-
作者：MacGarvie, M
作者单位：Boston University; National Bureau of Economic Research
摘要：Using patent citations as a proxy for the influence of foreign technology on French firms' patents, this paper finds that the inventions of importers are significantly more likely to be influenced by foreign technology than are the inventions of firms that do not import. Furthermore, importers' citations increase relative to similar firms after they start importing. Exporting, in contrast, is not significantly associated with citations to foreign patents. These results persist after controllin...
-
作者：Schlenker, W; Hanemann, WM; Fisher, AC
作者单位：Columbia University; University of California System; University of California Berkeley
摘要：We link farmland values to climatic, soil, and socioeconomic variables for U. S. counties east of the 100th meridian, the historical boundary of agriculture not primarily dependent on irrigation. Degree days, a nonlinear transformation of the climatic variables suggested by agronomic experiments as more relevant to crop yield, gives an improved fit and increased robustness. Estimated coefficients are consistent with the experimental results. The model is employed to estimate the potential impa...
-
作者：Frondel, M; Schmidt, CM
作者单位：Ruhr University Bochum; Centre for Economic Policy Research - UK
摘要：Since the first statement of Hicks's induced innovation hypothesis in 1932, a large number of theoretical and empirical studies have analyzed the issue of price-induced technological change-many of them on the basis of substitution elasticities. This note compares technologies across space and time on the basis of factual and counterfactual substitution elasticities and argues that differences in estimated substitution elasticities should be decomposed into two counterfactual components. The f...
-
作者：Pence, KM
作者单位：Federal Reserve System - USA
摘要：Foreclosure laws govern the rights of borrowers and lenders when borrowers default on mortgages. In states with laws favoring the borrower, the supply of mortgage credit may decrease because lenders face higher costs. To examine the laws' effects, I compare approved mortgage applications in census tracts that border each other but are located in different states. Using a regression-discontinuity design and semiparametric estimation methods, I find that loan sizes are 3% to 7% smaller in defaul...
-
作者：Goetzmann, W; Peng, LA
作者单位：Yale University; University of Colorado System; University of Colorado Boulder
摘要：We analyze a bias in transaction-based price indexes due to the presence of seller reservation prices. We develop a model in which the ratio of sellers' reservation prices to the market value affects trading volume and biases of observed transaction prices: when trading volume decreases (increases), index returns are estimated with an upward (downward) bias. We propose a new econometric procedure to mitigate the bias, and use simulations to demonstrate the effectiveness of the procedure. We co...
-
作者：Grinols, EL; Mustard, DB
作者单位：Baylor University; University System of Georgia; University of Georgia
摘要：We examine the relationship between casinos and crime using county-level data for the United States between 1977 and 1996. Casinos were nonexistent outside Nevada before 1978, and expanded to many other states during our sample period. Most factors that reduce crime occur before or shortly after a casino opens, whereas those that increase crime, including problem and pathological gambling, occur over time. The results suggest that the effect on crime is low shortly after a casino opens, and gr...
-
作者：Rhine, SLW; Greene, WH; Toussaint-Comeau, M
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; New York University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：The roughly 9.1% of all U. S. families that are without some type of transaction account (unbanked) are disproportionately represented among minorities. The unbanked often must rely on alternative ways to carry out basic financial transactions such as cashing payroll checks and paying bills. This study analyzes unique survey data and finds that a consumer's decision to patronize check-cashing businesses is jointly made with the decision to be unbanked. For the unbanked, these businesses are an...
-
作者：Fisman, R
作者单位：Columbia University; National Bureau of Economic Research
摘要：This paper studies the effect of foreign competition on the extent of forecasting bias. I focus on two biases often described in the behavioral economics literature: overoptimism and excessive belief in trends. Using data from firm-level surveys in five African countries, I show that firms that do not face foreign competition generate forecasts of sales growth that have greater trend and optimism biases than firms that have foreign competitors. I further provide evidence that these erroneous f...
-
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...
-
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 ...
