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American Economic Review

Опубликовано на портале: 15-12-2002
Rachel E. Kranton, Deborah F. Minehart American Economic Review. 2001.  Vol. 91. No. 3. P. 485-508. 
A new model of exchange is introduced: networks, rather than markets, of buyers and sellers. It begins with the empirically motivated premise that a buyer and seller must have a relationship to exchange goods. Networks - buyers, sellers, and the pattern of links connecting them - are common exchange environments. This paper develops a methodology to study network structures and explains why agents may form networks. In a model that captures characteristics of a variety of industries, the paper shows that buyers and sellers, acting strategically in their own self-interests, can form the network structures that maximize overall welfare.
Опубликовано на портале: 19-11-2005
Eric A. Hanushek American Economic Review. 2001.  Vol. 91. No. 2. P. 24-28. 
The estimates in the study considered whether any of the governmental or family factors individually could explain the magnitude and pattern of black-white achievement gaps. Neither the level nor the distribution of school spending appears to provide much explanation for the gaps. School spending levels show little consistent impact with any indication of differential impact on blacks being small. Direct analyses of the effects of spending equalization on performance similarly show little impact. On the other hand, governmental intervention through integration programs appears potentially more important.
Опубликовано на портале: 15-12-2002
Ernst Fehr, Jean-Robert Tyran American Economic Review. 2001.  Vol. 91. No. 5. P. 1239-1262. 
This paper shows that a small amount of individual-level money illusion may cause considerable aggregate nominal inertia after a negative nominal shock. In addition, the results indicate that negative and positive nominal shocks have asymmetric effects because of money illusion. While nominal inertia is quite substantial and long lasting after a negative shock, it is rather small after a positive shock.
Опубликовано на портале: 15-12-2002
Marianne Bertrand, Sendhil Mullainathan American Economic Review. 2001.  Vol. 91. No. 2. P. 67-72. 
Four main messages emerge from the study of subjective survey data. First, a large experimental literature by and large supports economists' skepticism of subjective questions. Second, put in an econometric framework, these findings cast serious doubts on attempts to use subjective data as dependent variables, because the measurement error appears to correlate with a large set of characteristics in behaviors. Third, these data may be useful as explanatory variables. Finally, the empirical work suggests that subjective variables are useful in practice for explaining differences in behavior across individuals. Changes in answers to these questions, however, do not appear useful in explaining changes in behavior.
Опубликовано на портале: 15-12-2002
Guido W. Imbens, Donald B. Rubin American Economic Review. 2001.  Vol. 91. No. 4. P. 778-794. 
This paper provides empirical evidence about the effect of unearned income on earnings. consumption, and savings. Using an original survey of people playing the lottery in Massachusetts in the mid-1980's, the effects of the magnitude of lottery prizes on economic behavior are analyzed. The critical assumption is that among lottery winners the magnitude of the prize is randomly assigned. It is found that unearned income reduces labor earnings, with a marginal propensity to consume leisure of approximately 11 percent, with larger effects for individuals between 55 and 65 years old. After receiving about half their prize, individuals saved about 16 percent.
Опубликовано на портале: 15-12-2002
David L. Carr, James R. Markusen, Keith E. Maskus American Economic Review. 2001.  Vol. 91. No. 3. P. 693-708. 
The knowledge-capital approach to the multinational enterprise as outlined in this paper is operational and yields clear, testable hypotheses. It is more useful than some other theories of FDI, such as the transactions cost approach to multinational enterprises. Hypotheses are tested regarding the importance of multinational activity between countries as a function of certain characteristics of those countries, particularly size, size differences, relative endowment differences, trade and investment costs, and certain interactions among these variables as predicted by theory. Data fit the model well, lending considerable support to the theory. Outward investment from a source country to affiliates in a host country is increasing the sum of their economic sizes, their similarity in size, the relative skilled-labor abundance of the parent nation, and the interaction between size and relative endowment differences.
Опубликовано на портале: 15-12-2002
Linda Goldberg, Joseph Tracy American Economic Review. 2001.  Vol. 91. No. 2. P. 400-405. 
A study finds that women, like men, experience most of the expected wage response to dollar fluctuations at times of job transitions, rather than when they remain with the same employer. In this context, dollar-depreciation periods, which are generally viewed as providing positive labor demand shocks, reduce the penalties that often are associated with a job change. Since women have higher job-changing rates than their male counterparts, these findings suggest that the average female worker has more sensitive wages than her male counterpart. Within the population there is diversity in these effects, with the least-educated women having both the highest job-transition rates and the largest response to exchange rates at these transitions.
