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作者：Alessie, R; Hochguertel, S; van Soest, A
作者单位：Utrecht University; Vrije Universiteit Amsterdam; RAND Corporation; Tilburg University
摘要：This paper analyzes the ownership dynamics of stocks and mutual funds, using representative household panel data, the Dutch CentER Savings Survey 1993-1998. A bivariate dynamic binary-choice model is introduced, allowing for interactions between the two types of assets. We find that unobserved heterogeneity and state dependence play a large role for both types of assets. The positive relation between ownership of one type in one period and the other type in the next period is explained by corr...
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作者：Di Tella, R; MacCulloch, R
作者单位：Harvard University; Imperial College London
摘要：In the many years since their introduction, positive theories of inflation have rarely been tested. This paper documents a negative relationship between inflation and the welfare state (proxied by the parameters of the unemployment benefit program) that is to be expected in such theories. Because unemployment benefits make the monetary authority less concerned about the plight of the unemployed, building a welfare state has a similar effect to appointing a conservative central banker. The rela...
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作者：Gertler, P; Levine, DI; Ames, M
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Harvard University
摘要：Loss of a parent is one of the most traumatic events a child can face. If loss of a parent reduces investments in children, it can also have long-lasting implications. This study uses parametric and seminonparametric matching techniques to estimate how one human capital investment, school enrollment, is affected by a parent's recent death. We analyze data from 600,000 households from Indonesia's National Socioeconomic Survey (Susenas) during 1994-1996. We find a parent's recent death has a lar...
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作者：Yogo, M
作者单位：Harvard University
摘要：In the instrumental variables (IV) regression model, weak instruments can lead to bias in estimators and size distortion in hypothesis tests. This paper examines how weak instruments affect the identification of the elasticity of intertemporal substitution (EIS) through the linearized Euler equation. Conventional IV methods result in an empirical puzzle that the EIS is significantly less than I but its reciprocal is not different from 1. This paper shows that weak instruments can explain the p...
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作者：Heckman, J; Navarro-Lozano, S
作者单位：University of Chicago
摘要：This paper investigates four topics. (1) It examines the different roles played by the propensity score (the probability of selection into treatment) in matching instrumental variable, and control function methods. (2) It contrasts the roles of exclusion restrictions in matching and selection models. (3) It characterizes the sensitivity of matching to the choice of conditioning variables and demonstrates the greater robustness of control function methods to misspecification of the conditioning...
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作者：Sianesi, B
摘要：We investigate the presence of short- and long-term effects from joining a Swedish labor market program vis-a-vis more intense job search in open unemployment. Overall, the impact of the program system is found to have been mixed. Joining a program has increased employment rates among participants, a result robust to a misclassification problem in the data. On the other hand it has also allowed participants to remain significantly longer on unemployment benefits and more generally in the unemp...
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作者：Head, K; Mayer, T
作者单位：University of British Columbia; Centre for Economic Policy Research - UK
摘要：This paper develops a theoretical model of location choice under imperfect competition to formalize the notion that firms prefer to locate where the markets are. The profitability of a location depends on a term that weights demand in all locations by accessibility. Using a sample of Japanese firms' choices of regions within European countries, we compare the theoretically derived measure of market potential with the standard form used by geographers. Our results show that market potential mat...
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作者：Ireland, PN
作者单位：Boston College; National Bureau of Economic Research
摘要：In the New Keynesian model, preference, cost-push, and monetary shocks all compete with the real-business-cycle model's technology shock in driving aggregate fluctuations. A version of this model, estimated via maximum likelihood, points to these other shocks as being more important for explaining the behavior of output, inflation, and interest rates in the postwar U.S. data. These results weaken the links between the current generation of New Keynesian models and the real-business-cycle model...
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作者：Edison, HJ; Warnock, FE
作者单位：International Monetary Fund; Federal Reserve System - USA
摘要：We analyze a unique data set and uncover a remarkable result that casts a new light on the home bias phenomenon. The data are comprehensive, security-level holdings of emerging market equities by U.S. investors. We document that at a point in time U.S. portfolios are tilted towards firms that are large, have fewer restrictions on foreign ownership, or are cross-listed on a U.S. exchange. The size of the cross-listing effect is striking. In contrast to the well-documented under-weighting of for...
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作者：Karolyi, GA
作者单位：University System of Ohio; Ohio State University
摘要：This paper finds that the growth and expansion of U.S. cross-listings by firms from emerging markets around the world facilitated an expansion of cross-border equity flows and overall development of their stock markets during the 1990s. However, these benefits have negative spillover effects; the capitalization and turnover ratios of local-market firms that do not pursue overseas listings decline as U.S. cross-listings in the form of American depositary receipts (ADRs) increase in size and sco...
