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作者：Edwards, S; Susmel, R
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; University of Houston System; University of Houston
摘要：We use high-frequency interest-rate data for a group of Latin American and Asian countries to analyze the behavior of volatility through time. We focus on volatility comovements across countries. Our analysis relies on univariate and bivariate switching volatility models. We compare the results from the switching models with those from rolling-standard-deviation models. We argue that the switching models are superior. Our results indicate that high-volatility episodes are, in general, short-li...
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作者：Davis, GC
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：Because of common data limitations, the existing testing framework for the generalized composite commodity theorem (Lewbel, 1996) is incomplete. This note clarifies and strengthens the testing procedure by implementing modified Bonferroni procedures. The conditions are established for consistency between the existing and modified Bonferroni tests. In an empirical application, the Bonferroni tests provide more powerful support for the generalized composite commodity theorem than is obtained fro...
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作者：Beron, KJ; Murdoch, JC; Vijverberg, WPM
作者单位：University of Texas System; University of Texas Dallas
摘要：This paper develops a correlated probit model to describe dichotomous choices that may contain a public-goods component or same other forms of interdependency. The key contribution of the paper is to formulate tests for interdependent behavior among agents. In particular, we examine the decisions by nations whether or not to ratify the Montreal Protocol on Substances that Deplete the Ozone Layer. Specifically, we reject free riding as a motive for not ratifying the Protocol, and we find little...
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作者：Irwin, DA
作者单位：Dartmouth College; National Bureau of Economic Research
摘要：The United States became a net exporter of manufactured goods around 1910 after a dramatic surge in iron and steel exports began in the mid-1890s. This paper argues that natural-resource abundance fueled the expansion of iron and steel exports in part by enabling a sharp reduction in the price of U.S. exports relative to other competitors. The commercial exploitation of the Mesabi iron ore range, for example, reduced domestic ore prices by 50% in the mid-1890s and was equivalent to over a deca...
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作者：Morley, JC; Nelson, CR; Zivot, E
作者单位：Washington University (WUSTL); University of Washington; University of Washington Seattle
摘要：This paper reconciles two widely used decompositions of GDP into trend and cycle that yield starkly different results. The Beveridge-Nelson (BN) decomposition implies that a stochastic trend accounts for most of the variation in output, whereas the unobserved-components (UC) implies cyclical variation is dominant. Which is correct has broad implications for the relative importance of real versus nominal shocks. We show the difference arises from the restriction imposed in UC that trend and cyc...
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作者：Rosenthal, SS; Strange, WC
作者单位：Syracuse University; University of Toronto
摘要：This paper makes two contributions to the empirical literature on agglomeration economies. First, the paper uses a unique and rich database in conjunction with mapping software to measure the geographic extent of agglomerative externalities. Previous papers have been forced to assume that agglomeration economies are club goods that operate at a metropolitan scale. Second, the paper tests for the existence of organizational agglomeration economies of the kind studied qualitatively by Saxenian (...
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作者：Grogger, J
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：Of all of the welfare reforms that were implemented during the 1990s, time limits may represent the single greatest break from past policy. This paper expands on what is known about this important welfare reform measure by exploiting the predictions from Grogger and Michalopoulos (2003) to estimate the effects of time limits on welfare use, employment, labor supply, earnings, and income among female-headed families. Results based on data from the March Current Population Survey suggest that ti...
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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 ...
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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...
