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National Bureau of Economic Research (Estados Unidos)

Works: 2,008 works in 2,034 publications in 1 language and 2,975 library holdings
Genres: History  Conference papers and proceedings 
Roles: Editor
Classifications: HG538, 332.4973
Publication Timeline
Publications about National Bureau of Economic Research (Estados Unidos)
Publications by National Bureau of Economic Research (Estados Unidos)
Most widely held works by National Bureau of Economic Research (Estados Unidos)
A monetary history of the United States, 1867-1960 by Milton Friedman( Archival Material )
3 editions published between 1966 and 1993 in English and held by 14 libraries worldwide
"Writing in the June 1965 issue of theEconomic Journal, Harry G. Johnson begins with a sentence seemingly calibrated to the scale of the book he set himself to review: "The long-awaited monetary history of the United States by Friedman and Schwartz is in every sense of the term a monumental scholarly achievement--monumental in its sheer bulk, monumental in the definitiveness of its treatment of innumerable issues, large and small-- monumental, above all, in the theoretical and statistical effort and ingenuity that have been brought to bear on the solution of complex and subtle economic issues. Friedman and Schwartz marshaled massive historical data and sharp analytics to support the claim that monetary policy -steady control of the money supply- matters profoundly in the management of the nation's economy, especially in navigating serious economic fluctuations. In their influential chapter 7, The Great Contraction--which Princeton published in 1965 as a separate paperback - they address the central economic event of the century, the Depression. According to Hugh Rockoff, writing in January 1965: "If Great Depressions could be prevented through timely actions by the monetary authority (or by a monetary rule), as Friedman and Schwartz had contended, then the case for market economies was measurably stronger." Milton Friedman won the Nobel Prize in Economics in 2000 for work related to A Monetary History as well as to his other Princeton University Press book, A Theory of the Consumption Function (1957)."--P. 4 de la couv
Entrepreneurs, income taxes and investment by Robert J Carroll( Book )
2 editions published in 1998 in English and held by 5 libraries worldwide
This paper investigates the effect of entrepreneurs' personal income tax situations on their capital investment decisions. We examine the income tax returns of a sample of sole proprietors before and after the Tax Reform Act of 1986 and determine how the substantial reductions in marginal tax rates for the relatively affluent associated with that law affected their decisions to invest in physical capital. We find that individual income taxes exert a statistically and quantitatively significant influence on investment decisions. In our sample increase in marginal tax rates would reduce the proportion of entrepreneurs who make new capital investments by 10.4 percent, and decrease mean investment expenditures by 9.9 percent
Does exchange rate stability increase trade and capital flows? by Philippe Bacchetta( Book )
1 edition published in 1998 in English and held by 4 libraries worldwide
On the eve of a major change in the world monetary system, the adoption of a single currency in Europe, our theoretical understanding of the implications of the exchange rate regime for trade and capital flows is still limited. We argue that two key model ingredients are essential to address this question: a general equilibrium setup and deviations from purchasing power parity. By developing a simple benchmark monetary model that contains these two ingredients, we find the following main results. First, the level of trade is not necessarily higher under a fixed exchange rate regime. Second, the level of net capital flows tends to be higher under a fixed exchange rate regime when there is a preference for domestic bonds, which is the case when the rate of relative risk-aversion is larger than one. Third, the asset market structure, including the presence of a forward market, does not quantitatively affect the results
Changing pensions in cross-section and panel data : analysis with employer provided plan descriptions by Alan L Gustman( Book )
1 edition published in 1998 in English and held by 4 libraries worldwide
This study analyzes changes in the value of defined benefit (DB) pension plans over time. It uses summary plan descriptions provided by the employers of respondents to the Survey of Consumer Finances (SCF) in 1983 and in 1989, applying them to similar earnings histories. Pension changes between 1990 and 1995 are also analyzed, using employer plan descriptions for large firms published by the Watson Wyatt Company. Substantial changes are found in pension values and pension accruals between the two SCF cross-sections. For example, the median value of DB plans at age 55 is 40 percent higher in 1989 than in 1983. Also, early retirement age falls over the time period. Because there are important changes in the composition of the pensions in each cross-section, those who are covered by the same plan in both years experience smaller changes than are suggested by comparing cross-section data from two different time periods. Nevertheless, those who are continuously covered by the same pension also experience important pension changes over the period. For example, a fifth of those continuously covered by a defined benefit plan experiences a substantial change in early retirement date and early retirement benefits. In addition, subgroups of continuously covered workers experience pension changes in opposite directions. These changes will have a substantial influence on retirement behavior, but are dampened when comparing the differences over time in the means and medians of plan features and plan values. Using the data from Watson Wyatt on the pensions offered by thirty-nine of the fifty largest companies, we also find similar evidence of important changes over the period 1990 to 1995. Again a sizable minority of firms experience very large changes in their plans. These findings suggest that changes in successive cross-sections of pensions will exaggerate the changes in continuing plans. Nevertheless, substantial errors will be introduced into retirement studies if pension incentives and pension values a
