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It_PPH1 consists_VVZ of_IO two_MC animations_NN2 ,_, one_MC1 related_VVD to_II children_NN2 from_II low-income_JJ families_NN2 and_CC the_AT other_JJ related_JJ to_II children_NN2 from_II high-income_JJ families_NN2 ._. 
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Thus_RR ,_, for_IF #E_FO to_TO be_VBI true_JJ ,_, the_AT ratio_NN1 of_IO the_AT "_" socially-weighted_JJ "_" income_NN1 to_II the_AT average_JJ income_NN1 in_II group_NN1 1_MC1 should_VM be_VBI higher_JJR than_CSN that_DD1 in_II group_NN1 2_MC ._. 
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In_RR21 particular_RR22 ,_, this_DD1 method_NN1 disregards_VVZ the_AT percentage_NN1 of_IO each_DD1 grant_NN1 '_NULL s_ZZ1 exercise_NN1 and_CC also_RR ignores_VVZ exercises_NN2 of_IO a_AT1 percentage_NN1 lower_JJR than_CSN the_AT predetermined_JJ threshold_NN1 of_IO 50%_NNU ,_, as_RR21 well_RR22 the_AT options_NN2 remaining_VVG after_II an_AT1 exercise_NN1 that_CST exceeds_VVZ the_AT 50%_NNU threshold_NN1 ._. 
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The_AT bottom_JJ row_NN1 of_IO Figure_NN1 V_MC distinguishes_VVZ between_II refinancing_VVG originations_NN2 in_II the_AT left_JJ panel_NN1 ,_, and_CC home_NN1 purchase_NN1 originations_NN2 in_II the_AT right.21Refinancing_FO originations_NN2 indeed_RR respond_VV0 faster_RRR and_CC by_II a_AT1 substantially_RR larger_JJR amount_NN1 than_CSN purchase_NN1 originations_NN2 ._. 
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If_CS the_AT firm_NN1 decides_VVZ to_TO export_VVI to_II the_AT foreign_JJ market_NN1 ,_, it_PPH1 pays_VVZ a_AT1 per-period_JJ fixed_JJ export_NN1 cost_NN1 ,_, #E_FO ,_, where_CS M_ZZ1 is_VBZ the_AT total_JJ mass_NN1 of_IO exporting_VVG firms_NN2 ,_, and_CC #E_FO represents_VVZ the_AT degree_NN1 of_IO congestion_NN1 externalities_NN2 involved_JJ in_II entering_VVG export_NN1 markets_NN2 ._. 
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Limitations_NN2 to_II this_DD1 approach_NN1 include_VV0 the_AT fact_NN1 that_CST observable_JJ "_" choice_NN1 behavior_NN1 "_" data_NN often_RR are_VBR lacking_VVG ._. 
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<s>
Decremental_JJ budgeting_NN1 is_VBZ redistribution_NN1 rather_II21 than_II22 distributions_NN2 ;_; it_PPH1 is_VBZ less_RGR stable_JJ than_CSN incremental_JJ decisions_NN2 ;_; and_CC it_PPH1 generates_VVZ more_DAR conflict_NN1 '_NULL (_( Schick_NP1 ,_, 1983_MC ;_; quoted_VVN in_II Meese_NN ,_, 2014_MC )_) ._. 
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Faulkender_VV0 and_CC Wang_NP1 (_( 2006_MC )_) suggest_VV0 that_CST if_CS firms_NN2 use_VV0 cash_NN1 to_TO pay_VVI down_RP debt_NN1 ,_, a_AT1 fraction_NN1 of_IO the_AT value_NN1 associated_VVN with_IW incremental_JJ cash_NN1 savings_NN2 will_VM accrue_VVI to_II the_AT firm_NN1 '_NULL s_ZZ1 debt_NN1 holders_NN2 ._. 
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It_PPH1 also_RR lowers_VVZ coworkers_NN2 '_NULL ability_NN1 to_TO cooperate_VVI in_II their_APPGE own_DA self-interest_NN1 ._. 
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In_II the_AT small_JJ group_NN1 and_CC individual_JJ markets_NN2 ,_, in_II contrast_NN1 ,_, the_AT CDHP_NP1 enrollment_NN1 among_II low_JJ risks_NN2 may_VM be_VBI a_AT1 response_NN1 to_II inefficiency_NN1 due_II21 to_II22 asymmetric_JJ information_NN1 between_II insurers_NN2 and_CC consumers_NN2 ._. 
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Journalistic_JJ accounts_NN2 of_IO certain_JJ emergency_NN1 relief_NN1 efforts_NN2 suggest_VV0 that_CST Salafi_JJ charities_NN2 have_VH0 performed_VVN equally_RR well_RR as_RG less_RGR politicized_JJ Islamic_JJ charities_NN2 ,_, and_CC much_RR better_RRR than_CSN state_NN1 relief_NN1 agencies_NN2 (_( McDaniel_NP1 2012_MC ,_, pp_NN1 ._. 
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We_PPIS2 also_RR assess_VV0 a_AT1 hypothetical_JJ reform_NN1 based_VVN on_II carbon_NN1 tax_NN1 ._. 
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Not_XX all_DB the_AT reported_JJ studies_NN2 ,_, however_RR ,_, use_VV0 financial_JJ calculation_NN1 ._. 
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Empirically_RR ,_, Benhabib_NP1 ,_, Bisin_NP1 ,_, and_CC Luo_NP1 (_( 2015_MC )_) structurally_RR assess_VV0 the_AT relevance_NN1 of_IO the_AT various_JJ mechanisms_NN2 that_CST generate_VV0 thick-tailed_JJ wealth_NN1 distributions_NN2 by_II estimating_VVG a_AT1 model_NN1 that_CST nests_NN2 them_PPHO2 ._. 
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Not_XX surprisingly_RR ,_, such_DA weaknesses_NN2 often_RR get_VV0 manipulated_VVN ._. 
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<s>
Clegg_NP1 and_CC Krauss_NP1 (_( 2018_MC )_) exploit_VV0 this_DD1 to_TO show_VVI multiple_JJ examples_NN2 in_II finance_NN1 and_CC economics_NN1 where_CS cointegrating_VVG relationships_NN2 are_VBR not_XX found_VVN but_CCB partial_JJ cointegration_NN1 is_VBZ in_II fact_NN1 uncovered_VVD ._. 
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They_PPHS2 can_VM be_VBI developed_VVN sizing_VVG up_RP the_AT interaction_NN1 between_II firms_NN2 that_CST may_VM entail_VVI information_NN1 flows_NN2 ._. 
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<s>
Pay_VV0 disparity_NN1 can_VM undermine_VVI cooperation_NN1 between_II workers_NN2 on_II the_AT same_DA unit_NN1 ,_, causes_VVZ a_AT1 decrease_NN1 in_II social_JJ ties_NN2 outside_II21 of_II22 work_NN1 ,_, and_CC leads_VVZ to_II reports_NN2 of_IO more_DAR unhappiness_NN1 at_II endline_NN1 ._. 
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The_AT top_NN1 and_CC middle_JJ panels_NN2 report_VV0 the_AT absolute_JJ values_NN2 of_IO the_AT moments_NN2 while_CS the_AT bottom_JJ panel_NN1 normalizes_VVZ the_AT baseline_NN1 outcomes_NN2 to_II one_PN1 ._. 
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Third_MD ,_, our_APPGE approach_NN1 may_VM be_VBI prone_JJ to_II selection_NN1 bias_NN1 in_II that_DD1 only_RR those_DD2 expressing_VVG a_AT1 strong_JJ interest_NN1 in_II the_AT topic_NN1 of_IO electric_JJ mobility_NN1 or_CC V2G_FO would_VM potentially_RR take_VVI the_AT time_NNT1 to_TO complete_VVI the_AT survey_NN1 ._. 
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COROLLARY_NN1 3_MC :_: If_CS preferences_NN2 are_VBR additively_RR separable_JJ ,_, whether_CSW directly_RR or_CC indirectly_RR ,_, the_AT demand_NN1 manifold_NN1 for_IF any_DD good_JJ is_VBZ invariant_JJ to_II changes_NN2 in_II aggregate_JJ variables_NN2 (_( except_II21 for_II22 income_NN1 ,_, in_II the_AT case_NN1 of_IO indirect_JJ additivity_NN1 )_) ._. 
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On_II the_AT first_MD day_NNT1 of_IO work_NN1 ,_, they_PPHS2 are_VBR told_VVN that_CST their_APPGE post-training_JJ wage_NN1 may_VM depend_VVI on_II their_APPGE productivity_NN1 during_II the_AT training_NN1 period_NN1 ._. 
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Do_VD0 energy_NN1 efficiency_NN1 and_CC economic_JJ factors_NN2 have_VH0 long_JJ term_NN1 effects_NN2 on_II CO2_FO emissions_NN2 when_CS accounting_VVG for_IF non-economic_JJ factors_NN2 ?_? 
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There_EX is_VBZ a_AT1 substitution_NN1 effect_NN1 when_CS the_AT budget_NN1 constraint_NN1 rotates_NN2 ,_, because_CS the_AT new_JJ rate_NN1 changes_VVZ the_AT price_NN1 of_IO improvements_NN2 and_CC produces_VVZ an_AT1 income_NN1 effect_NN1 when_CS the_AT tax_NN1 alters_VVZ the_AT net-income_JJ level_NN1 ._. 
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In_II31 addition_II32 to_II33 overseeing_VVG manufacturing_NN1 ,_, a_AT1 manager_NN1 can_VM choose_VVI to_TO transfer_VVI her_APPGE knowledge_NN1 to_II one_MC1 other_JJ individual_NN1 per_II period_NN1 by_II engaging_VVG in_II teaching_NN1 ._. 
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During_II our_APPGE various_JJ interactions_NN2 with_IW the_AT workplace_NN1 representatives_NN2 and_CC external_JJ labor_NN1 activists_NN2 ,_, we_PPIS2 also_RR took_VVD note_NN1 of_IO their_APPGE backgrounds_NN2 ,_, skills_NN2 ,_, and_CC resources_NN2 to_TO understand_VVI their_APPGE strategic_JJ capacity_NN1 ._. 
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This_DD1 may_VM be_VBI due_II21 to_II22 the_AT exponentially_RR growing_JJ tree_NN1 size_NN1 (_( and_CC corresponding_JJ computational_JJ difficulty_NN1 )_) in_II complicated_JJ settings_NN2 with_IW multiple_JJ sources_NN2 of_IO dependent_JJ uncertainties_NN2 and_CC sequential_JJ decisions_NN2 ._. 
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Third_MD ,_, it_PPH1 also_RR paints_VVZ a_AT1 consistent_JJ picture_NN1 of_IO commercial_JJ interest_NN1 rates_NN2 at_II between_II 10_MC and_CC 16_MC per_NNU21 cent_NNU22 ,_, which_DDQ are_VBR comparable_JJ to_II the_AT more_RGR scattered_JJ indications_NN2 of_IO returns_NN2 on_II other_JJ forms_NN2 of_IO investment_NN1 ._. 
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There_RL we_PPIS2 see_VV0 that_DD1 welfare_NN1 of_IO a_AT1 steady-state_JJ (_( newborn_JJ )_) individual_NN1 is_VBZ lower_JJR in_II the_AT presence_NN1 of_IO annuities_NN2 ._. 
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The_AT other_JJ factor_NN1 Mokyr_NN1 (_( 2002_MC )_) emphasizes_VVZ is_VBZ institutional_JJ progress_NN1 that_CST reduced_VVD rent_NN1 seeking_VVG ._. 
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We_PPIS2 first_MD do_VD0 so_RR in_II a_AT1 theoretical_JJ framework_NN1 ._. 
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The_AT proposed_JJ approach_NN1 to_TO combine_VVI predictions_NN2 of_IO conditional_JJ covariance_NN1 matrices_NN2 is_VBZ based_VVN on_II the_AT mean–variance_NN1 portfolio_NN1 selection_NN1 problem_NN1 introduced_VVN by_II Markowitz_NP1 (_( 1952_MC )_) ._. 
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We_PPIS2 next_MD consider_VV0 a_AT1 decision_NN1 maker_NN1 who_PNQS maximizes_VVZ the_AT present_JJ discounted_JJ value_NN1 of_IO the_AT stream_NN1 of_IO intertemporal_NN1 (_( monetary_JJ )_) outcomes_NN2 ._. 
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Sacerdote_NP1 (_( 2011_MC )_) notes_VVZ that_CST many_DA2 studies_NN2 find_VV0 modest_JJ effects_NN2 of_IO peer_NN1 quality_NN1 using_VVG reduced-form_JJ linear-in-means_JJ models_NN2 ,_, but_CCB there_EX is_VBZ also_RR a_AT1 large_JJ degree_NN1 of_IO heterogeneity_NN1 in_II their_APPGE findings.6_FO Sacerdote_NP1 (_( 2011_MC )_) suggests_VVZ that_CST nonlinearities_NN2 in_II the_AT relationship_NN1 between_II own_DA and_CC peer_VV0 characteristics_NN2 may_VM help_VVI explain_VVI such_DA heterogeneity_NN1 ,_, noting_VVG that_CST several_DA2 studies_NN2 have_VH0 found_VVN evidence_NN1 of_IO nonlinear_JJ peer_NN1 effects_NN2 in_II the_AT reduced-form_NN1 ,_, wherein_RRQ higher-ability_JJ students_NN2 gain_VV0 more_RRR from_II increases_NN2 in_II peer_NN1 quality_NN1 than_CSN do_VD0 lower-ability_JJ students_NN2 (_( see_VV0 ,_, e.g._REX ,_, Hoxby_NP1 and_CC Weingarth_NP1 (_( 2005_MC )_) ,_, Imberman_NP1 et_RA21 al_RA22 ._. 
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(_( 2012_MC )_) ,_, Burke_NP1 and_CC Sass_NP1 (_( 2013_MC )_) ,_, and_CC Lavy_NP1 and_CC Schlosser_NP1 (_( 2011_MC )_) ._. )_) ._. 
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The_AT probability_NN1 that_CST the_AT foreign_JJ country_NN1 will_VM choose_VVI to_TO replace_VVI its_APPGE current_JJ tariff_NN1 with_IW an_AT1 alternative_JJ tariff_NN1 is_VBZ denoted_VVN as_II an_AT1 arrival_NN1 rate_NN1 ,_, #E_FO ._. 
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Second_MD ,_, it_PPH1 is_VBZ biased_JJ downward_JJ because_CS it_PPH1 can_VM not_XX capture_VVI the_AT effect_NN1 of_IO extremely_RR high_JJ tariffs_NN2 in_II the_AT average_NN1 –_- at_II the_AT limit_NN1 a_AT1 product_NN1 with_IW a_AT1 100%_NNU tariff_NN1 will_VM not_XX be_VBI traded_VVN and_CC the_AT removal_NN1 of_IO such_DA a_AT1 tariff_NN1 could_VM lead_VVI to_II an_AT1 increase_NN1 in_II trade_NN1 tax_NN1 revenues_NN2 ._. 
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While_CS these_DD2 results_NN2 could_VM be_VBI solely_RR due_II21 to_II22 larger_JJR and_CC more_RGR profitable_JJ retailers_NN2 self-selecting_NN1 into_II importing_VVG ,_, further_JJR estimation_NN1 based_VVN on_II propensity_NN1 score_VV0 matching_JJ techniques_NN2 suggests_VVZ that_CST these_DD2 performance_NN1 differences_NN2 are_VBR at_RR21 least_RR22 partly_RR due_II21 to_II22 importing_VVG ._. 
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First_MD ,_, although_CS the_AT agricultural_JJ sector_NN1 should_VM be_VBI taxed_VVN ,_, small_JJ (_( mostly_RR illiterate_JJ )_) farmers_NN2 (_( and_CC other_JJ small_JJ businesses_NN2 )_) should_VM be_VBI exempted_VVN by_II setting_VVG the_AT threshold_NN1 rather_RR highat_VV0 an_AT1 amount_NN1 equivalent_NN1 to_II ,_, say_VV0 ,_, US$100.000_FO ._. 
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While_CS the_AT Dutch_JJ Republic_NN1 was_VBDZ the_AT most_RGT successful_JJ state_NN1 in_II this_DD1 regard_NN1 ,_, it_PPH1 was_VBDZ ultimately_RR Great_NP1 Britain_NP1 ,_, with_IW a_AT1 system_NN1 of_IO parliamentary_JJ control_NN1 ,_, ministerial_JJ responsibility_NN1 ,_, and_CC again_RT institutions_NN2 biased_VVN in_II31 favor_II32 of_II33 state_NN1 creditors_NN2 ,_, that_CST established_VVD a_AT1 model_NN1 that_CST other_JJ large_JJ European_JJ states_NN2 would_VM eventually_RR follow_VVI ._. 
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In_II this_DD1 case_NN1 ,_, if_CS the_AT consumption_NN1 smoothing_VVG desire_NN1 is_VBZ not_XX strong_JJ ,_, fixed_JJ capital_NN1 utilization_NN1 implies_VVZ a_AT1 negative_JJ market_NN1 price_NN1 of_IO risk_NN1 for_IF IST_FW shocks_VVZ ._. 
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The_AT zero_NN1 distortion_NN1 at_II the_AT bottom_NN1 and_CC top_JJ result_NN1 ,_, familiar_JJ for_IF the_AT labor_NN1 wedge_NN1 ,_, holds_VVZ here_RL for_IF the_AT net_JJ human_JJ capital_NN1 wedge_NN1 ._. 
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The_AT idea_NN1 is_VBZ that_CST this_DD1 difference_NN1 extracts_VVZ a_AT1 superb_JJ liquidity_NN1 property_NN1 of_IO T-bonds_NN2 ,_, i.e._REX ,_, the_AT relative_JJ ease_NN1 of_IO trading_VVG it_PPH1 compared_VVD to_II Aaa_NP1 corporate_JJ bonds_NN2 with_IW same_DA safety_NN1 attributes_NN2 ._. 
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This_DD1 flattens_VVZ the_AT marginal_JJ cost_NN1 of_IO hiring_NN1 ,_, making_VVG firms_NN2 even_RR more_RGR responsive_JJ to_II z_ZZ1 shocks_VVZ ._. 
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In_RR21 addition_RR22 ,_, the_AT cointegration_NN1 relationship_NN1 between_II SWexp_NP1 and_CC Military_NN1 exists_VVZ in_II the_AT 12_MC countries_NN2 ;_; the_AT relationship_NN1 in_II the_AT G7_FO is_VBZ doubtful_JJ ,_, while_CS the_AT two_MC variables_NN2 are_VBR not_XX cointegrated_VVN in_II the_AT BRICS_NN1 ._. 
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In_II an_AT1 important_JJ contribution_NN1 ,_, Goolsbee_NP1 and_CC Syverson_NP1 &lsqb;_( 2008_MC &rsqb;_) find_VV0 that_CST incumbents_NN2 respond_VV0 to_II the_AT threat_NN1 of_IO entry_NN1 by_II a_AT1 low-cost_JJ competitor_NN1 (_( Southwest_ND1 )_) by_II preemptively_RR reducing_VVG prices_NN2 ._. 
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One_PN1 might_VM expect_VVI that_CST firms_NN2 which_DDQ have_VH0 raised_VVN their_APPGE prices_NN2 more_RRR could_VM be_VBI extrapolating_VVG from_II their_APPGE own_DA behavior_NN1 to_II that_DD1 of_IO others_NN2 in_II forming_VVG beliefs_NN2 about_II recent_JJ inflation_NN1 ,_, leading_VVG to_II larger_JJR errors_NN2 about_II recent_JJ inflation_NN1 ._. 
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Looking_VVG for_IF options_NN2 to_TO reduce_VVI its_APPGE vulnerability_NN1 to_II the_AT Chinese_JJ threat_NN1 ,_, Vietnam_NP1 also_RR turned_VVN to_II its_APPGE Cold_JJ War_NN1 enemy_NN1 ._. 
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Kj_NP1 capture_VV0 the_AT direct_JJ effect_NN1 of_IO changes_NN2 in_II aggregate_JJ state_NN1 variables_NN2 on_II the_AT tightness_NN1 of_IO i_ZZ1 ,_, 2_MC (_( ·_FO )_) ._. 
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High_JJ consumption_NN1 volatility_NN1 characterizes_VVZ the_AT period_NN1 from_II the_AT start_NN1 of_IO our_APPGE sample_NN1 through_II the_AT mid-1990s_MC2 with_IW highs_NN2 of_IO consumption_NN1 growth_NN1 close_RR to_II 15%_NNU accompanying_JJ lows_NN2 of_IO nearly_RR 10%_NNU ._. 
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Based_VVN on_II the_AT ones_NN2 I_PPIS1 was_VBDZ able_JK to_TO retrieve_VVI ,_, however_RR ,_, we_PPIS2 can_VM do_VDI the_AT following_JJ assessment_NN1 ,_, which_DDQ is_VBZ shown_VVN in_II Table_NN1 2_MC ._. 
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The_AT replicator_NN1 dynamics_NN also_RR tacitly_RR assumes_VVZ history_NN1 independence_NN1 ._. 
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For_IF this_DD1 purpose_NN1 ,_, we_PPIS2 use_VV0 the_AT #E_FO index_NN1 created_VVN by_II Moran_NP1 (_( 1950_MC )_) ._. 
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Firms_NN2 connected_VVN to_II enabled_VVD exchanges_NN2 are_VBR also_RR not_XX consistently_RR ex-ante_JJ no_AT more_RGR likely_JJ to_TO be_VBI foreign_JJ owned_JJ ,_, have_VH0 multiple_JJ plants_NN2 ,_, be_VBI older/younger_JJR or_CC be_VBI located_VVN closer_RRR to_II the_AT exchange_NN1 ._. 
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Thus_RR ,_, the_AT MES_NN2 measures_VVZ the_AT change_NN1 of_IO the_AT market_NN1 risk_NN1 if_CS institution_NN1 i_ZZ1 would_VM have_VHI a_AT1 higher_JJR weight_NN1 on_II the_AT market_NN1 ._. 
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As_II the_AT local_JJ employment_NN1 rate_NN1 is_VBZ a_AT1 concern_NN1 for_IF POEs_NN2 ,_, its_APPGE public_JJ knowledge_NN1 renders_VVZ the_AT layoff_NN1 threat_NN1 less_RGR credible_JJ ,_, and_CC the_AT average_JJ worker_NN1 '_NULL s_ZZ1 effort_NN1 is_VBZ rela-tively_RR low_JJ ._. 
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However_RR ,_, they_PPHS2 argue_VV0 that_CST the_AT outcome_NN1 to_II date_NN1 has_VHZ been_VBN Party-led_JJ bargaining_NN1 ,_, a_AT1 model_NN1 that_CST excludes_VVZ the_AT mutual_JJ concessions_NN2 of_IO Wright_NP1 s_ZZ1 "_" negative_JJ collective_JJ bargaining_NN1 "_" ._. 
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An_AT1 important_JJ question_NN1 ,_, which_DDQ we_PPIS2 do_VD0 not_XX address_VVI here_RL ,_, is_VBZ to_II what_DDQ extent_NN1 the_AT limited_JJ openness_NN1 of_IO South_NP1 Asian_JJ countries_NN2 to_II each_PPX221 other_PPX222 in_II itself_PPX1 is_VBZ a_AT1 response_NN1 to_II Indian_JJ policies_NN2 (_( or_CC to_II the_AT stabilizing_JJ policies_NN2 of_IO other_JJ countries_NN2 in_II the_AT region_NN1 )_) ._. 
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Lt_NNB =_FO X_ZZ1 60_MC s=21_FO es_FW ,_, tNs_NNU ,_, t._NNU (_( 28_MC )_) ._. 
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However_RR ,_, the_AT insurance_NN1 company_NN1 can_VM not_XX distinguish_VVI between_II sophisticated_JJ and_CC uninformed_JJ policyholders_NN2 ex_JJ21 ante_JJ22 ._. 
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The_AT inclusion_NN1 of_IO province-specific_JJ linear_JJ time_NNT1 trends_NN2 in_II all_DB preferred_JJ specifications_NN2 further_RRR alleviates_VVZ this_DD1 concern_NN1 ._. 
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We_PPIS2 argue_VV0 that_CST it_PPH1 was_VBDZ the_AT institution_NN1 of_IO serfdom_NN1 which_DDQ initially_RR diminished_VVD the_AT private_JJ demand_NN1 for_IF education_NN1 ._. 
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The_AT self-regulation_NN1 of_IO emotional_JJ states_NN2 is_VBZ ,_, of_RR21 course_RR22 ,_, closely_RR related_VVN to_II the_AT cognitive_JJ control_NN1 network_NN1 ._. 
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It_PPH1 is_VBZ entirely_RR possible_JJ that_CST the_AT monopolist_NN1 anticipated_VVD the_AT need_NN1 for_IF promotional_JJ efforts_NN2 by_II the_AT retailers_NN2 ._. 
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In_II the_AT next_MD section_NN1 ,_, we_PPIS2 briefly_RR explain_VV0 the_AT operationalization_NN1 of_IO all_DB base_NN1 variables_NN2 and_CC the_AT calibration_NN1 of_IO the_AT target_NN1 factors_NN2 ._. 
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Higher_JJR wages_NN2 decrease_VV0 the_AT number_NN1 of_IO establishments_NN2 by_II #E_FO ._. 
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Additionally_RR ,_, the_AT average_JJ annual_JJ number_NN1 of_IO lawsuits_NN2 filed_VVD was_VBDZ 385_MC and_CC 406_MC (_( p-value_NN1 for_IF difference_NN1 5_MC .47_MC )_) ,_, respectively_RR ._. 
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With_IW lower_JJR tariffs_NN2 ,_, firing_VVG costs_NN2 ,_, and_CC iceberg_NN1 trading_NN1 costs_NN2 ,_, low_JJ z_ZZ1 firms_NN2 shrink_VV0 much_DA1 more_DAR than_CSN they_PPHS2 do_VD0 in_II the_AT benchmark_NN1 economy_NN1 while_CS high_JJ z_ZZ1 firms_NN2 experience_VV0 much_RR larger_JJR growth_NN1 rates_NN2 (_( on_II the_AT order_NN1 of_IO 20_MC to_II 40_MC percentage_NN1 points_NN2 more_RRR )_) ,_, especially_RR if_CS they_PPHS2 are_VBR relatively_RR small_JJ ._. 
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According_II21 to_II22 the_AT model_NN1 ,_, this_DD1 suggests_VVZ that_CST the_AT effect_NN1 on_II average_JJ firmlevel_NN1 quality_NN1 (_( the_AT intensive_JJ margin_NN1 )_) dominates_VVZ the_AT effect_NN1 on_II firm_JJ selection_NN1 (_( the_AT extensive_JJ margin_NN1 )_) ._. 
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We_PPIS2 construct_VV0 three_MC alternative_JJ measures_NN2 of_IO recruiter-producer_JJ ratio_NN1 ._. 
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However_RR ,_, prior_JJ research_NN1 has_VHZ found_VVN evidence_NN1 for_IF clearly_RR irrational_JJ and_CC reference-pointdependent_JJ behavior_NN1 for_IF employee_NN1 stock_NN1 option_NN1 exercises_NN2 (_( see_VV0 Heath_NP1 ,_, Huddart_NP1 ,_, and_CC Lang_NP1 ,_, 1999_MC )_) and_CC for_IF the_AT early_JJ exercise_NN1 of_IO exchange-traded_JJ options_NN2 (_( see_VV0 Poteshman_NN1 and_CC Serbin_NP1 ,_, 2003_MC )_) ._. 
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We_PPIS2 perform_VV0 several_DA2 additional_JJ tests_NN2 to_TO establish_VVI the_AT robustness_NN1 of_IO our_APPGE key_JJ results_NN2 ._. 
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However_RR ,_, differences_NN2 in_II government_NN1 inducements_NN2 to_II R_ZZ1 &D;_NULL generate_VV0 enduring_JJ differences_NN2 in_II the_AT shape_NN1 of_IO their_APPGE wage_NN1 distributions_NN2 ;_; a_AT1 country_NN1 with_IW a_AT1 greater_JJR R_ZZ1 &D;_NULL subsidy_NN1 will_VM devote_VVI a_AT1 larger_JJR fraction_NN1 of_IO its_APPGE labor_NN1 force_NN1 to_II the_AT research_NN1 activity_NN1 and_CC will_VM experience_VVI greater_JJR wage_NN1 inequality_NN1 as_II a_AT1 result_NN1 ._. 
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Up_II21 until_II22 the_AT 1980s_MC2 ,_, residents_NN2 practised_JJ combinations_NN2 of_IO settled_JJ and_CC swidden_NN1 (_( also_RR labelled_VVN "_" slash-and-burn_NN1 "_" )_) subsistence_NN1 farming_NN1 ._. 
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Tables_NN2 3_MC and_CC 4_MC present_VV0 the_AT results_NN2 of_IO the_AT moment_NN1 matching_NN1 exercise_NN1 ._. 
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<s>
Table_NN1 1_MC1 shows_VVZ the_AT test_NN1 criteria_NN2 for_IF choosing_VVG between_II constant_JJ betas_NN2 and_CC time_NNT1 varying_VVG betas_NN2 for_IF each_DD1 of_IO the_AT 12_MC industries_NN2 ._. 
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<s>
Similarly_RR ,_, we_PPIS2 divide_VV0 markets_NN2 by_II "_" Slow_JJ "_" ,_, "_" Moderate_JJ "_" ,_, or_CC "_" Fast_JJ "_" growth_NN1 rates_NN2 based_VVN on_II whether_CSW they_PPHS2 are_VBR in_II the_AT lower_JJR ,_, middle_NN1 ,_, or_CC upper_JJ tercile_NN1 of_IO the_AT population_NN1 growth_NN1 distribution_NN1 ._. 
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<s>
Leaders_NN2 can_VM promote_VVI effective_JJ individual_NN1 and_CC collective_JJ action_NN1 by_II conveying_VVG a_AT1 vivid_JJ sense_NN1 of_IO what_DDQ the_AT distant_JJ future_NN1 could_VM look_VVI like_II ._. 
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My_APPGE results_NN2 suggest_VV0 that_CST ,_, despite_II the_AT frequency_NN1 of_IO remarriage_NN1 ,_, these_DD2 women_NN2 did_VDD not_XX value_NN1 marriage_NN1 very_RG highly_RR ;_; this_DD1 raises_VVZ the_AT possibility_NN1 that_CST the_AT absence_NN1 of_IO a_AT1 decline_NN1 in_II the_AT quantity_NN1 of_IO marriages_NN2 immediately_RR after_II the_AT Civil_JJ War_NN1 masks_VVZ a_AT1 decline_NN1 in_II the_AT quality_NN1 of_IO marriages_NN2 ._. 
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<s>
Additionally_RR ,_, we_PPIS2 show_VV0 in_II the_AT next_MD section_NN1 that_CST the_AT pair_NN (_( #E_FO )_) determines_VVZ all_DB the_AT other_JJ variables_NN2 in_II a_AT1 feasible_JJ allocation_NN1 ._. 
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<s>
The_AT complete_JJ list_NN1 can_VM be_VBI found_VVN in_II Table_NN1 3_MC ,_, whereas_CS time_NNT1 series_NN are_VBR displayed_VVN in_II Figure_NN1 3_MC ._. 
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<s>
Why_RRQ have_VH0 we_PPIS2 been_VBN able_JK to_TO put_VVI a_AT1 man_NN1 on_II the_AT moon_NN1 but_CCB not_XX improve_VV0 the_AT plight_NN1 of_IO those_DD2 in_II the_AT ghetto_NN1 ?_? 
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<s>
Whether_CSW the_AT observed_JJ effects_NN2 of_IO feedback_NN1 on_II team_NN1 creativity_NN1 are_VBR similarly_RR time-sensitive_JJ needs_NN2 to_TO be_VBI established_VVN through_II future_JJ studies_NN2 ._. 
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<s>
Experts_NN2 are_VBR asked_VVN to_TO determine_VVI when_RRQ they_PPHS2 are_VBR indifferent_JJ between_II one_MC1 benefit_NN1 (_( or_CC cost_NN1 )_) today_RT and_CC a_AT1 larger_JJR benefit_NN1 (_( or_CC cost_NN1 )_) at_II some_DD point_NN1 in_II the_AT future_NN1 ,_, which_DDQ gives_VVZ d_ZZ1 ._. 
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<s>
Experts_NN2 are_VBR next_MD asked_VVD when_CS they_PPHS2 are_VBR indifferent_JJ between_II one_MC1 guaranteed_JJ benefit_NN1 (_( or_CC cost_NN1 )_) and_CC a_AT1 lottery_NN1 where_CS a_AT1 larger_JJR benefit_NN1 (_( or_CC cost_NN1 )_) follows_VVZ for_IF a_AT1 certain_JJ probability_NN1 and_CC a_AT1 smaller_JJR benefit_NN1 (_( or_CC cost_NN1 )_) follows_VVZ with_IW the_AT remaining_JJ probability_NN1 so_CS21 that_CS22 the_AT two_MC probabilities_NN2 sum_VV0 to_II one_MC1 ._. 
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<s>
These_DD2 results_NN2 imply_VV0 that_CST the_AT average_JJ effect_NN1 of_IO Job_NN1 Corps_NN participation_NN1 for_IF eligible_JJ applicants_NN2 is_VBZ an_AT1 increase_NN1 of_IO at_RR21 least_RR22 11:6_MC and_CC 7:2_MC percent_NNU on_II weekly_JJ earnings_NN2 and_CC employment_NN1 ,_, respectively_RR ,_, and_CC a_AT1 decrease_NN1 of_IO at_RR21 least_RR22 9:9_MC percent_NNU in_II yearly_JJ dependence_NN1 on_II public_JJ benefits_NN2 ._. 
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<s>
This_DD1 negative_JJ shock_NN1 could_VM be_VBI either_RR a_AT1 financial_JJ shock_NN1 ,_, such_II21 as_II22 a_AT1 tightening_NN1 of_IO borrowing_VVG constraints_NN2 ,_, or_CC a_AT1 real_JJ economic_JJ shock_NN1 ,_, such_II21 as_II22 a_AT1 negative_JJ productivity_NN1 shock_NN1 ._. 
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<s>
In_RR21 addition_RR22 ,_, we_PPIS2 find_VV0 that_CST following_VVG poor_JJ initial_JJ performance_NN1 ,_, individuals_NN2 facing_VVG high_JJ external_JJ expectations_NN2 experience_VV0 greater_JJR impression_NN1 management_NN1 concerns_VVZ as_CSA measured_VVN by_II elevated_JJ feelings_NN2 of_IO embarrassment_NN1 (_( Hypothesis_NN1 2_MC )_) ,_, which_DDQ drives_VVZ them_PPHO2 to_TO be_VBI less_RGR persistent_JJ (_( Hypothesis_NN1 3_MC )_) ._. 
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<s>
This_DD1 paper_NN1 abstracts_NN2 away_II21 from_II22 issues_NN2 related_VVN to_II international_JJ shifting_NN1 of_IO profits_NN2 arising_VVG from_II innovative_JJ activity_NN1 (_( these_DD2 issues_NN2 are_VBR discussed_VVN in_II detail_NN1 in_II Evers_NP1 et_RA21 al_RA22 ._. 
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<s>
2014_MC )_) ._. 
</s>
<s>
The_AT 2005_MC BRAC_JJ list_NN1 of_IO direct_JJ job_NN1 changes_NN2 is_VBZ broken_VVN down_RP into_II three_MC types_NN2 of_IO employment_NN1 :_: uniformed_JJ military_JJ personnel_NN2 ,_, civilian_JJ workers_NN2 ,_, and_CC contractors_NN2 ._. 
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<s>
This_DD1 result_NN1 is_VBZ in_II31 line_II32 with_II33 previous_JJ studies_NN2 on_II the_AT burden_NN1 sharing_NN1 of_IO international_JJ climate_NN1 policy_NN1 costs_VVZ across_II countries_NN2 (_( e.g._REX Lange_NP1 et_RA21 al._RA22 ,_, 2007_MC ;_; Schleich_NP1 et_RA21 al._RA22 ,_, 2016_MC )_) and_CC of_IO domestic_JJ climate_NN1 policy_NN1 costs_VVZ across_II citizens_NN2 (_( e.g._REX Dietz_NP1 and_CC Atkinson_NP1 ,_, 2010_MC ;_; asn?_NN1 et_RA21 al._RA22 ,_, 2017_MC )_) ._. 
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<s>
When_CS inter-fuel_JJ substitution_NN1 is_VBZ not_XX allowed_VVN ,_, the_AT rebound_NN1 effect_NN1 is_VBZ smaller_JJR than_CSN when_CS it_PPH1 is_VBZ allowed_VVN ._. 
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<s>
If_CS tort_NN1 reforms_NN2 are_VBR perceived_VVN as_II a_AT1 means_NN of_IO reducing_VVG health_NN1 care_NN1 costs_NN2 ,_, public_JJ interest_NN1 theory_NN1 would_VM predict_VVI a_AT1 positive_JJ relationship_NN1 between_II this_DD1 proxy_NN1 and_CC tort_VV0 reforms_NN2 ,_, especially_RR in_II the_AT area_NN1 of_IO medical_JJ malpractice_NN1 ;_; again_RT ,_, a_AT1 similar_JJ argument_NN1 could_VM be_VBI made_VVN for_IF private_JJ interest_NN1 theory_NN1 if_CS the_AT business_NN1 community_NN1 is_VBZ conceived_VVN as_II the_AT relevant_JJ interest_NN1 group_NN1 ._. 
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<s>
We_PPIS2 apply_VV0 the_AT GMM_NP1 estimator_NN1 developed_VVN by_II Arellano_NP1 and_CC Bond_NP1 (_( 1991_MC )_) to_TO yield_VVI consistent_JJ estimates_NN2 in_II this_DD1 dynamic_JJ panel_NN1 setup_NN1 ,_, including_II year_NNT1 fixed-effects_NN2 as_CSA additional_JJ controls_NN2 ._. 
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<s>
Most_DAT studies_NN2 implement_VV0 some_DD form_NN1 of_IO ambiguity_NN1 ._. 
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<s>
In_II essence_NN1 ,_, the_AT possibility_NN1 of_IO being_VBG "_" found_VVN out_RP "_" as_II an_AT1 information_NN1 hoarder_NN1 could_VM lead_VVI to_II ostracism_NN1 ._. 
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<s>
When_CS interior_JJ ,_, the_AT threshold_NN1 solves_VVZ indifference_NN1 equation_NN1 ,_, namely_REX (_( 32_MC )_) with_IW equality_NN1 ,_, namely_REX :_: In_II the_AT purported_JJ equilibrium_NN1 ,_, in_II every_AT1 period_NN1 ,_, age_NN1 1_MC1 women_NN2 with_IW high_JJ types_NN2 marry_VV0 age_NN1 2_MC men_NN2 with_IW high_JJ types_NN2 ,_, assortatively_RR ,_, whereas_CS age_NN1 1_MC1 women_NN2 with_IW low_JJ types_NN2 marry_VV0 age_NN1 1_MC1 men_NN2 with_IW low_JJ types_NN2 ,_, but_CCB randomly_RR ._. 
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<s>
Consider_VV0 an_AT1 economy_NN1 with_IW L_ZZ1 identical_JJ consumers_NN2 ,_, each_DD1 supplying_VVG one_MC1 unit_NN1 of_IO labor_NN1 as_II the_AT only_JJ factor_NN1 of_IO production_NN1 ._. 
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<s>
The_AT preceding_JJ discussion_NN1 suggests_VVZ that_CST the_AT same_DA concerns_NN2 are_VBR raised_VVN by_II most_DAT IP_VV0 Boxes_NN2 ,_, and_CC may_VM be_VBI more_RGR acute_JJ for_IF those_DD2 regimes_NN2 that_CST restrict_VV0 relief_NN1 to_II acquired_JJ IP_NN1 and_CC do_VD0 not_XX require_VVI substantive_JJ (_( if_CS any_DD )_) domestic_JJ economic_JJ innovative_JJ activity_NN1 ._. 
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<s>
If_CS mt+1_FO denotes_VVZ the_AT one-period_JJ nominal_JJ pricing_NN1 kernel_NN1 ,_, bond_VV0 prices_NN2 can_VM be_VBI recursively_RR expressed_VVN as_II :_: #E_FO ._. 
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<s>
Given_CS21 that_CS22 most_DAT of_IO these_DD2 Asiatic_JJ nations_NN2 have_VH0 recently_RR enjoyed_VVN a_AT1 dramatic_JJ economic_JJ upswing_NN1 ,_, we_PPIS2 call_VV0 this_DD1 group_NN1 the_AT "_" Asian_JJ Tigers_NN2 cluster_VV0 "_" ._. 
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<s>
Then_RT ,_, we_PPIS2 classify_VV0 RMB_NP1 cross-border_JJ trade_NN1 settlements_NN2 as_CSA RMB_NP1 cross-border_JJ trade_NN1 settlement_NN1 in_II goods_NN2 and_CC RMB_NP1 cross-border_JJ trade_NN1 settlement_NN1 in_II services_NN2 ;_; the_AT estimation_NN1 results_NN2 are_VBR reported_VVN in_II Table_NN1 5_MC :_: in_II models_NN2 (_( 9_MC )_) and_CC (_( 10_MC )_) ,_, the_AT coefficient_NN1 on_II trade_NN1 and_CC exchtrade_NN1 do_VD0 not_XX experience_VVI significant_JJ changes_NN2 with_II31 respect_II32 to_II33 model_NN1 (_( 8_MC )_) ._. 
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<s>
To_TO test_VVI for_IF the_AT possibility_NN1 that_CST the_AT mental_JJ time_NNT1 travel_NN1 condition_NN1 yielded_VVD positive_JJ effects_NN2 because_CS the_AT instructions_NN2 were_VBDR easier_JJR to_TO follow_VVI ,_, we_PPIS2 included_VVD a_AT1 fouritem_NN1 measure_NN1 of_IO cognitive_JJ fluency_NN1 ,_, adapted_VVN from_II prior_JJ fluency_NN1 research_NN1 (_( Lucas_NP1 &;_NULL Nordgren_NP1 ,_, 2015_MC ;_; Schwarz_NP1 ,_, Bless_VV0 ,_, Strack_NP1 ,_, Klumpp_NP1 ,_, Rittenauer-Schatka_NP1 ,_, &;_NULL Simons_NP ,_, 1991_MC )_) ._. 
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<s>
The_AT United_JJ Nations_NN2 Sustainable_JJ Development_NN1 Goal_NN1 7_MC includes_VVZ a_AT1 sub-goal_NN1 of_IO achieving_VVG universal_JJ access_NN1 to_II modern_JJ energy_NN1 for_IF all_DB ._. 
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<s>
The_AT best-documented_JJT are_VBR the_AT short-term_JJ one-month_JJ loans_NN2 between_II Florence_NP1 and_CC Venice_NP1 ._. 
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<s>
We_PPIS2 conceptualize_VV0 this_DD1 overlap_NN1 by_II using_VVG the_AT notion_NN1 of_IO (_( discipline-level_NN1 )_) identity_NN1 proximity_NN1 ,_, which_DDQ we_PPIS2 define_VV0 as_II the_AT degree_NN1 to_II which_DDQ the_AT peer_NN1 audience_NN1 perceives_VVZ the_AT external_JJ audience_NN1 as_CSA having_VHG a_AT1 similar_JJ identity_NN1 to_II their_APPGE own_DA (_( Gioia_NP1 ,_, Price_NP1 ,_, Hamilton_NP1 ,_, &;_NULL Thomas_NP1 ,_, 2010_MC ;_; Glynn_NP1 ,_, 2008_MC ;_; Jourdan_NP1 ,_, Durand_NP1 ,_, &;_NULL Thornton_NP1 ,_, 2017_MC )_) ._. 
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<s>
The_AT intrusion_NN1 of_IO external_JJ capital_NN1 in_II the_AT form_NN1 of_IO agribusiness_NN1 has_VHZ already_RR established_VVN market-based_JJ ,_, capitalistic_JJ relations_NN2 with_IW farmers.37_FO While_CS such_DA relationships_NN2 fall_VV0 short_JJ of_IO the_AT cooperative_JJ ideal_JJ they_PPHS2 have_VH0 brought_VVN some_DD benefits_NN2 to_II farmers_NN2 ,_, such_II21 as_II22 vertical_JJ integration_NN1 ._. 
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<s>
In_RR21 particular_RR22 ,_, it_PPH1 allows_VVZ the_AT valuation_NN1 and_CC ranking_NN1 of_IO ESs_NN1 according_II21 to_II22 the_AT levels_NN2 of_IO consensus_NN1 (_( Fig._NN1 5_MC )_) ,_, which_DDQ is_VBZ a_AT1 way_NN1 of_IO prioritizing_VVG them_PPHO2 other_II21 than_II22 by_II their_APPGE monetary_JJ values_NN2 ._. 
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<s>
The_AT three_MC models_NN2 that_CST include_VV0 the_AT CNH-related_JJ variables_NN2 (_( Pt1_FO Ht1_FO and_CC δHt1_FO )_) correctly_RR predict_VV0 the_AT direction_NN1 of_IO change_NN1 above_II the_AT ?_FO threshold_NN1 ._. 
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<s>
In_II 2008_MC ,_, new_JJ IRS_NN1 regulations_NN2 were_VBDR imposed_VVN that_CST forced_JJ school_NN1 districts_NN2 to_TO reevaluate_VVI their_APPGE 403(b)_FO offerings_NN2 in_II an_AT1 effort_NN1 to_TO meet_VVI the_AT new_JJ standards_NN2 ._. 
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The_AT fixed_JJ effects_NN2 in_II our_APPGE model_NN1 absorb_VV0 these_DD2 largely_RR time-invariant_JJ cross-national_JJ differences_NN2 ._. 
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<s>
Theories_NN2 positing_VVG that_DD1 long-run_JJ economic_JJ growth_NN1 raises_VVZ the_AT return_NN1 to_II child_NN1 investment_NN1 (_( Galor_NP1 and_CC Weil_NP1 2000_MC )_) may_VM therefore_RR go_VVI a_AT1 long_JJ way_NN1 in_II explaining_VVG the_AT long-run_JJ results_NN2 ._. 
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This_DD1 scant_JJ picture_NN1 is_VBZ all_DB that_CST the_AT typical_JJ policy-maker_NN1 knows_VVZ ._. 
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<s>
The_AT experiment_NN1 included_VVD taxpayers_NN2 that_CST are_VBR required_VVN by_II law_NN1 to_TO keep_VVI a_AT1 book_NN1 of_IO accounts_NN2 and_CC submit_VVI profit_NN1 and_CC loss_NN1 statements_NN2 at_II the_AT end_NN1 of_IO the_AT year_NNT1 ._. 
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They_PPHS2 depend_VV0 only_RR on_II t_ZZ1 and_CC ∈_FO ._. 
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<s>
It_PPH1 forms_VVZ the_AT basis_NN1 of_IO his_APPGE theory_NN1 of_IO profits_NN2 in_II his_APPGE book_NN1 Theory_NN1 of_IO Economic_JJ Dynamics_NN :_: An_AT1 Essay_NN1 on_II Cyclical_NP1 and_CC Long-Run_JJ Changes_NN2 in_II Capitalist_NN1 Economy_NN1 (_( Kalecki_NP1 1954_MC )_) ._. 
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<s>
In_II column_NN1 (_( 4_MC )_) ,_, we_PPIS2 test_VV0 whether_CSW labour-intensive_JJ firms_NN2 are_VBR more_RGR sensitive_JJ to_II changes_NN2 in_II unit_NN1 labour_NN1 costs_VVZ by_II interacting_JJ unit_NN1 labour_NN1 costs_VVZ with_IW the_AT capital–labour_NN1 ratio_NN1 ._. 
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<s>
The_AT approach_NN1 involves_VVZ jointly_RR estimating_VVG the_AT hazard_NN1 rates_NN2 of_IO pensions_NN2 and_CC remarriage_NN1 ,_, allowing_VVG for_IF correlation_NN1 between_II the_AT unobserved_JJ heterogeneity_NN1 in_II these_DD2 two_MC risks_NN2 ._. 
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Affirmative_JJ action_NN1 has_VHZ also_RR been_VBN voluntarily_RR adopted_VVN by_II many_DA2 employers_NN2 ._. 
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Noteworthy_JJ is_VBZ Brockman_NP1 et_RA21 al_RA22 ._. 
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<s>
(_( 2006_MC )_) ,_, who_PNQS show_VV0 that_CST banknotes_NN2 circulate_VV0 consistent_JJ with_IW the_AT Levy_NP1 flight_NN1 theory_NN1 ._. 
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<s>
Notably_RR ,_, we_PPIS2 observe_VV0 fewer_DAR deviations_NN2 from_II this_DD1 when_CS subjects_NN2 face_VV0 lower_JJR distribution_NN1 uncertainty_NN1 (_( i.e._REX ,_, at_II higher_JJR values_NN2 of_IO ._. 
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This_DD1 suggests_VVZ that_CST Asian_JJ dyads_NN2 with_IW more_RGR restrictive_JJ services_NN2 regimes_NN2 may_VM be_VBI more_RGR inclined_JJ to_TO negotiate_VVI GATS+_FO commitments_NN2 in_II their_APPGE STAs_NN2 ,_, possibly_RR to_TO reduce_VVI or_CC bind_VVI such_DA regimes_NN2 in_II a_AT1 regional_JJ context_NN1 ._. 
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Distributed_JJ electricity_NN1 technologies_NN2 are_VBR increasing_VVG the_AT extent_NN1 to_II which_DDQ electricity_NN1 availability_NN1 can_VM be_VBI rapidly_RR scaled_VVN up_RP ._. 
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This_DD1 is_VBZ pure_JJ rent-seeking_NN1 that_CST has_VHZ made_VVN many_DA2 traders_NN2 extremely_RR wealthy_JJ ._. 
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<s>
For_IF Ireland_NP1 ,_, individual_JJ bank_NN1 balance_NN1 sheet_NN1 and_CC flow_NN1 data_NN are_VBR drawn_VVN from_II data_NN collected_VVN for_IF the_AT construction_NN1 of_IO the_AT Euro_JJ Area_NN1 Monetary_JJ Financial_JJ Statistics_NN ._. 
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The_AT relationship_NN1 between_II firm_JJ size_NN1 and_CC dividend_NN1 activity_NN1 is_VBZ non-monotonic_JJ ,_, with_IW both_DB2 small_JJ and_CC large_JJ firms_NN2 exhibiting_VVG higher_JJR payout_NN1 rates_NN2 than_CSN firms_NN2 in_II the_AT middle_NN1 of_IO the_AT distribution_NN1 ._. 
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<s>
If_CS students_NN2 are_VBR not_XX behaving_VVG strategically_RR and_CC the_AT distribution_NN1 of_IO preferences_NN2 is_VBZ continuous_JJ in_II distance_NN1 to_II school_NN1 ,_, we_PPIS2 would_VM not_XX expect_VVI the_AT ranking_NN1 behavior_NN1 to_TO change_VVI discontinuously_RR at_II this_DD1 boundary_NN1 ._. 
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Second_MD ,_, colonial_JJ governments_NN2 hired_VVD unskilled_JJ labor_NN1 all_DB throughout_II the_AT colony_NN1 :_: in_II the_AT ports_NN2 of_IO the_AT main_JJ coastal_JJ cities_NN2 ,_, along_II the_AT railways_NN2 stations_NN2 ,_, and_CC in_II the_AT rural_JJ public_JJ schools_NN2 and_CC agricultural_JJ stations_NN2 ._. 
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Specification_NN1 (_( 3_MC )_) estimates_VVZ the_AT impact_NN1 of_IO the_AT length_NN1 of_IO the_AT procedure_NN1 disaggregated_VVD by_II the_AT impact_NN1 of_IO waiting_VVG time_NNT1 to_TO dock_VVI and_CC docked_VVD time_NNT1 ._. 
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This_DD1 information_NN1 is_VBZ complemented_VVN by_II Fig._NN1 1_MC1 ,_, where_CS the_AT Chinese_JJ provinces_NN2 are_VBR coloured_VVN according_II21 to_II22 per_JJ21 capita_JJ22 consumption_NN1 delimited_VVD in_II function_NN1 of_IO the_AT 25th_MD ,_, 50th_MD and_CC 75th_MD percentile_NN1 per_JJ21 capita_JJ22 consumption_NN1 of_IO each_DD1 energy_NN1 source_NN1 ._. 
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First_MD ,_, the_AT parameters_NN2 and_CC are_VBR the_AT reduced-form_JJ effect_NN1 of_IO taxes_NN2 on_II employment_NN1 ._. 
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Therefore_RR ,_, in_RR21 general_RR22 ,_, flexible_JJ capital_NN1 utilization_NN1 and_CC preferences_NN2 for_IF early_JJ resolution_NN1 of_IO uncertainty_NN1 will_VM have_VHI similar_JJ effects_NN2 on_II the_AT price_NN1 of_IO risk_NN1 for_IF IST_FW shocks_VVZ ._. 
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Panel_NN1 A_ZZ1 of_IO Table_NN1 4_MC reports_NN2 regression_NN1 results_NN2 with_IW our_APPGE primary_JJ pollutant_NN1 ,_, BOD_NP1 ,_, while_CS Panel_NN1 B_ZZ1 shows_VVZ results_NN2 for_IF other_JJ relevant_JJ pollutants_NN2 ._. 
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<s>
Is_VBZ the_AT rise_NN1 of_IO the_AT capital_NN1 shareespecially_RR at_II the_AT topa_NN1 real_JJ phenomenon_NN1 or_CC an_AT1 illusion_NN1 caused_VVN by_II changes_NN2 in_II tax_NN1 avoidance_NN1 ?_? 
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<s>
In_II31 addition_II32 to_II33 simultaneous_JJ transmissions_NN2 among_II conditional_JJ means_NN ,_, information_NN1 flows_NN2 might_VM cause_VVI volatility_NN1 spillovers_VVZ contemporaneously_RR in_II financial_JJ data_NN of_IO high_JJ frequencies_NN2 (_( Weber_NP1 ,_, 2013_MC )_) ._. 
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<s>
Many_DA2 studies_NN2 incorporate_VV0 control_NN1 variables_NN2 ,_, exceptions_NN2 being_VBG Ernst_NP1 et_RA21 al_RA22 ._. 
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<s>
(_( 2004_MC )_) ,_, Freeman_NN1 et_RA21 al_RA22 ._. 
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(_( 2008_MC )_) ,_, Honey-Rosés_NN2 et_RA21 al_RA22 ._. 
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<s>
(_( 2014_MC )_) ,_, McDonald_NP1 and_CC Shemie_NP1 (_( 2014_MC )_) ,_, and_CC Oklahoma_NP1 Water_NN1 Resources_NN2 Board_NN1 (_( 2011_MC )_) ._. 
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<s>
In_II this_DD1 case_NN1 we_PPIS2 simply_RR have_VH0 ordinary_JJ least_DAT squares_NN2 because_CS conditional_JJ moments_NN2 are_VBR the_AT same_DA as_CSA unconditional_JJ moments_NN2 ._. 
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<s>
The_AT Federal_JJ Trade_NN1 Commission_NN1 '_NULL s_ZZ1 (_( FTC_NP1 '_NULL s_ZZ1 )_) Bureau_NN1 of_IO Economics_NN1 (_( BE_VBI )_) provides_VVZ economic_JJ analysis_NN1 in_II31 support_II32 of_II33 the_AT FTC_NP1 '_NULL s_ZZ1 two_MC primary_JJ missions_NN2 :_: to_TO protect_VVI consumers_NN2 ;_; and_CC to_TO maintain_VVI competition_NN1 ._. 
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<s>
In_II return_NN1 ,_, they_PPHS2 received_VVD their_APPGE membership_NN1 card_NN1 and_CC fifty_MC creditos_NN2 ._. 
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<s>
Accordingly_RR ,_, this_DD1 firm_NN1 '_NULL s_ZZ1 profits_NN2 are_VBR higher_JJR by_II a_AT1 discrete_JJ amount_NN1 ._. 
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<s>
The_AT second_MD source_NN1 of_IO uncertainty_NN1 in_II the_AT search_NN1 for_IF capabilities_NN2 stems_VVZ from_II uncertainty_NN1 regarding_II the_AT economic_JJ value_NN1 of_IO a_AT1 capability_NN1 (_( or_CC portfolio_NN1 of_IO capabilities_NN2 )_) in_II particular_JJ markets_NN2 ._. 
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<s>
We_PPIS2 find_VV0 a_AT1 strong_JJ and_CC positive_JJ impact_NN1 of_IO PER_II on_II financial_JJ leverage_NN1 in_II all_DB different_JJ specifications_NN2 ._. 
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<s>
Turning_VVG from_II demand_NN1 to_II supply_NN1 ,_, consider_VV0 the_AT determination_NN1 of_IO equilibrium_NN1 in_II a_AT1 single_JJ international_JJ oligopolistic_JJ sector_NN1 ,_, with_IW foreign_JJ variables_NN2 denoted_VVN by_II an_AT1 asterisk_NN1 ._. 
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<s>
Specifically_RR ,_, denote_VV0 t_ZZ1 ≡_NULL Pr_NP1 (_( =_FO H_ZZ1 |_NULL Xt_NP1 )_) as_II the_AT posterior_JJ belief_NN1 about_II the_AT match_NN1 quality_NN1 with_IW duration_NN1 t_ZZ1 ,_, where_CS Xt_NP1 =_FO X_ZZ1 τ_NULL t_ZZ1 τ_NULL =0_FO is_VBZ the_AT realized_JJ path_NN1 of_IO its_APPGE performance_NN1 ._. 
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<s>
As_CSA we_PPIS2 already_RR saw_VVD from_II table_NN1 3_MC ,_, growth_NN1 was_VBDZ highest_JJT in_II the_AT P50-P60_JJ range_NN1 ._. 
</s>
<s>
Effects_NN2 on_II Allocations.The_NP1 reform_NN1 significantly_RR increases_VVZ the_AT amount_NN1 of_IO unsecured_JJ debt_NN1 taken_VVN on_RP by_II households_NN2 ,_, and_CC the_AT number_NN1 of_IO households_NN2 with_IW non-positive_JJ net_JJ worth_NN1 ,_, as_CSA shown_VVN in_II Table_NN1 6_MC ._. 
</s>
<s>
Despite_II the_AT upside_NN1 of_IO image-based_JJ rhetoric_NN1 ,_, less_DAR than_CSN 10%_NNU of_IO leaders_NN2 communicate_VV0 visions_NN2 with_IW strong_JJ imageryand_NN1 ,_, in_II total_NN1 ,_, they_PPHS2 tend_VV0 to_TO communicate_VVI three_MC to_II 15_MC times_NNT2 as_RG much_DA1 conceptual_JJ rhetoric_NN1 as_CSA image-laden_JJ rhetoric_NN1 when_CS articulating_VVG visions_NN2 (_( Carton_NP1 et_RA21 al._RA22 ,_, 2014_MC ;_; Emrich_NP1 et_RA21 al._RA22 ,_, 2001_MC )_) ._. 
</s>
<s>
When_CS compared_VVN to_II the_AT emissions_NN2 intensity_NN1 policy_NN1 ,_, if_CS the_AT government_NN1 loosens_VVZ the_AT emissions_NN2 cap_NN1 or_CC tax_NN1 rate_NN1 ,_, the_AT fluctuations_NN2 of_IO the_AT variables_NN2 will_VM be_VBI milder_JJR ._. 
</s>
<s>
Lord_NNB Treasurer_NP1 Winchester_NP1 was_VBDZ ,_, according_II21 to_II22 Dietz_NP1 ,_, '_NULL very_RG hostile_JJ to_II &lsqb;_( the_AT &rsqb;_) notion_NN1 of_IO farming_VVG the_AT customs_NN2 to_II the_AT municipalities_NN2 or_CC under_II such_DA conditions_NN2 that_CST the_AT various_JJ ports_NN2 would_VM have_VHI become_VVN separate_JJ units_NN2 '_NULL ,_, but_CCB Cecil_NP1 had_VHD argued_VVN that_DD1 '_NULL certainty_NN1 in_II the_AT revenues_NN2 was_VBDZ almost_RR as_RG important_JJ as_CSA efficiency_NN1 '_NULL ._. 
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<s>
The_AT higher_JJR point_NN1 estimate_NN1 suggests_VVZ that_CST stores_NN2 unaffected_JJ by_II the_AT merger_NN1 but_CCB whose_DDQGE characteristics_NN2 are_VBR closer_JJR to_II those_DD2 of_IO the_AT affected_JJ stores_NN2 have_VH0 moderately_RR increased_VVN their_APPGE prices_NN2 ._. 
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<s>
GD2_FO (_( interstate_JJ diversification_NN1 )_) also_RR increased_VVN ,_, although_CS less_RGR substantially_RR ._. 
</s>
<s>
Wireline_VV0 speeds_NN2 are_VBR often_RR higher_JJR in_II markets_NN2 with_IW two_MC or_CC more_DAR wireline_NN1 ISP_NN1 s_ZZ1 than_CSN with_IW a_AT1 single_JJ wireline_NN1 ISP_NN1 ._. 
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<s>
The_AT middle_JJ term_NN1 ,_, di2g_FO ;_; represents_VVZ the_AT discounted_JJ option_NN1 value_NN1 of_IO being_VBG able_JK to_TO conserve_VVI parcel_NN1 i_ZZ1 in_II period_NN1 2_MC should_VM climate_NN1 conditions_NN2 warrant_VV0 it_PPH1 (_( Arrow_NN1 and_CC Fisher_NP1 ,_, 1974_MC )_) ._. 
</s>
<s>
Endemic_JJ labor_NN1 scarcity_NN1 posed_VVD at_RR21 least_RR22 two_MC labor-market_JJ related_JJ problems_NN2 for_IF the_AT colonial_JJ state_NN1 :_: it_PPH1 made_VVD it_PPH1 difficult_JJ to_TO accommodate_VVI a_AT1 rapidly_RR rising_VVG demand_NN1 for_IF indigenous_JJ wage_NN1 workers_NN2 ,_, and_CC it_PPH1 translated_VVD into_II a_AT1 comparatively_RR high_JJ price_NN1 for_IF labor_NN1 (_( Frankema_NP1 and_CC van_NP1 Waijenburg_NP1 2012_MC )_) ._. 
</s>
<s>
We_PPIS2 also_RR apply_VV0 our_APPGE method_NN1 to_II the_AT analysis_NN1 of_IO the_AT two_MC Chinese_JJ mainland_NN1 stock_NN1 markets_NN2 :_: the_AT Shanghai_NP1 and_CC Shenzhen_NP1 stock_NN1 exchanges_NN2 ._. 
</s>
<s>
From_II the_AT literature_NN1 on_II SDPD_NP1 ,_, we_PPIS2 know_VV0 that_CST in_II this_DD1 setting_VVG a_AT1 firm_JJ designs_NN2 the_AT menu_NN1 #Esubject_FO to_II a_AT1 set_NN1 of_IO incentive_NN1 compatibility_NN1 (_( each_DD1 income_NN1 group_NN1 prefers_VVZ the_AT option_NN1 designed_VVN for_IF them_PPHO2 )_) and_CC participation_NN1 constraints_NN2 (_( a_AT1 consumer_NN1 '_NULL s_ZZ1 net_JJ pay-off_NN1 has_VHZ to_TO be_VBI non-negative_JJ )_) ._. 
</s>
<s>
The_AT total_JJ quantity_NN1 of_IO net_JJ liquid_JJ assets_NN2 Bh_NP1 amounts_VVZ to_II $2,700B_NNU (_( 26_MC percent_NNU of_IO annual_JJ GDP_NN1 )_) ._. 
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<s>
This_DD1 is_VBZ due_JJ in_RR21 part_RR22 to_II the_AT fact_NN1 that_CST political_JJ ideology_NN1 is_VBZ a_AT1 strong_JJ predictor_NN1 of_IO how_RRQ a_AT1 person_NN1 '_NULL s_ZZ1 attitudes_NN2 toward_II intragroup_NN1 members_NN2 are_VBR shaped_VVN ;_; liberals_NN2 and_CC conservatives_NN2 do_VD0 not_XX hold_VVI similar_JJ attitudes_NN2 toward_II ingroup_NN1 and_CC outgroup_VVI members_NN2 that_REX21 is_REX22 ,_, toward_II those_DD2 who_PNQS profess_VV0 the_AT same_DA ideology_NN1 and_CC those_DD2 who_PNQS do_VD0 not_XX (_( Altemeyer_NP1 ,_, 1998_MC )_) ._. 
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<s>
Therefore_RR ,_, the_AT central_JJ government_NN1 is_VBZ not_XX the_AT only_RR regulating_VVG actor_NN1 in_II its_APPGE rebalancing_JJ efforts_NN2 ,_, leaving_VVG substantial_JJ room_NN1 for_IF bargaining_NN1 and_CC conflict_NN1 ._. 
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<s>
As_II a_AT1 practical_JJ matter_NN1 ,_, this_DD1 eliminates_VVZ any_DD consideration_NN1 offirm-product_NN1 entry_NN1 into_II or_CC exit_VV0 from_II small_JJ ,_, peripheral_JJ markets_NN2 for_IF which_DDQ the_AT rate_NN1 of_IO export_NN1 participation_NN1 by_II Chinese_JJ firms_NN2 is_VBZ low_JJ ._. 
</s>
<s>
We_PPIS2 now_RT verify_VV0 that_CST our_APPGE assumption_NN1 that_CST the_AT wage–capital_JJ ratio_NN1 is_VBZ constant_JJ with_II31 respect_II32 to_II33 time_NNT1 ._. 
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<s>
For_IF future_JJ research_NN1 ,_, the_AT underlying_JJ sources_NN2 at_II the_AT individual_JJ level_NN1 could_VM be_VBI consulted_VVN to_TO construct_VVI individual-level_JJ samples_NN2 ._. 
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<s>
A_AT1 strong_JJ decline_NN1 of_IO emissions_NN2 can_VM be_VBI observed_VVN for_IF with_IW a_AT1 reduction_NN1 to_II 26%_NNU in_II 2030_MC and_CC in_II Phoenix_NP1 where_RRQ emissions_NN2 are_VBR 41%_NNU below_II the_AT Core_NN1 baseline_NN1 scenario_NN1 in_II 2030_MC in_II the_AT High_JJ CO2price_FO scenario_NN1 ._. 
</s>
<s>
But_CCB as_CSA the_AT Doha_NP1 Round_NN1 got_VVD underway_RR ,_, the_AT world_NN1 discovered_VVD that_CST the_AT GATT_NP1 '_NULL s_ZZ1 juggernaut_VV0 magic_NN1 would_VM not_XX work_VVI in_II the_AT WTO_NN1 ._. 
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<s>
A_AT1 large_JJ scale_NN1 role_NN1 out_RP increases_VVZ the_AT total_JJ number_NN1 of_IO vacancies_NN2 in_II the_AT economy_NN1 by_II about_RG 2.4_MC percent_NNU ._. 
</s>
<s>
To_TO support_VVI our_APPGE analysis_NN1 ,_, we_PPIS2 also_RR explore_VV0 aggregated_JJ trade_NN1 and_CC production_NN1 statistics_NN ,_, which_DDQ are_VBR not_XX suited_VVN for_IF formal_JJ analysis_NN1 ,_, but_CCB do_VD0 support_VVI the_AT trends_NN2 found_VVN in_II our_APPGE data_NN ._. 
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<s>
At_II the_AT end_NN1 ,_, China_NP1 '_NULL s_ZZ1 capital_JJ share_NN1 decreased_VVN to_II 30.34%_FO when_RRQ the_AT bank_NN1 was_VBDZ set_VVN up_RP ._. 
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<s>
Specifically_RR ,_, the_AT LR_NP1 elasticities_NN2 are_VBR about_RG four_MC times_NNT2 the_AT corresponding_JJ SR_NN1 elasticities_NN2 for_IF panel_NN1 III_MC ,_, indicating_VVG that_CST the_AT variables_NN2 are_VBR more_RGR effective_JJ in_II influencing_VVG CO2_FO emissions_NN2 in_II the_AT LR_NP1 than_CSN they_PPHS2 do_VD0 in_II the_AT SR_NN1 ._. 
</s>
<s>
We_PPIS2 have_VH0 also_RR included_VVN up_RG21 to_RG22 three_MC lags_NN2 of_IO #E_FO t_ZZ1 in_II the_AT estimation_NN1 ,_, and_CC the_AT dummy_JJ variables_NN2 #E_FO t_ZZ1 and_CC #E_FO t_ZZ1 have_VH0 been_VBN #E_FO to_TO assess_VVI the_AT multilateral_JJ price_NN1 terms_NN2 ._. 
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<s>
This_DD1 is_VBZ a_AT1 major_JJ concern_NN1 ,_, especially_RR in_II the_AT context_NN1 of_IO alternative_JJ energy_NN1 firms_NN2 ,_, as_CSA the_AT extant_JJ literature_NN1 suggests_VVZ that_CST they_PPHS2 are_VBR riskier_JJR due_II21 to_II22 inherent_JJ business_NN1 risks_NN2 and_CC high_JJ failure_NN1 rates_NN2 (_( Sadorsky_NP1 ,_, 2012_MC )_) ._. 
</s>
<s>
On_II the_AT one_MC1 hand_NN1 ,_, there_EX is_VBZ abundant_JJ empirical_JJ evidence_NN1 proving_VVG that_DD1 aggregate_JJ stock_NN1 and_CC bond_VV0 returns_NN2 are_VBR predictable_JJ using_VVG some_DD informative_JJ variables.1_FO On_II the_AT other_JJ hand_NN1 ,_, contrasting_JJ evidence_NN1 appears_VVZ in_II the_AT study_NN1 of_IO predictability_NN1 of_IO abnormal_JJ fund_NN1 performance_NN1 :_: Ait-Sahalia_NP1 and_CC Brandt_NP1 (_( 2001_MC )_) and_CC Jiang_NP1 ,_, Yao_NP1 ,_, and_CC Yu_NP1 (_( 2007_MC )_) ,_, for_REX21 example_REX22 ,_, note_VV0 that_CST ,_, although_CS many_DA2 studies_NN2 prove_VV0 that_CST aggregate_JJ market_NN1 returns_NN2 are_VBR predictable_JJ ,_, it_PPH1 is_VBZ difficulteven_JJ for_IF sophisticated_JJ and_CC informed_JJ investorsto_NN1 take_VV0 advantage_NN1 of_IO such_DA predictability_NN1 in_II portfolio_NN1 decisions_NN2 ._. 
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<s>
The_AT government_NN1 lowers_VVZ the_AT intercept_VV0 of_IO the_AT tax_NN1 function_NN1 #E_FO ,_, i.e._REX ,_, it_PPH1 provides_VVZ all_DB individuals_NN2 with_IW more_DAR income_NN1 ,_, until_CS the_AT marginal_JJ utility_NN1 of_IO private_JJ income_NN1 plus_II income_NN1 effects_NN2 #E_FO are_VBR on_II average_JJ equal_JJ to_II its_APPGE marginal_JJ cost_NN1 in_II31 terms_II32 of_II33 revenue_NN1 (_( )_) ._. 
</s>
<s>
Part_NN1 1_MC1 applies_VVZ to_II cases_NN2 in_II which_DDQ the_AT chair_NN1 controls_VVZ sufficient_JJ favors_NN2 to_TO purchase_VVI the_AT certain_JJ support_NN1 of_IO the_AT minimum_NN1 winning_VVG coalition_NN1 ,_, that_REX21 is_REX22 ,_, when_CS #E_FO ._. 
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<s>
In_II this_DD1 case_NN1 ,_, she_PPHS1 allocates_VVZ unit_NN1 favors_VVZ to_II at_RR21 least_RR22 q_ZZ1 of_IO the_AT committee_NN1 members_NN2 ,_, thus_RR ensuring_VVG the_AT acceptance_NN1 of_IO her_APPGE proposal_NN1 ._. 
</s>
<s>
Finally_RR ,_, also_RR of_IO interest_NN1 is_VBZ a_AT1 study_NN1 that_CST compared_VVD the_AT results_NN2 of_IO lab_NN1 experiments_NN2 testing_VVG for_IF gender_NN1 differences_NN2 in_II preferences_NN2 for_IF competition_NN1 in_II two_MC different_JJ cultures_NN2 (_( Gneezy_NP1 ,_, Leonard_NP1 and_CC List_NN1 2009_MC )_) ._. 
