WorldCat Identities

Harvard Institute of Economic Research

Overview
Works: 1,373 works in 1,952 publications in 1 language and 2,743 library holdings
Genres: Periodicals  Vital statistics 
Roles: Editor, Other
Classifications: HJ4132, 336.205
Publication Timeline
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Most widely held works by Harvard Institute of Economic Research
Discussion paper( )

in English and held by 35 WorldCat member libraries worldwide

Financial crises in emerging markets : the lessons from 1995 by Jeffrey Sachs( Book )

3 editions published in 1996 in English and held by 12 WorldCat member libraries worldwide

In this paper we examine closely the financial events following the Mexican peso devaluation to uncover new lessons about the nature of financial crises. We explore the question of why, during 1995, some emerging markets were hit by financial crises while others were not. To this end, we ask whether there are some fundamentals that help explain the variation in financial crises across countries or whether the variation just reflects contagion. We present a simple model identifying three factors that determine whether a country is more vulnerable to suffer a financial crisis: a high real exchange rate appreciation, a recent lending boom, and low reserves. We find that for a set of 20 emerging markets, differences in these fundamentals go far in explaining why during 1995 some emerging markets were hit by financial crises while others were not. We also find that alternative hypotheses that have been put forth to explain such crises often do not seem to be supported by the data, such as high current account deficits, excessive capital inflows and loose fiscal policies
Growth, economies of scale, and targeting in Japan (1955-1990) by Dick Beason( Book )

3 editions published between 1993 and 1994 in English and held by 12 WorldCat member libraries worldwide

The Mexican peso crisis : sudden death or death foretold? by Jeffrey Sachs( Book )

4 editions published in 1996 in English and held by 11 WorldCat member libraries worldwide

We argue that allowing for the possibility of a self-fulfilling panic helps in understanding several features of the recent Mexican crisis. Self-fulfilling expectations became decisive in generating a panic only after the government ran down gross reserves and ran up short-term dollar debt. We present a simple model to explain how and why multiple equilibria can occur for some levels of reserves or debt, but not for others. Lastly, we argue that the imperfect credibility of Mexican exchange rate policy made it advisable to follow more contractionary fiscal and monetary policies in 1994. Our model formalizes the reasons why this is so
Wage inequality and segregation by skill by Michael Kremer( Book )

2 editions published in 1996 in English and held by 10 WorldCat member libraries worldwide

Abstract: Evidence from the US, Britain, and France suggests that recent growth in wage inequality has been accompanied by greater segregation of high- and low-skill workers into separate firms. A model in which workers of different skill-levels are imperfect substitutes can simultaneously account for these increases in segregation and inequality either through technological change, or, more parsimoniously, through observed changes in the skill-distribution
Price versus quantity : market clearing mechanisms when sellers differ in quality by Andrew Metrick( Book )

2 editions published in 1996 in English and held by 10 WorldCat member libraries worldwide

High-quality producers in a vertically differentiated market can reap superior profits by charging higher prices, selling greater quantities, or both. If qualities are known by consumers and production costs are constant, then having a higher quality secures the producer both higher price and higher quantity; if marginal costs are rising, having a higher quality assures only higher price. If only some consumers can discern quality but others cannot, then high- and low-quality producers may set a common price, but the high-quality producer will sell more. In this context, quality begets quantity. Empirical analyses suggest that in both the mutual fund and automobile industries, high-quality producers sell more units than their low-quality competitors, but at no higher price (or markup) per unit
Does economic geography matter for international specialization? by Donald R Davis( Book )

4 editions published between 1996 and 1997 in English and held by 9 WorldCat member libraries worldwide

There are two principal theories of why countries trade: comparative advantage and increasing returns to scale. Yet there is no empirical work that assesses the relative importance of these two theories in accounting for production structure and trade. We use a framework that nests an increasing returns model of economic geography featuring home market effects with that of Heckscher-Ohlin-Vanek. We employ these trade models to account for the structure of OECD manufacturing production. The data militate against the economic geography framework. Moreover, even in the specification most generous to economic geography, endowments account for 90 percent of the explainable variance, economic geography but 10 percent
Discussion paper series by Harvard Institute of Economic Research( )

in English and held by 9 WorldCat member libraries worldwide

On sustainable development by Robert Dorfman( Book )

3 editions published in 1993 in English and held by 9 WorldCat member libraries worldwide

Public policy implications of declining old age mortality by James M Poterba( Book )

3 editions published in 1985 in English and held by 9 WorldCat member libraries worldwide

Reform from within by Aaron Tornell( Book )

2 editions published in 1998 in English and held by 8 WorldCat member libraries worldwide

We present a model of endogenous institutional change that rationalizes reforms that have taken place in the context of economic crisis and drastic political change. Most of the reforms have been initiated by powerholders, even though they have ended worse off relative to the status quo. The first point we make is that reform is the tool used by some powerful groups to limit the power of their political opponents. The second point is that groups with common access' to the economy's resources find it individually rational to overappropriate resources. As a result the economy deteriorates. When the economy reaches a crisis conflict among groups erupts. Reform is the result of this conflict
Nominal income targeting by Robert E Hall( Book )

3 editions published in 1993 in English and held by 8 WorldCat member libraries worldwide

This paper discusses nominal income targeting as a possible rule for the conduct of monetary policy. We begin by discussing why a rule for monetary policy may be desirable and the characteristics that a good rule should have. We emphasize, in particular, three types of nominal income targets, which differ in how they respond to past shocks, to prices, and real economic activity. A key question is how any of these rules might be implemented in practice. We suggest that the consensus forecast of future nominal income could playa role in ensuring that the central bank does not deviate from its announced target. To show how economic performance might have differed historically if the Fed had been committed to some type of nominal income target, we offer simulations of a simple model of the economy. According to the simulations, the primary benefit of nominal income targeting would have been reduced volatility in the price level and the inflation rate. Whether real economic activity would have been less volatile is unclear
Technology, unemployment, and relative wages in a global economy by Donald R Davis( Book )

