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International Financial Integration and Entrepreneurial Firm Activity

Alfaro, Laura - 2007

We explore the relation between international financial integration and the level of entrepreneurial activity in a country. We use a unique firm level data set of approximately 24 million firms in nearly 100 countries in 2004 and 1999, which enables us to present both cross-country and industry...

Persistent link: https://www.econbiz.de/10012465536

Americans Do I.T. Better : US Multinationals and the Productivity Miracle

Bloom, Nicholas - 2007

The US has experienced a sustained increase in productivity growth since the mid-1990s, particularly in sectors that intensively use information technologies (IT). This has not occurred in Europe. If the US "productivity miracle" is due to a natural advantage of being located in the US then we...

Persistent link: https://www.econbiz.de/10012465569

Unbalanced Trade

Dekle, Robert - 2007

We incorporate trade imbalances into a quantitative model of bilateral trade in manufactures, dividing the world into forty countries. Fitting the model to 2004 data on GDP and bilateral trade we calculate how relative wages, real wages, and welfare would differ in a counterfactual world with...

Persistent link: https://www.econbiz.de/10012465619

The Effect of Nicotine Replacement Therapy Advertising on Youth Smoking

Saffer, Henry - 2007

This paper examines the effect of nicotine replacement therapy (NRT) advertising on youth smoking. NRT advertising … and quit. However, a moral hazard is created because NRT advertising increases the expectation that cessation is … relatively easy. NRT advertising could thus induce youth to smoke, to smoke more and/or to delay quit attempts. Data from Nielsen …

Persistent link: https://www.econbiz.de/10012465692

The Returns to Currency Speculation in Emerging Markets

Burnside, Craig - 2007

The carry trade strategy involves selling forward currencies that are at a forward premium and buying forward currencies that are at a forward discount. We compare the payoffs to the carry trade applied to two different portfolios. The first portfolio consists exclusively of developed country...

Persistent link: https://www.econbiz.de/10012465740

Teaching Locals New Tricks : Foreign Experts as a Channel of Knowledge Transfers

Markusen, James R. - 2007

Gains from productivity and knowledge transmission arising from the presence of foreign firms have received a good deal of empirical attention, but theoretical micro-foundations for this mechanism are limited. Here we develop a dynamic model in which foreign experts may train domestic workers...

Persistent link: https://www.econbiz.de/10012465784

Has Social Security Influenced Family Formation and Fertility in OECD Countries? An Economic and Econometric Analysis

Ehrlich, Isaac - 2007

There is growing concern about a decline in the total fertility rate worldwide, but nowhere is the concern greater than in OECD countries, some of which already face the prospect of population decline as well. While the trend is largely the result of structural economic and social changes, our...

Persistent link: https://www.econbiz.de/10012465787

Multinational Firms, FDI Flows and Imperfect Capital Markets

Antràs, Pol - 2007

This paper examines how costly financial contracting and weak investor protection influence the cross-border operational, financing and investment decisions of firms. We develop a model in which product developers have a comparative advantage in monitoring the deployment of their technology...

Persistent link: https://www.econbiz.de/10012465801

Money Illusion and Housing Frenzies

Brunnermeier, Markus K. - 2006

A reduction in inflation can fuel run-ups in housing prices if people suffer from money illusion. For example, investors who decide whether to rent or buy a house by simply comparing monthly rent and mortgage payments do not take into account that inflation lowers future real mortgage costs. We...

Persistent link: https://www.econbiz.de/10012465849

Do Wealth Fluctuations Generate Time-varying Risk Aversion? Micro-Evidence on Individuals' Asset Allocation

Brunnermeier, Markus K. - 2006

We use data from the PSID to investigate how households' portfolio allocations change in response to wealth … the same direction. In contrast, our analysis shows that the share of liquid assets that households invest in risky assets … is not affected by wealth changes. Instead, one of the major drivers of households' portfolio allocation seems to be …

Persistent link: https://www.econbiz.de/10012465850