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Centre for Economic Performance
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Spinning Welfare: The Gains From Process Innovation In Cotton And Car Production
May 1, 2011, 12:00am PDT
Economists and economic historians want to know how much better life is today than in the past. Fifty years ago economic historians found surprisingly small gains from 19th century US railroads,...
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Priors And Desires: A Model Of Payoff-dependent Beliefs
March 1, 2011, 12:00am PST
Whatever a person wants to be true affects what she believes to be true, and consequently the decisions she makes. This paper introduces an axiomatic model of decision making that allows for this...
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Seesaw In The Air: Interconnection Regulation And The Structure Of Mobile Tariffs
February 1, 2011, 12:00am PST
Interconnection rates are a key variable in telecommunications markets. Every call that is placed must be terminated by the network of the receiving party, thus the termination end has the...
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Does Management Matter? Evidence From India
January 1, 2011, 12:00am PST
A long-standing question in social science is to what extent differences in management cause differences in firm performance. To investigate this the authors ran a management field experiment on...
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Anatomy Of A Paradox: Management Practices, Organisational Structure And Energy Efficiency
December 1, 2010, 12:00am PST
This paper presents new evidence on managerial and organizational factors that explain firm level energy efficiency and TFP. The authors interviewed managers of 190 randomly selected manufacturing...
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Import Competition From And Outsourcing To China: A Curse Or Blessing For Firms?
December 1, 2010, 12:00am PST
The authors use Belgian manufacturing firm-level data over the period 1996- 2007 to analyze the impact of imports from different origins on firm growth, exit, and skill upgrading. For this purpose...
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Does Competition Raise Productivity Through Improving Management Quality?
December 1, 2010, 12:00am PST
A classic question in industrial organization is whether competition raises productivity and if so, through what mechanism? The author discusses recent empirical evidence from both large-scale...
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Financial Crises And Macro-prudential Policies
December 1, 2010, 12:00am PST
Stochastic general equilibrium models of small open economies with occasionally binding financial frictions are capable of mimicking both the business cycles and the crisis events associated with...
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The Spatial Organization Of Multinational Firms
December 1, 2010, 12:00am PST
Using six years of firm-level data covering 224 regions of the enlarged European Union, the authors evaluate the importance to a firm of locating its activities (production, headquarters, R&D,...
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Long Term Implications Of The ICT Revolution: Applying The Lessons Of Growth Theory And Growth Accounting
November 1, 2010, 12:00am PDT
How big a boost to long run growth can countries expect from the ICT revolution? The author uses the results of growth accounting and the insights from a two-sector growth model to answer this...
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Explaining Job Polarization In Europe: The Roles Of Technology, Globalization And Institutions
November 1, 2010, 12:00am PDT
This paper shows the employment structure of 16 European countries has been polarizing in recent years with the employment shares of managers, professionals and low-paid personal services workers...
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Bank Bailouts, International Linkages And Cooperation
November 1, 2010, 12:00am PDT
Financial institutions are increasingly linked internationally. As a result, financial crisis and government intervention have stronger effects beyond borders. The authors provide a model of...
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Revisiting Overborrowing And Its Policy Implications
October 1, 2010, 12:00am PDT
This paper analyzes quantitatively the extent to which there is overborrowing (i.e., inefficient borrowing) in a business cycle model for emerging market economies with production and an...
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How Big (Small?) Are Fiscal Multipliers?
October 1, 2010, 12:00am PDT
The authors contribute to the intense debate on the real effects of fiscal stimuli by showing that the impact of government expenditure shocks depends crucially on key country characteristics,...
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A Task-based Approach To Organization: Knowledge, Communication And Structure
October 1, 2010, 12:00am PDT
The authors bridge a gap between organizational economics and strategy research by developing a task-based approach to analyze organizational knowledge, process and structure, and deriving...
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Political Competition, Policy And Growth: Theory And Evidence From The United States
October 1, 2010, 12:00am PDT
This paper develops a simple model to analyze how a lack of political competition may lead to policies that hinder economic growth. The authors test the predictions of the model on panel data for...
