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612 Resources for

national bureau of economic research

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Debt Intolerance: This paper introduces the concept of debt intolerance,' which manifests itself in the extreme duress many emerging markets experience at debt levels that would seem manageable by advanced country standards. Debt intolerance is linked to the phenomenon of serial default that has plagued many countries over the past two centuries....; Tags: Financial services, Investment, capital market, sustainability, emerging market; White papers
Stock Prices and the Investment of Equity-Dependent Firms: This paper is about a simple model of corporate investment to determine when investment will be sensitive to non-fundamental movements in stock prices. The key cross-sectional prediction of the model is that stock prices will have a stronger impact on the investment of firms that are 'equity dependent' - firms...; Tags: Financial accounting, stock price, equity, investment, stock, finance; White papers
Stock Valuation and Learning about Profitability: This paper has develop a simple approach to valuing stocks in the presence of learning about average profitability. The market-to-book ratio (M/B) increases with uncertainty about average profitability, especially for firms that pay no dividends. M/B is predicted to decline over a firm's lifetime due to learning, with steeper decline...; Tags: Investment, Financial Planning, dividend, stock, volatility; White papers
Imperfect Knowledge Of Pension Plan Type: This paper investigates the reasons for discrepancies between the pension plan type reported by respondents to the Health and Retirement Study (HRS) and pension plan type obtained from documents produced by their employers, called Summary Plan descriptions (SPDs). The analysis suggests the discrepancies are sizable and are mainly due to...; Tags: Benefits, National Bureau of Economic Research, pension plan, data source, knowledge, health care, analysis; White papers 2007-09-01
Multi-Product Firms And Trade Liberalization: This paper develops a general equilibrium model of multi-product firms and analyzes their behavior during trade liberalization. Firm productivity in a given product is modeled as a combination of firm-level "Ability" and firm-product-level "Expertise", both of which are stochastic and unknown prior to the firm's payment of a sunk cost...; Tags: Free trade, National Bureau of Economic Research, liberalization, payment; White papers 2006-12-01

