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作者：Adams, JD; Chiang, EP; Jensen, JL
作者单位：Rensselaer Polytechnic Institute; National Bureau of Economic Research; State University System of Florida; Florida Atlantic University; New York University
摘要：This paper studies the influence of R&D in the U.S. federal laboratory system, the world's largest, on firm research. Our results are based on a sample of 220 industrial research laboratories that work with a variety of federal laboratories and agencies and are owned by 115 firms in the chemicals, machinery, electrical equipment, and motor vehicles industries. Using an indicator of their importance to R&D managers, we find that cooperative research and development agreements (CRADAs) dominate ...
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作者：Kelly, MT; Ying, JS
作者单位：Villanova University; University of Delaware
摘要：This study provides empirical evidence concerning the economic feasibility of competition in the local market for video-delivery services. Using responses from the FCC's 1995 cost survey, we jointly estimate a translog cost function with factor share equations. To evaluate subadditivity, the fitted total cost of each firm is compared with the cost of two firms providing the same total output in eleven different market scenarios. Although costs were mildly superadditive, in the vast majority of...
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作者：Brynjolfsson, E; Hitt, LM
作者单位：Massachusetts Institute of Technology (MIT); University of Pennsylvania
摘要：We explore the effect of computerization on productivity and output growth using data from 527 large U.S. firms over 1987-1994. We find that computerization makes a contribution to measured productivity and output growth in the short term (using 1-year differences) that is consistent with normal returns to computer investments. However, the productivity and output contributions associated with computerization are up to 5 times greater over long periods (using 5- to 7-year differences). The res...
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作者：Nilsen, OA; Schiantarelli, F
作者单位：University of Bergen; Boston College
摘要：The objective of this paper is to investigate if and how capital adjustment departs from the smooth pattern implied by standard model based on convex adjustment costs. Using Norwegian micro data, we start by documenting the intermittent and lumpy nature of investment rates. We then present two pieces of econometric evidence on these issues. First, we estimate a discrete hazard model to determine the probability of having an episode of high investment, conditional on the length of the interval ...
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作者：Hong, YM; Lee, TH
作者单位：Cornell University; National Tsing Hua University; University of California System; University of California Riverside
摘要：It is often documented, based on autocorrelation, variance ratio, and power spectrum, that exchange rates approximately follow a martingale process. Because these data check serial uncorrelatedness rather than martingale difference, they may deliver misleading conclusions in favor of the martingale hypothesis when the test statistics are insignificant. In this paper, we explore whether there exists a gap between serial uncorrelatedness and martingale difference for exchange rate changes, and i...
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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...
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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...