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Individual Voice In Employment Relationships: A Comparison Under Different Collective Voice Regimes
October 1, 2010, 12:00am PDT
This paper examines the relationship between individual and collective employee voice, and management-led voice (appraisal), under contrasted collective voice regimes. In the first, collective...
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There Will Be Money
September 1, 2010, 12:00am PDT
A common belief among monetary theorists is that monetary equilibria are tenuous due to the intrinsic uselessness of fiat money (Wallace (1978)). In this paper, the authors argue that the...
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The Effect Of Market Entry On Innovation: Evidence From UK University Incubators
September 1, 2010, 12:00am PDT
This paper investigates the effect of market entry of new firms on incumbent firms' innovative activity measured as patent applications. The basic assumption is that the effect of entry varies by...
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Productivity Spreads, Market Power Spreads And Trade
September 1, 2010, 12:00am PDT
Much of recent Trade theory focuses on heterogeneity of firms and the differential impact trade policy might have on firms with different levels of productivity. A common problem is that most firm...
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The Impact Of The Diffusion Of A Financial Innovation On Company Performance: An Analysis Of Swift Adoption
August 1, 2010, 12:00am PDT
How does a major financial network innovation influence firm performance? Despite much speculation the authors have little hard quantitative evidence about the impact of technology diffusion in...
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Spillovers In Space: Does Geography Matter?
August 1, 2010, 12:00am PDT
The authors simultaneously assess the contributions to productivity of three sources of research and development spillovers: geographic, technology and product - market proximity. To do this, they...
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Towards A New Architecture For Financial Stability: Seven Principles
July 1, 2010, 12:00am PDT
In this paper, the authors use insights from organizational economics and financial regulation to study the optimal architecture of supervision. They suggest that the new architecture should...
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The Growth Of Extended ~Entry Tournaments~ And The Decline Of Institutionalised Occupational Labour Markets In Britain
June 1, 2010, 12:00am PDT
In recent years, British labour markets have been characterised by a decline of institutional regulation of entry routes into many occupations and internal labour markets. This paper examines this...
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Does Hospital Competition Improve Efficiency? An Analysis Of The Recent Market-based Reforms To The English NHS
June 1, 2010, 12:00am PDT
This paper uses a difference-in-difference estimator to test whether the introduction of patient choice and hospital competition in the English NHS in January 2006 has prompted hospitals to become...
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The Impact Of Competition On Management Quality: Evidence From Public Hospitals
May 1, 2010, 12:00am PDT
In this paper, the authors examine the causal impact of competition on management quality. They analyze the hospital sector where geographic proximity is a key determinant of competition, and...
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Crisis? What Crisis? Currency Vs. Banking In The Financial Crisis Of 1931
May 1, 2010, 12:00am PDT
This paper examines the role of currency and banking in the German financial crisis of 1931 for both Germany and the U.S. The authors specify a structural dynamic factor model to identify...
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The Interrelationship Between HR, Strategy And Profitability In Service SMEs: Empirical Evidence From The UK Tourism Hospitality And Leisure Sector
March 1, 2010, 12:00am PST
The authors investigate the strategies, HR attributes and their synergies that are associated with superior performance in service SMEs using data from the UK Tourism Hospitality and Leisure (THL)...
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Recent Advances In The Empirics Of Organizational Economics
February 1, 2010, 12:00am PST
The authors present a survey of recent contributions in the empirical organizational economics, focusing on management practices and decentralization. Productivity dispersion between firms and...
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New Approaches To Measuring Management And Firm Organization
February 1, 2010, 12:00am PST
The authors detail the methodology that they have been using to quantify managerial and organizational practices across firms and countries in recent years. This has been used in many pieces of...
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Depression Econometrics: A Favar Model Of Monetary Policy During The Great Depression
January 1, 2010, 12:00am PST
The prominent role of monetary policy in the U.S. interwar depression has been conventional wisdom since Friedman and Schwartz (1963). This paper presents evidence on both the surprise and the...
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Why Is The US So Energy Intensive? Evidence From US Multinationals In The UK
January 1, 2010, 12:00am PST
At present the USA is - in per capita terms - the top greenhouse gas polluter among the world's major economies. This is mirrored by the high energy intensity of all sectors of the US economy...
