2003

最新文章

• Stigmatized asset value: Is it temporary or long-term? AI翻译
  作者：McCluskey, JJ; Rausser, GC
  作者单位：Washington State University; University of California System; University of California Berkeley
  摘要：Stigma is a negative attribute of real estate acquired by environmental contamination and reflected in its value (Elliot-Jones, 1996). Using a model of neighborhood turnover with external economies, we show that both temporary stigma and long-term stigma are possible equilibrium outcomes after the discovery and cleanup of a hazardous waste site. The existence and duration of stigma are examined using hedonic price techniques with data from housing sales prices in Dallas County, Texas. We find ...
• Deciding between competition and collusion AI翻译
  作者：Bajari, P; Ye, LX
  作者单位：Duke University; National Bureau of Economic Research; University System of Ohio; Ohio State University
  摘要：We develop an approach to identify and test for bid rigging in procurement auctions. First, we introduce a general auction model with asymmetric bidders. Second, we study the problem of identification in our model. We state a set of conditions that are both necessary and sufficient for a distribution of bids to be generated by a model with competitive bidding. Third, we discuss how to elicit a prior distribution over a firm's structural cost parameters from industry experts. Given this prior d...
• Regulation and capitalization of environmental amenities: Evidence from the toxic release inventory in Massachusetts AI翻译
  作者：Bui, LTM; Mayer, CJ
  作者单位：Boston University; University of Pennsylvania
  摘要：Environmental regulation in the United States has undergone a slow evolution from command and control strategies towards market-based regulations. One such innovation is the Toxics Release Inventory (TRI), a regulation that requires polluting firms to publicly disclose information about their toxic emissions. The basic tenet of this regulation is that it corrects for informational asymmetries between polluters and households, allowing communities to pressure polluters to decrease their emissio...
• Measuring the natural rate of interest AI翻译
  作者：Laubach, T; Williams, JC
  作者单位：Federal Reserve System - USA; Federal Reserve System - USA; Federal Reserve Bank - San Francisco
  摘要：The natural rate of interest-the real interest rate consistent with output equaling its natural rate and stable inflation-plays a central role in macroeconomic theory and monetary policy. Estimation of the natural rate of interest, however, has received little attention. We apply the Kalman filter to estimate jointly time-varying natural rates of interest and output and trend growth. We find a close link between the natural rate of interest and the trend growth rate, as predicted by theory. Es...
• How stable is the predictive power of the yield curve? Evidence from Germany and the United States AI翻译
  作者：Estrella, A; Rodrigues, AP; Schich, S
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Organisation for Economic Co-operation & Development (OECD); Deutsche Bundesbank
  摘要：Empirical research over the last decade has uncovered predictive relationships between the slope of the yield curve and subsequent real activity and inflation. Some of these relationships are highly significant, but their theoretical motivations suggest that they may not be stable over time. We use recent econometric techniques for break testing to examine whether the empirical relationships are in fact stable. We consider continuous models, which predict either economic growth or inflation, a...
• The relative price of nontraded goods and sectoral total factor productivity: An empirical investigation AI翻译
  作者：Kakkar, V
  作者单位：City University of Hong Kong
  摘要：This paper examines the relationship between the relative price of nontraded goods and sectoral total factor productivities (TFPs) in the context of the Balassa-Samuelson model. With perfect capital mobility internationally and perfect factor mobility domestically, the relative price of nontraded goods is predicted to be independent of preferences over traded and nontraded goods, and completely determined by TFPs in the traded- and nontraded-goods sectors. Panel cointegration and unit root tes...
• Measurement and testing of inequality from time series of deciles with an application to US wages AI翻译
  作者：Harvey, A; Bernstein, J
  作者单位：University of Cambridge
  摘要：This article uses unobserved-components time series models to capture the underlying trends in the quarterly deciles of U.S. hourly wages. Tests of stability and divergence are developed as a means of assessing changes in inequality. The decrease in the wage gender gap is examined, and the impact of changes in the minimum wage is assessed.