Using a new data set that allows us to analyze precisely the research output in all fields of science, we show that the gap in scientific performance between Europe, especially continental Europe, and Anglo-Saxon countries, especially the USA, is large. We measure research quality by the number...

For local and average kernel based estimators, smoothness conditions ensure that the kernel order determines the rate at which the bias of the estimator goes to zero and thus allows the econometrician to control the rate of convergence. In practice, even with smoothness the estimation errors may...

This report presents new evidence relating to the effects of climate policy in Europe, particularly the European Union Emissions Trading Scheme (EU ETS). The evidence is based on new data from almost 800 phone interviews we conducted with managers in manufacturing plants in six European...

Positive investment comovements across OECD economies as observed in the data are difficult to replicate in open-economy real business cycle models, but also vary substantially in degree for individual country-pairs. This paper shows that a two-country stochastic growth model that distinguishes...

This paper identifies the effect of neighborhood peer groups on childhood skill acquisition using observational data. We incorporate spatial peer interaction, defined as a child’s nearest geographical neighbors, into a production function of child cognitive development in Andhra Pradesh,...

We show that in an open-economy OLG model, the interaction between growth differentials and household credit constraints, more severe in fast-growing countries, can explain three prominent global trends: a divergence in private saving rates between advanced and emerging economies, large net...

We show that the level of interest rates determines the magnitude of mispricing at the turn of the tax year, as investors face the trade-o¤ between selling a temporarily depressed stock this year and selling next year, but delaying tax implications by one year. Interest rates do explain the...

Current projections of long-term trends in Atlantic hurricane activity due to climate change are deeply uncertain, both in magnitude and sign. This creates challenges for adaptation planning in exposed coastal communities. We present a framework to support the interpretation of current long-term...

This paper deals with the dimension reduction of high-dimensional time series based on common factors. In particular we allow the dimension of time series p to be as large as, or even larger than, the sample size n. The estimation of the factor loading matrix and the factor process itself is...

This paper maps the distribution of total direct and embodied emissions of greenhouse gases by households in the UK and goes on to analyse their main drivers. Previous research has studied the distribution of direct emissions by households, notably from domestic fuel and electricity, but this is...