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Rates Of Return And Alternative Measures Of Capital Input: 14 Countries And 10 Branches, 1971-2005
November 1, 2009, 12:00am PDT
The authors employ the EU KLEMS database to estimate the real rate of return to capital in 14 countries (11 in the EU, three outside the EU) in 10 branches of the market economy plus the market...
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How Does Innovation Affect Worker Well-being?
October 1, 2009, 12:00am PDT
The authors explore the effects of management innovations on worker well-being using private sector linked employer-employee data for Britain. They find management innovations are associated with...
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US Real Interest Rates And Default Risk In Emerging Economies
October 1, 2009, 12:00am PDT
The authors empirically analyse the appropriateness of indexing emerging market sovereign debt to US real interest rates. They find that policy-induced exogenous increases in US rates raise...
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How To Measure Living Standards And Productivity
August 1, 2010, 12:00am PDT
This paper sets out a general algorithm for calculating true cost-of-living indices or true producer price indices when demand is not homothetic, i.e. when not all expenditure elasticities are...
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Institutions And The Management Of Human Resources: Incentive Pay Systems In France And Great Britain
July 1, 2009, 12:00am PDT
Using data from large-scale establishment surveys in Britain and France, the authors show that incentive pay for non-managers is more widespread in France than in Britain. They explain this...
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Trading Partners And Trading Volumes: Implementing The Helpman-Melitz-Rubinstein Model Empirically
June 1, 2009, 12:00am PDT
Helpman, Melitz, and Rubinstein (2008) - HMR - present a rich theoretical model to study the determinants of bilateral trade flows across countries. The model is then empirically implemented...
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Further Simulation Evidence On The Performance Of The Poisson Pseudo-maximum Likelihood Estimator
May 1, 2009, 12:00am PDT
The authors extend the simulation results given in Santos-Silva and Tenreyro (2006, 'The Log of Gravity', The Review of Economics and Statistics, 88, pp.641-658) by considering data generated as a...
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On The Existence Of The Maximum Likelihood Estimates For Poisson Regression
May 1, 2009, 12:00am PDT
The authors note that the existence of the maximum likelihood estimates for Poisson regression depends on the data configuration. Because standard software does not check for this problem, the...
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Incentives And Invention In Universities
September 1, 2007, 12:00am PDT
Using data on U.S. universities, the authors show that universities that give higher royalty shares to faculty scientists generate greater license income, controlling for university size, academic...
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The Marginal Utility Of Income
January 1, 2008, 12:00am PST
In normative public economics it is crucial to know how fast the marginal utility of income declines as income increases. One needs this parameter for cost-benefit analysis, for optimal taxation...
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Jeremy Greenwood And Per Krusell, "Growth Accounting With Investment-specific Technological Progress: A Discussion Of Two Approaches" A Rejoinder
June 1, 2007, 12:00am PDT
The May 2007 issue of the Journal of Monetary Economics published a paper of the author entitled 'Investment-Specific Technological Progress and Growth Accounting' which critiqued the work of...
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Labor Search And Matching In Macroeconomics
June 1, 2007, 12:00am PDT
The labor search and matching model plays a growing role in macroeconomic analysis. This paper provides a critical, selective survey of the literature. Four fundamental questions are explored: how...
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The Beveridge Curve
June 1, 2007, 12:00am PDT
The Beveridge curve depicts a negative relationship between unemployed workers and job vacancies, a robust finding across countries. The position of the economy on the curve gives an idea as to...
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The Effect Of Information And Communication Technologies On Urban Structure
July 1, 2007, 12:00am PDT
The geographic concentration of economic activity occurs because transport costs for goods, people and ideas give individuals and organisations incentives to locate close to each other....
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Trade Liberalization, Outsourcing, And Firm Productivity
July 1, 2007, 12:00am PDT
Empirical evidence suggests that trade liberalization increases firm productivity. This paper offers a novel explanation for this finding. The author develops a simple general equilibrium model of...
