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Competition, Imitation and Growth with Step-by-Step Innovation
(Oxford University Press (OUP), 2001)
Is more intense product market competition and imitation good or bad for growth? This question is addressed in the context of an endogenous growth model with “step-by-step” innovations, in which technological laggards must ...
Why Doesn't the United States Have a European-Style Welfare State?
(Johns Hopkins University Press, 2001)
European countries are much more generous to the poor relative to the US level of generosity. Economic models suggest that redistribution is a function of the variance and skewness of the pre-tax income distribution, the ...
U.S. Monetary Policy in an Integrating World: 1960 to 2000
(Federal Reserve Bank of Boston, 2001)
This article examines the impact of global developments on the practice of U.S. monetary policy, broadly defined to include regulatory and lender-of-last-resort functions as well as open market, discount, and intervention ...
Information and Competition in U.S. Forest Service Timber Auctions
(University of Chicago Press, 2001)
This paper analyzes the role of private information in U.S. Forest Service timber auctions. In these auctions, firms bid a per unit price for each timber species. Total bids are computed by multiplying these prices by ...
Why Not a Global Currency?
(American Economic Association, 2001)
Growth and Inequality: The Role of Foreign Trade and Investment
(Weatherhead Center for International Affairs, Harvard University, 2001)
This paper addresses the influence of foreign trade and investment on inequality or, more generally, on the distribution of income, with a focus on developing countries. There has been some scholarly debate on the influence ...
Why Long Horizons? A Study of Power Against Persistent Alternatives
(Elsevier, 2001)
This paper studies tests of predictability in regressions with a given AR(1) regressor and an asset return dependent variable measured over a short or long horizon. The paper shows that when there is a persistent predictable ...
Have Individual Stocks Become More Volatile? An Empirical Exploration of Idiosyncratic Risk
(Blackwell Publishing, 2001)
This paper uses a disaggregated approach to study the volatility of common stocks at the market, industry, and firm levels. Over the period from 1962 to 1997 there has been a noticeable increase in firm-level volatility ...
Stock Market Mean Reversion and the Optimal Equity Allocation of a Long-Lived Investor
(Oxford University Press, 2001)
This paper solves numerically the intertemporal consumption and portfolio choice problem of an infinitely-lived investor who faces a time-varying equity premium. The solutions we obtain are very similar to the approximate ...
Individual Risk in an Investment-Based Social Security System
(American Economic Association, 2001)
This paper examines the risk aspects of an investment-based defined contribution Social Security plan. We focus on the risk after the plan is fully phased in. Individuals deposit a fraction of wages to a Personal Retirement ...