Search

Showing 7,021-7,040 of 13,860 items.

Bond Risk Premia

By John H. Cochrane and Monika Piazzesi

American Economic Review, March 2005

We study time variation in expected excess bond returns. We run regressions of one-year excess returns on initial forward rates. We find that a single factor, a single tent-shaped linear combination of forward rates, predicts excess returns on one- to fiv...

www.aeaweb.org/articles?id=10.1257/0002828053828581

Estimation and Inference of Impulse Responses by Local Projections

By Òscar Jordà

American Economic Review, March 2005

This paper introduces methods to compute impulse responses without specification and estimation of the underlying multivariate dynamic system. The central idea consists in estimating local projections at each period of interest rather than extrapolating i...

www.aeaweb.org/articles?id=10.1257/0002828053828518

The Baby Boom and Baby Bust

By Jeremy Greenwood, Ananth Seshadri, and Guillaume Vandenbroucke

American Economic Review, March 2005

What caused the baby boom? And can it be explained within the context of the secular decline in fertility that has occurred over the last 200 years? The hypothesis is that:(a) The secular decline in fertility is due to the relentless rise in real wages th...

www.aeaweb.org/articles?id=10.1257/0002828053828680

An Empirical Assessment of the Comparative Advantage Gains from Trade: Evidence from Japan

By Daniel M. Bernhofen and John C. Brown

American Economic Review, March 2005

We provide an empirical assessment of the comparative advantage gains from trade argument. We use Japan's nineteenth-century opening up to world commerce as a natural experiment to answer the following counterfactual: "By how much would real income have h...

www.aeaweb.org/articles?id=10.1257/0002828053828491

Wealth as a Determinant of Comparative Advantage

By José Wynne

American Economic Review, March 2005

This paper shows that a country's wealth can be an important determinant of comparative advantage when access to credit differs across sectors of the economy. Wealthier nations exhibit a comparative advantage toward goods produced in sectors facing more s...

www.aeaweb.org/articles?id=10.1257/0002828053828626

Extracting Inflation from Stock Returns to Test Purchasing Power Parity

By Bhagwan Chowdhry, Richard Roll, and Yihong Xia

American Economic Review, March 2005

Relative purchasing power parity (PPP) holds for pure price inflations, which affect prices of all goods and services by the same proportion, while leaving relative prices unchanged. Pure price inflations also affect nominal returns of all traded financia...

www.aeaweb.org/articles?id=10.1257/0002828053828554

The Quantity and Quality of Life and the Evolution of World Inequality

By Gary S. Becker, Tomas J. Philipson, and Rodrigo R. Soares

American Economic Review, March 2005

GDP per capita is usually used to proxy for the quality of life of individuals living in different countries. Welfare is also affected by quantity of life, however, as represented by longevity. This paper incorporates longevity into an overall assessment ...

www.aeaweb.org/articles?id=10.1257/0002828053828563

Distance, Time, and Specialization: Lean Retailing in General Equilibrium

By Carolyn L. Evans and James Harrigan

American Economic Review, March 2005

Transport time increases with distance traveled, and time is valuable. We show the implications of these facts for global specialization and trade: products where timely delivery is important will be produced near the source of final demand, where wages w...

www.aeaweb.org/articles?id=10.1257/0002828053828590

How to Protect Future Generations Using Tax-Base Restrictions

By Antonio Rangel

American Economic Review, March 2005

This paper studies how to protect future generations from expropriation and to induce optimal investment in intergenerational public goods (IPGs), by introducing constitutional restrictions on the tax base. The type of tax-base restrictions that we consid...

www.aeaweb.org/articles?id=10.1257/0002828053828527

A Political Economy Model of Congressional Careers

By Daniel Diermeier, Michael Keane, and Antonio Merlo

American Economic Review, March 2005

Our main goal is to quantify the returns to a career in the United States Congress. We specify a dynamic model of career decisions of a member of Congress and estimate this model using a newly collected dataset. Given estimates of the structural model, we...

www.aeaweb.org/articles?id=10.1257/0002828053828464