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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：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...
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作者：Schularick, Moritz; Steger, Thomas M.
作者单位：Free University of Berlin; Leipzig University
摘要：Does international financial integration boost economic growth? The empirical literature has not yet established a robust link between openness to the international capital market and economic growth. In this paper, we turn to the economic history of the first era of financial globalization (1880-1914) for new insights. Using identical empirical models and techniques as contemporary studies, we find a significant growth effect in the historical period. A key difference between now and then is ...
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作者：Goldberg, Pinelopi K.; Khandelwal, Amit K.; Pavcnik, Nina; Topalova, Petia
作者单位：Princeton University; National Bureau of Economic Research; Columbia University; Dartmouth College
摘要：This paper provides evidence on the patterns of multiproduct firm production in a large developing country, India, during a period that spans market reforms. In the cross-section, multiproduct firms in India look remarkably similar to their U.S. counterparts. The time-series patterns, however, exhibit important differences. In contrast to evidence from the United States, product churning, particularly product rationalization, is far less common in India. We find no link between product rationa...
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作者：Altissimo, Filippo; Cristadoro, Riccardo; Forni, Mario; Lippi, Marco; Veronese, Giovanni
作者单位：Universita di Modena e Reggio Emilia; Sapienza University Rome
摘要：Removal of short-run dynamics from a stationary time series to isolate the medium- to long-run component can be obtained by a bandpass filter. However, bandpass filters are infinite moving averages and can therefore deteriorate at the end of the sample. This is a well-known result in the literature isolating the business cycle in integrated series. We show that the same problem arises with our application to stationary time series. In this paper, we develop a method to obtain smoothing of a st...
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作者：Dutt, Pushan; Traca, Daniel
作者单位：Universidade Nova de Lisboa; Universite Libre de Bruxelles
摘要：We analyze the impact of corruption on bilateral trade, highlighting its dual role in terms of extortion and evasion. Corruption taxes trade, when corrupt customs officials in the importing country extort bribes from exporters (extortion effect); however, with high tariffs, corruption may be trade enhancing when corrupt officials allow exporters to evade tariff barriers (evasion effect). We derive and estimate a comiption-augmented gravity model, where the effect of corruption on trade flows i...
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作者：Kosova, Renata
作者单位：Cornell University
摘要：I examine how foreign presence affects the growth and survival of domestic firms. Separating a negative crowding out and positive technology spillovers, I analyze whether the crowding out effect is dynamic, that is, domestic firms cut production over time as foreign firms grow, or a static effect realized on foreign entry into the industry. Using 1994-2001 firm-level Czech data, I find evidence of both technology spillovers and crowding Out. However, crowding out is only short term; after init...
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作者：Mocan, H. Naci; Bali, Turan G.
作者单位：Louisiana State University System; Louisiana State University; National Bureau of Economic Research; City University of New York (CUNY) System; Baruch College (CUNY)
摘要：Recent theoretical models underscore the potential asymmetric response of various behaviors, ranging from criminal activity to smoking. In this paper, we use state-level panel and individual-level panel data to document the previously unnoticed asymmetric response of crime to changes in the unemployment rate. The results have policy implications, and they have potentially widespread ramifications because similar asymmetries may also be prevalent in other domains, ranging from the relationship ...
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作者：Jacks, David S.; Pendakur, Krishna
作者单位：Simon Fraser University; National Bureau of Economic Research
摘要：What is the role of transport improvements in globalization? We argue that the nineteenth century is the ideal testing ground: maritime freight rates fell on average by 50% while global trade increased 400% from 1870 to 1913. We estimate the first indices of bilateral freight rates and directly incorporate these into a standard gravity model. We also take the endogeneity of bilateral trade and freight rates seriously and propose an instrumental variables approach. The results are striking: we ...
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作者：Ries, John; Somerville, Tsur
作者单位：University of British Columbia
摘要：This study utilizes changes in the catchment areas of public schools in Vancouver, British Columbia, to measure the residential price capitalization of school quality. Specifications that employ repeat sales methods to control for time-invariant neighborhood effects and disaggregated price indexes to capture time-varying neighborhood price appreciation reveal significant effects of secondary school performance on residential prices. However, when we add controls for long-run price trends in re...
