-
作者：Chen, Stacey H.
作者单位：State University of New York (SUNY) System; University at Albany, SUNY
摘要：Identification of potential wage distributions by education is important to the study of the causal links between education, inequality, and uncertainty. Potential wage inequality within an educational group (that is, the variance in wages if all workers had the same education) exceeds the observed statistics because self-selected education truncates wage distributions. Decomposing potential wage inequality into heterogeneity (known to the agent making the educational choice) and uncertainty (...
-
作者：Kilian, Lutz
作者单位：University of Michigan System; University of Michigan
摘要：The paper proposes a new measure of exogenous oil supply shocks. The timing, the magnitude, and the sign of this measure may differ greatly from current state-of-the-art estimates. It is shown that only a small fraction of the observed oil price increases during oil crisis periods can be attributed to exogenous oil production disruptions. Exogenous oil supply shocks cause a sharp drop of U.S. real GDP growth after five quarters rather than an immediate and sustained reduction in economic growt...
-
作者：Mansur, Erin T.
作者单位：Yale University
摘要：Restructuring electricity markets has enabled wholesalers to exercise market power. Using a common method to measure competition, several studies have found substantial inefficiencies. This method overstates actual welfare loss by ignoring production constraints that result in non-convex costs. I develop an alternative method that accounts for these constraints and apply it to the Pennsylvania, New Jersey, and Maryland market. For the summer following restructuring, the common method implies t...
-
作者：Angrist, Joshua D.; Kugler, Adriana D.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; National Bureau of Economic Research; University of Houston System; University of Houston; IZA Institute Labor Economics
摘要：We study the consequences of an exogenous upsurge in coca prices and cultivation in Colombia, where most coca leaf is now harvested. This shift generated only modest economic gains in rural areas, primarily in the form of increased self-employment earnings and increased labor supply by teenage boys. The rural areas that saw accelerated coca production subsequently became considerably more violent, while urban areas were affected little. These findings are consistent with the view that the Colo...
-
作者：Autor, David H.; Katz, Lawrence F.; Kearney, Melissa S.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Harvard University; Brookings Institution; University System of Maryland; University of Maryland College Park
摘要：A recent revisionist literature characterizes the pronounced rise in U.S. wage inequality since 1980 as an episodic event of the first half of the 1980s driven by nonmarket factors (particularly a falling real minimum wage) and concludes that continued increases in wage inequality since the late 1980s substantially reflect the mechanical confounding effects of changes in labor force composition. Analyzing data from the Current Population Survey for 1963 to 2005, we find limited support for the...
-
作者：Alfaro, Laura; Kalemh-Ozcan, Sebnem; Volosovych, Vadym
作者单位：Harvard University; University of Houston System; University of Houston; National Bureau of Economic Research; State University System of Florida; Florida Atlantic University
摘要：We examine the empirical role of different explanations for the lack of capital flows from rich to poor countries-the Lucas Paradox. The theoretical explanations include cross-country differences in fundamentals affecting productivity, and capital market imperfections. We show that during 1970-2000, low institutional quality is the leading explanation. Improving Peru's institutional quality to Australia's level implies a quadrupling of foreign investment. Recent studies emphasize the role of i...
