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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：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：Long, MC
作者单位：University of Washington; University of Washington Seattle
摘要：During the late 1990s, several states eliminated affirmative action admissions policies at their public colleges. Some of these states substituted a program that grants admission to the top x% of each high school's graduating class. These new programs were instituted in efforts to restore minority college enrollments to their prior levels. This paper finds that the preferences given to minority applicants under affirmative action are large and that the minority share of admitted students in to...
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作者：Lane, PR; Milesi-Ferretti, GM
作者单位：Trinity College Dublin; Centre for Economic Policy Research - UK; International Monetary Fund
摘要：The relationship between international payments and the real exchange rate-the transfer problem-is a classic question in international economics. We use cross-country data on real exchange rates and a newly constricted data set on countries' net external positions to shed new light on this question. We present a simple theoretical framework that leads to testable implications for the long-run comovements of real exchange rates, net foieign assets. relative GDP and terms of trade, and cross-cou...
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作者：Luintel, KB; Khan, M
作者单位：Brunel University; Organisation for Economic Co-operation & Development (OECD)
摘要：Coe and Helpman, among others, report positive and equivalent R&D spillovers across groups of countries. However, the nature of their econometric tests does not address the heterogeneity of knowledge diffusion across countries. We empirically examine these issues in a sample of 10 OECD countries by extending both the time span and the coverage of R&D activities in the data set. We find that the elasticity of total factor productivity with respect to domestic and foreign R&D stocks is extremely...
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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....
