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作者：Juster, FT; Lupton, JP; Smith, JP; Stafford, F
作者单位：University of Michigan System; University of Michigan; Federal Reserve System - USA; RAND Corporation
摘要：Using a unique set of household-level panel data, we estimate the effect of capital gains on saving by asset type, controlling for observable and unobservable household-specific fixed effects. The results suggest that the decline in the personal saving rate since 1984 is largely due to the significant capital gains in corporate equities experienced over this period. Over 5-year periods, the effect of capital gains in corporate equities on saving is substantially larger than the effect of capit...
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作者：Glick, Reuven; Guo, Xueyan; Hutchison, Michael
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of California System; University of California Santa Cruz
摘要：Are countries with unregulated capital flows more vulnerable to currency crises? Efforts to answer this question properly must control for self-selection bias, because countries with liberalized capital accounts may also have sounder economic policies and institutions that make them less likely to experience crises. We employ a matching and propensity-score methodology to address this issue in a panel analysis of developing countries. Our results suggest that, after controlling for sample sele...
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作者：Behrman, Jere R.; Rosenzweig, Mark R.
作者单位：University of Pennsylvania; Yale University
摘要：Many studies find that parental resources importantly determine children's human capital, schooling returns, and earnings. The collective household approach suggests that, in addition, parental resources of marital partners may importantly affect resource distributions within marriage. This paper presents empirical results consistent with this framework. They suggest that parental wealth continues to play roles in augmenting welfare of children into adulthood beyond provision of human capital ...
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作者：Dunlevy, JA
作者单位：University System of Ohio; Miami University
摘要：The protrade effect of immigrants on the bilateral export performance of the 50 American states and the District of Columbia with respect to 87 foreign countries is studied. This effect, which posits that a greater number of immigrants in a host location leads to increased trade between the host and the immigrants' origin country, has been supported in a number of studies. Here, we extend this approach and find that the immigrant effect is greater when the origin country's political system is ...
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作者：Alcacer, Juan; Gittelman, Michelle
作者单位：New York University
摘要：Analysis of patent citations is a core methodology-in the study of knowledge diffusion. However, citations made by patent examiners have not been separately reported, adding unknown noise to the data. We leverage a recent change in the reporting of patent data showing citations added by examiners. The magnitude is high: two-thirds of citations on the average patent are inserted by examiners. Furthermore, 40% of all patents have all citations added by examiners. We analyze the distribution of e...
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作者：Boivin, Jean; Giannoni, Marc P.
作者单位：Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We investigate the implications of changes in the structure of the U.S. economy for monetary policy effectiveness. Estimating a vector autoregression over the pre- and post-1980 periods, we provide evidence of a reduced effect of monetary policy shocks in the latter period. We estimate a structural model that replicates well the economy's response in both periods, and perform counterfactual experiments to determine the source of the change in the monetary transmission mechanism and in the econ...
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作者：Lubotsky, Darren; Wittenberg, Martin
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; University of Cape Town
摘要：Multiple proxy variables are typically available for an unobserved explanatory variable in a regression. We provide a procedure by which the coefficient of interest can be estimated from a regression in which all the proxies are included simultaneously. This estimator is superior in large samples to the common practice of creating a summary measure of the proxy variables. We examine the relationship between parents' income and children's reading test scores in the United States, and between pa...
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作者：Comin, Diego; Mulani, Sunil
作者单位：National Bureau of Economic Research; New York University; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：This note documents the diverging trends in volatility of the growth rate of sales at the aggregate and firm levels. We establish that the upward trend in firm volatility is not simply driven by a compositional bias in the sample studied. We argue that this new fact brings into question the proposed explanations for the decline in aggregate volatility and that, given the symmetry of the diverging trends at the micro and macro levels, a common explanation is likely. We conclude by describing on...
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作者：Davis, Steven J.; Kubler, Felix; Willen, Paul
作者单位：University of Chicago; National Bureau of Economic Research; University of Mannheim; Federal Reserve System - USA; Federal Reserve Bank - Boston
摘要：We construct a life cycle model that delivers realistic behavior for both equity holdings and borrowing. The key model ingredient is a wedge between the cost of borrowing and the risk-free investment return. Borrowing can either raise or lower equity demand, depending on the cost of borrowing. A borrowing rate equal to the expected return on equity-which we show roughly matches the data-minimizes the demand for equity. Alternative models with no borrowing or limited borrowing at the risk-free ...
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作者：Fallick, Bruce; Fleischman, Charles A.; Rebitzer, James B.
作者单位：University System of Ohio; Case Western Reserve University; National Bureau of Economic Research
摘要：Observers of Silicon Valley's computer cluster report that employees move rapidly between competing firms, but evidence supporting this claim is scarce. Job-hopping is important in computer clusters because it facilitates the reallocation of talent and resources toward firms with superior innovations. Using new data on labor mobility, we find higher rates of job-hopping for college-educated men in Silicon Valley's computer industry than in computer clusters located out of the state. Mobility r...