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<s>
SPOCQ_NP1 provide_VV0 an_AT1 estimate_NN1 of_IO the_AT market_NN1 '_NULL s_ZZ1 willingness_NN1 to_TO pay_VVI for_IF insurance_NN1 against_II outcomes_NN2 in_II various_JJ quantiles_NN2 of_IO the_AT return_NN1 distribution_NN1 and_CC are_VBR directly_RR related_VVN to_II expected_JJ returns_NN2 in_II standard_JJ asset_NN1 pricing_NN1 models_NN2 with_IW higher_JJR moments_NN2 or_CC recursive_JJ preferences_NN2 ._. 
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<s>
This_DD1 incentive_NN1 could_VM help_VVI in_II explaining_VVG the_AT proliferation_NN1 of_IO FTAs_NP2 in_II the_AT previous_JJ decade_NNT1 ._. 
</s>
<s>
The_AT advantage_NN1 of_IO this_DD1 approach_NN1 is_VBZ that_CST it_PPH1 allows_VVZ one_PN1 to_TO understand_VVI which_DDQ economic_JJ forces_NN2 drive_VV0 the_AT regime_NN1 switches_NN2 ._. 
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<s>
The_AT technique_NN1 of_IO proof_NN1 is_VBZ somewhat_RR nonstandard_NN1 ,_, in_II showing_VVG that_CST the_AT supremum_NN1 and_CC infimum_NN1 have_VH0 the_AT same_DA rate_NN1 of_IO convergence_NN1 ,_, and_CC moreover_RR in_II using_VVG probability_NN1 (_( PF_NP1 )_) rather_II21 than_II22 expectation_NN1 (_( EF_NP1 )_) in_II the_AT supremum_NN1 statement_NN1 ._. 
</s>
<s>
As_CSA highlighted_VVN by_II Chudik_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2011_MC )_) and_CC Pesaran_NP1 and_CC Tosetti_NP1 (_( 2011_MC )_) ,_, however_RR ,_, the_AT spatial_JJ model_NN1 can_VM only_RR accommodate_VVI the_AT weak_JJ form_NN1 of_IO crosssectional_JJ dependence_NN1 (_( CSD_NP1 )_) ,_, and_CC thus_RR the_AT spatialbased_JJ approach_NN1 may_VM be_VBI subject_II21 to_II22 (_( potential_NN1 )_) biases_VVZ in_II the_AT presence_NN1 of_IO the_AT strong_JJ form_NN1 of_IO CSD_NP1 ._. 
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<s>
The_AT macroeconomic_JJ growth_NN1 rebound_NN1 effect_NN1 can_VM therefore_RR be_VBI expressed_VVN as_II :_: #E_FO ._. 
</s>
<s>
Using_VVG the_AT absolute_JJ productivity_NN1 frontier_NN1 (_( e.g._REX ,_, the_AT MFP_NP1 level_NN1 of_IO the_AT USA_NP1 )_) at_II the_AT macroeconomic_JJ level_NN1 is_VBZ tricky_JJ ._. 
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<s>
This_DD1 evidence_NN1 suggests_VVZ that_CST positive_JJ local_JJ shocks_NN2 contribute_VV0 to_II accelerating_JJ churn_NN1 in_II the_AT affected_JJ regions_NN2 ._. 
</s>
<s>
Therefore_RR ,_, below_RL we_PPIS2 consider_VV0 binary_JJ outcomes_NN2 for_IF finding_VVG work_NN1 ._. 
</s>
<s>
Discussing_VVG the_AT BdF_NP1 sterilization_NN1 policy_NN1 ,_, Emanoil_NP1 claimed_VVD that_CST "_" applied_VVD in_II other_JJ countries_NN2 ,_, this_DD1 policy_NN1 proved_VVD to_TO be_VBI far_RG less_RGR successful_JJ "_" (_( Emanoil_NP1 ,_, 1932_MC ,_, p.101_FO )_) ._. 
</s>
<s>
The_AT growth_NN1 in_II Medicare_NP1 and_CC Medicaid_NP1 transfers_NN2 reflects_VVZ an_AT1 increase_NN1 in_II the_AT generosity_NN1 of_IO the_AT benefits_NN2 ,_, but_CCB also_RR the_AT rise_NN1 in_II the_AT price_NN1 of_IO health_NN1 services_NN2 provided_VVN by_II these_DD2 programspossibly_RR above_II what_DDQ people_NN would_VM be_VBI willing_JJ to_TO pay_VVI on_II a_AT1 private_JJ market_NN1 (_( see_VV0 ,_, e.g._REX ,_, Finkelstein_NP1 ,_, Hendren_NP1 ,_, and_CC Luttmer_NP1 2016_MC )_) and_CC perhaps_RR an_AT1 increase_NN1 in_II the_AT economic_JJ surplus_NN1 of_IO health_NN1 providers_NN2 in_II the_AT medical_JJ and_CC pharmaceutical_JJ sectors_NN2 ._. 
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<s>
In_II fact_NN1 ,_, this_DD1 was_VBDZ not_XX the_AT case_NN1 ._. 
</s>
<s>
Although_CS almost_RR one_MC1 third_MD of_IO interviews_NN2 conveyed_VVD sentiments_NN2 related_VVN to_II this_DD1 category_NN1 ,_, it_PPH1 most_RGT often_RR emerged_VVD in_II31 conjunction_II32 with_II33 other_JJ themes_NN2 ._. 
</s>
<s>
The_AT response_NN1 options_NN2 for_IF these_DD2 six_MC questions_NN2 ranged_VVN between_II (_( 1_MC1 )_) "_" do_VD0 not_XX agree_VVI at_RR21 all_RR22 "_" and_CC (_( 5_MC )_) "_" totally_RR agree_VV0 "_" on_II a_AT1 five-point_JJ symmetric_JJ ordered_JJ scale_NN1 ._. 
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<s>
This_DD1 leads_VVZ to_II a_AT1 U-shaped_JJ marginal_JJ capital_NN1 tax_NN1 schedule_NN1 ._. 
</s>
<s>
The_AT analysis_NN1 is_VBZ confined_VVN to_II the_AT case_NN1 of_IO uniformly-distributed_NN1 moving_VVG costs_NN2 ,_, for_IF which_DDQ we_PPIS2 have_VH0 the_AT most_RGT detailed_JJ results_NN2 ._. 
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<s>
Therefore_RR ,_, I_PPIS1 can_VM accompany_VVI the_AT bureau_NN1 '_NULL s_ZZ1 technicians_NN2 to_TO promote_VVI my_APPGE fertilizers_NN2 and_CC develop_VVI business_NN1 opportunities_NN2 ._. 
</s>
<s>
At_II the_AT same_DA time_NNT1 ,_, the_AT government_NN1 and_CC mine_NN1 companies_NN2 also_RR need_VV0 to_TO tighten_VVI the_AT supply_NN1 of_IO labor_NN1 which_DDQ might_VM have_VHI been_VBN a_AT1 factor_NN1 leading_VVG to_II better_JJR safety_NN1 provisions_NN2 ._. 
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<s>
Viewed_VVN through_II a_AT1 dichotomous_JJ tracking/no_NN1 tracking_NN1 "_" lens_NN1 ,_, this_DD1 number_NN1 may_VM seem_VVI high_JJ ._. 
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<s>
Furthermore_RR ,_, this_DD1 multi-asset_JJ analysis_NN1 identifies_VVZ the_AT economy-wide_JJ growth_NN1 rate_NN1 as_II an_AT1 additional_JJ variable_NN1 that_CST affects_VVZ the_AT link_NN1 between_II a_AT1 firm_JJ '_NULL s_ZZ1 cost_NN1 of_IO capital_NN1 and_CC the_AT quality_NN1 of_IO mandated_JJ public_JJ disclosures_NN2 ._. 
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<s>
We_PPIS2 find_VV0 that_CST appeals_NN2 are_VBR much_RR too_RG small_JJ (_( at_RR21 most_RR22 1.5%_FO of_IO annual_JJ total_JJ revenues_NN2 )_) to_TO substantially_RR change_VVI the_AT results_NN2 here_RL ,_, and_CC we_PPIS2 find_VV0 no_AT economically_RR meaningful_JJ or_CC statistically_RR significant_JJ differences_NN2 in_II appeals_NN2 rates_NN2 or_CC amounts_NN2 between_II treatment_NN1 and_CC control_NN1 areas_NN2 ._. 
</s>
<s>
Given_VVN the_AT direct_JJ evidence_NN1 in_II Section_NN1 III._MC ,_, we_PPIS2 can_VM naturally_RR relate_VVI the_AT value_NN1 ladder_NN1 to_TO aggregate_VVI income_NN1 risk_NN1 ._. 
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<s>
An_AT1 Online_JJ Appendix_NN1 for_IF this_DD1 article_NN1 can_VM be_VBI found_VVN at_II The_AT Quarterly_JJ Journal_NN1 of_IO Economics_NN1 online_RR ._. 
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<s>
Equations_NN2 (_( 6_MC )_) and_CC (_( 7_MC )_) allow_VV0 for_IF an_AT1 accumulation_NN1 process_NN1 of_IO public_JJ resources_NN2 in_II each_DD1 public_JJ sector_NN1 ,_, and_CC it_PPH1 is_VBZ proportional_JJ to_II production_NN1 output_NN1 (_( yt_NN1 )_) ._. 
</s>
<s>
We_PPIS2 find_VV0 that_DD1 trade_NN1 decreases_VVZ ,_, welfare_NN1 is_VBZ reduced_VVN in_II most_DAT countries_NN2 (_( and_CC most_RGT strongly_RR in_II the_AT developing_JJ world_NN1 )_) ,_, carbon_NN1 emissions_NN2 are_VBR partly_RR shifted_VVN from_II countries_NN2 with_IW low_JJ carbon_NN1 taxes_NN2 to_II countries_NN2 with_IW high_JJ carbon_NN1 taxes_NN2 (_( i.e._REX carbon_NN1 leakage_NN1 is_VBZ reduced_VVN )_) ,_, and_CC world_NN1 carbon_NN1 emissions_NN2 decrease_VV0 by_II 0.50_MC percent_NNU ,_, driven_VVN primarily_RR by_II composition_NN1 effects_NN2 ._. 
</s>
<s>
These_DD2 firms_NN2 are_VBR likely_JJ to_TO receive_VVI weaker_JJR government_NN1 protection_NN1 and_CC may_VM be_VBI more_RGR vulnerable_JJ to_II corruption_NN1 and_CC extortion_NN1 ,_, as_CSA discussed_VVN in_II the_AT previous_JJ subsection_NN1 ._. 
</s>
<s>
In_II this_DD1 study_NN1 ,_, not_XX only_RR do_VD0 we_PPIS2 evidence_NN1 that_CST the_AT open_JJ macro_JJ policy_NN1 choice_NN1 is_VBZ "_" still_RR "_" dictated_VVN by_II the_AT hypothesis_NN1 of_IO the_AT trilemma_NN1 ,_, but_CCB also_RR we_PPIS2 provide_VV0 much_RR more_RRR nuanced_VVN ,_, indirect_JJ effects_NN2 of_IO trilemma_NN1 policy_NN1 arrangements_NN2 ._. 
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<s>
We_PPIS2 combine_VV0 new_JJ data_NN on_II mutual_JJ funds_NN2 '_NULL holdings_NN2 of_IO securitizations_NN2 with_IW several_DA2 standard_JJ mutual_JJ fund_NN1 data_NN sets_NN2 ._. 
</s>
<s>
To_TO ensure_VVI smoother_JJR and_CC more_RGR transparent_JJ school-student_JJ matching_NN1 ,_, schools_NN2 are_VBR divided_VVN into_II four_MC groups_NN2 by_II the_AT city_NN1 education_NN1 department_NN1 ._. 
</s>
<s>
One_MC1 reason_NN1 is_VBZ the_AT increasing_JJ uptake_NN1 of_IO electric_JJ cars_NN2 ,_, which_DDQ rises_VVZ to_II 280_MC million_NNO by_II 2040_MC (_( from_II 2_MC million_NNO today_RT )_) ;_; the_AT other_JJ reason_NN1 is_VBZ that_DD1 vehicle_NN1 emissions_NN2 standards_NN2 in_II the_AT major_JJ global_JJ car_NN1 and_CC truck_NN1 markets_NN2 are_VBR becoming_VVG increasingly_RR stringent_JJ ._. 
</s>
<s>
The_AT possibility_NN1 that_CST falling_JJ transport_NN1 costs_NN2 could_VM decimate_VVI much_DA1 of_IO the_AT U.S._NP1 manufacturing_NN1 base_NN1 by_II making_VVG it_PPH1 practical_JJ to_TO ship_VVI almost_RR everything_PN1 long_JJ distances_NN2 simply_RR did_VDD not_XX occur_VVI to_II him_PPHO1 ._. 
</s>
<s>
An_AT1 important_JJ identification_NN1 assumption_NN1 is_VBZ that_CST firms_NN2 near_II the_AT threshold_NN1 are_VBR not_XX precisely_RR manipulating_VVG the_AT number_NN1 of_IO domestic_JJ employees_NN2 ._. 
</s>
<s>
In_II Panel_NN1 A_ZZ1 ,_, the_AT dependent_JJ variables_NN2 are_VBR Cash_NN1 acquisition_NN1 dummy_NN1 ,_, which_DDQ is_VBZ a_AT1 dummy_JJ variable_JJ equal_JJ to_II one_PN1 if_CS the_AT firm_NN1 undertook_VVD an_AT1 acquisition_NN1 financed_VVD at_RR21 least_RR22 partly_RR by_II cash_NN1 or_CC had_VHD a_AT1 75%_NNU probability_NN1 of_IO being_VBG paid_VVN in_II cash_NN1 according_II21 to_II22 the_AT predictive_JJ regression_NN1 in_II Appendix_NN1 D_ZZ1 and_CC Stock_NP1 acquisition_NN1 dummy_NN1 ,_, which_DDQ is_VBZ a_AT1 dummy_JJ variable_JJ equal_JJ to_II one_PN1 if_CS the_AT firm_NN1 undertook_VVD an_AT1 acquisition_NN1 financed_VVD solely_RR by_II equity_NN1 or_CC having_VHG a_AT1 below_RG 75%_NNU probability_NN1 of_IO being_VBG paid_VVN in_II cash_NN1 ._. 
</s>
<s>
Thus_RR ,_, the_AT HR_NNU approach_NN1 receives_VVZ 127.47_MC million_NNO votes_NN2 ,_, and_RR31 so_RR32 on_RR33 ._. 
</s>
<s>
Bids_NN2 identified_VVN by_II the_AT SDC_NP1 database_NN1 as_CSA "_" unsolicited_JJ "_" are_VBR typically_RR classified_VVN as_CSA hostile_JJ in_II the_AT literature_NN1 (_( e.g._REX ,_, Schwert_NP1 (_( 2000_MC )_) ,_, Heron_NN and_CC Lie_VV0 (_( 2006_MC )_) )_) ._. 
</s>
<s>
Sixty_MC years_NNT2 after_II the_AT Treaty_NN1 of_IO Rome_NP1 first_MD established_VVD the_AT European_JJ Economic_JJ Community_NN1 ,_, the_AT European_JJ Union_NN1 is_VBZ struggling_VVG with_IW the_AT aftermath_NN1 of_IO the_AT global_JJ financial_JJ crisis_NN1 ,_, geopolitical_JJ instability_NN1 on_II its_APPGE eastern_JJ and_CC southern_JJ borders_NN2 ,_, and_CC the_AT success_NN1 of_IO anti-European_JJ political_JJ parties_NN2 in_II many_DA2 member_NN1 states_NN2 ._. 
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<s>
This_DD1 samplebased_JJ MSE_NN1 generally_RR has_VHZ some_DD bias_NN1 with_II31 respect_II32 to_II33 the_AT expected_JJ MSE_NN1 because_CS ,_, among_II other_JJ reasons_NN2 ,_, the_AT same_DA data_NN are_VBR used_VVN to_TO estimate_VVI the_AT parameters_NN2 of_IO the_AT model_NN1 ._. 
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<s>
High_JJ Chl-a_NP1 is_VBZ evidence_NN1 of_IO sufficient_JJ plankton_NN1 to_TO sustain_VVI marine_JJ resources_NN2 (_( Sachoemar_NP1 et_RA21 al_RA22 ._. 
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<s>
2010_MC )_) ._. 
</s>
<s>
The_AT problem_NN1 is_VBZ to_TO choose_VVI a_AT1 policy_NN1 in_II31 terms_II32 of_II33 the_AT size_NN1 of_IO deviation_NN1 from_II the_AT first-best_JJ rule_NN1 ._. 
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<s>
The_AT share_NN1 of_IO US_NP1 expenditure_NN1 on_II imports_NN2 is_VBZ smaller_JJR than_CSN in_II most_DAT other_JJ countries_NN2 ._. 
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<s>
In_II contrast_NN1 ,_, we_PPIS2 examine_VV0 the_AT market_NN1 in_II the_AT Ontario_NP1 province_NN1 of_IO Canada_NP1 ._. 
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<s>
However_RR ,_, our_APPGE primary_JJ focus_NN1 is_VBZ on_II generating_JJ employment_NN1 ,_, not_XX output_VVN ._. 
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<s>
The_AT second_MD generalization_NN1 is_VBZ geared_VVN towards_II testing_VVG for_IF cross_JJ sectional_JJ dependence_NN1 in_II the_AT dependent_JJ variable_NN1 ,_, which_DDQ may_VM be_VBI due_II21 to_II22 the_AT dependence_NN1 on_II the_AT outcomes_NN2 ,_, observed_VVD exogenous_JJ characteristics_NN2 ,_, and/or_CC unobserved_JJ characteristics_NN2 of_IO other_JJ units_NN2 in_II the_AT network_NN1 ._. 
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<s>
The_AT secular_JJ trends_NN2 are_VBR partialled_VVN out_RP by_II comparing_VVG each_DD1 base_NN1 county_NN1 to_II its_APPGE synthetic_JJ control_NN1 ._. 
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<s>
The_AT exceptions_NN2 being_VBG Chile_NP1 ,_, Germany_NP1 ,_, Korea_NP1 ,_, UK_NP1 (_( where_CS there_EX is_VBZ a_AT1 slight_JJ problem_NN1 of_IO heteroscedasticity_NN1 )_) and_CC Germany_NP1 ,_, Korea_NP1 ,_, Mexico_NP1 and_CC Spain_NP1 (_( where_CS the_AT Box-Ljung_JJ test_NN1 suggests_VVZ there_EX might_VM be_VBI a_AT1 problem_NN1 with_IW serial_JJ correlation_NN1 ,_, but_CCB the_AT correlation_NN1 coefficients_NN2 up_RG21 to_RG22 three_MC lags_NN2 do_VD0 not_XX suggest_VVI there_RL is_VBZ problem_NN1 )_) ._. 
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<s>
There_EX is_VBZ a_AT1 pronounced_JJ difference_NN1 between_II the_AT whole_JJ economy_NN1 and_CC the_AT manufacturing_NN1 sector_NN1 when_CS it_PPH1 comes_VVZ to_II the_AT importance_NN1 of_IO indirect_JJ linkages_NN2 ._. 
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<s>
It_PPH1 was_VBDZ the_AT capital_NN1 of_IO Jiangsu_NP1 province_NN1 only_RR in_II the_AT later_JJR Qing_NP1 dynasty.45_FO across_II the_AT twentieth_MD century_NNT1 the_AT city_NN1 has_VHZ served_VVN as_CSA both_RR county-level_JJ and_CC prefecture-level_JJ administrations_NN2 ,_, in_II which_DDQ the_AT larger_JJR ,_, mostly_RR rural_JJ prefectural_JJ territory_NN1 surrounded_VVD the_AT city_NN1 ._. 
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<s>
Trust_VV0 in_II systems_NN2 or_CC institutions_NN2 takes_VVZ the_AT form_NN1 of_IO faith_NN1 in_II abstract_JJ systems_NN2 ,_, which_DDQ requires_VVZ faceless_JJ commitment_NN1 only_RR ._. 
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<s>
We_PPIS2 summarize_VV0 ordinary_JJ least_DAT squares_NN2 (_( OLS_NP2 )_) regressions_NN2 of_IO final_JJ bid_NN1 premiums_NN2 for_IF single-bid_JJ completed_JJ deals_NN2 on_II bid_NN1 ,_, target_NN1 ,_, and_CC bidder_NN1 characteristics_NN2 in_II Table_NN1 4_MC ._. 
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<s>
Additional_JJ robustness_NN1 tests_NN2 are_VBR described_VVN next_MD ._. 
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<s>
We_PPIS2 first_MD show_NN1 that_CST it_PPH1 is_VBZ possible_JJ to_TO incorporate_VVI current_JJ information_NN1 into_II GARCH-type_JJ models_NN2 while_CS retaining_VVG interpretation_NN1 ,_, and_CC a_AT1 good_JJ description_NN1 of_IO the_AT key_JJ characteristics_NN2 of_IO financial_JJ data_NN ._. 
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<s>
Since_CS the_AT article–country_NN1 disaggregation_NN1 and_CC article–tariff_VV0 disaggregation_NN1 sections_NN2 now_RT differentiate_VV0 between_II raw_JJ and_CC manufactured_JJ flax_NN1 ,_, hemp_NN1 ,_, and_CC jute_NN1 ,_, and_CC since_CS the_AT article–tariff_NN1 disaggregation_NN1 section_NN1 lists_VVZ an_AT1 overall_JJ ad_JJ21 valorem_JJ22 equivalent_JJ tariff_NN1 for_IF all_DB dutiable_JJ manufactures_VVZ of_IO flax_NN1 ,_, hemp_NN1 ,_, and_CC jute_NN1 ,_, the_AT industry_NN1 is_VBZ redefined_VVN to_TO include_VVI all_DB manufactures_VVZ of_IO flax_NN1 ,_, hemp_NN1 ,_, and_CC jute_VV0 from_II 1890/1_MC until_CS the_AT conclusion_NN1 of_IO the_AT series_NN ._. 
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<s>
The_AT endogenous_JJ variables_NN2 in_II these_DD2 specifications_NN2 are_VBR education-specific_JJ ._. 
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<s>
Then_RT ,_, I_PPIS1 explain_VV0 beliefs-based_JJ present_JJ bias_NN1 in_II detail_NN1 and_CC show_VV0 how_RRQ it_PPH1 differs_VVZ from_II hyperbolic_JJ discounting_NN1 ._. 
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<s>
When_CS taking_VVG into_II account_NN1 the_AT possibility_NN1 of_IO regime_NN1 changes_VVZ the_AT impulse_NN1 responses_NN2 become_VV0 very_RG similar_JJ after_II three_MC or_CC four_MC years_NNT2 ._. 
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<s>
In_II an_AT1 era_NN1 where_CS political_JJ ,_, institutional_JJ ,_, social_JJ ,_, demographic_JJ ,_, and_CC economic_JJ factors_NN2 more_RGR often_RR worked_VVN to_TO raise_VVI inequality_NN1 rather_II21 than_II22 to_TO depress_VVI it_PPH1 ,_, inequality_NN1 tended_VVD to_TO grow_VVI in_II most_DAT places_NN2 ,_, regardless_RR of_IO economic_JJ growth_NN1 ._. 
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<s>
In_II most_DAT months_NNT2 ,_, the_AT estimated_JJ effect_NN1 on_II homeownership_NN1 instead_RR is_VBZ negative_JJ ,_, though_CS small_JJ and_CC generally_RR not_XX statistically_RR significant_JJ ._. 
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<s>
In_II their_APPGE framework_NN1 there_EX are_VBR only_RR two_MC messages_NN2 ,_, namely_REX ,_, positive_JJ or_CC negative_JJ test_NN1 results_NN2 related_VVN to_II the_AT risk-type_NN1 of_IO a_AT1 given_JJ DM_NNU ._. 
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Parts_NN2 (_( a_ZZ1 )_) and_CC (_( b_ZZ1 )_) are_VBR existence_NN1 and_CC identification_NN1 results_NN2 ,_, respectively_RR ._. 
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<s>
Fifth_MD ,_, capital_NN1 imported_VVN from_II abroad_RL earns_VVZ the_AT same_DA return_NN1 as_CSA domestic_JJ capital_NN1 ._. 
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<s>
Although_CS the_AT existence_NN1 of_IO a_AT1 spread_NN1 between_II the_AT exchange_NN1 rates_NN2 at_II the_AT two_MC financial_JJ centres_NN2 meant_VVD that_CST ,_, on_II average_NN1 and_CC over_II the_AT long_JJ run_NN1 ,_, the_AT buyer/lender_NN1 would_VM receive_VVI a_AT1 positive_JJ return_NN1 ,_, this_DD1 could_VM vary_VVI and_CC ,_, indeed_RR ,_, they_PPHS2 could_VM sometimes_RT lose_VVI money_NN1 on_II the_AT transaction_NN1 ._. 
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<s>
The_AT variable_JJ Exporter_NN1 ,_, a_AT1 proxy_NN1 for_IF the_AT intensity_NN1 of_IO the_AT links_NN2 with_IW external_JJ markets_NN2 ,_, is_VBZ only_RR significant_JJ for_IF the_AT investment_NN1 in_II other_JJ innovation_NN1 activities_NN2 in_II the_AT case_NN1 of_IO services_NN2 sector_NN1 firms_NN2 ._. 
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<s>
To_TO allow_VVI the_AT data_NN to_TO speak_VVI to_II this_DD1 issue_NN1 ,_, we_PPIS2 run_VV0 a_AT1 series_NN of_IO first-difference_JJ regressions_NN2 in_II which_DDQ we_PPIS2 vary_VV0 the_AT length_NN1 of_IO the_AT difference_NN1 ._. 
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<s>
Although_CS the_AT combination_NN1 method_NN1 is_VBZ rather_RG simple_JJ ,_, recent_JJ empirical_JJ studies_NN2 show_VV0 that_CST it_PPH1 is_VBZ difficult_JJ to_TO find_VVI a_AT1 sophisticated_JJ combination_NN1 that_CST can_VM outperform_VVI EWMC_NP1 (_( Stock_NP1 and_CC Watson_NP1 ,_, 2004_MC ;_; Claeskens_NP1 et_RA21 al._RA22 ,_, 2016_MC )_) ._. 
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<s>
At_II that_DD1 point_NN1 ,_, changes_NN2 in_II purchasing_NN1 power_NN1 also_RR become_VV0 regressive_JJ ,_, with_IW all_DB income_NN1 classes_NN2 but_CCB those_DD2 earning_VVG >75k_FO doing_VDG worse_JJR than_CSN average_JJ ._. 
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<s>
The_AT CRA_NN1 for_IF its_APPGE part_NN1 is_VBZ privately_RR informed_VVN about_RP θ_NULL through_II the_AT signal_NN1 y_ZZ1 ,_, uniformly_RR distributed_VVN over_RP &lsqb;_( θ_NULL ,_, θ_NULL +_FO &rsqb;_) ._. 
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<s>
We_PPIS2 do_VD0 this_DD1 because_CS there_EX could_VM be_VBI some_DD concern_NN1 that_CST individuals_NN2 no_RR21 longer_RR22 suffering_VVG from_II joint_JJ pain_NN1 (_( or_CC suffering_VVG less_RRR )_) after_II Vioxx_NP1 '_NULL s_ZZ1 entry_NN1 could_VM generate_VVI bias_NN1 in_II the_AT estimated_JJ effect_NN1 of_IO the_AT entry_NN1 ._. 
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<s>
In_II numerical_JJ simulations_NN2 they_PPHS2 also_RR find_VV0 that_DD1 income_NN1 taxes_NN2 increase_VV0 while_CS consumption_NN1 taxes_NN2 fall_VV0 with_IW increased_JJ skewness_NN1 ._. 
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<s>
Prior_JJ work_NN1 describes_VVZ technological_JJ opportunity_NN1 as_CSA "_" exogenous_JJ variation_NN1 in_II the_AT cost_NN1 and_CC difficulty_NN1 of_IO innovation_NN1 in_II different_JJ technological_JJ areas_NN2 "_" (_( Jaffe_NP1 ,_, 1986_MC )_) ,_, "_" the_AT potential_NN1 for_IF technological_JJ progress_NN1 "_" (_( Olsson_NP1 ,_, 2005_MC )_) ,_, and_CC the_AT "_" scientific_JJ and_CC technological_JJ breakthroughs_NN2 which_DDQ make_VV0 additional_JJ innovation_NN1 more_RGR profitable_JJ or_CC less_RGR costly_JJ at_II a_AT1 fixed_JJ aggregate_NN1 or_CC industry_NN1 level_NN1 of_IO demand_NN1 "_" (_( Griliches_NP1 et_RA21 al._RA22 ,_, 1988_MC )_) ._. 
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<s>
Moreover_RR ,_, KMM_NP1 say_VV0 that_CST a_AT1 DM_NNU with_IW ambiguity_NN1 attitude_NN1 u_ZZ1 is_VBZ more_DAR ambiguity_NN1 averse_JJ than_CSN another_DD1 DM_NNU with_IW ambiguity_NN1 attitude_NN1 u_ZZ1 if_CS u_ZZ1 is_VBZ a_AT1 concave_JJ transformation_NN1 of_IO u_ZZ1 :_: #E_FO ._. 
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<s>
Roger_NP1 &;_NULL Dauvergne_NP1 (_( 2_MC )_) note_VV0 the_AT debate_NN1 surrounding_VVG structural_JJ and_CC functionalist_NN1 explanations_NN2 for_IF the_AT rise_NN1 of_IO transnational_JJ governance_NN1 ._. 
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<s>
The_AT query_NN1 set_NN1 Q_ZZ1 and_CC the_AT distribution_NN1 of_IO e_ZZ1 are_VBR public_JJ knowledge_NN1 :_: a_AT1 key_JJ feature_NN1 of_IO differential_JJ privacy_NN1 ._. 
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This_DD1 is_VBZ the_AT one_MC1 case_NN1 when_CS the_AT difference_NN1 is_VBZ statistically_RR significant.9_FO Looking_VVG at_II country_NN1 groups_NN2 ,_, we_PPIS2 find_VV0 the_AT same_DA pattern_NN1 with_IW a_AT1 stronger_JJR association_NN1 between_II gross_JJ capital_NN1 shares_NN2 and_CC top_JJ income_NN1 ,_, but_CCB there_EX are_VBR few_DA2 cases_NN2 where_RRQ the_AT difference_NN1 is_VBZ statistically_RR significant_JJ ._. 
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<s>
Thus_RR ,_, our_APPGE estimated_JJ treatment_NN1 effect_NN1 likely_RR reflects_VVZ real_JJ labor_NN1 supply_NN1 responses_NN2 ,_, rather_II21 than_II22 a_AT1 retiming_NN1 of_IO income_NN1 or_CC tax_NN1 avoidance_NN1 or_CC evasions_NN2 responses_NN2 ._. 
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<s>
Note_VV0 ,_, however_RR ,_, that_CST this_DD1 effect_NN1 is_VBZ contrary_II21 to_II22 expectations_NN2 given_VVN the_AT theory_NN1 discussed_VVN above_RL ._. 
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<s>
This_DD1 possibly_RR reflects_VVZ the_AT motivation_NN1 of_IO Irish_JJ banks_NN2 to_TO expand_VVI lending_VVG abroad_RL in_II the_AT pre-crisis_JJ period_NN1 ,_, which_DDQ was_VBDZ driven_VVN by_II the_AT desire_NN1 to_TO diversify_VVI their_APPGE portfolios_NN2 ._. 
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To_TO do_VDI so_RR ,_, we_PPIS2 draw_VV0 tentatively_RR from_II contemporary_JJ research_NN1 in_II political_JJ psychology_NN1 (_( Block_NN1 and_CC Block_NN1 2006_MC ;_; Haidt_NP1 2001_MC ,_, 2012_MC ,_, 2014_MC ;_; Jost_NP1 2009_MC ;_; Jost_NP1 ,_, Federico_NP1 ,_, and_CC Napier_NP1 2009_MC ;_; Jost_NP1 ,_, Nosek_NP1 ,_, and_CC Gosling_NP1 2008_MC ;_; Mooney_NP1 2012_MC ,_, 2014_MC )_) ._. 
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<s>
It_PPH1 is_VBZ well_RR known_VVN that_CST the_AT Banque_FW de_FW France_NP1 (_( BdF_NP1 henceforth_RT )_) –_- one_MC1 of_IO the_AT main_JJ pillars_NN2 of_IO the_AT classical_JJ gold_NN1 standard_NN1 along_II21 with_II22 the_AT Bank_NN1 of_IO England_NP1 and_CC the_AT Reichsbank_NN1 –_- did_VDD not_XX frequently_RR change_VVI its_APPGE discount_NN1 rate_NN1 between_II 1880_MC and_CC 1913.1_MC Regarding_II the_AT second_MD component_NN1 of_IO the_AT rules_NN2 of_IO the_AT game_NN1 ,_, Emanoil_NP1 (_( 1932_MC )_) ;_; White_NP1 (_( 1933_MC )_) ,_, and_CC Bloomfield_NP1 (_( 1959_MC )_) claimed_VVD –_- using_VVG annual_JJ data_NN –_- that_CST the_AT BdF_NP1 did_VDD not_XX behave_VVI as_CSA expected_VVN :_: its_APPGE discount_NN1 portfolio_NN1 varied_VVD negatively_RR with_IW gold_NN1 flows_VVZ between_II 1880_MC and_CC 1913_MC ._. 
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<s>
However_RR ,_, the_AT central_JJ administration_NN1 soon_RR caught_VVN up_RP and_CC helped_VVN support_NN1 gedik_NN1 markets_NN2 ,_, at_RR21 least_RR22 in_II sectors_NN2 in_II which_DDQ gedik_NN1 transactions_NN2 were_VBDR legally_RR recognized_VVN ._. 
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<s>
The_AT bottom_JJ panel_NN1 of_IO the_AT table_NN1 shows_VVZ sizes_NN2 for_IF data_NN generated_VVN by_II data_NN outside_II our_APPGE parameterization_NN1 of_IO the_AT (_( A_ZZ1 ,_, B_ZZ1 ,_, c_ZZ1 ,_, d_ZZ1 )_) model_NN1 ._. 
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<s>
Arrow_NN1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2004_MC )_) propose_VV0 a_AT1 more_RGR precise_JJ definition_NN1 ,_, which_DDQ we_PPIS2 adopt_VV0 for_IF the_AT purpose_NN1 of_IO our_APPGE study.2_FO Their_APPGE starting_NN1 point_NN1 is_VBZ an_AT1 index_NN1 of_IO intertemporal_JJ social_JJ welfare_NN1 of_IO an_AT1 economy_NN1 at_II a_AT1 given_JJ time_NNT1 t_ZZ1 ._. 
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<s>
Intertemporal_JJ social_JJ welfare_NN1 ,_, denoted_VVN by_II VtVt_NP1 ,_, is_VBZ a_AT1 measure_NN1 of_IO the_AT present_JJ discounted_JJ value_NN1 of_IO social_JJ welfare_NN1 attained_VVN at_II each_DD1 future_JJ date_NN1 along_II a_AT1 given_JJ development_NN1 path_NN1 ._. 
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<s>
We_PPIS2 take_VV0 the_AT prices_NN2 of_IO the_AT SPDR_NP1 every_AT1 five_MC minutes_NNT2 from_II 9:30_MC a.m._RA to_II 4:00_MC p.m._RA each_DD1 day_NNT1 ,_, which_DDQ provides_VVZ 79_MC prices_NN2 for_IF each_DD1 day_NNT1 ._. 
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<s>
For_IF the_AT fourth_MD robustness_NN1 check_NN1 ,_, we_PPIS2 examine_VV0 the_AT impacts_NN2 of_IO potential_JJ confounding_JJ factors_NN2 on_II our_APPGE results_NN2 ._. 
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<s>
As_CSA such_DA forced_JJ loans_NN2 were_VBDR riskier_JJR than_CSN those_DD2 purchased_VVN voluntarily_RR ,_, differentials_NN2 between_II forced_JJ loans_NN2 '_NULL rates_NN2 and_CC their_APPGE secondary_JJ market_NN1 rates_NN2 were_VBDR far_RG larger_JJR than_CSN in_II the_AT case_NN1 of_IO rents_NN2 issued_VVN on_II "_" open_JJ "_" primary_JJ markets_NN2 (_( Chilosi_NP1 2014_MC ,_, pp_NN1 ._. 
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<s>
If_CS anything_PN1 ,_, in_II the_AT years_NNT2 immediately_RR following_VVG the_AT reforms_NN2 ,_, there_EX was_VBDZ better_JJR access_NN1 to_II mechanized_JJ inputs_NN2 in_II Austria_NP1 (_( Komlos_NN2 1983_MC )_) ._. 
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<s>
An_AT1 arrangement_NN1 is_VBZ N-stable_JJ if_CS there_EX are_VBR no_AT coalitions_NN2 of_IO size/cardinality_NN1 N_ZZ1 or_CC smaller_JJR with_IW dominating_VVG deviations_NN2 ._. 
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<s>
They_PPHS2 find_VV0 that_CST idiosyncratic_JJ bank_NN1 shocks_NN2 can_VM explain_VVI 40_MC percent_NNU of_IO aggregate_JJ loan_NN1 and_CC investment_NN1 fluctuations_NN2 ._. 
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An_AT1 alternative_JJ strategy_NN1 would_VM be_VBI to_TO make_VVI explicit_JJ assumptions_NN2 about_II the_AT elasticities_NN2 of_IO supply_NN1 and_CC demand_VV0 for_IF labor_NN1 and_CC capital_NN1 ,_, so_BCL21 as_BCL22 to_TO estimate_VVI what_DDQ would_VM be_VBI the_AT counterfactual_JJ level_NN1 of_IO output_NN1 and_CC income_NN1 if_CS the_AT tax_NN1 system_NN1 did_VDD not_XX exist_VVI (_( one_MC1 would_VM also_RR need_VVI to_TO model_VVI how_RGQ public_JJ infrastructure_NN1 is_VBZ paid_VVN for_IF and_CC how_RRQ it_PPH1 contributes_VVZ to_II the_AT production_NN1 function_NN1 )_) ._. 
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<s>
In_RR21 particular_RR22 ,_, in_II the_AT downside_NN1 VaR_NN1 forecasts_NN2 (_( 1%_NNU and_CC 5%_NNU VaR_NN1 )_) ,_, the_AT SDHS_NP1 method_NN1 passes_VVZ Kupiec_NP1 '_NULL s_ZZ1 test_VV0 with_IW a_AT1 more_RGR stringent_JJ significance_NN1 level_NN1 than_CSN that_DD1 of_IO the_AT HS_NP2 method_NN1 in_II 4_MC out_II21 of_II22 8_MC cases_NN2 and_CC passes_VVZ Christoffersen_NP1 '_NULL s_ZZ1 test_VV0 with_IW a_AT1 more_RGR stringent_JJ significance_NN1 level_NN1 than_CSN that_DD1 of_IO the_AT HS_NP2 method_NN1 in_II 2_MC out_II21 of_II22 8_MC cases_NN2 ._. 
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The_AT average_JJ rate_NN1 of_IO quitting_VVG mid-match_NN1 is_VBZ 1.39%_FO in_II our_APPGE data_NN set_VV0 ,_, which_DDQ means_VVZ quitting_VVG occurs_VVZ in_II 9,132_MC matches_NN2 ._. 
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Standard_JJ errors_NN2 are_VBR clustered_VVN by_II state_NN1 ._. 
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<s>
Expected_JJ utility_NN1 maximizers_NN2 with_IW remotely_RR reasonable_JJ risk_NN1 aversion_NN1 over_II large-stakes_NN2 gambles_NN2 should_VM always_RR accept_VVI such_DA a_AT1 small-stakes_NN2 ,_, positive-expected-value_JJ gamble_NN1 (_( Rabin_NP1 2000_MC ;_; Barberis_NP1 ,_, Huang_NP1 ,_, and_CC Thaler_NP1 2006_MC )_) ._. 
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<s>
This_DD1 is_VBZ particularly_RR important_JJ for_IF the_AT governmental_JJ authorities_NN2 to_TO use_VVI the_AT estimated_JJ model_NN1 to_TO make_VVI and_CC revise_VVI proper_JJ policies_NN2 for_IF improving_VVG military_JJ spending_NN1 and_CC growth_NN1 ._. 
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<s>
Third_MD ,_, as_CSA democracy_NN1 is_VBZ difficult_JJ to_TO quantify_VVI ,_, this_DD1 study_NN1 tests_NN2 for_IF democracy_NN1 by_II31 means_II32 of_II33 a_AT1 widely_RR used_JJ index_NN1 variable_NN1 which_DDQ accounts_VVZ for_IF the_AT entire_JJ range_NN1 from_II perfect_JJ autocracy_NN1 to_TO perfect_VVI democracy_NN1 but_CCB also_RR applies_VVZ definitions_NN2 for_IF democracy_NN1 which_DDQ are_VBR differently_RR strict_JJ in_BCL21 order_BCL22 to_TO reveal_VVI patterns_NN2 of_IO magnitude_NN1 and_CC significance_NN1 of_IO the_AT effect_NN1 of_IO democracy_NN1 ._. 
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When_CS the_AT switching_JJ cost_NN1 is_VBZ strong_JJ and_CC there_EX does_VDZ not_XX exist_VVI a_AT1 viable_JJ outside_JJ option_NN1 ,_, equilibrium_NN1 is_VBZ characterized_VVN by_II a_AT1 peak_NN1 in_II the_AT prices_NN2 when_CS each_DD1 firm_JJ locks_NN2 in_II half_DB of_IO the_AT consumer_NN1 population_NN1 ,_, and_CC an_AT1 absence_NN1 of_IO high_JJ market_NN1 concentration_NN1 ._. 
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Take_VV0 statutory_JJ holidays_NN2 as_II an_AT1 example_NN1 ._. 
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<s>
If_CS densely_RR connected_VVN small_JJ groups_NN2 represent_VV0 a_AT1 coercive_JJ ,_, sanctioning_VVG group_NN1 process_NN1 where_RRQ individuals_NN2 form_VV0 and_CC maintain_VV0 reputations_NN2 that_CST enable_VV0 long-term_JJ access_NN1 to_II valued_JJ information_NN1 ,_, connected_JJ triads_NN2 should_VM arise_VVI over_II time_NNT1 and_CC contain_VVI ties_NN2 to_II others_NN2 that_CST occur_VV0 over_RP the_AT span_NN1 of_IO careersas_NN2 individuals_NN2 dip_VV0 back_RP into_II the_AT pool_NN1 of_IO their_APPGE trusted_JJ others_NN2 ._. 
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Our_APPGE key_JJ technical_JJ contribution_NN1 is_VBZ the_AT introduction_NN1 of_IO the_AT ARG_NN1 dynamic_JJ frailty_NN1 model_NN1 ._. 
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<s>
This_DD1 is_VBZ ,_, of_RR21 course_RR22 ,_, consistent_JJ with_IW the_AT involvement_NN1 of_IO the_AT theory-of-mind_JJ network_NN1 ._. 
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<s>
However_RR ,_, at_II the_AT global_JJ level_NN1 the_AT US_NP1 '_NULL s_ZZ1 willingness_NN1 to_TO endure_VVI the_AT costs_NN2 of_IO operating_VVG as_II a_AT1 hegemon_NN1 seems_VVZ to_TO be_VBI tolerated_VVN ._. 
</s>
<s>
Changes_NN2 in_II Chinese_JJ Import_NN1 Tariffs_NN2 :_: Because_CS we_PPIS2 do_VD0 not_XX have_VHI access_NN1 to_II Chinese_JJ import_NN1 tariff_NN1 data_NN for_IF all_DB years_NNT2 of_IO our_APPGE sample_NN1 ,_, we_PPIS2 use_VV0 six-digit_JJ HS_NP2 product-level_JJ data_NN on_II Chinese_JJ import_NN1 tariffs_NN2 for_IF 1996_MC to_II 2005_MC from_II Brandt_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2017_MC )_) to_TO compute_VVI the_AT average_JJ change_NN1 across_II those_DD2 years_NNT2 in_II Chinese_JJ import_NN1 tariffs_NN2 across_II products_NN2 within_II each_DD1 U.S._NP1 industry_NN1 ._. 
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<s>
Exceeding_VVG it_PPH1 would_VM lead_VVI to_II higher_JJR costs_NN2 without_IW delivering_VVG value_NN1 for_IF money_NN1 ,_, unless_CS some_DD positive_JJ externalities_NN2 of_IO higher_JJR reliability_NN1 can_VM be_VBI objectively_RR identified_VVN ._. 
</s>
<s>
Extracting_VVG valuable_JJ metals_NN2 from_II recycled_JJ products_NN2 ,_, however_RR ,_, is_VBZ complicated_JJ ,_, particularly_RR for_IF metals_NN2 used_VVN in_II trace_NN1 amounts_NN2 ._. 
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<s>
The_AT running_JJ variable_NN1 is_VBZ defined_VVN as_II the_AT number_NN1 of_IO points_NN2 above_II the_AT admission_NN1 threshold_NN1 ._. 
</s>
<s>
Theoretically_RR ,_, the_AT performance_NN1 of_IO the_AT MA_NN1 may_VM be_VBI improved_VVN by_II using_VVG correlation_NN1 forecasts_NN2 from_II LF-based_JJ models_NN2 ,_, such_II21 as_II22 the_AT DCC_MC of_IO Engle_NP1 (_( 2002_MC )_) that_CST use_VV0 daily_JJ returns_NN2 standardized_VVN by_II HF_NP1 volatility_NN1 estimates_NN2 (_( realized_JJ volatilities_NN2 )_) ,_, which_DDQ are_VBR more_RGR accurate_JJ than_CSN their_APPGE LF_NP1 counterparts_NN2 ._. 
</s>
<s>
To_TO see_VVI how_RRQ this_DD1 decision_NN1 rule_NN1 is_VBZ crucial_JJ for_IF characterizing_VVG the_AT possible_JJ outcomes_NN2 as_CSA drawn_VVN in_II Figure_NN1 1_MC1 ,_, notice_VV0 that_CST the_AT second-best_JJT relation_NN1 curves_NN2 F2_FO and_CC F3_FO are_VBR drawn_VVN as_CSA identical_JJ twins_NN2 here_RL ,_, just_RR differing_VVG in_II the_AT unknown_JJ direction_NN1 of_IO divergence_NN1 ._. 
</s>
<s>
The_AT reviewed_JJ cases_NN2 indicate_VV0 that_DD1 co-management_NN1 initiatives_NN2 happen_VV0 mostly_RR in_II fisheries_NN2 that_CST were_VBDR previously_RR managed_VVN by_II the_AT government_NN1 (_( 33_MC cases_NN2 )_) or_CC the_AT local_JJ community_NN1 (_( 25_MC )_) ,_, five_MC cases_NN2 had_VHD both_RR governmental_JJ and_CC local_JJ institutions_NN2 and_CC five_MC more_DAR cases_NN2 report_VV0 the_AT absence_NN1 of_IO previous_JJ institutions_NN2 ._. 
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<s>
Moreover_RR ,_, this_DD1 paper_NN1 is_VBZ the_AT only_JJ one_PN1 allowing_VVG for_IF heterogeneity_NN1 in_II the_AT effect_NN1 of_IO democracy_NN1 and_CC it_PPH1 reveals_VVZ country-specific_JJ heterogeneity_NN1 in_II the_AT effect_NN1 of_IO democracy_NN1 ._. 
</s>
<s>
While_CS the_AT former_DA responded_VVD to_II general_JJ macroeconomic_JJ pressures_NN2 (_( including_II gold_NN1 inflows_NN2 )_) ,_, the_AT latter_DA was_VBDZ related_VVN to_II information_NN1 asymmetries_NN2 and_CC the_AT contracting_JJ parties_NN2 '_NULL characteristics_NN2 ._. 
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<s>
The_AT second_NNT1 is_VBZ the_AT effect_NN1 of_IO the_AT number_NN1 of_IO firms_NN2 in_II the_AT industry_NN1 on_II NGO_NP1 activism_NN1 ,_, the_AT intensity_NN1 of_IO competition_NN1 between_II firms_NN2 ,_, and_CC the_AT share_NN1 of_IO firms_NN2 acting_VVG green_NN1 ._. 
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<s>
Cable_NN1 distance_NN1 to_II the_AT (_( enabled_VVN )_) exchange_VV0 therefore_RR seems_VVZ to_TO be_VBI a_AT1 plausible_JJ instrument_NN1 ._. 
</s>
<s>
Consistent_JJ with_IW results_NN2 in_II table_NN1 8_MC ,_, we_PPIS2 find_VV0 that_DD1 house-hold_NN1 expectations_NN2 dominate_VV0 expectations_NN2 from_II other_JJ sources_NN2 (_( see_VV0 table_NN1 9_MC )_) ._. 
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<s>
A_AT1 potential_JJ concern_NN1 is_VBZ that_CST firms_NN2 might_VM ship_VVI higher_JJR quality_NN1 products_NN2 to_II richer_JJR or_CC more_RGR distant_JJ destinations_NN2 ,_, and_CC such_DA selection_NN1 could_VM interact_VVI with_IW their_APPGE choice_NN1 of_IO shipment_NN1 technology_NN1 and_CC thus_RR affect_VV0 our_APPGE estimates_NN2 ._. 
</s>
<s>
Yet_RR we_PPIS2 have_VH0 shown_VVN that_CST there_EX has_VHZ been_VBN minimal_JJ positional_JJ improvement_NN1 for_IF the_AT median_JJ black_JJ man_NN1 over_II the_AT past_JJ 70_MC years_NNT2 ._. 
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<s>
Such_DA a_AT1 policy_NN1 introduces_VVZ a_AT1 subsidy_NN1 distortion_NN1 by_II effectively_RR subsidizing_VVG payments_NN2 to_II the_AT firm_NN1 in_II the_AT event_NN1 of_IO impending_JJ bankruptcy_NN1 ._. 
</s>
<s>
We_PPIS2 will_VM prove_VVI that_CST if_CS S_ZZ1 "_" occurs_VVZ ,_, then_RT we_PPIS2 have_VH0 Tb_NN1 <_FO conefTA1_FO ;_; :_: :_: :_: ;_; TAng_NN1 ._. 
</s>
<s>
Since_CS data_NN on_II PERS_NN2 is_VBZ only_RR available_JJ after_II 1976_MC ,_, we_PPIS2 first_MD re-estimate_VV0 the_AT baseline_NN1 models_NN2 for_IF the_AT post-1976_JJ sample_NN1 ._. 
</s>
<s>
By_II economic_JJ productivity_NN1 ,_, Suzhou_NP1 outranks_VVZ all_DB other_JJ prefecture-level_JJ cities_NN2 except_II two_MC ,_, Guangzhou_NP1 and_CC Shenzhen_NP1 in_II the_AT Pearl_NP1 River_NNL1 delta_NN1 ._. 
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<s>
Dependence_NN1 modeling_NN1 is_VBZ a_AT1 core_NN1 component_NN1 when_CS formulating_VVG a_AT1 corporate_JJ ERM_NN1 decision-making_NN1 process_NN1 ._. 
</s>
<s>
As_CSA can_VM be_VBI seen_VVN from_II these_DD2 tables_NN2 ,_, the_AT Changde_NN1 protest_NN1 lasted_VVD the_AT longestfrom_NN1 early_RR March_VV0 to_II mid-June_NPM1 ._. 
</s>
<s>
Public_JJ spending_NN1 in_II those_DD2 cities_NN2 therefore_RR is_VBZ not_XX comparable_JJ to_II the_AT other_JJ municipalities_NN2 in_II Germany_NP1 ._. 
</s>
<s>
Economists_NN2 have_VH0 diffierent_JJ measures_NN2 of_IO innovation_NN1 such_II21 as_II22 TFP_NP1 growth_NN1 and_CC patent_NN1 counts_NN2 ,_, all_DB of_IO them_PPHO2 flawed.24_FO TFP_NP1 can_VM grow_VVI (_( or_CC not_XX )_) regardless_RR of_IO technological_JJ progress_NN1 ,_, and_CC considerable_JJ technological_JJ progress_NN1 can_VM take_VVI place_NN1 without_IW TFP_NP1 growth.25_FO Gordon_NP1 '_NULL s_ZZ1 figures_NN2 imply_VV0 a_AT1 TFP_NP1 growth_NN1 rate_NN1 of_IO 0.4%_FO annually_RR for_IF 2004–2014_MCMC ,_, which_DDQ he_PPHS1 contrasts_VVZ with_IW the_AT 1.03%_FO growth_NN1 in_II the_AT 1994–2004_MCMC ._. 
</s>
<s>
We_PPIS2 assess_VV0 the_AT validity_NN1 of_IO the_AT GMM_NP1 estimator_NN1 and_CC the_AT three_MC selected_JJ standard_JJ instruments_NN2 via_II first-_JJ and_CC second-order_JJ Arellano-Bond_NP1 autocorrelation_NN1 tests_NN2 ,_, and_CC the_AT Hansen_NP1 test_NN1 of_IO overidentification_NN1 restrictions_NN2 to_TO verify_VVI the_AT exogeneity_NN1 of_IO eachinstrument_NN1 considered_VVN in_II isolation_NN1 ._. 
</s>
<s>
Subsequently_RR ,_, we_PPIS2 compare_VV0 and_CC discuss_VV0 the_AT values_NN2 obtained_VVN in_II the_AT different_JJ scenarios_NN2 ._. 
</s>
<s>
In_II the_AT Online_JJ Appendix_NN1 (_( Figure_NN1 A7_FO )_) ,_, we_PPIS2 also_RR analyze_VV0 the_AT correlation_NN1 between_II growth_NN1 forecasts_NN2 prior_II21 to_II22 the_AT household_NN1 debt_NN1 expansion_NN1 ._. 
</s>
<s>
The_AT first_MD column_NN1 of_IO Figure_NN1 4_MC displays_VVZ the_AT predicted_JJ values_NN2 of_IO the_AT co-integrating_JJ equations_NN2 for_IF Model_NN1 W2_FO ._. 
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<s>
The_AT income_NN1 tax_NN1 rate_NN1 is_VBZ 20%_NNU ,_, and_CC the_AT rate_NN1 of_IO return_NN1 is_VBZ #E_FO ._. 
</s>
<s>
The_AT resultant_JJ adjusted_JJ t-statistics_NN also_RR indicate_VV0 statistically_RR significant_JJ comovement_NN1 in_II efficiency_NN1 across_II individual_JJ stocks_NN2 for_IF all_DB four_MC efficiency_NN1 measures_NN2 ._. 
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<s>
As_II such_DA ,_, the_AT book_NN1 is_VBZ indispensable_JJ for_IF researchers_NN2 and_CC graduate_VV0 students_NN2 who_PNQS are_VBR interested_JJ in_II theoretical_JJ research_NN1 in_II corporate_JJ finance_NN1 within_II the_AT paradigm_NN1 of_IO shareholders_NN2 '_NULL value_NN1 maximization_NN1 ,_, and_CC keeping_VVG the_AT balance_NN1 sheet_NN1 equation_NN1 in_II mind_NN1 ._. 
</s>
<s>
Yet_RR when_CS focusing_VVG on_II team_NN1 creativity_NN1 ,_, one_PN1 also_RR needs_VVZ to_TO consider_VVI how_RRQ the_AT contributions_NN2 resulting_VVG from_II individuals_NN2 '_NULL flexible_JJ and_CC divergent_JJ thinking_NN1 jointly_RR form_VV0 a_AT1 team_NN1 process_NN1 through_II which_DDQ teams_NN2 develop_VV0 new_JJ insights_NN2 ._. 
</s>
<s>
Regressions_NN2 2_MC and_CC 3_MC are_VBR OLS_NN2 regressions_NN2 ._. 
</s>
<s>
For_REX21 example_REX22 ,_, greater_JJR variation_NN1 within_II a_AT1 product_NN1 category_NN1 (_( e.g._REX ,_, quality_NN1 ,_, unit_NN1 price_NN1 )_) may_VM provide_VVI evidence_NN1 about_II the_AT types_NN2 of_IO goods_NN2 demanded_VVN by_II different_JJ markets_NN2 ,_, so_RR even_CS21 if_CS22 low_JJ cost_NN1 Japanese_NN1 labor_NN1 mitigated_VVD productivity_NN1 or_CC trade_NN1 cost_NN1 disadvantages_NN2 as_II a_AT1 whole_NN1 ,_, it_PPH1 is_VBZ unclear_JJ that_CST the_AT composition_NN1 of_IO exports_NN2 would_VM be_VBI similar_JJ across_II trade_NN1 partners_NN2 ._. 
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<s>
To_TO address_VVI the_AT above_JJ questions_NN2 ,_, we_PPIS2 first_MD obtain_VV0 admission_NN1 records_NN2 for_IF every_AT1 California_NP1 hospital_NN1 each_DD1 day_NNT1 from_II 1983_MC until_II 2011_MC ._. 
</s>
<s>
Our_APPGE results_NN2 indicate_VV0 that_CST if_CS the_AT money_NN1 stock_NN1 remained_VVD stationary_JJ in_II a_AT1 period_NN1 and_CC its_APPGE level_NN1 was_VBDZ raised_VVN by_II 1_MC1 per_NNU21 cent_NNU22 in_II a_AT1 subsequent_JJ period_NN1 ,_, interest_NN1 rates_NN2 decreased_VVN by_II 0.43_MC points_NN2 ._. 
</s>
<s>
Little_DA1 is_VBZ known_VVN about_II the_AT efforts_NN2 that_CST the_AT largest_JJT premodern_NN1 commercial_JJ enterprises_NN2 made_VVD to_TO overcome_VVI their_APPGE handicaps_NN2 rooted_VVN in_II Islamic_JJ law_NN1 ._. 
</s>
<s>
Var_NP1 &lsqb;_( (_( r_ZZ1 ;_; ?_? ,_, )_) &rsqb;_) dr_NNU ,_, (_( 8_MC )_) where_RRQ (_( ·_FO )_) denotes_VVZ the_AT normal_JJ probability_NN1 density_NN1 function_NN1 ._. 
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<s>
As_II a_AT1 result_NN1 ,_, more_DAR money_NN1 went_VVD into_II speculation_NN1 on_II asset_NN1 values_NN2 because_CS that_DD1 is_VBZ where_RRQ profits_NN2 were_VBDR to_TO be_VBI had_VHN ._. 
</s>
<s>
In_II other_JJ words_NN2 ,_, we_PPIS2 require_VV0 that_CST the_AT export_NN1 and_CC import_VV0 hyperbolae_NN2 for_IF any_DD origin_NN1 destination_NN1 pair_NN are_VBR not_XX asymptotically_RR identical_JJ ._. 
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<s>
When_CS I_ZZ1 '_NULL m_ZZ1 instructing_VVG him_PPHO1 ,_, I_PPIS1 may_VM observe_VVI how_RRQ he_PPHS1 was_VBDZ previously_RR doing_VDG thingssome_JJ unique_JJ operation_NN1 or_CC a_AT1 quick_JJ way_NN1 to_TO search_VVI for_IF contentthat_NN1 suddenly_RR inspires_VVZ a_AT1 new_JJ idea_NN1 for_IF how_RRQ to_TO do_VDI things_NN2 ._. "_" 
</s>
<s>
Thus_RR ,_, Region_NN1 1_MC1 sets_VVZ this_DD1 tax_NN1 rate_NN1 at_II almost_RR the_AT same_DA level_NN1 as_CSA its_APPGE tax_NN1 on_II domestic_JJ firms_NN2 in_II the_AT preferential_JJ regime_NN1 ._. 
</s>
<s>
Second_MD ,_, fh(z)_NNU depends_VVZ on_II z0_FO onlythat_NN1 is_VBZ ,_, we_PPIS2 can_VM write_VVI fh(z)_NNU fh(z0)_FO ._. 
</s>
<s>
The_AT potential_JJ advantages_NN2 of_IO modelling_VVG decisions_NN2 using_VVG a_AT1 continuous-time_JJ framework_NN1 are_VBR particularly_RR salient_JJ in_II games_NN2 ,_, where_CS the_AT state_NN1 space_NN1 is_VBZ often_RR enormous_JJ ._. 
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<s>
We_PPIS2 define_VV0 financial_JJ amplification_NN1 as_II a_AT1 situation_NN1 when_RRQ a_AT1 marginal_JJ increase_NN1 in_II the_AT net_JJ worth_NN1 of_IO a_AT1 sector_NN1 ,_, as_CSA measured_VVN by_II the_AT consumption_NN1 goods_NN2 at_II its_APPGE disposal_NN1 ,_, leads_VVZ to_II general_JJ equilibrium_NN1 effects_NN2 that_CST improve_VV0 the_AT sector_NN1 '_NULL s_ZZ1 terms_NN2 of_IO trade_NN1 or_CC relax_VV0 binding_JJ financial_JJ constraints_NN2 on_II the_AT sector_NN1 ._. 
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<s>
Finally_RR ,_, our_APPGE analysis_NN1 was_VBDZ conducted_VVN within_II the_AT context_NN1 of_IO structural_JJ models_NN2 in_II which_DDQ the_AT SDF_NP1 process_NN1 was_VBDZ linked_VVN tightly_RR to_II preferences_NN2 ._. 
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<s>
To_TO be_VBI included_VVN in_II the_AT sample_NN1 ,_, a_AT1 country_NN1 must_VM have_VHI democratic_JJ elections_NN2 over_II the_AT relevant_JJ period_NN1 ._. 
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<s>
If_CS ,_, for_REX21 example_REX22 ,_, the_AT parties_NN2 calculate_VV0 the_AT probability_NN1 that_CST the_AT defendant_NN1 fault_NN1 level_NN1 exceeds_VVZ the_AT decision_NN1 standard_NN1 for_IF at_RR21 least_RR22 one_MC1 of_IO the_AT complainants_NN2 ,_, the_AT likelihood_NN1 of_IO a_AT1 defendant_NN1 fault_NN1 verdict_NN1 should_VM increase_VVI monotonically_RR with_IW the_AT number_NN1 of_IO complainants_NN2 ._. 
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<s>
In_II recent_JJ decades_NNT2 ,_, the_AT scope_NN1 of_IO the_AT literature_NN1 aimed_VVN at_II understanding_VVG the_AT engines_NN2 of_IO productivity_NN1 growth_NN1 has_VHZ broadened_VVN to_TO include_VVI other_JJ types_NN2 of_IO investments_NN2 ._. 
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<s>
For_IF each_DD1 dependent_JJ variable_NN1 ,_, the_AT first_MD model_NN1 (_( columns_NN2 1_MC1 and_CC 4_MC )_) includes_VVZ only_RR those_DD2 factors_NN2 summarized_VVN in_II Table_NN1 7_MC (_( sex_NN1 ,_, marital_JJ status_NN1 ,_, age_NN1 ,_, education_NN1 ,_, and_CC whether_CSW the_AT individual_NN1 is_VBZ optimistic_JJ regarding_II his_APPGE life_NN1 expectancy_NN1 )_) ._. 
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<s>
This_DD1 deal_NN1 sought_VVD to_TO isolate_VVI the_AT nursing_JJ assistants_NN2 who_PNQS had_VHD lost_VVN in_II arbitration_NN1 and_CC were_VBDR awaiting_VVG the_AT intermediate_JJ court_NN1 '_NULL s_ZZ1 ruling_JJ on_II their_APPGE case_NN1 ._. 
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<s>
Convert_VV0 they_PPHS2 mostly_RR did_VDD ,_, drawing_VVG down_RP the_AT reserves_NN2 accumulated_VVN by_II members_NN2 over_II generations_NN2 ,_, and_CC enriching_VVG their_APPGE managers_NN2 ._. 
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<s>
When_CS organizing_VVG this_DD1 ,_, they_PPHS2 fell_VVD back_RP to_II their_APPGE pre-World_JJ War_NN1 II_MC contactsas_NN2 far_RR as_CSA this_DD1 was_VBDZ still_RR possible_JJ after_II the_AT Shoahand_NP1 started_VVD rebuilding_VVG their_APPGE former_DA trans-local_JJ pipelines_NN2 that_CST not_XX only_RR enabled_VVD the_AT transport_NN1 of_IO artifacts_NN2 but_CCB also_RR generated_VVN listening_JJ posts_NN2 to_TO access_VVI remote_JJ knowledge_NN1 in_II the_AT sense_NN1 of_IO Maskell_NP1 (_( 2014_MC )_) about_II both_DB2 manufacturing_VVG techniques_NN2 and_CC market_VV0 developments_NN2 for_IF polished_JJ stones_NN2 ._. 
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<s>
Another_DD1 advantage_NN1 of_IO event_NN1 study_NN1 methodology_NN1 is_VBZ that_CST it_PPH1 allows_VVZ us_PPIO2 to_TO compare_VVI our_APPGE results_NN2 with_IW other_JJ studies_NN2 on_II politically_RR connected_JJ firms_NN2 which_DDQ undertake_VV0 similar_JJ analyses_NN2 (_( Faccio_NP1 ,_, 2006_MC ;_; Braggion_NP1 and_CC Moore_NP1 ,_, 2013_MC )_) ._. 
</s>
<s>
That_REX21 is_REX22 ,_, other_JJ changes_NN2 in_II the_AT treatment_NN1 region_NN1 after_II July_NPM1 1988_MC could_VM also_RR explain_VVI the_AT result_NN1 –_- for_REX21 instance_REX22 ,_, relatively_RR weaker_JJR policy_NN1 effectiveness_NN1 in_II the_AT initial_JJ year_NNT1 following_VVG the_AT verdicts_NN2 ._. 
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<s>
When_CS we_PPIS2 allocate_VV0 labor_NN1 incomes_NN2 to_II individual_JJ earners_NN2 (_( instead_II21 of_II22 splitting_VVG it_PPH1 equally_RR within_II couples_NN2 ,_, as_CSA we_PPIS2 do_VD0 in_II our_APPGE benchmark_NN1 series_NN )_) ,_, the_AT rise_NN1 in_II inequality_NN1 is_VBZ less_RGR dramatic_JJ ,_, thanks_NN2 to_II the_AT rise_NN1 of_IO female_JJ labor_NN1 market_NN1 participation_NN1 ._. 
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<s>
Rather_CS21 than_CS22 contemplate_VVI the_AT distant_JJ future_NN1 abstractly_RR ,_, this_DD1 tactic_NN1 impels_VVZ leaders_NN2 to_TO imagine_VVI the_AT future_NN1 in_II vivid_JJ detail_NN1 ,_, as_CS21 if_CS22 they_PPHS2 are_VBR directly_RR observing_VVG a_AT1 future_JJ scenario_NN1 through_II firsthand_JJ observation_NN1 ._. 
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<s>
However_RR ,_, many_DA2 attempts_NN2 to_TO model_VVI this_DD1 formally_RR have_VH0 assumed_VVN that_CST firms_NN2 that_CST are_VBR large_JJ in_II their_APPGE own_DA market_NN1 are_VBR also_RR large_JJ players_NN2 in_II the_AT economy_NN1 as_II a_AT1 whole_NN1 ,_, which_DDQ opens_VVZ a_AT1 Pandora_NP1 '_NULL s_ZZ1 Box_NN1 of_IO technical_JJ difficulties_NN2 ._. 
</s>
<s>
The_AT results_NN2 displayed_VVN in_II Table_NN1 3_MC are_VBR ,_, unsurprisingly_RR ,_, better_RRR than_CSN with_IW the_AT unrestricted_JJ estimator_NN1 ._. 
</s>
<s>
For_IF each_DD1 test_NN1 ,_, we_PPIS2 then_RT compute_VV0 its_APPGE weighted_JJ average_JJ power_NN1 ,_, under_II each_DD1 of_IO the_AT three_MC weighting_NN1 functions_NN2 ._. 
</s>
<s>
These_DD2 patterns_NN2 have_VH0 also_RR been_VBN found_VVN in_II US_NP1 data_NN (_( Garthwaite_NN1 ,_, 2012_MC )_) ._. 
</s>
<s>
Jacobs_NP2 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2010_MC )_) empirically_RR confirms_VVZ these_DD2 effects_NN2 for_IF American_JJ commodity_NN1 taxes_NN2 ._. 
</s>
<s>
Consequently_RR ,_, under_II any_DD fixed_JJ alternative_NN1 ,_, the_AT probability_NN1 of_IO ,_, i.e._REX probability_NN1 of_IO rejecting_VVG the_AT null_JJ ,_, approaches_VVZ one_PN1 asymptotically_RR ._. 
</s>
<s>
The_AT sample_NN1 sizes_NN2 are_VBR and_CC replications_NN2 are_VBR carried_VVN out_RP for_IF each_DD1 simulation_NN1 ._. 
</s>
<s>
Most_DAT of_IO England_NP1 '_NULL s_ZZ1 transition_NN1 out_II21 of_II22 agriculture_NN1 was_VBDZ complete_JJ by_II the_AT end_NN1 of_IO the_AT seventeenth_MD century_NNT1 ._. 
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<s>
In_II other_JJ words_NN2 ,_, the_AT buzz-and-pipelines_NN2 approach_NN1 does_VDZ not_XX fully_RR overcome_VVI the_AT solitary_JJ treatment_NN1 of_IO clusters_NN2 that_CST is_VBZ characteristic_JJ of_IO much_DA1 of_IO the_AT literature_NN1 ._. 
</s>
<s>
In_II our_APPGE data_NN ,_, only_RR 31%_NNU of_IO managers_NN2 active_JJ in_II 2007_MC had_VHD the_AT experience_NN1 of_IO managing_VVG through_II 1998_MC ,_, suggesting_VVG that_CST the_AT process_NN1 of_IO "_" collectively_RR forgetting_VVG "_" past_JJ crises_NN2 happens_VVZ swiftly_RR ._. 
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<s>
For_IF this_DD1 reason_NN1 ,_, the_AT above_JJ regressions_NN2 are_VBR subject_II21 to_II22 data_NN selection_NN1 bias_NN1 ._. 
</s>
<s>
An_AT1 exception_NN1 would_VM be_VBI measures_NN2 tailored_VVD to_TO fit_VVI specific_JJ local_JJ or_CC regional_JJ purposes_NN2 and_CC needs_NN2 (_( e.g._REX ,_, Gough_NP1 and_CC McGregor_NP1 ,_, 2007_MC )_) ._. 
</s>
<s>
Thus_RR ,_, even_RR before_II the_AT patent_NN1 expires_VVZ ,_, the_AT government_NN1 may_VM grant_VVI licences_NN2 to_II local_JJ firms_NN2 to_TO produce_VVI generic_JJ equivalents_NN2 ._. 
</s>
<s>
In_II these_DD2 commonly_RR used_JJ benchmark_NN1 economies_NN2 ,_, the_AT aggregate_JJ consumption_NN1 response_NN1 to_II a_AT1 change_NN1 in_II interest_NN1 rates_NN2 is_VBZ driven_VVN entirely_RR by_II the_AT Euler_NN1 equation_NN1 of_IO the_AT representative_JJ household_NN1 ._. 
</s>
<s>
The_AT answer_NN1 is_VBZ "_" yes_UH ,_, "_" as_CSA the_AT following_JJ result_NN1 shows_NN2 ._. 
</s>
<s>
Industries_NN2 for_IF which_DDQ China_NP1 was_VBDZ a_AT1 net_JJ exporter_NN1 or_CC net_JJ importer_NN1 of_IO all_DB products_NN2 in_II 1999_MC are_VBR therefore_RR dropped_VVN from_II the_AT analysis_NN1 ._. 
</s>
<s>
In_II fact_NN1 ,_, the_AT neutrals_NN2 declared_VVD that_CST the_AT operation_NN1 in_II Chad_NP1 represented_VVD an_AT1 opportunity_NN1 to_TO demonstrate_VVI that_CST the_AT primary_JJ objectives_NN2 of_IO CSDP_NP1 were_VBDR about_II peacekeeping_VVG and_CC supporting_VVG the_AT UN_NP1 ,_, and_CC thus_RR entirely_RR in_II31 accordance_II32 with_II33 their_APPGE national_JJ foreign_JJ policy_NN1 traditions_NN2 '_NULL (_( Pohl_NP1 2014_MC ,_, 200_MC )_) ._. 
</s>
<s>
A_AT1 different_JJ example_NN1 of_IO how_RGQ certain_JJ trade_NN1 policies_NN2 can_VM generate_VVI costs_NN2 above_RL and_CC beyond_II those_DD2 in_II the_AT earlier_JJR formula_NN1 for_IF social_JJ welfare_NN1 gains_NN2 comes_VVZ from_II the_AT application_NN1 of_IO antidumping_VVG policy_NN1 ._. 