The allocation of time and goods over the life cycle by Gilbert R Ghez( Book )
1 edition published in 1975 in English and held by 4 libraries worldwide
Foreign dollar balances and the international role of the dollar by Raymond F Mikesell( Book )
1 edition published in 1974 in English and held by 4 libraries worldwide
Is job stability in the United States falling? : reconciling trends in the current population survey and panel study of income dynamics by David A Jaeger( Book )
1 edition published in 1998 in English and held by 4 libraries worldwide
Documenting trends in job stability over the past twenty-five years has become a controversial exercise. The two main sources of information on employer tenure, the Panel Study of Income Dynamics (PSID) and the Current Population Survey (CPS), have generally given different pictures of the degree of job stability in the U.S. economy. This paper examines whether the PSID and CPS yield systematically different results with respect to comparable measures of job stability. We find that there is little evidence in either data set of a trend in the share of employed individuals with one year or less of tenure. Both data sets do show an increase in the fraction of male workers aged 30 and over with tenure less than ten years beginning in the early 1990's. We find that the two data sets provide nearly identical results for the 1980's and 1990's while in the 1970's they give results that are somewhat less comparable. We argue that this is probably the result of changes in the CPS tenure question following the 1981 survey. The effects of this change and the choice of ending year and variable definition in PSID-based studies are the most likely explanations for the disparate findings in the literature
Trade liberalization and endogenous growth : a q-theory approach by Richard E Baldwin( Book )
2 editions published between 1996 and 1998 in English and held by 4 libraries worldwide
This paper has two purposes. It introduces a direct approach to policy analysis in endogenous growth models - the q-theory approach - and uses this to illustrate several new openness-and-growth links that appear when we enrich the economic content of the early trade and growth models. The approach - inspired by Tobin's q - is merely a change of state variables and re-interpretation of steady-state conditions. The main difference is its focus on investment, which is after all, the heart of growth models. The approach's simplicity permits us to complicate the early models in interesting directions and to explicitly include trade barriers. The latter allows study of incremental policy reform rather than mere shifts from autarky to free trade (or small deviations from free trade) as in early literature
Green tax reform and competitiveness by Erkki Koskela( Book )
1 edition published in 1999 in English and held by 4 libraries worldwide
Abstract: This paper develops a model of a small open economy that produces an export good with domestic labour and imported energy and is stuck in an unemployment situation resulting from an excessive fixed net-of-tax wage rate. We study a revenue-neutral green tax reform that substitutes energy for wage taxes. A moderate green tax reform will boost employment, improve welfare, and increase the economy's competitiveness. The driving force behind these results is the technological substitution process that a green tax reform will bring about by inducing the producers to substitute labour for energy as factors of production. The resulting reduction in unemployment is welfare increasing since energy, which the country has to buy at its true national opportunity cost, is replaced with labour, whose price is above its social opportunity cost. As long as the labour tax rate exceeds the resource tax rate, a revenue-neutral green-tax reform will reduce the domestic firms' unit cost of production and hence increase international competitiveness and output of the economy
The U.S.-China bilateral trade balance : its size and determinants by Robert C Feenstra( Book )
1 edition published in 1998 in English and held by 4 libraries worldwide
This paper has two aims. The first is to reduce the range within which the true U.S.-China bilateral trade deficit lies. The second is to identify the determinants of the bilateral trade deficit and offer an assessment of their relative importance. We calculate a smaller range of values for the bilateral trade deficit than in previous studies, due to a new estimation method that takes advantage of our access to detailed Chinese Customs data at the commodity level. For example, the revised US-China bilateral trade deficit is $15 billion to $20 billion in 1994, and $16 billion to $22 billion in 1995, compared to the official range of $8 billion to $30 billion, and $9 billion to $34 billion, respectively. The widening of the US-CHINA bilateral trade deficit in recent years reflected many factors. In our opinion, the two chief factors are (i) macroeconomic forces in the US and China moving in opposite direction, causing their respective overall trade balance to move in opposite directions; and (ii) the accelerated relocation of production of US imports from East Asia to China
National saving and economic performance ( Book )
1 edition published in 1991 in English and held by 4 libraries worldwide
Alternative estimates of productivity growth in the NIC's : a comment on the findings of Chang-Tai Hsieh by Alwyn Young( Book )
1 edition published in 1998 in English and held by 4 libraries worldwide
Dual estimates of productivity growth by Chang-Tai Hsieh have raised questions about the accuracy of the East Asian national accounts, suggesting that productivity growth in the NICs, particularly Singapore, may have been substantially higher than previously estimated. This paper shows that once one corrects for computational and methodological errors, dual estimates, using Hsieh's own data, are not that far removed from the results implied by primal sources. Further, Hsieh's criticisms of the accuracy of the national accounts capital formation figures are shown to be invalid. Finally, other data exist which support the picture of declining real rentals painted by the national accounts capital formation figures
