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Business cycles and investment in human capital: international evidence on higher education 商业周期与人力资本投资:高等教育的国际证据
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-06-01 Epub Date: 2004-05-20 DOI: 10.1016/S0167-2231(00)00025-7
Antonio Ciccone
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引用次数: 2
An empirical model of inventory investment by durable commodity intermediaries: A comment 耐用品中介机构存货投资的实证模型
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-06-01 DOI: 10.1016/S0167-2231(00)00023-3
James A. Kahn
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引用次数: 0
Business cycles and investment in human capital: international evidence on higher education: A comment 商业周期与人力资本投资:高等教育的国际证据:评论
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-06-01 DOI: 10.1016/S0167-2231(00)00025-7
A. Ciccone
{"title":"Business cycles and investment in human capital: international evidence on higher education: A comment","authors":"A. Ciccone","doi":"10.1016/S0167-2231(00)00025-7","DOIUrl":"https://doi.org/10.1016/S0167-2231(00)00025-7","url":null,"abstract":"","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"79 1","pages":"257-262"},"PeriodicalIF":0.0,"publicationDate":"2000-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72609204","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Job destruction and the experiences of displaced workers 失业和失业工人的经历
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-06-01 Epub Date: 2004-05-20 DOI: 10.1016/S0167-2231(00)00019-1
Gadi Barlevy
{"title":"Job destruction and the experiences of displaced workers","authors":"Gadi Barlevy","doi":"10.1016/S0167-2231(00)00019-1","DOIUrl":"https://doi.org/10.1016/S0167-2231(00)00019-1","url":null,"abstract":"","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"52 ","pages":"Pages 129-136"},"PeriodicalIF":0.0,"publicationDate":"2000-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(00)00019-1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91725390","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Business cycles and investment in human capital: international evidence on higher education 商业周期与人力资本投资:高等教育的国际证据
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-06-01 Epub Date: 2004-05-20 DOI: 10.1016/S0167-2231(00)00024-5
Plutarchos Sakellaris, Antonio Spilimbergo
{"title":"Business cycles and investment in human capital: international evidence on higher education","authors":"Plutarchos Sakellaris,&nbsp;Antonio Spilimbergo","doi":"10.1016/S0167-2231(00)00024-5","DOIUrl":"https://doi.org/10.1016/S0167-2231(00)00024-5","url":null,"abstract":"<div><p>We study the effect of economic fluctuations on investment in higher education for a wide range of countries. Our main focus is on foreign students who come to the United States to attend universities. There is a strong relation between enrollment and the business cycle in the sending country. The cyclical pattern of enrollment is sharply different for two groups of countries. For OECD countries enrollment is countercyclical, whereas for non-OECD countries it is procyclical. At business cycle frequencies, opportunity cost plays a dominant role in explaining enrollment from OECD countries, whereas ability to pay and credit constraints seem more prevalent at non-OECD countries. The results are confirmed using data on domestic enrollment from national sources.</p></div>","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"52 ","pages":"Pages 221-256"},"PeriodicalIF":0.0,"publicationDate":"2000-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(00)00024-5","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90014869","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Product vs. process innovations and economic fluctuations 产品与工艺创新和经济波动
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-06-01 DOI: 10.1016/S0167-2231(00)00020-8
M. Yorukoglu
{"title":"Product vs. process innovations and economic fluctuations","authors":"M. Yorukoglu","doi":"10.1016/S0167-2231(00)00020-8","DOIUrl":"https://doi.org/10.1016/S0167-2231(00)00020-8","url":null,"abstract":"","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"38 1","pages":"137-163"},"PeriodicalIF":0.0,"publicationDate":"2000-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86056733","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 16
An empirical model of inventory investment by durable commodity intermediaries 耐用品中介机构存货投资的实证模型
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-06-01 DOI: 10.1016/S0167-2231(00)00022-1
G. Hall, John Rust
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引用次数: 59
Understanding how price responds to costs and production 了解价格对成本和产量的反应
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-06-01 Epub Date: 2004-05-20 DOI: 10.1016/S0167-2231(00)00016-6
Mark Bils , Yongsung Chang
