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.
Papers published on a yearly basis
Papers
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TL;DR: In this article, the authors present a model of a financially distressed firm with outstanding bank debt and public debt and show that Chapter 11 reorganization law increases investment and characterize the types of corporate financial structures for which this increased investment enhances efficiency.
Abstract: We present a model of a financially distressed firm with outstanding bank debt and public debt. Coordination problems among public debtholders introduce investment inefficiencies in the workout process. In most cases, these inefficiencies are not mitigated by the ability of firms to buy back their public debt with cash and other securities--the only feasible way that firms can restructure their public debt. We show that Chapter 11 reorganization law increases investment and we characterize the types of corporate financial structures for which this increased investment enhances efficiency.
700 citations
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TL;DR: In this article, the authors present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a controlling shareholder on the valuation of firms, and test this model using a sample of 371 large firms from 27 wealthy economies.
Abstract: We present a model of the effects of legal protection of minority shareholders and of cash flow ownership by a controlling shareholder on the valuation of firms. We then test this model using a sample of 371 large firms from 27 wealthy economies. Consistent with the model, we find evidence of higher valuation of firms in countries with better protection of minority shareholders, and weaker evidence of the benefits of higher cash flow ownership by controlling shareholders for corporate valuation.
700 citations
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TL;DR: In this article, the authors studied the relation between the rate of growth of consumption and expected real interest rates and concluded that intertemporal substitution is weak, for if it were strong, the growth rate of consumption would have declined.
Abstract: Does a higher real interest rate induce significant postponement of consumption? According to the theory developed here, this question can be answered by studying the relation between the rate of growth of consumption and expected real interest rates In postwar data for the United States, expected real returns have declined over time in the stock market and for savings accounts Over the same period, the rate of growth of consumption has been almost steady The paper concludes that intertemporal substitution is weak, for if it were strong, the growth rate of consumption would have declined
699 citations
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TL;DR: In this article, the authors show that real exchange rate volatility can have a significant impact on productivity growth, but the effect depends critically on a country's level of financial development, and they also offer a simple monetary growth model in which real exchange-rate uncertainty exacerbates the negative investment effects of domestic credit market constraints.
699 citations
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TL;DR: This paper develops an alternative approach to the widely used Difference-In-Difference (DID) method for evaluating the effects of policy changes by introducing a nonlinear model that permits changes over time in the effect of unobservables.
Abstract: This paper develops an alternative approach to the widely used Difference-In-Difference (DID) method for evaluating the effects of policy changes. In contrast to the standard approach, we introduce a nonlinear model that permits changes over time in the effect of unobservables (e.g., there may be a time trend in the level of wages as well as the returns to skill in the labor market). Further, our assumptions are independent of the scaling of the outcome. Our approach provides an estimate of the entire counterfactual distribution of outcomes that would have been experienced by the treatment group in the absence of the treatment, and likewise for the untreated group in the presence of the treatment. Thus, it enables the evaluation of policy interventions according to criteria such as a mean-variance tradeoff. We provide conditions under which the model is nonparametrically identified and propose an estimator. We consider extensions to allow for covariates and discrete dependent variables. We also analyze inference, showing that our estimator is root-N consistent and asymptotically normal. Finally, we consider an application.
698 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 |