Productivity, External Balance And Exchange Rates: Evidence On The Transmission Mechanism Among G7 Countries: This paper investigates the international transmission of productivity shocks in a sample of five G7 countries. For each country, using long-run restrictions, the authors identify shocks that increase permanently domestic labor productivity in manufacturing (our measure of tradables) relative to an aggregate of other industrial countries including the rest of...; Tags: National Bureau of Economic Research, theory, manufacturing; White papers 2006-08-01
Financial Innovation for an Aging World: Over the last half-century, around the world, many nations have seen plummeting fertility rates and mounting life expectancies. These two factors are the engine behind unprecedented global aging. This paper explores how the demographic transition may influence financial markets and, in turn, how financial market innovation might help resolve concerns...; Tags: Financial accounting, National Bureau of Economic Research, financial market, financial; White papers 2006-08-01
On The General Relativity Of Fiscal Language: A century ago, everyone thought time and distance were well defined physical concepts. But neither proved absolute. Instead, measures/reports of time and distance were found to depend on one's reference point, specifically one's direction and speed of travel, making the apparent physical reality, in Einstein's words, "Merely an illusion." Like...; Tags: Taxes, Free trade, National Bureau of Economic Research, illusion, payment, tax; White papers 2006-06-01
Multi-Product Firms And Product Switching: This paper examines the frequency, pervasiveness and determinants of product switching among U.S. manufacturing firms. It is found that two-thirds of firms alter their mix of five-digit SIC (Standard Industrial Classification) products every five years, that one-third of the increase in real U.S. manufacturing shipments between 1972 and 1997 is...; Tags: National Bureau of Economic Research, industry; White papers 2006-06-01
The International CAPM and a Wavelet-Based Decomposition of Value at Risk: In this paper, the authors formulate a time-scale decomposition of an international version of the CAPM that accounts for both market and exchange-rate risk. In addition, an analytical formula is derived for time-scale value at risk and marginal Value at Risk (VaR) of a portfolio. The methodology is applied to...; Tags: Investment, National Bureau of Economic Research, Value at Risk, decomposition, stock; White papers 2006-05-01
Current Account Deficits in Industrial Countries: The Bigger They Are, the Harder They Fall?: This paper examines episodes of current account adjustment in industrial countries to assess the validity of these concerns. The main findings are larger deficits take longer to adjust and are associated with significantly slower income growth during the current account recovery than smaller deficits, consumption-driven current account deficits involve significantly...; Tags: Investment, Financial accounting, National Bureau of Economic Research, financing, adjustment, income; White papers 2005-12-01
Searching for Better Prospects: Endogenizing Failing Job Tenure and Private Pension Coverage: The declines in job tenure have coincided with a shift away from traditional Defined Benefit (DB) pensions, which reward long tenure. The evidence also points to an increase in job-to-job movements by workers, and documents gains in relative wages of job-to-job movers over a similar period. This article develops a...; Tags: Benefits, National Bureau of Economic Research, pension, worker, job; White papers 2005-12-01
The Welfare Effects of Restricted Hospital Choice in the US Medical Care Market: Managed care health insurers in the US restrict their enrollees' choice of hospitals to within specific networks. This paper considers the implications of these restrictions. A three-step econometric model is used to predict consumer preferences over health plans conditional on the hospitals they offer. The results indicate that consumers place...; Tags: HEALTHCARE, National Bureau of Economic Research, hospital, health care, network; White papers 2005-12-01
Modeling the Offshoring of White-Collar Services: From Comparative Advantage to the New Theories of Trade and FDI: Trade theory consists of a portfolio of models. What elements might be useful in modeling the offshoring of white-collar services, or do these issues call for an entirely fresh approach? This paper identifies some of the important aspects of this phenomenon and then argue that modeling could focus on vertical...; Tags: Research & Development, Outsourcing, Investment, National Bureau of Economic Research, fragment, modeling, offshoring, foreign direct investment, theory, knowledge, stock; White papers 2005-12-01
Insurer-Provider Networks in the Medical Care Market: Managed care health insurers in the US restrict their enrollees' choice of hospitals to specific networks. This paper investigates the causes and welfare effects of the observed hospital networks. A simple profit maximization model explains roughly 63 per cent of the observed contracts between insurers and hospitals. The paper explains...; Tags: HEALTHCARE, National Bureau of Economic Research, hospital, insurance company, insurance, network; White papers 2005-12-01
Who Benefits From New Medical Technologies? Estimates of Consumer and Producer Surpluses for HIV/AIDS Drugs: The social value of an innovation is comprised of the value to consumers and the value to innovators. This paper estimates that for the HIV/AIDS therapies that entered the market from the late 1980's onwards, innovators appropriated only 5% of the social surplus arising from these new technologies. Despite the...; Tags: Leadership, National Bureau of Economic Research, surplus, therapy, innovation, patient, incentive, benefit; White papers 2005-12-01
Do Capital Adequacy Requirements Matter for Monetary Policy?: Central bankers and financial supervisors often have different goals. While monetary policymakers want to ensure that there are always sufficient lending activities to maintain high and stable economic growth, supervisors work to limit banks lending capacities in order to prevent excessive risk-taking. To avoid working at cross-purposes, central bankers need...; Tags: Workforce management, Financial services, National Bureau of Economic Research, policymaker, banker, supervisor, bank, interest rate, financial; White papers 2005-12-01
Cash-Flow Risk, Discount Risk, and the Value Premium: Habit persistence, general equilibrium model with multiple assets matches both the time series properties of the market portfolio and the cross-sectional predictability of returns on price sorted portfolios, the value premium. Consistent with empirical evidence, the paper depicts about a model which shows that value stocks are those with higher...; Tags: National Bureau of Economic Research, Capital Asset Pricing Model, asset, stock; White papers 2005-12-01
Medical Expenditure Risk and Household Portfolio Choice: As health care costs continue to rise, medical expenses have become an increasingly important contributor to financial risk. Economic theory suggests that when background risk rises, individuals will reduce their exposure to other risks. This paper presents a test of this theory by examining the effect of medical expenditure risk...; Tags: HEALTHCARE, National Bureau of Economic Research, Medicare, theory, asset, health care, insurance, financial; White papers 2005-12-01
Optimal Monetary and Fiscal Policy in a Currency Union: This paper lays out a tractable model for fiscal and monetary policy analysis in a currency union, and analyzes its implications for the optimal design of such policies. The model incorporates country-specific shocks and nominal rigidities. Under the assumptions, the optimal monetary policy requires that inflation be stabilized at the...; Tags: National Bureau of Economic Research, inflation; White papers 2005-12-01