{"title":"Understanding how price responds to costs and production","authors":"Mark Bils ,&nbsp;Yongsung Chang","doi":"10.1016/S0167-2231(00)00016-6","DOIUrl":"https://doi.org/10.1016/S0167-2231(00)00016-6","url":null,"abstract":"<div><p>The importance of sticky prices in business-cycle fluctuations has been debated for many years. But we argue, based on a large empirical literature from the 1950s and 60s, that it is necessary to distinguish the response of price to an increase in factor prices from its response to an increase in marginal cost generated by an expansion in production. Consistent with that earlier literature, we find for 450 U.S. manufacturing industries that prices do respond more to increases in costs driven by changes in factor prices than to increases in marginal cost precipitated by expansions in output. We explore two models that can potentially explain these findings. Both break the link between price and marginal cost, thereby generating what one might naively interpret as average-cost pricing. The first is driven by firms pricing to limit entry. The second is driven by firms pricing to limit non-price competition within their market.</p></div>","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"52 ","pages":"Pages 33-77"},"PeriodicalIF":0.0,"publicationDate":"2000-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(00)00016-6","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137227616","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 9
An empirical model of inventory investment by durable commodity intermediaries 耐用品中介机构存货投资的实证模型
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-06-01 Epub Date: 2004-05-20 DOI: 10.1016/S0167-2231(00)00023-3
James A. Kahn
{"title":"An empirical model of inventory investment by durable commodity intermediaries","authors":"James A. Kahn","doi":"10.1016/S0167-2231(00)00023-3","DOIUrl":"https://doi.org/10.1016/S0167-2231(00)00023-3","url":null,"abstract":"","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"52 ","pages":"Pages 215-220"},"PeriodicalIF":0.0,"publicationDate":"2000-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(00)00023-3","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90014868","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
An empirical model of inventory investment by durable commodity intermediaries 耐用品中介机构存货投资的实证模型
Carnegie-Rochester Conference Series on Public Policy Pub Date : 2000-06-01 Epub Date: 2004-05-20 DOI: 10.1016/S0167-2231(00)00022-1
George Hall, John Rust
{"title":"An empirical model of inventory investment by durable commodity intermediaries","authors":"George Hall,&nbsp;John Rust","doi":"10.1016/S0167-2231(00)00022-1","DOIUrl":"https://doi.org/10.1016/S0167-2231(00)00022-1","url":null,"abstract":"<div><p>This paper introduces a new detailed dataset of high-frequency observations on inventory investment by a U.S. steel wholesaler. Our analysis of these data leads to six main conclusions: orders and sales are made infrequently; orders are more volatile than sales; order sizes vary considerably; there is substantial high-frequency variation in the firm's sales prices; inventory/sales ratios are unstable; and there are occasional stockouts. We model the firm generically as a <em>durable commodity intermediary</em> that engages in commodity price speculation. We demonstrate that the firm's inventory investment behavior at the product level is well-approximated by an <em>optimal trading strategy</em> from the solution to a nonlinear dynamic programming problem with two continuous state variables and one continuous control variable that is subject to frequently binding inequality constraints. We show that the optimal trading strategy is a <em>generalized (S, s) rule</em>. That is, whenever the firm's inventory level <em>q</em> falls below the <em>order threshold s(p)</em>, the firm places an order of size <em>S</em>(<em>p</em>) − <em>q</em> in order to attain a <em>target inventory level S(p)</em> satisfying <em>S</em>(<em>p</em>) ≥ <em>s</em>(<em>p</em>), where <em>p</em> is the current spot price at which the firm can purchase unlimited amounts of the commodity after incurring a fixed order cost <em>K</em>. We show that the (<em>S</em>, <em>s</em>) bands are decreasing functions of <em>p</em>, capturing the basic intuition of commodity price speculation, namely, that it is optimal for the firm to hold higher inventories when the spot price is low than when it is high in order to profit from “buying low and selling high.” We simulate a calibrated version of this model and show that the simulated data exhibit the key features of inventory investment we observe in the data.</p></div>","PeriodicalId":100218,"journal":{"name":"Carnegie-Rochester Conference Series on Public Policy","volume":"52 ","pages":"Pages 171-214"},"PeriodicalIF":0.0,"publicationDate":"2000-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/S0167-2231(00)00022-1","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"91759581","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 56
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