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作者：Bernstein, JI; Mamuneas, TP; Pashardes, P
作者单位：Carleton University; National Bureau of Economic Research; University of Leicester; University of Cyprus
摘要：This paper establishes that new inputs increase technical efficiency levels for U.S. manufacturing. Over the period 1950-1998, intermediate inputs exhibited higher rates of efficiency growth than labor and capital. Efficiency-adjusted productivity growth annually averaged 0.4 percentage points above measured growth. The gap between efficiency-adjusted and measured productivity growth arises from aggregating inputs using observed, and not efficiency-adjusted, cost share weights in the calculati...
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作者：Hartmann, P; Straetmans, S; de Vries, CG
作者单位：Centre for Economic Policy Research - UK; Maastricht University; Erasmus University Rotterdam - Excl Erasmus MC; Erasmus University Rotterdam
摘要：We characterize asset return linkages during periods of stress by an extremal dependence measure. Contrary to correlation analysis, this nonparametric measure is not predisposed toward the normal distribution and can allow for nonlinear relationships. Our estimates for the G-5 countries suggest that simultaneous crashes between stock markets are much more likely than between bond markets. However, for the assessment of financial system stability the widely disregarded cross-asset perspective i...
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作者：Feinberg, RM; Price, GN
作者单位：American University; University of North Carolina; North Carolina A&T State University
摘要：Utilizing data on research proposals submitted to the National Science Foundation (NSF) Economics Program over a 5-year period, this paper examines whether the social capital stock of grant applicants enhances their access to research resources by increasing the probability of being awarded a research grant. We estimate latent-variable specifications of the NSF decision to fund a research proposal. Our results show that, given ability, being a National Bureau of Economic Research associate inc...
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作者：Shioji, E
作者单位：Yokohama National University
摘要：A panel data estimation finds a high speed of income convergence among the U.S. states. However, initial incomes show a pattern which is difficult to explain by the estimated model. A simulation study shows that this pattern can be explained much more naturally when we assume that true convergence is slow.
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作者：Griffith, R; Redding, S; Van Reenen, J
作者单位：University of London; London School Economics & Political Science; University of London; University College London; University of London; London School Economics & Political Science
摘要：Many writers have claimed that research and development (R&D) has two faces. In addition to the conventional role of stimulating innovation, R&D enhances technology transfer (absorptive capacity). We explore this idea empirically using a panel of industries across twelve OECD countries. We find R&D to be statistically and economically important in both technological catch-up and innovation. Human capital also plays an major role in productivity growth, but we only find a small effect of trade....
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作者：Jacob, BA; Lefgren, L
作者单位：Harvard University; Brigham Young University
摘要：As standards and accountability have become increasingly prominent features of the educational landscape, educators have relied more on remedial programs such as summer school and grade retention to help low-achieving students meet minimum academic standards. Yet the evidence on the effectiveness of such programs is mixed, and prior research suffers from selection bias. However, recent school reform efforts in Chicago provide an opportunity to examine the causal impact of these remedial educat...
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作者：Mikosch, T; Starica, C
作者单位：University of Copenhagen; Chalmers University of Technology
摘要：We give the theoretical basis of a possible explanation for two stylized facts observed in long log-return series: the long-range dependence (LRD) in volatility and the integrated GARCH (IGARCH). Both these effects can be explained theoretically if one assumes that the data are nonstationary.
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作者：Zhao, Z
作者单位：Peking University
摘要：We compare propensity-score matching methods with covariate matching estimators. We first discuss the data requirements of propensity-score matching estimators and covariate matching estimators. Then we propose two new matching metrics incorporating the treatment outcome information and participation indicator information, and discuss the motivations of different metrics. Next we study the small-sample properties of propensity-score matching versus covariate matching estimators, and of differe...
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作者：Ahmed, S; Levin, A; Wilson, BA
作者单位：Federal Reserve System - USA
摘要：The volatility of U.S. real GDP growth since 1984 has been markedly lower than over the previous quarter century. We utilize frequency-domain and VAR methods to distinguish among competing explanations for this reduction: improvements in monetary policy, better business practices, and a fortuitous reduction in exogenous disturbances. We find that reduced innovation variances account for much of the decline in aggregate output volatility, suggesting that good luck is the most likely explanation...
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作者：Swanson, ET
作者单位：Federal Reserve System - USA
摘要：There is a growing consensus among economists that real wages in the postwar United States have been procyclical, greatly bolstering technology-driven theories of business cycles at the expense of more classical models. This paper makes the point that technological movements in firm's labor demand curves should be tested with a wage that is deflated by the firm's own price of output, with appropriate controls for intermediate inputs, and with respect to the cyclical state of the firm's own ind...