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<s>
In_II their_APPGE seminal_JJ article_NN1 ,_, Weingast_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 1981_MC )_) ask_VV0 why_RRQ legislatures_NN2 frequently_RR enact_VV0 policy_NN1 programs_NN2 that_CST are_VBR economically_RR inefficient_JJ ,_, meaning_VVG that_CST the_AT costs_NN2 of_IO the_AT respective_JJ programs_NN2 exceed_VV0 the_AT associated_JJ benefits_NN2 ._. 
</s>
<s>
In_RR21 addition_RR22 ,_, the_AT securitized_JJ bonds_NN2 held_VVN by_II inexperienced_JJ managers_NN2 were_VBDR written_VVN down_RP more_RRR substantially_RR than_CSN those_DD2 held_VVN by_II seasoned_JJ managers_NN2 ,_, suggesting_VVG that_DD1 inexperienced_JJ managers_NN2 held_VVD NTS_NN2 that_CST were_VBDR riskier_JJR ex_II post_NN1 ._. 
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<s>
Results_NN2 from_II column_NN1 5_MC indicate_VV0 that_CST the_AT interaction_NN1 effect_NN1 is_VBZ both_RR small_JJ and_CC statistically_RR insignificant_JJ ._. 
</s>
<s>
In_BCL21 order_BCL22 to_TO aim_VVI at_II a_AT1 contradiction_NN1 ,_, we_PPIS2 assume_VV0 that_CST #E_FO ._. 
</s>
<s>
Section_NN1 3_MC models_NN2 the_AT Oil_NN1 VIX_NN1 using_VVG each_DD1 of_IO the_AT four_MC models_NN2 ._. 
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<s>
One_MC1 typical_JJ example_NN1 concerns_VVZ the_AT modeling_NN1 of_IO life_NN1 insurance_NN1 lapses_NN2 ._. 
</s>
<s>
This_DD1 deskilling_NN1 was_VBDZ associated_VVN with_IW a_AT1 decline_NN1 in_II wage_NN1 inequality_NN1 ,_, as_CSA the_AT premium_NN1 for_IF high_JJ skilled_JJ seamen_NN2 fell_VVD relative_II21 to_II22 mean_JJ wages_NN2 in_II the_AT shipping_NN1 industry_NN1 ._. 
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<s>
Nevertheless_RR he_PPHS1 acknowledged_VVD the_AT massive_JJ changes_NN2 gaolidai_NN2 had_VHD brought_VVN to_II his_APPGE life_NN1 ._. 
</s>
<s>
Still_RR ,_, research_VV0 that_CST focuses_VVZ on_II small_JJ sets_NN2 of_IO states_NN2 or_CC narrower_JJR periods_NN2 of_IO history_NN1 ,_, where_CS responses_NN2 to_II international_JJ conditions_NN2 are_VBR reasonably_RR consistent_JJ ,_, might_VM find_VVI threat_NN1 to_TO be_VBI very_RG important_JJ ._. 
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<s>
There_EX is_VBZ no_AT doubt_NN1 that_CST Walmart_NP1 has_VHZ had_VHN a_AT1 significant_JJ impact_NN1 on_II retail_JJ competition_NN1 ._. 
</s>
<s>
If_CS a_AT1 ≤_FO au_NNU sr_NNU ,_, with_IW au_NNU sr_NNU 2_MC (_( a_AT1 ;_; a_ZZ1 )_) ,_, as_CSA stated_VVN in_II (_( 17_MC )_) the_AT firm_NN1 is_VBZ indifferent_JJ between_II the_AT two_MC types_NN2 ._. 
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<s>
It_PPH1 should_VM also_RR be_VBI noted_VVN that_CST the_AT margins_NN2 calculated_VVN for_IF our_APPGE sample_NN1 are_VBR for_IF the_AT universe_NN1 of_IO products_NN2 and_CC trade_NN1 partners_NN2 over_II the_AT entire_JJ three_MC decades_NNT2 ._. 
</s>
<s>
Granger_VV0 causation_NN1 and_CC co-integration_NN1 techniques_NN2 ,_, as_CSA used_VVN by_II much_DA1 of_IO the_AT existing_JJ literature_NN1 ,_, are_VBR sensitive_JJ to_II variable_JJ definition_NN1 ,_, time_NNT1 period_NN1 ,_, choice_NN1 of_IO controls_NN2 ,_, sample_NN1 size_NN1 ,_, and_CC the_AT introduction_NN1 of_IO structural_JJ breaks_NN2 (_( Stern_NN1 and_CC Enflo_NP1 ,_, 2013_MC )_) ._. 
</s>
<s>
This_DD1 effect_NN1 is_VBZ driven_VVN by_II a_AT1 marked_JJ decline_NN1 in_II the_AT average_JJ productivity_NN1 of_IO entering_VVG firms_NN2 ._. 
</s>
<s>
In_II multi-asset_JJ economies_NN2 ,_, however_RR ,_, these_DD2 risk_VV0 premium_JJ components_NN2 for_IF a_AT1 firm_NN1 are_VBR determined_VVN by_II the_AT conditional_JJ covariances_NN2 of_IO the_AT firm_NN1 '_NULL s_ZZ1 future_JJ dividends_NN2 and_CC price_NN1 with_IW the_AT corresponding_JJ variables_NN2 for_IF the_AT market_NN1 portfolio_NN1 ._. 
</s>
<s>
We_PPIS2 define_VV0 pilots_NN2 as_II an_AT1 experimental_JJ phase_NN1 prior_II21 to_II22 project_NN1 execution_NN1 where_CS the_AT primary_JJ objective_NN1 is_VBZ to_TO generate_VVI better_JJR information_NN1 about_II whether_CSW a_AT1 full_JJ project_NN1 is_VBZ likely_JJ to_TO succeed_VVI or_CC fail_VVI ._. 
</s>
<s>
Column_NN1 (_( 2_MC )_) shows_VVZ that_DD1 treatment_NN1 circles_NN2 add_VV0 about_RG 74_MC more_RGR newly_RR valued_VVN properties_NN2 to_II the_AT tax_NN1 rolls_NN2 than_CSN did_VDD controls_NN2 (_( 202%_NNU increase_NN1 over_II the_AT control_NN1 group_NN1 )_) ,_, whereas_CS an_AT1 additional_JJ 9_MC properties_NN2 see_VV0 their_APPGE valuations_NN2 updated_VVD ._. 
</s>
<s>
Internal_JJ and_CC external_JJ conflicts_NN2 are_VBR defined_VVN as_CSA armed_JJ confrontations_NN2 with_IW a_AT1 minimum_NN1 of_IO 100_MC fatalities_NN2 within_II a_AT1 given_JJ year_NNT1 and_CC that_DD1 lead_NN1 to_II at_RR21 least_RR22 500_MC fatalities_NN2 in_II the_AT conflict_NN1 overall_NN1 ._. 
</s>
<s>
Without_IW using_VVG population_NN1 quantities_NN2 ,_, the_AT function_NN1 roughly_RR corresponds_VVZ to_II the_AT usual_JJ concentration_NN1 parameter_NN1 using_VVG the_AT sample_NN1 estimator_NN1 of_IO ._. 
</s>
<s>
Over_II the_AT last_MD two_MC decades_NNT2 ,_, there_EX is_VBZ some_DD indication_NN1 of_IO the_AT rising_JJ importance_NN1 of_IO NGO_NP1 activism_NN1 for_IF the_AT corporate_JJ world_NN1 ._. 
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<s>
A_AT1 correlation_NN1 of_IO soil_NN1 texture_NN1 with_IW crops_NN2 that_CST require_VV0 different_JJ intensities_NN2 of_IO human_JJ capital_NN1 ,_, or_CC with_IW crops_NN2 related_VVN to_II particular_JJ institutions_NN2 ,_, would_VM violate_VVI the_AT exclusion_NN1 restriction_NN1 ._. 
</s>
<s>
As_CSA I_PPIS1 show_VV0 next_MD ,_, deep_JJ recessions_NN2 make_VV0 this_DD1 point_NN1 even_RR more_RGR clearly_RR ._. 
</s>
<s>
Total_JJ tax_NN1 revenue_NN1 in_II region_NN1 #E_FO ,_, is_VBZ #E_FO ._. 
</s>
<s>
The_AT result_NN1 below_RL characterizes_VVZ how_RRQ a_AT1 change_NN1 in_II the_AT quality_NN1 of_IO public_JJ information_NN1 affects_VVZ welfare_NN1 of_IO current_JJ shareholders_NN2 as_II31 well_II32 as_II33 future_JJ investors_NN2 ._. 
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<s>
However_RR ,_, the_AT derivative_NN1 of_IO income_NN1 w.r.t_NNU ._. 
</s>
<s>
Our_APPGE new_JJ measures_NN2 of_IO corporate_JJ tax_NN1 base_NN1 changes_NN2 allow_VV0 us_PPIO2 to_TO provide_VVI estimates_NN2 of_IO the_AT relationship_NN1 between_II corporate_JJ tax_NN1 revenues_NN2 and_CC corporate_JJ tax_NN1 rates_NN2 that_CST more_RGR plausibly_RR control_VV0 for_IF changes_NN2 to_II the_AT corporate_JJ tax_NN1 base_NN1 ._. 
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<s>
In_II Nyhus_NP1 and_CC Pons_NP1 '_NULL s_ZZ1 (_( 2011_MC )_) paper_NN1 ,_, the_AT authors_NN2 did_VDD not_XX control_VVI for_IF occupation_NN1 or_CC industrial_JJ sector_NN1 but_CCB did_VDD include_VVI a_AT1 control_NN1 for_IF working_VVG in_II the_AT public_JJ sector_NN1 ._. 
</s>
<s>
As_II a_AT1 <_FO 0_MC ,_, we_PPIS2 know_VV0 that_CST b_ZZ1 a_AT1 >_FO 0_MC ._. 
</s>
<s>
For_REX21 instance_REX22 ,_, a_AT1 change_NN1 in_II demand_NN1 for_IF female_JJ migrants_NN2 should_VM only_RR affect_VVI the_AT wage_NN1 premium_NN1 for_IF females_NN2 ._. 
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<s>
We_PPIS2 also_RR report_VV0 world_NN1 scale_NN1 ,_, composition_NN1 ,_, and_CC technique_NN1 effects_NN2 which_DDQ are_VBR obtained_VVN by_II summing_VVG each_DD1 of_IO the_AT three_MC components_NN2 of_IO equation_NN1 (_( 20_MC )_) over_II all_DB countries_NN2 ._. 
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<s>
The_AT smaller_JJR rivals_NN2 either_RR cut_VV0 prices_NN2 or_CC exit_NN1 ._. 
</s>
<s>
For_IF the_AT median_JJ LDC_NN1 the_AT interaction_NN1 accounts_VVZ for_IF 52%_NNU of_IO the_AT estimated_JJ gap_NN1 ._. 
</s>
<s>
A_AT1 shock_NN1 with_IW a_AT1 strong_JJ long-term_JJ effect_NN1 will_VM have_VHI high_JJ power_NN1 at_II low_JJ frequencies_NN2 ,_, and_CC in_CS21 case_CS22 it_PPH1 transmits_VVZ to_II other_JJ variables_NN2 ,_, it_PPH1 points_VVZ to_II long-term_JJ connectedness_NN1 ._. 
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<s>
As_CSA expected_VVN ,_, the_AT estimated_JJ coefficient_NN1 on_II lagged_JJ debt_NN1 is_VBZ always_RR statistically_RR significant_JJ and_CC has_VHZ a_AT1 negative_JJ sign_NN1 ._. 
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<s>
The_AT 9/11_MF attack_NN1 caused_VVD the_AT death_NN1 of_IO 19_MC hijackers.6_FO The_AT value_NN1 h_ZZ1 impacts_NN2 terrorist_NN1 i_ZZ1 '_NULL s_ZZ1 expected_JJ utility_NN1 positively_RR ._. 
</s>
<s>
As_CSA before_RT ,_, the_AT horizontal_JJ axis_NN1 measures_VVZ the_AT probability_NN1 that_CST the_AT ELB_NN1 remains_VVZ binding_VVG for_IF another_DD1 period_NN1 ._. 
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<s>
Appendix_NN1 Table_NN1 A2_FO shows_VVZ how_RRQ the_AT pool_NN1 of_IO available_JJ pollution_NN1 monitors_NN2 and_CC their_APPGE distance_NN1 from_II upstream_JJ counterparts_NN2 varies_VVZ with_IW our_APPGE definition_NN1 of_IO upstream_JJ (_( which_DDQ is_VBZ detailed_VVN in_II Section_NN1 3_MC )_) ._. 
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<s>
First_MD ,_, the_AT notion_NN1 of_IO "_" welfare_NN1 effects_NN2 "_" of_IO a_AT1 merger_NN1 of_IO firms_NN2 that_CST sell_VV0 cigarettes_NN2 is_VBZ a_AT1 potentially_RR fraught_JJ topic_NN1 ._. 
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<s>
We_PPIS2 restrict_VV0 the_AT sample_NN1 to_II houses_NN2 and_CC flats_NN2 ;_; and_CC we_PPIS2 exclude_VV0 farms_NN2 ,_, units_NN2 with_IW over_RG 10_MC acres_NNU2 of_IO land_NN1 ,_, and_CC units_NN2 with_IW commercial_JJ use_NN1 ._. 
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<s>
Before_II 2005_MC ,_, export_VV0 duties_NN2 were_VBDR mostly_RR imposed_VVN on_II goods_NN2 whose_DDQGE exporters_NN2 were_VBDR eligible_JJ for_IF nonzero_NN1 rebates_NN2 of_IO VAT_NN1 ._. 
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<s>
The_AT data_NN used_VVN in_II this_DD1 study_NN1 are_VBR provincial-level_JJ agricultural_JJ outputs_NN2 and_CC inputs_NN2 of_IO 31_MC provinces_NN2 in_II mainland_NN1 China_NN1 for_IF 1978–2015_MCMC ._. 
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<s>
In_II 1997_MC ,_, different_JJ paramilitary_JJ groups_NN2 came_VVD together_RL and_CC formed_VVD the_AT AUC_NN1 ._. 
</s>
<s>
This_DD1 yields_VVZ the_AT standard_JJ first-order_JJ condition_NN1 for_IF labor_NN1 supply_NN1 :_: #E_FO ._. 
</s>
<s>
This_DD1 result_NN1 is_VBZ unexpected_JJ ,_, and_CC may_VM be_VBI partially_RR explained_VVN by_II the_AT cross-age_JJ correlations_NN2 in_II EITC_NP1 exposure_NN1 we_PPIS2 uncover_VV0 in_II the_AT first-stage_JJ estimates_NN2 (_( Table_NN1 5_MC )_) ._. 
</s>
<s>
Because_II21 of_II22 this_DD1 omission_NN1 ,_, the_AT correlation_NN1 between_II rate_NN1 changes_NN2 and_CC base_NN1 changes_NN2 (_( together_RL with_IW hypotheses_NN2 about_II the_AT independent_JJ effect_NN1 of_IO base_NN1 changes_NN2 )_) is_VBZ informative_JJ about_II the_AT direction_NN1 of_IO bias_NN1 in_II estimates_NN2 that_CST are_VBR obtained_VVN when_CS econometric_JJ models_NN2 exclude_VV0 such_DA variables_NN2 ._. 
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<s>
The_AT reason_NN1 for_IF this_DD1 finding_NN1 is_VBZ that_CST if_CS a_AT1 significant_JJ fraction_NN1 of_IO consumers_NN2 is_VBZ still_RR purchasing_VVG the_AT product_NN1 after_II a_AT1 long_JJ time_NNT1 has_VHZ passed_VVN ,_, then_RT evolution_NN1 implies_VVZ that_CST nearly_RR all_DB consumers_NN2 with_IW values_NN2 greater_JJR than_CSN the_AT marginal_JJ type_NN1 will_VM be_VBI purchasing_VVG the_AT product_NN1 ._. 
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<s>
Recent_JJ investigations_NN2 of_IO political_JJ ideology_NN1 within_II organizations_NN2 suggest_VV0 that_CST this_DD1 characterization_NN1 is_VBZ accurate_JJ and_CC robust_JJ in_II various_JJ industry_NN1 settings_NN2 (_( Briscoe_NP1 et_RA21 al._RA22 ,_, 2014_MC ;_; Chin_NP1 et_RA21 al._RA22 ,_, 2013_MC )_) ._. 
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<s>
Though_CS the_AT Mining_NN1 Safety_NN1 Law_NN1 of_IO 1993_MC was_VBDZ the_AT first_MD legislation_NN1 named_VVD '_NULL safety_NN1 law_NN1 '_NULL on_II labor_NN1 safety_NN1 ,_, it_PPH1 failed_VVD to_TO have_VHI an_AT1 effect_NN1 on_II the_AT coal_NN1 mine_NN1 safety_NN1 situation_NN1 ,_, especially_RR in_II the_AT 1990s_MC2 ._. 
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<s>
Following_VVG the_AT higher_JJR interest_NN1 rate_NN1 ,_, the_AT military_JJ spending_NN1 shock_NN1 appreciates_VVZ the_AT nominal_JJ exchange_NN1 rate_NN1 ,_, which_DDQ is_VBZ consistent_JJ with_IW the_AT prediction_NN1 of_IO UIP_NN1 in_II Equation_NN1 (_( 17_MC )_) ._. 
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<s>
Our_APPGE estimates_NN2 are_VBR similar_JJ to_II what_DDQ is_VBZ found_VVN by_II Boivin_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2009_MC )_) in_II the_AT US_NP1 data_NN and_CC by_II Choi_NP1 and_CC O_ZZ1 '_NULL Sullivan_NP1 (_( 2013_MC )_) in_II the_AT Canadian_JJ data_NN ._. 
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<s>
Enhanced_JJ participation_NN1 ,_, in_II fact_NN1 ,_, is_VBZ the_AT most_RGT common_JJ situation_NN1 mainly_RR through_II recognition_NN1 of_IO traditional_JJ ecological_JJ knowledge_NN1 ._. 
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<s>
That_REX21 is_REX22 ,_, while_CS in_II the_AT benchmark_NN1 scenario_NN1 they_PPHS2 retire_VV0 at_II age_NN1 66_MC ,_, in_II the_AT 1950_MC scenario_NN1 they_PPHS2 retire_VV0 at_II age_NN1 60_MC and_CC in_II the_AT 2100_MC scenario_NN1 at_II age_NN1 71_MC ._. 
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<s>
This_DD1 follows_VVZ directly_RR from_II (_( 16_MC )_) and_CC (_( 21_MC )_) (_( Backus_NP1 and_CC Smith_NP1 ,_, 1993_MC )_) ._. 
</s>
<s>
Although_CS colonial_JJ governments_NN2 tried_VVD to_TO hide_VVI it_PPH1 as_RG much_DA1 as_CSA possible_JJ from_II the_AT critical_JJ eyes_NN2 of_IO anti-slavery_JJ activists_NN2 ,_, they_PPHS2 widely_RR "_" employed_VVN "_" such_DA enslaved_JJ recruits_NN2 as_CSA porters_NN2 and_CC for_IF the_AT construction_NN1 of_IO public_JJ works_NN projects_NN2 (_( Phillips_NP1 1989_MC ,_, p._NN1 33_MC )_) ._. 
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<s>
The_AT regressions_NN2 control_VV0 for_IF firm_NN1 and_CC year_NNT1 fixed_JJ effects_NN2 and_CC firm_JJ characteristics_NN2 known_VVN to_TO affect_VVI capital_NN1 structure_NN1 decisions_NN2 ._. 
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<s>
We_PPIS2 use_VV0 an_AT1 establishment-level_JJ panel_NN1 from_II the_AT Annual_JJ Survey_NN1 of_IO Industries_NN2 (_( ASI_NP1 )_) covering_VVG 2000_MC to_II 2007_MC ._. 
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<s>
Kusev_NP1 et_RA21 al_RA22 ._. 
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<s>
(_( 2009_MC )_) identify_VV0 a_AT1 difference_NN1 in_II probability_NN1 weighting_VVG as_II the_AT key_JJ driver_NN1 of_IO these_DD2 results_NN2 by_II showing_VVG that_DD1 low_JJ probabilities_NN2 are_VBR more_RGR strongly_RR overweighted_VVN in_II an_AT1 insurance_NN1 frame_NN1 than_CSN in_II a_AT1 neutral_JJ frame_NN1 ._. 
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<s>
However_RR ,_, Assumption_NN1 3_MC is_VBZ not_XX a_AT1 direct_JJ assumption_NN1 on_II the_AT fundamentals_NN2 of_IO the_AT economy_NN1 ,_, but_CCB rather_RR on_II how_RRQ the_AT transition_NN1 probability_NN1 for_IF exogenous_JJ and_CC endogenous_JJ states_NN2 varies_VVZ with_IW choices_NN2 ._. 
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<s>
In_II the_AT context_NN1 of_IO a_AT1 developing_JJ economy_NN1 ,_, changes_NN2 in_II trade_NN1 policy_NN1 are_VBR also_RR often_RR accompanied_VVN by_II domestic_JJ policy_NN1 reform_NN1 ._. 
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As_II a_AT1 result_NN1 ,_, this_DD1 period_NN1 is_VBZ marked_VVN by_II the_AT determining_JJ influence_NN1 of_IO the_AT economic_JJ activity_NN1 ._. 
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<s>
Thus_RR ,_, even_CS21 if_CS22 domestic_JJ production_NN1 of_IO Good_JJ 1_MC1 can_VM not_XX be_VBI given_VVN up_RP ,_, opening_VVG up_RP to_TO trade_VVI pays_VVZ off_RP for_IF Home_NN1 as_RG well_RR as_CSA for_IF the_AT rest_NN1 of_IO the_AT world_NN1 ._. 
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<s>
It_PPH1 should_VM be_VBI clear_JJ how_RRQ the_AT comparative_JJ statics_NN2 implications_NN2 of_IO a_AT1 given_JJ demand_NN1 function_NN1 can_VM be_VBI illuminated_VVN by_II considering_VVG its_APPGE demand_NN1 manifold_NN1 ._. 
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<s>
Mokyr_NN1 defines_VVZ rent_NN1 seeking_VVG more_RGR broadly_RR than_CSN usual_JJ (_( as_CSA "_" the_AT manipulation_NN1 of_IO the_AT formal_JJ institutions_NN2 and_CC informal_JJ customs_NN2 of_IO a_AT1 society_NN1 to_TO redistribute_VVI income_NN1 "_" )_) ,_, and_CC his_APPGE rent_NN1 seekers_NN2 include_VV0 not_XX only_RR government_NN1 officials_NN2 ,_, but_CCB also_RR those_DD2 with_IW mercantilistic_JJ or_CC aristocratic_JJ privileges_NN2 ,_, as_II31 well_II32 as_II33 robbers_NN2 ,_, pirates_NN2 ,_, and_CC invading_JJ armies_NN2 ._. 
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<s>
We_PPIS2 can_VM relate_VVI the_AT simulated_JJ matching_JJ rates_NN2 presented_VVN in_II Table_NN1 7_MC to_II the_AT treatment_NN1 effects_NN2 presented_VVN in_II subsection_NN1 2.2_MC ._. 
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<s>
Among_II these_DD2 schemes_NN2 ,_, HR_NNU and_CC AP_NP1 have_VH0 been_VBN widely_RR examined_VVN ,_, whereas_CS the_AT remaining_JJ three_MC schemes_NN2 draw_VV0 lessons_NN2 from_II ongoing_JJ international_JJ financing_NN1 mechanisms_NN2 ._. 
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<s>
Using_VVG the_AT series_NN provided_VVN by_II the_AT EU-Klems_NP1 database_NN1 ,_, we_PPIS2 estimate_VV0 the_AT labor_NN1 income_NN1 share_NN1 parameter_NN1 (_( 1_MC1 )_) ,_, as_CSA the_AT ratio_NN1 of_IO labor_NN1 compensation_NN1 over_II total_JJ compensation_NN1 to_TO be_VBI 0.7003_MC ._. 
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<s>
This_DD1 tax_NN1 enforcement_NN1 reform_NN1 allows_VVZ us_PPIO2 to_TO study_VVI how_RGQ different_JJ tax_NN1 regimes_NN2 affect_VV0 the_AT reporting_NN1 of_IO charitable_JJ contributions_NN2 ,_, the_AT magnitude_NN1 of_IO tax_NN1 elasticities_NN2 and_CC the_AT anatomy_NN1 of_IO these_DD2 tax_NN1 elasticities_NN2 ._. 
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<s>
Future_JJ consumption_NN1 enters_VVZ the_AT SDF_NP1 and_CC hence_RR :_: The_AT model_NN1 is_VBZ lognormal_JJ ,_, so_RR more_RGR specifically_RR we_PPIS2 have_VH0 :_: for_IF constants_NN2 and_CC ._. 
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<s>
We_PPIS2 normalize_VV0 the_AT utility_NN1 of_IO not_XX being_VBG assigned_VVN through_II the_AT assignment_NN1 process_NN1 ,_, vi0_FO ,_, to_TO zero_VVI ._. 
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<s>
While_CS much_DA1 of_IO the_AT previous_JJ literature_NN1 focuses_VVZ on_II return_NN1 predictability_NN1 ,_, we_PPIS2 show_VV0 that_DD1 credit_NN1 booms_NN2 predict_VV0 forecasting_VVG errors_NN2 for_IF output_NN1 growth_NN1 ._. 
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<s>
Lastly_RR ,_, the_AT GCF_NP1 was_VBDZ established_VVN with_IW these_DD2 two_MC main_JJ purposes_NN2 :_: climate_NN1 mitigation_NN1 and_CC climate_NN1 adaptation_NN1 ._. 
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<s>
In_RR21 particular_RR22 ,_, we_PPIS2 find_VV0 very_RG similar_JJ results_NN2 when_CS normalizing_VVG tax_NN1 revenues_NN2 by_II population_NN1 instead_II21 of_II22 GDP_NN1 (_( to_TO avoid_VVI capturing_VVG potential_JJ changes_NN2 in_II GDP_NN1 due_JJ to_TO trade_VVI liberalization_NN1 )_) ,_, when_CS we_PPIS2 change_VV0 our_APPGE measure_NN1 of_IO trade_NN1 and_CC when_CS we_PPIS2 exclude_VV0 episodes_NN2 for_IF which_DDQ we_PPIS2 observe_VV0 an_AT1 increase_NN1 in_II tax_NN1 revenues_NN2 prior_II21 to_II22 the_AT onset_NN1 of_IO the_AT episode_NN1 (_( suggesting_VVG they_PPHS2 may_VM have_VHI chosen_VVN to_TO preempt_VVI the_AT fall_NN1 in_II trade_NN1 taxes_NN2 )_) and_CC episodes_NN2 for_IF which_DDQ there_EX are_VBR no_AT trade_NN1 data_NN available_JJ ._. 
</s>
<s>
All_DB of_IO this_DD1 suggests_VVZ that_CST Guangdong_NP1 is_VBZ a_AT1 province_NN1 of_IO primary_JJ interest_NN1 to_TO study_VVI domestic_JJ and_CC export_VVI performance_NN1 of_IO firms_NN2 ,_, in_RR21 particular_RR22 ,_, in_II the_AT textiles_NN2 sector_NN1 ._. 
</s>
<s>
Seventy-two_MC kreuzers_NN2 were_VBDR chosen_VVN on_II31 account_II32 of_II33 conditions_NN2 in_II Bohemia_NP1 and_CC south_ND1 Germany_NP1 ._. 
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<s>
This_DD1 is_VBZ consistent_JJ with_IW the_AT findings_NN2 of_IO Razin_NP1 ,_, Sadka_NP1 and_CC Swagel_NP1 (_( 2002_MC )_) who_PNQS found_VVD a_AT1 robust_JJ negative_JJ relationship_NN1 between_II labor_NN1 tax_NN1 rates_NN2 and_CC the_AT dependency_NN1 ratio_NN1 ._. 
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<s>
Alternatively_RR ,_, the_AT process_NN1 can_VM also_RR be_VBI expressed_VVN in_II31 terms_II32 of_II33 an_AT1 infinite_JJ moving_JJ average_JJ process_NN1 such_CS21 that_CS22 :_: #E_FO ,_, and_CC (_( x_ZZ1 )_) represents_VVZ the_AT Gamma_NN1 function_NN1 ._. 
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<s>
The_AT Swiss_JJ case_NN1 presented_VVD above_RL suggests_VVZ a_AT1 strong_JJ and_CC sizable_JJ association_NN1 between_II BBRs_NP1 and_CC fiscal_JJ outcomes_NN2 ._. 
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<s>
The_AT estimation_NN1 results_NN2 are_VBR robust_JJ to_II a_AT1 number_NN1 of_IO assumptions_NN2 ._. 
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<s>
The_AT various_JJ forms_NN2 of_IO beliefs_NN2 described_VVN in_II Section_NN1 3.3_MC specify_VV0 particular_JJ values_NN2 for_IF LR_NP1 ._. 
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<s>
However_RR ,_, it_PPH1 is_VBZ also_RR possible_JJ that_CST the_AT IV_MC estimates_NN2 could_VM be_VBI biased_VVN upwards_RL if_CS the_AT benefits_NN2 from_II the_AT EITC_NN1 are_VBR not_XX fully_RR captured_VVN by_II family_NN1 income_NN1 ._. 
</s>
<s>
We_PPIS2 begin_VV0 here_RL by_II posing_VVG the_AT question_NN1 :_: are_VBR highly_RR connected_JJ nodes_NN2 more_RGR likely_JJ to_TO be_VBI connected_VVN to_II other_JJ high-degree_JJ nodes_NN2 ,_, and_CC low-degree_JJ nodes_NN2 with_IW other_JJ low-degree_JJ nodes_NN2 ?_? 
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<s>
First_MD ,_, and_CC arising_VVG from_II the_AT intergenerational_JJ interaction_NN1 ,_, it_PPH1 is_VBZ optimal_JJ to_TO introduce_VVI a_AT1 pay_NN1 to_II the_AT young_JJ generation_NN1 when_CS in_II duty_NN1 even_RR by_II resorting_VVG to_II a_AT1 distortive_JJ tax_NN1 ._. 
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<s>
Within_II our_APPGE framework_NN1 with_IW no_AT transfers_NN2 ,_, consider_VV0 using_VVG a_AT1 fiscal_JJ rule_NN1 that_CST imposes_VVZ a_AT1 maximum_JJ surplus_JJ limit_NN1 in_II31 addition_II32 to_II33 a_AT1 maximum_JJ deficit_NN1 limit_NN1 ._. 
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<s>
In_RR21 particular_RR22 ,_, Theorem_NN1 5.3_MC shows_VVZ that_CST the_AT test_NN1 that_CST rejects_VVZ when_RRQ has_VHZ a_AT1 correct_JJ asymptotic_JJ size_NN1 of_IO ._. 
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<s>
The_AT timing_NN1 of_IO the_AT incidents_NN2 followed_VVD the_AT electoral_JJ timing_NN1 :_: the_AT executive_NN1 elections_NN2 in_II April_NPM1 2010_MC have_VH0 been_VBN preceded_VVN by_II tribal_JJ violence_NN1 in_II Jonglei_NP1 ,_, Lakes_NN2 ,_, Upper_JJ Nile_NP1 ,_, and_CC Warrap_VV0 states_NN2 ._. 
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<s>
Assumption_NN1 3_MC allows_VVZ for_IF the_AT possibility_NN1 of_IO no_AT trade_NN1 ._. 
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<s>
Considering_CS these_DD2 effects_NN2 and_CC the_AT fact_NN1 that_CST an_AT1 important_JJ proportion_NN1 of_IO demobilized_JJ combatants_NN2 are_VBR children_NN2 ,_, it_PPH1 is_VBZ becoming_VVG extremely_RR difficult_JJ to_TO ignore_VVI the_AT existence_NN1 of_IO a_AT1 positive_JJ externality_NN1 from_II anti-poverty_JJ transfers_NN2 with_II31 regard_II32 to_II33 disarmament_NN1 and_CC demobilization_NN1 ._. 
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<s>
This_DD1 predictability_NN1 is_VBZ large_JJ in_II magnitude_NN1 ._. 
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<s>
This_DD1 result_NN1 echoes_VVZ the_AT empirical_JJ findings_NN2 in_II Greenland_NP1 and_CC Lopresti_NP1 (_( 2016_MC )_) that_CST import_VV0 competition_NN1 from_II China_NP1 raises_VVZ high_JJ school_NN1 graduation_NN1 rates_NN2 in_II the_AT US_NP1 ._. 
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<s>
As_CSA shown_VVN by_II the_AT bottom_JJ panel_NN1 of_IO Figure_NN1 IX_MC ,_, this_DD1 increase_NN1 essentially_RR derives_VVZ from_II the_AT rise_NN1 of_IO payroll_NN1 taxes_NN2 ._. 
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<s>
Evidence_NN1 has_VHZ shown_VVN that_CST ,_, in_RR21 general_RR22 ,_, corruption_NN1 can_VM be_VBI damaging_VVG for_IF an_AT1 economy_NN1 ._. 
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<s>
Across_II all_DB specifications_NN2 ,_, it_PPH1 is_VBZ important_JJ to_TO control_VVI for_IF shipment_NN1 size_NN1 to_TO ensure_VVI that_CST the_AT effect_NN1 is_VBZ not_XX going_VVG through_II the_AT shipment-specific_JJ scale_NN1 economies_NN2 documented_VVN in_II Fact_NN1 3_MC ,_, and_CC for_IF compositional_JJ effects_NN2 through_II product-destination_JJ fixed_JJ effects_NN2 ._. 
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<s>
Note_VV0 that_CST we_PPIS2 present_VV0 results_NN2 from_II both_DB2 unweighted_JJ and_CC weighted_JJ regressions_NN2 ,_, where_CS weights_NN2 are_VBR based_VVN on_II regional_JJ sales_NN shares_NN2 of_IO each_DD1 industry_NN1 ._. 
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<s>
Identification_NN1 using_VVG the_AT diff-in-diff_JJ method_NN1 requires_VVZ that_CST in_II the_AT absence_NN1 of_IO the_AT policy_NN1 intervention_NN1 ,_, the_AT treated_JJ and_CC control_NN1 group_NN1 outcomes_NN2 do_VD0 not_XX follow_VVI differential_JJ trends_NN2 ._. 
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<s>
We_PPIS2 consider_VV0 the_AT price-setting_JJ behavior_NN1 of_IO a_AT1 multiproduct_NN1 firm_NN1 facing_VVG fixed_JJ costs_NN2 for_IF adjusting_VVG prices_NN2 (_( so-called_JJ menu_NN1 costs_VVZ )_) ._. 
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<s>
No_AT such_DA similar_JJ pattern_NN1 is_VBZ observed_VVN for_IF net_JJ debt_NN1 issuances_NN2 ._. 
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<s>
Although_CS not_XX presented_VVN in_II the_AT mean_JJ utilities_NN2 ,_, Spanishand_RR Portuguesespeaking_VVG students_NN2 disproportionately_JJ value_NN1 schools_NN2 with_IW bilingual_JJ and_CC immersion_NN1 programs_NN2 in_II their_APPGE home_NN1 language_NN1 ._. 
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<s>
Thus_RR ,_, the_AT per_II ton_NNU1 cost_NN1 of_IO submarines_NN2 and_CC coastal_JJ ships_NN2 was_VBDZ higher_RRR compared_VVN to_II that_DD1 battleships_NN2 and_CC aircraft_NN carriers_NN2 ._. 
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<s>
The_AT comparison_NN1 between_II panels_NN2 A_ZZ1 and_CC B_ZZ1 once_RR21 more_RR22 highlights_VVZ that_CST the_AT true_JJ incentive_NN1 effect_NN1 is_VBZ different_JJ from_II the_AT gross_JJ wedge_NN1 when_CS there_EX are_VBR several_DA2 wedges_NN2 present_NN1 ._. 
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<s>
We_PPIS2 choose_VV0 the_AT bandwidth_NN1 to_TO be_VBI as_RG small_JJ as_CSA possible_JJ such_CS21 that_CS22 the_AT resulting_JJ curve_NN1 still_RR looks_VVZ reasonably_RR smooth_JJ ._. 
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<s>
Specifically_RR ,_, industry_NN1 members_NN2 stressed_VVD the_AT importance_NN1 of_IO a_AT1 provision_NN1 in_II the_AT code_NN1 outlawing_VVG loss_NN1 leading_VVG charging_VVG a_AT1 price_NN1 below_II cost_NN1 on_II some_DD products_NN2 in_BCL21 order_BCL22 to_TO attract_VVI more_DAR customers_NN2 to_II the_AT store_NN1 in_II hopes_NN2 that_CST they_PPHS2 would_VM pay_VVI higher_JJR prices_NN2 for_IF other_JJ products_NN2 ._. 
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<s>
As_CSA evident_JJ in_II Model_NN1 4_MC ,_, the_AT baseline_NN1 results_NN2 still_RR hold_VV0 for_IF this_DD1 sub-sample_NN1 of_IO countries_NN2 ._. 
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<s>
These_DD2 differences_NN2 are_VBR particularly_RR stark_JJ for_IF the_AT paidlunch_NN1 students_NN2 ,_, who_PNQS face_VV0 a_AT1 more_RGR demanding_JJ strategic_JJ environment_NN1 ._. 
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<s>
The_AT posterior_JJ distribution_NN1 associated_VVN with_IW the_AT vector_NN1 of_IO observables_NN2 can_VM not_XX be_VBI recovered_VVN analytically_RR but_CCB may_VM be_VBI computed_VVN numerically_RR using_VVG a_AT1 Markov_NP1 chain_NN1 Monte_NP1 Carlo_NP1 (_( MCMC_NP1 )_) sampling_VVG approach_NN1 ._. 
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<s>
P_ZZ1 f∈F_FO i_MC1 Sf_NN1 =_FO 1_MC1 ._. 
</s>
<s>
These_DD2 cognitive_JJ cues_NN2 from_II the_AT state_NN1 (_( McAdam_NP1 1999_MC cited_VVD in_II Elfstrom_NP1 and_CC Kuruvilla_NP1 2014_MC )_) and_CC concomitant_JJ concessions_NN2 from_II employers_NN2 facing_VVG tight_JJ labor_NN1 markets_NN2 were_VBDR not_XX lost_VVN on_II a_AT1 new_JJ generation_NN1 of_IO workers_NN2 armed_VVN with_IW a_AT1 heightened_JJ awareness_NN1 of_IO the_AT rights_NN2 awarded_VVN by_II the_AT aforementioned_JJ laws_NN2 (_( Gallagher_NP1 et_RA21 al_RA22 ._. 
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<s>
2013_MC ;_; Frenkel_NP1 and_CC Yu_NP1 2015_MC )_) ._. 
</s>
<s>
So_RR even_RR after_II imposing_JJ invariance_NN1 or_CC equivariance_NN1 ,_, ensuring_VVG coverage_NN1 requires_VVZ an_AT1 exhaustive_JJ search_NN1 over_II a_AT1 high-dimensional_JJ nuisance_NN1 parameter_NN1 space_NN1 ._. 
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<s>
Based_VVN on_II Campbell_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2001_MC )_) and_CC Comin_VVG and_CC Philippon_NP1 (_( 2006_MC )_) show_VV0 that_CST idiosyncratic_JJ firm_JJ risk_NN1 has_VHZ been_VBN rising_VVG over_II the_AT past_JJ 30_MC years_NNT2 ._. 
</s>
<s>
Substitution_NN1 possibilities_NN2 in_II production_NN1 are_VBR characterized_VVN using_VVG nested_JJ constant_JJ elasticity_NN1 of_IO substitution_NN1 (_( CES_NP2 )_) functions_NN2 ._. 
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<s>
They_PPHS2 employed_VVD different_JJ technologies_NN2 ,_, which_DDQ affected_VVD their_APPGE costs_NN2 ,_, pricing_VVG and_CC performance_NN1 ._. 
</s>
<s>
Even_CS21 though_CS22 the_AT matrices_NN2 induced_VVN by_II these_DD2 models_NN2 are_VBR quite_RG distinct_JJ from_II those_DD2 induced_VVN by_II the_AT (_( A_ZZ1 ,_, B_ZZ1 ,_, c_ZZ1 ,_, d_ZZ1 )_) model_NN1 ,_, this_DD1 misspecification_NN1 does_VDZ not_XX induce_VVI substantial_JJ overrejections_NN2 ._. 
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<s>
Because_CS the_AT specific_JJ constituencies_NN2 internalize_VV0 the_AT full_JJ benefits_NN2 of_IO the_AT projects_NN2 ,_, but_CCB only_RR bear_VV0 a_AT1 fraction_NN1 of_IO the_AT costs_NN2 (_( projects_NN2 are_VBR financed_VVN from_II the_AT common_JJ tax_NN1 base_NN1 )_) ,_, fiscal_JJ inefficiency_NN1 will_VM increase_VVI with_IW the_AT number_NN1 of_IO representatives_NN2 ._. 
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<s>
Figure_NN1 6_MC plots_NN2 the_AT paths_NN2 of_IO price_NN1 and_CC rent_VV0 when_RRQ income_NN1 growth_NN1 unexpectedly_RR drops_VVZ from_II 5.8%_FO in_II 2018_MC (_( under_II the_AT baseline_NN1 scenario_NN1 )_) to_II either_RR 4.8%_FO or_CC 3.8%_FO and_CC subsequently_RR declines_VVZ linearly_RR to_II 3%_NNU by_II 2044_MC ._. 
</s>
<s>
To_TO buffer_VVI themselves_PPX2 from_II the_AT vagaries_NN2 of_IO a_AT1 volatile_JJ market_NN1 ,_, the_AT sheep_NN herders_NN2 formed_VVD a_AT1 mutual_JJ credit_NN1 cooperative_NN1 ,_, through_II which_DDQ they_PPHS2 pledged_VVD to_TO help_VVI each_PPX221 other_PPX222 with_IW expenses_NN2 and_CC finances_NN2 ._. 
</s>
<s>
Next_MD we_PPIS2 use_VV0 the_AT first_MD stage_NN1 model_NN1 to_TO generate_VVI the_AT likelihood_NN1 of_IO reform_NN1 and_CC use_VVI those_DD2 predicted_JJ probabilities_NN2 to_TO split_VVI the_AT sample_NN1 of_IO reformed_JJ and_CC non-reformed_JJ states_NN2 into_II three_MC distinct_JJ groups.43_FO We_PPIS2 then_RT introduce_VV0 group-year_JJ specific_JJ fixed_JJ effects_NN2 in_II the_AT second-stage_JJ regressions_NN2 ,_, with_IW price_NN1 on_II the_AT various_JJ tiers_NN2 of_IO service_NN1 as_II the_AT dependent_JJ variable_NN1 ._. 
</s>
<s>
The_AT CS_NP2 is_VBZ then_RT constructed_VVN as_CSA consistency_NN1 of_IO the_AT CS_NP2 above_RL is_VBZ formalized_VVN in_II Lemma_NN1 4.4_MC ._. 
</s>
<s>
First_MD ,_, for_IF our_APPGE open-ended_JJ task_NN1 ,_, shared_JJ and_CC unshared_JJ information_NN1 were_VBDR equally_RR vital_JJ for_IF reaching_VVG a_AT1 high_JJ quality_NN1 solution_NN1 ._. 
</s>
<s>
According_II21 to_II22 Definition_NN1 5_MC ,_, consumption_NN1 is_VBZ excessively_RR smooth_JJ CT1_FO s_ZZ1 P_ZZ1 T1<1_FO and_CC excessively_RR sensitive_JJ CT_NN1 s_ZZ1 P_ZZ1 T1_FO >_FO 0_MC ._. 
</s>
<s>
The_AT function_NN1 g_ZZ1 (_( ,_, )_) is_VBZ symmetric_JJ in_II its_APPGE arguments_NN2 ,_, so_RR that_CST Wij_NP1 Wji_NP1 ._. 
</s>
<s>
For_REX21 instance_REX22 ,_, in_II the_AT context_NN1 of_IO economic_JJ development_NN1 ,_, Acemoglu_NP1 and_CC coauthors_NN2 (_( e.g._REX ,_, Acemoglu_NP1 ,_, Johnson_NP1 ,_, and_CC Robinson_NP1 2005_MC ,_, Acemoglu_NP1 and_CC Robinson_NP1 2012_MC )_) argue_VV0 that_CST nondemocratic_JJ institutions_NN2 tend_VV0 to_TO serve_VVI an_AT1 entrenched_JJ elite_NN1 at_II the_AT expense_NN1 of_IO the_AT citizens_NN2 at_RR21 large_RR22 ._. 
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<s>
Animal_NN1 products_NN2 ,_, particularly_RR ruminant_JJ products_NN2 ,_, but_CCB also_RR discretionary_JJ food_NN1 categories_NN2 ,_, such_II21 as_II22 sugar_NN1 crops_NN2 and_CC stimulant_JJ crops_NN2 ,_, are_VBR poor_JJ in_II delivering_VVG micronutrients_NN2 from_II the_AT same_DA area_NN1 of_IO land_NN1 and_CC thus_RR in_II providing_VVG essential_JJ nutrients_NN2 to_II a_AT1 large_JJ number_NN1 of_IO people_NN ._. 
</s>
<s>
For_IF the_AT indirect_JJ effect_NN1 associated_VVN with_IW all_DB other_JJ combinations_NN2 of_IO warmth_NN1 and_CC competence_NN1 ,_, zero_MC fell_VVD within_II the_AT confidence_NN1 interval_NN1 ._. 
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<s>
There_EX was_VBDZ a_AT1 negative_JJ and_CC significant_JJ interaction_NN1 between_II workplace_NN1 loneliness_NN1 and_CC an_AT1 emotional_JJ culture_NN1 of_IO anger_NN1 predicting_VVG employee_NN1 affective_JJ commitment_NN1 (_( γ_NULL =_FO -1.62_MC ,_, p<.01_FO )_) (_( see_VV0 Table_NN1 4_MC ,_, Column_NN1 VIII_MC )_) ._. 
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<s>
However_RR ,_, the_AT result_NN1 of_IO the_AT out-of-sample_JJ comparison_NN1 distributes_VVZ in_II a_AT1 more_RGR volatile_JJ way_NN1 ._. 
</s>
<s>
Regardless_RR of_IO whether_CSW exploiting_VVG these_DD2 forces_NN2 benefits_NN2 shareholders_NN2 or_CC is_VBZ purely_RR a_AT1 form_NN1 of_IO managerial_JJ agency_NN1 ,_, the_AT mere_JJ presence_NN1 of_IO CSR_NP1 can_VM not_XX be_VBI viewed_VVN as_II a_AT1 benefit_NN1 or_CC a_AT1 cost_NN1 without_IW a_AT1 careful_JJ examination_NN1 of_IO the_AT root_NN1 causes_NN2 of_IO the_AT underlying_JJ inefficiencies_NN2 that_CST give_VV0 rise_NN1 to_II its_APPGE prevalence_NN1 in_II the_AT first_MD place_NN1 ._. 
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<s>
The_AT timeline_NN1 helps_NN2 emphasize_VVI that_CST the_AT empirical_JJ tests_NN2 are_VBR constructed_VVN to_TO avoid_VVI look-ahead_RL bias_NN1 ._. 
</s>
<s>
The_AT agent_NN1 faces_VVZ a_AT1 cost_NN1 minimization_NN1 problem_NN1 where_CS the_AT flow_NN1 cost_NN1 incurred_VVN in_II mileage_NN1 state_NN1 k_ZZ1 is_VBZ represented_VVN by_II uk_NN1 ._. 
</s>
<s>
This_DD1 function_NN1 allows_VVZ me_PPIO1 to_TO explicitly_RR describe_VVI the_AT probabilistic_JJ structure_NN1 of_IO the_AT agent_NN1 '_NULL s_ZZ1 beliefs_NN2 about_II any_DD of_IO the_AT model_NN1 '_NULL s_ZZ1 variables_NN2 at_II any_DD future_JJ date_NN1 ._. 
</s>
<s>
Formally_RR modeling_VVG the_AT choice_NN1 of_IO with_IW whom_PNQO to_TO trade_VVI should_VM prove_VVI useful_JJ in_II all_DB fields_NN2 of_IO economics_NN1 ._. 
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<s>
In_II contrast_NN1 to_II income_NN1 taxes_NN2 there_EX is_VBZ a_AT1 negative_JJ relationship_NN1 with_IW income_NN1 per_RR21 capita_RR22 -_- likely_JJ reáecting_JJ tax_NN1 capacity_NN1 ,_, and_CC the_AT ability_NN1 to_TO raise_VVI taxes_NN2 through_II income_NN1 taxes_NN2 in_RR21 particular_RR22 ._. 
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<s>
The_AT excitation_NN1 mechanism_NN1 is_VBZ apparent_JJ in_II the_AT Fall_NN1 of_IO 2008_MC ,_, when_CS jump_NN1 intensities_NN2 increase_VV0 rapidly_RR in_II31 response_II32 to_II33 each_DD1 jump_NN1 ,_, most_DAT of_IO them_PPHO2 originating_VVG in_II the_AT United_NP1 States_NP1 ,_, and_CC to_II a_AT1 lesser_JJ extent_NN1 in_II the_AT Winter_NNT1 of_IO 2009_MC ,_, which_DDQ looks_VVZ more_RRR like_II a_AT1 slow_JJ train_NN1 wreck_NN1 ._. 
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<s>
The_AT relative_JJ change_NN1 in_II per_JJ21 capita_JJ22 GDP_NN1 is_VBZ similar_JJ to_II EV_NN1 for_IF both_DB2 scenarios_NN2 ,_, but_CCB the_AT EV_NN1 increase_NN1 outpaces_VVZ GDP_NN1 in_II the_AT Study_NN1 Scenario_NN1 beginning_VVG in_II the_AT mid-2030s_MC2 ,_, as_CSA the_AT returns_NN2 to_II capital_NN1 ,_, which_DDQ lead_VV0 to_II more_DAR consumption_NN1 by_II households_NN2 ,_, eventually_RR outpace_VV0 investment_NN1 as_II a_AT1 determinant_NN1 of_IO GDP_NN1 ._. 
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<s>
Perhaps_RR some_DD measure_NN1 of_IO total_JJ wealth_NN1 should_VM be_VBI used_VVN instead_II21 of_II22 income_NN1 ._. 
</s>
<s>
It_PPH1 is_VBZ common_JJ in_II the_AT literature_NN1 to_TO use_VVI patent_NN1 claims_VVZ to_II proxy_NN1 for_IF patent_NN1 breadth_NN1 (_( Lerner_NP1 1994_MC ;_; Lanjouw_NP1 and_CC Schankerman_NP1 2004_MC )_) ._. 
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<s>
Consequently_RR ,_, it_PPH1 raised_VVD its_APPGE Bank_NN1 rate_NN1 and_CC rationed_JJ credit_NN1 to_II the_AT merchant_NN1 banks_NN2 engaged_VVN in_II U.S._NP1 trade_NN1 finance_NN1 ._. 
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<s>
At_II the_AT same_DA time_NNT1 ,_, average_JJ growth_NN1 of_IO all_DB other_JJ products_NN2 is_VBZ not_XX a_AT1 significant_JJ determinant_NN1 ._. 
</s>
<s>
It_PPH1 is_VBZ worth_II noting_VVG ,_, however_RR ,_, that_DD1 peer_NN1 quality_NN1 is_VBZ estimated_VVN to_TO be_VBI a_AT1 significant_JJ determinant_NN1 of_IO achievement_NN1 :_: holding_VVG all_DB other_JJ inputs_NN2 constant_JJ and_CC increasing_JJ peer_NN1 quality_NN1 by_II one_MC1 standard_JJ deviation_NN1 (_( sd_NNU )_) causes_VVZ a_AT1 20%_NNU sd_NNU increase_NN1 in_II the_AT outcome_NN1 test_NN1 score_NN1 ,_, on_II average_NN1 ._. 
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<s>
The_AT speed_NN1 of_IO adjustment_NN1 parameters_NN2 predict_VV0 that_CST all_DB three_MC variables_NN2 will_NN1 adjusted_VVN downward_RL ,_, with_IW slave_NN1 exports_NN2 declining_VVG faster_JJR than_CSN cargo_NN1 to_TO restore_VVI long-run_JJ equilibrium_NN1 price_NN1 ._. 
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<s>
Households_NN2 with_IW mobile_JJ wireless_NN1 services_NN2 were_VBDR also_RR excluded_VVN ._. 
</s>
<s>
At_II the_AT end_NN1 of_IO Y2_FO (_( Y3_FO )_) ,_, they_PPHS2 are_VBR 43_MC (_( 24_MC )_) percentage_NN1 points_NN2 more_RGR likely_JJ to_TO be_VBI certified_VVN ,_, and_CC 54_MC (_( 45_MC )_) percentage_NN1 points_NN2 more_RGR likely_JJ to_TO have_VHI been_VBN paid_VVN their_APPGE certification_NN1 allowance_NN1 (_( Table_NN1 III_MC ,_, Panel_NN1 B_ZZ1 )_) ._. 
</s>
<s>
Cost_VV0 data_NN are_VBR often_RR based_VVN on_II provider_NN1 averages_NN2 ,_, rather_II21 than_II22 being_VBG specific_JJ to_II a_AT1 particular_JJ provider_NN1 ,_, and_CC estimates_NN2 are_VBR often_RR procedure_NN1 based_VVN rather_II21 than_II22 episode_NN1 based_VVN ._. 
</s>
<s>
This_DD1 test_NN1 strongly_RR rejects_VVZ the_AT hypothesis_NN1 that_CST ASVI_NP1 does_VDZ not_XX add_VVI valuable_JJ information_NN1 to_II the_AT HAR_NP1 model_NN1 ._. 
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<s>
This_DD1 set_NN1 is_VBZ ranging_VVG from_II highly_RR macro_JJ features_NN2 such_II21 as_II22 the_AT outdoor_JJ temperature_NN1 to_II intrinsic_JJ micro_NN1 individual_JJ characteristics_NN2 ,_, including_II exclusive_JJ information_NN1 such_II21 as_II22 the_AT EPC_NP1 ._. 
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<s>
The_AT sufficiency_NN1 assumptions_NN2 invoked_VVN by_II Bagwell_NP1 and_CC Staiger_NP1 to_TO obtain_VVI their_APPGE result_NN1 include_VV0 ruling_NN1 out_RP the_AT Lerner_NN1 and_CC Metzler_NN1 paradoxes_NN2 and_CC the_AT requirement_NN1 that_CST direct_JJ tariff_NN1 effects_NN2 dominate_VV0 indirect_JJ tariff_NN1 effects_NN2 ._. 
</s>
<s>
An_AT1 important_JJ implication_NN1 of_IO the_AT quantity_NN1 theory_NN1 of_IO money_NN1 is_VBZ the_AT close_JJ relationship_NN1 between_II money_NN1 growth_NN1 and_CC price_NN1 inflation_NN1 over_II the_AT long_JJ run_NN1 ._. 
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<s>
We_PPIS2 have_VH0 seen_VVN in_II theorem_NN1 1_MC1 that_CST linear_JJ (_( or_CC asymptotically_RR linear_JJ )_) wealth_NN1 accumulation_NN1 processes_NN2 in_II economies_NN2 with_IW deterministic_JJ returns_NN2 and_CC skewed_JJ thick_JJ right-tailed_JJ distributions_NN2 of_IO earnings_NN2 induce_VV0 wealth_NN1 distributions_NN2 with_IW right_JJ tails_NN2 ,_, at_RR21 most_RR22 ,_, as_RG thick_JJ as_CSA those_DD2 of_IO earnings_NN2 (_( theorem_NN1 1_MC1 )_) ._. 
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<s>
This_DD1 finding_NN1 holds_VVZ in_II cross-sectional_JJ baseline_NN1 models_NN2 that_CST include_VV0 just_JJ party_NN1 as_II a_AT1 control_NN1 variable_NN1 ,_, as_RG well_RR as_CSA in_II more_RGR comprehensive_JJ pooled_JJ models_NN2 that_CST include_VV0 a_AT1 range_NN1 of_IO constituency_NN1 variables_NN2 thought_VVD to_TO be_VBI related_VVN to_II spending_VVG restraint_NN1 ._. 
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<s>
Both_DB2 of_IO these_DD2 adjustments_NN2 increased_VVD the_AT trade_NN1 flow_NN1 relative_II21 to_II22 autarky_JJ standards_NN2 ._. 
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<s>
Note_VV0 that_CST the_AT LMC_NN1 is_VBZ skeptical_JJ of_IO systemic_JJ economic_JJ crises_NN2 in_II coming_VVG decades_NNT2 ._. 
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<s>
While_CS Garthwaite_NN1 (_( 2012_MC )_) focuses_VVZ on_II the_AT extensive_JJ margin_NN1 labor_NN1 supply_NN1 response_NN1 to_II Vioxx_NP1 '_NULL s_ZZ1 withdrawal_NN1 using_VVG survey_NN1 data_NN ,_, we_PPIS2 focus_VV0 on_II intensive_JJ labor_NN1 supply_NN1 adjustments_NN2 ,_, particularly_RR sickness_NN1 absence_NN1 days_NNT2 ,_, as_II31 well_II32 as_II33 disability_NN1 pension_NN1 receipt_NN1 using_VVG detailed_JJ administrative_JJ data_NN from_II Norway_NP1 ._. 
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<s>
This_DD1 illustrates_VVZ that_CST the_AT possibility_NN1 of_IO movements_NN2 in_II the_AT constant_NN1 generates_VVZ uncertainty_NN1 ._. 
</s>
<s>
For_REX21 instance_REX22 ,_, Food_NN1 Balance_NN1 Sheets_NN2 (_( FBS_NP1 )_) of_IO the_AT Food_NN1 and_CC Agricultural_JJ Organization_NN1 (_( FAO_NP1 )_) record_VV0 the_AT availability_NN1 of_IO protein_NN1 ,_, fat_JJ and_CC energy_NN1 per_RR21 capita_RR22 on_II a_AT1 national_JJ level_NN1 (_( FAOSTAT_NP1 ,_, 2012_MC )_) ._. 
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<s>
Analyses_NN2 based_VVN on_II an_AT1 annual_JJ population-based_JJ survey_NN1 conducted_VVN by_II the_AT Employee_NN1 Benefits_NN2 Research_VV0 Institute_NN1 (_( EBRI_NP1 )_) usually_RR find_VV0 that_CST CDHP_NP1 enrollees_NN2 tend_VV0 to_TO have_VHI better_JJR self-reported_JJ health_NN1 status_NN1 and_CC more_RGR health-conscious_JJ behaviors_NN2 ;_; for_REX21 example_REX22 ,_, they_PPHS2 are_VBR less_RGR likely_JJ to_TO smoke_VVI and_CC more_RGR likely_JJ to_TO exercise_VVI (_( EBRI_NP1 ,_, 2011_MC )_) ._. 
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Moreover_RR ,_, we_PPIS2 also_RR control_VV0 for_IF firm_NN1 and_CC year_NNT1 fixed_JJ effects_NN2 ._. 
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The_AT fundamental_JJ hypothesis_NN1 is_VBZ that_DD1 expected_JJ ambiguity_NN1 ,_, in_II31 addition_II32 to_II33 expected_JJ volatility_NN1 (_( risk_NN1 )_) ,_, is_VBZ a_AT1 determinant_NN1 of_IO the_AT expected_JJ return_NN1 ._. 
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To_II the_AT extent_NN1 these_DD2 concerns_NN2 can_VM be_VBI addressed_VVN ,_, our_APPGE results_NN2 demonstrate_VV0 that_CST such_DA schemes_NN2 can_VM be_VBI an_AT1 important_JJ and_CC financially_RR and_CC politically_RR feasible_JJ way_NN1 for_IF emerging_JJ economies_NN2 to_TO undertake_VVI the_AT essential_JJ and_CC necessary_JJ task_NN1 of_IO raising_VVG tax_NN1 revenue_NN1 and_CC enlarging_VVG their_APPGE tax_NN1 base_NN1 ._. 
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It_PPH1 is_VBZ not_XX intended_VVN as_CSA reimbursement_NN1 for_IF all_DB the_AT VAT_NN1 incurred_VVN on_II purchases_NN2 and_CC can_VM not_XX provide_VVI greater_JJR relief_NN1 for_IF farmers_NN2 than_CSN the_AT VAT_NN1 charged_VVN on_II their_APPGE inputs_NN2 ._. 
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The_AT Study_NN1 Scenario_NN1 prescribes_VVZ wind_NN1 deployment_NN1 beyond_II that_DD1 deployed_VVN in_II the_AT least-cost_JJ framework_NN1 of_IO the_AT Business-as-Usual_JJ ,_, with_IW wind_NN1 required_VVN to_TO meet_VVI 10%_NNU of_IO end-use_JJ electricity_NN1 demand_NN1 by_II 2020_MC ,_, 20%_NNU by_II 2030_MC ,_, and_CC 35%_NNU by_II 2050_MC ._. 
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This_DD1 two-way_JJ feedback_NN1 calls_VVZ for_IF a_AT1 joint_JJ analysis_NN1 of_IO optimal_JJ income_NN1 taxes_NN2 and_CC optimal_JJ human_JJ capital_NN1 policies_NN2 over_II the_AT life_NN1 cycle_NN1 ,_, which_DDQ is_VBZ the_AT goal_NN1 of_IO this_DD1 paper_NN1 ._. 
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<s>
The_AT bank_NN1 announced_VVD that_CST the_AT introduction_NN1 of_IO the_AT commitment_NN1 policy_NN1 would_VM enhance_VVI monetary_JJ policy_NN1 transparency_NN1 ._. 
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That_REX21 is_REX22 ,_, for_IF all_DB three_MC samples_NN2 ,_, I_PPIS1 test_VV0 for_IF a_AT1 declining_JJ reservation_NN1 wage_NN1 function_NN1 on_II these_DD2 two_MC intervals_NN2 (_( in_II two_MC separate_JJ tests_NN2 )_) ._. 
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Strikes_NN2 in_II Guangdong_NP1 have_VH0 traditionally_RR been_VBN followed_VVN by_II collective_JJ exit_NN1 (_( Lee_NP1 2007_MC )_) ,_, sometimes_RT voluntary_JJ ,_, sometimes_RT forced_VVN ,_, but_CCB this_DD1 was_VBDZ not_XX the_AT case_NN1 at_II YICT_NP1 ._. 
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<s>
After_CS bias_NN1 correction_NN1 ,_, these_DD2 biases_NN2 are_VBR much_RR reduced_VVN and_CC the_AT CPs_NP1 are_VBR improved_VVN ._. 
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Thus_RR ,_, our_APPGE test_NN1 will_VM be_VBI applicable_JJ to_II a_AT1 wide_JJ range_NN1 of_IO hypotheses_NN2 ._. 
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As_II an_AT1 additional_JJ test_NN1 of_IO the_AT validity_NN1 of_IO our_APPGE results_NN2 ,_, we_PPIS2 compare_VV0 them_PPHO2 with_IW urbanization_NN1 rates_NN2 ,_, estimates_NN2 of_IO demand_NN1 elasticity_NN1 ,_, and_CC GDP_NN1 per_RR21 capita_RR22 ._. 
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<s>
The_AT result_NN1 for_IF each_DD1 country_NN1 separately_RR is_VBZ similar_JJ to_II the_AT individuallevel_NN1 averages_NN2 ,_, but_CCB the_AT size_NN1 of_IO the_AT coecients_NN2 vary_VV0 somewhat_RR ,_, suggesting_VVG that_DD1 country-specific_JJ elements_NN2 such_II21 as_II22 culture_NN1 also_RR play_VV0 a_AT1 role_NN1 in_II wellbeing_NN1 (_( Oishi_NP1 et_RA21 al._RA22 ,_, 2013_MC )_) ._. 
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SamKnows_NN2 selected_VVN the_AT sample_NN1 with_IW the_AT goal_NN1 of_IO covering_VVG the_AT major_JJ ISP_NN1 '_NULL s_ZZ1 ,_, locations_NN2 ,_, and_CC technologies_NN2 across_II the_AT U.S._NP1 Households_NN2 were_VBDR sampled_VVN from_II each_DD1 of_IO the_AT nine_MC census_NN1 subdivisions_NN2 to_TO represent_VVI performance_NN1 in_II three_MC speed_NN1 ranges_VVZ :_: fewer_DAR than_CSN three_MC Mbps_NP1 ;_; between_II three_MC and_CC ten_MC Mbps_NP1 ;_; and_CC greater_JJR than_CSN ten_MC Mbps_NP1 ._. 
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The_AT results_NN2 display_VV0 the_AT presence_NN1 of_IO a_AT1 strong_JJ positive_JJ effect_NN1 of_IO the_AT hub-and-spoke_JJ system_NN1 in_II FTAs_NN2 on_II trade_NN1 ._. 
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However_RR ,_, the_AT variables_NN2 "_" Swiss_JJ Re_NP1 "_" and_CC "_" BB_NP1 spread_VVD "_" indeed_RR do_VD0 not_XX seem_VVI to_TO play_VVI a_AT1 central_JJ role_NN1 in_II the_AT pricing_NN1 of_IO wind_NN1 transactions_NN2 ._. 
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These_DD2 tensions_NN2 lead_VV0 to_II many_DA2 interesting_JJ results_NN2 that_CST are_VBR described_VVN below_RL in_II the_AT results_NN2 section_NN1 ._. 
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<s>
This_DD1 last_MD part_NN1 of_IO the_AT paper_NN1 allows_VVZ us_PPIO2 link_VV0 our_APPGE SSI_JJ results_NN2 with_IW the_AT earlier_JJR literature_NN1 focusing_VVG directly_RR on_II which_DDQ types_NN2 of_IO establishments_NN2 grow_VV0 faster_RRR ._. 
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The_AT β_NULL of_IO the_AT real_JJ estate_NN1 sector_NN1 stocks_NN2 is_VBZ calculated_VVN using_VVG the_AT same_DA method_NN1 as_CSA above_RL ._. 
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Also_RR ,_, since_CS the_AT cost_NN1 of_IO creating_VVG a_AT1 firm_NN1 ,_, ce_VV0 ,_, must_VM match_VVI the_AT equilibrium_NN1 value_NN1 of_IO entry_NN1 ,_, the_AT estimated_JJ intercept_VV0 dn_NNU from_II (_( 31_MC )_) helps_VVZ us_PPIO2 to_TO pin_VVI down_RP the_AT price_NN1 level_NN1 P_ZZ1 in_II the_AT estimation_NN1 ._. 
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It_PPH1 is_VBZ a_AT1 benefit_NN1 of_IO promoting_VVG additional_JJ voluntary_JJ compliance_NN1 across_II the_AT entire_JJ population_NN1 ._. 
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Figure_NN1 2_MC depicts_VVZ the_AT relationship_NN1 between_II the_AT change_NN1 in_II the_AT corporate_JJ tax_NN1 rate_NN1 and_CC (_( 1_MC1 times_VVZ )_) the_AT change_NN1 in_II the_AT PDV_NP1 of_IO allowances_NN2 between_II the_AT last_MD year_NNT1 and_CC the_AT first_MD year_NNT1 in_II which_DDQ the_AT data_NN are_VBR available.10_FO We_PPIS2 define_VV0 the_AT PDV_NP1 of_IO allowances_NN2 measure_VV0 so_RR that_DD1 increases_VVZ along_II the_AT y-axis_NN1 refer_VV0 to_II a_AT1 broadening_NN1 of_IO the_AT corporate_JJ tax_NN1 base_NN1 as_CSA in_II Fig._NN1 1_MC1 ._. 
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In_II online_JJ Appendix_NN1 J_ZZ1 ,_, we_PPIS2 show_VV0 the_AT distribution_NN1 of_IO choices_NN2 and_CC we_PPIS2 use_VV0 the_AT CTB_NP1 framework_NN1 to_TO estimate_VVI utility-function_JJ parameters_NN2 that_DD1 better_RRR quantify_VVI the_AT differences_NN2 in_II behavior_NN1 across_II the_AT two_MC groups_NN2 ._. 
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The_AT seminal_JJ experiments_NN2 of_IO Stanley_NP1 Milgram_NP1 (_( Milgram_NP1 1967_MC )_) asked_VVD individuals_NN2 to_TO send_VVI a_AT1 letter_NN1 to_II a_AT1 personal_JJ acquaintance_NN1 ,_, with_IW the_AT goal_NN1 of_IO the_AT letter_NN1 being_VBG passed_VVN on_RP and_CC eventually_RR reaching_VVG a_AT1 target_NN1 recipient_NN1 who_PNQS was_VBDZ a_AT1 great_JJ geographic_JJ distance_NN1 from_II ,_, and_CC unknown_JJ to_TO ,_, the_AT initial_JJ individual_NN1 ._. 
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We_PPIS2 include_VV0 the_AT following_JJ firm_JJ characteristics_NN2 :_: Financial_JJ Institutions_NN2 ,_, a_AT1 dummy_JJ variable_NN1 that_CST equals_VVZ 1_MC1 if_CS the_AT number_NN1 of_IO financial_JJ institutions_NN2 in_II the_AT region_NN1 where_CS the_AT firm_NN1 resides_VVZ is_VBZ greater_JJR than_CSN the_AT national_JJ average.11_FO The_AT rationale_NN1 behind_II this_DD1 variable_NN1 is_VBZ that_CST firms_NN2 located_VVN in_II regions_NN2 with_IW more_RGR financial_JJ institutions_NN2 may_VM have_VHI a_AT1 greater_JJR awareness_NN1 of_IO as_RG well_RR as_CSA exposure_NN1 to_II D_ZZ1 &O;_NULL insurance_NN1 ._. 
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<s>
In_RR21 addition_RR22 ,_, I_PPIS1 check_VV0 the_AT COMPUSTAT_NN1 Segments_NN2 database_NN1 to_TO exclude_VVI all_DB firms_NN2 whose_DDQGE entire_JJ asset-management_JJ segments_NN2 produce_VV0 revenues_NN2 greater_JJR than_CSN 20%_NNU of_IO total_JJ revenues_NN2 ._. 
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Trade_NN1 costs_NN2 T_ZZ1 ij_VV0 l_ZZ1 are_VBR not_XX observable_JJ and_CC therefore_RR have_VH0 to_TO be_VBI approximated_VVN ._. 
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Hémous_NP1 (_( 2016_MC )_) extends_VVZ the_AT theoretical_JJ consideration_NN1 of_IO carbon_NN1 tariffs_NN2 to_II a_AT1 dynamic_JJ framework_NN1 featuring_VVG directed_JJ technical_JJ change_NN1 ._. 
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Of_IO all_DB the_AT estimated_JJ specifications_NN2 ,_, 52%_NNU ,_, 41%_NNU ,_, and_CC 43%_NNU satisfied_JJ regularity_NN1 conditions_NN2 for_IF the_AT single_JJ household_NN1 ,_, married_JJ without_IW children_NN2 ,_, and_CC married_JJ with_IW one_MC1 child_NN1 datasets_NN2 ,_, respectively_RR ._. 
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Then_RT ,_, the_AT asymptotic_JJ size_NN1 of_IO the_AT subset_NN1 AR_UH tests_NN2 with_IW the_AT usual_JJ chi-squared_JJ CV_NN1 is_VBZ defined_VVN as_II :_: #E_FO ,_, where_RRQ is_VBZ the_AT quantile_JJ of_IO a_AT1 -distributed_JJ random_JJ variable_NN1 with_IW degrees_NN2 of_IO freedom_NN1 ,_, and_CC denotes_VVZ the_AT probability_NN1 of_IO the_AT event_NN1 under_RP As_CSA shown_VVN by_II GKMC_NP1 ,_, irrespective_II21 of_II22 the_AT degree_NN1 of_IO identification_NN1 for_IF while_CS However_RR ,_, although_CS the_AT LIML-based_JJ asymptotic_JJ test_NN1 is_VBZ always_RR valid_JJ ,_, it_PPH1 can_VM be_VBI conservative_JJ when_CS IVs_MC2 are_VBR weak_JJ as_CSA it_PPH1 takes_VVZ the_AT least-favorable_JJ approach_NN1 by_II using_VVG the_AT chi-squared_JJ CVs_NN2 as_II an_AT1 upper_JJ bound_NN1 &lsqb;_( e.g._REX ,_, see_VV0 Doko_NP1 Tchatoka_NP1 (_( 2015b_FO ,_, p._NNU 1211–1212_MCMC ,_, Table_NN1 1_MC1 )_) &rsqb;_) ._. 
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If_CS one_PN1 looked_VVD at_II their_APPGE direct_JJ applications_NN2 ,_, a_AT1 (_( rather_RG strained_JJ )_) case_NN1 could_VM be_VBI made_VVN for_IF the_AT relevance_NN1 of_IO the_AT subject_NN1 matter_NN1 of_IO the_AT book_NN1 for_IF financial_JJ researchers_NN2 engaged_VVN in_II optimization_NN1 techniques_NN2 ._. 
