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National Bureau of Economic Research (Cambridge, Estados Unidos)

Works: 533 works in 534 publications in 1 language and 1,292 library holdings
Genres: Conference proceedings  Periodicals 
Classifications: HB172.5, 336.2
Publication Timeline
Publications about National Bureau of Economic Research (Cambridge, Estados Unidos)
Publications by National Bureau of Economic Research (Cambridge, Estados Unidos)
Most widely held works by National Bureau of Economic Research (Cambridge, Estados Unidos)
NBER macroeconomics annual by Mass.) National Bureau of Economic Research (Cambridge( file )
in English and held by 276 libraries worldwide
Indicator variables for optimal policy by Lars E. O Svensson( Book )
2 editions published between 2000 and 2001 in English and held by 4 libraries worldwide
Abstract: The optimal weights on indicators in models with partial information about the state of the economy and forward-looking variables are derived and interpreted, both for equilibria under discretion and under commitment. An example of optimal monetary policy with a partially observable potential output and a forward-looking indicator is examined. The optimal response to the optimal estimate of potential output displays certainty-equivalence, whereas the optimal response to the imperfect observation of output depends on the noise in this observation
Issues in US-EC trade relations by Robert E Baldwin( Book )
1 edition published in 1988 in English and held by 3 libraries worldwide
Financing corporate capital formation by Benjamin M Friedman( Book )
1 edition published in 1986 in English and held by 3 libraries worldwide
Six leading economists examine the financing of corporate capital formation in the U.S. economy. In clear and nontechnical terms, their papers provide valuable information for economists and nonspecialists interested in such questions as why interest rates are so high, why corporate debt has accelerated in recent years, and how government debt affects private financial markets. Addressing these questions, the contributors focus chiefly on three themes: the actual use of debt and equity financing by corporations in recent years; the factors that drive the financial markets' pricing of debt and
Foreign tax policies and economic growth : a conference report of the National Bureau of Economic Research and the Brookings Institution by National Bureau of Economic Research( Book )
1 edition published in 1966 in English and held by 3 libraries worldwide
Links and hyperlinks : an empirical analysis of internet portal alliances, 1995-1999 by Dan Elfenbein( Book )
1 edition published in 2001 in English and held by 2 libraries worldwide
Abstract: This paper examines the structure of over 100 alliances by Internet portals from 1995 to 1999. These alliances were an attractive empirical testing ground because of the large number and heterogeneous nature of the contracts, the high standards for disclosure in the industry, and the careful delineation of ownership, control, exclusivity, and other provisions in the contracts. The division of ownership and allocation of control rights displayed patterns consistent with the predictions in the incomplete contracting literature. Similarly, the exclusivity of the agreements appeared to vary, at least weakly, with the value of the product or service being made available to the portal, consistent with the licensing literature. In other cases, particularly in regard to the differing allocation of ownership and control and the varying completeness of the contracts, the empirical patterns indicated a more complex world than the one that theory led us to anticipate
Hedge funds with style by Stephen J Brown( Book )
1 edition published in 2001 in English and held by 2 libraries worldwide
Abstract: The popular perception is that hedge funds follow a reasonably well defined market-neutral investment style. While this long-short investment strategy may have characterized the first hedge funds, today hedge funds are a reasonably heterogeneous group. They are better defined in terms of their freedom from the constraints imposed by the Investment Company Act of 1940, than they are by the particular style of investment. We study the monthly return history of hedge funds over the period 1989 through to January 2000 and find that there are in fact a number of distinct styles of management. We find that differences in investment style contribute about 20 per cent of the cross sectional variability in hedge fund performance. This result is consistent across the years of our sample and is robust to the way in which we determine investment style. We conclude that appropriate style analysis and style management are crucial to success for investors looking to invest in this market
Gold into base metals : productivity growth in the People's Republic of China during the reform period by Alwyn Young( Book )
1 edition published in 2000 in English and held by 2 libraries worldwide
Abstract: With minimal sleight of hand, it is possible to transform the recent growth experience of the People's Republic of China from the extraordinary into the mundane. Systematic understatement of inflation by enterprises accounts for 2.5% growth per annum in the non-agricultural economy during the reform period (1978-1998). The usual suspects, i.e. rising participation rates, improvements in educational attainment, and the transfer of labour out of agriculture, account for most of the remainder. The productivity performance of the non-agricultural economy during the reform period is respectable, but not outstanding. To the degree that the reforms have improved efficiency, these gains may lie principally in agriculture
Foreign direct investors in three financial crises by Robert E Lipsey( Book )
1 edition published in 2001 in English and held by 2 libraries worldwide
