examine the case of Uganda, where rebel recruitment methods provide exogenous variation in conscription. Economic and educational impacts are widespread and persistent: schooling falls by nearly a year, skilled employment halves, and earnings drop by a third. Military service see...