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I_PPIS1 run_VV0 the_AT instrumental_JJ variable_NN1 first-stage_NN1 regressions_NN2 to_TO see_VVI how_RGQ strongly_RR the_AT instruments_NN2 are_VBR correlated_VVN with_IW the_AT task_NN1 indices_NN2 ._. 
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Given_VVN the_AT limited_JJ information_NN1 in_II summary_NN1 statistics_NN ,_, we_PPIS2 build_VV0 on_II our_APPGE analysis_NN1 by_II utilizing_VVG a_AT1 range_NN1 of_IO more_RGR formal_JJ econometric_JJ methods_NN2 :_: (_( i_ZZ1 )_) structural_JJ break_NN1 tests_NN2 ;_; (_( ii_MC )_) measures_NN2 of_IO the_AT dynamic_JJ properties_NN2 of_IO city-level_JJ inflation_NN1 ;_; (_( iii_MC )_) spatial_JJ co-movements_NN2 of_IO inflation_NN1 ;_; and_CC (_( iv_MC )_) common_JJ factor_NN1 model_NN1 analysis_NN1 ._. 
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Alternatevely_RR ,_, Schroyen_NP1 (_( 1997_MC )_) models_VVZ a_AT1 two-class_JJ economy_NN1 with_IW an_AT1 official_JJ and_CC an_AT1 unofficial_JJ labor_NN1 market_NN1 ._. 
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<s>
College_NN1 graduates_NN2 had_VHD especially_RR permissive_JJ views_NN2 ,_, with_IW only_RR 18_MC percent_NNU supporting_VVG this_DD1 view_NN1 (_( Wang_NP1 ,_, Parker_NP1 ,_, and_CC Taylor_NP1 2013_MC )_) ._. 
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The_AT unconditional_JJ relationship_NN1 that_CST dividend_NN1 yields_NN2 predict_VV0 returns_NN2 is_VBZ unaffected_JJ during_II these_DD2 times_NNT2 ._. 
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This_DD1 is_VBZ because_CS under_II this_DD1 scenario_NN1 agents_NN2 disregard_VV0 the_AT possibility_NN1 of_IO moving_VVG to_II the_AT Hawk_NP1 regime_NN1 ._. 
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In_II total_NN1 ,_, we_PPIS2 interviewed_VVD 18_MC informants_NN2 ._. 
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<s>
In_II our_APPGE interview_NN1 data_NN ,_, both_RR conservative_JJ and_CC liberal_JJ misfits_NN2 reported_VVN being_VBG marginalized_VVN ;_; they_PPHS2 offered_VVD similar_JJ accounts_NN2 of_IO inhospitable_JJ organizational_JJ climates_NN2 ,_, discomfort_NN1 ,_, feelings_NN2 of_IO detachment_NN1 ,_, and_CC the_AT like_JJ ._. 
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This_DD1 force_NN1 is_VBZ related_VVN to_II rising_VVG secondary_JJ school_NN1 enrollment_NN1 ,_, but_CCB not_XX declining_JJ child_NN1 mortality_NN1 ,_, rising_VVG adult_JJ female_JJ education_NN1 ,_, or_CC labor_NN1 force_NN1 participation_NN1 ,_, structural_JJ transformation_NN1 ,_, or_CC democratization_NN1 ._. 
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In_II the_AT wider_JJR Yangzi_JJ delta_NN1 region_NN1 ,_, the_AT governments_NN2 of_IO Hangzhou_NP1 and_CC Ningbo_NN1 in_II Zhejiang_NP1 province_NN1 ,_, where_CS Hangzhou_NP1 is_VBZ the_AT provincial_JJ capital_NN1 ,_, also_RR both_RR hold_VV0 deputy-provincial-level_JJ rank_NN1 ._. 
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The_AT ad_JJ21 valorem_JJ22 equivalent_JJ tariff_NN1 is_VBZ 20_MC per_NNU21 cent_NNU22 for_IF article_NN1 X_ZZ1 ,_, 40_MC per_NNU21 cent_NNU22 for_IF article_NN1 Y_ZZ1 ,_, and_CC 30_MC per_NNU21 cent_NNU22 for_IF the_AT industry_NN1 as_II a_AT1 whole_NN1 ._. 
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This_DD1 analysis_NN1 ,_, carried_VVD out_RP for_IF 2010_MC ,_, is_VBZ particularly_RR important_JJ in_II a_AT1 time_NNT1 of_IO crisis_NN1 in_II which_DDQ there_EX is_VBZ a_AT1 need_NN1 to_TO reduce_VVI public_JJ spending_NN1 ,_, particularly_RR in_II certain_JJ departments_NN2 such_II21 as_II22 MoD_NN1 ._. 
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For_REX21 example_REX22 ,_, in_II Spain_NP1 ,_, from_II 2008_MC to_II 2011_MC ,_, military_JJ spending_NN1 reduced_VVD its_APPGE weight_NN1 on_II GDP_NN1 by_II 0.16%_FO ,_, compared_VVN with_IW growth_NN1 in_II education_NN1 (_( 0.39%_FO )_) ,_, health_NN1 (_( 0.41%_FO )_) and_CC R_ZZ1 &D;_NULL (_( 0.04%_FO )_) ._. 
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By_II providing_VVG a_AT1 comprehensive_JJ map_NN1 of_IO what_DDQ the_AT literature_NN1 achieved_VVN in_II31 relation_II32 to_II33 the_AT effects_NN2 of_IO LUMC_NN1 in_II agriculture_NN1 on_II CES_NN2 and_CC related_JJ conflicts_NN2 ,_, we_PPIS2 also_RR understand_VV0 what_DDQ it_PPH1 has_VHZ failed_VVN to_TO address_VVI so_RG far_RR -_- the_AT complex_JJ relationship_NN1 between_II LUMC_NP1 ,_, CES_NN2 and_CC different_JJ stages_NN2 of_IO environmental_JJ conflicts_NN2 ._. 
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They_PPHS2 make_VV0 it_PPH1 possible_JJ to_TO produce_VVI long-run_JJ inequality_NN1 statistics_NN that_CST control_VV0 for_IF socio-demographic_JJ changessuch_NN1 as_II the_AT rise_NN1 in_II the_AT fraction_NN1 of_IO retired_JJ individuals_NN2 and_CC the_AT decline_NN1 in_II household_NN1 sizecontrary_NN1 to_II the_AT currently_RR available_JJ tax-based_JJ series_NN ._. 
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Surprisingly_RR ,_, few_DA2 studies_NN2 exist_VV0 on_II the_AT impacts_NN2 of_IO military_JJ spending_NN1 on_II local_JJ economies_NN2 ._. 
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Nonetheless_RR ,_, while_CS the_AT lowest_JJT productivity_NN1 exporters_NN2 may_VM be_VBI driven_VVN out_II21 of_II22 the_AT market_NN1 due_II21 to_II22 rising_VVG cutoff_NN1 levels_NN2 ,_, the_AT total_JJ number_NN1 of_IO exporting_VVG firms_NN2 may_VM increase_VVI through_II the_AT fresh_JJ export_NN1 entry_NN1 by_II firms_NN2 lured_VVD to_TO export_VVI by_II the_AT improved_JJ trade_NN1 policy_NN1 environment_NN1 ._. 
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All_DB these_DD2 articles_NN2 and_CC many_DA2 others_NN2 (_( for_IF a_AT1 survey_NN1 ,_, see_VV0 Abedifar_NP1 et_RA21 al_RA22 ._. 
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2015_MC )_) agree_VV0 that_CST Islamic_JJ banking_NN1 differs_VVZ from_II conventional_JJ banking_NN1 mainly_RR in_II symbolism_NN1 and_CC terminology_NN1 ._. 
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In_II this_DD1 respect_NN1 ,_, it_PPH1 shares_VVZ some_DD features_NN2 with_IW recent_JJ papers_NN2 such_II21 as_II22 Kurz_NP1 and_CC Senses_NN2 (_( 2015_MC )_) ,_, Boehm_NP1 et_RA21 al_RA22 ._. 
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(_( 2014_MC )_) ,_, and_CC Cravino_NP1 and_CC Levchenko_NP1 (_( 2015_MC )_) ,_, who_PNQS perform_VV0 related_JJ exercises_NN2 ._. 
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Using_VVG exposition_NN1 similar_JJ to_II that_DD1 for_IF deriving_VVG the_AT time_NNT1 series_NN model_NN1 Eq_NN1 ._. 
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(_( 7_MC )_) ,_, we_PPIS2 present_VV0 the_AT panel_NN1 data_NN model_NN1 as_CSA follows_VVZ :_: #E_FO ,_, where_CS #E_FO is_VBZ each_DD1 country_NN1 in_II the_AT panel_NN1 ;_; #E_FO refers_VVZ to_II the_AT period_NN1 ;_; the_AT composite_JJ error_NN1 #E_FO where_RRQ #E_FO is_VBZ the_AT unobservable_JJ country-specific_JJ effects_NN2 ;_; #E_FO is_VBZ the_AT idiosyncratic_JJ error_NN1 term_NN1 and_CC the_AT definitions_NN2 of_IO other_JJ variables_NN2 are_VBR as_CSA above_RL ._. 
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The_AT number_NN1 of_IO marketing_NN1 arrangements_NN2 that_CST break_VV0 up_RP at_II a_AT1 given_JJ period_NN1 of_IO time_NNT1 (_( k_ZZ1 (_( 1_MC1 –_- u_ZZ1 )_) L_ZZ1 )_) equals_VVZ the_AT number_NN1 of_IO new_JJ marketing_NN1 arrangements_NN2 that_CST are_VBR created_VVN (_( hq(u)uL_NN1 )_) ._. 
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In_II Bronzini_NP1 and_CC Iachini_NP1 (_( 2014_MC )_) ,_, for_REX21 example_REX22 ,_, the_AT authors_NN2 use_VV0 data_NN on_II the_AT population_NN1 of_IO applicants_NN2 to_II an_AT1 R_ZZ1 &D;_NULL subsidy_NN1 in_II northern_JJ Italy_NP1 to_TO evaluate_VVI a_AT1 direct_JJ subsidy_NN1 programme_NN1 and_CC find_VVI that_CST only_RR smaller_JJR firms_NN2 responded_VVN to_II the_AT subsidy_NN1 by_II increasing_VVG their_APPGE R_ZZ1 &D;_NULL spending_NN1 ._. 
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It_PPH1 does_VDZ not_XX encompass_VVI the_AT I(0)_FO I(1)_FO or_CC (_( A_ZZ1 ,_, B_ZZ1 ,_, c_ZZ1 ,_, d_ZZ1 )_) models_NN2 ,_, but_CCB exhibits_VVZ only_RR a_AT1 relatively_RR small_JJ size_NN1 distortion_NN1 in_II these_DD2 cases.10_FO Since_CS the_AT models_NN2 in_II the_AT top_JJ panel_NN1 are_VBR special_JJ cases_NN2 of_IO our_APPGE baseline_NN1 (_( A_ZZ1 ,_, B_ZZ1 ,_, c_ZZ1 ,_, d_ZZ1 )_) model_NN1 ,_, the_AT corresponding_JJ entries_NN2 in_II the_AT fifth_MD column_NN1 can_VM not_XX be_VBI larger_JJR than_CSN 0.10_MC by_II construction_NN1 ._. 
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In_II the_AT case_NN1 of_IO the_AT repatriation_NN1 holiday_NN1 ,_, Dharmapala_NP1 ,_, Foley_NP1 ,_, and_CC Forbes_NP1 2011_MC find_VV0 that_CST very_RG few_DA2 firms_NN2 benefited_VVN from_II the_AT holiday_NN1 ,_, and_CC these_DD2 firms_NN2 primarily_RR responded_VVN by_II returning_VVG funds_NN2 to_II shareholders_NN2 ._. 
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This_DD1 gap_NN1 is_VBZ problematic_JJ because_II21 of_II22 linkages_NN2 between_II the_AT minerals_NN2 and_CC mining_VVG sector_NN1 and_CC broader_JJR global_JJ environmental_JJ goals_NN2 ._. 
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Consider_VV0 H_NP1 who_PNQS enters_VVZ this_DD1 market_NN1 with_IW a_AT1 portfolio_NN1 of_IO home_NN1 and_CC foreign_JJ assets_NN2 (_( a_AT1 ,_, a_AT1 *_FU )_) ._. 
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These_DD2 top_JJ executives_NN2 are_VBR well_JJ into_II the_AT top_NN1 0.01_MC percent_NNU of_IO the_AT country_NN1 in_II31 terms_II32 of_II33 annual_JJ earnings_NN2 ._. 
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In_RR21 addition_RR22 ,_, these_DD2 results_NN2 suggest_VV0 that_CST never_RR takers_NN2 could_VM benefit_VVI from_II participating_VVG in_II Job_NN1 Corps_NN ,_, at_RR21 least_RR22 with_II31 respect_II32 to_II33 their_APPGE labor_NN1 market_NN1 outcomes_NN2 ._. 
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When_CS we_PPIS2 look_VV0 at_II the_AT entire_JJ distribution_NN1 over_II all_DB years_NNT2 ,_, we_PPIS2 find_VV0 that_CST in_II 2012_MC dollars_NNU2 ,_, halfof_VV0 claims_NN2 are_VBR less_DAR than_CSN $13,200_NNU and_CC 75_MC percent_NNU are_VBR less_DAR than_CSN $41,000_NNU ._. 
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However_RR ,_, with_IW the_AT elasticity_NN1 of_IO demand_NN1 independent_NN1 of_IO income_NN1 and_CC the_AT same_DA for_IF all_DB consumers_NN2 ,_, a_AT1 firm_NN1 will_VM not_XX change_VVI their_APPGE behavior_NN1 ,_, continuing_VVG to_TO charge_VVI the_AT same_DA price_NN1 per_II unit_NN1 to_II all_DB types_NN2 ._. 
</s>
<s>
The_AT agency_NN1 response_NN1 to_II varying_JJ growth_NN1 in_II the_AT mortgage_NN1 market_NN1 induces_VVZ a_AT1 positive_JJ relationship_NN1 between_II agency_NN1 balance_NN1 sheets_NN2 and_CC overall_JJ mortgage_NN1 lending_NN1 activity_NN1 ._. 
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<s>
To_TO shed_VVI some_DD light_NN1 on_II these_DD2 questions_NN2 ,_, we_PPIS2 perform_VV0 portfolio_NN1 sorts_NN2 on_II stock_NN1 and_CC fund_NN1 characteristics_NN2 ._. 
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<s>
Furthermore_RR ,_, the_AT increasing_JJ stocks_NN2 of_IO debt_NN1 created_VVD debt-serving_JJ problems_NN2 :_: raises_VVZ in_II the_AT borrowing_NN1 costs_NN2 might_VM enforce_VVI more_DAR debt_NN1 in_BCL21 order_BCL22 to_TO cover_VVI its_APPGE debt_NN1 services_NN2 ._. 
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<s>
First_MD ,_, I_PPIS1 compare_VV0 the_AT returns_NN2 to_II social_JJ skills_NN2 across_II occupations_NN2 that_CST vary_VV0 in_II their_APPGE routineness_NN1 ,_, as_CSA measured_VVN by_II data_NN from_II the_AT Occupational_JJ Information_NN1 Network_NN1 (_( O*NET_FO )_) ._. 
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<s>
The_AT results_NN2 are_VBR again_RT better_RRR estimated_VVN when_CS extreme_JJ values_NN2 are_VBR treated_VVN ._. 
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<s>
The_AT share_NN1 u_ZZ1 is_VBZ unaffected_JJ by_II changes_NN2 in_II the_AT elasticity_NN1 of_IO substitution_NN1 r_ZZ1 and_CC specific_JJ trade_NN1 costs_NN2 s_ZZ1 ._. 
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<s>
For_REX21 instance_REX22 ,_, an_AT1 analytical_JJ thinker_NN1 who_PNQS imagines_VVZ customers_NN2 smilingmay_VV0 considerthe_NN1 broadermeaning_VVG ofthistype_NN1 of_IO scenario_NN1 and_CC craft_VV0 a_AT1 vision_NN1 in_II which_DDQ "_" customers_NN2 are_VBR always_RR satisfied_JJ ._. "_" 
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<s>
First_MD ,_, if_CS drops_NN2 in_II consumption_NN1 lead_NN1 to_II changes_NN2 in_II risk_NN1 premia_NN1 ,_, one_PN1 has_VHZ to_TO explain_VVI why_RRQ there_EX is_VBZ no_AT substantial_JJ increase_NN1 in_II risk_NN1 premia_NN1 during_II recessions_NN2 despite_II the_AT relatively_RR large_JJ drop_NN1 in_II consumption_NN1 ,_, and_CC why_RRQ there_EX is_VBZ no_AT substantial_JJ increase_NN1 in_II risk_NN1 premia_NN1 during_II wars_NN2 when_RRQ consumption_NN1 drops_NN2 can_VM reach_VVI 30%_NNU ._. 
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<s>
This_DD1 theory_NN1 can_VM be_VBI summarized_VVN more_RGR qualitatively_RR :_: when_RRQ large_JJ institutions_NN2 sell_VV0 under_II time_NNT1 pressure_NN1 ,_, they_PPHS2 make_VV0 the_AT market_NN1 fall_NN1 and_CC even_RR crash_VV0 ._. 
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<s>
An_AT1 e-mailed_JJ activation_NN1 link_NN1 ensured_VVD that_CST we_PPIS2 had_VHD an_AT1 active_JJ e-mail_NN1 account_NN1 to_II which_DDQ we_PPIS2 could_VM send_VVI the_AT returns-checking_JJ links_NN2 ._. 
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<s>
First_MD ,_, we_PPIS2 show_VV0 how_RRQ to_TO construct_VVI a_AT1 data-dependent_JJ CV_NN1 in_II the_AT current_JJ IV_MC model_NN1 by_II using_VVG Bonferroni_JJ bounds_NN2 and_CC the_AT semi-estimated_JJ drifting_JJ sequence_NN1 :_: #E_FO ,_, where_RRQ and_CC are_VBR defined_VVN in_II (_( 3.1_MC )_) ,_, and_CC are_VBR the_AT least_RRT squares_VVZ estimators_NN2 of_IO and_CC ._. 
</s>
<s>
A_AT1 competitive_JJ equilibrium_NN1 in_II this_DD1 economy_NN1 is_VBZ a_AT1 set_NN1 of_IO decision_NN1 rules_NN2 #E_FO ,_, aggregate_JJ allocations_NN2 &formula;_FO ,_, prices_NN2 &formula;_FO ,_, and_CC thresholds_NN2 &formula;_FO such_CS21 that_CS22 ,_, given_JJ transfers_NN2 &formula;_FO ,_, entry_NN1 taxes_NN2 pt_NNU ,_, salvage_VV0 value_NN1 s_ZZ1 ,_, and_CC stochastic_JJ technology_NN1 processes_NN2 &formula;_FO and_CC zt_NNU ,_, at_II each_DD1 period_NN1 t_ZZ1 :_: #E_FO ._. 
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<s>
In_RR21 addition_RR22 ,_, because_CS the_AT persistence_NN1 of_IO inattention_NN1 ,_, measured_VVN with_IW backcast_NN1 errors_NN2 of_IO different_JJ variables_NN2 ,_, can_VM be_VBI mapped_VVN into_II underlying_JJ levels_NN2 of_IO information_NN1 rigidity_NN1 ,_, our_APPGE results_NN2 speak_VV0 to_II the_AT economic_JJ significance_NN1 of_IO these_DD2 frictions_NN2 ._. 
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<s>
The_AT "_" Model_NN1 "_" section_NN1 introduces_VVZ the_AT full_JJ retirement_NN1 age_NN1 policies_NN2 and_CC the_AT methods_NN2 to_TO forecast_VVI future_JJ survival_NN1 probabilities_NN2 ._. 
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<s>
Because_II21 of_II22 these_DD2 opposite_JJ signs_NN2 in_II the_AT association_NN1 between_II aggregate_JJ consumption_NN1 and_CC appreciations_NN2 ,_, the_AT full_JJ model_NN1 with_IW incomplete_JJ markets_NN2 ,_, real_JJ ,_, and_CC monetary_JJ shocks_NN2 can_VM produce_VVI any_DD correlation_NN1 between_II aggregate_JJ consumption_NN1 and_CC appreciations_NN2 ._. 
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<s>
The_AT purpose_NN1 of_IO this_DD1 section_NN1 is_VBZ to_TO assess_VVI the_AT main_JJ source_NN1 of_IO the_AT increase_NN1 in_II global_JJ synchronization_NN1 from_II the_AT country_NN1 perspective_NN1 ._. 
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<s>
It_PPH1 then_RT positively_RR reacts_VVZ to_II an_AT1 increase_NN1 in_II the_AT other_JJ region_NN1 '_NULL s_ZZ1 domestic_JJ tax_NN1 rate_NN1 ,_, with_IW a_AT1 slope_NN1 less_DAR than_CSN one_MC1 ._. 
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<s>
Therefore_RR the_AT invasions_NN2 can_VM not_XX provide_VVI the_AT explanation_NN1 we_PPIS2 are_VBR seeking_VVG ._. 
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<s>
This_DD1 yields_VVZ the_AT result_NN1 that_CST ,_, with_IW Stone-Geary_JJ demands_NN2 ,_, all_DB firms_NN2 pass_VV0 through_RP exactly_RR 50_MC percent_NNU of_IO cost_NN1 increases_VVZ to_II consumers_NN2 ._. 
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<s>
Any_DD efficacy_NN1 trial_NN1 requires_VVZ many_DA2 volunteers_NN2 ,_, but_CCB if_CS the_AT vaccine_NN1 is_VBZ of_IO a_AT1 low_JJ efficacy_NN1 ,_, then_RT only_RR very_RG large_JJ studies_NN2 will_VM carry_VVI sufficient_JJ statistical_JJ power_NN1 to_TO be_VBI sensitive_JJ enough_RR to_TO detect_VVI efficacy_NN1 of_IO such_DA vaccines_NN2 ._. 
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<s>
These_DD2 limitations_NN2 are_VBR determined_VVN by_II the_AT scientists_NN2 who_PNQS created_VVD the_AT ESDB_NN1 ._. 
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<s>
Indeed_RR ,_, the_AT most_RGT convincing_JJ case_NN1 for_IF models_NN2 of_IO learning_NN1 can_VM be_VBI made_VVN by_II explaining_VVG facts_NN2 that_CST appear_VV0 puzzling_VVG from_II the_AT RE_NP1 viewpoint_NN1 ,_, as_CSA we_PPIS2 attempt_VV0 to_TO do_VDI in_II this_DD1 paper_NN1 ._. 
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<s>
The_AT innovations_NN2 are_VBR assumed_VVN to_TO be_VBI independent_JJ of_IO the_AT TFP_NP1 innovations_NN2 and_CC drawn_VVN from_II a_AT1 uniform_JJ distribution_NN1 :_: ft_NNU ?_FO U&lsqb;1_FO ,_, 1_MC1 &rsqb;_) ._. 
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<s>
A_AT1 more_RGR nuanced_JJ explanation_NN1 ,_, however_RR ,_, is_VBZ that_CST perhaps_RR nonlinear_JJ returns_NN2 to_TO peer_VVI quality_NN1 could_VM explain_VVI the_AT observed_JJ pattern_NN1 of_IO findings_NN2 ._. 
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<s>
Finally_RR ,_, the_AT fifth_MD section_NN1 investigates_VVZ the_AT level_NN1 of_IO risk_NN1 involved_JJ in_II FX_NN1 transactions_NN2 and_CC whether_CSW it_PPH1 was_VBDZ sufficient_JJ to_TO absolve_VVI them_PPHO2 from_II the_AT charge_NN1 of_IO usury_NN1 ._. 
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<s>
By_II looking_VVG at_II precise_JJ trades_NN2 rather_CS21 than_CS22 net_VVI changes_NN2 in_II quarterly_JJ portfolio_NN1 holdings_NN2 ,_, we_PPIS2 are_VBR able_JK to_TO reveal_VVI the_AT true_JJ shortterm_NN1 trading_NN1 activity_NN1 of_IO institutions_NN2 ,_, which_DDQ can_VM be_VBI masked_VVN by_II using_VVG "_" churn_NN1 rates_NN2 ._. "_" 
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<s>
In_II this_DD1 sense_NN1 ,_, we_PPIS2 are_VBR performing_VVG a_AT1 model_NN1 evaluation_NN1 and_CC selection_NN1 exercise_VV0 similar_JJ to_II the_AT encompassing_VVG test_NN1 principle_NN1 of_IO Mizon_NP1 and_CC Richard_NP1 (_( 1986_MC )_) ,_, rather_CS21 than_CS22 just_RR testing_VVG for_IF structural_JJ changes_NN2 in_II the_AT parameters_NN2 ._. 
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<s>
Details_NN2 on_II these_DD2 relationships_NN2 are_VBR presented_VVN in_II Fig._NN1 16A–D_NN1 ._. 
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<s>
China_NP1 '_NULL s_ZZ1 aggregate_JJ GDP_NN1 world_NN1 ranking_NN1 has_VHZ jumped_VVN from_II 15th_MD in_II 1978_MC to_II second_NNT1 in_II 2013_MC ,_, and_CC the_AT number_NN1 of_IO Chinese_JJ firms_NN2 on_II Fortune_NN1 '_NULL s_ZZ1 500_MC ,_, a_AT1 list_NN1 of_IO the_AT 500_MC largest_JJT companies_NN2 in_II the_AT world_NN1 ,_, has_VHZ increased_VVN from_II three_MC in_II 1995_MC to_II 95_MC in_II 2013.47_MC As_II a_AT1 consequence_NN1 ,_, big_JJ firms_NN2 are_VBR no_RR21 longer_RR22 satisfied_VVN with_IW only_RR accessing_VVG local_JJ markets_NN2 ;_; they_PPHS2 want_VV0 to_TO gain_VVI access_NN1 to_II the_AT national_JJ market_NN1 ._. 
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<s>
For_IF the_AT Slovenian_JJ manufacturing_NN1 sector_NN1 ,_, for_REX21 example_REX22 ,_, the_AT findings_NN2 in_II Melitz_NP1 and_CC Polanec_NP1 (_( 2015_MC )_) suggest_VV0 that_DD1 productivity_NN1 growth_NN1 within_II continuing_JJ firms_NN2 was_VBDZ the_AT predominant_JJ source_NN1 of_IO aggregate_JJ TFP_NP1 growth_NN1 during_II the_AT country_NN1 '_NULL s_ZZ1 transition_NN1 period_NN1 from_II 1995_MC to_II 2000_MC ._. 
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<s>
The_AT differences_NN2 may_VM reflect_VVI unobserved_JJ population_NN1 characteristics_NN2 or_CC the_AT effects_NN2 of_IO peers_NN2 or_CC school_NN1 leadership_NN1 ._. 
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<s>
Considering_CS21 that_CS22 the_AT cost_NN1 of_IO claims_NN2 includes_VVZ a_AT1 significant_JJ fraction_NN1 of_IO zeros_NN2 ,_, we_PPIS2 employ_VV0 a_AT1 Tobit_NN1 regression_NN1 model_NN1 to_TO investigate_VVI the_AT dynamics_NN in_II claim_NN1 cost_NN1 ._. 
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<s>
The_AT first_MD question_NN1 asked_VVD of_IO respondents_NN2 in_II the_AT before-tax_JJ account_NN1 condition_NN1 was_VBDZ ,_, "_" What_DDQ percent_NNU of_IO Jack_NP1 '_NULL s_ZZ1 $100,000_NNU income_NN1 should_VM he_PPHS1 contribute_VVI as_II a_AT1 before-tax_JJ contribution_NN1 to_II his_PPGE 401(k)_FO plan_NN1 over_II the_AT next_MD 12_MC months_NNT2 ?_? 
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<s>
Because_CS M-FDI_NP1 establishes_VVZ two_MC plants_NN2 in_II each_DD1 of_IO countries_NN2 A_ZZ1 and_CC B_ZZ1 ,_, the_AT fixed_JJ cost_NN1 for_IF M-FDI_NP1 is_VBZ 2F_RA ._. 
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<s>
Given_VVN the_AT rival_NN1 '_NULL s_ZZ1 supply_VV0 mode_NN1 ,_, s_ZZ1 2_MC k_ZZ1 2_MC fE_NN1 ;_; IMg_NP1 ,_, firm_JJ k_ZZ1 undertakes_VVZ M-FDI_NP1 if_CS XNM_NP1 k_ZZ1 s_ZZ1 2_MC k>2F_FO holds_VVZ and_CC chooses_VVZ exporting_VVG otherwise_RR ._. 
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<s>
For_IF each_DD1 observation_NN1 ,_, we_PPIS2 implement_VV0 a_AT1 simple_JJ summary_NN1 metric_JJ ,_, referred_VVN to_II as_CSA R_ZZ1 SCORE_VV0 ,_, that_DD1 is_VBZ highest_JJT (_( lowest_JJT )_) for_IF firms_NN2 whose_DDQGE scheduled_JJ announcement_NN1 date_NN1 is_VBZ more_DAR than_CSN a_AT1 week_NNT1 earlier_RRR (_( later_RRR )_) than_CSN the_AT firm_NN1 '_NULL s_ZZ1 unconfirmed_JJ announcement_NN1 date_NN1 ._. 
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<s>
Much_RR more_RGR invasive_JJ than_CSN having_VHG only_RR weak_JJ rights_NN2 of_IO legal_JJ landownership_NN1 was_VBDZ the_AT fact_NN1 that_CST the_AT coercion_NN1 of_IO labor_NN1 services_NN2 remained_VVD effective_JJ ._. 
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<s>
Weber_NP1 and_CC Welfens_NP1 (_( 2011_MC )_) were_VBDR the_AT first_MD to_TO demonstrate_VVI a_AT1 repurchase_NN1 effect_NN1 in_II a_AT1 laboratory_NN1 setting_NN1 ._. 
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<s>
While_CS BBS_NP1 include_VV0 measures_NN2 of_IO country-level_JJ differences_NN2 in_II financial_JJ markets_NN2 in_II their_APPGE analysis_NN1 ,_, they_PPHS2 find_VV0 mixed_JJ evidence_NN1 across_II these_DD2 measures_NN2 and_CC it_PPH1 is_VBZ difficult_JJ to_TO isolate_VVI the_AT role_NN1 of_IO financing_VVG frictions_NN2 from_II that_DD1 of_IO other_JJ cross_NN1 country_NN1 characteristics_NN2 potentially_RR correlated_VVN with_IW such_DA measures_NN2 in_II cross-country_JJ comparisons.10_FO The_AT results_NN2 in_II this_DD1 paper_NN1 also_RR complement_VV0 the_AT analysis_NN1 in_II BBS_NP1 by_II providing_VVG evidence_NN1 on_II a_AT1 mechanism_NN1 through_II which_DDQ financing_NN1 constraints_NN2 affect_VV0 firm_JJ equity_NN1 volatility_NN1 and_CC by_II showing_VVG that_CST this_DD1 effect_NN1 concentrates_VVZ among_II R_ZZ1 &D-intensive;_NULL firms_NN2 ._. 
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<s>
Nonetheless_RR ,_, since_CS cost-share_JJ funding_NN1 for_IF different_JJ practices_NN2 is_VBZ not_XX mutually_RR exclusive_JJ ,_, we_PPIS2 control_VV0 separately_RR for_IF self-selection_NN1 into_II conservation_JJ tillage_NN1 cost_NN1 sharing_VVG in_II the_AT econometric_JJ model_NN1 ._. 
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<s>
However_RR ,_, when_CS these_DD2 explanations_NN2 are_VBR put_VVN together_RL in_II column_NN1 6_MC ,_, the_AT coefficient_NN1 on_II manufacturing_NN1 is_VBZ close_JJ to_II zero_MC (_( and_CC not_XX statistically_RR significant_JJ )_) ,_, while_CS there_EX is_VBZ little_DA1 change_NN1 in_II the_AT agricultural_JJ variables_NN2 ._. 
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<s>
We_PPIS2 can_VM also_RR use_VVI this_DD1 model_NN1 to_TO calculate_VVI lost_JJ profits_NN2 due_JJ to_TO price_VVI stickiness_NN1 :_: we_PPIS2 compute_VV0 the_AT median_JJ profit_NN1 k_ZZ1 for_IF each_DD1 firm_JJ type_NN1 k_ZZ1 and_CC then_RT use_VV0 (_( k_ZZ1 -_- 5_MC )_) /5_MF to_TO assess_VVI how_RRQ an_AT1 increase_NN1 in_II the_AT duration_NN1 of_IO price_NN1 spells_VVZ from_II (_( 1/5_MF )_) (_( the_AT sector_NN1 with_IW practically_RR flexible_JJ prices_NN2 )_) to_II (_( 1/k_FU )_) influences_VVZ profits_NN2 ._. 
</s>
<s>
Moreover_RR ,_, the_AT extent_NN1 to_II which_DDQ these_DD2 wages_NN2 mirror_VV0 incomes_NN2 in_II other_JJ occupations_NN2 within_II each_DD1 sector_NN1 is_VBZ an_AT1 open_JJ question_NN1 ._. 
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<s>
Next_MD ,_, we_PPIS2 focus_VV0 on_II the_AT theory-inconsistent_JJ evidence_NN1 that_CST an_AT1 unexpected_JJ monetary_JJ policy_NN1 tightening_NN1 increases_VVZ stock_NN1 prices_NN2 during_II the_AT boom_NN1 period_NN1 beginning_VVG in_II January_NPM1 2002_MC ._. 
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Its_APPGE limitations_NN2 withstanding_VVG ,_, our_APPGE study_NN1 contributes_VVZ to_II a_AT1 variety_NN1 of_IO research_NN1 domains_NN2 ._. 
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<s>
Finally_RR ,_, criterion_NN1 validity_NN1 ,_, also_RR known_VVN as_II concrete_JJ validity_NN1 ,_, is_VBZ the_AT extent_NN1 to_II which_DDQ a_AT1 measure_NN1 is_VBZ related_VVN to_II an_AT1 outcome_NN1 or_CC an_AT1 existing_JJ ,_, pre-validated_JJ measure_NN1 ._. 
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<s>
The_AT third_MD and_CC fourth_MD columns_NN2 of_IO Table_NN1 5_MC show_VV0 the_AT results_NN2 using_VVG transparencyrelated_JJ dummy_JJ variables_NN2 ,_, DPolicy_NP1 ,_, and_CC contrasting_JJ patterns_NN2 of_IO the_AT stock_NN1 market_NN1 response_NN1 ._. 
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<s>
Two_MC main_JJ themes_NN2 emerged_VVD for_IF how_RGQ receiving_JJ advice_NN1 benefits_NN2 receivers_NN2 '_NULL creativity_NN1 (_( "_" How_RRQ does_VDZ the_AT advice_NN1 from_II other_JJ colleagues_NN2 influence_VV0 your_APPGE creativity_NN1 at_II work_NN1 "_" )_) ._. 
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<s>
Hence_RR ,_, the_AT total_JJ fixed_JJ cost_NN1 to_TO successfully_RR export_VVI is_VBZ given_VVN by_II pI(M)+1/Pr(M)_NN1 ,_, where_CS the_AT arrival_NN1 rate_NN1 can_VM be_VBI rewritten_VVN as_CSA Pr(M)=m_NP1 (_( 1_MC1 ,_, I(M)/M_NN1 )_) due_II21 to_II22 the_AT CRS_NP1 property_NN1 ._. 
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<s>
Furthermore_RR ,_, additional_JJ econometric_JJ analyses_NN2 show_VV0 that_CST these_DD2 perceptions_NN2 are_VBR strongly_RR correlated_VVN with_IW the_AT acceptance_NN1 of_IO the_AT energy_NN1 transition_NN1 ,_, i.e._REX citizens_NN2 who_PNQS perceive_VV0 the_AT cost_NN1 distribution_NN1 as_CSA fair_JJ clearly_RR more_RGR often_RR support_VV0 the_AT energy_NN1 transition.14_FO These_DD2 results_NN2 underline_VV0 the_AT necessity_NN1 to_TO analyze_VVI the_AT understanding_NN1 and_CC preferences_NN2 of_IO different_JJ burden_NN1 sharing_VVG rules_NN2 for_IF the_AT costs_NN2 of_IO the_AT German_JJ energy_NN1 transition_NN1 in_II the_AT population_NN1 ._. 
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<s>
This_DD1 overlap_NN1 may_VM be_VBI indicative_JJ of_IO the_AT trap_NN1 concept_NN1 as_CSA used_VVN in_II development_NN1 economics_NN1 being_VBG adopted_VVN in_II other_JJ disciplines_NN2 ,_, as_II31 well_II32 as_II33 trap_NN1 concepts_NN2 having_VHG shared_VVN roots_NN2 in_II dynamical_JJ systems_NN2 theory_NN1 (_( e.g._REX ,_, Barrett_NP1 &;_NULL Constas_NP2 ,_, 2014_MC ;_; Holling_NP1 ,_, 1973_MC )_) ._. 
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<s>
The_AT calibrations_NN2 of_IO the_AT exponential-utility_NN1 and_CC power-utility_JJ models_NN2 can_VM be_VBI found_VVN in_II Table_NN1 I._NP1 An_AT1 insight_NN1 of_IO Proposition_NN1 7_MC is_VBZ that_CST covariances_NN2 and_CC variances_NN2 are_VBR not_XX very_RG sensitive_JJ to_II the_AT policies_NN2 under_II which_DDQ they_PPHS2 are_VBR evaluated_VVN ._. 
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<s>
Where_RRQ Muslims_NN2 form_VV0 a_AT1 minority_NN1 ,_, identity-conscious_JJ Muslim_JJ elites_NN2 enjoy_VV0 relatively_RR less_DAR power_NN1 over_II their_APPGE brethren_NN2 ._. 
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<s>
The_AT underlying_JJ shocks_NN2 in_II any_DD episode_NN1 are_VBR difficult_JJ to_TO observe_VVI and_CC consumption_NN1 is_VBZ the_AT endogenous_JJ outcome_NN1 of_IO these_DD2 shocks_NN2 along_II21 with_II22 potential_JJ amplification_NN1 from_II the_AT financial_JJ sector_NN1 ._. 
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<s>
The_AT starting_NN1 value_NN1 adjustment_NN1 for_IF the_AT certainty_NN1 equivalent_NN1 is_VBZ 0.7_MC percentage_NN1 points_NN2 at_II the_AT mean.30_FO Standard_JJ errors_NN2 (_( based_VVN on_II 10,000_MC bootstrap_NN1 replications_NN2 )_) indicate_VV0 that_CST the_AT adjustment_NN1 is_VBZ statistically_RR significant_JJ ._. 
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<s>
According_II21 to_II22 the_AT theoretical_JJ expectations_NN2 and_CC to_II our_APPGE first_MD hypothesis_NN1 ,_, in_II all_DB these_DD2 estimations_NN2 we_PPIS2 obtain_VV0 a_AT1 negative_JJ and_CC significant_JJ coefficient_NN1 for_IF the_AT GFC_NP1 dummy_JJ variable_NN1 indicating_VVG that_CST the_AT growth_NN1 rate_NN1 of_IO bank_NN1 net_NN1 loans_NN2 is_VBZ lower_JJR during_II the_AT post-crisis_JJ period_NN1 than_CSN during_II the_AT pre-crisis_JJ years_NNT2 ._. 
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<s>
Various_JJ studies_NN2 explored_VVD the_AT extent_NN1 to_II which_DDQ foreign_JJ economic_JJ pressures_NN2 adversely_RR affect_VV0 macroeconomic_JJ performance_NN1 of_IO target_NN1 economies_NN2 ._. 
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<s>
Consequently_RR ,_, our_APPGE data_NN consists_VVZ of_IO a_AT1 matrix_NN1 that_CST shows_VVZ the_AT origin_NN1 of_IO 118_MC crops_NN2 and_CC six_MC livestock_NN products_NN2 supplied_VVN to_II the_AT UK_NP1 from_II 199_MC countries_NN2 of_IO origin_NN1 ._. 
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<s>
The_AT target_NN1 is_VBZ production-weighted_JJ harmonic_JJ mean_JJ fuel_NN1 economy_NN1 ,_, expressed_VVN in_II miles_NNU2 per_II gallon_NNU1 ,_, of_IO an_AT1 automaker_NN1 '_NULL s_ZZ1 fleet_NN1 of_IO current_JJ model_NN1 year_NNT1 passenger_NN1 cars_NN2 or_CC light_JJ trucks_NN2 produced_VVN for_IF sale_NN1 in_II the_AT United_NP1 States_NP1 ._. 
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<s>
If_CS this_DD1 process_NN1 also_RR satisfies_VVZ Restrictions_NN2 1–4_MCMC stated_VVN in_II Proposition_NN1 1_MC1 ,_, then_RT there_EX exists_VVZ a_AT1 belief_NN1 system_NN1 of_IO the_AT forms_NN2 2_MC ,_, 3_MC ,_, and_CC 25_MC whose_DDQGE autocovariance_NN1 function_NN1 is_VBZ identical_JJ to_II that_DD1 of_IO x_ZZ1 t_ZZ1 xt_NNU ._. 
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<s>
The_AT link_NN1 between_II information_NN1 disclosure_NN1 and_CC the_AT cost_NN1 of_IO equity_NN1 capital_NN1 is_VBZ of_IO fundamental_JJ interest_NN1 to_II academics_NN2 and_CC regulators_NN2 alike_RR ._. 
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<s>
This_DD1 is_VBZ systematic_JJ evidence_NN1 that_CST confirms_VVZ evidence_NN1 provided_VVN by_II Lafontaine_NP1 and_CC Morton_NP1 (_( 2010_MC )_) ,_, who_PNQS display_VV0 a_AT1 map_NN1 of_IO Toyota_NP1 and_CC GM_NP1 dealerships_NN2 in_II Pittsburgh_NP1 ,_, an_AT1 "_" old_JJ ,_, "_" low_JJ growth_NN1 city_NN1 ._. 
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<s>
Assumption_NN1 3.2_MC specifies_VVZ that_CST is_VBZ a_AT1 bounded_JJ ball_NN1 in_RP with_IW -radius_NN1 ._. 
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<s>
Therefore_RR ,_, proposing_VVG a_AT1 single_JJ typology_NN1 of_IO conflicts_NN2 is_VBZ challenging_VVG ._. 
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<s>
Consequently_RR ,_, the_AT value_NN1 functions_NN2 V()_ZZ1 and_CC U_ZZ1 satisfy_VV0 equations(A.5)_FO for_IF ≥_FO ,_, and(A.6)_FO if_CS <_FO ._. 
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<s>
Across_II all_DB specifications_NN2 ,_, our_APPGE second_MD stage_NN1 results_NN2 reveal_VV0 that_CST an_AT1 increase_NN1 in_II the_AT instrumented_JJ central_JJ bank_NN1 transparency_NN1 measure_NN1 reduces_VVZ bilateral_JJ exchange_NN1 rate_NN1 volatility_NN1 significantly_RR ._. 
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<s>
Informational_JJ diversity_NN1 was_VBDZ manipulated_VVN through_II functional_JJ role_NN1 instructions_NN2 paired_VVN with_IW partially_RR unshared_JJ information_NN1 ,_, in_II31 line_II32 with_II33 its_APPGE definition_NN1 as_II the_AT extent_NN1 to_II which_DDQ members_NN2 of_IO a_AT1 team_NN1 differ_VV0 in_II their_APPGE task-relevant_JJ knowledge_NN1 and_CC perspectives_NN2 ._. 
</s>
<s>
As_II a_AT1 consequence_NN1 ,_, the_AT economy_NN1 reacts_VVZ optimally_RR by_II reducing_VVG military_JJ spending_NN1 as_CSA national_JJ security_NN1 increases_NN2 ,_, moving_VVG resources_NN2 to_II other_JJ types_NN2 of_IO spending_NN1 ._. 
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<s>
According_II21 to_II22 this_DD1 formula_NN1 ,_, a_AT1 larger_JJR index_NN1 number_NN1 indicates_VVZ larger_JJR government_NN1 indebtedness_NN1 ._. 
</s>
<s>
But_CCB exempting_VVG farmers_NN2 from_II registering_VVG for_IF and_CC paying_VVG VAT_NN1 meant_VVD that_CST the_AT VAT_NN1 paid_VVN on_II farm_NN1 inputs_NN2 either_RR entered_VVN into_II the_AT price_NN1 charged_VVN to_II taxable_JJ agro-processing_JJ firms_NN2 or_CC reduced_VVD the_AT trading_NN1 margins_NN2 of_IO the_AT farmers_NN2 themselvesdepending_VVG on_II elasticities_NN2 of_IO supply_NN1 and_CC demand_NN1 ._. 
</s>
<s>
We_PPIS2 find_VV0 state_NN1 dependence_NN1 in_II both_RR occurrence_NN1 and_CC cost_NN1 of_IO claims_NN2 with_IW the_AT following_JJ differences_NN2 :_: the_AT state_NN1 dependence_NN1 in_II claim_NN1 occurrence_NN1 is_VBZ a_AT1 pure_JJ spurious_JJ relationship_NN1 and_CC is_VBZ solely_RR due_II21 to_II22 unobserved_JJ heterogeneity_NN1 ._. 
</s>
<s>
Columns_NN2 1–_VV0 5_MC restrict_VV0 the_AT sample_NN1 to_II quantiles_NN2 of_IO potential_JJ beneficiaries_NN2 relative_II21 to_II22 local_JJ population_NN1 ._. 
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<s>
It_PPH1 can_VM only_RR observe_VVI before-tax_JJ income_NN1 ,_, #E_FO ._. 
</s>
<s>
All_DB of_IO the_AT variables_NN2 are_VBR in_II natural_JJ log_NN1 ,_, with_IW the_AT exception_NN1 of_IO the_AT two_MC control_NN1 variables_NN2 ,_, which_DDQ are_VBR in_II percentages_NN2 ._. 
</s>
<s>
Our_APPGE work_NN1 ,_, therefore_RR ,_, re-emphasizes_VVZ the_AT importance_NN1 of_IO taking_VVG into_II account_NN1 behavioral_NN1 responses_NN2 when_CS evaluating_VVG policy_NN1 changes_NN2 ,_, as_CSA argued_VVN in_II Becker_NP1 and_CC Tomes_NP1 (_( 1976_MC )_) ._. 
</s>
<s>
This_DD1 phenomenon_NN1 is_VBZ probably_RR related_VVN to_II the_AT development_NN1 of_IO experiences_NN2 ,_, methods_NN2 and_CC models_NN2 recently_RR published_VVN to_TO study_VVI and_CC foresee_VVI the_AT role_NN1 of_IO trees_NN2 against_II rockfall_NN1 events_NN2 (_( Howald_NP1 et_RA21 al._RA22 ,_, 2017_MC ;_; Dupire_NP1 et_RA21 al._RA22 ,_, 2016a_FO )_) and_CC ,_, in_II parallel_NN1 ,_, to_II a_AT1 larger_JJR availability_NN1 of_IO remote_JJ sensing_NN1 and_CC other_JJ geospatial_JJ technologies_NN2 that_CST fit_VV0 well_RR the_AT data_NN requirements_NN2 (_( Monnet_NP1 et_RA21 al._RA22 ,_, 2017_MC )_) ._. 
</s>
<s>
The_AT number_NN1 of_IO college-educated_JJ persons_NN2 in_II a_AT1 region_NN1 from_II 1989_MC census_NN1 and_CC the_AT number_NN1 of_IO fresh_JJ university_NN1 graduates_NN2 in_II 1990_MC were_VBDR used_VVN as_II a_AT1 proxy_NN1 for_IF the_AT strength_NN1 of_IO the_AT regional_JJ university_NN1 system_NN1 and_CC regional_JJ human_JJ capital_NN1 ._. 
</s>
<s>
Model_NN1 8_MC thus_RR provides_VVZ additional_JJ confirmation_NN1 of_IO the_AT absence_NN1 of_IO network_NN1 governance_NN1 in_II the_AT information_NN1 exchange_NN1 network_NN1 ._. 
</s>
<s>
By_II contrast_NN1 ,_, if_CS firms_NN2 are_VBR impatient_JJ (_( e.g._REX ,_, r_ZZ1 =_FO 0.2_MC )_) ,_, then_RT the_AT firm_NN1 '_NULL s_ZZ1 market_NN1 share_NN1 drops_VVZ below_RG 10%_NNU after_II just_RR 45_MC years_NNT2 ._. 
</s>
<s>
The_AT results_NN2 of_IO the_AT regressions_NN2 with_IW bonding_VVG social_JJ capital_NN1 are_VBR in_II column_NN1 (_( 1_MC1 )_) ,_, bridging_VVG social_JJ capital_NN1 is_VBZ in_II column_NN1 (_( 2_MC )_) ,_, and_CC both_RR together_RL are_VBR in_II column_NN1 (_( 3_MC )_) ._. 
</s>
<s>
The_AT market_NN1 return_VV0 rm_NNU ,_, t_ZZ1 is_VBZ given_VVN by_II a_AT1 linear_JJ combination_NN1 of_IO institution_NN1 weights_VVZ wi_NN2 ,_, t_ZZ1 and_CC institution_NN1 returns_VVZ ri_NN2 ,_, t_ZZ1 ,_, that_REX21 is_REX22 ,_, rm_NNU ,_, t=Ni=1wi_FO ,_, tri_NN2 ,_, t_ZZ1 ._. 
</s>
<s>
This_DD1 can_VM be_VBI an_AT1 important_JJ point_NN1 for_IF policy_NN1 makers_NN2 because_CS they_PPHS2 are_VBR likely_JJ to_TO use_VVI alternative_JJ sample_NN1 periods_NN2 when_RRQ identifying_JJ the_AT key_JJ term_NN1 premium_NN1 variable_NN1 in_II the_AT context_NN1 of_IO parametric_JJ models_NN2 ._. 
</s>
<s>
Assumption_NN1 (_( A1_FO )_) pins_NN2 down_II investors_NN2 '_NULL o-path_JJ beliefs_NN2 ,_, and_CC guarantees_VVZ the_AT existence_NN1 of_IO a_AT1 unique_JJ equilibrium_NN1 in_II the_AT investment_NN1 game_NN1 analyzed_VVD in_II Section_NN1 3.1_MC following_JJ deviations_NN2 of_IO the_AT CRA_NN1 ._. 
</s>
<s>
To_TO motivate_VVI our_APPGE empirical_JJ work_NN1 ,_, we_PPIS2 first_MD sketch_VV0 out_RP a_AT1 simple_JJ partial_JJ equilibrium_NN1 model_NN1 of_IO firm_JJ organizational_JJ choice_NN1 following_II Helpman_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2004_MC )_) ._. 
</s>
<s>
It_PPH1 is_VBZ also_RR possible_JJ that_CST use_NN1 of_IO high-quality_JJ energy_NN1 forms_VVZ such_II21 as_II22 electricity_NN1 is_VBZ more_RGR beneficial_JJ than_CSN use_NN1 of_IO lower-quality_JJ energy_NN1 forms_NN2 ._. 
</s>
<s>
Some_DD evidence_NN1 has_VHZ been_VBN found_VVN in_II31 support_II32 of_II33 this_DD1 expectation_NN1 ._. 
</s>
<s>
We_PPIS2 also_RR predict_VV0 such_DA a_AT1 culture_NN1 to_TO heighten_VVI employees_NN2 '_NULL sensitivity_NN1 to_II rejection_NN1 (_( Cutrona_NP1 ,_, 1982_MC )_) ,_, self-consciousness_NN1 (_( Jones_NP1 ,_, 1982_MC )_) ,_, expectations_NN2 that_CST others_NN2 will_VM evaluate_VVI them_PPHO2 negatively_RR (_( Jones_NP1 &;_NULL Hebb_NP1 ,_, 2003_MC )_) ,_, and_CC a_AT1 view_NN1 of_IO others_NN2 as_RG less_RGR trustworthy_JJ (_( Rotenberg_NP1 ,_, 1994_MC )_) ._. 
</s>
<s>
Several_DA2 features_NN2 discussed_VVN above_RL are_VBR evident_JJ :_: First_MD ,_, composition_NN1 is_VBZ more_RGR important_JJ than_CSN scale_NN1 in_II all_DB scenarios_NN2 ._. 
</s>
<s>
In_II other_JJ words_NN2 ,_, the_AT credito_NN1 was_VBDZ not_XX to_TO be_VBI desired_VVN in_II itself_PPX1 ,_, but_CCB only_RR to_TO facilitate_VVI exchange_NN1 ._. 
</s>
<s>
Once_CS the_AT economic_JJ transition_NN1 is_VBZ complete_JJ ,_, the_AT economy_NN1 enters_VVZ a_AT1 balanced_JJ growth_NN1 path_NN1 (_( BGP_NP1 )_) that_DD1 is_VBZ assumed_VVN to_TO resemble_VVI the_AT current_JJ state_NN1 of_IO a_AT1 reference_NN1 city_NN1 such_II21 as_II22 Hong_NP1 Kong_NP1 or_CC Washington_NP1 ,_, D.C._NP1 This_DD1 means_VVZ that_CST ,_, while_CS day_NNT1 t_ZZ1 will_VM always_RR be_VBI a_AT1 trading_NN1 day_NNT1 (_( by_II construction_NN1 )_) ,_, day_NNT1 t_ZZ1 +_FO k_ZZ1 ,_, for_IF some_DD integer_NN1 k_ZZ1 ,_, may_VM not_XX be_VBI ._. 
</s>
<s>
Then_RT ,_, within_II each_DD1 sample_NN1 constructed_VVN in_II the_AT first_MD step_NN1 ,_, we_PPIS2 resample_VV0 the_AT clusters_NN2 of_IO players_NN2 with_IW replacement_NN1 1,000_MC times_NNT2 and_CC include_VV0 all_DB observations_NN2 of_IO players_NN2 that_CST are_VBR randomly_RR selected_VVN ._. 
</s>
<s>
For_IF each_DD1 outcome_NN1 we_PPIS2 consider_VV0 ,_, we_PPIS2 estimate_VV0 the_AT propensity_NN1 score_NN1 as_II a_AT1 function_NN1 of_IO lagged_JJ 1980_MC and_CC 1990_MC measures_NN2 of_IO the_AT empirical_JJ distributions_NN2 ._. 
</s>
<s>
Unfortunately_RR ,_, these_DD2 prior_JJ results_NN2 do_VD0 not_XX apply_VVI to_II the_AT TL_NP1 estimator_NN1 ._. 
</s>
<s>
Another_DD1 potentially_RR testable_JJ implication_NN1 of_IO our_APPGE theory_NN1 is_VBZ that_CST all_DB else_RR equal_JJ ,_, the_AT relation_NN1 between_II the_AT cost_NN1 of_IO capital_NN1 and_CC public_JJ information_NN1 is_VBZ more_RGR likely_JJ to_TO be_VBI negative_JJ for_IF firms_NN2 with_IW more_RGR persistent_JJ cash_NN1 flows_NN2 ._. 
</s>
<s>
First_MD ,_, we_PPIS2 adjusted_VVD the_AT total_JJ citations_NN2 for_IF each_DD1 patent_NN1 ,_, based_VVN on_II its_APPGE grant_NN1 year_NNT1 ,_, using_VVG the_AT truncation_NN1 factor_NN1 from_II the_AT NBER_NN1 database_NN1 (_( Hall_NP1 et_RA21 al._RA22 ,_, 2001_MC )_) ._. 
</s>
<s>
Table_NN1 1_MC1 summarizes_VVZ basic_JJ information_NN1 of_IO the_AT four_MC protests_NN2 ,_, which_DDQ constitute_VV0 our_APPGE cases_NN2 ._. 
</s>
<s>
However_RR ,_, the_AT Soviet_JJ "_" interest_NN1 "_" that_CST was_VBDZ administratively_RR and_CC more_RGR or_CC less_RGR arbitrarily_RR set_VVN uniformly_RR to_II borrowers_NN2 differed_VVN from_II interest_NN1 in_II market_NN1 economies_NN2 ._. 
</s>
<s>
While_CS the_AT prediction_NN1 for_IF occupational_JJ sorting_NN1 on_II social_JJ skills_NN2 is_VBZ clear_JJ ,_, the_AT impact_NN1 of_IO sorting_VVG on_II wages_NN2 is_VBZ less_RGR clear_JJ ,_, for_IF two_MC reasons_NN2 ._. 
</s>
<s>
They_PPHS2 also_RR challenge_VV0 the_AT common_JJ assumption_NN1 that_CST central_JJ SOEs_NP2 are_VBR passive_JJ receivers_NN2 of_IO "_" orders_NN2 "_" from_II the_AT Party-state_NN1 ._. 
</s>
<s>
Intuitively_RR ,_, when_CS MRS_NNB are_VBR not_XX equal_JJ ,_, a_AT1 planner_NN1 can_VM modify_VVI allocations_NN2 to_TO induce_VVI price_NN1 changes_NN2 that_CST improve_VV0 the_AT terms_NN2 of_IO the_AT transactions_NN2 of_IO those_DD2 agents_NN2 with_IW relatively_RR higher_JJR marginal_JJ utility_NN1 in_II a_AT1 given_JJ date/state_NN1 ._. 
</s>
<s>
Two_MC classes_NN2 of_IO models_NN2 can_VM be_VBI identified_VVN within_II bottom-up_NN1 models_NN2 :_: engineering_NN1 and_CC statistical_JJ models_NN2 ._. 
</s>
<s>
An_AT1 option_NN1 exercise_NN1 is_VBZ defined_VVN as_II an_AT1 exercise_NN1 of_IO at_RR21 least_RR22 a_AT1 quarter_NN1 of_IO an_AT1 option_NN1 package_NN1 ,_, but_CCB the_AT results_NN2 are_VBR not_XX sensitive_JJ to_II the_AT exact_JJ magnitude_NN1 chosen_VVN ._. 
</s>
<s>
Then_RT ,_, for_IF all_DB τ_NULL >_FO 0_MC and_CC T_ZZ1 ,_, N_ZZ1 →_NULL ∞_FO ,_, we_PPIS2 have_VH0 where_CS and_CC ._. 
</s>
<s>
In_II Table_NN1 V_ZZ1 ,_, Panel_NN1 A_ZZ1 ,_, we_PPIS2 report_VV0 the_AT results_NN2 including_II four_MC additional_JJ control_NN1 variables_NN2 to_II the_AT specification_NN1 controlling_VVG for_IF economic_JJ freedom_NN1 ,_, log_NN1 GDP_NN1 per_RR21 capita_RR22 ,_, democracy_NN1 ,_, legal_JJ origin_NN1 ,_, and_CC regional_JJ controls_NN2 ._. 
</s>
<s>
This_DD1 paper_NN1 maintains_VVZ the_AT essence_NN1 of_IO the_AT Meltzer_NP1 and_CC Richard_NP1 (_( 1981_MC )_) framework_NN1 ,_, but_CCB instead_RR investigates_VVZ the_AT composition_NN1 of_IO taxes_NN2 ._. 
</s>
<s>
In_II this_DD1 example_NN1 ,_, a_AT1 "_" high_JJ value_NN1 climate_NN1 state_NN1 "_" could_VM occur_VVI if_CSW climate_NN1 change_NN1 induces_VVZ range_NN1 shifts_NN2 of_IO wildlife_NN1 species_NN into_II this_DD1 region_NN1 that_CST are_VBR sensitive_JJ to_II habitat_NN1 fragmentation_NN1 ,_, and_CC thus_RR ,_, there_EX is_VBZ greater_JJR future_JJ social_JJ value_NN1 in_II having_VHG spatially_RR contiguous_JJ habitat_NN1 ._. 
</s>
<s>
Lei_FW Wang_NP1 is_VBZ assistant_JJ professor_NN1 in_II the_AT Key_JJ Laboratory_NN1 of_IO Watershed_NN1 geographic_JJ Sciences_NN2 ,_, Nanjing_VVG Institute_NN1 of_IO geography_NN1 and_CC Limnology_NP1 ,_, Chinese_JJ academy_NN1 of_IO Sciences_NN2 ._. 
</s>
<s>
People_NN from_II different_JJ African_JJ country_NN1 are_VBR potentially_RR recognized_VVN as_CSA refugees_NN2 or_CC similarly_RR from_II Italian_JJ law_NN1 and_CC generally_RR enter_VV0 with_IW temporary_JJ permits_NN2 ._. 
</s>
<s>
The_AT quantification_NN1 of_IO the_AT economic_JJ desgrowth_NN1 (_( )_) is_VBZ based_VVN on_II the_AT uses_NN2 of_IO intervals_NN2 of_IO probability_NN1 between_II zero_MC and_CC one_MC1 ._. 
</s>
<s>
This_DD1 result_NN1 might_VM also_RR be_VBI consistent_JJ with_IW an_AT1 industrial_JJ policy_NN1 motive_NN1 ,_, in_II the_AT sense_NN1 that_CST these_DD2 downstream_JJ industries_NN2 could_VM be_VBI more_RGR likely_JJ to_TO be_VBI subject_II21 to_II22 infant_NN1 industry_NN1 protection_NN1 ._. 
</s>
<s>
The_AT first_MD row_NN1 of_IO Table_NN1 4_MC reports_VVZ the_AT (_( rescaled_JJ )_) welfare_NN1 losses_NN2 conditional_NN1 on_II a_AT1 specific_JJ regime_NN1 combination_NN1 being_VBG in_II place_NN1 at_II time_NNT1 and_CC assuming_VVG that_CST the_AT economy_NN1 starts_VVZ from_II the_AT ergodic_JJ steady_JJ state_NN1 ._. 
</s>
<s>
Fig._NN1 2_MC shows_VVZ the_AT absolute_JJ rainfall_NN1 deviation_NN1 for_IF the_AT different_JJ districts_NN2 in_II Uganda_NP1 in_II different_JJ years_NNT2 in_II the_AT sample_NN1 ._. 
</s>
<s>
For_REX21 instance_REX22 ,_, Bertola_NP1 (_( 1993_MC )_) and_CC Alesina_NP1 and_CC Rodrik_NP1 (_( 1994_MC )_) appeal_VV0 to_II the_AT median-voter_JJ theorem_NN1 within_II each_DD1 period_NN1 in_II the_AT context_NN1 of_IO growth_NN1 models_NN2 ;_; more_RRR in_II31 line_II32 with_II33 the_AT treatment_NN1 here_RL ,_, Bassetto_NP1 and_CC Benhabib_NP1 (_( 2006_MC )_) provide_VV0 conditions_NN2 for_IF order_NN1 restriction_NN1 to_TO be_VBI satisfied_VVN over_II sequences_NN2 of_IO policies_NN2 in_II a_AT1 dynamic_JJ economy_NN1 ._. 
</s>
<s>
The_AT insurance_NN1 motive_NN1 is_VBZ magnified_VVN by_II the_AT sensitivity_NN1 of_IO the_AT wage_NN1 to_II ability_NN1 #E_FO and_CC the_AT redistributive_JJ or_CC insurance_NN1 factor_NN1 of_IO human_JJ capital_NN1 #E_FO ._. 
</s>
<s>
One_PN1 might_VM view_VVI search_NN1 theory_NN1 as_CSA optimal_JJ stopping_VVG when_RRQ one_PN1 knows_VVZ the_AT payoff_NN1 distribution_NN1 ,_, but_CCB not_XX the_AT realizations_NN2 ._. 
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<s>
Next_MD ,_, we_PPIS2 investigate_VV0 the_AT macroeconomic_JJ implications_NN2 of_IO these_DD2 micro_NN1 findings_NN2 ._. 
</s>
<s>
Furthermore_RR ,_, the_AT actual_JJ sizes_NN2 of_IO the_AT small_JJ sample_NN1 standardized_VVN I2(q)_FO and_CC I2(q)_FO tests_NN2 are_VBR closer_JJR to_II the_AT asymptotic_JJ nominal_JJ size_NN1 than_CSN those_DD2 without_IW small_JJ sample_NN1 standardization_NN1 ._. 
</s>
<s>
The_AT first_MD author_NN1 conducted_VVD all_DB interviews_NN2 and_CC collected_JJ documents_NN2 for_IF analysis_NN1 ._. 
</s>
<s>
The_AT covariance_NN1 matrix_NN1 t_ZZ1 can_VM be_VBI decomposed_VVN into_II At_II and_CC the_AT diagonal_JJ matrix_NN1 t_ZZ1 ._. 
</s>
<s>
The_AT fundamental_JJ challenge_NN1 posed_VVN in_II servicing_VVG this_DD1 dual_JJ mandate_NN1 is_VBZ that_CST as_RG more_DAR statistics_NN are_VBR published_VVN with_IW more_DAR accuracy_NN1 ,_, more_DAR privacy_NN1 is_VBZ lost_VVN (_( Dinur_NP1 and_CC Nissim_VV0 2003_MC )_) ._. 
</s>
<s>
The_AT global_JJ value_NN1 of_IO minerals_NN2 production_NN1 increased_VVD sixfold_RR from_II 2000_MC to_II 2012_MC (_( 52_MC )_) ,_, with_IW certain_JJ countries_NN2 highly_RR reliant_JJ on_II mining_VVG as_II a_AT1 contributor_NN1 to_II GDP_NN1 ._. 
</s>
<s>
In_II this_DD1 paper_NN1 ,_, the_AT parameters_NN2 of_IO the_AT EWMA_NN1 ,_, ORE_NN1 ,_, and_CC VECH_VV0 specifications_NN2 are_VBR estimated_VVN with_IW the_AT composite_JJ likelihood_NN1 (_( CL_NP1 )_) method_NN1 proposed_VVN by_II Pakel_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2014_MC )_) ._. 
</s>
<s>
In_II contrast_NN1 to_II that_DD1 ,_, cat_NN1 bonds_NN2 with_IW indemnity_NN1 triggers_NN2 offer_VV0 the_AT third-lowest_JJT average_JJ spread_NN1 and_CC risk_NN1 premium_NN1 ,_, although_CS they_PPHS2 supposedly_RR compensate_VV0 investors_NN2 for_IF moral_JJ hazard_NN1 of_IO the_AT issuer_NN1 ._. 
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<s>
The_AT models_NN2 allow_VV0 for_IF continuous_JJ remediation_NN1 of_IO pollution_NN1 stocks_NN2 ._. 
</s>
<s>
We_PPIS2 start_VV0 our_APPGE discussion_NN1 by_II detailing_VVG the_AT data_NN employed_VVD ,_, which_DDQ are_VBR similar_JJ to_II the_AT data_NN used_VVN by_II Blundell_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2012_MC )_) ._. 
</s>
<s>
We_PPIS2 try_VV0 to_TO address_VVI the_AT weak_JJ instrument_NN1 issue_NN1 by_II considering_VVG a_AT1 wider_JJR set_NN1 of_IO instruments_NN2 ._. 
</s>
<s>
In_II specification_NN1 (_( 2_MC )_) ,_, Irrelit_NP1 is_VBZ a_AT1 vector_NN1 of_IO interactions_NN2 of_IO Irreli_NN1 with_IW Postt_NP1 and_CC each_DD1 rank_NN1 ._. 
</s>
<s>
Recent_JJ empirical_JJ results_NN2 show_VV0 that_CST European_JJ firms_NN2 '_NULL intangible_JJ assets_NN2 are_VBR more_RGR likely_JJ to_TO be_VBI held_VVN in_II low-tax_JJ subsidiaries_NN2 than_CSN tangible_JJ assets_NN2 (_( Dischinger_NP1 and_CC Riedel_NP1 (_( 2011_MC )_) )_) and_CC that_CST the_AT location_NN1 of_IO patents_NN2 is_VBZ responsive_JJ to_II corporate_JJ income_NN1 tax_NN1 (_( Griffith_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2014_MC )_) )_) ._. 
</s>
<s>
Content_JJ validity_NN1 refers_VVZ to_II the_AT extent_NN1 to_II which_DDQ a_AT1 measure_NN1 represents_VVZ all_DB facets_NN2 of_IO a_AT1 given_JJ construct_NN1 ._. 
</s>
<s>
Our_APPGE technical_JJ results_NN2 on_II the_AT large_JJ sample_NN1 properties_NN2 of_IO our_APPGE estimator_NN1 use_NN1 results_NN2 from_II the_AT work_NN1 on_II large_JJ matching_JJ markets_NN2 by_II Azevedo_NP1 and_CC Leshno_NP1 (_( 2016_MC )_) and_CC Azevedo_NP1 and_CC Budish_NN1 (_( 2017_MC )_) ._. 
</s>
<s>
First_MD ,_, military_JJ news_NN1 has_VHZ potential_JJ relevance_NN1 problems_NN2 at_II very_RG short_JJ horizons_NN2 whereas_CS the_AT Blanchard-Perotti_JJ shock_NN1 has_VHZ high_JJ relevance_NN1 at_II very_RG short_JJ horizons_NN2 ._. 
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<s>
The_AT third_MD driving_JJ force_NN1 is_VBZ that_CST the_AT plan_NN1 was_VBDZ also_RR a_AT1 regional_JJ project_NN1 initiated_VVN by_II municipal_JJ officials_NN2 ._. 
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<s>
Panel_NN1 A_ZZ1 shows_VVZ the_AT distribution_NN1 weighted_VVN by_II planned_JJ spending_NN1 ,_, meaning_VVG that_CST the_AT effects_NN2 should_VM be_VBI interpreted_VVN in_II31 terms_II32 of_II33 dollars_NNU2 of_IO spending_NN1 ._. 
</s>
<s>
As_CSA in_II the_AT previous_JJ literature_NN1 ,_, in_II our_APPGE model_NN1 consumptive_JJ public_JJ goods_NN2 engender_VV0 a_AT1 "_" race_NN1 to_II the_AT bottom_NN1 "_" ._. 
</s>
<s>
Thus_RR ,_, the_AT optimal_JJ tax_NN1 does_VDZ not_XX necessarily_RR guarantee_VVI that_CST consumers_NN2 are_VBR better_JJR off_RP after_II trade_NN1 liberalization_NN1 ._. 
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<s>
Similarly_RR ,_, we_PPIS2 believe_VV0 the_AT triple_JJ difference_NN1 analysis_NN1 in_II Section_NN1 VII_MC ,_, which_DDQ examines_VVZ variation_NN1 of_IO prices_NN2 in_II communities_NN2 adjacent_II21 to_II22 overbuilders_NN2 relative_II21 to_II22 other_JJ communities_NN2 across_II reformed_JJ and_CC non-reformed_JJ states_NN2 ,_, is_VBZ highly_RR unlikely_JJ to_TO be_VBI biased_VVN by_II measurement_NN1 error_NN1 from_II prices_NN2 being_VBG infrequently_RR updated_VVN ._. 
</s>
<s>
Specifically_RR ,_, migrants_NN2 facilitate_VV0 the_AT flow_NN1 of_IO information_NN1 from_II their_APPGE home_NN1 countries_NN2 to_II their_APPGE host_NN1 countries_NN2 ._. 
</s>
<s>
Above_II this_DD1 threshold_NN1 ,_, one_PN1 can_VM further_RRR study_VVI the_AT expected_JJ size_NN1 of_IO the_AT giant_JJ component_NN1 and_CC ,_, more_RGR generally_RR ,_, the_AT distribution_NN1 of_IO sizes_NN2 of_IO all_DB of_IO the_AT components_NN2 in_II the_AT graph_NN1 (_( again_RT ,_, see_VV0 Bollobás_NN2 2001_MC )_) ._. 
</s>
<s>
Adding_VVG the_AT quality_NN1 of_IO the_AT inventor_NN1 at_II time_NNT1 #E_FO ,_, interacted_VVN with_IW country_NN1 fixed_JJ effects_NN2 ._. 
</s>
<s>
In_II the_AT columns_NN2 following_VVG the_AT type_NN1 of_IO the_AT study_NN1 ,_, the_AT table_NN1 briefly_RR summarizes_VVZ its_APPGE topic_NN1 and_CC then_RT lists_VVZ the_AT design_NN1 elements_NN2 used_VVD ._. 
</s>
<s>
As_CS31 long_CS32 as_CS33 the_AT critical_JJ value_NN1 is_VBZ really_RR large_JJ enough_RR ,_, this_DD1 is_VBZ an_AT1 adequate_JJ approximation_NN1 because_CS when_RRQ is_VBZ really_RR large_JJ ,_, the_AT specified_JJ without_IW truncation_NN1 would_VM have_VHI rather_RG small_JJ values_NN2 and_CC hence_RR tiny_JJ weights_NN2 ._. 
