15 results
Search Results
2. IMMIGRANTS' GENES: GENETIC DIVERSITY AND ECONOMIC DEVELOPMENT IN THE UNITED STATES.
- Author
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Ager, Philipp and Brueckner, Markus
- Subjects
ECONOMIC development ,IMMIGRANTS ,GENETICS ,MIGRATIONS of nations ,NINETEENTH century ,TWENTIETH century ,HISTORY of immigrants - Abstract
This paper examines the relationship between immigrants' genetic diversity and economic development in the United States during the late nineteenth and the beginning of the twentieth centuries, a period commonly referred to as the age of mass migration from Europe to the New World. Our panel model estimates show that during this period, immigrants' genetic diversity is significantly positively correlated with measures of U.S. counties' economic development. There exists also a significant positive relationship between immigrants' genetic diversity in 1870 and contemporaneous measures of U.S. counties' average income. (
JEL J11, O51, Z13) [ABSTRACT FROM AUTHOR]- Published
- 2018
- Full Text
- View/download PDF
3. OFFSHORING PRODUCTION: A SIMPLE MODEL OF WAGES, PRODUCTIVITY, AND GROWTH.
- Author
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DAVIS, COLIN and NAGHAVI, ALIREZA
- Subjects
OFFSHORE outsourcing ,LABOR productivity ,ECONOMIC development ,LABOR market ,FINANCIAL liberalization ,HETEROGENEITY ,REAL wages ,UNITED States manufacturing industries ,GLOBALIZATION ,GROSS domestic product ,MATHEMATICAL models - Abstract
We examine the relationship between offshoring and the labor market in an occupational choice model of trade and endogenous growth where workers are employed on the basis of their individual skill levels. Trade liberalization leads to offshoring and reduces employment in the manufacturing sector. Displaced workers move into traditional and innovation sectors according to their skill levels, shaping real wages and aggregate productivity in the manufacturing sector. The paper aims to show how inter-sectoral labor market adjustments, highlighted by skill heterogeneity, could be a possible explanation for the simultaneous rise in productivity and reduction in real wages that have coincided with the sharp escalation of offshoring activities in the U.S. manufacturing sector since 2004. ( JEL F16, F23, J24) [ABSTRACT FROM AUTHOR]
- Published
- 2011
- Full Text
- View/download PDF
4. MULTIREGIONAL FIRMS AND REGION SWITCHING IN THE U.S. MANUFACTURING SECTOR.
- Author
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Gervais, Antoine
- Subjects
EMPIRICAL research ,MANUFACTURED products ,ENTERPRISE resource planning ,ECONOMIC development ,BRAND equity - Abstract
I use data on U.S. manufacturing establishments to study the spatial reallocation of resources that takes place within surviving firms as they open and close establishments in different regions. To motivate the empirical analysis, I extend existing models of industry dynamics to include production‐location decisions within firms. Consistent with the theory, the empirical results show that only a fraction of firms make the same product in multiple regions, that multiregional firms are larger and more productive on average compared to single‐region firms, and that “region switching” is pervasive among multiregional firms and correlated with changes in firm and firm‐region characteristics. (
JEL L2, F12, F23) [ABSTRACT FROM AUTHOR]- Published
- 2018
- Full Text
- View/download PDF
5. INEQUALITY AND GROWTH IN THE UNITED STATES: WHY PHYSICAL AND HUMAN CAPITAL MATTER.
- Author
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Benos, Nikos and Karagiannis, Stelios
- Subjects
ECONOMIC development ,INCOME inequality ,HUMAN capital ,CAPITAL ,ECONOMIC conditions of developed countries - Abstract
We investigate the relationship between economic growth and top income inequality under the influence of human and physical capital accumulation, using an annual panel of U.S. state-level data. Our analysis is based upon the 'unified' framework offered by Galor and Moav (2004) while the empirics account for cross-section dependence, parameter heterogeneity, and endogeneity, in nonstationary series. We conclude that changes in inequality do not influence growth, neither in the short run nor in the long run in the United States as a whole in the 1929-2013 period. Our findings are robust to the inclusion of overall income inequality measures. These findings provide support for the theoretical prediction of the unified theory of inequality and growth, according to which the growth effect of inequality becomes insignificant in the latest stages of economic development that the United States experiences during our period of investigation. Therefore, future policies aiming at moderating the concentration at the upper end of income distribution are not likely to have adverse growth consequences in developed countries such as the United States. ( JEL I21, O47, C23) [ABSTRACT FROM AUTHOR]
