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: This paper used micro data on manufacturing establishments to quantify the potential extent of misallocation in China and India compared to the U.S. They measured sizable gaps in marginal products of labor and capital across plants within narrowly-defined industries in both countries.
Abstract: Resource misallocation can lower aggregate total factor productivity (TFP). We use micro data on manufacturing establishments to quantify the potential extent of misallocation in China and India compared to the U.S. Compared to the U.S., we measure sizable gaps in marginal products of labor and capital across plants within narrowly-defined industries in China and India. When capital and labor are hypothetically reallocated to equalize marginal products to the extent observed in the U.S., we calculate manufacturing TFP gains of 30-50% in China and 40-60% in India.
579 citations
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TL;DR: The authors takes as a given the proposition that, in many developing countries, governmental policies have been highly distortive and harmful to economic growth, including omissions, such as neglect of infrastructure, and commission such as highly restrictive trade regimes and credit rationing.
Abstract: This paper takes as a given the proposition that, in many developing countries, governmental policies have been highly distortive and harmful to economic growth. These policies have included omissions, such as neglect of infrastructure, and commission such as highly restrictive trade regimes and credit rationing. The issues arising from recognition that governments, like markets, are imperfect are discussed.
579 citations
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TL;DR: Evidence from a natural experiment on effects of state government mandates in the US for face mask use in public issued by 15 states plus DC between April 8 and May 15 suggests that requiring face maskUse in public might help in mitigating COVID-19 spread.
Abstract: State policies mandating public or community use of face masks or covers in mitigating the spread of coronavirus disease 2019 (COVID-19) are hotly contested. This study provides evidence from a natural experiment on the effects of state government mandates for face mask use in public issued by fifteen states plus Washington, D.C., between April 8 and May 15, 2020. The research design is an event study examining changes in the daily county-level COVID-19 growth rates between March 31 and May 22, 2020. Mandating face mask use in public is associated with a decline in the daily COVID-19 growth rate by 0.9, 1.1, 1.4, 1.7, and 2.0 percentage points in 1-5, 6-10, 11-15, 16-20, and 21 or more days after state face mask orders were signed, respectively. Estimates suggest that as a result of the implementation of these mandates, more than 200,000 COVID-19 cases were averted by May 22, 2020. The findings suggest that requiring face mask use in public could help in mitigating the spread of COVID-19.
579 citations
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TL;DR: In this paper, the authors evaluate the effects of public spending on investment using a panel of OECD countries and find that public spending and its public wage component have a sizable negative effect on business investment.
Abstract: This paper evaluates the effects of fiscal policy on investment using a panel of OECD countries. In particular, we investigate how different types of fiscal policy affect profits and , as a result, investment. We find a sizable negative effect of public spending -- and in particular of its public wage component -- on business investment. This result is consistent with models in which government employment creates wage pressure for the private sector. Various types of taxes also have negative effects on profits, but, interestingly, the effects of government spending on investment are larger than the effect of taxes. Our results have important implications for the so called 'Non-Keynesian' (i.e. expansionary) effects of fiscal adjustments.
578 citations
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TL;DR: This paper presented a survey of two basic puzzles in international finance, including the "predictable excess return puzzle" and the "home bias puzzle" that domestic residents do not diversify sufficiently into foreign stocks.
Abstract: This paper presents a survey of two basic puzzles in international finance. The first puzzle is the `predictable excess return puzzle.' The returns on foreign currency deposits relative to domestic currency deposits should be equalized based upon uncovered interest parity. However, not only do researchers find that deviations from uncovered interest parity are predictable ex ante, but their variance exceeds the variance in expected exchange rate changes. In the paper, I describe different explanations of this phenomenon including the view that excess returns are driven by a foreign exchange risk premium, peso problems or learning, and market inefficiencies. While the research to date has been able to better define the `predictable excess return puzzle' and to suggest the most likely directions for future progress, no one explanation has provided a full answer to the puzzle. The second puzzle is the `home bias puzzle.' Empirical evidence shows that domestic residents do not diversify sufficiently into foreign stocks. This evidence is clear whether looking at models based on portfolio holdings or outcomes of consumption realizations across countries. In this paper, I examine several possible explanations including non-traded goods and market inefficiencies, although even after considering these possibilities, the puzzle remains.
578 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 |