Can We Identify Union Productivity Effects?

Contrary to recent criticism, the standard production function test can, in principle, reveal whether or not unionized workers or firms are more productive than their nonunion counterparts. In the long run, however, the forces of competition foreordain the result.     

The Role of the Business Press as an Information Intermediary

This paper investigates whether the business press serves as an information intermediary. The press potentially shapes firms' information environments by packaging and disseminating information, as well as by creating new information through journalism activities. We find that greater press coverage reduces information asymmetry (i.e., lower spreads and greater depth) around earnings announcements, with broad dissemination of information having a bigger impact than the quantity or quality of press-generated information. These results are robust to controlling for firm-initiated disclosures, market reactions to the announcement, and other information intermediaries. Our findings suggest that the press helps reduce information problems around earnings announcements.     

Lifetime Earnings and Inequality*

It is argued that for many purposes the measurement of inequality should be based on income measured over a longer period than a single year. However, samples of individual earnings over a long period are extremely rare, and there are no data on complete lifetime earnings. This survey examines the wide variety of attempts that have been made to estimate inequality using a longer accounting period Emphasis is placed on the problems of extending the accounting period, rather than the properties of particular statistical measures of inequality.     

THE STRAIGHT STORY ABOUT THE GREENHOUSE EFFECT

During the hot, dry summer of 1988, nearly every newspaper, magazine, and television and radio station in the United States discussed the hot weather and its possible connection with the "greenhouse effect." This public discussion was needed to alert many people to an important topic, but it also led to many misunderstandings about the physical and technical facts and studies involved in considering future climate heating. Some of these misunderstandings originate with the media, some result from the manner in which climate modelers make heating calculations, and a few result from words having meanings that are slightly different to scientists than they are to the general public. The most basic facts that one must understand are as follows, (i) Theory foreseeing a rapid climate heating during the coming decades is based on some of the best understood features of the atmosphere, (ii) The average surface temperature of the earth has increased during the past 120 years, but this increase has been far from uniform and does not prove or disprove that a climate heating is under way. (Hi) The technology is available to begin decreasing rapidly the emission of infrared-trapping gases.     

The Economics of Bipartisan Campaign Reform

This essay evaluates two provisions in the Bipartisan Campaign Reform Act (BCRA): raising contribution limits and banning soft money. The model highlights the importance of marginal cost ratios for candidates and their parties. The results suggest that raising contribution limits protects incumbents. Importantly, this generates efficiency gains that come at the expense of electoral competitiveness. When a party has an advantage in a large number of districts, the soft money ban may also reduce rent‐seeking effort while exacerbating existing advantages. Ultimately, the two provisions underscore an “equity‐efficiency” trade‐off. While restricting rent‐seeking effort, they probably lead to less competitive elections.     

中国经济之强劲增长：对东亚的寓意

中国的崛起对东亚经济产生了深刻影响。不仅中国在东北亚的近邻通过贸易和投资从中国的开放政策中获益，而且那些曾经与中国争夺国外直接投资（FDI）和出口市场的东盟国家也开始从中国的经济增长中得到好处。中国作为世界经济增长的发动机之一已经对其东亚邻国产生了积极影响。通过“东盟＋3”方案，特别是始于2002年的“中国-东盟”自由贸易协定，中国为东亚地区经济一体化提供了新的动力，从而为东亚经济增长发挥着日益重要的地缘政治和地缘经济作用。