Most widely held works by Yona Rubinstein
Which countries export FDI, and how much by Assaf Razin ( Book )
10 editions published between 2003 and 2004 in English and No Linguistic content and held by 76 libraries worldwide
The paper provides a reconciliation of Lucas' paradox, based on fixed setup costs of new investments. With such costs, it does not pay a firm to make a small' investment, even though such an investment is called for by marginal productivity conditions. Using a sample of 45 developed and developing countries we estimate jointly the participation equation (the decision whether to invest at all) and the FDI flow equation (the decision how much to invest). We find that countries which are more likely to serve as source for FDI exports than their characteristics project export lower flow of FDI than is predicted by their characteristics. This negative correlation suggests that the source countries with relatively low setup costs are also those with high marginal productivity of capital.
Houehold vs. personal accounts of the U.S. labor market, 1965-2000 by Casey B Mulligan ( Book )
1 edition published in 2004 in English and held by 40 libraries worldwide
Household vs. personal accounts of the U.S. labor market, 1965-2000 by Casey B Mulligan ( Book )
3 editions published in 2004 in English and No Linguistic content and held by 34 libraries worldwide
"The empirical labor supply literature includes some simple aggregate studies, and some individual-level studies explicitly accounting for heterogeneity and the discrete choice, but sometimes leaving open the ultimately aggregate questions that motivated the study. As a middle ground, we construct household-based measures of labor supply by within-household aggregating answers to the usual weeks and hours worked questionnaire items. Household (H) measures are substantially different than the more familiar person (P) measures: H employment rates are relatively higher, with little trend, and relatively little fluctuations. From the H point of view, essentially all aggregate hours trends and fluctuations can be attributed to changes on the intensive' margin and not the extensive' margin a characterization that is opposite of that derived from P measures. The cross-H distribution of hours is richer, and less spiked, than the cross-P distribution. Labor supply is more wage elastic from an H point of view"--National Bureau of Economic Research web site.
Fixed costs and FDI the conflicting effects of productivity shocks by Assaf Razin ( Book )
4 editions published in 2004 in English and No Linguistic content and held by 33 libraries worldwide
"The paper develops a model with lumpy setup costs of new investment, which govern the flows of FDI. Foreign investment decisions are two-fold: whether to export FDI and, if so, how much. The first decision is governed by total profitability considerations, whereas the second is governed by marginal profitability considerations. A positive productivity shock in the host country may, on the one hand, increases the volume of the desired FDI flows to the host country but, on the other hand, somewhat counter-intuitively, lowers the likelihood of the making new FDI flows by the source country, at all. Every country is potentially both a source for FDI flows to several host countries, and a host for FDI flows from several source countries. Thus, the model could generate two-way FDI flows, but not all source-host FDI flows get realized. We employ a sample of 24 OECD countries, over the period 1981-1998. We observe many pairs of countries with no FDI flows between them. Zero reported flows could indicate measurement errors, or true zeroes that are due to fixed costs (in situations where they dominate marginal productivity conditions). Empirical literature on the determinants of FDI flows which uses the Tobit procedure aims at a correction for measurement errors provides nevertheless biased estimates in the presence of fixed costs. By employing the Heckman selection procedure, we demonstrate how to get unbiased estimates of the fixed-costs effects on FDI flows. Controlling for the selection into source-host pairs of countries, and for time and country fixed effects, the paper sheds light on the importance of several covariates, such as income per capita, education, and financial risk ratings as key determinants of volume of FDI flows. While the coefficients of both the source- and host-country average years of schooling are positive and significant in the flow equation, the magnitude of the source country coefficient is more than twice that of the host country. That is, the richer the source country is relative to the host country, the larger are the FDI flows which occur between them"--National Bureau of Economic Research web site.