Individual and social responsibility : child care, education, medical care, and long-term care in America by Victor R Fuchs( Book )
1 edition published in 1996 in English and held by 4 libraries worldwide
Does government spend too little or too much on child care? How can education dollars be spent more efficiently? Should government's role in medical care increase or decrease? In this volume, social scientists, lawyers, and a physician explore the political, social, and economic forces that shape policies affecting human services. Four in-depth studies of human-service sectors - child care, education, medical care, and long-term care for the elderly - are followed by six cross-sector studies that stimulate new ways of thinking about human services through the application of economic theory, institutional analysis, and the history of social policy. This timely study sheds important light on the tension between individual and social responsibility, and will appeal to economists and other social scientists and policy-makers concerned with social policy issues
Financial crises in emerging markets : the lessons from 1995 by Roberto Chang( Book )
2 editions published between 1996 and 1998 in English and held by 4 libraries worldwide
We present a simple model that can account for the main features of recent financial crises in emerging markets. The international illiquidity of the domestic financial system is at the center of the problem. Illiquid banks are a necessary and a sufficient condition for financial crises to occur. Domestic financial liberalization and capital flows from abroad (especially if short term) can aggravate the illiquidity of banks and increase their vulnerability to exogenous shocks and shifts in expectations. A bank collapse multiplies the harmful effects of an initial shock, as a credit squeeze and costly liquidation of investment projects cause real output drops and collapses in asset prices. Under fixed exchange rates, a run on banks becomes a run on the currency if the Central Bank attempts to act as a lender of last resort
Nonprofit business activity and the unrelated business income tax by James R Hines( Book )
1 edition published in 1998 in English and held by 3 libraries worldwide
This paper evaluates the unrelated business income tax (UBIT) with respect to non-profit organizations
A re-examination of the conglomerate merger wave in the 1960s : an internal capital markets view by R. Glenn Hubbard( Book )
1 edition published in 1998 in English and held by 3 libraries worldwide
One possible explanation that bidding firms earned positive abnormal returns in diversifying acquisitions in the 1960s is that internal capital markets were expected to overcome the information deficiencies of the less developed capital markets. Examining 392 bidder firms during the 1960s, we find the highest bidder returns when financially unconstrained' buyers acquire constrained' targets. This result holds while controlling for merger terms and for different proxies used to classify firms facing costly external financing. We also find that bidders generally retain target management, suggesting that management may have provided company-specific operational information, while the bidder provided capital-budgeting expertise
Applying behavioral economics to the challenge of reducing cocaine abuse by Stephen T Higgins( Book )
1 edition published in 1998 in English and held by 3 libraries worldwide
This paper focuses on potential contributions of behavioral economics to reducing cocaine abuse. More specifically, this paper underscores the fundamental role of reinforcement in the genesis and maintenance of cocaine use and explores how reinforcement and consumer-demand theory might be translated into effective strategies for reducing cocaine use. A broad range of relevant research findings are discussed, including preclinical studies conducted with laboratory animals, laboratory and treatment-outcome studies conducted with cocaine abusers, and large epidemiological studies conducted with national samples of the U.S. population
International trade and per capita income convergence : a difference-in-differences analysis by Matthew J Slaughter( Book )
1 edition published in 1998 in English and held by 3 libraries worldwide
In this paper I analyze whether international trade contributes to per capita income convergence across countries. The analysis focuses on four important post-1945 multilateral trade liberalizations. To identify trade's effect on income dispersion, in each case I use a difference-in-differences' approach which compares the convergence pattern among the liberalizing countries before and after liberalization with the convergence pattern among randomly chosen control countries before and after liberalization. My main empirical result is that trade liberalization did not trigger convergence in any of the four cases. If anything, trade seems to have caused income divergence
Political economics and macroeconomic policy by Torsten Persson( Book )
1 edition published in 1997 in English and held by 2 libraries worldwide
We present a theoretical model of a parliamentary democracy, where party structures, government coalitions and fiscal policies are endogenously determined. The model predicts that, relative to proportional elections, majoritarian elections reduce government spending because they reduce party fragmentation and, therefore, the incidence of coalition governments. Party fragmentation can persist under majoritarian rule if party supporters are unevenly distributed across electoral districts. Economic and political data, from up to 50 post-war parliamentary democracies, strongly support our joint predictions from the electoral rule, to the party system, to the type of government, and to government spending
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