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Measuring Organization Capital In Japan: An Empirical Assessment Using Firm-level Data
August 1, 2007, 12:00am PDT
Globalization and the ICT revolution of the 1990s have forced many firms to reorganize in order to survive in a more competitive market. There are several approaches that can be used to assess the...
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The Shimer Puzzle And The Correct Identification Of Productivity Shocks
August 1, 2007, 12:00am PDT
Shimer (2005a) claims that the Mortensen-Pissarides search model of unemployment lacks an amplification mechanism because it cannot generate the observed business cycle fluctuations in...
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Technological Diversification
October 1, 2007, 12:00am PDT
Economies at early stages of development are often shaken by abrupt changes in growth rates, whereas in advanced economies growth rates tend to be relatively stable. To explain this pattern, the...
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Information Technology, Organization, And Productivity In The Public Sector: Evidence From Police Departments
October 1, 2007, 12:00am PDT
The authors examine how Information Technology (IT) contributes to organizational change, labor demand, and improved productivity in the public sector using a new panel data set of police...
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Testing The "Waterbed" Effect In Mobile Telephony
October 1, 2007, 12:00am PDT
This paper examines the impact of regulatory intervention to cut termination rates of calls from fixed lines to mobile phones. Under quite general conditions of competition, theory suggests that...
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Innovation In Business Groups
November 1, 2007, 12:00am PDT
Using novel data on European firms, this paper examines the effect of business group affiliation on innovation. The authors find that business groups foster the scale and novelty of corporate...
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The Unemployment Volatility Puzzle: Is Wage Stickiness The Answer?
November 1, 2007, 12:00am PDT
The author studies the cyclical behavior of an equilibrium search model with endogenous job creation and destruction, with focus on the model's failure to match the observed cyclical volatility of...
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Robustly Optimal Monetary Policy
November 1, 2007, 12:00am PDT
This paper analyses optimal monetary policy in response to shocks using a model that avoids making specific assumptions about the stickiness of prices, and thus the nature of the Phillips curve....
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Productivity And The Sourcing Modes Of Multinational Firms: Evidence From French Firm-level Data
December 1, 2007, 12:00am PST
The authors investigate the role of a firm's total factor productivity in its decision to import from its affiliates rather than from independent input suppliers. They propose a slightly modified...
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Optimal External Debt And Default
February 1, 2008, 12:00am PST
This paper analyses whether sovereign default episodes can be seen as contingencies of optimal international lending contracts. The model considers a small open economy with capital accumulation...
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Employment Outcomes In The Welfare State
February 1, 2008, 12:00am PST
The authors examine the implications of tax and subsidy policies for employment in the "Three worlds of welfare", Anglo-Saxon, Continental European and Scandinavian. They argue that home...
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Tax Cuts In Open Economies
March 1, 2008, 12:00am PST
A reduction in income tax rates generates substantial dynamic responses within the framework of the standard neoclassical growth model. The short-run revenue loss after an income tax cut is partly...
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Private Sector Employment Growth, 1998-2004: A Panel Analysis Of British Workplaces
April 1, 2008, 12:00am PDT
Using nationally representative panel data for British private sector workplaces this paper points to the importance of distinguishing between workplace and firm size when analysing employment...
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A Tale Of Two Countries: Unions, Closures And Growth In Britain And Norway
May 1, 2008, 12:00am PDT
Using linked private sector employer-employee panel data for Britain and Norway the authors explore the effects of unionization on workplace closure and employment growth over the period...
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Mapping Prices Into Productivity In Multisector Growth Models
May 1, 2008, 12:00am PDT
Two issues related to mapping a multi-sector model into a reduced-form value-added model are often neglected: the composition of intermediate goods and the distinction between value added...
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Vulnerability Of Currency Pegs: Evidence From Brazil
June 1, 2008, 12:00am PDT
This paper analyses predictions of a simple model of currency crises in which the peg will be abandoned when the currency overvaluation hits a certain threshold, unknown to the agents. Due to...
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Resurrecting The Participation Margin
June 1, 2008, 12:00am PDT
This paper considers a real business cycle model with search frictions in the labor market and labor supply which is elastic along the participation margin. Previous authors have found that such...
