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Now showing items 11-20 of 1133
One Ring to Rule Them All? Globalization of Knowledge and Knowledge Creation
(National Bureau of Economic Research, 2013)
This paper directs attention at the globalization of knowledge and knowledge creation as the fundamental global driver of economic outcomes in today's information economy. It documents the globalization of knowledge and ...
An Intertemporal CAPM with Stochastic Volatility
(2012)
This paper extends the approximate closed-form intertemporal capital asset pricing model of Campbell (1993) to allow for stochastic volatility. The return on the aggregate stock market is modeled as one element of a vector ...
Getting Better or Feeling Better? How Equity Investors Respond to Investment Experience
(National Bureau of Economic Research, 2014)
Using a large representative sample of Indian retail equity investors, many of them new to the stock market, we show that both years of investment experience and feedback from investment returns have significant effects ...
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 ...
The Political Economy of Fiscal Adjustments
(Brookings Institution Press, 1998)
Regulation and Distrust
(Oxford University Press (OUP), 2010)
We document that, in a cross section of countries, government regulation is strongly negatively correlated with measures of trust. In a simple model explaining this correlation, distrust creates public demand for regulation, ...
Volatility and growth: Credit constraints and the composition of investment
(Elsevier BV, 2010)
This paper examines how uncertainty and credit constraints affect the cyclical composition of investment and thereby volatility and growth. We develop a model where firms engage in two types of investment: a short-term one; ...
Hard Times
(Oxford University Press (OUP), 2013)
We show that the stock market downturns of 2000–2002 and 2007–2009 have very different proximate causes. The early 2000s saw a large increase in the discount rates applied to profits by rational investors, while the late ...
The Design of Fiscal Adjustments
(University of Chicago Press, 2013)
This paper offers three results. First, in line with the previous literature, we confirm that fiscal adjustments based mostly on the spending side are less likely to be reversed. Second, spending based fiscal adjustments ...
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 ...