- Published
- 2018
- Full Text
- View/download PDF
6. WHERE ARE THE WOMEN ENTREPRENEURS? BUSINESS OWNERSHIP GROWTH BY GENDER ACROSS THE AMERICAN URBAN LANDSCAPE.
- Author
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Conroy, Tessa and Weiler, Stephan
- Subjects
ECONOMIC development ,ENTREPRENEURSHIP ,AMERICAN business enterprises ,GENDER differences (Sociology) ,HUMAN capital ,SELF-employment ,BUSINESS & education ,U.S. states ,ECONOMICS - Abstract
This study identifies the determinants of growth for male and female business ownership in a subset of U.S. counties. The results indicate that there are important characteristic and behavioral differences between the male and female populations in each county that affect regional changes in business ownership for each gender. In particular, the education level of males and females as well as the local family structure impact the propensity for firms owned by each gender differently. A Blinder-Oaxaca type decomposition, a novel approach in the context of regional outcomes, demonstrates that although the effect of characteristic differences is larger, the behavioral differences are key to narrowing the gender disparity in business ownership. ( JEL L26, R2, R3) [ABSTRACT FROM AUTHOR]
- Published
- 2015
- Full Text
- View/download PDF
7. INFLATION EXPECTATIONS AND CONSUMER SPENDING AT THE ZERO BOUND: MICRO EVIDENCE.
- Author
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Ichiue, Hibiki and Nishiguchi, Shusaku
- Subjects
CONSUMPTION (Economics) ,INTEREST rates ,PRICE inflation ,ECONOMIC development ,ECONOMIC activity ,CENTRAL banking industry ,MACROECONOMICS ,HISTORY - Abstract
Standard theoretical models predict that higher inflation expectations generate greater current consumer spending at the zero lower bound of interest rates. However, recent empirical studies using U.S. micro data find negative results for this relationship. We use micro data for Japan, which has experienced low interest rates for a prolonged period, to estimate ordered probit models with a variety of controls. We find robust evidence supporting the prediction of standard models: survey respondents with higher expected inflation tend to indicate that their household has increased real spending compared with 1 year ago but will decrease it in the future. This relationship appears to be stronger for asset holders and older people. ( JEL E20, E21, E30, E31, E50, E52) [ABSTRACT FROM AUTHOR]
- Published
- 2015
- Full Text
- View/download PDF
8. DISCONTINUITY OF OUTPUT CONVERGENCE WITHIN THE UNITED STATES: WHY HAS THE COURSE CHANGED?
- Author
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Choi, Chi ‐ Young and Wang, Xiaojun
- Subjects
ECONOMIC convergence ,ECONOMIC development ,HUMAN capital ,TECHNOLOGY & economics ,UNITED States economy ,ECONOMICS - Abstract
Has the progress of output convergence changed within the United States? This article examines the output convergence among U.S. states for the last five decades by making several improvements over the extant literature. By applying a battery of convergence tests designed to capture nonlinear transitional dynamics to real output per worker data (i.e., nominal values deflated by state-level price), we find that output convergence has not been a feature of the continental United States since the 1970s. Instead, output convergence has proceeded among four subgroups within which constituent states have certain characteristics in common. Our regression analysis suggests that state-level characteristics related to technology and human capital play a crucial role in accounting for the formation and composition of convergence clubs, in agreement with the recent theoretical models of growth and development (e.g., Aghion et al. 2009; Gennaioli et al. 2013b). The level of technology, proxied by patents, turns out to be a consistently significant determinant even after controlling for endogeneity, suggesting that frictions in the diffusion of technology and human capital may have led to clustering of states with different levels of productivity. Our results therefore cast doubt on the common view that diffusion of knowledge and technology across state borders is frictionless. ( JEL O47, O51) [ABSTRACT FROM AUTHOR]
- Published
- 2015
- Full Text
- View/download PDF
9. LEGISLATIVE TURNOVER, FISCAL POLICY, AND ECONOMIC GROWTH: EVIDENCE FROM U.S. STATE LEGISLATURES.
- Author
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Uppal, Yogesh and Glazer, Amihai
- Subjects
BUSINESS turnover ,TURNOVER tax ,ECONOMIC development ,ECONOMIC policy ,FISCAL policy ,ECONOMICS ,LAW - Abstract
Increased turnover among legislators can make them short-sighted, affecting fiscal policy and economic growth. We exploit the exogenous variation in legislative turnover induced by term limit laws and by redistricting in the 50 U.S. states, finding that increased turnover increases capital spending by state governments, which may be designed to constrain future governments. The changes may cause long-run distortions in the economy, reducing long-term economic growth. ( JEL H72, H73, H76) [ABSTRACT FROM AUTHOR]
- Published
- 2015
- Full Text
- View/download PDF
10. WHO PAYS THE BAR TAB? BEER CONSUMPTION AND ECONOMIC GROWTH IN THE UNITED STATES.
- Author
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CESUR, RESUL and KELLY, INAS RASHAD
- Subjects
BEER ,ECONOMIC development ,BEER sales & prices ,ALCOHOL drinking ,HEALTH behavior ,ECONOMICS - Abstract
Few studies explore the linkages between health behaviors and macroeconomic outcomes. This study uses 1971-2007 state-level data from the United States to estimate the impact of beer consumption on economic growth. We document that beer consumption has negative effects on economic growth measures once the endogeneity of beer consumption is addressed. Our estimates are robust to a range of specification checks. These findings run parallel to a large body of literature documenting substantial social and economic costs stemming from alcohol use. ( JEL I1, O4) [ABSTRACT FROM AUTHOR]
- Published
- 2014
- Full Text
- View/download PDF
11. BANKS, FREE BANKS, AND U.S. ECONOMIC GROWTH.
- Author
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JAREMSKI, MATTHEW and ROUSSEAU, PETER L.
