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作者：Keller, W; Levinson, A
作者单位：University of Texas System; University of Texas Austin; Georgetown University
摘要：This paper estimates the effect of changing environmental standards on patterns of international investment. The analysis advances the existing literature in three ways. First, we avoid comparing different countries by examining foreign direct investment in the United States and differences in pollution abatement costs among U.S. states. Data on environmental costs in U.S. states are more comparable than those for different countries, and U.S. states are more similar in other difficult-to-meas...
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作者：Alberini, A; Austin, D
作者单位：University System of Maryland; University of Maryland College Park; Resources for the Future
摘要：Proponents of environmental policies based on liability assert that strict liability imposed on polluters induces firms to handle hazardous wastes properly. We examine unintended pollution releases, relating them to the liability imposed on polluters by state mini-Superfund laws. We find that strict liability reduces the frequency and severity of pollution releases, but that its effects vary with firm-size. Smaller firms are associated with more pollution releases in states with strict liabili...
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作者：Hanushek, EA; Kain, JF; Rivkin, SG
作者单位：Stanford University; National Bureau of Economic Research; University of Texas System; University of Texas Dallas; Amherst College
摘要：Most discussion of special education has centered on the costs of providing mandated programs for children with disabilities and not on their effectiveness. As in many other policy areas, inferring program effectiveness is difficult because students not in special education do not provide a good comparison group. By following students who move in and out of targeted programs, however, we are able to identify program effectiveness from changes over time in individual performance. We find that t...
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作者：Balke, NS; Wohar, ME
作者单位：Southern Methodist University; Federal Reserve System - USA; Federal Reserve Bank - Dallas; University of Nebraska System
摘要：Previous analyses have concluded that expectations of future excess stock returns rather than future real dividend growth or real interest rates are responsible for most of the volatility in stock prices. In this paper, we employ a state-space model to model the dynamics of the log price-dividend ratio along with long-term and short-term interest rates, real dividend growth, and inflation. The advantage of the state-space approach is that we can parsimoniously model the low-frequency movements...
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作者：Orphanides, A; van Norden, S
作者单位：Federal Reserve System - USA; Universite de Montreal; HEC Montreal
摘要：We examine the reliability of alternative output detrending methods, with special attention to the accuracy of real-time estimates of the output gap. We show that ex post revisions of the estimated gap are of the same order of magnitude as the estimated gap itself and that these revisions are highly persistent. Although important, the revision of published data is not the primary source of revisions in measured output gaps; the bulk of the problem is due to the pervasive unreliability of end-o...