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Product Market Deregulation And The U.S. Employment Miracle
June 1, 2008, 12:00am PDT
The authors consider the dynamic relationship between product market entry regulation and equilibrium unemployment. The main theoretical contribution is combining a job matching model with...
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Evolution Of Locations, Specialisation And Factor Returns With Two Distinct Waves Of Globalisation
January 1, 2008, 12:00am PST
This paper presents an economic geography model with two differentiated sectors that exhibit weaker inter and stronger intra-industry input-output linkages. Labour is also differentiated according...
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Real Origins Of The Great Depression: Monopoly Power, Unions And The American Business Cycle In The 1920s
June 1, 2008, 12:00am PDT
The authors attempt to explain the severe 1920-21 recession, the roaring 1920s boom, and the slide into the Great Depression after 1929 in a unified framework. The model combines monopolistic...
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Relative Factor Endowments And International Portfolio Choice
July 1, 2008, 12:00am PDT
This paper presents a model of international portfolio choice based on cross-country differences in relative factor abundance. Countries have varying degrees of similarity in their factor...
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Organizational Commitment: Do Workplace Practices Matter?
July 1, 2008, 12:00am PDT
Using nationally-representative linked employer-employee data for Britain this paper considers whether employers are able to influence the Organizational Commitment (OC) of their employees through...
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The Impact Of Trade On Aggregate Productivity And Welfare With Heterogeneous Firms And Business Cycle Uncertainty
July 1, 2008, 12:00am PDT
This paper presents a model with monopolistic competition, productively heterogeneous firms, and business cycle aggregate shocks. With firm-specific productive heterogeneity, weaker firms quit...
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Effort And Comparison Income: Experimental And Survey Evidence
August 1, 2008, 12:00am PDT
This paper considers the effect of status or relative income on work effort, combining experimental evidence from a gift-exchange game with the analysis of multi-country ISSP survey data. The...
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Sales And Monetary Policy
August 1, 2008, 12:00am PDT
A striking fact about prices is the prevalence of "Sales": large temporary price cuts followed by a return exactly to the former price. This paper builds a macroeconomic model with a rationale for...
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Does Planning Regulation Protect Independent Retailers?
August 1, 2008, 12:00am PDT
Entry regulations against big-box retailers have been introduced in many countries to protect smaller independent stores. Using a new dataset from the UK, the author shows that in fact these entry...
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Urbanisation And Structural Transformation
October 1, 2008, 12:00am PDT
This paper presents new evidence on urbanization using sub-county data for the United States from the period 1880-2000 and municipality data for Brazil from the period 1970-2000. They show that...
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Motivation And Sorting In Open Source Software Innovation
October 1, 2008, 12:00am PDT
This paper studies the role of intrinsic motivation, reputation and reciprocity in driving open source software innovation. The authors exploit the observed pattern of contributions - the...
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Survival Of The Fittest In Cities: Agglomeration, Selection, And Polarisation
October 1, 2008, 12:00am PDT
Empirical studies consistently report that labour productivity and TFP rise with city size. The reason is that cities attract the most productive agents, select the best of them, and make the...
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Does Family Control Affect Trade Performance? Evidence For Italian Firms
November 1, 2008, 12:00am PDT
This paper examines whether the export decision of firms is affected by their ownership structure, specifically it looks at whether family control is an obstacle to entering foreign markets. The...
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On The International Dimension Of Fiscal Policy
January 1, 2009, 12:00am PST
This paper analyses the international dimension of fiscal policy using a small open economy framework in which the government finances its spending by levying distortionary taxation and issuing...
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The Macroeconomic Role Of Unemployment Compensation
February 1, 2009, 12:00am PST
The standard motivation for unemployment compensation is consumption smoothing and most papers in the literature have analyzed trade-offs involving consumption smoothing and moral hazard. This...
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Accounting For Research And Productivity Growth Across Industries
May 1, 2009, 12:00am PDT
What factors underlie industry differences in research intensity and productivity growth? The authors develop a multi-sector endogenous growth model allowing for industry specific parameters in...
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