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The Probability Premium Approach to Comparative Risk Aversion
(Private Enterprise Research Center, Texas A&M University, 2015-04-23)
In the framework of expected utility, nth-degree risk aversion/loving is unequivocally characterized by the sign of the nth-order derivative of the utility function, but there exist different notions of one decision maker ...
The Great Recession and Charitable Giving
(Private Enterprise Research Center, Texas A&M University, 2017-03-01)
The authors examine the impact of the Great Recession on charitable giving. Using the Panel Study of Income Dynamics, the authors estimate a variety of specifications and find sharp declines in overall don-ative behavior ...
Inflation Dynamics and the Cost Channel: The Small Open Economy Case
(Private Enterprise Research Center, Texas A&M University, 2014-05-19)
This paper investigates the cost channel of monetary policy, transmitting its effect on economic activities other than conventional demand side, in a small open economy. The innovations lie in examination of the cost ...
The Higher Costs of Doing Business in China: Minimum Wages and Firms' Export Behavior
(Private Enterprise Research Center, Texas A&M University, 2016-02-01)
This paper examines the relationship between changes in the minimum wage and firms’ export behavior in China using detailed firm-level data of medium and large manufacturing enterprises between 1998 and 2007. We find ...
Peer Quality and the Academic Benefits to Attending Better Schools
(Private Enterprise Research Center, Texas A&M University, 2016-09-18)
Despite strong demand for attending high schools with better peers, there is mixed evidence on whether doing so improves academic outcomes. The authors estimate the cognitive returns to high school quality using administrative ...
Is Social Security Wealth?
(Private Enterprise Research Center, Texas A&M University, 2016-04-01)
Wealth inequality has grown significantly over the last three decades and there are growing concerns about the diminishing wealth share of the middle class. Standard wealth definitions require that individuals possess a ...
The Time Varying Effect of Monetary Policy Surprise on Stock Returns: Bursting Bubble Beating Forward Guidance
(Private Enterprise Research Center, Texas A&M University, 2015-07-09)
The authors study the time varying effects of monetary policy on the stock returns in order to capture changes in the effectiveness of monetary policy over time. They find that a one percentage point surprise federal funds ...
Does Fundraising Create New Giving?
(Private Enterprise Research Center, Texas A&M University, 2016-02-01)
Despite an extensive literature on the impacts of a variety of charitable fundraising tech-niques, little is known about whether these activities increase overall giving or merely cause donors to substitute away from other ...
Nonlinear Evidence on the Existence of Jobless Recoveries
(Private Enterprise Research Center, Texas A&M University, 2015-07-01)
The sluggish growth in employment following the Great Recession has spurred research into investigating its cause. Economists are split as to whether it reflects the advent of “jobless recoveries� or just reflects ...
Power to Choose? An Analysis of Consumer Inertia in the Residential Electricity Market
(Private Enterprise Research Center, Texas A&M University, 2015-06-01)
Many jurisdictions around the world have deregulated utilities and opened retail markets to competition. However, inertial decisionmaking can diminish consumer benefits of retail competition. Using household-level data ...