Coping with technological progress : the role of ability in making inequality so persistent by Yona Rubinstein ( Book )
6 editions published between 1998 and 1999 in English and No Linguistic content and held by 29 libraries worldwide
Growth effects of the exchange-rate regime and the capital account openness in a crisis-prone world market: a nuanced view by Assaf Razin ( )
5 editions published in 2004 in English and No Linguistic content and held by 11 libraries worldwide
It has been a remarkably difficult empirical task to identify clear-cut real effects of exchange-rate regimes on the open economy. Similarly, no definitive view emerges as to the aggregate effects of capital account liberalizations. The main hypothesis of the paper is that a direct and an indirect effect of balance-of-payments policies, geared toward exchange rate regimes and capital account openness, exert a confounding overall influence on output growth, in the presence of sudden-stop crises. A direct channel works through the trade and financial sectors, akin to the optimal currency area arguments. An indirect channel works through the probability of a sudden-stop crisis. The empirical analysis disentagles these conflicting effects and demonstrates that: (i) the balance-of-payments policies significantly affect the probability of crises, and the crisis probability, in turn, negatively affects output growth; (ii) controlling for the crisis probability in the growth equation, the direct effect of balance-of-payments policies is large. Domestic price crises (high inflation above a 20 percent threshold) affect growth only indirectly; through their positive effecton the probability of sudden-stop crises.
Evaluation of exchange-rate, capital market, and dollarization regimes in the presence of sudden stops by Assaf Razin ( Book )
2 editions published in 2005 in No Linguistic content and English and held by 10 libraries worldwide
The literature has not being able to identify clear-cut real effects of exchange-rate regimes on output growth. Similarly, no definitive view emerges from the literature in regard to the effects of open capital markets on macroeconomic performance. The paper attributes the failure of the literature to fundamental flaws, consisting of ignoring non-linearities in the effects of exchange rate and capital-market liberalization regimes, on the macroeconomic performance. The paper develops a methodology consisting of accounting for the "crisis-prone state of the economy", summarized by a projected probability of crisis, due to sudden stops in international capital inflows. We apply the new methodology to a cross-country panel of 100 low and middle-income countries. Findings indicate that the effects of exchange rate regimes, and liberalization regimes, on macroeconomic performance go through two distinct channels: a direct channel via the real side of the economy, and an indirect channel via the financial side, which influences the probability of sudden stops. We also analyze how the projected probability of sudden stops affects the level of dollarization, and provide estimates for the effect of dollarization on growth.
Growth effects of the exchange-rate regime and the capital account openness in a crisis-prone world market : nuanced view by Assaf Razin ( Book )
1 edition published in 2004 in English and held by 7 libraries worldwide
Racial discrimination and competition by Ross Levine ( Book )
2 editions published in 2008 in English and held by 5 libraries worldwide
This paper assesses the impact of competition on racial discrimination. The dismantling of inter- and intrastate bank restrictions by U.S. states from the mid-1970s to the mid-1990s reduced financial market imperfections and lowered entry barriers facing nonfinancial firms. We use bank deregulation to identify an exogenous intensification of competition in the nonfinancial sector, and evaluate its impact on the racial wage gap, which is that component of the black-white wage differential unexplained by Mincerian characteristics. We find that bank deregulation reduced the racial wage gap by spurring the entry of nonfinancial firms. Consistent with theory, the impact of competition on the wage gap is particularly large in states with a comparatively high degree of racial bias, where competition-enhancing bank deregulation eliminated between 20 and 30 percent of the racial wage gap.
Evaluation of currency regimes : the unique role of sudden stops by Assaf Razin ( Book )
2 editions published in 2005 in English and held by 3 libraries worldwide
This paper tackles two established puzzles in international macroeconomics literature. The first is the lack of systematic difference in the macroeconomic performance across exchange rate regimes. The second is the absence of a clear empirical relationship between macroeconomic performance and capital-account liberalization. We suggest that both may appear because empirical methodologies fail to account for a latent economic "crisis state," influenced by exchange-rate and capital account regimes, and to allow the effects of a policy regime on growth to depend on whether the economy is in a crisis-prone latent state. In practice, we model and estimate the latent state of the economy as a crisis probability. In the framework we propose, exchange rate and capital market liberalization regimes can have both a direct effect on short-term growth, and an indirect effect on growth that is channelled through their effects on the crisis probability.
