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National Bureau of Economic Research (Estados Unidos)

Works: 2,023 works in 2,032 publications in 1 language and 2,972 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
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
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 sectorschild care, education, medical care, and long-term care for the elderlyare followed by six cross-sector studies that stimulate new ways of thinking about human services through the application of economic theory, instit
National saving and economic performance ( Book )
1 edition published in 1991 in English and held by 4 libraries worldwide
Green tax reform and competitiveness by Erkki Koskela( Book )
1 edition published in 1999 in English and held by 4 libraries worldwide
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
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
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
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
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
Abstract: 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
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
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
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
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
Capital mobility in a second best world : moral hazard with costly financial intermediation by Joshua Aizenman( Book )
1 edition published in 1998 in English and held by 3 libraries worldwide
Abstract: This paper studies the welfare effects of financial integration in the presence of moral hazard. Entrepreneurs face a trade off between risk and return. Banks may mitigate the resultant excessive risk by costly monitoring, where greater risk reduction requires more resources devoted to risk supervision. Hence, the excessive risk associated with moral hazard is endogenously determined. We show that a drop in banks' cost of funds increases the risk tolerated by banks in a competitive equilibrium. Similarly, less efficient intermediation technology (i.e. more costly risk monitoring), higher macroeconomic volatility, and a more generous deposit insurance all raise the riskiness of projects in a competitive equilibrium. Overborrowing would arise e insurance in circumstances where the cost of financial intermediation is relatively high, the banks' cost of funds is relatively low, and macroeconomic volatility is high. With relative scarcity of funds, financial integration is welfare reducing (enhancing) if the financial intermediation is relatively inefficient (efficient). The association between financial integration and welfare may be non-monotonic. For a large enough cost of financial intermediation, the dependence of welfare on the banks' cost of funds has an inverted U shape. For such an economy, financial integration and reforming the banking sector are complimentary policies, as the gain of each reform is magnified by the second. If one starts with a highly inefficient banking system, reforming it and improving its operation is a precondition for s
Quantitative asset pricing implications of endogenous solvency constraints by Fernando Alvarez( Book )
1 edition published in 1999 in English and held by 3 libraries worldwide
We study the asset pricing implications of an economy where solvency constraints are determined to efficiently deter agents from defaulting. We present a simple example for which efficient allocations and all equilibrium elements are characterized analytically. The main model produces large equity premia and risk premia for long term bonds with low risk aversion and a plausibly calibrated income process. We characterize the deviations from independence of aggregate and individual income uncertainty that produce equity and term premia
Taxes and income distribution in Chile : some unpleasant redistributive arithmetic by Eduardo Engel( Book )
1 edition published in 1998 in English and held by 3 libraries worldwide
Abstract: This paper quantifies the direct impact of taxes on income distribution at the household level in Chile and estimates the distributional effect of several changes in the tax structure. We find that income distributions before and after taxes are very similar (Gini coefficients of 0.448 and 0.496, respectively). Moreover, radical modifications of the tax structure, such as raising the value added tax from 18 to 25% or substituting a 20% flat tax for the present progressive income tax affect the after-tax distribution only slightly. We present some arithmetic showing that the scope for direct income redistribution through progressivity of the tax system is rather limited. By contrast, for parameter values observed in Chile, and possibly in most developing countries, the targeting of expenditures and the level of the average tax rate are far more important determinants of income distribution after government transfers. Thus, a high-yield proportional tax can have a far bigger equalizing impact than a low-yield progressive tax. Moreover, a simple model shows that the optimal tax system is biased against progressive taxes and towards proportional taxes, with a bias that grows with the degree of inequality of pre-tax incomes
Nonprofit business activity and the unrelated business income tax by James Rodger 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
Rewards versus intellectual property rights by Steven Shavell( Book )
1 edition published in 1999 in English and held by 3 libraries worldwide
This paper compares reward systems to intellectual property rights (patents and copyrights). Under a reward system, innovators are paid for innovations directly by government (possibly on the basis of sales), and innovations pass immediately into the public domain. Thus, reward systems engender incentives to innovate without creating the monopoly power of intellectual property rights, but a principal difficulty with rewards is the information required for their determination. We conclude in our model that intellectual property rights do not possess a fundamental social advantage over reward systems, and that an optional reward system under which innovators choose between rewards and intellectual property rights is superior to intellectual property rights
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
Tax arbitrage and labor supply by Jonas Agell( Book )
1 edition published in 1998 in English and held by 3 libraries worldwide
Abstract: We examine how tax avoidance in the form of trade in well-functioning asset markets affects the basic labor supply model. We argue that models that integrate tax arbitrage and labor supply decisions may shed light on a number of positive and normative questions concerning modern systems of income taxation. Such models also appear to have strong implications for empirical research. Studies that ignore the effects of tax arbitrage and asset trade on labor supply incentives may easily come up with biased estimates of the tax responsiveness of the hours supply of high-wage individuals. Finally, because of tax avoidance in the form of asset trade, international comparisons of income inequality will exaggerate the redistributive achievements of high-tax countries like Sweden
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