Опубликовано на портале: 15-12-2002
Joseph Henrich, Robert Boyd, Samuel Bowles American Economic Review. 2001.  Vol. 91. No. 2. P. 73-78. 
Twelve experienced field researchers, working in 12 countries on five continents, recruited subjects from 15 small-scale societies exhibiting a wide variety of economic and cultural conditions. While the results do not imply that economists should abandon the rational-actor framework, they do suggest 2 major revisions. First, the canonical model of the self-interested material payoff-maximizing actor is systematically violated. Second, preferences over economic choices are not exogenous as the canonical model would have it, but rather are shaped by the economic and social interactions of everyday life. Finally, the connection between experimental behavior and the structure of everyday economic life should provide an important clue in revising the canonical model of individual choice behavior.
Опубликовано на портале: 15-12-2002
Marco Cagetti American Economic Review. 2001.  Vol. 91. No. 2. P. 418-421. 
This paper examines the question of whether households adjust savings in response to interest rates in a life-cycle model with precautionary savings, where both motives for saving (retirement and precautionary) are present. While uncertainty may be the most important motive for younger households, eventually, households will start saving for retirement as well. By how much the wealth of the median household at retirement changes after an exogenous permanent increase in the after-tax interest rate is computed. In an estimated life-cycle model with precautionary savings, the elasticity of savings is also very low. However, the results are sensitive to the utility parameters.
Опубликовано на портале: 15-12-2002
Shlomo Benartzi, Richard H. Thaler American Economic Review. 2001.  Vol. 91. No. 1. P. 79-98. 
There is a worldwide trend toward defined contribution saving plans and growing interest in privatized social security plans. In both environments, individuals are given some responsibility to make their own asset-allocation decisions, raising concerns about how well they do at this task. This paper investigates one aspect of the task, namely diversification. It is shown that some investors follow the "1/n strategy": they divide their contributions evenly across the funds offered in the plan. Consistent with this naive notion of diversification, it is found that the proportion invested in stocks depends strongly on the proportion of stock funds in the plan.
Опубликовано на портале: 15-12-2002
Hanming Fang American Economic Review. 2001.  Vol. 91. No. 4. P. 924-937. 
The connection between obtaining higher paying jobs and undertaking some seemingly irrelevant activity is interpreted as social culture. In the context of a society trying to adopt a new technology, it is shown that by allowing the firms to give preferential treatment to workers based on some cultural activity, the society can partially overcome an informational free-riding problem. Therefore, social culture may affect the economic performance by altering the effective production technology of the economy.
Опубликовано на портале: 15-12-2002
Pierre-Olivier Gourinchas, Jonathan A. Parker American Economic Review. 2001.  Vol. 91. No. 2. P. 406-412. 
One of the basic motives for saving is the accumulation of wealth to ensure future welfare. Both introspection and extant research on consumption insurance find that people face substantial risks that they do not fairly pool. A simple decomposition that characterizes the importance of precautionary saving in the US economy is presented. This decomposition is used as an organizing framework to present four main findings: 1. the concavity of the consumption policy rule, 2. the importance of precautionary saving for life-cycle saving and wealth accumulation, 3. the contribution of changes in risk to fluctuations in aggregate consumption, and 4. the significant impact of incomplete markets on aggregate fluctuations in calibrated general-equilibrium models. The study is concluded with directions for future research.
Опубликовано на портале: 15-12-2002
Anthony P. Carnevale, Richard A. Fry, Lindsay B. Lowell American Economic Review. 2001.  Vol. 91. No. 2. P. 159-163. 
An immigrant's ability to understand the spoken word is a preeminent English ability for labor-market success on average. Reading, writing, and speaking ability are not significantly predictors of immigrant wages after considering ability to understand the spoken word. The magnitude of the wage impact of understanding only is similar to that found in the literature on speaking only, suggesting their kinship in an underlying construct of English proficiency, and reinforcing the finding that language matters. These findings indicate that hearing and comprehending are perhaps most fundamental in the immigrant labor market. The findings also suggest that, after having achieved a given level of understanding of the spoken word, then improved skills in speaking, reading, and writing do matter to employers. Understanding is the key starting place to getting into the labor market and that subsequent incremental increases in productivity may require a greater array of English skills.