</s>
<s>
This_DD1 information_NN1 is_VBZ unlikely_JJ to_TO be_VBI available_JJ in_II a_AT1 plausible_JJ empirical_JJ setting_NN1 ,_, because_CS P_ZZ1 is_VBZ hardly_RR observable_JJ ._. 
</s>
<s>
Job_NN1 1_MC1 takes_VVZ N_ZZ1 +1_MC time_NNT1 with_IW probability_NN1 1_MC1 1/N_FU ,_, in_II which_DDQ case_VV0 it_PPH1 returns_VVZ a_AT1 reward_NN1 of_IO 1_MC1 ._. 
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<s>
The_AT gray_JJ points_NN2 control_VV0 for_IF school_NN1 fixed_JJ effects_NN2 ._. 
</s>
<s>
In_II this_DD1 paper_NN1 ,_, we_PPIS2 add_VV0 to_II the_AT substantial_JJ existing_JJ literature_NN1 on_II the_AT influence_NN1 of_IO government_NN1 ideology_NN1 and_CC electoral_JJ politics_NN1 on_II public_JJ policy_NN1 by_II studying_VVG the_AT effect_NN1 of_IO ideology_NN1 on_II investment_NN1 in_II an_AT1 economy_NN1 '_NULL s_ZZ1 capital_JJ stocks_NN2 (_( its_APPGE genuine_JJ wealth_NN1 )_) ._. 
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<s>
This_DD1 makes_VVZ it_PPH1 clear_JJ to_II workers_NN2 that_CST there_EX will_VM be_VBI a_AT1 wage_NN1 increase_NN1 on_II day_NNT1 14_MC (_( which_DDQ may_VM depend_VVI on_II baseline_NN1 productivity_NN1 )_) ;_; the_AT post-training_JJ wage_NN1 is_VBZ fixed_VVN ,_, with_IW no_AT further_JJR wage_NN1 changes_NN2 ;_; and_CC the_AT employment_NN1 period_NN1 ends_VVZ on_II a_AT1 preset_JJ date_NN1 ._. 
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<s>
These_DD2 data_NN are_VBR based_VVN on_II summaries_NN2 of_IO important_JJ tax_NN1 policy_NN1 changes_NN2 from_II the_AT International_JJ Bureau_NN1 of_IO Fiscal_JJ Documentation_NN1 '_NULL s_ZZ1 Annual_JJ Reports_NN2 publications_NN2 ,_, from_II which_DDQ we_PPIS2 construct_VV0 measures_NN2 of_IO extensive_JJ margin_NN1 changes_NN2 to_II 12_MC different_JJ aspects_NN2 of_IO the_AT corporate_JJ tax_NN1 base_NN1 ._. 
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<s>
In_II Section_NN1 II_MC ,_, we_PPIS2 consider_VV0 the_AT government_NN1 '_NULL s_ZZ1 problem_NN1 of_IO maximizing_VVG #E_FO over_II allocations_NN2 #E_FO satisfying_JJ #E_FO ._. 
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<s>
The_AT second_NNT1 is_VBZ an_AT1 improper_JJ flat_NN1 prior_RR ,_, i.e._REX ,_, ._. 
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<s>
The_AT stage_NN1 of_IO co-management_NN1 is_VBZ reported_VVN in_II 84_MC cases_NN2 (_( 92%_NNU )_) :_: 53_MC state_VV0 that_DD1 co-management_NN1 is_VBZ well_RR implemented_VVN ,_, 22_MC report_NN1 initiatives_NN2 that_CST are_VBR still_RR being_VBG implemented_VVN and_CC nine_MC describe_VV0 partnerships_NN2 that_CST have_VH0 concluded_VVN ._. 
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<s>
Now_RT only_RR the_AT saving_NN1 decision_NN1 of_IO the_AT impatient_JJ low-productivity_JJ type_NN1 is_VBZ distorted_VVN ._. 
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<s>
Whenever_RRQV an_AT1 intervention_NN1 is_VBZ found_VVN to_TO have_VHI had_VHN no_AT significant_JJ impact_NN1 ,_, an_AT1 important_JJ concern_NN1 for_IF interpretation_NN1 is_VBZ that_CST perhaps_RR the_AT intervention_NN1 was_VBDZ simply_RR not_XX salient_JJ or_CC relevant_JJ ._. 
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<s>
Hence_RR a_AT1 higher_JJR e_ZZ1 reduces_VVZ #E_FO not_XX only_RR through_II the_AT standard_JJ efficiency_NN1 effect_NN1 e_ZZ1 but_CCB also_RR through_II the_AT channel_NN1 #E_FO as_CSA it_PPH1 negatively_RR affects_VVZ society_NN1 '_NULL s_ZZ1 view_NN1 on_II how_RGQ deserving_JJ the_AT poor_JJ are_VBR ._. 
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<s>
This_DD1 in_II turn_NN1 suggests_VVZ that_CST the_AT documented_JJ effect_NN1 of_IO cultural_JJ proximity_NN1 is_VBZ unlikely_JJ to_TO be_VBI mitigated_VVN by_II the_AT introduction_NN1 of_IO a_AT1 credit_NN1 bureau_NN1 or_CC other_JJ changes_NN2 in_II the_AT information_NN1 environment_NN1 that_CST rely_VV0 on_II past_JJ borrower_NN1 behavior_NN1 to_TO evaluate_VVI creditworthiness_NN1 ._. 
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<s>
We_PPIS2 empirically_RR analyze_VV0 surrender_NN1 behavior_NN1 for_IF variable_JJ annuity_NN1 contracts_NN2 using_VVG Japanese_JJ individual_JJ policy_NN1 data_NN ._. 
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<s>
Section_NN1 IV_MC shows_VVZ the_AT shortrun_NN1 equilibrium_NN1 when_CS an_AT1 online_JJ retailer_NN1 enters_VVZ the_AT market_NN1 unexpectedly_RR ,_, and_CC all_DB physical_JJ retailers_NN2 are_VBR assumed_VVN to_TO be_VBI immutable_JJ and_CC can_VM not_XX shut_VVI down_RP ._. 
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<s>
Third_MD ,_, before_CS the_AT survey_NN1 ,_, we_PPIS2 explained_VVD that_CST the_AT information_NN1 we_PPIS2 collected_VVD would_VM be_VBI kept_VVN strictly_RR confidential_JJ and_CC be_VBI used_VVN only_RR for_IF research_NN1 purposes_NN2 ._. 
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<s>
We_PPIS2 find_VV0 no_AT evidence_NN1 of_IO this_DD1 in_II the_AT data_NN ._. 
</s>
<s>
This_DD1 conditional_JJ independence_NN1 structure_NN1 is_VBZ used_VVN to_TO show_VVI asymptotic_JJ normality_NN1 by_II adapting_VVG an_AT1 argument_NN1 used_VVN by_II Chatterjee_NP1 (_( 2006_MC )_) to_TO prove_VVI his_APPGE Theorem_NN1 1.1_MC (_( which_DDQ is_VBZ stated_VVN in_II a_AT1 form_NN1 which_DDQ is_VBZ not_XX directly_RR applicable_JJ here_RL )_) ._. 
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<s>
Why_RRQ did_VDD some_DD states_NN2 enact_VVI tort_NN1 reforms_NN2 while_CS others_NN2 stood_VVD pat_NN1 ?_? 
</s>
<s>
The_AT right_JJ hand_NN1 side_NN1 of_IO this_DD1 equation_NN1 is_VBZ the_AT household_NN1 '_NULL s_ZZ1 net_JJ marginal_JJ return_NN1 to_II a_AT1 unit_NN1 of_IO market_NN1 labour_NN1 supply_NN1 l2h_FO ,_, and_CC therefore_RR ,_, the_AT marginal_JJ opportunity_NN1 cost_NN1 of_IO domestic_JJ child_NN1 care_NN1 ,_, given_VVN the_AT bought-in_JJ child_NN1 care_NN1 quality_NN1 #E_FO ._. 
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<s>
The_AT left_JJ hand_NN1 side_NN1 represents_VVZ the_AT difference_NN1 in_II marginal_JJ value_NN1 products_NN2 of_IO domestic_JJ and_CC bought-in_JJ care_NN1 ,_, respectively_RR ._. 
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<s>
This_DD1 mechanism_NN1 ,_, as_CS31 far_CS32 as_CS33 we_PPIS2 can_VM tell_VVI ,_, is_VBZ a_AT1 novel_JJ addition_NN1 to_II the_AT regional_JJ risk-sharing_JJ literature_NN1 ._. 
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<s>
With_IW these_DD2 stabilized_JJ populations_NN2 ,_, it_PPH1 is_VBZ migration_NN1 and_CC the_AT completion_NN1 of_IO urbanization_NN1 transitions_NN2 that_CST become_VV0 the_AT most_RGT important_JJ demographic_JJ parameters_NN2 of_IO environmental_JJ pressures_NN2 and_CC burdens_NN2 ._. 
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<s>
According_II21 to_II22 interviews_NN2 conducted_VVN in_II Macau_NP1 with_IW all_DB delegates_NN2 and_CC at_II the_AT pSC_NNU embassies_NN2 in_II Beijing_NP1 ,_, 54_MC the_AT biggest_JJT limitation_NN1 of_IO the_AT Macau_NP1 Forum_NN1 seems_VVZ to_TO be_VBI that_CST the_AT working_JJ methodology_NN1 is_VBZ too_RG centralised_JJ and_CC the_AT Secretariat_NN1 '_NULL s_ZZ1 activities_NN2 are_VBR too_RR focused_VVN in_RR21 short_RR22 term_VV0 training_NN1 courses_NN2 for_IF public_JJ officials_NN2 in_II Macau_NP1 or_CC in_II China_NP1 ._. 
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In_II other_JJ words_NN2 ,_, when_CS they_PPHS2 first_MD emerged_VVD ,_, gediks_NN2 were_VBDR non-tradable_JJ ._. 
</s>
<s>
Instead_RR ,_, we_PPIS2 see_VV0 more_DAR regions_NN2 in_II Germany_NP1 and_CC the_AT Netherlands_NP1 exhibiting_VVG a_AT1 high_JJ entry_NN1 number_NN1 of_IO all_DB sectors_NN2 ._. 
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<s>
But_CCB there_EX might_VM be_VBI some_DD observable_JJ determinants_NN2 that_CST potentially_RR drive_VV0 the_AT probability_NN1 of_IO this_DD1 type_NN1 of_IO situation_NN1 ._. 
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<s>
Not_XX accounting_VVG for_IF these_DD2 factors_NN2 explicitly_RR is_VBZ thus_RR likely_JJ to_TO bias_VVI any_DD empirical_JJ findings_NN2 on_II the_AT subject_NN1 ._. 
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<s>
N_ZZ1 footprints_NN2 (_( the_AT top_JJ panel_NN1 )_) quantify_VV0 the_AT per_RR21 capita_RR22 based_VVN Nr_II loss_NN1 from_II food_NN1 and_CC energy_NN1 production_NN1 and_CC consumption_NN1 to_TO assess_VVI the_AT contribution_NN1 of_IO human_JJ activities_NN2 to_II Nr_II pollution_NN1 (_( Leach_NP1 et_RA21 al._RA22 ,_, 2012_MC ;_; Liang_NP1 et_RA21 al._RA22 ,_, 2016_MC )_) ._. 
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<s>
These_DD2 scenarios_NN2 are_VBR then_RT superimposed_VVN on_II large_JJ databases_NN2 containing_VVG all_DB properties_NN2 that_CST ,_, due_II21 to_II22 their_APPGE locations_NN2 ,_, are_VBR exposed_VVN to_II the_AT respective_JJ catastrophe_NN1 risk.10_FO Together_RL with_IW information_NN1 about_II the_AT susceptibility_NN1 of_IO each_DD1 structure_NN1 ,_, as_CSA determined_VVN by_II the_AT main_JJ construction_NN1 materials_NN2 ,_, the_AT age_NN1 ,_, the_AT size_NN1 ,_, and_RR31 so_RR32 on_RR33 ,_, it_PPH1 is_VBZ thus_RR possible_JJ to_TO estimate_VVI the_AT physical_JJ damage_NN1 taken_VVN by_II buildings_NN2 and_CC household_NN1 belongings_NN2 in_II every_AT1 scenario_NN1 ._. 
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<s>
The_AT yield_NN1 curve_NN1 contains_VVZ a_AT1 wealth_NN1 of_IO information_NN1 about_II key_JJ current_JJ and_CC expected_JJ macrofinance_NN1 developments_NN2 ._. 
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<s>
Since_CS agents_NN2 are_VBR thus_RR learning_VVG about_II exogenous_JJ processes_NN2 only_RR ,_, their_APPGE beliefs_NN2 are_VBR anchored_VVN by_II the_AT exogenous_JJ processes_NN2 ,_, and_CC the_AT volatility_NN1 effects_NN2 resulting_VVG from_II learning_NN1 are_VBR generally_RR limited_VVN when_CS considering_VVG standard_JJ timeseparable_JJ preference_NN1 specifications_NN2 ._. 
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<s>
In_II sum_NN1 ,_, we_PPIS2 find_VV0 a_AT1 sharp_JJ increase_NN1 in_II mobility_NN1 of_IO households_NN2 that_CST experience_VV0 a_AT1 strong_JJ increase_NN1 in_II their_APPGE income_NN1 tax_NN1 rates_NN2 ,_, i.e._REX high-income_JJ households_NN2 in_II very_RG high-tax_JJ municipalities_NN2 and_CC a_AT1 weak_JJ increase_NN1 for_IF households_NN2 that_CST experience_VV0 a_AT1 mild_JJ increase_NN1 in_II tax_NN1 rates_NN2 ,_, low-income_JJ households_NN2 in_II medium_JJ high-tax_JJ municipality_NN1 ._. 
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<s>
The_AT market_NN1 for_IF a_AT1 branded_JJ product_NN1 may_VM change_VVI dramatically_RR after_II patents_NN2 expire_VV0 ,_, but_CCB generic_JJ firms_NN2 do_VD0 not_XX all_DB enter_VVI simultaneously_RR ._. 
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<s>
These_DD2 insights_NN2 can_VM help_VVI policymakers_NN2 see_VVI the_AT broader_JJR factors_NN2 that_CST have_VH0 influenced_VVN the_AT level_NN1 of_IO R_ZZ1 &D;_NULL investment_NN1 for_IF dealing_VVG with_IW pollution_NN1 historically_RR ,_, and_CC prepare_VV0 them_PPHO2 for_IF sustaining_VVG the_AT appropriate_JJ level_NN1 of_IO antipollution_NN1 R_ZZ1 &D;_NULL in_II the_AT years_NNT2 and_CC decades_NNT2 ahead_RL ._. 
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<s>
Formally_RR ,_, from_II the_AT firm_NN1 '_NULL s_ZZ1 optimality_NN1 conditions_NN2 ,_, we_PPIS2 can_VM show_VVI that_CST the_AT firm_JJ market_NN1 value_NN1 is_VBZ given_VVN by:where_FO qt_NNU is_VBZ marginal_JJ Q_ZZ1 ,_, 19_MC and_CC yf_NN1 ,_, t+sJand_FO pf_NNU ,_, t+sJare_FO ,_, respectively_RR ,_, J-firm_JJ '_NULL s_ZZ1 output_NN1 and_CC output_NN1 price_NN1 ._. 
</s>
<s>
In_II the_AT model_NN1 ,_, the_AT average_JJ response_NN1 of_IO 16_MC percent_NNU is_VBZ composed_VVN of_IO a_AT1 group_NN1 of_IO households_NN2 with_IW positive_JJ net_JJ liquid_JJ wealth_NN1 and_CC very_RG low_JJ consumption_NN1 responses_NN2 ,_, and_CC another_DD1 group_NN1 of_IO hand-to-mouth_JJ households_NN2 with_IW no_AT liquid_JJ wealth_NN1 who_PNQS display_VV0 strong_JJ consumption_NN1 responses_NN2 ._. 
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<s>
In_II31 addition_II32 to_II33 914_MC married_JJ couples_NN2 (_( where_CS each_DD1 individual_NN1 represents_VVZ a_AT1 respondent_NN1 )_) ,_, the_AT sample_NN1 includes_VVZ 267_MC unmarried_JJ men_NN2 and_CC 1258_MC unmarried_JJ women_NN2 ._. 
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<s>
These_DD2 facts_NN2 add_VV0 substantially_RR to_II the_AT question_NN1 of_IO why_RRQ risk_NN1 premia_NN1 vary_VV0 over_II time_NNT1 and_CC show_VV0 that_CST the_AT behavior_NN1 of_IO risk_NN1 premia_NN1 during_II financial_JJ crises_NN2 is_VBZ unique_JJ ._. 
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<s>
Despite_II these_DD2 restrictions_NN2 some_DD very_RG large_JJ corporations_NN2 are_VBR publicly-known_JJ S-corporations_NN2 such_II21 as_II22 Fidelity_NN1 Investments.7_FO Corporations_NN2 can_VM switch_VVI status_NN1 and_CC I_PPIS1 account_VV0 for_IF this_DD1 in_II the_AT analysis_NN1 below_RL ,_, though_CS consecutively_RR switching_VVG back_RP and_CC forth_RR is_VBZ restricted_VVN by_II law_NN1 and_CC switching_NN1 is_VBZ rare_JJ empirically_RR because_CS most_DAT factors_NN2 that_CST bar_NN1 S-status_NN1 (_( e.g._REX ,_, institutional_JJ shareholders_NN2 )_) are_VBR persistent_JJ ._. 
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<s>
This_DD1 dependence_NN1 made_VVD them_PPHO2 particularly_RR vulnerable_JJ to_II pressure_NN1 from_II their_APPGE main_JJ trading_NN1 partner_NN1 ,_, which_DDQ in_II many_DA2 cases_NN2 was_VBDZ also_RR their_APPGE main_JJ source_NN1 of_IO foreign_JJ aid_NN1 ._. 
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<s>
In_RR21 addition_RR22 ,_, because_II21 of_II22 a_AT1 significant_JJ delay_NN1 between_II the_AT policy_NN1 announcement_NN1 in_II 2005_MC and_CC its_APPGE actual_JJ implementation_NN1 ,_, the_AT BRAC_JJ actions_NN2 were_VBDR largely_RR anticipated_VVN by_II 2008_MC ._. 
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<s>
We_PPIS2 find_VV0 a_AT1 high_JJ degree_NN1 of_IO patchiness_NN1 in_II the_AT burgeoning_JJ field_NN1 of_IO mining-related_JJ transnational_JJ governance_NN1 initiatives_NN2 ,_, with_IW some_DD lifecycle_NN1 stages_NN2 and_CC problems_NN2 receiving_VVG significantly_RR greater_JJR attention_NN1 than_CSN others_NN2 ._. 
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<s>
Forster_NP1 and_CC Murray_NP1 (_( 2007_MC )_) and_CC Murray_NP1 (_( 2001_MC )_) disaggregate_VV0 agricultural_JJ land_NN1 by_II their_APPGE predominant_JJ tillage_NN1 practices_NN2 :_: conventional_JJ tillage_NN1 with_IW <_FO 15%_NNU crop_NN1 residue_NN1 ,_, conventional_JJ tillage_NN1 with_IW 15–30%_FO crop_NN1 residue_NN1 ,_, ridge_NN1 and_CC mulch_NN1 tillage_NN1 ,_, and_CC untilled_JJ land_NN1 ._. 
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<s>
Finally_RR ,_, Section_NN1 6_MC includes_VVZ a_AT1 summary_NN1 of_IO the_AT results_NN2 ,_, policy_NN1 implications_NN2 and_CC further_JJR research_NN1 ideas_NN2 ._. 
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<s>
There_EX is_VBZ a_AT1 growing_JJ consensus_NN1 in_II the_AT literature_NN1 that_CST the_AT spanning_VVG hypothesis_NN1 can_VM be_VBI rejected_VVN by_II the_AT observed_JJ data_NN ._. 
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<s>
The_AT states_NN2 of_IO the_AT stocks_NN2 are_VBR always_RR hidden_VVN from_II the_AT subjects_NN2 ;_; but_CCB ,_, of_RR21 course_RR22 ,_, subjects_NN2 can_VM make_VVI Bayesian_JJ inferences_NN2 about_II the_AT state_NN1 from_II observed_JJ price_NN1 changes_NN2 ._. 
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<s>
For_REX21 example_REX22 ,_, #E_FO in_II Shandong_NP1 province_NN1 reached_VVD 474.03_MC Mt_NP1 ._. 
</s>
<s>
in_II 2014_MC ,_, which_DDQ was_VBDZ equivalent_JJ to_II 106.62%_FO of_IO the_AT difference_NN1 in_II CO2_FO emissions_NN2 between_II Shandong_NP1 and_CC the_AT national_JJ average_NN1 (_( 444.60_MC Mt_NP1 ._. )_) ._. 
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<s>
Accordingly_RR ,_, we_PPIS2 can_VM also_RR explore_VVI the_AT use_NN1 of_IO household_NN1 access_NN1 to_II Internet_NP1 in_II future_JJ years_NNT2 as_CSA instruments_NN2 of_IO ICT_NP1 infrastructure_NN1 in_II the_AT current_JJ time_NNT1 period_NN1 ._. 
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<s>
This_DD1 is_VBZ because_CS such_DA loans_NN2 would_VM be_VBI unaccounted_JJ for_IF in_II31 case_II32 of_II33 premature_JJ death_NN1 ._. 
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<s>
In_II the_AT empirical_JJ analyses_NN2 of_IO this_DD1 study_NN1 ,_, we_PPIS2 adopt_VV0 the_AT zero_MC inflated_JJ versions_NN2 of_IO the_AT δNB_FO distributions_NN2 ,_, because_CS empirically_RR we_PPIS2 observe_VV0 a_AT1 clear_JJ overrepresentation_NN1 of_IO trade_NN1 by_II trade_NN1 price_NN1 changes_NN2 that_CST are_VBR equal_JJ to_TO zero_VVI ._. 
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<s>
The_AT term_NN1 involving_VVG vεisalso_FO globally_RR concave_JJ in_II τ_NULL if_CS ≥_FO 2_MC ,_, a_AT1 condition_NN1 that_CST is_VBZ satisfied_VVN in_II the_AT calibration.24Establish_FO ing_VVG concavity_NN1 is_VBZ useful_JJ since_CS it_PPH1 means_VVZ that_CST a_AT1 first-order_JJ approach_NN1 can_VM be_VBI useful_JJ in_II computing_VVG the_AT welfare-maximizing_JJ values_NN2 for_IF τ_NULL and_CC g_ZZ1 ._. 
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This_DD1 is_VBZ a_AT1 general_JJ result_NN1 and_CC follows_VVZ from_II the_AT theory_NN1 of_IO uniform_JJ commodity_NN1 taxation_NN1 harking_VVG back_RP to_II Ramsey_NP1 (_( 1927_MC )_) and_CC outlined_VVN in_II many_DA2 public_JJ finance_NN1 textbooks_NN2 (_( e.g._REX Atkinson_NP1 and_CC Stiglitz_NP1 ,_, 2015_MC )_) ._. 
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<s>
According_II21 to_II22 the_AT PA_NN1 database_NN1 ,_, until_CS 2015_MC ,_, block_NN1 sale_NN1 revenues_NN2 from_II these_DD2 firms_NN2 amounted_VVD to_II $10.9_NNU billion_NNO where_CS total_JJ block_NN1 sale_NN1 revenues_NN2 of_IO the_AT nonfinancial_JJ firms_NN2 were_VBDR $21.6_NNU billion_NNO ._. 
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<s>
Jiaxing_NP1 is_VBZ promoted_VVN because_CS in_II the_AT last_MD few_DA2 days_NNT2 of_IO the_AT CCP_NP1 '_NULL s_ZZ1 first_MD National_JJ Congress_NN1 in_II July_NPM1 1921_MC ,_, the_AT police_NN2 from_II the_AT Shanghai_NP1 French_JJ Concession_NN1 unexpectedly_RR appeared_VVD at_II the_AT meeting_NN1 site_NN1 ._. 
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<s>
The_AT second_MD part_NN1 of_IO the_AT proposition_NN1 states_VVZ that_CST for_IF values_NN2 of_IO e_ZZ1 sufficiently_RR high_JJ ,_, #E_FO is_VBZ increasing_VVG in_II g_ZZ1 over_II the_AT entire_JJ range_NN1 ._. 
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Industrial_JJ and_CC recreational_JJ fishing_NN1 are_VBR reported_VVN in_II only_RR 6_MC and_CC 9_MC of_IO the_AT 91_MC cases_NN2 ._. 
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I_PPIS1 define_VV0 a_AT1 financial_JJ crisis_NN1 as_II a_AT1 banking_NN1 crisis_NN1 ._. 
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The_AT general_JJ lesson_NN1 of_IO this_DD1 application_NN1 is_VBZ that_CST the_AT relative_JJ intertemporal_JJ valuation_NN1 of_IO resources_NN2 by_II agents_NN2 –_- captured_VVN by_II MRSb_NP1 `_" –_- can_VM take_VVI on_RP either_DD1 sign_NN1 ,_, and_CC borrowers_NN2 may_VM switch_VVI from_II having_VHG a_AT1 higher_JJR valuation_NN1 of_IO resources_NN2 to_II having_VHG a_AT1 lower_JJR valuation_NN1 of_IO resources_NN2 in_II31 response_II32 to_II33 changes_NN2 in_II fundamentals_NN2 ._. 
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<s>
The_AT next_MD section_NN1 formalizes_VVZ these_DD2 incentives_NN2 to_TO strategically_RR disclose_VVI information_NN1 within_II a_AT1 standard_JJ model_NN1 of_IO collusion_NN1 ._. </_VV0 Methods>_FO III_MC ._. 
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<s>
An_AT1 alternative_NN1 might_VM have_VHI been_VBN to_TO create_VVI an_AT1 incentive_NN1 compatible_JJ regulatory_JJ regime_NN1 which_DDQ would_VM provide_VVI the_AT advantages_NN2 of_IO a_AT1 safety_NN1 net_NN1 without_IW the_AT disadvantages_NN2 of_IO a_AT1 regime_NN1 of_IO financial_JJ repression_NN1 (_( White_NP1 2000_MC )_) ._. 
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This_DD1 median_JJ restriction_NN1 forms_VVZ the_AT basis_NN1 for_IF our_APPGE estimator_NN1 ._. 
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Results_NN2 for_IF the_AT top_JJ individual_JJ ATR_NN1 and_CC the_AT CIT_FW are_VBR in_II Figure_NN1 6_MC ._. 
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<s>
The_AT first_MD is_VBZ the_AT absence_NN1 of_IO contemporary_JJ events_NN2 that_CST differentially_RR affected_VVN towns_NN2 with_IW a_AT1 higher_JJR ghost_NN1 building_NN1 intensity_NN1 ._. 
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<s>
First_MD ,_, they_PPHS2 provide_VV0 evidence_NN1 on_II which_DDQ industries_NN2 and_CC firms_NN2 are_VBR more_RRR affected_VVN by_II higher_JJR firing_NN1 costs_NN2 and_CC hence_RR provide_VV0 support_NN1 for_IF the_AT underlying_JJ hypothesized_JJ mechanisms_NN2 ._. 
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<s>
Lacking_VVG data_NN on_II the_AT number_NN1 of_IO corvée_NN1 days_NNT2 ,_, this_DD1 approach_NN1 remains_VVZ necessarily_RR crude_JJ ,_, and_CC the_AT presented_JJ results_NN2 should_VM be_VBI interpreted_VVN with_IW two_MC important_JJ caveats_NN2 in_II mind_NN1 ._. 
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<s>
For_IF all_DB its_APPGE limitations_NN2 ,_, the_AT study_NN1 challenges_VVZ the_AT conventional_JJ wisdom_NN1 that_CST Islamist_JJ rule_NN1 necessarily_RR harms_VVZ women_NN2 ._. 
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Thus_RR the_AT maximum_JJ number_NN1 of_IO groupspecific_JJ factors_NN2 was_VBDZ set_VVN to_II eight_MC ._. 
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<s>
In_II this_DD1 section_NN1 ,_, we_PPIS2 examine_VV0 the_AT impact_NN1 of_IO common_JJ cultural_JJ background_NN1 on_II information_NN1 precision_NN1 in_II the_AT context_NN1 of_IO forecast_NN1 accuracy_NN1 ._. 
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<s>
A_ZZ1 B_ZZ1 m_ZZ1 An_AT1 especially_RR important_JJ application_NN1 of_IO the_AT model_NN1 with_IW win-motivated_JJ parties_NN2 is_VBZ to_II the_AT determination_NN1 of_IO tax_NN1 rates_NN2 and_CC public-good_JJ provision_NN1 ._. 
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The_AT often-seen_JJ governmental_JJ support_NN1 after_II a_AT1 bad_JJ outcome_NN1 could_VM be_VBI justified_VVN on_II the_AT grounds_NN2 that_CST many_DA2 agents_NN2 change_VV0 their_APPGE behavior_NN1 ex_II post_NN1 even_CS21 when_CS22 their_APPGE actions_NN2 were_VBDR optimal_JJ ex_JJ21 ante_JJ22 ._. 
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The_AT above_JJ first_MD order_NN1 condition_NN1 obtained_VVN in_II the_AT steady_JJ state_NN1 gives_VVZ an_AT1 implicit_JJ solution_NN1 for_IF the_AT stock_NN1 under_II MEY_NP1 ._. 
</s>
<s>
As_II the_AT likelihood_NN1 of_IO coming_VVG from_II a_AT1 disadvantaged_JJ background_NN1 decreases_VVZ with_IW income_NN1 ,_, social_JJ weights_NN2 decrease_VV0 with_IW income_NN1 for_IF a_AT1 reason_NN1 completely_RR orthogonal_JJ to_II the_AT decreasing_JJ marginal_JJ utility_NN1 of_IO income_NN1 in_II utilitarianism_NN1 ._. 
</s>
<s>
Tail_NN1 Dependence_NN1 and_CC Optimal_JJ Decisions_NN2 Forgoing_VVG a_AT1 Hedging_NN1 Strategy_NN1 ._. 
</s>
<s>
The_AT GFC_NP1 and_CC the_AT Great_JJ Recession_NN1 were_VBDR contained_VVN by_II effective_JJ monetary_JJ and_CC fiscal_JJ policies_NN2 and_CC an_AT1 unorthodox_JJ extension_NN1 of_IO the_AT LLR_NP1 by_II the_AT Fed_VVN and_CC other_JJ authorities_NN2 who_PNQS had_VHD learned_VVN the_AT lessons_NN2 of_IO the_AT 1930s_MC2 ._. 
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<s>
However_RR ,_, the_AT path_NN1 that_CST a_AT1 household_NN1 takes_VVZ after_II the_AT reform_NN1 also_RR has_VHZ a_AT1 large_JJ impact_NN1 on_II ce_NN1 v_ZZ1 i_ZZ1 ._. 
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<s>
The_AT parsimonious_JJ specification_NN1 with_IW only_JJ Pt1_FO Ht1_FO and_CC δHt1_FO as_CSA predicting_VVG variables_NN2 yields_VVZ the_AT smallest_JJT RMSE_NN1 and_CC MAE_NN2 ._. 
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<s>
The_AT final_JJ set_NN1 of_IO columns_NN2 provide_VV0 a_AT1 comparison_NN1 of_IO the_AT United_NP1 States_NP1 and_CC Europe_NP1 overall_NN1 ._. 
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<s>
Despite_II the_AT increasing_JJ trend_NN1 of_IO contracts_NN2 covering_VVG precipitation_NN1 events_NN2 and_CC Asian_JJ markets_NN2 in_II the_AT recent_JJ years_NNT2 ,_, the_AT weather_NN1 derivatives_NN2 market_VV0 is_VBZ still_RR greatly_RR dominated_VVN by_II temperature_NN1 contracts_NN2 covering_VVG North_NP1 American_JJ events_NN2 ._. 
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<s>
This_DD1 methodology_NN1 measures_VVZ total_JJ economic_JJ impact_NN1 and_CC assumes_VVZ that_CST these_DD2 effects_NN2 do_VD0 not_XX occur_VVI in_II the_AT same_DA time_NNT1 frame_NN1 (_( Figure_NN1 2_MC )_) ,_, but_CCB are_VBR sequential_JJ ._. 
</s>
<s>
Perhaps_RR more_DAR than_CSN any_DD other_JJ literary_JJ medium_NN1 ,_, poetry_NN1 has_VHZ the_AT uncanny_JJ ability_NN1 to_TO inspire_VVI ,_, awe_NN1 ,_, and_CC romanticize_VVI ._. 
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<s>
The_AT results_NN2 are_VBR reported_VVN in_II Table_NN1 XII_MC ._. 
</s>
<s>
As_II the_AT hazelnut_NN1 cooperative_JJ manager_NN1 ,_, Mr._NNB Zhen_NP1 ,_, noted_VVD ,_, "_" Applying_VVG for_IF subsidies_NN2 depends_VVZ on_II connections_NN2 with_IW government_NN1 officials_NN2 ._. "_" 
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<s>
In_II this_DD1 way_NN1 ,_, our_APPGE results_NN2 are_VBR related_VVN to_II Ludema_NP1 and_CC Mayda_NP1 (_( 2013_MC )_) who_PNQS argue_VV0 that_CST when_CS relating_VVG applied_JJ tariffs_NN2 to_TO export_VVI supply_NN1 elasticities_NN2 for_IF WTO_NN1 members_NN2 ,_, controlling_VVG for_IF market_NN1 concentration_NN1 (_( they_PPHS2 rely_VV0 on_II HHIs_NP1 )_) is_VBZ key_JJ to_II identifying_VVG terms_NN2 of_IO trade_NN1 motives_NN2 ._. 
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<s>
In_II comparing_VVG both_DB2 communities_NN2 ,_, some_DD striking_JJ similarities_NN2 can_VM be_VBI found_VVN ._. 
</s>
<s>
The_AT horizontal_JJ axis_NN1 measures_VVZ the_AT probability_NN1 n_ZZ1 that_CST the_AT ELB_NN1 remains_VVZ binding_VVG for_IF another_DD1 period_NN1 ._. 
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<s>
We_PPIS2 find_VV0 the_AT entry_NN1 of_IO Vioxx_NP1 significantly_RR decreased_VVD the_AT quarterly_JJ probability_NN1 of_IO disability_NN1 pension_NN1 receipt_NN1 for_IF those_DD2 with_IW physically_RR demanding_VVG jobs_NN2 ,_, with_IW the_AT effect_NN1 being_VBG driven_VVN by_II women_NN2 ._. 
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<s>
It_PPH1 was_VBDZ massive_JJ in_II scale_NN1 ,_, discrete_JJ in_II timing_NN1 and_CC exogenous_JJ to_II firms_NN2 and_CC consumers_NN2 ._. 
</s>
<s>
As_II a_AT1 consequence_NN1 of_IO this_DD1 transaction_NN1 cost_NN1 ,_, in_II equilibrium_NN1 the_AT illiquid_JJ asset_NN1 pays_VVZ a_AT1 higher_JJR real_JJ return_NN1 than_CSN the_AT liquid_JJ asset_NN1 ,_, i.e._REX ,_, rt_NNU a_AT1 >_FO rt_NNU b_ZZ1 ._. 
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<s>
Short_JJ positions_NN2 in_II illiquid_JJ assets_NN2 are_VBR not_XX allowed_VVN ._. 
</s>
<s>
They_PPHS2 merely_RR embody_VV0 society_NN1 '_NULL s_ZZ1 judgment_NN1 of_IO fairness_NN1 ,_, without_IW taking_VVG into_II account_NN1 observability_NN1 or_CC feasibility_NN1 ._. 
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<s>
This_DD1 affine_JJ bond_NN1 pricing_NN1 model_NN1 also_RR has_VHZ a_AT1 risk-neutral_JJ representation_NN1 ._. 
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<s>
Some_DD other_JJ research_NN1 areas_NN2 also_RR come_VV0 to_TO mind_VVI ._. 
</s>
<s>
We_PPIS2 ran_VVD four_MC sequences_NN2 varying_VVG i_ZZ1 )_) whether_CSW the_AT OT_NN1 treatment_NN1 is_VBZ the_AT first_MD or_CC last_MD encountered_VVN ,_, and_CC ii_MC )_) whether_CSW there_EX is_VBZ an_AT1 increase_NN1 or_CC decrease_VV0 in_II the_AT social_JJ distance_NN1 experienced_VVN by_II participants_NN2 ,_, that_DD1 is_VBZ the_AT order_NN1 of_IO the_AT ST_NP1 and_NP1 FT_NNU treatments_NN2 ._. 
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<s>
West_ND1 Africa_NP1 also_RR enjoyed_VVD its_APPGE boom_NN1 a_AT1 couple_NN1 of_IO decades_NNT2 longer_RRR than_CSN the_AT average_JJ poor_JJ commodity_NN1 exporter_NN1 ._. 
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<s>
In_II our_APPGE study_NN1 ,_, improving_JJ energy_NN1 efficiency_NN1 of_IO using_VVG electricity_NN1 seems_VVZ the_AT best_JJT policy_NN1 choice_NN1 as_CSA it_PPH1 does_VDZ not_XX only_RR generate_VVI higher_JJR GDP_NN1 relative_II21 to_II22 the_AT baseline_NN1 but_CCB also_RR incurs_VVZ lower_JJR economy-wide_JJ rebound_NN1 (_( or_CC even_RR negative_JJ rebound_NN1 )_) ._. 
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<s>
Note_VV0 that_CST ,_, if_CS the_AT positive_JJ bias_NN1 is_VBZ large_JJ enough_RR ,_, failure_NN1 to_TO account_VVI adequately_RR for_IF tenure_NN1 effects_NN2 could_VM even_RR flip_VVI the_AT sign_NN1 of_IO the_AT firm_JJ age_NN1 effect_NN1 positive_JJ ,_, such_CS21 that_CS22 older_JJR firms_NN2 would_VM appear_VVI to_TO pay_VVI more_RRR ._. 
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<s>
It_PPH1 is_VBZ notoriously_RR hard_JJ to_TO disentangle_VVI selection_NN1 and_CC moral_JJ hazard_NN1 ._. 
</s>
<s>
The_AT unbalanced_JJ panel_NN1 point_NN1 estimates_NN2 are_VBR positive_JJ while_CS the_AT balanced_JJ panel_NN1 point_NN1 estimate_NN1 is_VBZ negative_JJ ,_, and_CC none_PN is_VBZ statistically_RR significantly_RR different_JJ from_II zero.26_FO Online_JJ Appendix_NN1 Tables_NN2 1–3_MCMC repeat_VV0 these_DD2 analyses_NN2 using_VVG the_AT same_DA alternative_JJ specifications_NN2 described_VVN above_RL for_IF investment_NN1 ,_, with_IW similar_JJ results_NN2 ._. 
</s>
<s>
Likewise_RR ,_, the_AT well-known_JJ German_JJ professor_NN1 and_CC economist_NN1 Hans_NP1 Werner_NP1 Sinn_NP1 (_( 2010_MC )_) points_VVZ out_RP the_AT "_" lesson_NN1 to_TO be_VBI learned_VVN from_II the_AT crisis_NN1 is_VBZ that_CST a_AT1 currency_NN1 union_NN1 needs_VVZ ironclad_NN1 budget_NN1 discipline_NN1 to_TO avert_VVI a_AT1 boom-and-bust_JJ cycle_NN1 in_II the_AT first_MD place_NN1 ._. "_" 
</s>
<s>
Finally_RR ,_, the_AT lower_JJR right_JJ panel_NN1 includes_VVZ all_DB CPT_NP1 features_NN2 ._. 
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<s>
It_PPH1 would_VM be_VBI interesting_JJ to_TO see_VVI if_CSW this_DD1 is_VBZ also_RR the_AT case_NN1 for_IF excess_JJ return_NN1 density_NN1 forecasting_VVG ._. 
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<s>
The_AT aim_NN1 is_VBZ to_TO highlight_VVI the_AT position_NN1 of_IO the_AT lower_JJR and_CC higher_JJR ranked_JJ ESs_NN1 across_II the_AT different_JJ groups_NN2 of_IO stakeholders_NN2 ._. 
</s>
<s>
Table_NN1 5_MC ,_, Panel_NN1 A_ZZ1 shows_VVZ that_CST total_JJ migration_NN1 demand_NN1 is_VBZ positively_RR related_VVN to_II secondary_JJ school_NN1 enrollment_NN1 decisions_NN2 ._. 
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<s>
The_AT decomposition_NN1 also_RR informs_VVZ us_PPIO2 about_II the_AT sources_NN2 of_IO this_DD1 contribution_NN1 ._. 
</s>
<s>
Figure_NN1 2_MC presents_VVZ variation_NN1 in_II the_AT federal_JJ and_CC state_VV0 maximum_JJ potential_JJ EITC_NN1 a_AT1 household_NN1 could_VM receive_VVI for_IF each_DD1 of_IO the_AT states_NN2 that_CST have_VH0 their_APPGE own_DA EITCs_NN2 from_II 1975_MC to_II 2013_MC ._. 
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<s>
The_AT bank_NN1 records_VVZ the_AT sum_NN1 of_IO all_DB the_AT collateral_NN1 pledged_VVN by_II a_AT1 borrower_NN1 at_II any_DD given_JJ time_NNT1 (_( not_XX the_AT amount_NN1 of_IO collateral_NN1 that_CST secures_VVZ a_AT1 particular_JJ loan_NN1 )_) ._. 
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<s>
The_AT negative_JJ relationship_NN1 between_II population_NN1 growth_NN1 and_CC the_AT number_NN1 of_IO US_NP1 brand_NN1 dealerships_NN2 is_VBZ strongest_JJT for_IF markets_NN2 that_CST have_VH0 more_RGR recently_RR experienced_VVN population_NN1 growth_NN1 ;_; the_AT coefficient_NN1 on_II the_AT interaction_NN1 term_NN1 USBrandXP_NN1 opGrowth_NN1 is_VBZ monotonically_RR decreasing_VVG with_IW the_AT growth_NN1 base_NN1 years_NNT2 ._. 
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<s>
Specifically_RR ,_, the_AT process_NN1 of_IO revealing_JJ reform_NN1 outcomes_NN2 is_VBZ an_AT1 example_NN1 of_IO sampling_VVG without_IW replacement_NN1 ._. 
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<s>
My_APPGE survey_NN1 of_IO the_AT link_NN1 between_II monetary_JJ regimes_NN2 and_CC financial_JJ stability_NN1 in_II advanced_JJ countries_NN2 in_II the_AT past_JJ two_MC centuries_NNT2 shows_VVZ a_AT1 varying_JJ evolution_NN1 between_II monetary_JJ stability_NN1 and_CC financial_JJ stability_NN1 which_DDQ involved_VVD a_AT1 slow_JJ learning_NN1 process_NN1 by_II the_AT advanced_JJ countries_NN2 '_NULL central_JJ banks_NN2 ._. 
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<s>
Table_NN1 I_PPIS1 reports_VVZ previous_JJ empirical_JJ findings_NN2 on_II the_AT effect_NN1 of_IO military_JJ spending_NN1 on_II social_JJ welfare_NN1 expenditures_NN2 ._. 
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<s>
No_PN121 one_PN122 has_VHZ done_VDN more_RRR to_TO assess_VVI these_DD2 problems_NN2 than_CSN Edward_NP1 Wolff_NP1 ._. 
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<s>
So_RR ,_, it_PPH1 has_VHZ to_TO run_VVI with_IW the_AT hare_NN1 and_CC hunt_VVI with_IW the_AT hounds_NN2 ._. 
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<s>
While_CS awarded_VVN grants_NN2 may_VM be_VBI known_VVN ,_, data_NN on_II unsuccessful_JJ grant_NN1 applications_NN2 are_VBR often_RR neither_RR disclosed_VVN by_II the_AT funders_NN2 ,_, nor_CC reported_VVN by_II the_AT scientists_NN2 ._. 
</s>
<s>
In_II the_AT absence_NN1 of_IO misreporting_VVG ,_, and_CC when_CS the_AT welfare_NN1 of_IO contributors_NN2 is_VBZ not_XX taken_VVN into_II account_NN1 (_( #E_FO )_) ,_, Eq_NN1 ._. 
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<s>
(_( 4_MC )_) ,_, collapses_NN2 to_II the_AT unit_NN1 elasticity_NN1 rule_NN1 popularized_VVD by_II Feldstein_NP1 and_CC Clotfelter_NP1 (_( 1976_MC )_) :_: the_AT subsidy_NN1 should_VM be_VBI increased_VVN if_CS #E_FO ._. 
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<s>
Under_II LVT_NP1 ,_, the_AT low-income_JJ types_NN2 are_VBR almost_RR uniformly_RR better_JJR off_RP over_II time_NNT1 ._. 
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<s>
At_II some_DD point_NN1 ,_, these_DD2 regions_NN2 and_CC their_APPGE internal_JJ knowledge_NN1 flows_NN2 may_VM approach_VVI a_AT1 critical_JJ mass_NN1 for_IF take-off_NN1 ;_; yet_RR ,_, development_NN1 prospects_NN2 and_CC expansionary_JJ tendencies_NN2 are_VBR still_RR limited_VVN ._. 
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<s>
However_RR ,_, since_CS the_AT upper_JJ bound_NN1 is_VBZ substantially_RR improved_VVN by_II Assumption_NN1 6_MC ,_, these_DD2 bounds_NN2 are_VBR able_JK to_TO statistically_RR rule_VVI out_RP a_AT1 positive_JJ or_CC zero_NN1 AT_II T_ZZ1 of_IO Job_NN1 Corps_NN on_II the_AT receipt_NN1 of_IO public_JJ benefits_NN2 for_IF its_APPGE participants_NN2 with_IW 95_MC percent_NNU confidence_NN1 ._. 
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<s>
Instead_RR ,_, it_PPH1 requires_VVZ a_AT1 unique_JJ team-level_JJ perspective_NN1 ._. 
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<s>
The_AT fact_NN1 that_CST any_DD bank_NN1 can_VM become_VVI insolvent_JJ due_II21 to_II22 a_AT1 bank_NN1 run_NN1 makes_VVZ the_AT issue_NN1 of_IO confidence_NN1 central_JJ in_II keeping_VVG a_AT1 banking_NN1 system_NN1 running_NN1 ._. 
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<s>
Unlike_II the_AT CGE_NN1 approach_NN1 ,_, the_AT model_NN1 depicts_VVZ the_AT input_NN1 structures_NN2 and_CC sales_NN patterns_NN2 only_RR of_IO the_AT grape_NN1 and_CC wine_NN1 sectors_NN2 ,_, which_DDQ comprise_VV0 a_AT1 small_JJ fraction_NN1 of_IO economic_JJ activity_NN1 in_II wineproducing_VVG nations_NN2 ._. 
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The_AT average_JJ quarterly_JJ number_NN1 of_IO sickness_NN1 days_NNT2 in_II the_AT year_NNT1 before_II the_AT market_NN1 entry_NN1 for_IF those_DD2 with_IW chronic_JJ joint_JJ pain_NN1 was_VBDZ 2.5_MC days_NNT2 ._. 
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<s>
This_DD1 suggests_VVZ that_CST firms_NN2 assign_VV0 the_AT highest_JJT precision_NN1 to_II the_AT signal_NN1 about_II the_AT central_JJ bank_NN1 '_NULL s_ZZ1 inflation_NN1 target_NN1 and_CC recent_JJ inflation_NN1 dynamics_NN ,_, more_RGR so_RR than_CSN to_II predictions_NN2 of_IO professional_JJ forecasters_NN2 or_CC those_DD2 of_IO other_JJ firms_NN2 ._. 
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<s>
For_IF Study_NN1 1_MC1 and_CC Study_NN1 2_MC ,_, we_PPIS2 estimate_VV0 2SLS_FO models_NN2 :_: we_PPIS2 use_VV0 the_AT random_JJ assignment_NN1 to_II the_AT before-payday_JJ group_NN1 to_II instrument_NN1 for_IF expenditures_NN2 ._. 
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<s>
The_AT results_NN2 in_II panel_NN1 (_( c_ZZ1 )_) confirm_VV0 that_DD1 growth_NN1 is_VBZ driven_VVN by_II young_JJ ,_, large_JJ establishments_NN2 ._. 
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<s>
In_II Fig._NN1 7_MC we_PPIS2 provide_VV0 additional_JJ evidence_NN1 that_CST excess_NN1 bunching_VVG at_II the_AT 1%_NNU cap_NN1 is_VBZ not_XX due_II21 to_II22 some_DD lack_NN1 of_IO smoothness_NN1 in_II the_AT distribution_NN1 of_IO contributions_NN2 ,_, but_CCB indeed_RR correlates_VVZ with_IW the_AT size_NN1 of_IO the_AT marginal_JJ subsidy_NN1 variation_NN1 at_II the_AT kink_NN1 ._. 
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The_AT next_MD section_NN1 will_VM show_VVI that_CST the_AT shift_NN1 has_VHZ been_VBN driven_VVN by_II two_MC crucial_JJ changes_NN2 :_: the_AT rapid_JJ expansion_NN1 of_IO agrarian_JJ capital_NN1 and_CC its_APPGE influence_NN1 ,_, and_CC the_AT rise_NN1 of_IO a_AT1 new_JJ mode_NN1 of_IO urban_JJ accumulation_NN1 ._. 
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<s>
This_DD1 is_VBZ because_CS in_II some_DD years_NNT2 the_AT mortality_NN1 probabilities_NN2 increases_VVZ rather_II21 than_II22 decreases_NN2 ._. 
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After_II finishing_VVG the_AT instructions_NN2 ,_, subjects_NN2 completed_VVD 52_MC tasks_NN2 ._. 
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<s>
Since_CS our_APPGE first-stage_JJ estimates_NN2 imply_VV0 that_CST a_AT1 $1,000_NNU increase_NN1 in_II the_AT maximum_JJ EITC_NN1 increases_VVZ family_NN1 income_NN1 by_II approximately_RR $12,000_NNU over_II the_AT six-year_JJ period_NN1 between_II ages_NN2 13_MC and_CC 18_MC (_( roughly_RR $2,000_NNU per_II year_NNT1 )_) ,_, this_DD1 implies_VVZ a_AT1 2.5_MC percentage_NN1 point_NN1 increase_NN1 in_II high_JJ school_NN1 completion_NN1 and_CC a_AT1 0.12_MC increase_NN1 in_II years_NNT2 of_IO schooling_NN1 ._. 
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<s>
Hence_RR ,_, an_AT1 equilibrium_NN1 of_IO the_AT investment_NN1 game_NN1 exists_VVZ in_II which_DDQ i_ZZ1 (_( xi_NN1 ,_, R_ZZ1 )_) =_FO 0_MC ,_, for_IF all_DB i_ZZ1 and_CC xi_NN1 ._. 
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<s>
Before_II collecting_VVG data_NN ,_, we_PPIS2 preregistered_VVD our_APPGE sample_NN1 parameters_NN2 ,_, sample_NN1 size_NN1 ,_, hypotheses_NN2 ,_, conditions_NN2 ,_, and_CC measures_NN2 at_II aspredicted.org_NNU (_( please_RR see_VV0 https_NNU :_: for_IF the_AT official_JJ document_NN1 )_) ._. 
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<s>
Under_II an_AT1 assumption_NN1 that_CST there_EX are_VBR no_AT defiers_NN2 in_II the_AT sample_NN1 ,_, which_DDQ would_VM seem_VVI a_AT1 reasonable_JJ assumption_NN1 in_II our_APPGE case_NN1 ,_, then_RT a_AT1 simple_JJ estimate_NN1 of_IO the_AT compliant_JJ sub-population_NN1 is_VBZ around_RG 5%_NNU of_IO the_AT treated_JJ population_NN1 ._. 
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<s>
Several_DA2 papers_NN2 find_VV0 that_CST better_JJR central_JJ bank_NN1 communication_NN1 helps_VVZ financial_JJ markets_NN2 to_TO anticipate_VVI monetary_JJ policy_NN1 actions_NN2 (_( see_VV0 ,_, e.g._REX ,_, Lange_NP1 et_RA21 al._RA22 ,_, 2003_MC ,_, Nautz_NP1 and_CC Schmidt_NP1 ,_, 2009_MC ,_, Swanson_NP1 ,_, 2006_MC )_) ._. 
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<s>
This_DD1 happens_VVZ in_II many_DA2 different_JJ contexts_NN2 that_CST differ_VV0 in_II the_AT social_JJ distance_NN1 between_II the_AT decision_NN1 maker_NN1 and_CC the_AT person_NN1 affected_VVN by_II the_AT decision_NN1 :_: parents_NN2 take_VV0 decisions_NN2 for_IF their_APPGE children_NN2 ;_; politicians_NN2 affect_VV0 citizens_NN2 '_NULL lives_NN2 ;_; physicians_NN2 '_NULL decisions_NN2 are_VBR crucial_JJ for_IF their_APPGE patients_NN2 ;_; managers_NN2 '_NULL decisions_NN2 affect_VV0 both_RR employees_NN2 and_CC shareholders_NN2 ._. 
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<s>
Further_RRR ,_, using_VVG VaR_NN1 as_II an_AT1 alternative_JJ risk_NN1 measurement_NN1 loss_NN1 function_NN1 ,_, we_PPIS2 show_VV0 that_CST our_APPGE model_NN1 has_VHZ the_AT correct_JJ conditional_NN1 and_CC unconditional_JJ coverage_NN1 when_CS compared_VVN with_IW the_AT other_JJ models_NN2 ,_, and_CC especially_RR when_CS compared_VVN with_IW the_AT standard_NN1 GARCH(1,1)_FO model_NN1 ._. 
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<s>
We_PPIS2 provide_VV0 a_AT1 more_RGR complete_JJ explanation_NN1 of_IO the_AT effects_NN2 of_IO the_AT implementation_NN1 of_IO a_AT1 new_JJ public_JJ health_NN1 insurance_NN1 scheme_NN1 on_II household_NN1 savings_NN2 ._. 
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<s>
This_DD1 section_NN1 describes_VVZ the_AT shortrun_NN1 equilibrium_NN1 (_( Scenario_NP1 SR_NNA )_) ,_, where_CS all_DB physical_JJ retailers_NN2 are_VBR assumed_VVN to_TO be_VBI immutable_JJ and_CC can_VM not_XX shut_VVI down_RP operations_NN2 ,_, i.e._REX ,_, and_CC ._. 
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However_RR ,_, for_IF long-term_JJ temperature_NN1 forecasts_NN2 ,_, the_AT CAR_NN1 model_NN1 still_RR generates_VVZ large_JJ bias_NN1 ._. 
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<s>
For_IF smaller_JJR branches_NN2 ,_, the_AT head_NN1 officer_NN1 may_VM himself_PPX1 have_VHI a_AT1 relatively_RR low_JJ grade_NN1 ._. 
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<s>
Our_APPGE earlier_JJR results_NN2 indicate_VV0 that_CST the_AT presence_NN1 of_IO a_AT1 proxy_NN1 contest_NN1 is_VBZ associated_VVN with_IW a_AT1 reduction_NN1 in_II the_AT annual_JJ rate_NN1 of_IO exercise_NN1 and_CC sell_VV0 from_II a_AT1 normal_JJ level_NN1 of_IO 5.3%_FO to_TO close_VVI to_TO zero_VVI (_( 0.8%_FO )_) ._. 
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Although_CS these_DD2 differences_NN2 are_VBR not_XX statistically_RR significant_JJ ,_, the_AT point_NN1 estimates_NN2 are_VBR as_RG large_JJ as_CSA several_DA2 months_NNT2 across_II some_DD groups_NN2 ._. 
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The_AT computation_NN1 of_IO the_AT FDS_NNA measure_NN1 is_VBZ challenging_VVG due_II21 to_II22 the_AT three_MC dimensions_NN2 of_IO the_AT matrix_NN1 ._. 
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<s>
Firm_NN1 4_MC ,_, like_II Firm_NN1 2_MC ,_, is_VBZ only_RR liable_JJ for_IF restoration_NN1 costs_NN2 but_CCB finds_VVZ it_PPH1 advantageous_JJ to_TO avoid_VVI restoration_NN1 by_II placing_VVG operations_NN2 in_II permanently_RR suspended_JJ mode_NN1 because_II21 of_II22 the_AT absence_NN1 of_IO financial_JJ assurances_NN2 ._. 
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<s>
Both_DB2 of_IO these_DD2 categories_NN2 could_VM be_VBI considered_VVN homogeneous_JJ goods_NN2 in_II a_AT1 broader_JJR sense_NN1 in_II that_DD1 firms_NN2 producing_VVG these_DD2 products_NN2 do_VD0 have_VHI some_DD type_NN1 of_IO market_NN1 price_NN1 that_CST is_VBZ given_VVN to_II them_PPHO2 ._. 
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<s>
To_TO begin_VVI to_TO answer_VVI these_DD2 questions_NN2 ,_, we_PPIS2 seek_VV0 to_TO bring_VVI together_RL the_AT social_JJ ,_, economic_JJ and_CC political_JJ structures_NN2 that_CST enable_VV0 bamboo_NN1 shoot-related_NN1 stakeholders_NN2 to_TO interact_VVI in_BCL21 order_BCL22 to_TO implement_VVI standardization_NN1 policies_NN2 and_CC programmes_NN2 ._. 
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<s>
Further_RRR ,_, we_PPIS2 suggest_VV0 that_CST organizational_JJ instrumentality_NN1 may_VM explain_VVI the_AT link_NN1 between_II work_NN1 meaningfulness_NN1 and_CC organizational_JJ identification_NN1 ._. 
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<s>
First_MD ,_, the_AT annual_JJ first-difference_JJ coefficients_NN2 estimated_VVN with_IW equation_NN1 (_( 1_MC1 )_) actually_RR reflect_VV0 a_AT1 mix_NN1 of_IO short-_JJ and_CC long-run_JJ associations_NN2 ,_, depending_II21 on_II22 the_AT relative_JJ contributions_NN2 of_IO transitory_JJ fluctuations_NN2 and_CC long-run_JJ growth_NN1 to_II the_AT variance_NN1 of_IO the_AT annual_JJ growth_NN1 rate_NN1 ._. 
</s>
<s>
Once_RR21 again_RR22 ,_, the_AT pattern_NN1 from_II the_AT top_JJ percentile_NN1 analysis_NN1 carries_VVZ over_RP to_II the_AT rest_NN1 of_IO the_AT top_JJ groups_NN2 ,_, but_CCB much_RR weaker_JJR so_RR for_IF the_AT groups_NN2 lower_VV0 down_RP in_II the_AT top_NN1 and_CC much_RR stronger_JJR in_II the_AT absolute_JJ top_NN1 ._. 
</s>
<s>
For_IF the_AT parameters_NN2 considered_VVN in_II Section_NN1 III_MC ,_, the_AT value_NN1 of_IO t_ZZ1 that_CST maximizes_VVZ U_ZZ1 is_VBZ 31_MC percent_NNU ._. 
</s>
<s>
Our_APPGE controls_NN2 draw_VV0 on_II data_NN from_II work_NN1 on_II export_NN1 licensing_NN1 requirements_NN2 by_II Bai_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2015_MC )_) ,_, on_II production_NN1 subsidies_NN2 from_II Khandelwal_NP1 et_RA21 al._RA22 ,_, 2013_MC ,_, and_CC on_II Chinese_JJ import_NN1 tariff_NN1 rates_NN2 from_II Brandt_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2017_MC )_) ._. 
</s>
<s>
This_DD1 feature_NN1 is_VBZ likely_JJ due_II21 to_II22 the_AT strong_JJ ties_NN2 Canada_NP1 and_CC Mexico_NP1 have_VH0 with_IW the_AT US_NP1 and_CC an_AT1 inability_NN1 to_TO exert_VVI market_NN1 power_NN1 on_II US_NP1 exports_VVZ ._. 
</s>
<s>
The_AT findings_NN2 are_VBR robust_JJ to_II alternative_JJ drivers_NN2 of_IO skewness_NN1 in_II stock_NN1 returns_NN2 ,_, as_II31 well_II32 as_II33 the_AT choice_NN1 of_IO calculation_NN1 ,_, empirical_JJ methodology_NN1 ,_, and_CC sample_NN1 period_NN1 ._. 
</s>
<s>
Tables_NN2 6_MC and_CC 7_MC show_VV0 the_AT same_DA patterns_NN2 as_CSA Tables_NN2 4_MC and_CC 5_MC ._. 
</s>
<s>
Additional_JJ tests_NN2 comparing_VVG weighted_JJ means_NN by_II using_VVG simple_JJ t_ZZ1 tests_NN2 confirm_VV0 our_APPGE selection_NN1 of_IO suitable_JJ variables_NN2 based_VVN on_II the_AT HD_NP1 metrics_NN2 (_( results_VVZ available_JJ upon_II request_NN1 )_) ._. 
</s>
<s>
Our_APPGE second_MD contribution_NN1 is_VBZ to_TO investigate_VVI the_AT role_NN1 of_IO learning_VVG in_II an_AT1 equilibrium_NN1 economy_NN1 ._. 
</s>
<s>
To_TO be_VBI more_RGR precise_JJ ,_, we_PPIS2 construct_VV0 a_AT1 neoclassical_JJ general_JJ equilibrium_NN1 model_NN1 with_IW heterogeneous_JJ productive_JJ units_NN2 ,_, or_CC plants_NN2 for_IF short_JJ ._. 
</s>
<s>
The_AT main_JJ agenda_NN1 here_RL is_VBZ to_TO ask_VVI whether_CSW the_AT composition_NN1 of_IO taxes_NN2 across_II countries_NN2 systematically_RR changes_VVZ with_IW inequality_NN1 ._. 
</s>
<s>
The_AT results_NN2 also_RR suggest_VV0 that_CST explicitly_RR modeling_VVG the_AT fixed_JJ costs_NN2 of_IO bankruptcy_NN1 can_VM have_VHI important_JJ implications_NN2 for_IF evaluating_VVG the_AT welfare_NN1 implications_NN2 of_IO reforms_NN2 to_II bankruptcy_NN1 ._. 
</s>
<s>
C.EYI_NP1 increased_VVD significantly_RR from_II 360.62_MC Mt_NP1 ._. 
</s>
<s>
during_II 2009–2012_MCMC to_II 539.78_MC Mt_NP1 ._. 
</s>
<s>
during_II 2013–2015_MCMC ._. 
</s>
<s>
These_DD2 estimates_NN2 of_IO Chinese_JJ GDP_NN1 per_RR21 capita_RR22 can_VM be_VBI used_VVN to_TO compare_VVI economic_JJ performance_NN1 during_II the_AT Northern_JJ Song_NN1 ,_, Ming_NP1 ,_, and_CC Qing_VVG dynasties_NN2 ._. 
</s>
<s>
The_AT fall_NN1 in_II aggregate_JJ size_NN1 reduces_VVZ the_AT resources_NN2 lost_VVN to_II bankruptcy_NN1 and_CC ,_, hence_RR ,_, reduces_VVZ the_AT temptation_NN1 of_IO the_AT bailout_NN1 authority_NN1 to_TO undertake_VVI a_AT1 full_JJ bailout_NN1 ._. 
</s>
<s>
For_REX21 example_REX22 ,_, the_AT conditional_JJ estimator_NN1 is_VBZ based_VVN on_II within-agent_JJ variation_NN1 in_II a_AT1 given_JJ network_NN1 ;_; over-time_JJ contrasts_NN2 are_VBR not_XX used_VVN ._. 
</s>
<s>
We_PPIS2 classify_VV0 them_PPHO2 as_CSA receiving_VVG no_AT exports_NN2 from_II Japan_NP1 ._. 
</s>
<s>
We_PPIS2 minimize_VV0 n_ZZ1 (_( β_NULL ,_, γ_NULL )_) to_TO obtain_VVI (_( β_NULL ,_, γ_NULL )_) and_CC we_PPIS2 set_VV0 =_FO (_( β_NULL ,_, γ_NULL ,_, (_( β_NULL ,_, γ_NULL )_) ,_, (_( β_NULL ,_, γ_NULL )_) )_) ._. 
</s>
<s>
For_IF all_DB the_AT C_NP1 a_AT1 '_NULL s_ZZ1 of_IO the_AT three_MC financial_JJ variables_NN2 ,_, we_PPIS2 again_RT obtain_VV0 qualitatively_RR similar_JJ results_NN2 ._. 
</s>
<s>
This_DD1 choice_NN1 is_VBZ motivated_VVN to_TO assure_VVI the_AT comparison_NN1 between_II the_AT TS_ZZ2 DCC-MIDAS_NP1 model_NN1 with_IW the_AT MV_NNB DCC-MIDAS_NP1 as_CSA macroeconomic_JJ fundamentals_NN2 are_VBR observed_VVN monthly_JJ ,_, and_CC therefore_RR the_AT long-run_JJ component_NN1 of_IO correlation_NN1 is_VBZ fixed_VVN through_II the_AT month_NNT1 ._. 
</s>
<s>
We_PPIS2 are_VBR less_RGR confident_JJ about_II the_AT representativeness_NN1 of_IO the_AT probate_NN1 series_NN after_II 1700_MC ._. 
</s>
<s>
The_AT shocks_NN2 to_II the_AT uncertainty_NN1 factors_NN2 #E_FO and_CC #E_FO are_VBR independent_JJ from_II the_AT shocks_NN2 to_II the_AT idiosyncratic_JJ volatilities_NN2 #E_FO and_CC the_AT conditional_JJ errors_NN2 t_ZZ1 ,_, and_CC they_PPHS2 are_VBR jointly_RR normal_JJ with_IW mean_JJ 0_MC and_CC variance_NN1 #E_FO ._. 
</s>
<s>
We_PPIS2 document_VV0 that_CST allowing_VVG for_IF time_NNT1 lags_NN2 of_IO the_AT spatially_RR lagged_VVN tax_NN1 variable_NN1 and_CC responses_NN2 to_TO aggregate_VVI shocks_NN2 are_VBR vitally_RR important_JJ in_II accurately_RR estimating_VVG this_DD1 slope_NN1 ._. 
</s>
<s>
Vecchio_NP1 (_( 2007_MC )_) speculated_VVD that_CST factors_NN2 ranging_VVG from_II physical_JJ attractiveness_NN1 to_II popularity_NN1 to_II leadership_NN1 potential_NN1 may_VM evoke_VVI downward_JJ envy_NN1 and_CC these_DD2 predictors_NN2 should_VM be_VBI examined_VVN in_II future_JJ studies_NN2 ._. 
</s>
<s>
Deutsche_NP1 Bank_NP1 acted_VVD as_CSA lead_NN1 arranger_NN1 in_II the_AT syndicated_JJ loan_NN1 market_NN1 over_II the_AT previous_JJ three_MC years_NNT2 for_IF BASF_NP1 ,_, Siemens_NP1 ,_, Daimler_NP1 ,_, and_CC E.ON_NP1 ,_, which_DDQ are_VBR among_II the_AT top_NN1 five_MC holdings_NN2 of_IO DWS_NP1 Investa_NP1 fund_NN1 ._. 
</s>
<s>
The_AT result_NN1 is_VBZ interesting_JJ because_CS it_PPH1 underscores_VVZ again_RT how_RRQ the_AT value_NN1 of_IO the_AT pilot_NN1 arises_VVZ because_II21 of_II22 the_AT ability_NN1 to_TO abandon_VVI what_DDQ might_VM emerge_VVI as_II an_AT1 undesirable_JJ project_NN1 ._. 
</s>
<s>
The_AT transitory_JJ component_NN1 is_VBZ the_AT reciprocal_JJ of_IO the_AT return_NN1 to_II holding_VVG a_AT1 discount_NN1 bond_NN1 of_IO (_( asymptotically_RR )_) long_JJ maturity_NN1 from_II date_NN1 t_ZZ1 to_II date_NN1 t_ZZ1 τ_NULL ._. 
</s>
<s>
The_AT well_NN1 known_VVN issue_NN1 with_IW supply_NN1 and_CC demand_VV0 estimation_NN1 is_VBZ that_CST our_APPGE market_NN1 data_NN only_JJ record_NN1 equilibrium_NN1 outcomes_NN2 of_IO prices_NN2 and_CC quantities_NN2 ,_, which_DDQ translates_VVZ into_II endogeneity_NN1 from_II potential_JJ simultaneity_NN1 in_II supply_NN1 and_CC demand_NN1 ._. 
</s>
<s>
Species_NN Growth_NN1 Functions_NN2 We_PPIS2 first_MD aim_NN1 at_II representing_VVG and_CC quantifying_VVG the_AT renewal_NN1 of_IO the_AT shrimp_NN1 stock_NN1 using_VVG data_NN from_II French_NP1 Guiana_NP1 ._. 
</s>
<s>
We_PPIS2 now_RT suppose_VV0 that_CST 0_MC is_VBZ an_AT1 infinite-dimensional_JJ parameter_NN1 ._. 
</s>
<s>
As_II a_AT1 result_NN1 ,_, the_AT economy_NN1 during_II the_AT boom_NN1 phase_NN1 in_II these_DD2 models_NN2 is_VBZ characterized_VVN by_II "_" excessive_JJ "_" borrowing_NN1 ;_; the_AT social_JJ planner_NN1 would_VM choose_VVI lower_JJR borrowing_NN1 because_CS she_PPHS1 internalizes_VVZ the_AT negative_JJ aggregate_JJ demand_NN1 externalities_NN2 during_II the_AT bust_NN1 of_IO excessive_JJ debt_NN1 during_II the_AT boom_NN1 ._. 
</s>
<s>
The_AT probabilities_NN2 that_CST the_AT R2_FO statistics_NN increase_VV0 between_II 1971Q1_FO and_CC 2014Q1_FO range_NN1 from_II 81%_NNU to_II 89%_NNU ._. 
</s>
<s>
In_II the_AT limit_NN1 as_CSA τ_NULL →_NULL 1_MC1 ,_, s_ZZ1 (_( )_) →_NULL 0_MC :_: there_EX is_VBZ no_AT incentive_NN1 to_TO invest_VVI in_II higher_JJR wage_NN1 skills_NN2 if_CS all_DB the_AT excess_JJ returns_NN2 will_VM be_VBI taxed_VVN away_RL ._. 
</s>
<s>
Conscious_JJ of_IO the_AT behaviours_NN2 '_NULL large_JJ impact_NN1 ,_, some_DD researches_NN2 emphasise_VV0 on_II the_AT importance_NN1 of_IO analysing_VVG the_AT factors_NN2 influencing_VVG energy_NN1 conservation_NN1 behaviours_NN2 (_( Dwyer_NP1 et_RA21 al._RA22 ,_, 1993_MC ,_, Abrahamse_NP1 et_RA21 al._RA22 ,_, 2005_MC ,_, Darby_NP1 ,_, 2006_MC ,_, Allcott_NP1 ,_, 2011_MC ,_, Ehrhardt-Martinez_NP1 et_RA21 al._RA22 ,_, 2010_MC ,_, Yue_NP1 et_RA21 al._RA22 ,_, 2013_MC )_) ._. 
</s>
<s>
By_II bringing_VVG in_II information_NN1 on_II firm_JJ weights_NN2 wf_NNU t1_FO ,_, this_DD1 additive_JJ decomposition_NN1 will_VM provide_VVI the_AT first_MD glimpse_NN1 of_IO whether_CSW the_AT directly_RR connected_JJ firms_NN2 combined_VVN are_VBR a_AT1 large_JJ enough_DD segment_NN1 of_IO the_AT economy_NN1 to_TO play_VVI an_AT1 appreciable_JJ role_NN1 in_II aggregate_JJ comovement_NN1 ._. 
</s>
<s>
Table_NN1 XI_NN1 presents_VVZ the_AT estimated_JJ mean_JJ utilities_NN2 and_CC the_AT fraction_NN1 of_IO agents_NN2 who_PNQS are_VBR na?ve_JJ ._. 
</s>
<s>
Prospect_NN1 theory_NN1 is_VBZ the_AT most_RGT influential_JJ descriptive_JJ alternative_NN1 to_II the_AT orthodox_JJ theory_NN1 of_IO rational_JJ choice_NN1 under_II risk_NN1 and_CC uncertainty_NN1 ,_, and_CC its_APPGE principal_JJ postulates_NN2 are_VBR important_JJ in_II the_AT growing_JJ field_NN1 of_IO behavioural_JJ public_JJ policy_NN1 ._. 
</s>
<s>
We_PPIS2 used_VVD computer_NN1 and_CC hand_NN1 matching_NN1 techniques_NN2 to_II pair_NN the_AT firm_JJ names_NN2 in_II our_APPGE dataset_NN1 with_IW the_AT firm_JJ names_NN2 in_II Glassdoor_NP1 '_NULL s_ZZ1 database_NN1 ._. 
