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作者：Li, Hongbin; Zhang, Junsen
作者单位：Chinese University of Hong Kong; Chinese University of Hong Kong
摘要：This paper examines the impact of the birth rate on economic growth by using a panel data set of 28 provinces in China over twenty years. Because China's one-child policy applied only to the Han Chinese but not to minorities, this unique affirmative policy allows us to use the proportion of minorities in a province as an instrumental variable to identify the causal effect of the birth rate on economic growth. We find that the birth rate has a negative impact on economic growth. The finding not...
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作者：Huttunen, Kristiina
作者单位：Uppsala University
摘要：This paper examines the effect of foreign acquisition on wages and employment of different skill groups using panel data on Finnish establishments for 1988-2001. Exploiting the availability of a rich set of preacquisition controls, we use various regression and propensity-score matching methods. The results indicate that foreign acquisition has a positive effect on wages. The magnitude of this effect increases with the level of schooling of,the workers. The wage increase is not immediate, but ...
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作者：Giles, John; Yoo, Kyeongwon
作者单位：Michigan State University; The World Bank
摘要：We develop a test of precautionary behavior in the consumption decisions of rural agricultural households. Among surveyed households facing a median level of consumption risk, 10% of savings can be attributed to a precautionary motive, and this increases to 15% for households with consumption per capita below the poverty line. We next use distant lags of local rainfall shocks uncorrelated with current consumption growth to identify the size of migrant networks outside the village, and then pre...
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作者：Feyrer, James
作者单位：Dartmouth College
摘要：This paper examines the relationship between workforce demographics and aggregate productivity. Changes in the age structure of the workforce are found to be significantly correlated with changes in aggregate productivity. Different demographic structures may be related to almost one-quarter of the persistent productivity gap between the OECD and low-income nations as well as part of the productivity divergence between 1960 and 1990.
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作者：Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.
作者单位：Northwestern University; Duke University; University of Pennsylvania
摘要：A growing literature documents important gains in asset return volatility forecasting via use of realized variation measures constructed from high-frequency returns. We progress by using newly developed bipower variation measures and corresponding nonparametric tests for jumps. Our empirical analyses of exchange rates, equity index returns, and bond yields suggest that the volatility jump component is both highly important and distinctly less persistent than the continuous component, and that ...
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作者：Aizer, Anna; Currie, Janet; Moretti, Enrico
作者单位：Brown University; Columbia University; Center for Economic & Policy Research (CEPR); University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Most Americans are now in some form of managed care plan that restricts access to services in order to reduce costs. It is difficult to determine whether these restrictions affect health because individuals and firms self-select into managed care. We investigate the effect of managed care using a California law that required some pregnant women on Medicaid to enter managed care. We use a unique longitudinal database of California births in which we observe changes in the regime faced by indivi...
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作者：Haskel, Jonathan E.; Pereira, Sonia C.; Slaughter, Matthew J.
作者单位：University of London; University of London; University College London; National Bureau of Economic Research
摘要：Are there productivity spillovers from FDI to domestic firms, and, if so, how much should host countries be willing to pay to attract FDI? To examine these questions, we use a plant-level panel covering U.K. manufacturing from 1973 through 1992. Consistent with spillovers, we estimate a robust and significantly positive correlation between a domestic plant's TFP and the foreign-affiliate share of activity in that plant's industry. Typical estimates suggest that a 10-percentage-point increase i...
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作者：Goos, Maarten; Manning, Alan
作者单位：Universite Catholique Louvain; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam; University of London; London School Economics & Political Science
摘要：This paper shows that the United Kingdom since 1975 has exhibited a pattern of job polarization with rises in employment shares in the highest- and lowest-wage occupations. This is not entirely consistent with the idea of skill-biased technical change as a hypothesis about the impact of technology on the labor market. We argue that the routinization hypothesis recently proposed by Autor, Levy, and Murnane (2003) is a better explanation of job polarization, though other factors may also be impo...
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作者：Christensen, Bent Jesper; Nielsen, Morten Orregaard
作者单位：Aarhus University; Cornell University
摘要：Recent empirical evidence demonstrates the presence of an important long-memory component in realized asset return volatility. We specify and estimate multivariate models for the joint dynamics of stock returns and volatility that allow for long memory in volatility without imposing this property on returns. Asset pricing theory imposes testable cross-equation restrictions on the system that are not rejected in our preferred specifications, which include a strong financial leverage effect. We ...
