Institution
National Bureau of Economic Research
Nonprofit•Cambridge, Massachusetts, United States•
About: National Bureau of Economic Research is a nonprofit organization based out in Cambridge, Massachusetts, United States. It is known for research contribution in the topics: Monetary policy & Population. The organization has 2626 authors who have published 34177 publications receiving 2818124 citations. The organization is also known as: NBER & The National Bureau of Economic Research.
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TL;DR: In this paper, the authors argue that international lending to a less-developed country cannot be based on the debtor's reputation for making repayments and that loans to LDCs will not be made or repaid unless foreign creditors have legal or other direct sanctions they can exercise against a sovereign debtor who defaults.
Abstract: International lending to a less-developed country cannot be based on the debtor's reputation for making repayments. That is, loans to LDCs will not be made or repaid unless foreign creditors have legal or other direct sanctions they can exercise against a sovereign debtor who defaults Even if some lending is feasible because of direct sanctions, having a reputation for repayment in no way enhances a small LDC's ability to borrow.
877 citations
TL;DR: In this paper, the authors derived closed-form solutions for consumption with stochastic labor income and constant relative risk aversion utility, and used a numerical technique to give an accurate approximation to the solution.
Abstract: No one has derived closed-form solutions for consumption with stochastic labor income and constant relative risk aversion utility. A numerical technique is used here to give an accurate approximation to the solution. The resulting consumption function is often dramatically different than the certainty equivalence solution typically used, in which consumption is proportional to the sum of financial wealth and the present value of expected future income. The results help explain three important empirical consumption puzzles: excess sensitivity of consumption to transitory income, high growth of consumption in the presence of a low risk-free interest rate, and underspending of the elderly.
877 citations
TL;DR: The authors examined micro data on U.S. manufacturing firms' inventory behavior during different macroeconomic episodes and found that the inventory investment of firms without access to public bond markets is significantly liquidity-constrained during this period.
Abstract: This paper examines micro data on U. S. manufacturing firms' inventory behavior during different macroeconomic episodes. Much of the analysis focuses on the 1981–1982 recession, which was apparently caused in large part by tight monetary policy. We find that the inventory investment of firms without access to public bond markets is significantly liquidity-constrained during this period. A similar pattern emerges during the 1974–1975 recession, in which tight money also appears to have played a role. In contrast, such liquidity constraints are largely absent during periods of looser monetary policy in the 1970s and 1980s.
876 citations
TL;DR: The authors found that banks with more shareholder-friendly boards performed significantly worse during the crisis than other banks, were not less risky before the crisis, and reduced loans more during crisis, while large banks from countries with more restrictions on bank activities performed better and decreased loans less.
876 citations
Posted Content•
TL;DR: This article found that African Americans who participated in Head Start are significantly less likely to have been charged or convicted of a crime and there are positive spillovers from older children who attended Head Start to their younger siblings.
Abstract: Little is known about the long-term effects of participation in Head Start. This paper draws on unique non-experimental data from the Panel Study of Income Dynamics to provide new evidence on the effects of participation in Head Start on schooling attainment, earnings, and criminal behavior. Among whites, participation in Head Start is associated with a significantly increased probability of completing high school and attending college, and we find some evidence of elevated earnings in one's early twenties. African Americans who participated in Head Start are significantly less likely to have been charged or convicted of a crime. The evidence also suggests that there are positive spillovers from older children who attended Head Start to their younger siblings.
876 citations
Authors
Showing all 2855 results
| Name | H-index | Papers | Citations |
|---|---|---|---|
| James J. Heckman | 175 | 766 | 156816 |
| Andrei Shleifer | 171 | 514 | 271880 |
| Joseph E. Stiglitz | 164 | 1142 | 152469 |
| Daron Acemoglu | 154 | 734 | 110678 |
| Gordon H. Hanson | 152 | 1434 | 119422 |
| Edward L. Glaeser | 137 | 550 | 83601 |
| Alberto Alesina | 135 | 498 | 93388 |
| Martin B. Keller | 131 | 541 | 65069 |
| Jeffrey D. Sachs | 130 | 692 | 86589 |
| John Y. Campbell | 128 | 400 | 98963 |
| Robert J. Barro | 124 | 519 | 121046 |
| René M. Stulz | 124 | 470 | 81342 |
| Paul Krugman | 123 | 347 | 102312 |
| Ross Levine | 122 | 398 | 108067 |
| Philippe Aghion | 122 | 507 | 73438 |