In this paper, we propose a panel data semiparametric varying-coefficient model in which covariates (variables affecting the coefficients) are purely categorical. This model has two features: first, fixed effects are included to allow for correlation between individual unobserved heterogeneity...

We study potential impacts of future climate change on U.S. agricultural productivity using county‐level yield and weather data from 1950 to 2015. To account for adaptation of production to different weather conditions, it is crucial to allow for both spatial and temporal variation in the...

This paper aims to determine the extent to which corporate political contributions and the allocation of government procurement contracts are related. We gather information regarding the contributions made by 911 S&P500 companies in 9 congressional election cycles between 1993 and 2010, and...

We challenge the assumption in the literature of constant housing supply elasticities across housing expansions. Using a time-varying parameter (TVP)-VAR model on monthly US data since the early 1990s, we find that the response of housing supply to an expansionary monetary policy shock relative...

This paper studies the productivity impact of heterogeneous capital inputs of selected EU-15 member countries and of the U.S. at the macroeconomic level. The stochastic possibility frontiers approach of Battese and Coelli (1992) applied here is used to identify neutralities or non-neutralities...

The US banking industry offers a unique, natural and fertile environment to study geography's effects on banks' behavior and performance. The literature on banks' operating performance, while extensive, says little about the influence of spatial interactions on banks' performance. We compute and...

We consider the estimation of Cobb-Douglas production functions using panel data covering a large sample of companies observed for a small number of time periods. Standard GMM estimators, which eliminate unobserved firm-specific e¤ects by taking first differences, have been found to produce...

The US banking industry offers a unique, natural and fertile environment to study geography's effects on banks' behavior and performance. The literature on banks' operating performance, while extensive, says little about the influence of spatial interactions on banks' performance. We compute and...

We incorporate arguments from the Tiebout model into the regulatory competition equilibrium and study cross-fertilization in the productivity growth of banks between those in a state and others in this state's neighboring states. Empirically, we focus on two time periods: before (i.e.,...

We examine empirically cross-fertilization in the productivity growth of banks between a state and its neighboring and non-neighboring states before (1971-1977) and during (1982-1995) the interstate multibank holding company (IMBHC) deregulations, upon which, cross-border bank M&As, mainly among...