Abstract: In each of three financial and exchange rate crises, Latin America in 1982, Mexico in 1994, and East Asia in 1997, direct investment inflows into the affected countries have behaved differently from other forms of investment, and U.S. manufacturing affiliates have behaved differently from other firms in their host countries. Inflows of direct investment into the crisis countries have been much more stable than inflows of portfolio or other forms of investment. U.S. manufacturing affiliates have switched their sales from host-country to export markets to a greater extent and for a longer period than other host-country firms. They have switched markets partly by more sharply curtailing their local sales, at least in terms of U.S. dollar values. In the cases where we have the data, U.S. affiliates have also tended to sustain their capital expenditure levels during the crises
Asset location for retirement savers by James M Poterba( Book )
1 edition published in 2000 in English and held by 2 libraries worldwide
Abstract: This paper uses data on actual returns on taxable bonds, tax-exempt bonds, and a small sample of equity mutual funds over the 1962-1998 period to compare two asset location strategies for retirement savers. The first strategy gives priority to holding equities, through equity mutual funds, in a saver's tax-deferred account, while the second strategy gives priority to holding fixed-income investments in the tax-deferred account. We consider high-income taxable individual investors who saved in each year and invested in one of actively-managed funds in our sample. Over the thirty-seven year span that we consider, such savers would have accumulated a larger stock of wealth if they had held their equity mutual fund in their tax-deferred account than if they had held the fund in a conventional taxable form. The explanation for this apparent contradiction of the often-stated bonds in the tax-deferred account' prescription has two parts. First, many equity mutual funds impose substantial tax burdens on their investors. This raises the effective tax rate on investing in equities through mutual funds rather than in a buy-and-hold personal portfolio. Second, taxable investors who wish to hold fixed income assets can do so by holding tax-exempt bonds as well as by holding taxable bonds. The interest rate differential between taxable and tax-exempt bonds suggests that the effective tax rate on fixed income investments may be lower than the statutory tax rate for high-income investors
Market responses to interindustry wage differentials by George J Borjas( Book )
1 edition published in 2000 in English and held by 2 libraries worldwide
Abstract: This paper examines the link between interindustry wage differentials and subsequent growth of industry variables such as employment, GDP and labor productivity. We find that industries that paid higher than average wages in 1959 experienced significantly lower employment growth and GDP growth in the subsequent 30 to 40 years, while at the same time experiencing higher-than-average growth in the capital-labor ratio and in labor productivity. We argue that the evidence is best explained by a non-competitive model of the interindustry wage structure, as both firms and the market respond to the wage rigidity implied by the long-run persistence of the interindustry wage structure
Improving school accountability measures by Thomas J Kane( Book )
1 edition published in 2001 in English and held by 2 libraries worldwide
Abstract: A growing number of states are using annual school-level test scores as part of their school accountability systems. We highlight an under-appreciated weakness of that approach the imprecision of school-level test score means -- and propose a method for better discerning signal from noise in annual school report cards. For an elementary school of average size in North Carolina, we estimate that 28 percent of the variance in 5th grade reading scores is due to sampling variation and about 10 percent is due to other non-persistent sources. More troubling, we estimate that less than half of the variance in the mean gain in reading performance between 4th and 5th grade is due to persistent differences between schools. We use these estimates of the variance components in an empirical Bayes framework to generate filtered' predictions of school performance, which have much greater predictive value than the mean for a single year. We also identify evidence of within-school heterogeneity in classroom level gains, which suggests the importance of teacher effects
Macroeconomic factors and antidumping filings : evidence from four countries by Michael Knetter( Book )
1 edition published in 2000 in English and held by 2 libraries worldwide
Abstract: This paper examines the relationship between antidumping filings and macroeconomic factors. We show that real exchange rate fluctuations affect the two criteria for dumping in opposite ways, making the overall effect on filings ambiguous in theory. Interestingly, no such ambiguity is evidenced in the data. Examining the filing patterns of the four major users of AD law during the 1980--98 period we find that real exchange rates and domestic real GDP growth both have statistically significant impacts on filings. Bilateral filing data indicate that a one-standard deviation real appreciation of the domestic currency increases filings by 33% while a one-standard deviation fall in domestic real GDP increases filings by 23%
Distortion costs of taxing wealth accumulation : income versus estate taxes by Douglas Holtz-Eakin( Book )
1 edition published in 2001 in English and held by 2 libraries worldwide
Abstract: Recently, attention has focused on the estate tax. To date, however, the debate over estate taxes has been nearly devoid of standard considerations of deadweight loss. We develop a framework for computing the deadweight loss of a revenue-neutral switch from an estate tax to a capital income tax, focusing on the potential lifetime behavioral responses in anticipation of paying the estate tax, while requiring relatively few parameters to estimate. We conclude that eliminating the estate tax and replacing the revenue with that from a capital income tax will likely enhance economic efficiency. Specifically, using our baseline parameter estimates we estimate that the mean decrease in deadweight loss is $0.018 per dollar of wealth. There is, however, considerable heterogeneity in the estimated impact. Importantly, our estimates are based on data that do not contain the 'super-rich' who are most highly affected by the estate tax