</s>
<s>
If_CS utilities_NN2 are_VBR quadratic_JJ ,_, then_RT can_VM be_VBI viewed_VVN as_CSA simply_RR a_AT1 parameter_NN1 that_CST shifts_VVZ each_DD1 type_NN1 j_ZZ1 voter_NN1 '_NULL s_ZZ1 ideal_JJ policy_NN1 by_II the_AT amount_NN1 /2_MF ._. 
</s>
<s>
Note_VV0 that_CST β_NULL coefficients_NN2 in_II PCCEKMS_NP1 and_CC IPCKMS_NP1 are_VBR slightly_RR different_JJ from_II those_DD2 in_II PCCE_NP1 and_CC IPC_NP1 ,_, because_CS we_PPIS2 lose_VV0 an_AT1 initial_JJ observation_NN1 when_CS estimating_VVG the_AT cluster_NN1 effect_NN1 in_II equation10_FO due_II21 to_II22 the_AT use_NN1 of_IO uit_NN1 1_MC1 ._. 
</s>
<s>
International_JJ capital_NN1 flows_NN2 resurged_VVD again_RT until_CS the_AT late_JJ 2000s_MC2 Global_JJ Financial_JJ Crisis_NN1 (_( GFC_NP1 )_) ._. 
</s>
<s>
Although_CS these_DD2 parameter_NN1 estimates_NN2 are_VBR of_IO the_AT same_DA sign_NN1 and_CC magnitude_NN1 as_CSA those_DD2 in_II Table_NN1 3_MC ,_, this_DD1 result_NN1 is_VBZ different_JJ because_CS it_PPH1 identifies_VVZ the_AT impact_NN1 on_II firms_NN2 that_CST were_VBDR not_XX directly_RR hit_VVN by_II the_AT foreign_JJ tariff_NN1 change_NN1 ._. 
</s>
<s>
On_II the_AT other_JJ hand_NN1 the_AT amount_NN1 of_IO capital_NN1 sunk_VVN in_II markets_NN2 could_VM be_VBI overstated_VVN by_II the_AT inclusion_NN1 of_IO land_NN1 purchased_VVN for_IF general_JJ improvements_NN2 including_II markets_NN2 ,_, and_CC by_II putting_VVG a_AT1 current_JJ value_NN1 on_II land_NN1 purchased_VVN for_IF market_NN1 purposes_NN2 in_II the_AT distant_JJ past_NN1 ._. 
</s>
<s>
At_II the_AT same_DA time_NNT1 ,_, such_DA a_AT1 response_NN1 is_VBZ expected_VVN to_TO boost_VVI union-wide_JJ inflation_NN1 (_( rather_II21 than_II22 an_AT1 individual_JJ country_NN1 '_NULL s_ZZ1 terms_NN2 of_IO trade_NN1 )_) ._. 
</s>
<s>
In_II Section_NN1 4_MC ,_, we_PPIS2 present_VV0 our_APPGE data_NN ,_, and_CC in_II Section_NN1 5_MC ,_, we_PPIS2 discuss_VV0 the_AT estimation_NN1 results_NN2 and_CC counterfactual_JJ analyses_NN2 ._. 
</s>
<s>
Although_CS we_PPIS2 do_VD0 not_XX study_VVI the_AT front-running_JJ behavior_NN1 of_IO short_JJ sellers_NN2 ,_, the_AT improvement_NN1 in_II the_AT return_NN1 predictability_NN1 of_IO the_AT joint_JJ signal_NN1 provides_VVZ confidence_NN1 that_CST short_JJ sellers_NN2 bring_VV0 additional_JJ information_NN1 to_II the_AT market_NN1 that_CST is_VBZ not_XX simply_RR a_AT1 subset_NN1 of_IO the_AT insiders_NN2 '_NULL information_NN1 set_NN1 ._. 
</s>
<s>
Soviet_JJ people_NN also_RR could_VM not_XX move_VVI freely_RR to_II any_DD location_NN1 with_IW better_JJR quality_NN1 of_IO living_VVG because_II21 of_II22 mobility_NN1 restrictions_NN2 imposed_VVN in_II many_DA2 large_JJ cities_NN2 (_( Gang_NN1 and_CC Stuart_NP1 1999_MC )_) ._. 
</s>
<s>
Fixed_JJ cost_NN1 heterogeneity_NN1 is_VBZ therefore_RR conceptually_RR important_JJ for_IF this_DD1 framework_NN1 ._. 
</s>
<s>
According_II21 to_II22 Proposition_NN1 1_MC1 ,_, the_AT latter_DA implies_VVZ that_CST the_AT firm_NN1 saves_VVZ less_DAR than_CSN above_RL ._. 
</s>
<s>
N_ZZ1 indicates_VVZ the_AT number_NN1 of_IO weeks_NNT2 in_II which_DDQ the_AT strategy_NN1 was_VBDZ implemented_VVN out_II21 of_II22 409_MC possible_JJ weeks_NNT2 ._. 
</s>
<s>
In_II31 addition_II32 to_II33 the_AT tax_NN1 data_NN ,_, I_PPIS1 have_VH0 also_RR generated_VVN comprehensive_JJ geographic_JJ data_NN concerning_II the_AT spatial_JJ proximity_NN1 of_IO jurisdictions_NN2 ._. 
</s>
<s>
Instead_RR ,_, it_PPH1 measures_VVZ the_AT degree_NN1 of_IO concentration_NN1 of_IO tax_NN1 payments_NN2 within_II each_DD1 municipality_NN1 ._. 
</s>
<s>
To_TO hold_VVI expected_JJ profits_NN2 at_II zero_MC ,_, cd_MC has_VHZ to_TO decrease_VVI so_BCL21 as_BCL22 to_TO lower_VVI the_AT probability_NN1 of_IO being_VBG an_AT1 active_JJ firm_NN1 ._. 
</s>
<s>
The_AT evolution_NN1 of_IO the_AT skill_NN1 shares_NN2 implied_VVN by_II this_DD1 more_RGR precise_JJ data_NN painted_VVN a_AT1 similar_JJ pattern_NN1 as_CSA in_II Fig._NN1 2_MC above_RL :_: the_AT deskilling_NN1 of_IO maritime_JJ labor_NN1 on_RL21 board_RL22 sailing_VVG ships_NN2 from_II the_AT eighteenth_MD to_II the_AT twentieth_MD century_NNT1 ._. 
</s>
<s>
This_DD1 risk_NN1 is_VBZ limited_VVN for_IF four_MC reasons_NN2 ._. 
</s>
<s>
Note_VV0 that_DD1 equilibrium_NN1 conditional_NN1 choice_NN1 probabilities_NN2 must_VM satisfy_VVI h=_FO (_( θ_NULL ,_, h_ZZ1 )_) ._. 
</s>
<s>
The_AT first_MD row_NN1 shows_VVZ that_CST at_II other_JJ agencies_NN2 ,_, 8.5_MC percent_NNU of_IO non-IT_JJ spending_NN1 occurs_VVZ in_II the_AT last_MD week_NNT1 of_IO the_AT fiscal_JJ year_NNT1 ;_; for_IF IT_NN1 projects_NN2 ,_, 12.0_MC percent_NNU of_IO spending_NN1 occurs_VVZ in_II the_AT last_MD week_NNT1 of_IO the_AT year_NNT1 ._. 
</s>
<s>
The_AT disadvantage_NN1 could_VM be_VBI mitigated_VVN through_II a_AT1 setup_NN1 of_IO multilateral_JJ negotiation_NN1 ,_, where_CS group_NN1 pressures_NN2 from_II other_JJ participants_NN2 might_VM push_VVI the_AT US_NP1 to_TO concede_VVI ._. 
</s>
<s>
Other_JJ factors_NN2 that_CST might_VM play_VVI a_AT1 role_NN1 include_VV0 the_AT weak_JJ demand_NN1 from_II the_AT United_NP1 States_NP1 (_( our_APPGE largest_JJT trading_NN1 partner_NN1 )_) ,_, increased_JJ competition_NN1 from_II emerging_JJ economies_NN2 (_( e.g._REX ,_, China_NP1 )_) ,_, and_CC the_AT shifting_NN1 of_IO production_NN1 activities_NN2 by_II multinationals_NN2 to_II overseas_RL ._. 
</s>
<s>
There_EX are_VBR a_AT1 few_DA2 notable_JJ features_NN2 of_IO this_DD1 mechanism_NN1 ._. 
</s>
<s>
First_MD we_PPIS2 explore_VV0 the_AT case_NN1 where_CS the_AT low-productivity_JJ types_NN2 all_DB have_VH0 a_AT1 low_JJ discount_NN1 factor_NN1 ,_, δL_FO ,_, and_CC are_VBR indexed_VVN as_CSA type_NN1 1_MC1 ._. 
</s>
<s>
Much_DA1 of_IO what_DDQ happened_VVD in_II China_NP1 was_VBDZ influenced_VVN by_II Japan_NP1 ,_, which_DDQ had_VHD also_RR experienced_VVN the_AT exertion_NN1 by_II Western_JJ powers_NN2 of_IO overwhelming_JJ force_NN1 when_CS American_JJ warships_NN2 appeared_VVD in_II the_AT middle_NN1 of_IO the_AT 19th_MD century_NNT1 and_CC forced_VVD the_AT country_NN1 out_II21 of_II22 a_AT1 long_JJ period_NN1 of_IO isolation_NN1 ._. 
</s>
<s>
These_DD2 subcases_NN2 exhaust_VV0 the_AT possible_JJ reasons_NN2 why_RRQ a_AT1 downside_NN1 risk-averse_JJ decisionmaker_NN1 would_VM choose_VVI to_TO self-protect_VVI when_RRQ that_DD1 act_NN1 increases_VVZ downside_NN1 risk_NN1 ._. 
</s>
<s>
In_II many_DA2 practical_JJ applications_NN2 ,_, we_PPIS2 will_VM be_VBI interested_JJ in_II the_AT variance_NN1 periods_NN2 ahead_RL conditional_JJ on_II the_AT information_NN1 available_JJ at_II time_NNT1 :_: #E_FO ._. 
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<s>
Second_MD ,_, the_AT economic_JJ questions_NN2 that_CST we_PPIS2 confront_VV0 can_VM range_VVI from_II the_AT relatively_RR abstract_JJ such_II21 as_II22 the_AT borders_NN2 that_CST define_VV0 marketsto_NN1 the_AT very_JJ concrete_NN1 ,_, such_II21 as_II22 a_AT1 quantification_NN1 of_IO the_AT actions_NN2 that_CST are_VBR taken_VVN by_II different_JJ types_NN2 of_IO business_NN1 entities_NN2 ._. 
</s>
<s>
The_AT difference_NN1 between_II the_AT central_JJ parity_NN1 and_CC the_AT CNH_NP1 (_( Pt1_FO Ht1_FO )_) ,_, nevertheless_RR ,_, retains_VVZ its_APPGE significance_NN1 (_( i.e._REX the_AT information_NN1 relevant_JJ for_IF the_AT central_JJ parity_NN1 contained_VVN in_II the_AT change_NN1 in_II CNH_NP1 is_VBZ dominated_VVN by_II that_DD1 embedded_VVN in_II the_AT US_NP1 dollar_NNU1 index_NN1 )_) ._. 
</s>
<s>
The_AT equilibrium_NN1 of_IO the_AT non-tradable_JJ good_JJ market_NN1 is_VBZ achieved_VVN within_II the_AT local_JJ economy_NN1 :_: #E_FO (_( 19_MC )_) ._. 
</s>
<s>
Finally_RR ,_, some_DD of_IO our_APPGE results_NN2 point_VV0 to_II positive_JJ average_JJ effects_NN2 of_IO Job_NN1 Corps_NN on_II the_AT labor_NN1 market_NN1 outcomes_NN2 of_IO those_DD2 individuals_NN2 who_PNQS decide_VV0 not_XX to_TO enroll_VVI in_II Job_NN1 Corps_NN regardless_RR of_IO their_APPGE treatment_NN1 assignment_NN1 (_( the_AT so-called_JJ never_RR takers_NN2 )_) ,_, suggesting_VVG that_CST these_DD2 individuals_NN2 would_VM benefit_VVI from_II participating_VVG in_II Job_NN1 Corps_NN ._. 
</s>
<s>
The_AT third_MD suggestion_NN1 is_VBZ to_TO extend_VVI our_APPGE empirical_JJ methodology_NN1 and_CC further_RRR explore_VV0 the_AT determinants_NN2 of_IO monetary_JJ policy_NN1 ._. 
</s>
<s>
Like_II FoCAC_NP1 ,_, the_AT Macau_NP1 Forum_NN1 seems_VVZ to_TO remain_VVI very_RG dependent_JJ on_II Chinese_JJ funds_NN2 and_CC agenda_NN1 ._. 
</s>
<s>
The_AT first_MD subsection_NN1 gives_VVZ a_AT1 short_JJ description_NN1 of_IO the_AT New_JJ Cooperative_JJ Medical_JJ Scheme_NN1 (_( NCMS_NP1 )_) ._. 
</s>
<s>
On_II the_AT right_JJ tail_NN1 ,_, instead_RR ,_, the_AT effect_NN1 is_VBZ either_RR not_XX significant_JJ (_( 95th_MD percentile_NN1 )_) or_CC even_RR positive_JJ (_( 99th_MD percentile_NN1 )_) ._. 
</s>
<s>
For_REX21 example_REX22 ,_, a_AT1 consensus_NN1 in_II the_AT literature_NN1 that_CST physical_JJ capital_NN1 accounts_VVZ for_IF a_AT1 small_JJ fraction_NN1 of_IO income_NN1 differences_NN2 has_VHZ led_VVN researchers_NN2 to_TO deemphasize_VVI theories_NN2 that_CST assign_VV0 a_AT1 prominent_JJ role_NN1 to_II variation_NN1 in_II physical_JJ capital_NN1 per_II worker_NN1 ._. 
</s>
<s>
Following_VVG coding_NN1 of_IO each_DD1 transcript_NN1 ,_, the_AT first_MD author_NN1 created_VVD a_AT1 "_" summary_NN1 sheet_NN1 ,_, "_" as_II31 well_II32 as_II33 a_AT1 listing_NN1 of_IO all_DB codes_NN2 and_CC their_APPGE precise_JJ meanings_NN2 ,_, derived_VVN from_II the_AT data_NN and_CC arranged_VVN in_II a_AT1 hierarchy_NN1 to_TO record_VVI their_APPGE relationships_NN2 ._. 
</s>
<s>
As_CSA Cos_CS gel_NN1 ,_, Miceli_NP1 ,_, and_CC Ahmed_NP1 (_( 2009_MC )_) point_VV0 out_RP ,_, times_NNT2 of_IO Muslim_JJ clerical_JJ power_NN1 have_VH0 not_XX been_VBN limited_VVN to_II periods_NN2 characterized_VVN by_II a_AT1 fledgling_JJ state_NN1 ._. 
</s>
<s>
Rossi_NN2 and_CC Sekhposyan_NP1 (_( 2016_MC )_) test_NN1 is_VBZ also_RR employed_VVN to_TO evaluate_VVI the_AT correct_JJ specification_NN1 of_IO predictive_JJ densities.10_FO The_AT test_NN1 results_NN2 are_VBR reported_VVN in_II Table_NN1 3_MC ._. 
</s>
<s>
Nothing_PN1 in_II the_AT evidence_NN1 suggests_VVZ that_CST London_NP1 monthly_JJ meetings_NN2 were_VBDR very_RG active_JJ in_II sanctioning_VVG their_APPGE members_NN2 in_II this_DD1 period_NN1 ,_, nor_CC does_VDZ the_AT evidence_NN1 point_VVI towards_II a_AT1 particular_JJ interest_NN1 in_II debts_NN2 ._. 
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<s>
The_AT increase_NN1 in_II utilization_NN1 of_IO prescription_NN1 drugs_NN2 and_CC outpatient_NN1 visits_NN2 associated_VVN with_IW HRA_NN1 contributions_NN2 documented_VVN by_II Lo_FW Sasso_NP1 ,_, Helmchen_NP1 ,_, and_CC Kaestner_NP1 (_( 2010_MC )_) was_VBDZ concentrated_VVN among_II low_JJ risks_NN2 ._. 
</s>
<s>
Fajgelbaum_FW and_CC Khandelwal_NP1 (_( 2016_MC )_) begin_VV0 to_TO address_VVI this_DD1 question_NN1 by_II examining_VVG how_RRQ consumers_NN2 of_IO differing_JJ incomes_NN2 benefit_VV0 from_II import_NN1 variety_NN1 ._. 
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<s>
In_II his_APPGE account_NN1 of_IO his_APPGE motivation_NN1 to_TO lead_VVI the_AT protest_NN1 ,_, Huang_NP1 noted_VVD several_DA2 times_NNT2 that_CST ,_, "_" All_DB of_IO the_AT workers_NN2 cast_VV0 positive_JJ votes_NN2 on_II me_PPIO1 &lsqb;_( in_II the_AT 2013_MC union_NN1 election_NN1 &rsqb;_) ,_, "_" and_CC ,_, "_" I_PPIS1 can_VM not_XX betray_VVI (_( gufu_NN1 )_) workers_NN2 '_NULL trust_VV0 ._. "_" 
</s>
<s>
First_MD ,_, we_PPIS2 investigate_VV0 whether_CSW there_EX is_VBZ any_DD evidence_NN1 that_CST industries_NN2 with_IW larger_JJR optimal_JJ establishment_NN1 sizes_NN2 were_VBDR de-reserved_VVN earlier_RRR ._. 
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<s>
The_AT coefficient_NN1 on_II traditional_JJ is_VBZ now_RT smaller_JJR than_CSN the_AT coefficient_NN1 on_II modern_JJ ,_, though_CS the_AT two_MC are_VBR statistically_RR indistinguishable_JJ ,_, and_CC both_DB2 are_VBR significantly_RR greater_JJR than_CSN zero_MC (_( indicating_VVG a_AT1 skill_NN1 premium_NN1 for_IF both_DB2 modern_JJ and_CC traditional_JJ education_NN1 of_IO around_RG 40_MC percent_NNU ,_, relative_II21 to_II22 the_AT police_NN2 academies_NN2 )_) ._. 
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<s>
Specifically_RR ,_, bookstores_NN2 are_VBR nowadays_RT mostly_RR distributed_VVN in_II central_JJ urban_JJ areas_NN2 and_CC university_NN1 campuses_NN2 ._. 
</s>
<s>
Increasing_JJ attention_NN1 is_VBZ being_VBG paid_VVN to_II the_AT effects_NN2 of_IO nontraditional_JJ monetary_JJ policies_NN2 of_IO central_JJ banks_NN2 in_II developed_JJ countries_NN2 ._. 
</s>
<s>
First_MD ,_, even_CS21 if_CS22 men_NN2 and_CC women_NN2 do_VD0 differ_VVI on_II average_NN1 ,_, it_PPH1 is_VBZ not_XX possible_JJ at_II this_DD1 point_NN1 to_TO know_VVI the_AT role_NN1 of_IO nature_NN1 versus_II nurture_NN1 ._. 
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<s>
The_AT table_NN1 is_VBZ based_VVN on_II the_AT 2013_MC ACS_NN2 ,_, restricting_VVG the_AT sample_NN1 to_II 25–40-year-olds_NN2 with_IW at_RR21 least_RR22 a_AT1 bachelor_NN1 '_NULL s_ZZ1 degree_NN1 ._. 
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<s>
Our_APPGE analysis_NN1 focuses_VVZ on_II private-label_JJ mortgage-backed_JJ securities_NN2 (_( MBS_NNU2 )_) backed_VVD by_II nonprime_NN1 home_NN1 mortgages_NN2 and_CC collateralized_JJ debt_NN1 obligations_NN2 (_( CDOs_NP2 )_) ._. 
</s>
<s>
When_CS comparing_VVG the_AT two_MC sets_NN2 of_IO results_NN2 ,_, it_PPH1 is_VBZ clear_JJ that_CST the_AT monetary_JJ policy_NN1 regime_NN1 turns_VVZ out_RP to_TO be_VBI much_RR more_RGR important_JJ when_CS disregarding_VVG the_AT possibility_NN1 of_IO regime_NN1 changes_NN2 ,_, especially_RR for_IF inflation_NN1 volatility_NN1 ._. 
</s>
<s>
One_PN1 obtains_VVZ that_CST must_VM exceed_VVI 0.5_MC to_TO generate_VVI this_DD1 pattern_NN1 ,_, a_AT1 value_NN1 that_CST is_VBZ far_RR from_II its_APPGE posterior_JJ distribution_NN1 and_CC the_AT empirical_JJ evidence_NN1 reported_VVN by_II Kaplan_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2014_MC )_) ._. 
</s>
<s>
In_II a_AT1 statement_NN1 to_II the_AT IMF_NP1 in_II 2005_MC ,_, the_AT Governor_NN1 of_IO the_AT Bank_NN1 for_IF China_NP1 stated_VVD that_CST :_: '_NULL the_AT two_MC institutions_NN2 (_( the_AT IMF_NP1 and_CC the_AT World_NN1 Bank_NN1 )_) should_VM reform_VVI their_APPGE own_DA governance_NN1 structure_NN1 ,_, increasing_JJ participation_NN1 of_IO developing_JJ countries_NN2 in_II decision_NN1 making_VVG ._. 
</s>
<s>
A_AT1 positive_JJ shock_NN1 to_II the_AT production_NN1 function_NN1 of_IO national_JJ security_NN1 reduces_VVZ military_JJ spending_NN1 ,_, increasing_JJ security_NN1 and_CC private_JJ consumption_NN1 simultaneously_RR ._. 
</s>
<s>
Because_CS these_DD2 extensions_NN2 do_VD0 not_XX affect_VVI the_AT main_JJ results_NN2 of_IO the_AT model_NN1 ,_, we_PPIS2 postpone_VV0 them_PPHO2 to_II Section_NN1 5_MC ._. 
</s>
<s>
Our_APPGE estimates_NN2 thus_RR support_VV0 the_AT idea_NN1 that_CST market_VV0 power_NN1 varies_VVZ across_II types_NN2 of_IO goods_NN2 and_CC the_AT composition_NN1 of_IO imports_NN2 ._. 
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<s>
We_PPIS2 chose_VVD to_TO report_VVI the_AT data_NN as_CSA fifteen-year_JJ averages_NN2 to_TO display_VVI the_AT patterns_NN2 more_RGR clearly_RR ._. 
</s>
<s>
However_RR ,_, the_AT results_NN2 closely_RR resemble_VV0 those_DD2 that_CST were_VBDR already_RR obtained_VVN with_II31 regard_II32 to_II33 market_NN1 concentration_NN1 with_IW 0_MC entry_NN1 cost_NN1 ,_, so_CS there_EX is_VBZ little_DA1 insight_NN1 to_TO be_VBI gained_VVN ._. 
</s>
<s>
This_DD1 was_VBDZ particularly_RR evident_JJ for_IF the_AT lowand_NN1 high-skilled_JJ :_: the_AT explanatory_JJ power_NN1 of_IO the_AT regression_NN1 model_NN1 (_( R2_FO )_) was_VBDZ modest_JJ without_IW the_AT covariates_NN2 ._. 
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<s>
Considering_CS mortality_NN1 risk_NN1 ,_, we_PPIS2 use_VV0 a_AT1 Gompertz_NN1 mortality_NN1 model_NN1 with_IW constant_JJ parameters_NN2 x_ZZ1 ,_, m_ZZ1 ,_, b_ZZ1 for_IF the_AT healthy_JJ agent_NN1 and_CC increase_VV0 the_AT hazard_NN1 rate_NN1 of_IO death_NN1 by_II a_AT1 constant_JJ term_NN1 k1_FO and_CC an_AT1 age-dependent_JJ term_NN1 k2_FO if_CS the_AT agent_NN1 becomes_VVZ unhealthy_JJ #E_FO ._. 
</s>
<s>
Goldin_NN1 points_VVZ to_II (_( and_CC presents_VVZ empirical_JJ support_NN1 for_IF )_) the_AT importance_NN1 of_IO occupational_JJ characteristics_NN2 that_CST make_VV0 providing_VVG flexibility_NN1 extremely_RR costly_JJ in_II some_DD sectors_NN2 and_CC relatively_RR inexpensive_JJ in_II others_NN2 ._. 
</s>
<s>
This_DD1 suggests_VVZ that_CST the_AT stronger_JJR the_AT appreciation_NN1 pressure_NN1 within_II the_AT region_NN1 ,_, the_AT more_RGR important_JJ monetary_JJ policy-makers_NN2 see_VV0 the_AT need_NN1 for_IF their_APPGE currency_NN1 to_TO comove_VVI with_IW the_AT RMB_NP1 to_TO maintain_VVI relative_JJ competitiveness_NN1 ._. 
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<s>
The_AT simulated_JJ statistics_NN dependon_NN1 the_AT k-vector_NN1 of_IO parameters_NN2 θ_NULL ._. 
</s>
<s>
The_AT left-hand_JJ side_NN1 is_VBZ the_AT average_JJ distortion_NN1 due_II21 to_II22 overborrowing_VVG by_II low_JJ types_NN2 ;_; the_AT right-hand_JJ side_NN1 is_VBZ the_AT average_JJ distortion_NN1 due_II21 to_II22 overborrowing_VVG by_II high_JJ types_NN2 ._. 
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<s>
In_II this_DD1 section_NN1 we_PPIS2 provide_VV0 two_MC empirical_JJ applications_NN2 :_: one_MC1 by_II Berger_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2013_MC )_) on_II the_AT effect_NN1 of_IO the_AT US_NP1 political_JJ influence_NN1 on_II bilateral_JJ trades_NN2 of_IO US_NP1 and_CC foreign_JJ countries_NN2 during_II the_AT Cold_JJ War_NN1 ;_; and_CC a_AT1 second_MD application_NN1 by_II Donohue_NP1 and_CC Levitt_NP1 (_( 2001_MC )_) on_II the_AT determinants_NN2 of_IO crimes_NN2 in_II the_AT USA_NP1 ._. 
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<s>
In_II period_NN1 2_MC ,_, the_AT regulator_NN1 observes_VVZ climate_NN1 state_NN1 s_ZZ1 for_IF period_NN1 2_MC and_CC then_RT decides_VVZ whether_CSW to_TO continue_VVI conservation_NN1 on_II the_AT parcel_NN1 in_II period_NN1 2_MC or_CC allow_VV0 development_NN1 ._. 
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<s>
However_RR ,_, Section_NN1 16(b)_FO of_IO the_AT Securities_NN2 and_CC Exchange_NN1 Act_NN1 of_IO 1934_MC prohibits_VVZ short-swing_JJ profits_NN2 for_IF insiders_NN2 within_II 6_MC months_NNT2 and_CC in_II effect_NN1 makes_VVZ it_PPH1 very_RG difficult_JJ for_IF insiders_NN2 to_TO manipulate_VVI the_AT stock_NN1 prices_NN2 (_( John_NP1 and_CC Narayanan_NP1 (_( 1997_MC )_) )_) ._. 
</s>
<s>
Conversely_RR ,_, the_AT fact_NN1 that_CST the_AT policy_NN1 was_VBDZ implemented_VVN is_VBZ consistent_JJ with_IW the_AT hypothesis_NN1 that_CST public-sector_JJ compensation_NN1 policy_NN1 does_VDZ not_XX reward_VVI productivity_NN1 ;_; this_DD1 may_VM help_VVI explain_VVI why_RRQ management_NN1 quality_NN1 is_VBZ lower_JJR in_II public_JJ organizations_NN2 than_CSN in_RR21 private_RR22 firms_NN2 ,_, which_DDQ are_VBR significantly_RR more_RGR likely_JJ to_TO compensate_VVI service_NN1 providers_NN2 for_IF greater_JJR productivity_NN1 (_( Bloom_NP1 and_CC Van_NP1 ,_, Reenen_NP1 2010_MC ;_; Bau_NN1 and_CC Das_FW 2017_MC )_) ._. 
</s>
<s>
Consequently_RR ,_, the_AT no_NN1 arbitrage_NN1 condition_NN1 requires_VVZ :_: #E_FO ._. 
</s>
<s>
The_AT reaction_NN1 function_NN1 for_IF the_AT foreign_JJ tax_NN1 rate_NN1 is_VBZ straightforward_JJ ._. 
</s>
<s>
Furthermore_RR ,_, we_PPIS2 would_VM like_VVI to_TO thank_VVI the_AT Vereniging_NP1 Trustfonds_NP1 Erasmus_NP1 Universiteit_NP1 Rotterdam_NP1 and_CC the_AT Jones_NP1 Graduate_NN1 School_NN1 of_IO Business_NN1 at_II Rice_NN1 University_NN1 for_IF their_APPGE financial_JJ support_NN1 for_IF this_DD1 international_JJ research_NN1 collaboration_NN1 ._. 
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<s>
Roughly_RR speaking_VVG ,_, when_CS we_PPIS2 focus_VV0 on_II the_AT test_NN1 of_IO R_ZZ1 0_MC C_NP1 ,_, the_AT three_MC center_NN1 economies_NN2 '_NULL financial_JJ variables_NN2 are_VBR relatively_RR equally_RR influential_JJ on_II the_AT EMP_NN1 of_IO developing_JJ countries_NN2 ,_, except_II21 for_II22 the_AT 2007-2009_MCMC and_CC 2010-2012_MCMC periods_NN2 in_II which_DDQ either_RR the_AT U.S._NP1 alone_JJ or_CC both_DB2 the_AT U.S._NP1 and_CC the_AT Euro_JJ area_NN1 are_VBR influential_JJ ,_, reflecting_VVG the_AT GFC_NP1 and_CC the_AT Euro_JJ debt_NN1 crisis_NN1 ._. 
</s>
<s>
In_II column_NN1 1_MC1 ,_, we_PPIS2 report_VV0 the_AT baseline_NN1 estimate_NN1 and_CC in_II column_NN1 2_MC ,_, we_PPIS2 include_VV0 unit_NN1 values_NN2 in_BCL21 order_BCL22 to_TO capture_VVI the_AT effect_NN1 of_IO import_NN1 charges_NN2 varying_VVG with_IW prices_NN2 such_II21 as_II22 insurance_NN1 ._. 
</s>
<s>
For_IF each_DD1 possible_JJ regime_NN1 combination_NN1 ,_, the_AT three_MC panels_NN2 report_VV0 the_AT evolution_NN1 of_IO uncertainty_NN1 at_II different_JJ horizons_NN2 ._. 
</s>
<s>
In_II a_AT1 single_JJ market_NN1 ,_, however_RR ,_, in_II which_DDQ capital_NN1 and_CC persons_NN2 can_VM move_VVI freely_RR ,_, the_AT distinction_NN1 between_II these_DD2 two_MC kinds_NN2 of_IO neutrality_NN1 tends_VVZ to_TO become_VVI blurred_VVN ._. 
</s>
<s>
Yet_RR ,_, their_APPGE legal_JJ knowledge_NN1 does_VDZ not_XX limit_VVI them_PPHO2 to_II legal_JJ channels_NN2 to_TO address_VVI workers_NN2 '_NULL grievances_NN2 (_( Fu_NP1 2017_MC )_) ._. 
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<s>
We_PPIS2 review_VV0 briefly_RR the_AT identification_NN1 of_IO the_AT demand_NN1 model_NN1 in_II the_AT exogenous_JJ case_NN1 ,_, and_CC discuss_VV0 the_AT one_MC1 significant_JJ methodological_JJ innovation_NN1 in_II this_DD1 paper_NN1 :_: showing_VVG identification_NN1 of_IO the_AT quantiles_NN2 of_IO welfare_NN1 effects_NN2 and_CC ,_, in_RR21 particular_RR22 ,_, suggesting_VVG and_CC analyzing_VVG an_AT1 estimator_NN1 that_CST builds_VVZ on_II this_DD1 estimation_NN1 principle_NN1 ._. 
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<s>
All_DB else_RR being_VBG equal_JJ ,_, firms_NN2 facing_VVG greater_JJR financial_JJ constraints_NN2 would_VM also_RR be_VBI expected_VVN to_TO save_VVI more_DAR capital_NN1 out_II21 of_II22 inventory_NN1 reductions_NN2 ._. 
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<s>
Consider_VV0 the_AT same_DA household_NN1 in_II the_AT Michigan_NP1 economy_NN1 as_CSA in_II Section_NN1 V_ZZ1 (_( recall_VV0 that_CST the_AT household_NN1 owns_VVZ a_AT1 house_NN1 worth_II $160K_NNU ,_, has_VHZ a_AT1 72_MC percent_NNU leverage_NN1 mortgage_NN1 ,_, and_CC a_AT1 persistent_JJ income_NN1 realization_NN1 that_CST equates_VVZ to_II an_AT1 average_JJ income_NN1 of_IO $42K_NNU ,_, and_CC $16K_NNU cash_NN1 at_II hand_NN1 )_) ._. 
</s>
<s>
Based_VVN on_II the_AT typology_NN1 of_IO high-_NN1 ,_, mediumand_VV0 low-skilled_JJ maritime_JJ labor_NN1 ,_, we_PPIS2 argue_VV0 that_CST the_AT growth_NN1 of_IO international_JJ trade_NN1 and_CC shipping_NN1 increased_VVD the_AT aggregate_JJ demand_NN1 for_IF seamen_NN2 ,_, while_CS also_RR decreasing_VVG the_AT relative_JJ demand_NN1 for_IF skilled_JJ labor_NN1 ._. 
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<s>
For_REX21 instance_REX22 ,_, the_AT δNB_FO model_NN1 has_VHZ been_VBN defined_VVN by_II a_AT1 time-varying_JJ specification_NN1 for_IF the_AT parameter_NN1 in_II the_AT δNB_FO distribution_NN1 ,_, while_CS the_AT second_MD parameter_NN1 is_VBZ kept_VVN constant_JJ over_II time_NNT1 ._. 
</s>
<s>
The_AT HAR-RV-JLMLS_NP1 model_NN1 includes_VVZ both_RR large_JJ and_CC small_JJ jump_NN1 components_NN2 so_CS we_PPIS2 can_VM investigate_VVI the_AT impacts_NN2 of_IO the_AT two_MC jump_NN1 components_NN2 in_II the_AT HAR-RV_JJ framework_NN1 ._. 
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<s>
For_REX21 example_REX22 ,_, the_AT model_NN1 generates_VVZ an_AT1 annual_JJ log_NN1 risk-free_JJ rate_NN1 of_IO 0.50%_FO vs._II 0.54%_FO in_II the_AT data_NN ,_, and_CC a_AT1 log_NN1 equity_NN1 risk_NN1 premium_NN1 of_IO 5.14%_FO in_II the_AT model_NN1 vs._II 5.48%_FO in_II the_AT data_NN ._. 
</s>
<s>
An_AT1 alternative_JJ definition_NN1 for_IF a_AT1 "_" deep_JJ recession_NN1 "_" is_VBZ to_II condition_NN1 on_II the_AT recessions_NN2 with_IW the_AT lowest_JJT peak_NN1 to_II trough_NN1 decline_NN1 in_II consumption_NN1 that_CST thus_RR includes_VVZ forward_RL looking_VVG data_NN beyond_II the_AT first_MD year_NNT1 of_IO the_AT recession_NN1 ._. 
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<s>
Increasing_JJ income_NN1 makes_VVZ the_AT largest_JJT positive_JJ contribution_NN1 ,_, on_II average_NN1 1.826%_FO per_RA21 annum_RA22 followed_VVD by_II structural_JJ shift_NN1 with_IW about_II 0.057%_FO per_RA21 annum_RA22 as_CSA in_II the_AT end_NN1 of_IO Table_NN1 5_MC (_( panel_NN1 III_MC (_( LR_NP1 (_( III_MC )_) )_) )_) ._. 
</s>
<s>
Such_DA a_AT1 difference_NN1 will_VM matter_VVI if_CSW firms_NN2 must_VM borrow_VVI to_TO meet_VVI current_JJ expenses_NN2 and_CC external_JJ finance_NN1 is_VBZ costly_JJ Stein_NP1 2003_MC ._. 
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<s>
We_PPIS2 consider_VV0 the_AT functional_JJ principal_JJ components_NN2 estimator_NN1 (_( Hall_NN1 and_CC Horowitz_NP1 ,_, 2007_MC )_) ._. 
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<s>
Under_RG well_RR specified_VVN conditions_NN2 ,_, it_PPH1 attenuates_VVZ the_AT proposer_NN1 '_NULL s_ZZ1 advantage_NN1 and_CC predicts_VVZ larger_JJR than_CSN minimum_JJ winning_JJ coalitions_NN2 ._. 
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<s>
In_RR21 particular_RR22 ,_, even_CS21 though_CS22 we_PPIS2 can_VM not_XX separately_RR identify_VVI #E_FO ,_, identifying_VVG the_AT product_NN1 #E_FO is_VBZ sufficient_JJ to_TO characterize_VVI the_AT effect_NN1 of_IO a_AT1 corporate_JJ tax_NN1 cut_VVN on_II profits_NN2 ._. 
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<s>
In_II this_DD1 setting_NN1 ,_, we_PPIS2 first_MD computed_VVD each_DD1 respondent_NN1 '_NULL s_ZZ1 anticipated_JJ monthly_JJ Social_JJ Security_NN1 benefit_NN1 if_CS he_PPHS1 were_VBDR to_TO claim_VVI at_II each_DD1 age_NN1 from_II 62_MC to_II 70_MC ,_, which_DDQ are_VBR ,_, respectively_RR ,_, the_AT earliest_JJT and_CC the_AT latest_JJT claiming_NN1 ages_NN2 under_II the_AT Status_NN121 Quo_NN122 system_NN1 rules_NN2 ._. 
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<s>
This_DD1 evidence_NN1 is_VBZ consistent_JJ with_IW boards_NN2 observing_VVG CEO_NN1 decision_NN1 making_VVG in_II the_AT context_NN1 of_IO contested_JJ auctions_NN2 and_CC severely_RR penalizing_VVG managers_NN2 who_PNQS incorrectly_RR assess_VV0 bid_NN1 values_NN2 ._. 
</s>
<s>
Second_MD ,_, labor_NN1 markets_NN2 are_VBR assumed_VVN to_TO be_VBI perfectly_RR competitive_JJ ,_, so_CS21 that_CS22 workers_NN2 are_VBR paid_VVN their_APPGE marginal_JJ product_NN1 ._. 
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<s>
These_DD2 are_VBR all_DB included_VVN as_CSA control_NN1 variables_NN2 within_II the_AT IV_MC regressions_NN2 that_CST we_PPIS2 report_VV0 later_RRR ._. 
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<s>
In_II the_AT end_NN1 ,_, the_AT rate_NN1 of_IO profit_NN1 matters_NN2 for_IF the_AT trajectory_NN1 of_IO the_AT economy_NN1 ._. 
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<s>
The_AT latter_DA naturally_RR placed_VVN social_JJ neuroscience_NN1 in_II a_AT1 habitat_NN1 that_CST has_VHZ given_VVN rise_NN1 to_II natural_JJ developments_NN2 such_II21 as_II22 neuroeconomics_NN2 or_CC the_AT tighter_JJR integration_NN1 of_IO psychology_NN1 and_CC behavioral_JJ economics_NN1 ._. 
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<s>
British_JJ merchant_NN1 companies_NN2 concentrated_VVD increasingly_RR on_II the_AT palm-oil_JJ trade_NN1 with_IW the_AT Gold_NN1 Coast_NN1 and_CC Southern_JJ Nigeria_NP1 ,_, while_CS French_JJ companies_NN2 invested_VVD increasingly_RR in_II the_AT gum_NN1 and_CC groundnut_NN1 trades_NN2 in_II the_AT Senegambia_NP1 area_NN1 from_II about_RG 1850_MC onwards_RL ._. 
</s>
<s>
H(x)_NP1 is_VBZ smaller_JJR than_CSN F(x)_NN1 in_II the_AT increasing_JJ convex_JJ order_NN1 if_CS and_CC only_RR if_CS R_ZZ1 y_ZZ1 a?_FO F_ZZ1 x_ZZ1 -_- H_ZZ1 x_ZZ1 dx_MC -_- Q_ZZ1 for_IF all_DB y_ZZ1 in_II &lsqb;_( a_AT1 ,_, b_ZZ1 &rsqb;_) where_RRQ Q_ZZ1 =_FO FH_NP1 0_MC ._. 
</s>
<s>
However_RR ,_, the_AT domestic_JJ demand_NN1 in_II Mexico_NP1 is_VBZ far_RG21 from_RG22 negligible_JJ ,_, as_CSA Mexico_NP1 itself_PPX1 has_VHZ a_AT1 large_JJ population_NN1 in_II the_AT background_NN1 and_CC Mexico_NP1 has_VHZ been_VBN a_AT1 host_NN1 of_IO M-FDI_NP1 as_RR21 well_RR22 ._. 
</s>
<s>
For_REX21 instance_REX22 ,_, pricing_VVG models_NN2 for_IF such_DA securities_NN2 need_VV0 to_TO explicitly_RR account_VVI for_IF the_AT time-varying_JJ dependency_NN1 ,_, with_IW the_AT nave_NN1 adoption_NN1 of_IO linear_JJ modelling_NN1 approaches_VVZ possibly_RR misinforming_VVG speculative_JJ trading_NN1 strategies_NN2 ._. 
</s>
<s>
For_IF large_JJ ,_, established_VVD firms_NN2 with_IW a_AT1 presence_NN1 in_II multiple_JJ states_NN2 ,_, an_AT1 additional_JJ important_JJ margin_NN1 of_IO adjustment_NN1 is_VBZ a_AT1 change_NN1 in_II the_AT spatial_JJ distribution_NN1 of_IO employees_NN2 across_II establishments_NN2 in_II different_JJ states_NN2 ._. 
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<s>
The_AT maximization_NN1 problem_NN1 of_IO the_AT incumbent_NN1 has_VHZ an_AT1 unique_JJ maximum_NN1 ._. 
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<s>
For_IF importable_JJ products_NN2 ,_, the_AT NRAs_NP2 are_VBR positive_JJ when_CS government_NN1 policies_NN2 protect_VV0 domestic_JJ producers_NN2 by_II boosting_VVG domestic_JJ prices_NN2 above_II the_AT price_NN1 of_IO competing_JJ imports_NN2 ._. 
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<s>
Military_JJ spending_NN1 volatility_NN1 is_VBZ mainly_RR explained_VVN by_II external_JJ threat_NN1 shocks_NN2 ,_, a_AT1 result_NN1 consistent_JJ with_IW the_AT empirical_JJ evidence_NN1 ,_, although_CS the_AT military_JJ spending_NN1 volatility_NN1 generated_VVN by_II the_AT model_NN1 is_VBZ much_RR lower_JJR than_CSN the_AT one_PN1 observed_VVD in_II the_AT data_NN ,_, which_DDQ implies_VVZ that_CST other_JJ factors_NN2 ,_, not_XX included_VVN in_II the_AT model_NN1 ,_, can_VM also_RR explain_VVI the_AT dynamic_NN1 of_IO military_JJ spending_NN1 ._. 
</s>
<s>
Constrained_VVN by_II limited_JJ resources_NN2 ,_, the_AT delicate_JJ hedge_NN1 starts_VVZ from_II building_VVG minimum_JJ deterrence_NN1 or_CC a_AT1 moderate_JJ denial_NN1 capability_NN1 ._. 
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<s>
Such_DA knowledge_NN1 exchanges_NN2 were_VBDR difficult_JJ to_TO grasp_VVI for_IF outsiders_NN2 ._. 
</s>
<s>
Apart_II21 from_II22 forced_JJ loans_NN2 in_II the_AT late_JJ Middle_JJ Ages_NN2 ,_, securities_NN2 issued_VVN in_II the_AT early_JJ modern_JJ Spanish_JJ territories_NN2 (_( Milan_NP1 ,_, Naples_NP1 ,_, and_CC Sicily_NP1 )_) were_VBDR particularly_RR risky_JJ (_( Chilosi_NP1 2014_MC ,_, pp_NN1 ._. 
</s>
<s>
The_AT appropriate_JJ analytical_JJ approach_NN1 to_II identifying_VVG a_AT1 geographic_JJ market_NN1 for_IF hospital_NN1 services_NN2 tends_VVZ to_TO be_VBI more_RGR controversial_JJ and_CC has_VHZ been_VBN discussed_VVN for_IF many_DA2 years_NNT2 ._. 
</s>
<s>
This_DD1 step_NN1 eliminates_VVZ one-off_JJ exporters_NN2 and_CC leaves_VVZ us_PPIO2 with_IW 26.8_MC million_NNO observations_NN2 ._. 
</s>
<s>
The_AT holdings_NN2 of_IO voting_NN1 stock_NN1 of_IO owner_NN1 k_ZZ1 in_II firm_NN1 j_ZZ1 ,_, represented_VVN by_II 0_MC ≤_FO kj_NNU ≤_FO 1_MC1 with_IW k∈_FO kj_NNU =_FO 1_MC1 ,_, capture_VV0 her_APPGE voting_NN1 rights_NN2 in_II the_AT firm_NN1 ,_, which_DDQ may_VM not_XX necessarily_RR coincide_VVI with_IW her_APPGE corporate_JJ control_NN1 rights_NN2 in_II the_AT firm_NN1 and_CC refer_VV0 to_II the_AT rights_NN2 of_IO owner_NN1 k_ZZ1 to_TO influence_VVI the_AT decisions_NN2 of_IO firm_NN1 j_ZZ1 ._. 
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<s>
A_AT1 comparison_NN1 of_IO New_NP1 Mexico_NP1 and_CC Arizona_NP1 illustrates_VVZ the_AT importance_NN1 of_IO apportionment_NN1 considerations_NN2 ._. 
</s>
<s>
We_PPIS2 calculated_VVD betweenness_NN1 centrality_NN1 at_II Time_NNT1 1_MC1 by_II providing_VVG participants_NN2 with_IW a_AT1 roster_NN1 of_IO all_DB members_NN2 and_CC asking_VVG them_PPHO2 to_TO respond_VVI to_II the_AT question_NN1 "_" Do_VD0 you_PPY give_VVI work-related_JJ advice_NN1 to_II this_DD1 team_NN1 member_NN1 "_" for_IF each_DD1 member_NN1 ,_, using_VVG a_AT1 5-point_JJ Likert_NP1 scale_NN1 ranging_VVG from_II 1_MC1 (_( never_RR )_) to_II 5_MC (_( frequently_RR )_) ._. 
</s>
<s>
This_DD1 article_NN1 analyzes_VVZ the_AT economic_JJ growth_NN1 in_II Brazil_NP1 in_II 1950–2008_MCMC ._. 
</s>
<s>
Table_NN1 5_MC reports_VVZ results_NN2 of_IO the_AT second-stage_JJ regressions_NN2 explaining_VVG cash_NN1 ._. 
</s>
<s>
To_TO put_VVI it_PPH1 another_DD1 way_NN1 ,_, a_AT1 1%_NNU decrease_NN1 in_II fish_NN production_NN1 increases_VVZ piracy_NN1 attacks_NN2 by_II 21%.24_FO Figure_NN1 3_MC shows_VVZ the_AT marginal_JJ effect_NN1 of_IO fish_NN production_NN1 on_II unsophisticated_JJ attacks_NN2 with_IW a_AT1 confidence_NN1 interval_NN1 of_IO 90%.25_FO Clearly_RR ,_, the_AT marginal_JJ effect_NN1 declines_VVZ according_II21 to_II22 an_AT1 increase_NN1 in_II fish_NN production_NN1 ,_, which_DDQ supports_VVZ the_AT mechanism_NN1 of_IO the_AT first_MD hypothesis_NN1 ._. 
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<s>
The_AT household_NN1 '_NULL s_ZZ1 marginal_JJ utility_NN1 of_IO income_NN1 is_VBZ denoted_VVN by_II h_ZZ1 ._. 
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<s>
This_DD1 long_JJ memorandum_NN1 offers_VVZ an_AT1 insight_NN1 into_II the_AT minds_NN2 of_IO policy_NN1 makers_NN2 ._. 
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<s>
This_DD1 increase_NN1 in_II family_NN1 income_NN1 is_VBZ accompanied_VVN by_II significant_JJ increases_NN2 in_II maternal_JJ labor_NN1 supply_NN1 (_( women_NN2 are_VBR 4.6_MC percentage_NN1 points_NN2 more_RGR likely_JJ to_TO be_VBI working_VVG )_) and_CC minor_JJ reductions_NN2 in_II time_NNT1 spent_VVN with_IW children_NN2 (_( 11_MC minutes_NNT2 per_II day_NNT1 ,_, although_CS not_XX statistically_RR significant_JJ )_) ._. 
</s>
<s>
We_PPIS2 now_RT turn_VV0 to_II the_AT formal_JJ proof_NN1 ._. 
</s>
<s>
Finally_RR ,_, model_NN1 4_MC tests_VVZ the_AT impact_NN1 of_IO the_AT competing_JJ variable_NN1 ,_, fish_NN value_NN1 ,_, in_II the_AT first_MD hypothesis_NN1 ._. 
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<s>
This_DD1 change_NN1 is_VBZ due_II21 to_II22 an_AT1 increase_NN1 in_II the_AT number_NN1 of_IO students_NN2 in_II public_JJ schools_NN2 ._. 
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<s>
In_RR21 addition_RR22 ,_, Markussen_NP1 et_RA21 al_RA22 ._. 
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<s>
(_( 2011_MC )_) find_VV0 that_CST depending_II21 on_II22 family_NN1 situation_NN1 and_CC type_NN1 of_IO sickness_NN1 ,_, females_NN2 '_NULL entry_NN1 rates_NN2 into_II certified_JJ sickness_NN1 absence_NN1 spells_NN2 are_VBR between_II 33_MC and_CC 75_MC percent_NNU higher_JJR than_CSN those_DD2 of_IO similar_JJ males_NN2 ._. 
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<s>
Note_VV0 that_CST θ_NULL Kcc_NP1 captures_VVZ the_AT effectiveness_NN1 with_IW which_DDQ country_NN1 c_ZZ1 converts_VVZ its_APPGE own_DA research_NN1 experience_NN1 into_II usable_JJ knowledge_NN1 ;_; this_DD1 parameter_NN1 is_VBZ the_AT same_DA as_CSA what_DDQ we_PPIS2 denoted_VVD by_II θ_NULL K_ZZ1 in_II Section_NN1 2.3_MC above_RL ._. 
</s>
<s>
We_PPIS2 showed_VVD how_RRQ the_AT estimation_NN1 ,_, premium_NN1 updating_VVG ,_, as_II31 well_II32 as_II33 nonlinear_JJ risk_NN1 forecasting_VVG are_VBR greatly_RR simplified_VVN within_II the_AT same_DA framework_NN1 ._. 
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<s>
Since_CS only_RR an_AT1 affirmative_JJ investment_NN1 decision_NN1 will_VM entail_VVI cash_NN1 flows_NN2 and_CC lead_VVI to_II an_AT1 uncertain_JJ capital_NN1 position_NN1 ,_, all_DB unnecessary_JJ decision_NN1 paths_NN2 associated_VVN with_IW a_AT1 negative_JJ decision_NN1 can_VM be_VBI eliminated_VVN to_TO conserve_VVI dimensionality_NN1 ._. 
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<s>
Based_VVN on_II the_AT results_NN2 of_IO the_AT cointegration_NN1 tests_NN2 ,_, FMOLS_VVZ estimation_NN1 and_CC DOLS_VVZ estimation_NN1 (_( Kao_NP1 and_CC Chiang_NP1 2000_MC )_) are_VBR implemented_VVN to_TO extend_VVI the_AT panel_NN1 cointegrated_VVD regression.4_FO Table_NN1 V_ZZ1 reports_VVZ the_AT results_NN2 of_IO the_AT FMOLS_NP2 estimation_NN1 ._. 
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<s>
Applying_VVG effective_JJ control_NN1 over_II all_DB the_AT cross-Strait_JJ contacts_NN2 to_TO ensure_VVI that_CST China_NP1 '_NULL s_ZZ1 representatives_NN2 portray_VV0 a_AT1 positive_JJ image_NN1 of_IO China_NP1 ,_, however_RR ,_, is_VBZ very_RG difficult_JJ ._. 
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<s>
This_DD1 paper_NN1 extends_VVZ the_AT relevant_JJ literature_NN1 in_II two_MC ways_NN2 ._. 
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<s>
Our_APPGE results_NN2 suggest_VV0 that_CST differences_NN2 in_II the_AT extent_NN1 of_IO access_NN1 to_II broadband_JJ services_NN2 generated_VVN through_II telecoms_NN infrastructure_NN1 affected_VVN the_AT use_NN1 of_IO broadband_NN1 by_II UK_NP1 firms_NN2 and_CC significantly_RR increased_VVD their_APPGE likelihood_NN1 of_IO exporting_VVG business_NN1 services_NN2 ._. 
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<s>
Column_NN1 (_( 2_MC )_) shows_VVZ our_APPGE RD_NN1 estimates_VVZ when_RRQ we_PPIS2 add_VV0 the_AT regression-based_JJ measure_NN1 of_IO predicted_JJ prepayments_NN2 as_II an_AT1 additional_JJ control_NN1 ._. 
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<s>
In_II an_AT1 IS_VBZ regime_NN1 ,_, the_AT equilibrium_NN1 strength_NN1 of_IO advertising_NN1 is_VBZ determined_VVN by_II equation_NN1 (_( 16_MC )_) ,_, with_IW t_ZZ1 5_MC 0_MC in_II the_AT absence_NN1 of_IO taxation_NN1 ._. 
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Recent_JJ accounts_NN2 stress_VV0 the_AT ability_NN1 of_IO the_AT medieval_JJ English_JJ monarchs_NN2 to_TO utilize_VVI Parliament_NN1 in_BCL21 order_BCL22 to_TO administer_VVI their_APPGE realm_NN1 ._. 
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<s>
DEREG_NP1 takes_VVZ a_AT1 1_MC1 for_IF the_AT electric_JJ power_NN1 industry_NN1 only_RR for_IF the_AT period_NN1 1992–1998_MCMC ._. 
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<s>
The_AT profit_NN1 rate_NN1 has_VHZ improved_VVN but_CCB is_VBZ only_RR growing_VVG at_II 1_MC1 percent_NNU per_II year_NNT1 ._. 
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<s>
We_PPIS2 do_VD0 not_XX explore_VVI each_DD1 informational_JJ assumption_NN1 under_II general_JJ specifications_NN2 of_IO preferences_NN2 ,_, but_CCB we_PPIS2 survey_VV0 the_AT most_RGT relevant_JJ specifications_NN2 from_II the_AT point_NN1 of_IO view_NN1 of_IO existing_JJ work_NN1 on_II the_AT topic_NN1 ._. 
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<s>
While_CS this_DD1 led_VVD to_II a_AT1 regular_JJ movement_NN1 of_IO business_NN1 representatives_NN2 between_II the_AT two_MC locations_NN2 ,_, presence_NN1 in_II the_AT other_JJ cluster_NN1 gradually_RR became_VVD permanent_JJ ._. 
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<s>
Column_NN1 (_( 4_MC )_) presents_VVZ the_AT results_NN2 from_II a_AT1 tobit_NN1 model_NN1 ,_, whereas_CS column_NN1 (_( 5_MC )_) presents_VVZ the_AT results_NN2 from_II a_AT1 Cox_NP1 proportional_JJ hazard_NN1 model_NN1 ._. 
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The_AT evidence_NN1 in_II Section_NN1 4_MC suggests_VVZ that_CST changes_VVZ to_TO import_VVI tariffs_NN2 may_VM also_RR be_VBI partly_RR offset_VVN through_II export-side_JJ policies_NN2 ,_, implying_VVG that_DD1 multilateral_JJ trade_NN1 agreements_NN2 may_VM have_VHI been_VBN even_RR less_RGR effective_JJ at_II restraining_VVG trade_NN1 policy_NN1 than_CSN previously_RR understood_VVN ._. 
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Policymakers_NN2 around_II the_AT globe_NN1 have_VH0 become_VVN interested_JJ in_II promoting_VVG entrepreneurship_NN1 as_II a_AT1 means_NN of_IO creating_VVG jobs_NN2 and_CC stimulating_JJ economic_JJ growth_NN1 ._. 
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<s>
Assumptions_NN2 on_II the_AT economic_JJ fundamentals_NN2 which_DDQ guarantee_VV0 that_CST these_DD2 conditions_NN2 hold_VV0 are_VBR provided_VVN in_II Section_NN1 3.3_MC ._. 
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<s>
Ultimately_RR ,_, we_PPIS2 find_VV0 that_CST this_DD1 model_NN1 implies_VVZ an_AT1 even_RR more_RGR important_JJ role_NN1 for_IF GSE_NN1 policy_NN1 in_II shaping_JJ household_NN1 welfare_NN1 than_CSN suggested_VVN by_II the_AT $14.5_NNU billion_NNO of_IO direct_JJ effects_NN2 at_II origination_NN1 ._. 
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Heterogeneous_JJ responses_NN2 could_VM be_VBI accounted_VVN for_IF by_II Seemingly_RR Unrelated_JJ Regression_NN1 ,_, but_CCB this_DD1 framework_NN1 is_VBZ not_XX feasible_JJ when_CS the_AT number_NN1 of_IO cross-section_NN1 units_NN2 exceeds_VVZ 10_MC ._. 
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<s>
The_AT results_NN2 of_IO this_DD1 empirical_JJ exercise_NN1 have_VH0 been_VBN inconclusive_JJ :_: Davoodi_NP1 and_CC Zou_NP1 (_( 1998_MC )_) found_VVD a_AT1 negative_JJ relationship_NN1 between_II fiscal_JJ decentralization_NN1 and_CC economic_JJ growth_NN1 ;_; Woller_NP1 and_CC Phillips_NP1 (_( 1998_MC )_) ,_, Xie_NP1 et_RA21 al_RA22 ._. 
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(_( 1999_MC )_) ,_, Thornton_NP1 (_( 2007_MC )_) ,_, and_CC Baskaran_NP1 and_CC Feld_NP1 (_( 2009_MC )_) did_VDD not_XX find_VVI any_DD clear_JJ relationship_NN1 ;_; and_CC Yilmaz_NP1 (_( 1999_MC )_) ,_, Thie?en_NP1 (_( 2003_MC )_) and_CC Iimi_NP1 (_( 2005_MC )_) found_VVD a_AT1 positive_JJ relationship_NN1 between_II fiscal_JJ decentralization_NN1 and_CC growth_NN1 ._. 
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The_AT results_NN2 are_VBR reported_VVN in_II Table_NN1 II_MC (_( Panel_NN1 C_ZZ1 )_) ._. 
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<s>
This_DD1 graph_NN1 makes_VVZ clear_JJ that_CST there_EX were_VBDR large_JJ deviations_NN2 of_IO interest_NN1 rates_NN2 from_II those_DD2 prescribed_VVN by_II the_AT Taylor_NP1 rule_NN1 briefly_RR at_II the_AT start_NN1 of_IO the_AT sample_NN1 in_II 1914into_FO the_AT early_JJ 1920s_MC2 and_CC in_II a_AT1 sustained_JJ way_NN1 during_II most_DAT of_IO the_AT 1930s_MC2 and1940s_FO ._. 
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<s>
As_CSA in_II the_AT previous_JJ analysis_NN1 ,_, I_PPIS1 measure_VV0 a_AT1 firm_JJ '_NULL s_ZZ1 R_ZZ1 &D;_NULL intensity_NN1 (_( RDShare_NP1 )_) using_VVG threedigit_NN1 SIC_RR industry_NN1 differences_NN2 in_II the_AT importance_NN1 of_IO R_ZZ1 &D;_NULL in_II the_AT composition_NN1 of_IO investment_NN1 ._. 
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<s>
But_CCB we_PPIS2 must_VM work_VVI to_TO achieve_VVI our_APPGE rights_NN2 "_" (_( Field_NP1 notes_VVZ :_: Guangzhou_NP1 ,_, May_NPM1 29_MC ,_, 2013_MC )_) ._. 
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<s>
There_EX are_VBR three_MC potential_JJ equilibria_NN2 in_II this_DD1 case_NN1 ,_, which_DDQ we_PPIS2 have_VH0 marked_VVN as_CSA E1_FO ,_, E2_FO ,_, and_CC E3_FO ._. 
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<s>
The_AT question_NN1 remains_VVZ ,_, however_RR ,_, whether_CSW it_PPH1 is_VBZ a_AT1 relevant_JJ instrument_NN1 ._. 
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<s>
This_DD1 implies_VVZ that_DD1 quality_NN1 affects_VVZ demand_NN1 x_ZZ1 only_RR through_II the_AT quality-adjusted_JJ price_NN1 p_ZZ1 q_ZZ1 ._. 
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<s>
Baldwin_NP1 and_CC Harrigan_NP1 2011_MC call_VV0 this_DD1 assumption_NN1 "_" box-size_JJ quality_NN1 "_" :_: the_AT consumer_NN1 '_NULL s_ZZ1 willingness_NN1 to_TO pay_VVI for_IF a_AT1 single_JJ box_NN1 of_IO a_AT1 good_JJ with_IW quality_NN1 level_NN1 q_ZZ1 is_VBZ the_AT same_DA as_CSA their_APPGE willingness_NN1 to_TO pay_VVI for_IF q_ZZ1 boxes_NN2 of_IO the_AT same_DA good_JJ with_IW unit_NN1 quality_NN1 ._. 
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<s>
Second_MD ,_, Unnao_NP1 city_NN1 contains_VVZ its_APPGE own_DA cluster_NN1 of_IO tanneries_NN2 ,_, so_RR inclusion_NN1 of_IO this_DD1 district_NN1 in_II the_AT treatment_NN1 group_NN1 yields_VVZ impacts_NN2 that_CST are_VBR net_JJ of_IO any_DD tanning_JJ output_NN1 "_" leakage_NN1 "_" ._. 
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Therefore_RR ,_, by_II choosing_VVG the_AT output_NN1 quantity_NN1 yf_NN1 ,_, tJthat_NN1 satisfies_VVZ the_AT demand_NN1 xf_NNU ,_, tJ_NNU (_( i.e._REX ,_, xf_NNU ,_, tJ=yf_FO ,_, tJ_NNU )_) ,_, each_DD1 firm_NN1 f_ZZ1 also_RR effectively_RR sets_VVZ the_AT price_NN1 for_IF its_APPGE product_NN1 ,_, pf_NNU ,_, tJ_NNU ._. 
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<s>
Hence_RR ,_, in_II the_AT second_MD period_NN1 ,_, a_AT1 higher_JJR increase_NN1 in_II the_AT spread_NN1 was_VBDZ necessary_JJ to_TO cause_VVI the_AT same_DA amount_NN1 of_IO BdF_NP1 loans_NN2 to_II the_AT domestic_JJ economy_NN1 ._. 
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<s>
The_AT sector-specific_JJ differences_NN2 attest_VV0 to_II the_AT role_NN1 of_IO the_AT guilds_NN2 '_NULL particular_JJ needs_NN2 and_CC concerns_VVZ in_II shaping_VVG the_AT features_NN2 of_IO gedik_NN1 markets_NN2 ._. 
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<s>
Motor_NN1 task_NN1 complexity_NN1 is_VBZ measured_VVN by_II one_MC1 worker_NN1 function_NN1 variable_NN1 for_IF things_NN2 and_CC seven_MC aptitude_NN1 variables_NN2 for_IF motor_NN1 coordination_NN1 ,_, manual_JJ dexterity_NN1 ,_, finger_NN1 dexterity_NN1 ,_, eye-hand-foot_JJ coordination_NN1 ,_, spatial_JJ ,_, form_VV0 perception_NN1 ,_, and_CC color_NN1 discrimination_NN1 ._. 
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Given_VVN this_DD1 known_JJ change_NN1 in_II the_AT CPI_NNU basket_NN1 ,_, it_PPH1 is_VBZ prudent_JJ to_TO use_VVI the_AT GDP_NN1 deflator_NN1 measure_NN1 of_IO inflation_NN1 ._. 
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<s>
Second_MD ,_, in_II contrast_NN1 to_II the_AT workplace_NN1 representatives_NN2 at_II Guangzhou_NP1 ,_, key_JJ workplace_NN1 leaders_NN2 at_II Changde_NP1 occupied_VVD managerial_JJ positions_NN2 ,_, which_DDQ facilitated_VVD protest_NN1 mobilization_NN1 and_CC workers_NN2 '_NULL access_VV0 to_II firm_JJ information_NN1 ._. 
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<s>
Using_VVG HAR_NP1 models_NN2 with_IW decomposed_JJ jumps_NN2 to_TO forecast_VVI oil_NN1 futures_NN2 volatility_NN1 ,_, one_PN1 can_VM obtain_VVI accurate_JJ results_NN2 regarding_II market_NN1 risk_NN1 ._. 
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<s>
However_RR ,_, note_VV0 that_CST our_APPGE estimated_JJ bounds_NN2 are_VBR for_IF the_AT average_JJ effect_NN1 of_IO actually_RR enrolling_VVG in_II Job_NN1 Corps_NN (_( as_II31 opposed_II32 to_II33 the_AT effect_NN1 of_IO being_VBG allowed_VVN to_TO enroll_VVI in_II Job_NN1 Corps_NN |_NULL the_AT IT_NN1 T_ZZ1 )_) for_IF all_DB eligible_JJ applicants_NN2 (_( as_II31 opposed_II32 to_II33 being_VBG only_RR for_IF compliers_NN2 |_NULL the_AT LATEc_NP1 )_) ._. 
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Consequently_RR ,_, due_II21 to_II22 the_AT compactness_NN1 of_IO ._. 
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<s>
Consistent_JJ with_IW our_APPGE hypothesis_NN1 ,_, we_PPIS2 find_VV0 that_CST a_AT1 larger_JJR stock_NN1 of_IO emancipated_JJ peasants_NN2 is_VBZ related_VVN to_II greater_JJR changes_NN2 in_II enrollment_NN1 rates_NN2 ._. 
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<s>
We_PPIS2 demonstrate_VV0 that_CST our_APPGE results_NN2 are_VBR robust_JJ to_II concerns_NN2 discussed_VVN in_II the_AT previous_JJ literature_NN1 including_II the_AT use_NN1 of_IO alternative_JJ matching_JJ methodologies_NN2 ,_, the_AT use_NN1 of_IO imputed_JJ lagged_JJ values_NN2 to_TO avoid_VVI division_NN1 bias_NN1 (_( Borjas_NP2 ,_, 1980_MC )_) ,_, and_CC comparisons_NN2 to_II areas_NN2 bordering_VVG the_AT Empowerment_NN1 Zones_NN2 ._. 
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See_VV0 Hansen_NP1 and_CC Scheinkman_NP1 (_( 2012_MC ,_, 2017_MC )_) ,_, Backus_NP1 ,_, Chernov_NP1 ,_, and_CC Zin_NP1 (_( 2014_MC )_) ,_, Borovicka_NP1 ,_, Hansen_NP1 ,_, and_CC Scheinkman_NP1 (_( 2016_MC )_) ,_, and_CC Qin_NP1 and_CC Linetsky_NP1 (_( 2016_MC ,_, 2017_MC )_) for_IF related_JJ theoretical_JJ developments_NN2 ._. 
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<s>
Online_JJ Appendix_NN1 Table_NN1 A.II_NP1 documents_VVZ robustness_NN1 to_II these_DD2 and_CC other_JJ changes_NN2 to_II our_APPGE estimating_VVG equation_NN1 ._. 
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<s>
This_DD1 highlights_VVZ that_CST the_AT WN_NP1 test_NN1 statistic_NN1 is_VBZ a_AT1 much_RR stricter_JJR test_NN1 than_CSN imposed_VVN by_II matching_JJ moments_NN2 individually_RR ._. 
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<s>
A_AT1 number_NN1 of_IO countries_NN2 ,_, such_II21 as_II22 Australia_NP1 ,_, have_VH0 introduced_VVN distributional_JJ statistics_NN in_II their_APPGE national_JJ accounts_NN2 (_( Australian_JJ Bureau_NN1 of_IO Statistics_NN 2015_MC )_) while_CS others_NN2 are_VBR in_II the_AT process_NN1 of_IO doing_VDG so_RR ._. 
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As_II a_AT1 last_MD step_NN1 ,_, we_PPIS2 drop_VV0 firm-years_NNT2 in_II which_DDQ the_AT PER_II status_NN1 changes_NN2 and_CC years_NNT2 with_IW zero_MC or_CC negative_JJ equity_NN1 ._. 
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<s>
A_AT1 more_RGR open_JJ environment_NN1 facilitates_VVZ knowledge_NN1 transfer_NN1 and_CC promotes_VVZ technological_JJ progress_NN1 ,_, i.e._REX ,_, via_II imported_JJ machinery_NN1 embedded_VVN with_IW advanced_JJ technology_NN1 ._. 
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This_DD1 may_VM coincide_VVI with_IW greater_JJR emphasis_NN1 on_II finding_VVG renewable_JJ sources_NN2 of_IO energy_NN1 and_CC the_AT concern_NN1 about_II increasing_VVG CO2_FO emissions_NN2 and_CC their_APPGE devastating_JJ effect_NN1 on_II the_AT environment_NN1 ._. 
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<s>
There_EX are_VBR fewer_DAR surviving_JJ data_NN from_II the_AT Empire_NN1 thereafter_RT ._. 
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Their_APPGE statistic_NN1 is_VBZ given_VVN by_II where_CS with_IW ._. 
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<s>
On_II the_AT other_JJ hand_NN1 ,_, Malueg_NP1 (_( 1989_MC )_) found_VVD that_CST incentives_NN2 to_TO perform_VVI R_ZZ1 &D;_NULL under_II permit_NN1 trading_NN1 disappear_VV0 when_RRQ competition_NN1 pushes_VVZ the_AT price_NN1 of_IO permits_NN2 so_RG low_JJ that_CST it_PPH1 becomes_VVZ cheaper_JJR to_TO buy_VVI permits_NN2 or_CC adopt_VV0 technology_NN1 from_II elsewhere_RL ._. 
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Even_CS21 when_CS22 optimal_JJ landscape_NN1 patterns_NN2 change_VV0 through_II time_NNT1 ,_, the_AT dynamic_JJ landscape_NN1 pattern_NN1 can_VM be_VBI determined_VVN from_II the_AT first_MD period_NN1 (_( e.g._REX ,_, an_AT1 optimal_JJ control_NN1 solution_NN1 to_II a_AT1 dynamic_JJ problem_NN1 )_) ._. 
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<s>
That_DD1 said_VVD ,_, Greece_NP1 has_VHZ reduced_VVN its_APPGE overall_JJ defence_NN1 spending_NN1 at_II about_II 23.3%_FO ,_, from_II 2008_MC to_II 2010_MC (_( in_II relative_JJ terms_NN2 )_) ,_, and_CC from_II $7.9bn_NNU (_( 7.1bn_FO euros_NN2 )_) in_II 2010_MC ,_, to_II an_AT1 estimated_JJ $4.9bn_NNU (_( 4.4bn_FO euros_NN2 )_) in_II 2015_MC (_( Dokos_NP1 and_CC Kollias_NN2 2013_MC ;_; SIPRI_NP1 various_JJ years_NNT2 )_) ._. 
</s>
<s>
To_TO reduce_VVI dimensionality_NN1 ,_, we_PPIS2 adapt_VV0 and_CC further_RRR develop_VV0 the_AT approach_NN1 in_II Gustafsson_NP1 and_CC Salo_NP1 (_( 2005_MC )_) ._. 
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<s>
Applying_VVG conservative_JJ criteria_NN2 to_TO determine_VVI a_AT1 minimum_NN1 ,_, they_PPHS2 assess_VV0 a_AT1 loss_NN1 of_IO nearly_RR 212_MC million_NNO Euros_NN2 to_II Madrid_NP1 '_NULL s_ZZ1 regional_JJ economy_NN1 ,_, which_DDQ is_VBZ 0.16%_FO of_IO the_AT regional_JJ GDP_NN1 and_CC 0.03%_FO of_IO the_AT national_JJ GDP_NN1 ._. 
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<s>
But_CCB the_AT greater_JJR concentration_NN1 means_VVZ that_CST each_DD1 buyer_NN1 will_VM internalize_VVI to_II a_AT1 greater_JJR extent_NN1 the_AT impacts_NN2 on_II total_JJ supply_NN1 of_IO the_AT input_NN1 from_II the_AT exercise_NN1 of_IO buyer_NN1 power_NN1 ._. 
