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NBER WORKING PAPER SERIES CODIFICATION, TECHNOLOGY ABSORPTION, AND THE GLOBALIZATION OF THE INDUSTRIAL REVOLUTION Réka Juhász Shogo Sakabe David Weinstein Working Paper 32667 http://www.nber.org/papers/w32667 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 July 2024 We give special thanks to Chris Meissner and John Tang for sharing their trade data for Belgium an
This paper studies technology absorption worldwide in the late nineteenth century. We construct several novel datasets to test the idea that the codification of technical knowledge in the vernacular was necessary for countries to absorb the technologies of the Industrial Revolution. We find that comparative advantage shifted to industries that could benefit from patents only in countries and colon
We study targeted lockdowns in a multi-group SIR model where infection, hospitalization and fatality rates vary between groups—in particular between the “young”, “the middle-aged” and the “old”. Our model enables a tractable quantitative analysis of optimal policy. For baseline parameter values for the COVID-19 pandemic applied to the US, we find that optimal policies differentially targeting risk
Estimating consumer surplus is challenging because it requires identification of the entire demand curve. We rely on Uber’s “surge” pricing algorithm and the richness of its individual level data to first estimate demand elasticities at several points along the demand curve. We then use these elasticity estimates to estimate consumer surplus. Using almost 50 million individual-level observations a
Concerns about the quality of China’s official GDP statistics have been a perennial question in understanding its economic dynamics. We use data on satellite-recorded nighttime lights as an independent benchmark for comparing various published indicators of the state of the Chinese economy. Using the methodology of Pinkovskiy and Sala-i-Martin (2016a and b), we exploit nighttime lights to compute
Recent academic papers have shown that the Japanese sovereign debt situation is not sustainable. The puzzle is that the bond rate has remained low and stable. Some suggest that the low yield can be explained by domestic residents' willingness to hold Japanese government bonds (JGBs) despite its low return, and that as long as domestic residents remain home-biased, the JGBs are sustainable. About 9
Ultra-high frequency data are complete transactions data which inherently arrive at random times. Marked point processes provide a theoretical framework for analysis of such data sets. The ACD model developed by Engle and Russell (1995) is then applied to IBM transactions data to develop semi-parametric hazard estimates and measures of instantaneous conditional variances. The variances are negativ
The NBER is committed to making its web content accessible to all. Please address any concerns or requests for assistance to [email protected]. To request a video you are featured in be taken down, please reach out to [email protected]. In addition to working papers, the NBER disseminates affiliates’ latest findings through a range of free periodicals — the NBER Reporter, the NBER Digest,
Between 1972 and 1978 U.S. high schools rapidly increased their female athletic participation rates--to approximately the same level as their male athletic participation rates--in order to comply with Title IX, a policy change that provides a unique quasi-experiment in female athletic participation. This paper examines the causal implications of this expansion in female sports participation by usi
What Are NBER Lectures? Among featured events at the NBER Summer Institute are the Martin Feldstein Lecture, which examines a current issue involving economic policy, and the Methods Lectures, which describe an emerging set of tools and techniques in econometrics. In addition, some keynote addresses and panel discussions at NBER conferences are preserved in lecture format. Affiliated researchers a
The NBER’s Business Cycle Dating Committee maintains a chronology of US business cycles. The chronology identifies the dates of peaks and troughs that frame economic recessions and expansions. A recession is the period between a peak of economic activity and its subsequent trough, or lowest point. Between trough and peak, the economy is in an expansion. Expansion is the normal state of the economy
A free quarterly publication featuring program updates, several summaries of affiliates' research, and news about the NBER. It is an honor to be here today; I owe my love of economics to the Bureau as well as my many friends and colleagues. Marty [Martin] Feldstein was one of the people who made it such a special place. I enjoyed seeing him around the Bureau, learning public finance from him, and
New research by NBER affiliates, circulated prior to peer review for discussion and comment. NBER Working Papers may not offer policy recommendations or normative judgments about policies, but may report analytic results on the effects of policies. The NBER distributes more than 1,200 Working Papers each year. Papers issued more than 18 months ago are open access. More recent papers are available
The rapidly expanding home-sharing market has led to calls for new regulations to restrict activity in short-term rental (STR) markets. Debates about such regulations have identified potential benefits of an active STR market as well as potential costs. In The Effects of Short-Term Rental Regulation: Insights from Chicago (NBER Working Paper 32537), Ginger Zhe Jin, Liad Wagman, and Mengyi Zhong pr
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