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作者：Henderson, R; Jaffe, AB; Trajtenberg, M
作者单位：Massachusetts Institute of Technology (MIT); Brandeis University; Tel Aviv University; National Bureau of Economic Research
摘要：This paper explores the recent explosion in university patenting as a source of insight into the changing relationship between the university and the private sector. Before the mid-1980s, university patents were more highly cited, and were cited by more diverse patents, than a random sample of all patents. More recently several significant shifts in university patenting behavior have led to the disappearance of this difference. Thus our results suggest that between 1965 and 1988 the rate of in...
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作者：Bierlen, R; Featherstone, AM
作者单位：University of Arkansas System; University of Arkansas Fayetteville; Kansas State University
摘要：This study used a 1976-1992 panel data set to test whether farm machinery investors face finance constraints. Tests were based on fundamental q investment equations in which cash flow was added as an additional explanatory variable. Results indicated that (1) credit constraints were generally not a problem during the 1970s boom, (2) credit constraints became a problem during the 1980s and early 1990s because of tighter credit and/or more conservative financial managerial styles, (3) the invest...
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作者：Driscoll, JC; Kraay, AC
作者单位：Brown University; The World Bank
摘要：Many panel data sets encountered in macroeconomics, international economics, regional science, and finance are characterized by cross-sectional or spatial'' dependence. Standard techniques that fail to account for this dependence will result in inconsistently estimated standard errors. In this paper we present conditions under which a simple extension of common nonparametric covariance matrix estimation techniques yields standard error estimates that are robust to very general forms of spatial...
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作者：Zagorsky, JL
作者单位：University System of Ohio; Ohio State University
摘要：Empirical investigations of the U.S. macroeconomy often examine only the post-World War II period because very few key data series exist for earlier years. However, this brief time period misses major economic shocks like the Great Depression and World War II. Using a previously unknown data set, this paper solves part of the problem by creating a long-run job vacancy series from 1923 to 1994 based on help-wanted advertising data. Analysis suggests that the series is consistent and has no sign...
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作者：Carpenter, RE; Fazzari, SM; Petersen, BC
作者单位：Emory University; Washington University (WUSTL)
摘要：This study provides new evidence of the importance of financing constraints for explaining the dramatic cycles in inventory investment. We compare the empirical performance of different financial variables (coverage ratio, cash stocks, and cash flow) used in previous research to test for the presence of financing constraints. The comparison is undertaken in a common framework with an identical sample and high-frequency (quarterly) firm panel data. Cash flow is much more successful than cash st...
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作者：Pagan, AR; Robertson, JC
作者单位：Australian National University
摘要：In this paper we examine a number of recent studies that claim to have obtained a well-defined liquidity effect using structural VAR models based on broad measures of money. These studies can be distinguished in terms of the identifying restrictions, sample periods, and frequency of data used. We show that estimation of the structural coefficients of all these models can be achieved by instrumental-variable methods, where the instruments are predetermined variables and the estimated structural...
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作者：Abdelkhalek, T; Dufour, JM
作者单位：Universite de Montreal
摘要：We study the problem of measuring the uncertainty of computable general equilibrium (CGE) (or RBC)-type model simulations associated with parameter uncertainty. We describe two approaches for building confidence sets on model endogenous variables. The first uses a standard Wald-type statistic. The second approach assumes that a confidence set (sampling or Bayesian) is available for the free parameters, from which confidence sets are derived by a projection technique. The latter has two advanta...
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作者：Kolstad, CD; Turnovsky, MHL
作者单位：University of California System; University of California Santa Barbara; University of Washington; University of Washington Seattle
摘要：The paper is concerned with developing a production theory for the case when some inputs have nonlinear prices because the price depends on endogenous quality. This involves extending the notion of a cost function to the case where nonlinear prices are parameters of costs. After developing the appropriate theory, we apply our results to the case of coal-fired electric power generation where fuel quality depends on sulfur and ash impurities. Environmental regulations induce a negative value on ...
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作者：Ghysels, E; Ng, S
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Boston College
摘要：Many continuous-time term structure of interest rate models assume a factor structure where the drift and volatility functions are affine functions of the state-variable process. These models involve very specific parametric choices of factors and functional specifications of the drift and volatility. Moreover, under the affine term structure restrictions not all factors necessarily affect interest rates at all maturities simultaneously. This class of so-called affine models covers a wide vari...
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作者：Lastrapes, WD
作者单位：University System of Georgia; University of Georgia
摘要：This paper proposes a Bayesian approach to incorporating specification and identification uncertainty into a VAR analysis of the dynamic effects of money supply shocks on the macroeconomy. The approach follows Poirier (1991) in averaging over discrete model specifications in forming posterior densities of the dynamic responses to such shocks. Two distinct means of identifying money supply shocks are considered here: one that imposes contemporaneous restrictions, and one that imposes long-run m...