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<s>
Yet_RR ,_, in_II this_DD1 particular_JJ case_NN1 ,_, it_PPH1 was_VBDZ even_RR aggravated_VVN by_II the_AT fact_NN1 that_CST the_AT investors_NN2 of_IO four_MC cat_NN1 bonds_NN2 suffered_VVD substantial_JJ losses_NN2 due_II21 to_II22 the_AT default_NN1 of_IO the_AT TRS_NP1 counterparty_NN1 Lehman_NN1 Brothers_NN2 (_( see_VV0 the_AT previous_JJ section_NN1 )_) ._. 
</s>
<s>
Material_NN1 security_NN1 strengthened_VVN as_II a_AT1 result_NN1 of_IO Ottoman_JJ expansion_NN1 ._. 
</s>
<s>
The_AT mean_JJ (_( median_NN1 )_) value_NN1 of_IO the_AT Hasbrouck_NN1 measure_NN1 is_VBZ 39_MC (_( 24_MC )_) basis_NN1 points_NN2 ._. 
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<s>
The_AT parameter_NN1 δ_FO captures_VVZ the_AT speed_NN1 of_IO learning_NN1 of_IO the_AT market_NN1 maker_NN1 about_II effi_NN2 cient_JJ prices_NN2 ._. 
</s>
<s>
The_AT upper_JJ bound_NN1 of_IO breaks_NN2 (_( M_ZZ1 )_) and_CC the_AT trimming_NN1 percentage_NN1 of_IO samples_NN2 were_VBDR set_VVN as_CSA 3_MC ,_, and_CC 20%_NNU ,_, respectively_RR ,_, due_II21 to_II22 our_APPGE relatively_RR short_JJ time_NNT1 span_NN1 of_IO data_NN ._. 
</s>
<s>
For_IF small_JJ banks_NN2 ,_, only_RR intrastate_VV0 diversification_NN1 increases_VVZ risk-adjusted_JJ returns_NN2 and_CC reduces_VVZ default_NN1 risk_NN1 while_CS for_IF very_RG large_JJ institutions_NN2 only_RR interstate_JJ expansions_NN2 are_VBR beneficial_JJ but_CCB only_RR in_II31 terms_II32 of_II33 default_NN1 risk_NN1 ._. 
</s>
<s>
In_RR21 particular_RR22 ,_, it_PPH1 includes_VVZ the_AT imputed_JJ rents_NN2 of_IO homeowners_NN2 ,_, property_NN1 taxes_NN2 ,_, the_AT returns_NN2 on_II pension_NN1 funds_NN2 ,_, corporate_JJ retained_JJ earnings_NN2 ,_, capital_NN1 income_NN1 earned_VVN by_II trusts_NN2 and_CC estates_NN2 ,_, and_CC corporate_JJ taxes_NN2 ._. 
</s>
<s>
Admitting_VVG to_TO be_VBI a_AT1 continuous_JJ first-order_JJ differentiable_JJ function_NN1 of_IO beta_NN1 innovations10_FO is_VBZ equivalent_JJ to_II linking_VVG portfolio_NN1 returns_VVZ innovations_NN2 to_II the_AT benchmark_NN1 surprises_NN2 "_" passing_VVG through_II the_AT systematic_JJ risk_NN1 "_" ._. 
</s>
<s>
Obligations_NN2 and_CC penalties_NN2 that_CST are_VBR imposed_VVN on_II beneficiaries_NN2 are_VBR key_JJ to_TO provide_VVI them_PPHO2 with_IW the_AT right_JJ incentives_NN2 to_TO act_VVI in_II31 line_II32 with_II33 the_AT aimed_JJ objective_NN1 ,_, once_CS the_AT mechanism_NN1 is_VBZ in_II place_NN1 ._. 
</s>
<s>
The_AT bargaining_NN1 outcome_NN1 depends_VVZ on_II the_AT decision_NN1 to_TO exit_VVI or_CC continue_VVI which_DDQ is_VBZ made_VVN by_II the_AT time_NNT1 of_IO bargaining_NN1 ._. 
</s>
<s>
This_DD1 is_VBZ because_CS Hainan_NP1 '_NULL s_ZZ1 economy_NN1 relies_VVZ heavily_RR on_II inter-regional_JJ trade_NN1 ,_, and_CC its_APPGE carbon-related_JJ activities_NN2 fall_VV0 due_II21 to_II22 a_AT1 general_JJ contraction_NN1 in_II national_JJ demand_NN1 ._. 
</s>
<s>
The_AT relatively_RR fast_JJ growth_NN1 of_IO the_AT previous_JJ decades_NNT2 did_VDD not_XX have_VHI concrete_JJ foundations_NN2 ,_, but_CCB was_VBDZ based_VVN mainly_RR on_II an_AT1 unsustainable_JJ public_NN1 (_( e.g._REX social_JJ spending_NN1 ,_, defence_NN1 spending_NN1 and_CC wage_NN1 costs_VVZ )_) and_CC private_JJ spending_NN1 which_DDQ was_VBDZ associated_VVN with_IW significant_JJ decline_NN1 in_II both_DB2 the_AT net_NN1 and_CC gross_JJ saving_NN1 rate_NN1 after_II 1974.6_MC The_AT initial_JJ Greek_JJ debt_NN1 accumulation_NN1 began_VVD in_II the_AT 1980s7_FO and_CC further_RRR exploded_VVD in_II the_AT early_JJ 2000_MC '_NULL s_ZZ1 when_CS adopted_VVN the_AT euro_NN1 (_( Polychroniou_NP1 2011_MC )_) ._. 
</s>
<s>
Recent_JJ evidence_NN1 based_VVN on_II firm-product_JJ level_JJ data_NN for_IF China_NP1 shows_VVZ that_CST ,_, when_CS credit_NN1 is_VBZ scarcer_JJR ,_, Chinese_JJ firms_NN2 lower_VV0 the_AT quality_NN1 of_IO their_APPGE products_NN2 in_II destination_NN1 markets_NN2 where_CS they_PPHS2 regularly_RR export_VV0 (_( Fan_VV0 et_RA21 al._RA22 ,_, 2015a_FO )_) ._. 
</s>
<s>
As_II such_DA ,_, greater_JJR attention_NN1 toward_II clarifying_VVG the_AT concept_NN1 of_IO within-team_JJ brokerage_NN1 is_VBZ warranted_VVN ._. 
</s>
<s>
Using_VVG (_( 17_MC )_) ,_, we_PPIS2 compute_VV0 the_AT derivative_NN1 of_IO #E_FO with_II31 respect_II32 to_II33 #E_FO ._. 
</s>
<s>
We_PPIS2 run_VV0 a_AT1 regression_NN1 of_IO liquid_JJ assets_NN2 on_II a_AT1 ten-piece_JJ linear_JJ spline_NN1 in_II total_JJ assets_NN2 plus_II fixed_JJ effects_NN2 for_IF four-digit_JJ industry_NN1 ,_, time_NNT1 ,_, and_CC corporate_JJ form_NN1 ._. 
</s>
<s>
Figure_NN1 4_MC shows_VVZ the_AT top_NN1 10_MC states_NN2 with_IW the_AT highest_RRT insured_VVN losses_NN2 from_II repetitive_JJ loss_NN1 properties_NN2 (_( black_JJ bars_NN2 with_IW the_AT y-axis_NN1 on_II the_AT left_JJ side_NN1 )_) a_AT1 total_NN1 of_IO over_RG $7_NNU billion_NNO in_II insurance_NN1 reimbursement_NN1 over_II this_DD1 period_NN1 ._. 
</s>
<s>
Some_DD of_IO them_PPHO2 may_VM be_VBI content_JJ to_TO sell_VVI into_II the_AT domestic_JJ market_NN1 (_( for_IF which_DDQ no_AT markups_NN2 are_VBR possible_JJ )_) while_CS others_NN2 search_VV0 for_IF an_AT1 international_JJ partner_NN1 (_( hereafter_RT a_AT1 "_" foreign_JJ importer_NN1 "_" or_CC "_" importer_NN1 "_" )_) who_PNQS will_VM sell_VVI their_APPGE unique_JJ variety_NN1 of_IO the_AT product_NN1 to_II that_DD1 country_NN1 '_NULL s_ZZ1 buyers_NN2 (_( henceforth_RT referred_VVN to_II as_CSA "_" consumers_NN2 "_" )_) ._. 
</s>
<s>
First_MD ,_, we_PPIS2 focus_VV0 on_RP how_RGQ political_JJ democracy_NN1 affects_VVZ the_AT financial_JJ development_NN1 of_IO innovation_NN1 ,_, whereas_CS Hsu_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 2014_MC )_) focus_VV0 on_II the_AT direct_JJ effect_NN1 of_IO financial_JJ development_NN1 in_II innovation_NN1 ._. 
</s>
<s>
Moreover_RR ,_, we_PPIS2 find_VV0 that_CST varying_VVG the_AT δ_FO and_CC parameters_NN2 bring_VV0 improvements_NN2 in_II many_DA2 instances_NN2 ._. 
</s>
<s>
How_RRQ do_VD0 Firms_NN2 Compete_VV0 Many_DA2 studies_NN2 have_VH0 answered_VVN this_DD1 fundamental_JJ question_NN1 in_II industrial_JJ organization_NN1 by_II examining_VVG the_AT relationship_NN1 between_II market_NN1 structure_NN1 and_CC prices_NN2 ._. 
</s>
<s>
We_PPIS2 use_VV0 State_NN1 Prices_NN2 of_IO Conditional_JJ Quantiles_NP1 (_( SPOCQ_NP1 )_) ,_, which_DDQ is_VBZ a_AT1 set_NN1 of_IO statistics_NN that_CST estimate_VV0 at_II a_AT1 point_NN1 in_II time_NNT1 the_AT discount_NN1 rate_NN1 applied_VVN to_II returns_NN2 in_II a_AT1 particular_JJ segment_NN1 of_IO the_AT conditional_JJ distribution_NN1 ._. 
</s>
<s>
Moreover_RR ,_, in_II column_NN1 2_MC ,_, we_PPIS2 recover_VV0 a_AT1 placebo_NN1 estimate_VV0 that_DD1 is_VBZ numerically_RR and_CC statistically_RR equivalent_JJ to_II our_APPGE level-based_JJ placebo_NN1 estimates_VVZ in_II Table_NN1 2_MC ._. 
</s>
<s>
If_CS *_FU =_FO β_NULL then_RT ,_, the_AT optimal_JJ foreign_JJ asset_NN1 holdings_NN2 of_IO F_ZZ1 should_VM be_VBI greater_JJR than_CSN or_CC equal_JJ to_II a_AT1 ._. 
</s>
<s>
We_PPIS2 present_VV0 evidence_NN1 against_II the_AT concern_NN1 that_CST the_AT compliance_NN1 pattern_NN1 we_PPIS2 observe_VV0 is_VBZ driven_VVN by_II some_DD noise_NN1 in_II our_APPGE distance_NN1 measure_NN1 ._. 
</s>
<s>
To_TO address_VVI this_DD1 issue_NN1 ,_, I_PPIS1 create_VV0 statelevel_NN1 portfolios_NN2 and_CC analyze_VV0 announcement_NN1 returns_NN2 for_IF the_AT 12_MC states_VVZ that_CST have_VH0 adopted_VVN this_DD1 law_NN1 (_( MacKinlay_NP1 (_( 1997_MC )_) )_) .16_MC I_PPIS1 construct_VV0 daily_JJ portfolio_NN1 returns_VVZ by_II equally_RR weighting_VVG the_AT daily_JJ stock_NN1 returns_NN2 of_IO firms_NN2 headquartered_VVD in_II a_AT1 given_JJ state_NN1 ._. 
</s>
<s>
Such_DA pressure_NN1 may_VM be_VBI limited_VVN if_CS significant_JJ amounts_NN2 of_IO agency_NN1 debt_NN1 are_VBR purchased_VVN by_II foreign_JJ investors_NN2 ,_, as_CSA has_VHZ been_VBN the_AT case_NN1 since_CS the_AT mid-1980s_NN2 ,_, or_CC by_II the_AT Federal_JJ Reserve_NN1 ,_, as_CSA was_VBDZ the_AT case_NN1 in_II the_AT early_JJ years_NNT2 of_IO our_APPGE sample_NN1 ._. 
</s>
<s>
In_II fact_NN1 ,_, although_CS there_EX is_VBZ a_AT1 long_JJ theoretical_JJ literature_NN1 on_II symmetries_NN2 between_II import_NN1 tariffs_NN2 and_CC export_VV0 taxes_NN2 ,_, beginning_VVG with_IW Lerner_NP1 '_NULL s_ZZ1 classic_JJ contribution_NN1 in_II 1936,3_MC very_RG few_DA2 papers_NN2 have_VH0 actually_RR observed_VVN an_AT1 empirical_JJ relationship_NN1 between_II tariffs_NN2 and_CC export_VV0 taxes.4_FO This_DD1 dearth_NN1 of_IO empirical_JJ papers_NN2 on_II a_AT1 long-studied_JJ theoretical_JJ topic_NN1 is_VBZ partly_RR due_II21 to_II22 the_AT fact_NN1 that_CST global_JJ data_NN on_II export_NN1 taxes_NN2 is_VBZ sparse_JJ ._. 
</s>
<s>
However_RR ,_, the_AT results_NN2 were_VBDR mixed_VVN when_CS she_PPHS1 took_VVD into_II account_NN1 selection_NN1 and_CC she_PPHS1 stressed_VVD that_CST unmeasured_JJ worker_NN1 and_CC job_NN1 heterogeneity_NN1 were_VBDR likely_JJ important_JJ in_II explaining_VVG the_AT observed_JJ penalty_NN1 ._. 
</s>
<s>
Indeed_RR ,_, we_PPIS2 find_VV0 that_CST the_AT effect_NN1 of_IO migration_NN1 on_II financial_JJ flows_NN2 is_VBZ strongest_JJT where_CS informational_JJ problems_NN2 are_VBR more_RGR acute_JJ ._. 
</s>
<s>
We_PPIS2 find_VV0 that_CST the_AT difference_NN1 in_II welfare_NN1 is_VBZ less_DAR than_CSN 0.00001_MC percent_NNU ._. 
</s>
<s>
The_AT lack_NN1 of_IO information_NN1 about_II which_DDQ ports_NN2 were_VBDR safe_JJ caused_VVN uncertainty_NN1 for_IF captains_NN2 ._. 
</s>
<s>
In_II31 terms_II32 of_II33 antitrust6_FO the_AT same_DA period_NN1 saw_VVD the_AT Commission_NN1 fine_JJ eight_MC cartels_NN2 as_II31 well_II32 as_II33 a_AT1 dominant_JJ company_NN1 for_IF abusing_VVG its_APPGE position_NN1 ._. 
</s>
<s>
The_AT eighteenth_MD and_CC nineteenth_MD centuries_NNT2 were_VBDR a_AT1 time_NNT1 of_IO major_JJ technological_JJ development_NN1 in_II Europe_NP1 ,_, so_CS it_PPH1 is_VBZ possible_JJ that_CST changes_NN2 in_II agricultural_JJ technology_NN1 drive_VV0 our_APPGE primary_JJ results_NN2 ._. 
</s>
<s>
To_TO keep_VVI with_IW the_AT tradition_NN1 in_II the_AT literature_NN1 ,_, vt_NNU will_VM be_VBI called_VVN "_" ability_NN1 "_" throughout_RL ._. 
</s>
<s>
We_PPIS2 now_RT turn_VV0 to_II a_AT1 discussion_NN1 of_IO the_AT data_NN underlying_VVG the_AT variables_NN2 used_VVN in_II our_APPGE empirical_JJ analysis_NN1 ._. 
</s>
<s>
However_RR ,_, our_APPGE aim_NN1 was_VBDZ to_TO use_VVI bivariate_JJ statistical_JJ tests_NN2 in_II an_AT1 explorative_JJ manner_NN1 to_TO find_VVI clear_JJ associations_NN2 ,_, influences_NN2 ,_, and_CC variances_NN2 between_II the_AT demographic_JJ variables_NN2 (_( e.g._REX ,_, gender_NN1 ,_, education_NN1 ,_, age_NN1 )_) and_CC the_AT variables_NN2 on_II car_NN1 use_NN1 ,_, electric_JJ vehicle_NN1 background_NN1 and_CC vehicle_NN1 preferences_NN2 ._. 
</s>
<s>
By_II taking_VVG advantage_NN1 of_IO the_AT new_JJ ,_, more_RGR efficient_JJ diversification_NN1 opportunities_NN2 available_JJ to_II them_PPHO2 under_II free_JJ trade_NN1 ,_, firms_NN2 are_VBR able_JK to_TO increase_VVI their_APPGE production_NN1 ._. 
</s>
<s>
In_RR21 particular_RR22 ,_, it_PPH1 is_VBZ commonly_RR assumed_VVN that_CST lower_JJR tariff_NN1 uncertainty_NN1 ,_, which_DDQ facilitates_VVZ entry_NN1 by_II new_JJ exporters_NN2 ,_, will_VM also_RR benefit_VVI ,_, or_CC at_RR21 worst_RR22 be_VBI harmless_JJ to_II incumbents_NN2 in_II the_AT export_NN1 market_NN1 ._. 
</s>
<s>
Second_MD ,_, nonlinearities_NN2 may_VM be_VBI present_JJ ,_, such_II21 as_II22 regime_NN1 dependence_NN1 in_II macro_JJ factor_NN1 loadings_NN2 ._. 
</s>
<s>
In_II Fig._NN1 2_MC ,_, we_PPIS2 plot_VV0 the_AT change_NN1 in_II the_AT weighted_JJ average_JJ diesel_NN1 tax_NN1 rates_NN2 of_IO other_JJ states_NN2 against_II the_AT similarly_RR weighted_JJ average_NN1 of_IO other_JJ states_NN2 '_NULL gasoline_NN1 taxes_NN2 ._. 
</s>
<s>
We_PPIS2 would_VM also_RR like_VVI to_TO thank_VVI Cindy_NP1 Devers_NP1 and_CC Amy_NP1 Colbert_NP1 for_IF helpful_JJ comments_NN2 on_II earlier_JJR drafts_NN2 of_IO this_DD1 manuscript_NN1 ._. 
</s>
<s>
They_PPHS2 neither_RR span_VV0 all_DB periods_NN2 of_IO Chinese_JJ history_NN1 nor_CC all_DB subfields_NN2 within_II economics_NN1 ._. 
</s>
<s>
The_AT welfare_NN1 costs_NN2 of_IO the_AT further_JJR reduction_NN1 of_IO an_AT1 additional_JJ 0.9_MC percentage_NN1 points_NN2 in_II the_AT scenario_NN1 with_IW tariffs_NN2 ,_, however_RR ,_, is_VBZ mainly_RR borne_VVN by_II the_AT non-committing_JJ countries_NN2 ._. 
</s>
<s>
All_DB of_IO our_APPGE results_NN2 continue_VV0 to_TO hold_VVI if_CS θ_NULL T_ZZ1 is_VBZ instead_RR stochastically_RR determined_VVN ._. 
</s>
<s>
Outcome_NN1 variables_NN2 include_VV0 changes_NN2 in_II county_NN1 labor_NN1 markets_NN2 ,_, housing_VVG markets_NN2 ,_, and_CC local_JJ businesses.6_FO Key_JJ outcomes_NN2 include_VV0 (_( 1_MC1 )_) changes_NN2 in_II civilian_JJ employment_NN1 ;_; (_( 2_MC )_) changes_NN2 in_II civilian_JJ earnings_NN2 ;_; (_( 3_MC )_) changes_NN2 in_II civilian_JJ population_NN1 ;_; (_( 4_MC )_) changes_NN2 in_II log_NN1 median_NN1 rental_NN1 price_NN1 ;_; (_( 5_MC )_) changes_NN2 in_II the_AT number_NN1 of_IO private_JJ business_NN1 establishments_NN2 ;_; and_CC (_( 6_MC )_) changes_NN2 in_II log_NN1 average_JJ demographic-adjusted_JJ wage_NN1 ._. 
</s>
<s>
G_ZZ1 when_RRQ country_NN1 fixed_JJ effects_NN2 are_VBR included_VVN ._. 
</s>
<s>
Table_NN1 3_MC further_RRR explores_VVZ trends_NN2 in_II the_AT determinants_NN2 of_IO wages_NN2 by_II showing_VVG gender_NN1 differences_NN2 in_II the_AT incidence_NN1 of_IO high-level_JJ jobs_NN2 as_II31 well_II32 as_II33 collective_JJ bargaining_NN1 coverage_NN1 ._. 
</s>
<s>
In_II agreement_NN1 ,_, the_AT Q-sorts_NN2 of_IO the_AT three_MC groups_NN2 show_VV0 factor_NN1 loadings_NN2 of_IO +4_MC ._. 
</s>
<s>
Following_VVG registration_NN1 ,_, participants_NN2 received_VVD an_AT1 e-mail_NN1 with_IW a_AT1 link_NN1 to_TO activate_VVI their_APPGE accounts_NN2 ._. 
</s>
<s>
In_II the_AT data_NN ,_, consumption_NN1 volatility_NN1 is_VBZ similar_JJ across_II recessions_NN2 and_CC financial_JJ crises_NN2 ,_, and_CC is_VBZ much_RR larger_JJR in_II both_RR wars_NN2 and_CC deep_JJ recessions_NN2 ._. 
</s>
<s>
We_PPIS2 note_VV0 that_CST this_DD1 coefficient_NN1 does_VDZ not_XX indicate_VVI that_CST R_ZZ1 &D;_NULL has_VHZ a_AT1 negative_JJ effect_NN1 on_II the_AT value_NN1 of_IO cash_NN1 in_II the_AT 2000s_MC2 but_CCB just_RR that_CST the_AT effect_NN1 is_VBZ muted_JJ relative_II21 to_II22 the_AT 1990s_MC2 ._. 
</s>
<s>
If_CS the_AT developing_JJ nations_NN2 had_VHD not_XX lowered_VVN their_APPGE applied_JJ rates_NN2 so_RG much_DA1 below_II their_APPGE bound_JJ rates_NN2 ,_, developed_JJ nation_NN1 exporters_NN2 would_VM have_VHI had_VHN something_PN1 to_TO fight_VVI for_IF ._. 
</s>
<s>
As_CSA this_DD1 sketch_NN1 of_IO the_AT four_MC phases_NN2 reveals_VVZ ,_, the_AT momentum_NN1 toward_II cutting_VVG tariffs_NN2 includes_VVZ both_RR multilateral_JJ and_CC regional_JJ trade_NN1 agreements_NN2 ._. 
</s>
<s>
As_II the_AT circumstances_NN2 change_VV0 ,_, individual_JJ notions_NN2 of_IO what_DDQ is_VBZ fair_RR adapt_VV0 ._. 
</s>
<s>
In_RR21 general_RR22 ,_, if_CS H_ZZ1 admits_VVZ a_AT1 density_NN1 H_ZZ1 ,_, it_PPH1 is_VBZ natural_JJ to_TO assume_VVI that_CST H_ZZ1 is_VBZ single-peaked_JJ (_( or_CC ,_, equivalently_RR ,_, H_ZZ1 is_VBZ "_" S-shaped_JJ "_" )_) ,_, so_CS that_DD1 taste_NN1 shocks_NN2 can_VM be_VBI nonzero_NN1 but_CCB are_VBR concentrated_VVN around_RG zero_MC ,_, for_REX21 example_REX22 following_VVG a_AT1 normal_JJ distribution_NN1 ._. 
</s>
<s>
Then_RT ,_, abstracting_VVG from_II time_NNT1 discounting_NN1 ,_, in_II the_AT steady-state_JJ equilibrium_NN1 new_JJ firms_NN2 will_VM enter_VVI the_AT productivity_NN1 lottery_NN1 in_II each_DD1 period_NN1 until_CS the_AT expected_JJ present_JJ value_NN1 of_IO profits_NN2 pt=d_FO ,_, multiplied_VVN by_II the_AT probability_NN1 of_IO a_AT1 successful_JJ draw_VV0 12G/_FU ,_, equals_VVZ the_AT lottery_NN1 participation_NN1 cost_NN1 fe_NN1 ._. 
</s>
<s>
In_II31 addition_II32 to_II33 testing_VVG these_DD2 patterns_NN2 ,_, our_APPGE framework_NN1 also_RR allows_VVZ us_PPIO2 to_TO assess_VVI the_AT impact_NN1 on_II aggregate_JJ productivity_NN1 in_II31 terms_II32 of_II33 the_AT efficiency_NN1 of_IO resource_NN1 allocation_NN1 ._. 
</s>
<s>
So_RR ,_, to_TO create_VVI a_AT1 data_NN set_VV0 that_CST links_VVZ parents_NN2 '_NULL and_CC children_NN2 '_NULL s_ZZ1 information_NN1 ,_, we_PPIS2 gather_VV0 filing_NN1 and_CC other_JJ tax_NN1 information_NN1 reporting_VVG from_II 2008_MC to_II 2013_MC for_IF the_AT children_NN2 represented_VVN in_II the_AT 1997_MC file_NN1 ,_, as_II31 well_II32 as_II33 information_NN1 from_II their_APPGE parents_NN2 '_NULL W-2_FO forms_NN2 ;_; we_PPIS2 then_RT merge_VV0 each_DD1 young_JJ adult_NN1 '_NULL s_ZZ1 information_NN1 to_II that_DD1 of_IO the_AT individuals_NN2 listed_VVN as_CSA their_APPGE parents_NN2 in_II 1997_MC ._. 
</s>
<s>
Under_II the_AT alternative_NN1 ,_, the_AT larger_JJR the_AT execution_NN1 costs_NN2 (_( c_ZZ1 )_) ,_, the_AT larger_JJR the_AT extent_NN1 of_IO flat_JJ trading_NN1 ,_, thereby_RR yielding_VVG a_AT1 mapping_NN1 between_II EXIT_NN1 and_CC the_AT cost_NN1 of_IO trading_NN1 ,_, something_PN1 which_DDQ we_PPIS2 explore_VV0 in_II what_DDQ follows_VVZ ._. 
</s>
<s>
At_II our_APPGE first_MD interview_NN1 in_II March_NPM1 2011_MC ,_, Mr._NNB Liu_NP1 and_CC his_APPGE family_NN1 resided_VVD in_II a_AT1 single-story_JJ mud-brick_JJ home_NN1 ._. 
</s>
<s>
On_II the_AT other_JJ hand_NN1 ,_, first_MD class_NN1 teachers_NN2 receive_VV0 an_AT1 additional_JJ Gangwei_NP1 Gonzi_NP1 "_" salary_NN1 of_IO 680_MC RMB_NP1 (_( $110_NNU )_) to_II 780_MC RMB_NP1 (_( $126_NNU )_) per_II month_NNT1 ._. 
</s>
<s>
In_II the_AT regressions_NN2 ,_, the_AT impact_NN1 of_IO time_NNT1 on_II the_AT expected_JJ variance_NN1 is_VBZ captured_VVN by_II the_AT product-year_JJ fixed_JJ effects_NN2 ._. 
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<s>
I_PPIS1 then_RT compute_VV0 the_AT transition_NN1 from_II the_AT original_JJ steady_JJ state_NN1 to_II the_AT new_JJ steady_JJ state_NN1 equilibrium_NN1 ._. 
</s>
<s>
Means_NN and_CC their_APPGE differences_NN2 of_IO each_DD1 variable_NN1 are_VBR also_RR reported_VVN for_IF two_MC sub-samples_NN2 of_IO "_" Treatment_NN1 "_" and_CC "_" Control_NN1 "_" counties_NN2 ,_, which_DDQ are_VBR divided_VVN according_II21 to_II22 their_APPGE magnitude_NN1 of_IO agricultural_JJ revenue_NN1 loss_NN1 (_( That_REX21 is_REX22 ,_, variable_JJ DAgr_NN1 defined_VVN by_II Exp_NP1 ._. 
</s>
<s>
If_CS the_AT number_NN1 of_IO council_NN1 members_NN2 becomes_VVZ too_RG large_JJ ,_, vote_NN1 trading_NN1 and_CC logrolling_VVG may_VM become_VVI too_RG complex_JJ to_TO reach_VVI unanimous_JJ agreements_NN2 ._. 
</s>
<s>
Stanley_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
(_( 1996_MC )_) study_VV0 how_RRQ the_AT volatility_NN1 of_IO the_AT growth_NN1 rate_NN1 of_IO firms_NN2 changes_NN2 with_IW size_NN1 ,_, looking_VVG at_II data_NN for_IF all_DB publicly_RR traded_VVD US_NP1 manufacturing_NN1 firms_NN2 between_II 1975_MC and_CC 1991_MC ._. 
</s>
<s>
This_DD1 governmentwhich_NN1 cares_VVZ only_RR about_II raising_VVG spendingwould_NN1 like_VV0 to_TO reduce_VVI the_AT market_NN1 value_NN1 of_IO what_DDQ it_PPH1 owes_VVZ to_II the_AT private_JJ sector_NN1 which_DDQ from_II the_AT intertemporal_JJ condition_NN1 can_VM be_VBI represented_VVN by_II #E_FO ._. 
</s>
<s>
Moreover_RR ,_, the_AT government_NN1 would_VM also_RR like_VVI to_TO increase_VVI the_AT market_NN1 value_NN1 of_IO newly_RR issued_VVN debt_NN1 which_DDQ can_VM be_VBI represented_VVN by_II #E_FO ._. 
</s>
<s>
If_CS the_AT illness_NN1 is_VBZ moderate_JJ ,_, y3_FO (_( s_ZZ1 ,_, t_ZZ1 )_) <_FO y_ZZ1 <_FO y4_FO (_( s_ZZ1 ,_, t_ZZ1 )_) ,_, OOP_NP1 spending_NN1 decreases_VVZ with_IW the_AT insurance_NN1 coverage_NN1 rate_NN1 ._. 
</s>
<s>
Having_VHG established_VVN the_AT importance_NN1 of_IO firsthand_JJ experiences_NN2 ,_, we_PPIS2 next_MD turn_NN1 to_II factors_NN2 that_CST may_VM be_VBI partial_JJ substitutes_NN2 for_IF them_PPHO2 ._. 
</s>
<s>
The_AT data_NN for_IF energy_NN1 consumption_NN1 and_CC CO2_FO emissions_NN2 of_IO each_DD1 region_NN1 in_II mainland_NN1 China_NP1 are_VBR derived_VVN from_II China_NP1 Emission_NN1 Accounts_NN2 and_CC Datasets_NN2 (_( CEADs_NP2 )_) .2_MC National_JJ energy_NN1 consumption_NN1 and_CC CO2_FO emissions_NN2 are_VBR the_AT aggregation_NN1 of_IO China_NP1 '_NULL s_ZZ1 30_MC regional_JJ to_TO ensure_VVI data_NN consistency_NN1 ._. 
</s>
<s>
Many_DA2 studies_NN2 have_VH0 documented_VVN low_JJ saving_NN1 rates_NN2 among_II the_AT poor_JJ in_II the_AT United_NP1 States_NP1 ,_, which_DDQ suggests_VVZ limited_JJ intertemporal_JJ consumption_NN1 smoothing.30_FO Fewer_DAR studies_NN2 have_VH0 examined_VVN credit_NN1 constraints_NN2 among_II the_AT American_JJ poor_JJ ,_, though_CS there_EX is_VBZ evidence_NN1 that_CST credit_NN1 is_VBZ costly_JJ for_IF low-income_NN1 families.31_FO On_II the_AT other_JJ hand_NN1 ,_, intra-household_JJ risk_NN1 sharing_NN1 may_VM still_RR allow_VVI for_IF some_DD consumption_NN1 smoothing_VVG ._. 
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<s>
We_PPIS2 look_VV0 at_II connectedness_NN1 that_CST is_VBZ induced_VVN through_II cross-sectional_JJ correlations_NN2 or_CC interactions_NN2 between_II bivariate_JJ AR_UH processes_NN2 ._. 
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<s>
In_II a_AT1 4-year_JJ study_NN1 ,_, Fronstin_NP1 et_RA21 al_RA22 ._. 
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<s>
(_( 2013_MC )_) document_VV0 a_AT1 reduction_NN1 in_II cancer_NN1 screening_VVG in_II the_AT first_MD year_NNT1 although_CS use_NN1 returned_VVN to_II initial_JJ levels_NN2 by_II the_AT second_MD year_NNT1 ._. 
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<s>
The_AT first_MD one_PN1 occurred_VVD in_II December_NPM1 2004_MC and_CC the_AT second_MD one_MC1 after_II Hurricane_NN1 Katrina_NP1 in_II August_NPM1 2005_MC ._. 
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<s>
Note_VV0 that_CST ,_, because_II21 of_II22 tax_NN1 non-compliance_NN1 ,_, reported_VVD type_NN1 θ_NULL '_NULL s_ZZ1 actual_JJ consumption_NN1 is_VBZ #E_FO rather_CS21 than_CS22 #E_FO ._. 
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<s>
This_DD1 feature_NN1 of_IO our_APPGE model_NN1 differs_VVZ from_II the_AT traditional_JJ application_NN1 of_IO the_AT mechanism_NN1 design_NN1 approach_NN1 in_II optimal_JJ non-linear_JJ taxation_NN1 ._. 
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<s>
Modernization_NN1 of_IO the_AT domestic_JJ economy_NN1 occurred_VVD alongside_II dramatic_JJ growth_NN1 in_II trade_NN1 ,_, with_IW Japan_NP1 starting_VVG from_II virtual_JJ autarky_JJ in_II the_AT midnineteenth_MD century_NNT1 and_CC averaging_VVG nominal_JJ growth_NN1 of_IO more_DAR than_CSN 9_MC percent_NNU per_RA21 annum_RA22 in_II the_AT four_MC decades_NNT2 up_II21 to_II22 WWI_NP1 (_( Japan_NP1 Statistical_JJ Association_NN1 1987_MC )_) ._. 
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<s>
As_CSA it_PPH1 is_VBZ standard_JJ in_II the_AT empirical_JJ finance_NN1 literature_NN1 ,_, the_AT half-life_NN1 of_IO a_AT1 dynamic_JJ process_NN1 is_VBZ approximated_VVN by_II H_ZZ1 e_ZZ1 ln_NNU (_( /_FO )_) /_FO ln_NNU (_( )_) 1_MC1 2_MC /_FO where_RRQ is_VBZ the_AT sum_NN1 of_IO the_AT coefficients_NN2 of_IO its_APPGE AR_UH representation_NN1 ._. 
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<s>
First_MD ,_, over_II improvement_NN1 suggests_VVZ that_CST this_DD1 experiment_NN1 was_VBDZ picking_VVG up_RP some_DD position-good-type_JJ utility_NN1 ._. 
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<s>
Compared_VVN to_II not_XX assigning_VVG any_DD unemployed_JJ worker_NN1 to_II the_AT activation_NN1 program_NN1 ,_, the_AT unemployment_NN1 rate_NN1 decreases_VVZ by_II slightly_RR over_RG 0.08_MC percentage_NN1 point_NN1 when_CS the_AT program_NN1 intensity_NN1 is_VBZ 70_MC percent_NNU and_CC almost_RR 0.07_MC percentage_NN1 point_NN1 in_CS21 case_CS22 all_DB unemployed_JJ workers_NN2 participate_VV0 ._. 
</s>
<s>
However_RR ,_, this_DD1 estimator_NN1 is_VBZ found_VVN to_TO be_VBI severely_RR biased_VVN in_II large_JJ dimensions_NN2 ;_; see_VV0 ,_, for_REX21 instance_REX22 ,_, Pakel_NP1 et_RA21 al_RA22 ._. 
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<s>
(_( 2014_MC )_) and_CC Hafner_NP1 and_CC Reznikova_NP1 (_( 2012_MC )_) ._. 
</s>
<s>
Our_APPGE general_JJ conclusion_NN1 is_VBZ that_CST ,_, for_IF moderate_JJ risk_NN1 aversion_NN1 ,_, the_AT model_NN1 can_VM quantitatively_RR account_VVI for_IF all_DB asset_NN1 pricing_NN1 facts_NN2 except_II the_AT equity_NN1 premium_NN1 ._. 
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<s>
When_CS opening_VVG branches_NN2 in_II a_AT1 new_JJ county_NN1 or_CC state_NN1 ,_, banks_NN2 face_VV0 learning_NN1 costs_VVZ due_II21 to_II22 the_AT lack_NN1 of_IO information_NN1 on_II this_DD1 new_JJ market_NN1 ._. 
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<s>
Hundreds_NNO2 of_IO agribusiness_NN1 companies_NN2 in_II Chengdu_NP1 broke_VVD land-leasing_JJ contracts_NN2 with_IW villages_NN2 ,_, withdrew_VVD investments_NN2 ,_, and_CC left_VVN without_IW paying_VVG rents_NN2 in_II 2014.75_MC As_II a_AT1 result_NN1 ,_, rural_JJ workers_NN2 who_PNQS worked_VVD for_IF agribusiness_NN1 companies_NN2 lost_VVD their_APPGE jobs_NN2 ._. 
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<s>
It_PPH1 minimizes_VVZ the_AT sum_NN1 of_IO squared_JJ residuals_NN2 of_IO the_AT model_NN1 and_CC can_VM be_VBI computed_VVN from_II a_AT1 random_JJ sample_NN1 of_IO N_ZZ1 observations_NN2 for_IF the_AT dependent_JJ variable_NN1 and_CC the_AT regressors_NN2 (_( see_VV0 ,_, e.g._REX ,_, Wooldridge_NP1 ,_, 2008_MC )_) ._. 
</s>
<s>
The_AT P-S-Z_NP1 gap_NN1 for_IF pre-tax_JJ income_NN1 between_II the_AT growth_NN1 of_IO average_JJ incomes_NN2 and_CC the_AT 0–90_MCMC group_NN1 is_VBZ 0.50_MC percentage_NN1 points_NN2 over_II the_AT full_JJ period_NN1 ,_, about_II the_AT same_DA as_CSA the_AT Census_NN1 result_NN1 ._. 
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<s>
If_CS it_PPH1 is_VBZ sufficiently_RR convex_JJ ,_, then_RT the_AT firm_NN1 can_VM choose_VVI St_NP1 >_NP1 (_( 1_MC1 τ_NULL C_ZZ1 )_) f_ZZ1 and_CC ensure_VV0 that_CST Mt+1_FO >_FO 0_MC ._. 
</s>
<s>
Hence_RR ,_, while_CS increasing_JJ incomes_NN2 through_II the_AT well-known_JJ channels_NN2 ,_, the_AT rapid_JJ expansion_NN1 of_IO global_JJ trade_NN1 may_VM also_RR be_VBI contributing_VVG to_II reduced_JJ job_NN1 security_NN1 in_II Latin_JJ America_NP1 and_CC elsewhere_RL ._. 
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<s>
The_AT second_MD two_MC columns_NN2 of_IO table_NN1 1_MC1 show_VV0 the_AT results_NN2 for_IF panel_NN1 regressions_NN2 using_VVG 5-year_JJ growth_NN1 rates_NN2 and_CC 5-year_JJ averages_NN2 of_IO the_AT independent_JJ variables_NN2 ._. 
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<s>
Below_RL ,_, we_PPIS2 discuss_VV0 a_AT1 relation_NN1 of_IO these_DD2 three_MC approaches_NN2 to_II our_APPGE lower-bound_JJR error_NN1 analysis_NN1 and_CC we_PPIS2 illustrate_VV0 these_DD2 alternative_JJ accuracy_NN1 measures_NN2 in_II the_AT context_NN1 of_IO the_AT studied_JJ model_NN1 ._. 
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<s>
Second_MD ,_, the_AT insights_NN2 can_VM be_VBI easily_RR extended_VVN to_II the_AT case_NN1 of_IO multiple_JJ regressors_NN2 (_( or_CC hedonic_JJ factors_NN2 )_) ._. 
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<s>
For_IF the_AT Ming_NP1 dynasty_NN1 ,_, salt_NN1 tax_NN1 data_NN recorded_VVN in_II Ming_NP1 shilu_NN1 are_VBR supplemented_VVN with_IW demand-based_JJ estimates_NN2 using_VVG information_NN1 on_II consumption_NN1 per_RR21 capita_RR22 ._. 
</s>
<s>
Moving_VVG one_MC1 worker_NN1 from_II unemployment_NN1 to_II employment_NN1 increases_VVZ welfare_NN1 by_II #E_FO ,_, so_CS the_AT welfare_NN1 gain_NN1 achieved_VVN by_II moving_VVG all_DB unemployed_JJ workers_NN2 to_II employment_NN1 is_VBZ #E_FO ._. 
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<s>
Thus_RR ,_, we_PPIS2 compute_VV0 #E_FO ._. 
</s>
<s>
A_AT1 welfare_NN1 gain_NN1 #E_FO of_IO 1_MC1 percent_NNU corresponds_VVZ to_II the_AT welfare_NN1 gain_NN1 achieved_VVN by_II moving_VVG 1_MC1 percent_NNU of_IO the_AT unemployed_JJ workers_NN2 to_II employment_NN1 ._. 
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<s>
However_RR ,_, in_II its_APPGE essence_NN1 ,_, an_AT1 animal_NN1 is_VBZ best_RRT viewed_VVN as_II a_AT1 network_NN1 in_II which_DDQ nutrients_NN2 circulate_VV0 at_II maximum_JJ efficiency_NN1 ._. 
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<s>
This_DD1 condition_NN1 holds_VVZ quite_RG generally_RR and_CC it_PPH1 merely_RR rules_VVZ out_RP certain_JJ rather_RG pathological_JJ demand_NN1 patterns_NN2 ._. 
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<s>
Section_NN1 V_ZZ1 connects_VVZ our_APPGE findings_NN2 to_II past_JJ work_NN1 and_CC discusses_VVZ alternative_JJ theoretical_JJ interpretations_NN2 ._. 
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<s>
By_II using_VVG data_NN on_II 124_MC different_JJ dimensions_NN2 of_IO firms_NN2 '_NULL CSR_NP1 practices_NN2 related_VVN to_II employee_NN1 relations_NN2 ,_, environmental_JJ practices_NN2 ,_, human_JJ rights_NN2 ,_, community_NN1 involvement_NN1 ,_, governance_NN1 ,_, and_CC product_NN1 ,_, we_PPIS2 estimate_VV0 the_AT pairwise_RR closeness_NN1 of_IO any_DD two_MC firms_NN2 '_NULL multidimensional_JJ CSR_NP1 foci_NN2 using_VVG the_AT data_NN from_II the_AT Kinder_NP1 ,_, Lydenberg_NP1 ,_, and_CC Domini_NP1 (_( KLD_NP1 )_) environmental_JJ ,_, social_JJ ,_, and_CC governance_NN1 (_( ESG_NP1 )_) subcategories_NN2 ._. 
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<s>
To_II my_APPGE knowledge_NN1 ,_, this_DD1 is_VBZ the_AT first_MD paper_NN1 to_TO study_VVI and_CC characterize_VVI the_AT behavior_NN1 of_IO risk_NN1 premia_NN1 across_II financial_JJ crises_NN2 ,_, and_CC is_VBZ the_AT first_MD to_TO compare_VVI financial_JJ crises_NN2 to_II other_JJ bad_JJ macroeconomic_JJ events_NN2 ._. 
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<s>
If_CS so_RR ,_, ideological_JJ campaigns_NN2 can_VM function_VVI as_II a_AT1 way_NN1 for_IF local_JJ officials_NN2 to_TO pander_VVI to_II senior_JJ leaders_NN2 in_BCL21 order_BCL22 to_TO be_VBI recruited_VVN into_II a_AT1 coalition_NN1 ._. 
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<s>
Some_DD of_IO the_AT predictions_NN2 that_CST emerge_VV0 from_II this_DD1 view_NN1 could_VM have_VHI alternative_JJ explanations_NN2 ,_, but_CCB ,_, as_CSA we_PPIS2 discuss_VV0 in_II Section_NN1 4.8_MC ,_, only_RR the_AT view_NN1 that_CST beliefs_NN2 are_VBR heavily_RR shaped_VVN by_II past_JJ firsthand_JJ experiences_NN2 appears_VVZ to_TO parsimoniously_RR explain_VVI all_DB of_IO our_APPGE findings_NN2 ._. 
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<s>
In_II the_AT vector_NN1 of_IO covariates_NN2 we_PPIS2 include_VV0 gender_NN1 ,_, nationality_NN1 and_CC history_NN1 of_IO benefit_NN1 receipt_NN1 ,_, but_CCB we_PPIS2 also_RR include_VV0 an_AT1 indicator_NN1 for_IF becoming_VVG unemployed_JJ in_II November_NPM1 or_CC December_NPM1 to_TO capture_VVI possible_JJ differences_NN2 in_II labor_NN1 market_NN1 conditions_NN2 between_II the_AT end_NN1 (_( Q4_FO )_) and_CC the_AT beginning_NN1 (_( Q1_FO )_) of_IO a_AT1 year_NNT1 ._. 
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<s>
Moreover_RR ,_, there_EX is_VBZ a_AT1 second_MD effect_NN1 ,_, which_DDQ works_VVZ through_II its_APPGE impact_NN1 on_II firm_NN1 a_AT1 '_NULL s_ZZ1 location_NN1 ._. 
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<s>
This_DD1 reduces_VVZ the_AT incentive_NN1 to_TO invest_VVI in_II new_JJ patentable_JJ technologies_NN2 ,_, but_CCB may_VM encourage_VVI complementary_JJ investments_NN2 that_CST increase_VV0 eligible_JJ income_NN1 (_( such_II21 as_II22 investment_NN1 in_II marketing_NN1 assets_NN2 )_) ._. 
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<s>
In_II contrast_NN1 ,_, if_CS all_DB inputs_NN2 could_VM be_VBI purchased_VVN at_II the_AT same_DA cost_NN1 ,_, each_DD1 buyer_NN1 would_VM simply_RR choose_VVI the_AT technique_NN1 with_IW the_AT best_JJT fit_JJ (_( highest_JJT z_ZZ1 )_) ._. 
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<s>
This_DD1 study_NN1 has_VHZ so_RG far_RR disregarded_VVN the_AT effects_NN2 of_IO imports_NN2 on_II school_NN1 enrollment_NN1 in_II China_NP1 ._. 
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<s>
The_AT outflow_NN1 of_IO solid_JJ waste_NN1 from_II construction_NN1 and_CC demolition_NN1 ,_, industry_NN1 and_CC households_NN2 ,_, for_REX21 example_REX22 ,_, amounted_VVD to_II 20_MC Gt/yr_FU or_CC 35%_NNU of_IO DPO*_FO in_II 2015_MC and_CC was_VBDZ growing_VVG at_II a_AT1 particularly_RR fast_JJ pace_NN1 (_( 4.2%/yr_NNU )_) since_II 2002_MC ._. 
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<s>
Whether_CSW this_DD1 income_NN1 effect_NN1 is_VBZ substantial_JJ enough_RR to_TO offset_VVI the_AT care_NN1 effect_NN1 remains_VVZ unclear_JJ ex_JJ21 ante_JJ22 ._. 
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<s>
We_PPIS2 chose_VVD these_DD2 variables_NN2 in_BCL21 order_BCL22 to_TO determine_VVI individuals_NN2 who_PNQS are_VBR exposed_VVN to_II the_AT same_DA set_NN1 of_IO opportunities_NN2 and_CC incentives_NN2 (_( faculty_NN1 affiliation_NN1 )_) ,_, at_II the_AT same_DA time_NNT1 (_( year_NNT1 )_) ,_, with_IW similar_JJ academic_JJ track_NN1 records_NN2 in_II31 terms_II32 of_II33 grant_NN1 acquisition_NN1 (_( previous_JJ peer_NN1 evaluation_NN1 )_) ,_, preferences_NN2 for_IF commercialization_NN1 (_( patents_NN2 and_CC industry_NN1 experience_NN1 )_) ,_, seniority_NN1 in_II the_AT organization_NN1 (_( tenure_NN1 )_) ,_, and_CC academic_JJ quality_NN1 of_IO their_APPGE collaborators_NN2 (_( team_NN1 quality_NN1 )_) ._. 
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<s>
Seventh_MD ,_, in_II Table_NN1 A19_FO we_PPIS2 show_VV0 that_CST our_APPGE main_JJ results_NN2 are_VBR robust_JJ to_II using_VVG propensity_NN1 score_NN1 matching_VVG to_TO ensure_VVI that_CST the_AT treatment_NN1 and_CC control_NN1 firms_NN2 have_VH0 similar_JJ observable_JJ characteristics_NN2 before_II the_AT onset_NN1 of_IO the_AT treatment_NN1 ._. 
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<s>
We_PPIS2 do_VD0 not_XX find_VVI a_AT1 statistically_RR significant_JJ effect_NN1 for_IF government_NN1 debt_NN1 ._. 
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<s>
As_CSA preferred_JJ theories_NN2 and_CC methods_NN2 are_VBR reproduced_VVN in_II academic_JJ circles_NN2 over_II timeas_NN2 in_II Kuhnian_JJ "_" paradigms_NN2 "_" classic_JJ ingroup/outgroup_NN1 behavior_NN1 may_VM result_VVI ._. 
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<s>
Furthermore_RR ,_, it_PPH1 seeks_VVZ to_TO deconstruct_VVI the_AT orthodox_JJ argument_NN1 which_DDQ states_VVZ the_AT crisis_NN1 is_VBZ caused_VVN by_II fiscal_JJ indiscipline_NN1 of_IO some_DD of_IO its_APPGE members_NN2 ._. 
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<s>
Prior_RR work_VV0 observing_VVG diverse_JJ teams_NN2 across_II multiple_JJ tasks_NN2 involving_VVG repeated_JJ feedback_NN1 (_( Watson_NP1 ,_, Kumar_NP1 ,_, &;_NULL Michaelsen_NP1 ,_, 1993_MC )_) found_VVD them_PPHO2 to_TO improve_VVI their_APPGE performance_NN1 (_( including_II their_APPGE creative_JJ performance_NN1 )_) from_II initially_RR low_JJ levels_NN2 to_II higher_JJR levels_NN2 at_II later_JJR stages_NN2 ._. 
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<s>
The_AT grouping_NN1 is_VBZ based_VVN on_II the_AT identification_NN1 of_IO factors_NN2 ,_, which_DDQ are_VBR defined_VVN as_CSA sets_NN2 of_IO individual_JJ Q-sorts_NN2 ._. 
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<s>
Our_APPGE model_NN1 estimates_NN2 imply_VV0 that_DD1 term_NN1 structure_NN1 persistence_NN1 is_VBZ well_RR characterized_VVN by_II such_DA combination_NN1 ,_, with_IW long_JJ memory_NN1 providing_VVG a_AT1 great_JJ deal_NN1 of_IO volatility_NN1 to_II the_AT expectations_NN2 of_IO the_AT short_JJ rate_NN1 ,_, even_RR in_II a_AT1 context_NN1 of_IO mean_JJ reversion_NN1 ._. 
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<s>
This_DD1 dynamic_NN1 indicates_VVZ that_CST high_JJ values_NN2 of_IO the_AT leverage_NN1 ratio_NN1 at_II the_AT end_NN1 of_IO a_AT1 period_NN1 are_VBR likely_RR followed_VVN by_II deleveraging_VVG actions_NN2 during_II the_AT next_MD period_NN1 ,_, which_DDQ corresponds_VVZ to_II a_AT1 less_RGR risky_JJ situation_NN1 ._. 
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<s>
Thus_RR the_AT joint_JJ safety_NN1 region_NN1 corresponding_VVG to_TO point_VVI E1_FO is_VBZ the_AT best_JJT equilibrium_NN1 for_IF investors_NN2 ._. 
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<s>
We_PPIS2 have_VH0 :_: 0_MC <_FO s1(t)_FO <_FO s2(t)_FO ,_, and_CC we_PPIS2 can_VM easily_RR prove_VVI that_CST both_DB2 functions_NN2 decrease_VV0 with_IW the_AT insurance_NN1 coverage_NN1 rate_NN1 ._. 
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<s>
Second_MD ,_, when_CS optimizing_VVG the_AT size_NN1 of_IO the_AT army_NN1 ,_, the_AT optimal_JJ choice_NN1 between_II the_AT draft_NN1 army_NN1 and_CC the_AT professional_JJ army_NN1 depends_VVZ on_II the_AT risk_NN1 class_NN1 of_IO the_AT country_NN1 ._. 
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<s>
In_II contrast_NN1 ,_, the_AT extensive_JJ work_NN1 by_II Auerswald_NP1 and_CC Saideman_NP1 supports_VVZ the_AT hypothesis_NN1 that_CST the_AT cause_NN1 of_IO limited_JJ involvement_NN1 is_VBZ the_AT presence_NN1 of_IO institutionally_RR weak_JJ executives_NN2 ,_, who_PNQS are_VBR reluctant_JJ to_TO advocate_VVI the_AT deployment_NN1 of_IO military_JJ forces_NN2 abroad_RL for_II31 fear_II32 of_II33 future_JJ punishment_NN1 for_IF failure_NN1 ,_, irrespective_II21 of_II22 public_NN1 opinion_NN1 or_CC partisan_JJ politics_NN1 (_( see_VV0 Auerswald_NN1 1999_MC ,_, 2004_MC ;_; Saideman_NP1 and_CC Auerswald_VV0 2012_MC )_) ._. 
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<s>
Merton_NP1 (_( 1975_MC )_) points_VVZ out_RP the_AT importance_NN1 of_IO the_AT risk_NN1 of_IO dying_VVG as_II a_AT1 source_NN1 of_IO risk_NN1 ._. 
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<s>
An_AT1 important_JJ implication_NN1 of_IO this_DD1 result_NN1 is_VBZ that_CST calls_VVZ for_IF legislative_JJ ,_, judicial_JJ ,_, or_CC regulatory_JJ actions_NN2 aimed_VVN at_II restricting_VVG tax_NN1 competition_NN1 as_II a_AT1 means_NN of_IO stemming_VVG the_AT fall_NN1 in_II state_NN1 capital_NN1 tax_NN1 revenue_NN1 or_CC the_AT mobility_NN1 of_IO capital_NN1 are_VBR likely_JJ misguided_JJ ._. 
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<s>
Second_MD ,_, we_PPIS2 conduct_VV0 a_AT1 analysis_NN1 around_II the_AT introduction_NN1 of_IO the_AT law_NN1 on_II codetermination_NN1 ._. 
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<s>
We_PPIS2 also_RR assume_VV0 in_II our_APPGE benchmark_NN1 model_NN1 that_CST the_AT high-ability_JJ individuals_NN2 have_VH0 higher_JJR discount_NN1 factors_NN2 ._. 
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<s>
Such_DA transition_NN1 models_NN2 have_VH0 more_RGR recently_RR been_VBN shown_VVN to_TO be_VBI limited_VVN in_II explaining_VVG or_CC predicting_VVG future_JJ migration_NN1 patterns_NN2 ,_, or_CC incorporating_VVG new_JJ drivers_NN2 of_IO mobility_NN1 ,_, such_II21 as_II22 reduction_NN1 in_II the_AT real_JJ costs_NN2 of_IO moving_VVG and_CC the_AT role_NN1 of_IO communications_NN2 technologies_NN2 in_II changing_JJ mobility_NN1 patterns_NN2 and_CC demands_NN2 (_( 43_MC ,_, 44_MC )_) ._. 
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<s>
We_PPIS2 distinguish_VV0 between_II the_AT experiment_NN1 regions_NN2 (_( Storstr_NP1 m_ZZ1 and_CC South_ND1 Jutland_NP1 )_) and_CC all_DB other_JJ regions_NN2 which_DDQ we_PPIS2 refer_VV0 to_II as_CSA comparison_NN1 regions_NN2 ._. 
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<s>
In_II31 terms_II32 of_II33 climate_NN1 change_NN1 ,_, the_AT point_NN1 of_IO departure_NN1 for_IF SDS_NP1 is_VBZ a_AT1 pathway_NN1 that_CST meets_VVZ key_JJ objectives_NN2 of_IO the_AT Paris_NP1 Agreement_NN1 through_II 2040_MC ,_, i.e._REX ,_, a_AT1 peak_NN1 in_II emissions_NN2 as_RG soon_RR as_CSA possible_JJ and_CC a_AT1 steep_JJ decline_NN1 thereafter_RT ._. 
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<s>
Our_APPGE result_NN1 suggests_VVZ that_CST it_PPH1 is_VBZ difficult_JJ to_TO implement_VVI unconventional_JJ monetary_JJ policy_NN1 to_TO manage_VVI agents_NN2 '_NULL expectations_NN2 and_CC a_AT1 '_NULL lean_JJ against_II ._. 
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<s>
I_PPIS1 also_RR use_VV0 tax_NN1 rate_NN1 changes_NN2 created_VVN by_II tax_NN1 reforms_NN2 ,_, but_CCB do_VD0 not_XX rely_VVI on_II differences_NN2 along_II this_DD1 dimension_NN1 ._. 
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<s>
This_DD1 allows_VVZ us_PPIO2 to_TO replicate_VVI the_AT analysis_NN1 for_IF the_AT 1990s_MC2 conducted_VVD by_II Sarno_NP1 and_CC Taylor_NP1 (_( 1999a_FO )_) ,_, and_CC to_TO investigate_VVI further_RRR whether_CSW the_AT role_NN1 of_IO '_NULL hot_JJ money_NN1 '_NULL in_II bank_NN1 credit_NN1 ,_, equity_NN1 and_CC bond_VV0 flows_NN2 has_VHZ experienced_VVN any_DD significant_JJ change_NN1 thereafter_RT ._. 
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<s>
As_CSA explained_VVN earlier_RRR ,_, followers_NN2 bear_VV0 the_AT social_JJ cost_NN1 of_IO being_VBG dispersed_VVN by_II others_NN2 andmore_NN1 importantlythe_VV0 political_JJ cost_NN1 of_IO forgoing_VVG the_AT opportunities_NN2 of_IO joining_VVG other_JJ coalitions_NN2 ._. 
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<s>
Following_VVG Metcalf_NP1 (_( 2008_MC )_) ,_, this_DD1 study_NN1 decomposes_VVZ energy_NN1 intensity_NN1 using_VVG IDA_NP1 that_DD1 is_VBZ based_VVN on_II the_AT Fisher_NP1 Ideal_JJ Index_NN1 (_( FII_NP1 )_) as_CSA follows_VVZ ._. 
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<s>
It_PPH1 could_VM not_XX explain_VVI why_RRQ ,_, for_REX21 instance_REX22 ,_, Toyota_NP1 had_VHD accumulated_VVN stronger_JJR capabilities_NN2 in_II product_NN1 development_NN1 and_CC manufacturing_NN1 than_CSN General_JJ Motors_NN2 ._. 
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<s>
Again_RT ,_, this_DD1 problem_NN1 is_VBZ similar_JJ to_II the_AT one_PN1 arising_VVG in_II the_AT context_NN1 of_IO a_AT1 single_JJ differentiated_JJ sector_NN1 in_II the_AT industrial_JJ organization_NN1 literature_NN1 ._. 
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<s>
Studies_NN2 examining_VVG the_AT characteristics_NN2 of_IO people_NN choosing_VVG to_TO enroll_VVI in_II a_AT1 CDHP_NP1 when_RRQ employers_NN2 offer_VV0 CDHPs_NP1 alongside_II other_JJ plans_NN2 document_VV0 that_CST CHDPs_NP1 generally_RR experience_VV0 favorable_JJ selection_NN1 based_VVN on_II age_NN1 ,_, health_NN1 status_NN1 ,_, or_CC both_DB2 ._. 
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She_PPHS1 must_VM also_RR decide_VVI how_RGQ many_DA2 applications_NN2 to_TO send_VVI out_RP ._. 
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In_II all_DB three_MC models_NN2 ,_, capital_NN1 income_NN1 taxes_NN2 or_CC other_JJ disincentives_NN2 to_II investment_NN1 do_VD0 not_XX affect_VVI the_AT steady-state_JJ growth_NN1 rate_NN1 ._. 
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<s>
We_PPIS2 indeed_RR find_VV0 that_CST both_DB2 the_AT wages_NN2 and_CC employment_NN1 of_IO native_JJ unskilled_JJ workers_NN2 do_VD0 decline_VVI relative_II21 to_II22 native_JJ skilled_JJ workers_NN2 (_( see_VV0 Table_NN1 IV_MC ,_, Panels_NN2 b_ZZ1 and_CC c_ZZ1 )_) ._. 
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Any_DD implications_NN2 of_IO the_AT model_NN1 –_- as_CSA in_II Kanbur_NP1 and_CC Keen_NP1 (_( 1993_MC )_) –_- apply_VV0 only_RR to_II the_AT special_JJ case_NN1 where_RRQ consumers_NN2 have_VH0 a_AT1 very_RG high_JJ marginal_JJ benefit_NN1 from_II some_DD public_JJ good_JJ financed_VVN by_II tax_NN1 revenues_NN2 ._. 
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<s>
Specifically_RR ,_, the_AT lower_JJR house_NN1 price_NN1 simultaneously_RR (_( i_ZZ1 )_) reduces_VVZ down_JJ payments_NN2 ,_, #E_FO ,_, (_( ii_MC )_) shifts_VVZ the_AT price-to-rent_JJ ratio_NN1 in_II31 favor_II32 of_II33 buying_NN1 ,_, and_CC (_( iii_MC )_) reduces_VVZ both_RR entry_NN1 and_CC future_JJ per-period_JJ ownership_NN1 costs_VVZ that_CST are_VBR proportional_JJ to_II the_AT value_NN1 of_IO a_AT1 home_NN1 (_( i.e._REX ,_, transaction_NN1 costs_NN2 associated_VVN with_IW buying_NN1 ,_, #E_FO ,_, as_II31 well_II32 as_II33 maintenance_NN1 expenses_NN2 and_CC property_NN1 taxes_NN2 ,_, #E_FO ._. 
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<s>
Our_APPGE quantitative_JJ experiment_NN1 demonstrates_VVZ that_CST ,_, on_II balance_NN1 ,_, the_AT numerous_JJ mechanisms_NN2 stemming_VVG from_II the_AT house_NN1 price_NN1 decline_NN1 that_CST encourage_VV0 homeownership_NN1 more_RRR than_CSN offset_VV0 the_AT impact_NN1 of_IO the_AT lost_JJ mortgage_NN1 interest_NN1 deduction_NN1 ._. 
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<s>
The_AT same_DA qualitative_JJ results_NN2 obtain_VV0 using_VVG the_AT subsequent_JJ waves_NN2 :_: the_AT mean_JJ forecast_NN1 and_CC the_AT standard_JJ deviation_NN1 of_IO firm_JJ inflation_NN1 beliefs_NN2 remain_VV0 significantly_RR higher_JJR than_CSN what_DDQ is_VBZ observed_VVN for_IF professional_JJ forecasters_NN2 ._. 
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<s>
Several_DA2 studies_NN2 have_VH0 also_RR emphasized_VVN the_AT importance_NN1 of_IO accommodating_VVG the_AT spatial_JJ correlation_NN1 effect_NN1 in_II modelling_VVG technical_JJ efficiency_NN1 ,_, highlighting_VVG that_DD1 failure_NN1 to_TO account_VVI for_IF this_DD1 effect_NN1 results_NN2 in_II biased_JJ estimates_NN2 of_IO efficiency_NN1 scores_NN2 (_( e.g.Gamerman_NNU and_CC Moreira_NP1 ,_, 2004_MC ;_; Schmidt_NP1 et_RA21 al._RA22 ,_, 2009_MC )_) ._. 
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Declining_JJ colonial_JJ experience_NN1 in_II the_AT board_NN1 of_IO directors_NN2 demonstrates_VVZ how_RRQ the_AT choice_NN1 in_II directors_NN2 shifted_VVD ._. 
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Thus_RR ,_, the_AT small_JJ region_NN1 sets_VVZ a_AT1 lower_JJR tax_NN1 rate_NN1 ._. 
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<s>
The_AT average_JJ age_NN1 when_CS widowed_JJ is_VBZ 32_MC ;_; however_RR ,_, this_DD1 ranges_VVZ from_II 15_MC to_II 73_MC ._. 
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Consequently_RR ,_, the_AT dealer_NN1 cartel_NN1 explanation_NN1 for_IF RPM_NNU can_VM not_XX be_VBI dismissed_VVN out_II21 of_II22 hand_NN1 ._. 
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Fig._NN1 3a–c_NN1 demonstrate_VV0 that_CST EZ_VV0 areas_NN2 see_VV0 a_AT1 large_JJ decrease_NN1 in_II the_AT density_NN1 of_IO households_NN2 with_IW less_DAR than_CSN $10,000_NNU in_II annual_JJ income_NN1 and_CC a_AT1 comparative_JJ increase_NN1 in_II the_AT density_NN1 of_IO households_NN2 with_IW income_NN1 above_II $50,000_NNU ._. 
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The_AT algorithm_NN1 calculates_VVZ the_AT ADF_NN1 statistic_NN1 repeatedly_RR on_II a_AT1 sequence_NN1 of_IO backward_JJ expanding_JJ samples_NN2 ._. 
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<s>
This_DD1 is_VBZ the_AT first_MD mechanism_NN1 behind_II the_AT tragedy_NN1 of_IO annuitization_NN1 :_: the_AT death_NN1 of_IO individuals_NN2 leads_VVZ to_II a_AT1 redistribution_NN1 from_II old_JJ to_II young_JJ individuals_NN2 ,_, which_DDQ –_- as_CSA is_VBZ well_RR known_VVN –_- leads_VVZ an_AT1 initially_RR dynamically_RR inefficient_JJ economy_NN1 to_TO move_VVI towards_II the_AT Golden_JJ Rule_NN1 steady_JJ state_NN1 ._. 
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<s>
Indeed_RR ,_, a_AT1 higher_JJR tightness_NN1 forces_NN2 firms_NN2 to_TO allocate_VVI more_DAR workers_NN2 to_II recruiting_NN1 and_CC fewer_DAR to_II producing_VVG ._. 
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<s>
It_PPH1 is_VBZ interesting_JJ to_TO compare_VVI the_AT firms_NN2 '_NULL profits_NN2 with_IW those_DD2 in_II the_AT case_NN1 of_IO no_AT R_ZZ1 &D;_NULL choices_NN2 (_( as_CSA analyzed_VVN in_II Sect._NP1 4_MC )_) ._. 
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<s>
The_AT intuition_NN1 is_VBZ that_CST when_CS selling_VVG to_II a_AT1 larger_JJR market_NN1 with_IW tougher_JJR competition_NN1 ,_, a_AT1 firm_JJ '_NULL s_ZZ1 residual_JJ demand_NN1 curve_NN1 shifts_VVZ inwards_RL leading_VVG to_II a_AT1 higher_JJR price_NN1 elasticity_NN1 and_CC thus_RR a_AT1 lower_JJR optimal_JJ price_NN1 ._. 
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For_IF the_AT values_NN2 of_IO γ_NULL ,_, we_PPIS2 chose_VVD three_MC values_NN2 that_CST will_VM illustrate_VVI the_AT relation_NN1 between_II the_AT bounds_NN2 and_CC the_AT model_NN1 ._. 
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The_AT coefficient_NN1 associated_VVN to_II the_AT labor-related_JJ variable_NN1 ,_, Population_NN1 ,_, is_VBZ always_RR negative_JJ as_CSA expected_VVN ._. 
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Consequently_RR ,_, one_PN1 can_VM raise_VVI the_AT lump-sum_JJ tax_NN1 by_II less_DAR than_CSN one_MC1 unit_NN1 to_TO raise_VVI one_MC1 unit_NN1 of_IO public_JJ funds_NN2 ._. 
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Finally_RR ,_, in_II31 light_II32 of_II33 space_NN1 constraints_NN2 ,_, the_AT charts_NN2 below_RL provide_VV0 results_NN2 for_IF a_AT1 subset_NN1 of_IO selected_JJ variables_NN2 ;_; results_NN2 for_IF the_AT full_JJ set_NN1 of_IO variables_NN2 are_VBR available_JJ in_II the_AT supplemental_JJ appendix_NN1 ._. 
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The_AT effect_NN1 of_IO cultural_JJ proximity_NN1 also_RR exhibits_VVZ substantial_JJ heterogeneity_NN1 across_II minority_NN1 religions_NN2 :_: the_AT effects_NN2 range_VV0 from_II 0.66_MC (_( significant_JJ at_II the_AT 1_MC1 percent_NNU level_NN1 )_) for_IF SameGroup_NN1 ×_II Muslim_JJ to_II 0.03_MC (_( not_XX significant_JJ )_) for_IF SameGroup_NN1 ×_II Parsi_NP1 ,_, and_CC the_AT difference_NN1 of_IO the_AT effect_NN1 across_II groups_NN2 is_VBZ always_RR statistically_RR significant_JJ ._. 
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<s>
In_II the_AT specifications_NN2 which_DDQ control_VV0 only_RR for_IF bank_NN1 fixed_JJ effects_NN2 and_CC year_NNT1 fixed_JJ effects_NN2 ,_, the_AT coefficient_NN1 on_II connected_JJ directors_NN2 is_VBZ negative_JJ ,_, but_CCB not_XX significantly_RR different_JJ from_II 0_MC (_( column_NN1 1_MC1 )_) ._. 
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<s>
These_DD2 estimates_NN2 can_VM be_VBI interpreted_VVN as_CSA analyzing_VVG the_AT true_JJ loss_NN1 to_II students_NN2 from_II not_XX behaving_VVG strategically_RR if_CS they_PPHS2 are_VBR indeed_RR outofequilibrium_NN1 truthtellers_NN2 ._. 
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<s>
The_AT uncertainty_NN1 with_IW inflation_NN1 forecasts_NN2 in_II31 terms_II32 of_II33 standard_JJ deviation_NN1 peaks_NN2 at_II the_AT dotted_JJ line_NN1 at_II the_AT top_NN1 of_IO the_AT graph_NN1 ;_; that_REX21 is_REX22 ,_, the_AT dotted_JJ line_NN1 at_II the_AT top_NN1 of_IO the_AT graph_NN1 represents_VVZ inflation_NN1 forecast_NN1 dispersion_NN1 during_II the_AT recovery_NN1 period_NN1 before_II the_AT enhancement_NN1 of_IO commitment_NN1 policy_NN1 transparency_NN1 becomes_VVZ greater_JJR than_CSN during_II the_AT other_JJ periods_NN2 ._. 
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A_AT1 complementary_JJ assumption_NN1 plays_VVZ an_AT1 essential_JJ role_NN1 in_II the_AT model_NN1 to_TO explain_VVI why_RRQ the_AT introduction_NN1 of_IO health_NN1 insurance_NN1 can_VM increase_VVI the_AT savings_NN2 rate_NN1 of_IO some_DD households_NN2 and_CC why_RRQ some_DD patients_NN2 can_VM access_VVI health_NN1 care_NN1 for_IF serious_JJ illnesses_NN2 only_RR with_IW a_AT1 public_JJ insurance_NN1 system_NN1 ._. 
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<s>
This_DD1 adjudication_NN1 process_NN1 involved_VVD obtaining_VVG the_AT soldier_NN1 '_NULL s_ZZ1 military_JJ record_NN1 from_II the_AT War_NN1 Department_NN1 ._. 
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<s>
In_II Column_NN1 (_( 3_MC )_) ,_, we_PPIS2 also_RR add_VV0 ownership-year_JJ fixed_JJ effects_NN2 and_CC city-level_JJ controls_NN2 ._. 
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<s>
Our_APPGE view_NN1 is_VBZ that_CST we_PPIS2 are_VBR estimating_VVG a_AT1 very_RG long-run_JJ elasticity_NN1 of_IO substitution_NN1 ,_, which_DDQ allows_VVZ for_IF additional_JJ ,_, slow-moving_JJ margins_NN2 of_IO adjustment_NN1 that_CST may_VM happen_VVI in_II31 response_II32 to_II33 the_AT large_JJ differences_NN2 in_II relative_JJ skill_NN1 abundance_NN1 between_II poor_JJ countries_NN2 and_CC the_AT United_NP1 States_NP1 ._. 
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<s>
Overall_RR ,_, Asian_JJ countries_NN2 rank_VV0 seventeenth_MD ,_, but_CCB in_II31 terms_II32 of_II33 differentiated_JJ goods_NN2 they_PPHS2 have_VH0 the_AT twelfth_MD highest_JJT degree_NN1 of_IO market_NN1 power_NN1 ._. 
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<s>
Assumptions_NN2 4.2(a)_FO and_CC (_( b_ZZ1 )_) are_VBR analogous_JJ to_II Assumption_NN1 3.2_MC ._. 