Estimating trade flows : trading partners and trading volumes by Elhanan Helpman ( Book )
1 edition published in 2007 in English and held by 3 libraries worldwide
We develop a simple model of international trade with heterogeneous firms that is consistent with a number of stylized features of the data. In particular, the model predicts positive as well as zero trade flows across pairs of countries, and it allows the number of exporting firms to vary across destination countries. As a result, the impact of trade frictions on trade flows can be decomposed into the intensive and extensive margins, where the former refers to the trade volume per exporter and the latter refers to the number of exporters. This model yields a generalized gravity equation that accounts for the self-selection of firms into export markets and their impact on trade volumes. We then develop a two-stage estimation procedure that uses a selection equation into trade partners in the first stage and a trade flow equation in the second. We implement this procedure parametrically, semi-parametrically, and non-parametrically, showing that in all three cases the estimated effects of trade frictions are similar. Importantly, our method provides estimates of the intensive and extensive margins of trade. We show that traditional estimates are biased, and that most of the bias is not due to selection but rather due to the omission of the extensive margin. Moreover, the effect of the number of exporting firms varies across country pairs according to their characteristics. This variation is large, and particularly so for trade between developed and less developed countries and between pairs of less developed countries.
Corporate taxation and bilateral FDI with threshold barriers by Assaf Razin ( Book )
1 edition published in 2005 in English and held by 3 libraries worldwide
The paper brings out the special mechanism through which taxes influence bilateral FDI, when investment decisions are two-fold in the presence of fixed setup flows costs. For each pair of source-host countries, there is a set of factors determining whether aggregate FDI flows will occur at all, and a different set of factors determimnig the volume of FDI flows (provided that they occur). We demonstrate that the notion that the mere international tax differetials are a key factor behind the direction and magnitude of FDI flows is too simple. We argue that the source country tax rate works primarely on the selection process, whereas the host-country tax rate affect mainly the magnitude of the FDI, once they occur. We analyze international panel data with 24 OECD countries over the period 1981-1998 by the Heckman selection method to bring evidence in support of this argument.
Selection, investment, and women's relative wages since 1975 by Casey B Mulligan ( Book )
1 edition published in 2005 in English and held by 3 libraries worldwide
In theory, growing wage inequality within gender should cause women to invest more in their market productivity and should differentially pull able women into the workforce, thereby closing the measured gender gap even though women's wages might have grown less than men's had their behavior been held constant. Using the CPS repeated cross-sections between 1975 and 2001, we use control function (Heckit) methods to correct married women's conditional mean wages for selectivity and investment biases. Our estimates suggest that selection of women into the labor market has changed sign, from negative to positive, or at least that positive selectivity bias has come to overwhelm investment bias. The estimates also explain why measured women's relative wage growth coincided with growth of wage inequality within-gender, and attribute the measured gender wage gap closure to changing selectivity and investment biases, rather than relative increases in women's earning potential. Using PSID waves 1975-93 to control for the changing female workforce with person-fixed effects, we also find little growth in women's mean log wages. Finally, we make a first attempt to gauge the relative importance of selection versus investment biases, by examining the family and cognitive backgrounds of members of the female workforce. PSID, NLS, and NLSY data sets show how the cross-section correlation between female employment and family/cognitive background has changed from "negative" to "positive" over the last thirty years, in amounts that might be large enough to attribute most of women's relative wage growth to changing selectivity bias.
The closing of the gender gap as a Roy model illusion by Casey B Mulligan ( Book )
1 edition published in 2004 in English and held by 3 libraries worldwide
Respiration de Cheyne-Stokes, symptôme de l'œdème cérébral by Yona Rubinstein ( Book )
2 editions published in 1936 in French and held by 2 libraries worldwide
Born to be unemployed : unemployment and wages over the business cycle by Yona Rubinstein ( Book )
2 editions published in 1999 in English and held by 2 libraries worldwide
סוגיות בהשפעה של משתנים מקרו-כלכליים על מחירי נכסים ( Book )
1 edition published in 1999 in Hebrew and held by 2 libraries worldwide
The Leuthold free rider experiment : some results from an Israeli sample by Ephraim Kleiman ( Book )
1 edition published in 1995 in English and held by 2 libraries worldwide
The Gibson Paradox : a contradiction of the Fisher Equation or a liquidity effect by Yona Rubinstein ( Book )
1 edition published in 1998 in English and held by 2 libraries worldwide
Corporate taxation and bilateral FDI with threshold barriers the role of information by Assaf Razin ( Book )
1 edition published in 2005 in English and held by 1 library worldwide
Balance of payments Capital movements Employees--Effect of technological innovations on Financial crises Fisher effect (Economics) Foreign exchange rates Gibson paradox Human capital Income distribution Inflation (Finance) International trade--Econometric models Investments, Foreign Investments, Foreign--Econometric models Labor supply Money supply Technological innovations--Economic aspects United States