2 editions published in 1996 in English and held by 8 WorldCat member libraries worldwide

Arguably the most important development in recent decades in US factor markets is the decline in the relative wage of the unskilled. By contrast, in Europe it is undoubtedly the rise and persistence of unemployment. Technology has been identified as a key reason for the rising US wage inequality, while labor market rigidities are often cited as a key reason for European unemployment. This paper seeks to provide a unified account of these major factor market developments. It models the impact of technical change on relative wages and unemployment in a world in which one country has flexible and the other rigid labor market institutions. The results depart significantly but sensibly from what one would expect in a fully flexible wage world. A few stylized facts help to narrow the field to a few candidates to account for these factor market developments
Transformational recession : a general phenomenon examined through the example of Hungary's development by János Kornai( Book )

2 editions published in 1993 in English and held by 8 WorldCat member libraries worldwide

Hierarchical Bayes models with many instrumental variables by Gary Chamberlain( Book )

3 editions published in 1996 in English and held by 7 WorldCat member libraries worldwide

In this paper, we explore Bayesian inference in models with many instrumental variables that are potentially weakly correlated with the endogenous regressor. The prior distribution has a hierarchical (nested) structure. We apply the methods to the Angrist-Krueger (AK, 1991) analysis of returns to schooling using instrumental variables formed by interacting quarter of birth with state/year dummy variables. Bound, Jaeger, and Baker (1995) show that randomly generated instrumental variables, designed to match the AK data set, give two-stage least squares results that look similar to the results based on the actual instrumental variables. Using a hierarchical model with the AK data, we find a posterior distribution for the parameter of interest that is tight and plausible. Using data with randomly generated instruments, the posterior distribution is diffuse. Most of the information in the AK data can in fact be extracted with quarter of birth as the single instrumental variable. Using artificial data patterned on the AK data, we find that if all the information had been in the interactions between quarter of birth and state/year dummies, then the hierarchical model would still have led to precise inferences, whereas the single instrument model would have suggested that there was no information in the data. We conclude that hierarchical modeling is a conceptually straightforward way of efficiently combining many weak instrumental variables
Tax reform and the cost of capital : an international comparison by Dale W Jorgenson( Book )

3 editions published in 1992 in English and held by 7 WorldCat member libraries worldwide

Retaliatory mechanisms for eliminating trade barriers : aggressive unilateralism vs. GATT cooperation by Kathryn E Spier( Book )

3 editions published in 1993 in English and held by 7 WorldCat member libraries worldwide

On the economic analysis of labor market institutions and institutional change by Richard B Freeman( Book )

4 editions published in 1992 in English and held by 7 WorldCat member libraries worldwide

Economic geography and regional production structure : an empirical investigation by Donald R Davis( Book )

3 editions published in 1997 in English and held by 7 WorldCat member libraries worldwide

There are two principal theories of why countries or regions trade: comparative advantage and increasing returns to scale. Yet there is virtually no empirical work that assesses the relative importance of these two theories in accounting for production structure and trade. We use a framework that nests an increasing returns model of economic geography featuring market effects trade models to account for the structure of regional production in Japan. We find support for the existence of economic geography effects in eight of nineteen manufacturing sectors, including such important ones as transportation equipment, iron and steel, electrical machinery, and chemicals. Moreover, we find that these effects are economically very significant. The latter contrasts with the results of Davis and Weinstein (1997), which found scant economic significance of economic geography for the structure of OECD production. We conclude that while economic geography may explain little about the international structure of production, it is very important for understanding the regional structure of production
Real wages and relative factor prices in the Third World 1820-1940 : Latin America by Jeffrey G Williamson( Book )

3 editions published in 1998 in English and held by 6 WorldCat member libraries worldwide

 
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Associated Subjects
Bayesian statistical decision theory Capital gains tax Capital investments--Econometric models Capital levy Comparative advantage (International trade) Comparative advantage (International trade)--Mathematical models Developing countries Economic development--Environmental aspects--Mathematical models Economic geography Economic geography--Econometric models Economic history Economic policy--Econometric models Economics--Research Economies of scale--Mathematical models Europe Financial crises Financial crises--Econometric models Free trade--Econometric models General Agreement on Tariffs and Trade (Organization) Heckscher-Ohlin principle Hungary Income--Econometric models Income tax Income tax--Econometric models Industrial policy--Econometric models Instrumental variables (Statistics) Japan Labor supply--Effect of technological innovations on--Econometric models Labor supply--Effect of technological innovations on--Mathematical models Life expectancy Market segmentation--Mathematical models Mexico Monetary policy Monetary policy--Econometric models Money Non-tariff trade barriers--Mathematical models Older people--Diseases Older people--Government policy Quality of products--Mathematical models Skilled labor--Econometric models Structural unemployment--Econometric models Structural unemployment--Mathematical models United States Unskilled labor--Econometric models Wage differentials--Econometric models Wage differentials--Mathematical models Wages--Econometric models Wages--Effect of technological innovations on Wages--Effect of technological innovations on--Econometric models Wages--Mathematical models
Alternative Names
Harvard Institute for Economic Research

Harvard University Cambridge, Mass Institute of Economic Research

Harvard University Institute of Economic Research

HIER

Institute of Economic Research

Institute of Economic Research Cambridge, Mass

Languages
English (61)