- Subjects
FREE banking ,ECONOMIC development ,BANKING industry ,STATE banks ,URBANIZATION ,UNITED States manufacturing industries ,HISTORY - Abstract
The 'Federalist financial revolution' may have jump-started the U.S. economy into modern growth, but the Free Banking System (1837-1862) did not play a direct role in sustaining it. Despite lowering entry barriers and extending banking into developing regions, we find in county-level data that free banks had little or no effect on growth. The result is not just a symptom of the era, as state-chartered banks seem to have strong and positive effects on manufacturing and urbanization. ( JEL G21, N21, O43) [ABSTRACT FROM AUTHOR]
- Published
- 2013
- Full Text
- View/download PDF
12. FINANCIAL DEVELOPMENT AND WAGE INEQUALITY: THEORY AND EVIDENCE.
- Author
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JERZMANOWSKI, MICHAL and NABAR, MALHAR
- Subjects
INCOME inequality ,SKILLED labor ,FINANCIAL markets ,WAGES ,EFFICIENT market theory ,EMPLOYEE Retirement Income Security Act of 1974 ,GROSS domestic product ,ECONOMICS ,ECONOMIC development - Abstract
We argue that financial market development contributed to the rise in the skill premium and residual wage inequality in the United States since the 1980s. We present an endogenous growth model with imperfect credit markets and establish how improving the efficiency of these markets affects modes of production, innovation, and wage dispersion between skilled and unskilled workers. The experience of U.S. states following banking deregulation provides empirical support for our hypothesis. We find that wages of skilled workers increased by between 0.5% and 6.3% following deregulation while those of unskilled workers fell by between 3.5% and 8.7%. Similarly, residual (or within-group) inequality increased; the 90-50 percentile ratio of residuals from a Mincerian wage regression and their standard deviation increased by 4.2% and 1.7%, respectively. [ABSTRACT FROM AUTHOR]
- Published
- 2013
- Full Text
- View/download PDF
13. VOLATILITY AND IRISH EXPORTS.
- Author
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BREDIN, DON and COTTER, JOHN
- Subjects
EXPORT duties ,MARKET volatility ,ECONOMIC development ,INTERNATIONAL relations - Abstract
We analyze the impact of volatility per se on real exports for a small open economy concentrating on Irish trade with the United Kingdom and the United States. An important element is that we take account of the time lag between the trade decision and the actual trade or payments taking place by using a flexible lag approach. Rather than adopting a single measure of risk, we adopt a spectrum of risk measures and detail varied size characteristics and statistical properties. We find that the ambiguous results found to date may be due to not taking account of the timing effect, which varies substantially depending on which volatility measure is used. ( JEL C32, C51, F14, F31) [ABSTRACT FROM AUTHOR]
- Published
- 2008
- Full Text
- View/download PDF
14. FINANCIAL VARIABLES AND THE SIMULATED OUT-OF-SAMPLE FORECASTABILITY OF U.S. OUTPUT GROWTH SINCE 1985: AN ENCOMPASSING APPROACH.
- Author
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Rapach, David E. and Weber, Christian E.
- Subjects
PRODUCTION (Economic theory) ,ECONOMIC development ,ECONOMIC forecasting ,GROSS domestic product ,ECONOMICS - Abstract
We reconsider the out-of-sample forecasting ability of a large number of financial variables with respect to real output growth over the 1985:1-1999:4 period We show that models including financial variables display almost no forecasting ability relative to an autoregressive benchmark model over this period according to a mean squared forecast error metric. However, tests based on forecast encompassing indicate that many financial variables do, in fact, contain information that is useful for forecasting real output growth over the 1985:1-1999:4 out-of-sample period. Our results suggest that the extant literature exaggerates the demise of the forecasting power of financial variables with respect to real activity since the mid-1980s. [ABSTRACT FROM AUTHOR]
- Published
- 2004
- Full Text
- View/download PDF
15. A MODEL OF GROWTH AND CONVERGENCE IN THE PRESENCE OF INPUT-ENHANCING FACTORS: AN EMPIRICAL STUDY.
- Author
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Panik, Michael J. and Rassekh, Farhad
- Subjects
ECONOMIC development ,ELASTICITY (Economics) - Abstract
Introduces a growth model involving non-neutral technical change characterized by the presence of input-enhancing factors in the U.S. Calculation of various elasticities; Effects of key independent variables on output per work; Process of economic growth.
- Published
- 2002
- Full Text
- View/download PDF
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