Ability tracking, school competition, and the distribution of educational benefits by Dennis N Epple( Book )
1 edition published in 2000 in English and held by 2 libraries worldwide
Abstract: To study the effects of ability grouping on school competition, we develop a theoretical and computational model of tracking in public and private schools. We examine tracking's consequences for the allocation of students of differing abilities and income within and between public and private schools. Private schools tend to attract the most able and wealthiest students, and rarely track in equilibrium. Public sector schools can maximize attendance by tracking students. Public schools retain a greater proportion of higher-ability students by tracking, but lose more wealthy, lower-ability students to the private sector. Consequently, socioeconomic status is a predictor of track assignment in public schools. For the entire population, public-sector tracking has small aggregate effects on achievement and welfare, but results in significant redistribution from lower- to higher-ability students
The social consequences of housing by Edward L Glaeser( Book )
1 edition published in 2000 in English and held by 2 libraries worldwide
Abstract: The social capital literature documents a connection between social connection and economic outcomes of interest ranging from government quality to economic growth. Popular authors suggest that housing and architecture are important determinants of social connection. This paper examines the connection between housing structure and social connection. We find that residents of large apartment buildings are more likely to be socially connected with their neighbors, perhaps because the distance between neighbors is lower in apartment buildings. Apartment residents are less involved in local politics, presumably because they are less connected with the public infrastructure and space that surrounds them. Street crime (robbery, auto theft) is also more common around big apartment buildings and we believe that this also occurs because of there is less connection between people in apartments and the streets that surround them
Public versus secret reserve prices in eBay auctions : results from a Pokémon field experiment by Rama Katkar( Book )
1 edition published in 2001 in English and held by 2 libraries worldwide
Abstract: Sellers in eBay auctions have the opportunity to choose both a public minimum bid amount and a secret reserve price. We ask, empirically, whether the seller is made better or worse off by setting a secret reserve above a low minimum bid, versus the option of making the reserve public by using it as the minimum bid level. In a field experiment, we auction 50 matched pairs of Pokmon cards on eBay, half with secret reserves and half with equivalently high public minimum bids. We find that secret reserve prices make us worse off as sellers, by reducing the probability of the auction resulting in a sale, deterring serious bidders from entering the auction, and lowering the expected transaction price of the auction. We also present evidence that some sellers choose to use secret reserve prices for reasons other than increasing their expected auction prices
Collective choice and voluntary provision of public goods by Dennis N Epple( Book )
1 edition published in 2000 in English and held by 2 libraries worldwide
Abstract: Some public goods are provided entirely with private contributions, others with a mixture of public and private funding, and still others are entirely publicly funded. To explain this variation, a model of dual provision is developed that endogenizes public and private funding. Members of the economy vote over an income tax that finances public supply of the good, and they vote on whether to permit private contributions. While permitting private contributions may lead to a reduction in total provision of the good, a majority always favors permitting private contributions. Results are developed for small and large economies, and the relevance of excludability and non-congestion are investigated. Comparative statics and computational analysis demonstrate properties of equilibrium
Empirical evaluation of asset pricing models : a comparison of the SDF and beta methods by Ravi Jagannathan( Book )
1 edition published in 2001 in English and held by 2 libraries worldwide
Abstract: The stochastic discount factor (SDF) method provides a unified general framework for econometric analysis of asset pricing models. It has recently been pointed out that the generality of the SDF method may come at the cost of estimation efficiency. We show that there is no need for this concern. The SDF method is as efficient as the classical beta method for estimating risk premia. In addition, the SDF method has an advantage -- the classical beta method, unlike the SDF method, substantially understates the effect of sampling errors when the estimated unanticipated changes in macroeconomic variables are used as pervasive factors
The incentive for working hard : explaining hours worked differences in the U.S. and Germany by Linda A Bell( Book )
1 edition published in 2000 in English and held by 2 libraries worldwide
This paper seeks to explain the greater hours worked by Americans compared to Germans in terms of forward-looking labor supply responses to differences in earnings inequality between the countries. We argue that workers choose current hours of work to gain promotions and advance in the distribution of earnings. Since US earnings are more unequally distributed than German earnings, the same extra work pays off more in the US, generating more hours worked. Supporting this inequality-hours hypothesis, we show that in both countries hours worked is positively related to earnings inequality in cross section occupational contrasts and that hours worked raises future wages and promotion prospects in longitudinal data
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