A Fast Literature Search Engine based on top-quality journals, by Dr. Mingze Gao.
- Topic classification is ongoing.
- Please kindly let me know [mingze.gao@mq.edu.au] in case of any errors.
Your search
Results 463 resources
-
International relative prices across industrialized countries show large and systematicdeviations from relative purchasing power parity. We embed a model ofimperfect competition and variable markups in a quantitative model of internationaltrade. We find that when our model is parameterized to match salientfeatures of the data on international trade and market structure in the UnitedStates, it can reproduce deviations from relative purchasing power parity similarto those observed in the data because firms choose to price-to-market. Wethen examine how pricing-to-market depends on the presence of internationaltrade costs and various features of market structure. (JEL F12, F14, F31)
-
Many employment relationships concede rents to workers. Depending on thepolitical institutions, the presence of such rents allows employers to use thethreat of withdrawing them to control their workers' political behavior, suchas their votes in the absence of secret ballot. We examine the effects of theintroduction of the secret ballot in Chile in 1958 on voting behavior. Before thereforms, localities with more pervasive patron-client relationships tended toexhibit a much stronger support for the right-wing parties, traditionally associatedwith the landed oligarchy. After the reform, however, this difference acrosslocalities completely disappeared. (JEL D72, N46, O13, O15, O17)
-
We study the asset pricing implications of Tversky and Kahneman's (1992)cumulative prospect theory, with a particular focus on its probability weightingcomponent. Our main result, derived from a novel equilibrium with nonuniqueglobal optima, is that, in contrast to the prediction of a standard expected utilitymodel, a security's own skewness can be priced: a positively skewed securitycan be "overpriced" and can earn a negative average excess return. We arguethat our analysis offers a unifying way of thinking about a number of seeminglyunrelated financial phenomena. (JEL D81, G11, G12)
-
This paper examines the link between income and consumption inequality. Wecreate panel data on consumption for the Panel Study of Income Dynamics usingan imputation procedure based on food demand estimates from the ConsumerExpenditure Survey. We document a disjuncture between income and consumptioninequality over the 1980s and show that it can be explained by changes inthe persistence of income shocks. We find some partial insurance of permanentshocks, especially for the college educated and those near retirement. Wefind full insurance of transitory shocks except among poor households. Taxes,transfers, and family labor supply play an important role in insuring permanentshocks. (JEL D12, D31, D91, E21)
-
We test whether good economic conditions and expansionary fiscal policy help incumbents get reelected in a large panel of democracies. We find no evidence that deficits help reelection in any group of countries independent of income level, level of democracy, or government or electoral system. In developed countries and old democracies, deficits in election years or over the term of office reduce reelection probabilities. Higher growth rates over the term raise reelection probabilities only in developing countries and new democracies. Low inflation is rewarded by voters only in developed countries. These effects are both statistically significant and quite substantial quantitatively. (JEL D72, E62, H62, O47)
-
We find that prior to World Trade Organization membership, countries setimport tariffs 9 percentage points higher on inelastically supplied importsrelative to those supplied elastically. The magnitude of this effect is similar tothe size of average tariffs in these countries, and market power explains more ofthe tariff variation than a commonly used political economy variable. Moreover,US trade restrictions not covered by the WTO are significantly higher on goodswhere the United States has more market power. We find strong evidence thatthese importers have market power and use it in setting noncooperative tradepolicy. (JEL F12, F13)
-
This paper presents findings from an experimental evaluation of Job Corps, thenation’s largest training program for disadvantaged youths. The study uses surveydata collected over four years and tax data over nine years on a nationwidesample of 15,400 treatments and controls. The Job Corps model has promise;program participation increases educational attainment, reduces criminalactivity, and increases earnings for several postprogram years. Based on taxdata, however, the earnings gains were not sustained except for the oldest participants.Nonetheless, Job Corps is the only federal training program that hasbeen shown to increase earnings for this population. (JEL I28, I38, J13, J24)
-
Large Japanese banks often engaged in sham loan restructurings that kept creditflowing to otherwise insolvent borrowers (which we call zombies). We examinethe implications of suppressing the normal competitive process whereby thezombies would shed workers and lose market share. The congestion createdby the zombies reduces the profits for healthy firms, which discourages theirentry and investment. We confirm that zombie-dominated industries exhibitmore depressed job creation and destruction, and lower productivity. We presentfirm-level regressions showing that the increase in zombies depressed theinvestment and employment growth of non-zombies and widened the productivitygap between zombies and non-zombies. (JEL G21, G32, L25)
-
The onset of Medicare eligibility at age 65 leads to sharp changes in the health insurance coverage of the US population. These changes lead to increases in the use of medical services, with a pattern of gains across socioeconomic groups that varies by type of service. While routine doctor visits increase more for groups that previously lacked insurance, hospital admissions for relatively expensive procedures like bypass surgery and joint replacement increase more for previously insured groups that are more likely to have supplementary coverage after 65, reflecting the relative generosity of their combined insurance package under Medicare. (JEL I11, I18)
-
Purely forward-looking versions of the New Keynesian Phillips curve (NKPC)generate too little inflation persistence. Some authors add ad hoc backwardlookingterms to address this shortcoming. We hypothesize that inflation persistenceresults mainly from variation in the long-run trend component ofinflation, which we attribute to shifts in monetary policy. We derive a version ofthe NKPC that incorporates a time-varying inflation trend and examine whetherit explains the dynamics of inflation. When drift in trend inflation is taken intoaccount, a purely forward-looking version of the model fits the data well, andthere is no need for backward-looking components. (JEL E12, E31, E52)
Explore
Journals
Topic
- Bond (14)
- CEO (9)
- Director (8)
- Mergers and Acquisitions (8)
- Capital Structure (6)
Resource type
- Journal Article (463)