The paper develops a semiparametric estimation method for the bivariate count data regression model. We develop a series expansion approach in which dependence between count variables is introduced by means of stochastically related unobserved heterogeneity components, and in which, unlike...

This paper investigates the relationship between patents and research and development expenditures using new longitudinal patent data at the firm level for the U.S. manufacturing sector from 1982-1992. The paper also develops a new class of count panel data models based on series expansion of...

We estimate a knowledge production function for university patenting using an individual effects negative binomial model. We control for R&D expenditures, research field and the presence of a TTO office. We distinguish between three kinds of researchers who staff labs: faculty, postdoctoral...

We estimate the causal effects of job creation tax credits on employment using the exogenous spatial and time variations in the value of the credits across Georgia’s 159 counties over a 15-year period. We employ three empirical approaches: regression discontinuity design models making use of...

We estimate the response of domestic oil drilling to uncertainty about oil prices. We measure domestic drilling activity by the weekly number of rigs drilling for oil, and we measure oil uncertainty by implied volatility from options on oil futures. We find that oil uncertainty has a negative...

This paper investigates the exposure of industry level portfolios to oil price shocks. Our paper utilizes the Campbell (1991) decomposition of stock returns based on a log-linear approximation to the discounted present value relation while allowing for time varying expected returns. The results...

The failure of decreases in oil prices to produce expansions that mirror the contractions associated with higher oil prices has been a topic of considerable interest. We investigate for the G-7 one explanation for this feature - the role of uncertainty about oil prices. In particular, we examine...

There has recently been considerable interest in the potential adverse effects associated with excessive uncertainty in energy futures markets. Theoretical models of investment under uncertainty predict that increased uncertainty will tend to induce firms to delay investment. These models are...

Previous research shows that volatility in oil prices has tended to depress output, as measured by non-residential investment and GDP. This is interpreted as evidence in support of the theory of real options in capital budgeting decisions, which predicts that uncertainty about, for example,...