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作者：Grogger, J
摘要：Studies based on inputs measured at the state level generally report that school expenditures have substantial effects on students' adult wages, whereas studies based on less aggregated measures report small effects. I use wage data from High School and Beyond to analyze this discrepancy, and to estimate the effect of school expenditures on students' post-schooling earnings. I find that the discrepancy in the literature stems mostly from two factors: measurement error in district-level expendi...
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作者：Christiano, LJ; Eichenbaum, M; Evans, C
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA
摘要：This paper assesses the impact of a monetary policy shock on the U.S. economy. Our measures of contractionary monetary policy shocks are associated with (i) a fall in various monetary aggregates and a rise in the federal funds rate, (ii) declines in different measures of real activity, (iii) sharp declines in commodity prices and a delayed decline in the GDP price deflator. In addition, net funds raised by the business sector increases for roughly a year, after which it falls. Finally, we find...
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作者：Walls, MA
作者单位：Victoria University Wellington
摘要：This paper estimates the costs of a government mandate to use natural gas vehicles, focusing on the less desirable attributes that these vehicles possess. A model of producer and consumer behavior in a market for a differentiated product is constructed; a hedonic price function is estimated; and consumer surplus losses from the substitution of natural gas cars for gasoline cars are calculated. These losses are found to be significant: the average per car consumer surplus loss ranges from $1100...
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作者：Vijverberg, CPC; Fei, JCH
作者单位：Yale University
摘要：It is not unreasonable to believe that most, if not all, important innovations are embodied in an industry's capital stock. The notion that the efficiency of large scale of production is brought about mainly by a larger size capital stock or a more advanced one is not new. The purpose of this paper is to search for production functions that allow the scale elasticity to vary with respect to capital stock and, at the same time, contains desirable properties of diminishing returns to labor and/o...
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作者：Garcia, R; Perron, P
摘要：We consider the time series behavior of the U.S. real interest rate from 1961 to 1986, using the methodology of Hamilton (1989), by allowing three possible regimes affecting both the mean and variance. The results suggest that the ex-post real interest rate is essentially random with means and variances that are different for the periods 1961-1973, 1973-1980 and 1980-1986. The inflation rate series also shows interesting shifts in both mean and variance. Series for the ex-ante real interest ra...
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作者：Hanushek, EA; Rivkin, SG; Taylor, LL
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：This paper helps reconcile the contradictory findings about school resources and school effectiveness by developing the implications of data aggregation. With model misspecification, the theoretical impact of aggregation is generally ambiguous. When important state differences in school policy are omitted, however, aggregation implies clear upward bias of estimated school resource effects. Review of past studies and new empirical analysis provide strong evidence that aggregation inflates the c...
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作者：Ai, CR; Cassou, SP
作者单位：State University of New York (SUNY) System; Stony Brook University
摘要：Ophem (1993) employed a switching regression model with earnings entering the choice equation to investigate earnings differentials between the public and private sectors. Ophem also described a ''modified switching regression model'' in which only the equation for unknown earnings is substituted into the choice equation. He argued the coefficients in the choice equation can be identified in the modified switching regression model without exclusion restrictions and estimates from the modified ...