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<s>
It_PPH1 could_VM have_VHI been_VBN a_ZZ1 )_) the_AT information_NN1 provided_VVN on_II the_AT impact_NN1 of_IO investments_NN2 on_II the_AT ecosystem_NN1 ,_, b_ZZ1 )_) the_AT positive_JJ reinforce_VV0 of_IO the_AT partial_JJ grant_NN1 for_IF adaptive_JJ investments_NN2 ,_, c_ZZ1 )_) the_AT negative_JJ reinforce_VV0 of_IO higher_JJR interest_NN1 rates_NN2 for_IF mixed_JJ and_CC non-adaptive_JJ investments_NN2 ,_, d_ZZ1 )_) or_CC a_AT1 mixture_NN1 of_IO all_DB of_IO these_DD2 components_NN2 ._. 
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<s>
The_AT largest_JJT part_NN1 of_IO the_AT 218_MC Gt/yr_FU of_IO primary_JJ materials_NN2 that_CST would_VM be_VBI extracted_VVN in_II 2050_MC is_VBZ sand_NN1 ,_, gravel_NN1 and_CC rock_NN1 ._. 
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The_AT conflicts_NN2 analysed_VVN in_II the_AT review_NN1 are_VBR mainly_RR driven_VVN by_II increased_JJ market_NN1 influences_NN2 ,_, enclosure_NN1 and_CC privatisation_NN1 of_IO natural_JJ resources_NN2 ._. 
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The_AT rich_JJ have_VH0 gained_VVN even_RR while_CS the_AT middle_JJ class_NN1 has_VHZ been_VBN losing_VVG ._. 
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A_AT1 final_JJ outcome_NN1 of_IO interest_NN1 is_VBZ wage_NN1 inequality_NN1 ,_, both_RR across_II firms_NN2 and_CC across_II workers_NN2 ._. 
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<s>
The_AT portfolio_NN1 weights_NN2 for_IF the_AT three_MC hedge_NN1 options_NN2 can_VM vary_VVI over_II time_NNT1 if_CS the_AT local_JJ volatility_NN1 estimate_NN1 at_II the_AT reference_NN1 strike_NN1 and_CC expiry_NN1 varies_VVZ ._. 
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The_AT situation_NN1 is_VBZ different_JJ when_CS considering_VVG subjective_JJ stock_NN1 holding_VVG plans_NN2 ._. 
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<s>
This_DD1 would_VM assist_VVI not_XX only_RR CDHP_NP1 enrollees_NN2 but_CCB also_RR people_NN enrolled_VVN in_II other_JJ types_NN2 of_IO plans_NN2 ._. 
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<s>
While_CS FPOT_NP1 passes_VVZ Kupiec_NP1 '_NULL s_ZZ1 test_VV0 in_II all_DB cases_NN2 but_CCB fails_VVZ Christoffersen_NP1 '_NULL s_ZZ1 test_VV0 in_II 7_MC out_II21 of_II22 16_MC cases_NN2 at_II the_AT 10%_NNU significance_NN1 level_NN1 ,_, the_AT SDFPOT_NN1 method_NN1 passes_VVZ both_RR tests_VVZ in_II all_DB cases_NN2 ._. 
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As_CSA noted_VVN by_II Diebold_NP1 and_CC Yilmaz_NP1 (_( 2009_MC ,_, 2012_MC ,_, 2014_MC )_) ,_, variance_NN1 decompositions_NN2 from_II approximating_VVG models_NN2 are_VBR a_AT1 convenient_JJ framework_NN1 for_IF empirical_JJ measurement_NN1 of_IO connectedness_NN1 ._. 
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<s>
This_DD1 outcome_NN1 is_VBZ to_TO be_VBI expected_VVN if_CS Czech_JJ workers_NN2 predominantly_RR entered_VVN municipalities_NN2 experiencing_VVG higher_JJR employment_NN1 and_CC wage_NN1 growth_NN1 ._. 
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<s>
Additionally_RR ,_, national_JJ security_NN1 is_VBZ an_AT1 important_JJ part_NN1 of_IO social_JJ welfare_NN1 as_CSA perceptions_NN2 of_IO freedom_NN1 from_II attack_NN1 affect_VV0 human_JJ peace_NN1 of_IO mind_NN1 and_CC happiness_NN1 ._. 
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This_DD1 is_VBZ true_JJ for_IF both_RR IMF_NP1 and_CC OECD_NP1 forecasts_NN2 ._. 
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This_DD1 suggests_VVZ that_CST the_AT negative_JJ returns_NN2 earned_VVN on_II short-duration_JJ trades_NN2 are_VBR not_XX explained_VVN by_II fund_NN1 managers_NN2 cutting_VVG their_APPGE losses_NN2 in_II31 light_II32 of_II33 new_JJ information_NN1 received_VVD shortly_RR after_CS they_PPHS2 initiate_VV0 trades_NN2 ._. 
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Dividends_NN2 equals_VVZ the_AT sum_NN1 of_IO cash_NN1 and_CC property_NN1 distributions_NN2 to_II shareholders_NN2 ._. 
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The_AT final_JJ subliterature_NN1 studies_NN2 the_AT historical_JJ sources_NN2 of_IO authoritarian_JJ governance_NN1 ._. 
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<s>
As_CSA Figure_NN1 VII_MC and_CC the_AT table_NN1 entries_NN2 indicate_VV0 ,_, inflows_NN2 are_VBR far_RG more_RGR important_JJ than_CSN outflows_NN2 for_IF explaining_VVG the_AT total_JJ employment_NN1 response_NN1 in_II all_DB skill_NN1 and_CC age_NN1 groups_NN2 ,_, accounting_VVG for_IF at_RR21 least_RR22 87%_NNU of_IO the_AT overall_JJ reduction_NN1 in_II employment_NN1 ._. 
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Finally_RR ,_, all_DB the_AT estimators_NN2 that_CST require_VV0 a_AT1 global_JJ quantile_JJ specification_NN1 outperform_NN1 Powell_NP1 '_NULL s_ZZ1 CQR_NP1 ,_, which_DDQ only_RR needs_VVZ the_AT specification_NN1 of_IO individual_JJ quantiles_NN2 separately_RR ._. 
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For_REX21 example_REX22 ,_, studies_NN2 of_IO state_NN1 transfers_NN2 arising_VVG from_II the_AT federal_JJ income_NN1 tax_NN1 system_NN1 focus_NN1 on_II the_AT transfers_NN2 from_II states_NN2 with_IW high_JJ income_NN1 to_II those_DD2 with_IW low_JJ income_NN1 rather_II21 than_II22 on_II the_AT ex-ante_JJ consequences_NN2 of_IO the_AT tax_NN1 system_NN1 behind_II the_AT "_" veil_NN1 of_IO ignorance_NN1 ._. "_" 
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In_II a_AT1 setting_NN1 in_II which_DDQ the_AT CDHP_NP1 had_VHD no_AT overall_JJ effect_NN1 on_II total_JJ spending_NN1 ,_, Borah_NP1 et_RA21 al_RA22 ._. 
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(_( 2011_MC )_) find_VV0 that_DD1 outpatient_NN1 utilization_NN1 declined_VVN among_II medium_NN1 to_II high_JJ risks_NN2 ._. 
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Given_CS21 that_CS22 we_PPIS2 know_VV0 relatively_RR little_RR about_II who_PNQS benefits_NN2 from_II spending_VVG on_II defense_NN1 ,_, police_NN2 ,_, the_AT justice_NN1 system_NN1 ,_, infrastructure_NN1 ,_, and_CC the_AT like_JJ ,_, this_DD1 seems_VVZ like_II the_AT most_RGT reasonable_JJ benchmark_NN1 to_TO start_VVI with_IW ._. 
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What_DDQ is_VBZ more_RRR ,_, during_II the_AT process_NN1 of_IO a_AT1 civil_JJ war_NN1 ,_, the_AT social_JJ ,_, political_JJ ,_, and_CC international_JJ environment_NN1 does_VDZ change_VVI in_II31 favor_II32 of_II33 one_MC1 species_NN and_CC in_II that_DD1 way_NN1 genetic_JJ adaptation_NN1 is_VBZ not_XX inconsequential_JJ ._. 
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Journal_NN1 Officiel_NP1 des_NP1 Territoires_NP1 du_FW Cameroun_NP1 ._. 
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As_CSA discussed_VVN at_RR21 length_RR22 ,_, these_DD2 models_NN2 will_VM generally_RR say_VVI that_DD1 asset_NN1 prices_NN2 depend_VV0 only_RR on_II aggregate_JJ consumption_NN1 which_DDQ will_VM be_VBI problematic_JJ for_IF the_AT facts_NN2 discussed_VVD thus_RR far_JJ ._. 
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Using_VVG either_RR the_AT relative_JJ uncertainty_NN1 in_II forecasts_NN2 (_( panel_NN1 B_ZZ1 of_IO Table_NN1 8_MC )_) or_CC the_AT relative_JJ size_NN1 of_IO backcast_NN1 errors_NN2 (_( panel_NN1 C_ZZ1 )_) as_II31 well_II32 as_II33 either_DD1 metric_JJ for_IF the_AT relative_JJ rank_NN1 of_IO two_MC macroeconomic_JJ variables_NN2 ,_, we_PPIS2 find_VV0 robust_JJ evidence_NN1 that_CST when_CS firms_NN2 rank_VV0 one_MC1 variable_NN1 as_RG more_RGR important_JJ than_CSN another_DD1 for_IF their_APPGE business_NN1 decisions_NN2 ,_, they_PPHS2 tend_VV0 to_TO have_VHI better_JJR knowledge_NN1 of_IO recent_JJ dynamics_NN of_IO that_DD1 variable_NN1 and_CC have_VH0 less_RGR uncertain_JJ forecasts_NN2 of_IO that_DD1 variable.17_FO The_AT only_JJ exception_NN1 is_VBZ when_CS comparing_VVG the_AT effect_NN1 of_IO UE_NP1 and_CC GDP_NN1 relative_NN1 ranks_NN2 on_II the_AT relative_JJ uncertainty_NN1 surrounding_VVG firms_NN2 '_NULL forecasts_NN2 of_IO these_DD2 variables_NN2 ,_, in_II which_DDQ case_VV0 the_AT estimates_NN2 are_VBR not_XX significantly_RR different_JJ from_II zero_MC (_( they_PPHS2 are_VBR statistically_RR significant_JJ in_II the_AT case_NN1 of_IO relative_JJ backcast_NN1 errors_NN2 )_) ._. 
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Since_CS DD_NNA effects_NN2 may_VM mute_VVI causal_JJ effects_NN2 that_CST occur_VV0 only_RR among_II those_DD2 whose_DDQGE parents_NN2 have_VH0 employer_NN1 insurance_NN1 benefits_NN2 ,_, we_PPIS2 also_RR estimate_VV0 specifications_NN2 that_CST include_VV0 only_RR young_JJ adults_NN2 whose_DDQGE parents_NN2 have_VH0 access_NN1 to_II employer-provided_JJ fringe_NN1 benefits_NN2 ._. 
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In_II the_AT first_MD period_NN1 ,_, two_MC phases_NN2 of_IO falling_VVG profitability_NN1 can_VM be_VBI observed_VVN ,_, 1952_MC to_II 1963_MC ,_, and_CC 1973_MC to_II 1989_MC ,_, with_IW AVR_NN1 of_IO -5.54_MC and_CC -6.65_MC ,_, respectively_RR ._. 
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We_PPIS2 first_MD consider_VV0 the_AT influence_NN1 of_IO large_JJ institutional_JJ shareholders_NN2 on_II the_AT marginal_JJ value_NN1 of_IO cash_NN1 over_II time_NNT1 ._. 
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Electricity_NN1 ,_, space_NN1 heating_NN1 and_CC water_NN1 heating_NN1 showing_VVG carbon_NN1 intensities_NN2 (_( in_II kgCO2eq/kWh_FU )_) and_CC energy_NN1 use_NN1 (_( in_II kWh_NNU )_) ._. 
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If_CS income_NN1 is_VBZ again_RT retained_VVN as_II the_AT relevant_JJ outcome_NN1 ,_, and_CC individual_JJ effort_NN1 is_VBZ measured_VVN by_II the_AT agent_NN1 '_NULL s_ZZ1 percentile_NN1 in_II the_AT distribution_NN1 of_IO his_APPGE skill_NN1 group_NN1 ,_, then_RT the_AT goal_NN1 becomes_VVZ the_AT maximization_NN1 of_IO the_AT average_JJ income_NN1 of_IO the_AT unskilled_JJ agents_NN2 if_CS their_APPGE distribution_NN1 of_IO income_NN1 is_VBZ firstorder_NN1 stochastically_RR dominated_VVN by_II the_AT income_NN1 distributions_NN2 of_IO all_DB other_JJ skill_NN1 groups_NN2 ._. 
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For_IF the_AT ITC_NN1 results_NN2 in_II panel_NN1 A_ZZ1 ,_, the_AT sign_NN1 flips_VVZ to_II negative_JJ when_CS both_DB2 elements_NN2 are_VBR introduced_VVN ,_, irrespective_II21 of_II22 whether_CSW aggregate_JJ shocks_NN2 are_VBR assumed_VVN to_TO affect_VVI all_DB states_NN2 homogenously_RR (_( as_CSA with_IW TFE_NP1 )_) or_CC heterogeneously_RR (_( as_CSA with_IW CCE_NP1 )_) ._. 
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Having_VHG established_VVN that_DD1 buyer_NN1 power_NN1 affects_VVZ upstream_JJ entry_NN1 in_II the_AT presence_NN1 of_IO hold_NN1 up_RP on_II investments_NN2 ,_, in_II the_AT following_JJ sections_NN2 we_PPIS2 investigate_VV0 the_AT conditions_NN2 under_II which_DDQ greater_JJR buyer_NN1 concentration_NN1 ,_, i.e._REX ,_, smaller_JJR M_NN1 ,_, may_VM increase_VVI first-period_JJ entry_NN1 ,_, that_REX21 is_REX22 ,_, Joint_JJ draws_NN2 are_VBR taken_VVN from_II the_AT posterior_NN1 of_IO the_AT VAR_NP1 parameters_NN2 and_CC the_AT uniform_JJ distribution_NN1 for_IF the_AT rotation_NN1 matrices_NN2 ._. 
</s>
<s>
Likewise_RR ,_, advocates_NN2 of_IO the_AT new_JJ Silk_NP1 Road_NNL1 see_VV0 it_PPH1 as_II a_AT1 way_NN1 to_TO cultivate_VVI new_JJ export_NN1 sectors_NN2 ,_, new_JJ export_NN1 markets_NN2 for_IF Chinese_JJ goods_NN2 (_( from_II "_" overcapacity_NN1 "_" industries_NN2 as_II31 well_II32 as_II33 from_II newer_JJR sectors_NN2 )_) ,_, and_CC new_JJ foreign_JJ venues_NN2 for_IF Chinese_JJ capital_NN1 investments.64_FO Chinese_JJ analysts_NN2 say_VV0 the_AT territory_NN1 encompassed_VVN by_II the_AT Silk_NP1 Road_NNL1 Economic_JJ Belt_NN1 and_CC the_AT Maritime_JJ Silk_NP1 Road_NNL1 contains_VVZ 4.4_MC billion_NNO people_NN (_( 63_MC percent_NNU of_IO the_AT world_NN1 '_NULL s_ZZ1 population_NN1 )_) ,_, with_IW an_AT1 aggregate_JJ GDP_NN1 of_IO $2.1_NNU trillion_NNO (_( 29_MC percent_NNU of_IO the_AT world_NN1 '_NULL s_ZZ1 wealth_NN1 )_) .65_MC One_MC1 Belt_NN1 ,_, One_MC1 Road_NN1 targets_NN2 new_JJ markets_NN2 in_II South_ND1 Asia_NP1 ,_, Central_JJ Asia_NP1 ,_, the_AT Caspian_NP1 basin_NN1 ,_, and_CC the_AT Middle_JJ East_ND1 ._. 
</s>
<s>
Section_NN1 4_MC highlights_VVZ limitations_NN2 of_IO the_AT spatial_JJ econometrics_NN1 framework_NN1 ,_, discusses_VVZ alternative_JJ approaches_NN2 and_CC proposes_VVZ a_AT1 new_JJ synthesis_NN1 of_IO several_DA2 methods_NN2 ._. 
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<s>
These_DD2 constitute_VV0 a_AT1 significant_JJ portion_NN1 of_IO revenue_NN1 for_IF the_AT teams.6_FO We_PPIS2 run_VV0 a_AT1 set_NN1 of_IO regressions_NN2 for_IF each_DD1 team_NN1 using_VVG game-by-game_NN1 J._NP1 League_NN1 attendance_NN1 data_NN matched_VVN with_IW corresponding_JJ weather_NN1 data_NN from_II 1993_MC to_II 2010_MC ._. 
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<s>
An_AT1 increase_NN1 of_IO GD_JJ indicates_VVZ an_AT1 average_JJ appreciation_NN1 of_IO the_AT USD_NN1 with_II31 respect_II32 to_II33 the_AT major_JJ international_JJ currencies_NN2 ._. 
</s>
<s>
A_AT1 well-specified_NN1 and_CC comprehensive_JJ selection_NN1 model_NN1 explaining_VVG the_AT participation_NN1 in_II IMF-supported_JJ programs_NN2 helps_NN2 support_VVI the_AT conditional_JJ independence_NN1 assumption_NN1 ._. 
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<s>
Subsequently_RR ,_, we_PPIS2 compute_VV0 the_AT value-weighted_JJ average_JJ efficiency_NN1 (_( orthogonalized_VVN with_II31 respect_II32 to_II33 liquidity_NN1 )_) across_II individual_JJ stocks_NN2 each_DD1 month_NNT1 and_CC separately_RR for_IF each_DD1 efficiency_NN1 measure_NN1 ._. 
</s>
<s>
Yet_RR ,_, for_IF burden_NN1 shares_NN2 to_TO acquire_VVI a_AT1 substantive_JJ meaning_NN1 in_II debates_NN2 on_II the_AT equity_NN1 of_IO distributions_NN2 and_CC regularity_NN1 theories_NN2 of_IO burden_NN1 sharing_VVG ,_, relative_JJ sizes_NN2 of_IO contributions_NN2 first_MD have_VH0 to_TO be_VBI delineated_VVN ._. 
</s>
<s>
The_AT right_JJ hand_NN1 side_NN1 gives_VVZ the_AT marginal_JJ social_JJ cost_NN1 of_IO the_AT relaxation_NN1 ._. 
</s>
<s>
Almost_RR without_IW exception_NN1 ,_, our_APPGE proxy_NN1 for_IF indirect_JJ imports_NN2 does_VDZ not_XX exhibit_VVI a_AT1 statistically_RR significant_JJ effect_NN1 on_II firm_JJ exit_NN1 ,_, on_II aggregate_JJ retail_JJ productivity_NN1 and_CC markups_NN2 ,_, on_II the_AT number_NN1 of_IO retailers_NN2 ,_, or_CC on_II the_AT Herfindahl_NP1 index_NN1 of_IO retail_JJ market_NN1 concentration_NN1 ._. 
</s>
<s>
On_II the_AT other_JJ hand_NN1 ,_, the_AT risk_NN1 premium_NN1 increases_VVZ in_II the_AT precision_NN1 of_IO public_JJ information_NN1 for_IF firms_NN2 in_II relatively_RR fast_JJ growth_NN1 phase_NN1 (_( i.e._REX ,_, t_ZZ1 >_FO r_ZZ1 )_) ._. 
</s>
<s>
In_RR21 particular_RR22 ,_, for_IF nearly_RR all_DB cases_NN2 considered_VVN ,_, the_AT tests_NN2 based_VVN on_II the_AT size-correction_JJ method_NN1 (_( including_II the_AT 2SLS-based_JJ procedures_NN2 )_) are_VBR relatively_RR less_RGR conservative_JJ than_CSN the_AT GKMC_NP1 bound_VVD when_RRQ the_AT identification_NN1 of_IO is_VBZ weak_JJ (_( see_VV0 the_AT columns_NN2 )_) ._. 
</s>
<s>
In_RR21 particular_RR22 ,_, consider_VV0 an_AT1 acquisition_NN1 where_CS firm_JJ f_ZZ1 acquired_VVD a_AT1 set_NN1 of_IO products_NN2 from_II firm_NN1 k_ZZ1 and_CC divested_VVD a_AT1 set_NN1 of_IO products_NN2 to_II firm_NN1 l_ZZ1 ._. 
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<s>
As_II a_AT1 result_NN1 of_IO the_AT products_NN2 from_II firm_NN1 k_ZZ1 that_CST enter_VV0 firm_JJ f_ZZ1 '_NULL s_ZZ1 portfolio_NN1 and_CC the_AT products_NN2 that_CST are_VBR divested_VVN to_II firm_NN1 l_ZZ1 (_( and_CC thus_RR leave_VV0 firm_JJ f_ZZ1 '_NULL s_ZZ1 portfolio_NN1 )_) ,_, there_EX is_VBZ an_AT1 impact_NN1 on_II the_AT equilibrium_NN1 prices_NN2 of_IO all_DB of_IO the_AT other_JJ products_NN2 ._. 
</s>
<s>
Thus_RR differential_JJ firm_JJ growth_NN1 rates_NN2 by_II firm_JJ size_NN1 allows_VVZ us_PPIO2 to_TO pin_VVI down_RP i_MC1 (_( which_DDQ determines_VVZ convexity_NN1 of_IO hiring_NN1 costs_VVZ )_) and_CC 2_MC (_( which_DDQ determines_VVZ the_AT relative_JJ stability_NN1 of_IO large_JJ versus_II small_JJ firms_NN2 )_) ._. 
</s>
<s>
These_DD2 missing_JJ entrants_NN2 represent_VV0 2_MC (_( 1_MC1 )_) percent_NNU of_IO annual_JJ manufacturing_NN1 (_( trading_NN1 firm_NN1 )_) entrants_NN2 per_II year_NNT1 ._. 
</s>
<s>
Harvey_NP1 and_CC Siddique_NP1 (_( 2000_MC )_) find_VV0 that_CST higher_JJR past_JJ return_NN1 is_VBZ associated_VVN with_IW negative_JJ skewness_NN1 ._. 
</s>
<s>
Tax_NN1 preferences_NN2 derive_VV0 from_II comparing_VVG before-tax_JJ income_NN1 ,_, which_DDQ is_VBZ liable_JJ to_II income_NN1 tax_NN1 ,_, with_IW disposable_JJ income_NN1 ,_, which_DDQ is_VBZ spent_VVN on_II consumption_NN1 and_CC thus_RR liable_JJ to_II expenditure_NN1 tax_NN1 ._. 
</s>
<s>
However_RR ,_, their_APPGE specificity_NN1 mainly_RR comes_VVZ from_II their_APPGE indivisibility_NN1 :_: for_IF these_DD2 serious_JJ illnesses_NN2 there_EX is_VBZ no_AT continuous_JJ relation_NN1 between_II the_AT amount_NN1 spent_VVN on_II health_NN1 care_NN1 and_CC the_AT reduction_NN1 in_II the_AT effect_NN1 of_IO the_AT disease_NN1 ._. 
</s>
<s>
Members_NN2 hold_VV0 a_AT1 tiny_JJ minority_NN1 of_IO the_AT shares_NN2 in_II the_AT bank_NN1 ,_, and_CC as_CSA such_DA they_PPHS2 receive_VV0 small_JJ dividends_NN2 in_II profit_NN1 sharing_VVG ._. 
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<s>
Such_DA dependence_NN1 can_VM have_VHI dramatic_JJ effects_NN2 on_II the_AT asymptotic_JJ and_CC finitesample_VV0 properties_NN2 of_IO the_AT least_DAT squares_NN2 estimator_NN1 and_CC standard_JJ inferential_JJ procedures_NN2 in_II panel_NN1 data_NN models_NN2 ;_; see_VV0 ,_, for_REX21 example_REX22 ,_, Andrews_NP1 (_( 2005_MC )_) and_CC the_AT more_RGR recent_JJ survey_NN1 of_IO Chudik_NP1 and_CC Pesaran_NP1 (_( 2015_MC )_) ._. 
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<s>
The_AT rise_NN1 in_II both_DB2 consumption_NN1 and_CC national_JJ defense_NN1 translates_VVZ into_II a_AT1 rise_NN1 in_II social_JJ welfare_NN1 ._. 
</s>
<s>
The_AT preference_NN1 of_IO ivory_NN1 sellers_NN2 for_IF guns_NN2 came_VVD a_AT1 distant_JJ second_NNT1 to_II that_DD1 of_IO slave_NN1 sellers_NN2 ._. 
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<s>
EMDE_NP1 institutions_NN2 are_VBR likely_JJ to_TO face_VVI increased_JJ demand_NN1 for_IF project_NN1 finance_NN1 and_CC liquidity_NN1 support_NN1 when_CS the_AT Trump_NN1 administration_NN1 follows_VVZ through_RP on_II its_APPGE threats_NN2 to_TO reduce_VVI funding_NN1 for_IF the_AT BWIs_NN1 ._. 
</s>
<s>
In_II one_MC1 community_NN1 ,_, a_AT1 faction_NN1 of_IO residents_NN2 has_VHZ clamoured_VVN for_IF forest_NN1 rights_NN2 to_TO be_VBI reallocated_VVN among_II households_NN2 ._. 
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<s>
The_AT FTC_NP1 designed_VVD a_AT1 sampling_NN1 algorithm_NN1 that_CST relied_VVD on_II the_AT number_NN1 of_IO patents_NN2 that_CST were_VBDR held_VVN by_II a_AT1 PAE_NP1 and_CC the_AT number_NN1 of_IO defendants_NN2 that_CST were_VBDR sued_VVN by_II a_AT1 PAE_NP1 to_TO select_VVI approximately_RR 25_MC PAEs_NP2 of_IO varying_JJ sizes_NN2 ._. 
</s>
<s>
Hence_RR ,_, I_PPIS1 define_VV0 the_AT "_" net_JJ wedge_NN1 "_" as_II the_AT gross_JJ wedge_NN1 from_II which_DDQ we_PPIS2 filter_VV0 out_RP all_DB the_AT parts_NN2 just_RR explained_VVN that_CST only_RR go_VV0 toward_II compensating_VVG for_IF the_AT other_JJ distortions_NN2 ._. 
</s>
<s>
For_IF the_AT other_JJ ,_, scholars_NN2 of_IO political_JJ business_NN1 cycles_NN2 focused_VVN on_II public-sector_JJ spending_NN1 as_II31 well_II32 as_II33 monetary_JJ policy_NN1 and_CC growth_NN1 ._. 
</s>
<s>
The_AT timing_NN1 of_IO contention_NN1 is_VBZ crucial_JJ for_IF closure_NN1 bargaining_NN1 ._. 
</s>
<s>
Recently_RR ,_, a_AT1 combination_NN1 of_IO increased_JJ budgetary_JJ allocations_NN2 and_CC institutional_JJ reforms_NN2 ,_, such_II21 as_II22 the_AT creation_NN1 of_IO the_AT National_JJ Research_NN1 and_CC Innovation_NN1 Agency_NN1 (_( ANII_NP1 for_IF its_APPGE acronym_NN1 in_II Spanish_JJ )_) ,_, has_VHZ led_VVN to_II higher_JJR levels_NN2 of_IO R_ZZ1 &D;_NULL and_CC innovation_NN1 expenditure_NN1 at_II the_AT firm_JJ level_NN1 ._. 
</s>
<s>
The_AT first_MD category_NN1 ,_, already_RR described_VVN at_RR21 length_RR22 ,_, includes_VVZ the_AT dutiable_JJ imports_NN2 of_IO those_DD2 industries_NN2 exhibiting_VVG highly_RR discrepant_JJ intraindustry_NN1 compositions_NN2 ,_, such_CS21 that_CS22 the_AT corresponding_JJ ad_JJ21 valorem_JJ22 equivalent_JJ tariff_NN1 for_IF that_DD1 industry_NN1 would_VM grossly_RR misrepresent_JJ the_AT true_JJ bilateral_JJ American_JJ tariff_NN1 toward_II Britain_NP1 for_IF that_DD1 industry_NN1 ._. 
</s>
<s>
The_AT values_NN2 of_IO u_ZZ1 that_CST rationalize_VV0 this_DD1 choice_NN1 are_VBR given_VVN by_II z_ZZ1 1aRRJ_FO 2aRRJJ_FO for_IF any_DD two_MC positive_JJ coefficients_NN2 1_MC1 and_CC 2_MC ._. 
</s>
<s>
We_PPIS2 find_VV0 effects_NN2 of_IO similar_JJ magnitude_NN1 for_IF firms_NN2 '_NULL stock_NN1 return_NN1 and_CC idiosyncratic_JJ volatilities_NN2 ._. 
</s>
<s>
A_AT1 broader_JJR application_NN1 of_IO economic_JJ theory_NN1 and_CC statistical_JJ methods_NN2 to_II the_AT economic_JJ history_NN1 of_IO China_NP1 have_VH0 allowed_VVN scholars_NN2 to_TO tap_VVI into_II historical_JJ data_NN that_CST was_VBDZ previously_RR viewed_VVN as_CSA unfit_JJ for_IF quantitative_JJ work_NN1 (_( such_II21 as_II22 qualitative_JJ information_NN1 )_) ,_, enabling_VVG a_AT1 new_JJ generation_NN1 of_IO economic_JJ historians_NN2 to_TO reinvestigate_VVI and_CC more_RGR rigorously_RR examine_VVI some_DD classic_JJ historical_JJ questions_NN2 in_II Chinese_JJ history_NN1 as_II31 well_II32 as_II33 test_NN1 new_JJ hypotheses_NN2 ,_, many_DA2 of_IO which_DDQ are_VBR shaped_VVN by_II broader_JJR questions_NN2 in_II the_AT social_JJ sciences_NN2 ._. 
</s>
<s>
The_AT economic_JJ world_NN1 is_VBZ a_AT1 product_NN1 of_IO the_AT social_JJ world_NN1 ,_, and_CC the_AT social_JJ world_NN1 is_VBZ a_AT1 product_NN1 of_IO the_AT human_JJ capability_NN1 to_TO interact_VVI in_II ever-larger_JJR groups_NN2 ,_, from_II the_AT small_JJ hunter–gatherer_NN1 tribes_NN2 of_IO the_AT stone_NN1 age_NN1 to_II our_APPGE heavily_RR interconnected_VVD planetary_JJ society_NN1 ._. 
</s>
<s>
Also_RR ,_, while_CS higher_JJR moments_NN2 and_CC '_NULL tail_NN1 risks_NN2 '_NULL are_VBR covered_VVN in_II a_AT1 few_DA2 places_NN2 ,_, it_PPH1 would_VM have_VHI been_VBN valuable_JJ for_IF Qian_NP1 to_TO explain_VVI how_RRQ risk_NN1 parity_NN1 portfolios_NN2 account_VV0 for_IF non-normal_JJ distributions_NN2 ._. 
</s>
<s>
The_AT starting_NN1 reference_NN1 point_NN1 for_IF mapping_NN1 was_VBDZ Vienna_NP1 (_( Timár_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
2006_MC )_) ._. 
</s>
<s>
But_CCB what_DDQ then_RT is_VBZ the_AT proportionality_NN1 constant_NN1 ?_? 
</s>
<s>
Retailers_NN2 '_NULL promotional_JJ effort_NN1 ,_, therefore_RR ,_, targets_NN2 marginal_JJ consumers_NN2 who_PNQS would_VM otherwise_RR purchase_VVI somewhere_RL else_RR ._. 
</s>
<s>
The_AT ACEI-Model_NN1 assumes_VVZ that_CST P1_FO (_( China_NP1 )_) is_VBZ going_VVGK to_TO get_VVI support_NN1 from_II North_NP1 Korea_NP1 (_( U2_NP1 )_) ,_, Laos_NP1 (_( U5:4_FO )_) ,_, Cambodia_NP1 (_( U5:5_FO )_) ,_, Myanmar_NP1 (_( U5:8_FO )_) ,_, Vietnam_NP1 (_( U5:9_FO )_) ,_, Thailand_NP1 (_( U5:7_FO )_) ,_, and_CC Russia_NP1 (_( W2_FO )_) ._. 
</s>
<s>
Their_APPGE calculation_NN1 conditions_NN2 on_II education_NN1 and_CC age_NN1 and_CC so_RR captures_VVZ residual_JJ earnings_NN2 risk_VV0 ._. 
</s>
<s>
For_IF this_DD1 we_PPIS2 rely_VV0 on_II the_AT comprehensive_JJ assessment_NN1 of_IO agricultural_JJ price_NN1 distortions_NN2 in_II India_NP1 undertaken_VVN by_II (_( Pursell_NP1 ,_, Gulati_NP1 ,_, and_CC Gupta_NP1 2009_MC )_) as_II part_NN1 of_IO the_AT World_NN1 Bank_NN1 '_NULL s_ZZ1 "_" Distortions_NN2 to_II Agricultural_JJ Incentives_NN2 "_" (_( DAI_NP1 )_) (_( Anderson_NP1 2009_MC ;_; Anderson_NP1 and_CC Nelgen_NP1 2012_MC )_) ._. 
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<s>
The_AT second_MD constraint_NN1 ,_, #E_FO ,_, ensures_VVZ that_CST the_AT household_NN1 can_VM not_XX produce_VVI negative_JJ total_JJ income_NN1 ._. 
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<s>
Coefficient_NN1 estimates_VVZ for_IF β_NULL ,_, γ_NULL ..._... for_IF rural_JJ municipalities_NN2 are_VBR given_VVN in_II Table_NN1 4_MC ._. 
</s>
<s>
Panels_NN2 C_ZZ1 and_CC D_ZZ1 reflect_VV0 the_AT manager_NN1 '_NULL s_ZZ1 preference_NN1 between_II a_AT1 risk-free_JJ scenario_NN1 and_CC a_AT1 risky_JJ scenario_NN1 ._. 
</s>
<s>
In_II the_AT late_JJ 19th_MD century_NNT1 ,_, the_AT traditional_JJ education_NN1 system_NN1 was_VBDZ joined_VVN by_II a_AT1 "_" modern_JJ "_" ,_, Western_JJ track_NN1 ,_, which_DDQ offered_VVD teaching_VVG in_II science_NN1 ,_, math_NN1 ,_, social_JJ science_NN1 ,_, law_NN1 ,_, and_CC engineering_NN1 ._. 
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<s>
The_AT invariant_JJ distribution_NN1 of_IO ,_, Bt_NP1 ,_, Zt_NP1 ,_, has_VHZ #E_FO ._. 
</s>
<s>
While_CS a_AT1 government_NN1 spending_NN1 shock_NN1 makes_VVZ households_NN2 persistently_RR poorer_JJR (_( the_AT estimated_JJ persistence_NN1 of_IO the_AT shock_NN1 is_VBZ large_JJ )_) ,_, they_PPHS2 seek_VV0 to_TO consume_VVI more_RRR ._. 
</s>
<s>
Moreover_RR ,_, at_II the_AT beginning_NN1 of_IO December_NPM1 2010_MC ,_, the_AT ECB_NN1 announces_VVZ the_AT purchasing_NN1 of_IO government_NN1 bonds_NN2 in_II large_JJ scale_NN1 and_CC Ireland_NP1 asked_VVD for_IF financial_JJ help_NN1 ._. 
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<s>
In_RR21 general_RR22 ,_, our_APPGE previous_JJ findings_NN2 are_VBR supported_VVN ._. 
</s>
<s>
For_IF this_DD1 part_NN1 of_IO the_AT simulation_NN1 study_NN1 ,_, we_PPIS2 assume_VV0 the_AT vector_NN1 of_IO dependent_JJ variables_NN2 y_ZZ1 of_IO the_AT n_ZZ1 cross-sectional_JJ units_NN2 is_VBZ generated_VVN by_II :_: #E_FO ,_, where_CS β_NULL =_FO 1_MC1 ,_, x_ZZ1 is_VBZ generated_VVN independently_RR from_II Uniform&lsqb;0_FO ,_, 5_MC &rsqb;_) ,_, and_CC v_ZZ1 =2ε_FO with_IW ε_FO ?_FO N_ZZ1 (_( 0_MC ,_, In_II )_) ,_, and_CC where_CS the_AT elements_NN2 of_IO W0_FO are_VBR functions_NN2 of_IO the_AT weight_NN1 matrices_NN2 W1_FO and_CC W2_FO defined_VVN after_II (_( 24_MC )_) –_- (_( 25_MC )_) ._. 
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<s>
Second_MD ,_, the_AT members_NN2 collectively_RR own_VV0 the_AT cooperative_JJ '_NULL s_ZZ1 assets_NN2 ,_, if_CS any_DD ._. 
</s>
<s>
The_AT intuition_NN1 here_RL is_VBZ that_CST a_AT1 multiplant_NN1 firm_NN1 has_VHZ a_AT1 larger_JJR capacity_NN1 to_TO loosen_VVI the_AT plant_NN1 '_NULL s_ZZ1 resource_VV0 constraint_NN1 than_CSN a_AT1 singleplant_NN1 firm_NN1 because_CS the_AT multiplant_NN1 firm_NN1 can_VM take_VVI resources_NN2 away_II21 from_II22 the_AT relatively_RR less_RGR productive_JJ affiliated_JJ plants_NN2 and_CC supply_VV0 these_DD2 resources_NN2 to_II the_AT highly_RR productive_JJ plant_NN1 ._. 
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<s>
We_PPIS2 use_VV0 the_AT sample_NN1 period_NN1 intersection_NN1 of_IO these_DD2 datasets_NN2 ,_, covering_VVG March_NPM1 1976_MC to_II January_NPM1 2010_MC ._. 
</s>
<s>
We_PPIS2 report_VV0 results_NN2 from_II the_AT estimation_NN1 of_IO the_AT two_MC structural_JJ parameters_NN2 ,_, and_CC θ_NULL ,_, in_II Table_NN1 3_MC ._. 
</s>
<s>
As_CSA systemic_JJ banks_NN2 have_VH0 already_RR reached_VVN a_AT1 high_JJ level_NN1 of_IO both_DB2 intrastate_VV0 and_CC interstate_JJ diversification_NN1 ,_, further_JJR expansion_NN1 within_II the_AT U.S._NP1 might_VM not_XX be_VBI beneficial_JJ anymore_RR ._. 
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<s>
As_II the_AT growth_NN1 of_IO population_NN1 plateaus_NN2 ,_, land_NN1 supply_NN1 per_RR21 capita_RR22 becomes_VVZ time-invariant_JJ ._. 
</s>
<s>
Some_DD models_NN2 assume_VV0 perfect_JJ capital_NN1 mobility_NN1 ,_, and_CC some_DD models_NN2 assume_VV0 capital_NN1 vintaging_VVG ,_, where_CS a_AT1 certain_JJ portion_NN1 of_IO the_AT capital_NN1 stock_NN1 is_VBZ assumed_VVN to_TO be_VBI fixed_VVN to_II the_AT technology_NN1 that_CST it_PPH1 was_VBDZ allocated_VVN to_II originally_RR ,_, with_IW little_JJ or_CC no_AT ability_NN1 to_TO be_VBI reallocated_VVN ._. 
</s>
<s>
In_II this_DD1 section_NN1 we_PPIS2 briefly_RR discuss_VV0 several_DA2 of_IO these_DD2 alternate_JJ channels_NN2 (_( additional_JJ details_NN2 can_VM be_VBI found_VVN in_II Online_JJ Appendix_NN1 D_ZZ1 )_) ._. 
</s>
<s>
Hence_RR ,_, the_AT decision_NN1 to_TO tax_VVI capital_NN1 income_NN1 at_II a_AT1 moderate_JJ uniform_JJ tax_NN1 rate_NN1 ,_, basically_RR equal_JJ to_II the_AT CT_NN1 rate_NN1 ._. 
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<s>
First_MD ,_, we_PPIS2 use_VV0 the_AT reported_JJ earnings_NN2 ,_, payment_NN1 frequency_NN1 ,_, and_CC hours_NNT2 and_CC weeks_NNT2 worked_VVD to_TO construct_VVI the_AT hourly_JJ wage_NN1 for_IF all_DB immigrants_NN2 ._. 
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<s>
Note_VV0 that_CST the_AT functional_JJ values_NN2 of_IO all_DB variables_NN2 are_VBR only_RR equal_JJ in_II the_AT symmetric_JJ equilibrium_NN1 ._. 
</s>
<s>
The_AT issue_NN1 of_IO hawking_NN1 caused_VVD particular_JJ difficulties_NN2 at_II Rochdale_NP1 because_CS the_AT company_NN1 that_CST owned_VVD and_CC ran_VVD the_AT market_NN1 was_VBDZ unable_JK to_TO obtain_VVI powers_NN2 to_TO licence_VVI and_CC thus_RR control_VVI them_PPHO2 ._. 
</s>
<s>
This_DD1 choice_NN1 ensures_VVZ that_CST we_PPIS2 have_VH0 the_AT right_JJ starting_NN1 point_NN1 from_II which_DDQ to_TO investigate_VVI the_AT increase_NN1 in_II cash_NN1 holdings_NN2 ._. 
</s>
<s>
The_AT methodology_NN1 is_VBZ applied_VVN to_II the_AT mid-price_NN1 change_NN1 in_II FX_NN1 markets_NN2 showing_VVG that_CST these_DD2 bursts_NN2 are_VBR frequent_JJ and_CC that_CST only_RR a_AT1 relatively_RR small_JJ fraction_NN1 is_VBZ associated_VVN to_II news_NN1 arrival_NN1 ._. 
</s>
<s>
It_PPH1 is_VBZ important_JJ to_TO note_VVI ,_, however_RR ,_, that_CST this_DD1 is_VBZ the_AT average_JJ effect_NN1 for_IF all_DB properties_NN2 ._. 
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<s>
The_AT errors_NN2 are_VBR reasonably_RR low_JJ even_RR for_IF a_AT1 relatively_RR small_JJ number_NN1 of_IO grid_NN1 points_NN2 ._. 
</s>
<s>
And_CC ,_, albeit_CS with_IW a_AT1 smaller_JJR sample_NN1 ,_, our_APPGE evidence_NN1 points_VVZ to_II similar_JJ conclusions_NN2 for_IF realized_JJ earnings_NN2 as_RR21 well_RR22 ._. 
</s>
<s>
As_II the_AT Ward_NP1 '_NULL s_ZZ1 linkage_NN1 method_NN1 uses_VVZ a_AT1 distance_NN1 measure_NN1 to_II group_NN1 countries_NN2 into_II different_JJ clusters_NN2 ,_, we_PPIS2 convert_VV0 the_AT synchronization_NN1 measures_NN2 ,_, δa_FO ,_, b_ZZ1 t_ZZ1 ,_, into_II de-synchronization_NN1 measures_NN2 as_CSA follows_VVZ :_: γ_NULL a_AT1 ,_, b_ZZ1 t_ZZ1 =_FO 1_MC1 δ_FO a_AT1 ,_, b_ZZ1 t_ZZ1 ._. 
</s>
<s>
As_CSA own-state_JJ taxes_NN2 rise_VV0 ,_, trucking_VVG companies_NN2 would_VM both_RR report_VVI using_VVG fewer_DAR gallons_NNU2 and_CC report_VVI more_DAR of_IO their_APPGE miles_NNU2 being_VBG driven_VVN in_II other_JJ states_NN2 ._. 
</s>
<s>
Table_NN1 A-6_MC also_RR shows_VVZ that_CST allowing_VVG for_IF the_AT option_NN1 to_TO default_VVI does_VDZ not_XX mitigate_VVI the_AT effects_NN2 of_IO given_JJ interest_NN1 rate_NN1 variation_NN1 ._. 
</s>
<s>
Let_VV0 us_PPIO2 denote_VVI by_II T_ZZ1 the_AT treatment_NN1 group_NN1 of_IO individuals_NN2 with_IW birthday_NN1 before_II the_AT year-end_NNT1 and_CC by_II #E_FO the_AT reform_NN1 year_NNT1 2007_MC ._. 
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Each_DD1 firm_NN1 generates_VVZ γ_NULL >_FO 1_MC1 of_IO before-tax_JJ profits_NN2 for_IF its_APPGE owners_NN2 ._. 
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The_AT average_JJ length_NN1 of_IO stay_NN1 for_IF participants_NN2 is_VBZ 8.2_MC months_NNT2 ,_, with_IW an_AT1 average_JJ number_NN1 of_IO academic_JJ and_CC vocational_JJ hours_NNT2 received_VVN in_II Job_NN1 Corps_NN comparable_JJ to_II that_DD1 of_IO a_AT1 regular_JJ year_NNT1 of_IO high_JJ school_NN1 education_NN1 (_( Schochet_NP1 et_RA21 al._RA22 ,_, 2001_MC )_) ._. 
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Through_II the_AT portfolio_NN1 rebalancing_VVG channel_NN1 ,_, for_REX21 instance_REX22 ,_, private_JJ investors_NN2 bid_VV0 up_RP the_AT price_NN1 of_IO mortgages_NN2 when_CS rebalancing_VVG assets_NN2 toward_II some_DD desired_JJ composition_NN1 of_IO mortgages_NN2 and_CC agency_NN1 liabilities_NN2 ._. 
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While_CS extensive_JJ work_NN1 has_VHZ addressed_VVN the_AT objectives_NN2 and_CC interventions_NN2 of_IO the_AT BoE_NP1 under_II the_AT gold_NN1 standard_NN1 ,_, this_DD1 paper_NN1 focuses_VVZ on_II the_AT opposite_JJ side_NN1 of_IO the_AT spectrum.3_FO This_DD1 new_JJ perspective_NN1 adds_VVZ key_JJ dimensions_NN2 to_II the_AT traditional_JJ view_NN1 that_CST assumes_VVZ that_CST central_JJ banks_NN2 '_NULL discount_VV0 rates_NN2 and_CC gold_NN1 devices_NN2 were_VBDR the_AT most_RGT important_JJ monetary_JJ policy_NN1 instruments_NN2 ._. 
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Yet_RR ,_, intellectual_JJ property_NN1 ,_, which_DDQ accounts_VVZ for_IF roughly_RR one-third_MF of_IO the_AT aggregate_JJ market_NN1 equity_NN1 value_NN1 of_IO U.S._NP1 publicly_RR traded_VVN firms_NN2 ,_, is_VBZ among_II the_AT critical_JJ revenue-generating_JJ assets_NN2 that_CST determine_VV0 a_AT1 firm_JJ '_NULL s_ZZ1 competitive_JJ advantages_NN2 and_CC performance_NN1 in_II its_APPGE product_NN1 market_NN1 (_( Shapiro_NP1 and_CC Hassett_NP1 (_( 2005_MC )_) )_) ._. 
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In_II these_DD2 models_NN2 the_AT contest_NN1 success_NN1 function_NN1 ,_, which_DDQ gives_VVZ the_AT probability_NN1 of_IO winning_VVG ,_, can_VM be_VBI assumed_VVN to_TO take_VVI on_RP a_AT1 general_JJ form_NN1 ,_, or_CC alternatively_RR ,_, in_II other_JJ instances_NN2 this_DD1 functional_JJ form_NN1 is_VBZ quite_RG specific_JJ ._. 
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Thus_RR even_RR with_IW arbitrarily_RR little_JJ variation_NN1 in_II entrepreneurs_NN2 '_NULL marginal_JJ costs_NN2 ,_, there_EX can_VM still_RR be_VBI large_JJ differences_NN2 in_II size_NN1 ._. 
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Also_RR ,_, across_II time_NNT1 but_CCB at_II the_AT same_DA spatial_JJ location_NN1 ,_, we_PPIS2 set_VV0 their_APPGE distance_NN1 as_CSA one_PN1 if_CS they_PPHS2 are_VBR one_MC1 period_NN1 apart_RL ._. 
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The_AT AIIB_NN1 '_NULL s_ZZ1 development_NN1 testifies_VVZ to_II the_AT aforementioned_JJ mechanisms_NN2 ._. 
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Thus_RR ,_, migration_NN1 can_VM affect_VVI investment_NN1 in_II human_JJ capital_NN1 in_II the_AT origin_NN1 country_NN1 through_II two_MC main_JJ channels_NN2 :_: the_AT income_NN1 channel_NN1 and_CC the_AT wage_NN1 premium_NN1 channel_NN1 ._. 
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We_PPIS2 also_RR compare_VV0 the_AT performance_NN1 of_IO dynamic_JJ delta_NN1 hedging_VVG with_IW our_APPGE three-option_JJ hedge_NN1 under_II the_AT different_JJ model_NN1 environments_NN2 ._. 
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In_II Figure_NN1 2_MC ,_, we_PPIS2 plot_VV0 the_AT three_MC frontiers_NN2 corresponding_VVG to_II the_AT three_MC values_NN2 of_IO γ_NULL 0_MC ,_, 0.5_MC and_CC 1_MC1 ._. 
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For_IF the_AT sake_NN1 of_IO these_DD2 questions_NN2 ,_, assume_VV0 that_CST you_PPY are_VBR currently_RR age_VV0 62_MC and_CC single_JJ ._. 
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On_II a_AT1 more_RGR positive_JJ note_NN1 ,_, the_AT psychiatry-oriented_JJ chapter_NN1 15_MC ,_, by_II Shaun_NP1 Eack_NP1 and_CC Matcheri_NP1 Keshavan_NP1 ,_, focuses_VVZ on_II the_AT possibility_NN1 of_IO using_VVG neuroplasticity_NN1 to_TO improve_VVI cognitive_JJ and_CC social-cognitive_JJ functions_NN2 in_II patients_NN2 with_IW schizophrenia_NN1 ._. 
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Our_APPGE analyses_NN2 reveal_VV0 less_DAR "_" well-behavedness_NN1 "_" for_IF time_NNT1 than_CSN for_IF money_NN1 as_CSA choices_NN2 with_IW gains_NN2 and_CC losses_NN2 of_IO time_NNT1 reveal_VV0 a_AT1 much_RR larger_JJR heterogeneity_NN1 (_( including_II negative_JJ discounting_NN1 behavior_NN1 )_) than_CSN choices_NN2 with_IW monetary_JJ outcomes_NN2 ._. 
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We_PPIS2 measured_VVD supervisors_NN2 '_NULL state_VV0 self-esteem_NN1 using_VVG Heatherton_NP1 and_CC Polivy_NP1 '_NULL s_ZZ1 (_( 1991_MC )_) 20-item_JJ State_NN1 Self-Esteem_NN1 Scale_NN1 (_( SSES_NP2 )_) ._. 
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Pondering_VVG how_RRQ economists_NN2 got_VVD the_AT financial_JJ circumstances_NN2 "_" so_RG wrong_JJ ,_, "_" Krugman_NP1 (_( 2009_MC )_) highlights_VVZ the_AT field_NN1 '_NULL s_ZZ1 "_" romanticized_JJ "_" vision_NN1 of_IO a_AT1 market_NN1 economy_NN1 ._. 
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Even_RR for_IF a_AT1 less_RGR affected_JJ combination_NN1 ,_, such_II21 as_II22 Team_NN1 Yokohama_NP1 FM_NN1 in_II the_AT Nippa_NP1 Stadium_NN1 ,_, the_AT effect_NN1 is_VBZ still_RR significant_JJ ._. 
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Another_DD1 way_NN1 of_IO measuring_VVG risk_NN1 is_VBZ to_TO examine_VVI the_AT standard_JJ deviation_NN1 of_IO the_AT returns_NN2 rather_II21 than_II22 just_RR the_AT mean_JJ ._. 
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We_PPIS2 follow_VV0 Grossman_NP1 and_CC Helpman_NP1 (_( 1991_MC )_) by_II assuming_VVG that_DD1 international_JJ integration_NN1 might_VM also_RR facilitate_VVI the_AT international_JJ sharing_NN1 of_IO knowledge_NN1 capital_NN1 ._. 
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Here_RL there_EX are_VBR two_MC advantages_NN2 over_II discrete-time_NNT1 ._. 
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Thus_RR ,_, moderately_RR increasing_VVG the_AT share_NN1 of_IO military_JJ expenditure_NN1 is_VBZ favorable_JJ for_IF these_DD2 countries_NN2 to_TO advance_VVI economic_JJ growth_NN1 ._. 
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By_II definition_NN1 ,_, there_RL exist_VV0 1>0_FO and_CC 2>_FO 0_MC such_CS21 that_CS22 (_( u(x)_NN1 )_) /_FO (_( v(x)_NNU )_) 1_MC1 (_( u(y)_NNU )_) /_FO (_( v(y)_NN1 )_) and_CC (_( u(x)_NN1 )_) /_FO (_( v(x)_NNU )_) 2_NN1 (_( u_ZZ1 (_( y_ZZ1 )_) )_) /_FO (_( v(y)_NN1 )_) for_IF all_DB x_ZZ1 and_CC y_ZZ1 ._. 
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Our_APPGE empirical_JJ analysis_NN1 is_VBZ conducted_VVN using_VVG 9799_MC firm-month_JJ observations_NN2 from_II 26_MC countries_NN2 ._. 
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The_AT poem_NN1 on_II the_AT tablet_NN1 is_VBZ no_RR21 doubt_RR22 inspired_VVN by_II a_AT1 poem_NN1 written_VVN by_II the_AT Song_NN1 Neo-Confucian_JJ thinker_NN1 Zhu_NN1 Xi_NN1 (_( 1130–1200_MCMC )_) ,_, who_PNQS wrote_VVD ,_, '_NULL Ask_VV0 why_RRQ the_AT water_NN1 is_VBZ so_RG clean_JJ and_CC clear_JJ ?_? 
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The_AT result_NN1 can_VM be_VBI extended_VVN to_II cases_NN2 with_IW exogenous_JJ state_NN1 variables_NN2 and_CC where_CS the_AT number_NN1 of_IO endogenous_JJ states_NN2 per_II player_NN1 ,_, ,_, may_VM differ_VVI across_II players_NN2 and_CC states_NN2 ._. 
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Such_DA regimes_NN2 result_VV0 in_II a_AT1 reduction_NN1 in_II the_AT tax_NN1 liability_NN1 of_IO a_AT1 marginal_JJ project_NN1 ._. 
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We_PPIS2 use_VV0 estimates_NN2 of_IO the_AT beliefs_NN2 in_II the_AT rational_JJ expectations_NN2 model_VV0 for_IF the_AT sophisticated_JJ agents_NN2 ._. 
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For_IF this_DD1 reason_NN1 ,_, the_AT paper_NN1 defines_VVZ the_AT "_" nthorder_NN1 utility_NN1 premium_NN1 "_" as_II a_AT1 measure_NN1 of_IO pain_NN1 associated_VVN with_IW facing_VVG the_AT passage_NN1 from_II one_MC1 risk_NN1 to_II a_AT1 worse_JJR one_PN1 ,_, with_IW changes_NN2 in_II risk_NN1 expressed_VVN through_II the_AT concept_NN1 of_IO stochastic_JJ dominance_NN1 of_IO order_NN1 n_ZZ1 ._. 
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Second_MD ,_, it_PPH1 implements_VVZ the_AT propensity_NN1 score_NN1 matching_NN1 (_( PSM_NP1 )_) technique_NN1 to_TO address_VVI selection_NN1 bias_NN1 and_CC examines_VVZ the_AT impact_NN1 on_II a_AT1 wider_JJR range_NN1 of_IO macroeconomic_JJ and_CC social_JJ outcomes_NN2 ._. 
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The_AT resulting_JJ estimated_JJ parameters_NN2 are_VBR used_VVN to_TO simulate_VVI the_AT total_JJ loss_NN1 distribution_NN1 and_CC to_TO compute_VVI estimates_NN2 of_IO the_AT 99.9%_FO quantile_JJ ._. 
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The_AT latter_DA extension_NN1 creates_VVZ special_JJ interests_NN2 seeking_VVG preferential_JJ tax_NN1 treatment_NN1 ._. 
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The_AT bulk_NN1 of_IO the_AT annual_JJ budget_NN1 is_VBZ spent_VVN in_II human_JJ resources_NN2 '_NULL development.48_FO According_II21 to_II22 current_JJ practices_NN2 ,_, activities_NN2 that_CST take_VV0 place_NN1 in_II mainland_NN1 China_NP1 (_( be_VBI it_PPH1 training_VVG courses_NN2 or_CC formal_JJ meetings_NN2 of_IO the_AT pS_NN2 )_) are_VBR funded_VVN by_II MoFCoM_NP1 ,_, while_CS the_AT Macau_NP1 government_NN1 funds_NN2 all_DB the_AT remaining_JJ budget_NN1 needs_NN2 of_IO the_AT pS_NN2 through_II Macau_NP1 '_NULL s_ZZ1 Secretariat_NN1 for_IF economy_NN1 and_CC Finance_NN1 ,_, 49_MC to_II which_DDQ the_AT support_NN1 office_NN1 reports_NN2 ._. 
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We_PPIS2 have_VH0 already_RR mentioned_VVN the_AT sorting_NN1 of_IO workers_NN2 across_II firms_NN2 ,_, whereby_RRQ workers_NN2 with_IW mid-level_JJ skills_NN2 are_VBR matched_VVN to_II firms_NN2 with_IW inferior_JJ technologies_NN2 ,_, and_CC these_DD2 workers_NN2 and_CC firms_NN2 face_VV0 the_AT greatest_JJT import_NN1 competition_NN1 and_CC experience_NN1 losses_NN2 ._. 
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The_AT computation_NN1 of_IO CATFIN_NN1 is_VBZ related_VVN to_II our_APPGE measure_NN1 since_CS it_PPH1 is_VBZ estimated_VVN using_VVG both_RR VaR_NP1 and_CC ES_NP1 methodologies_NN2 ,_, with_IW nonparametric_JJ and_CC parametric_JJ specifications_NN2 ._. 
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This_DD1 index_NN1 takes_VVZ a_AT1 value_NN1 from_II 0_MC (_( completely_RR similar_JJ structures_NN2 )_) to_II 2_MC (_( completely_RR different_JJ structures_NN2 )_) ._. 
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Later_RRR in_II this_DD1 section_NN1 ,_, we_PPIS2 will_VM consider_VVI the_AT role_NN1 of_IO measured_JJ factors_NN2 in_II accounting_VVG for_IF the_AT slower_JJR reduction_NN1 at_II the_AT top_NN1 and_CC in_II following_VVG sections_NN2 we_PPIS2 will_VM attempt_VVI to_TO shed_VVI additional_JJ light_NN1 by_II reviewing_VVG the_AT literature_NN1 on_II the_AT labor_NN1 market_NN1 for_IF highly_RR skilled_JJ workers_NN2 ._. 
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The_AT notion_NN1 that_CST self-employment_NN1 depends_VVZ more_RRR on_II labor_NN1 than_CSN does_VDZ farming_NN1 finds_VVZ empirical_JJ support_NN1 in_II the_AT KLPS2_FO data_NN ._. 
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In_II sum_NN1 ,_, we_PPIS2 do_VD0 not_XX find_VVI any_DD significant_JJ differences_NN2 in_II the_AT quality_NN1 of_IO economic_JJ decision-making_NN1 before_II and_CC after_CS payday.36_FO C._ZZ1 Cognition_NN1 To_TO investigate_VVI whether_CSW economic_JJ circumstances_NN2 affect_VV0 cognition_NN1 ,_, we_PPIS2 first_MD examine_VV0 whether_CSW the_AT before-payday_NN1 and_CC after-payday_JJ groups_NN2 perform_VV0 differently_RR on_II cognitive_JJ function_NN1 tasks_NN2 ._. 
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The_AT proof_NN1 in_II the_AT general_JJ case_NN1 follows_VVZ by_II noting_VVG that_CST elasticities_NN2 involve_VV0 only_RR a_AT1 pairwise_RR comparison_NN1 between_II two_MC properties_NN2 i_ZZ1 and_CC j_ZZ1 ,_, and_CC other_JJ houses_NN2 can_VM be_VBI ignored_VVN because_CS elements_NN2 of_IO W_ZZ1 are_VBR small_JJ ._. 
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In_II steady_JJ state_NN1 ,_, the_AT equilibrium_NN1 aggregate_NN1 transaction_NN1 costs_NN2 ,_, which_DDQ one_PN1 can_VM interpret_VVI as_RG financial_JJ services_NN2 ,_, amount_NN1 to_II less_DAR than_CSN 4_MC percent_NNU of_IO GDP_NN1 ._. 
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These_DD2 results_NN2 are_VBR invariant_JJ to_TO transport_VVI costs_NN2 being_VBG additive_JJ or_CC multiplicative_JJ since_CS δEXP1d_FO and_CC δEXP2d_FO are_VBR functions_NN2 of_IO the_AT observables_NN2 (_( d_ZZ1 ,_, distd_NN1 )_) and_CC the_AT estimates_NN2 of_IO (_( 1_MC1 ,_, 2_MC )_) see_VV0 Appendix_NN1 A.3_FO for_IF details_NN2 ._. 
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We_PPIS2 note_VV0 that_CST RPM_NNU has_VHZ been_VBN viewed_VVN with_IW a_AT1 rule_NN1 of_IO reason_NN1 in_II the_AT US_NP1 since_CS the_AT 2007_MC Supreme_JJ Court_NN1 Leegin_NN1 decision_NN1 ,_, which_DDQ overruled_VVD the_AT per_RR21 se_RR22 rule_NN1 articulated_VVN in_II Dr._NNB Miles_NP1 in_II 1911_MC ._. 
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Especially_RR in_II the_AT pricing_NN1 section_NN1 ,_, the_AT CAR_NN1 model_NN1 gives_VVZ close_JJ price_NN1 results_NN2 between_II the_AT Monte_NP1 Carlo_NP1 simulation_NN1 and_CC the_AT approximation_NN1 formula_NN1 ._. 
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First_MD ,_, how_RRQ ,_, if_CS at_RR21 all_RR22 ,_, should_VM the_AT tax_NN1 and_CC social_JJ insurance_NN1 system_NN1 take_VV0 into_II account_NN1 human_NN1 capital_NN1 acquisition_NN1 ?_? 
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The_AT third_MD in-lab_JJ condition_NN1 replaced_VVD the_AT binary_JJ risky_JJ asset_NN1 with_IW an_AT1 asset_NN1 whose_DDQGE return_NN1 distribution_NN1 matched_VVN the_AT historical_JJ U.S._NP1 stock_NN1 market_NN1 distribution_NN1 ._. 
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Could_VM it_PPH1 be_VBI that_CST our_APPGE static_JJ approach_NN1 misses_VVZ important_JJ sources_NN2 of_IO "_" dynamic_JJ gains_NN2 "_" ?_? 
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Recall_VV0 from_II Section_NN1 2_MC above_RL that_CST the_AT empirical_JJ size_NN1 distributions_NN2 ,_, at_II relatively_RR disaggregated_VVD levels_NN2 ,_, are_VBR far_RR from_II any_DD power_NN1 law_NN1 ._. 
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Funding_NN1 provided_VVN by_II the_AT DOE_NP1 Office_NN1 of_IO Energy_NN1 Efficiency_NN1 and_CC Renewable_JJ Energy_NN1 '_NULL s_ZZ1 Wind_NN1 Energy_NN1 Technologies_NN2 Office_NN1 (_( WETO_NP1 )_) ._. 
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These_DD2 findings_NN2 suggest_VV0 that_DD1 responsibility_NN1 for_IF others_NN2 '_NULL outcome_NN1 and_CC the_AT empathy_NN1 gap_NN1 affect_VV0 the_AT decision_NN1 making_VVG process_NN1 ,_, particularly_RR when_CS the_AT social_JJ distance_NN1 is_VBZ shortened_VVN ._. 
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These_DD2 data_NN are_VBR annual_JJ observations_NN2 on_II all_DB manufacturing_NN1 firms_NN2 with_IW at_RR21 least_RR22 10_MC workers_NN2 ,_, covering_VVG the_AT 1981-1990_MCMC period_NN1 ._. 
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In_II 2009_MC ,_, SGCC_NP1 revealed_VVD a_AT1 "_" three-stage_JJ strategy_NN1 "_" to_TO construct_VVI "_" a_AT1 strong_JJ and_CC smart_JJ grid_NN1 "_" with_IW "_" subordinate_JJ grids_NN2 coordinated_VVN at_II all_DB levels_NN2 ._. 
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This_DD1 analysis_NN1 can_VM provide_VVI insights_NN2 relevant_JJ to_II a_AT1 wide_JJ range_NN1 of_IO stakeholders_NN2 interested_JJ in_II interactions_NN2 between_II renewable_JJ energy_NN1 deployment_NN1 ,_, fossil_NN1 fuel_NN1 markets_NN2 ,_, electricity_NN1 markets_NN2 ,_, and_CC economic_JJ welfare_NN1 with_IW the_AT broader_JJR goal_NN1 of_IO improving_VVG the_AT understanding_NN1 of_IO renewable_JJ energy_NN1 economic_JJ impacts_NN2 ._. 
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Acknowledgements_NN2 The_AT authors_NN2 are_VBR grateful_JJ to_II Nathan_NP1 Nunn_NP1 ,_, the_AT editor_NN1 in_II charge_NN1 ,_, and_CC to_II the_AT anonymous_JJ referees_NN2 for_IF their_APPGE stimulating_JJ suggestions_NN2 to_II earlier_JJR version_NN1 of_IO this_DD1 paper_NN1 ._. 
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In_RR21 particular_RR22 ,_, the_AT position_NN1 of_IO this_DD1 paper_NN1 is_VBZ that_CST this_DD1 practice_NN1 can_VM ,_, indeed_RR ,_, be_VBI justified_VVN ._. 
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It_PPH1 shows_VVZ the_AT relationship_NN1 between_II stated_JJ affiliation_NN1 with_IW national_JJ institutions_NN2 from_II the_AT Cahiers_NP1 des_NP1 Doleances_NP2 and_CC whether_CSW a_AT1 region_NN1 was_VBDZ subject_II21 to_II22 the_AT strong_JJ institutions_NN2 of_IO the_AT monarchy_NN1 within_II the_AT Cinq_NP1 Grosses_VVZ Fermes_NN2 ._. 
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In_II all_DB model_NN1 specifications_NN2 ,_, we_PPIS2 calibrate_VV0 few_DA2 parameters_NN2 :_: The_AT discount_NN1 factor_NN1 β_NULL is_VBZ set_VVN to_II 0.99_MC ,_, the_AT inverse_NN1 of_IO the_AT Frisch_NN1 labor_NN1 supply_NN1 elasticity_NN1 =_FO 2_MC ,_, the_AT capital_NN1 depreciation_NN1 rate_NN1 δ_FO is_VBZ equal_JJ to_II 0.025_MC ,_, the_AT parameter_NN1 in_II the_AT Cobb–Douglas_NP2 production_NN1 function_NN1 is_VBZ set_VVN to_II 0.30_MC to_TO match_VVI the_AT average_JJ capital_NN1 share_NN1 in_II net_NN1 (_( of_IO fixed_JJ costs_NN2 )_) output_NN1 (_( McAdam_NP1 and_CC Willman_NP1 ,_, 2013_MC )_) ,_, the_AT steadystate_NN1 price_NN1 and_CC wage_NN1 markups_NN2 p_ZZ1 and_CC w_ZZ1 are_VBR set_VVN to_II 1.20_MC and_CC 1.35_MC ,_, respectively_RR (_( Everaert_NP1 and_CC Schule_NP1 ,_, 2008_MC )_) ,_, and_CC the_AT steadystate_NN1 share_NN1 of_IO government_NN1 spending_VVG in_II output_NN1 is_VBZ set_VVN to_II 0.20_MC (_( the_AT average_JJ value_NN1 over_II the_AT sample_NN1 period_NN1 )_) ._. 
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For_IF years_NNT2 ,_, Beijing_NP1 had_VHD largely_RR kept_VVN a_AT1 low_JJ profile_NN1 in_II international_JJ financial_JJ institutions.33_FO As_CSA China_NP1 '_NULL s_ZZ1 economic_JJ influence_NN1 grows_VVZ ,_, Beijing_NP1 '_NULL s_ZZ1 discontent_NN1 about_II these_DD2 institutions_NN2 became_VVD apparent_JJ in_II the_AT early_JJ 2000s_MC2 ._. 
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While_CS scholars_NN2 might_VM have_VHI some_DD intuitive_JJ notions_NN2 of_IO the_AT nature_NN1 of_IO flood_NN1 insurance_NN1 claims_NN2 ,_, there_EX has_VHZ not_XX yet_RR been_VBN a_AT1 detailed_JJ analysis_NN1 of_IO claims_NN2 paid_VVN over_II the_AT life_NN1 of_IO the_AT NFIP_NN1 ._. 
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The_AT Klevorick_NP1 et_RA21 al_RA22 account_NN1 of_IO the_AT sources_NN2 of_IO technological_JJ opportunity_NN1 in_II the_AT preceding_JJ paragraph_NN1 illustrates_VVZ this_DD1 ._. 
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At_II the_AT same_DA time_NNT1 ,_, we_PPIS2 use_VV0 some_DD controls_NN2 expressed_VVN under_II the_AT form_NN1 of_IO dummy_JJ variables_NN2 ._. 
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The_AT expected_JJ return_NN1 is_VBZ thus_RR 5%_NNU ,_, and_CC the_AT standard_JJ deviation_NN1 of_IO the_AT return_NN1 (_( measuring_VVG the_AT degree_NN1 of_IO risk_NN1 )_) is_VBZ 15%_NNU ._. 
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However_RR ,_, for_IF other_JJ financial_JJ variables_NN2 ,_, results_NN2 are_VBR more_RRR mixed_VVN :_: surprise_NN1 increases_VVZ to_II financial_JJ uncertainty_NN1 reduce_VV0 aggregate_JJ stock_NN1 prices_NN2 and_CC returns_NN2 ,_, whereas_CS the_AT effects_NN2 of_IO increases_NN2 in_II macro_JJ uncertainty_NN1 are_VBR not_XX significant_JJ ._. 
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We_PPIS2 combine_VV0 the_AT wage_NN1 equation_NN1 with_IW #E_FO to_TO obtain_VVI the_AT labor_NN1 demand_NN1 :_: #E_FO ._. 
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The_AT data_NN contain_VV0 ,_, for_IF each_DD1 firm_NN1 and_CC potential_JJ partner_NN1 country_NN1 ,_, four_MC types_NN2 of_IO direct_JJ linkages_NN2 :_: (_( i_ZZ1 )_) importing_VVG from_II it_PPH1 ,_, (_( ii_MC )_) exporting_VVG to_II it_PPH1 ,_, (_( iii_MC )_) being_VBG a_AT1 France-based_JJ affiliate_NN1 of_IO a_AT1 multinational_JJ firm_NN1 headquartered_VVD in_II that_DD1 country_NN1 ;_; (_( iv_MC )_) being_VBG a_AT1 French_JJ firm_NN1 with_IW a_AT1 foreign_JJ affiliate_NN1 in_II that_DD1 country_NN1 ._. 
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In_II 2004_MC ,_, the_AT State_NN1 Administration_NN1 of_IO Work_NN1 Safety_NN1 (_( SAWS_NN2 )_) issued_VVD the_AT Rules_NN2 and_CC Procedures_NN2 on_II Mining_VVG Safety_NN1 (_( meitan_JJ anquan_JJ guicheng_NN1 )_) and_CC ,_, by_II 2005_MC ,_, had_VHD issued_VVN approximately_RR 100_MC coal_NN1 mining-specific_JJ announcements_NN2 ,_, rules_NN2 and_CC regulations_NN2 ._. 
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However_RR ,_, the_AT analysis_NN1 for_IF inhomogeneous_JJ portfolios_NN2 is_VBZ fairly_RR complicated_JJ ,_, and_CC theoretical_JJ results_NN2 in_II this_DD1 regard_NN1 are_VBR scarce_JJ ._. 
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Hausmann_VV0 et_RA21 al_RA22 ._. 
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(_( 2006_MC )_) find_VV0 that_CST the_AT real_JJ exchange_NN1 rate_NN1 volatility_NN1 of_IO developing_JJ countries_NN2 is_VBZ 2.5_MC times_NNT2 higher_RRR than_CSN for_IF developed_JJ countries_NN2 ._. 
</s>
<s>
The_AT land_NN1 used_VVN for_IF some_DD commercial_JJ crops_NN2 ,_, such_II21 as_II22 fruit_NN trees_NN2 ,_, must_VM be_VBI reclaimed_VVN before_CS it_PPH1 can_VM be_VBI used_VVN to_TO grow_VVI regular_JJ crops_NN2 such_II21 as_II22 rice_NN1 ,_, and_CC the_AT cost_NN1 of_IO reclamation_NN1 is_VBZ very_RG high_JJ ._. 
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<s>
The_AT estimated_JJ coefficient_NN1 for_IF peer_NN1 information_NN1 is_VBZ 0.0698_MC ._. 
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<s>
In_II our_APPGE scientific_JJ framework_NN1 ,_, we_PPIS2 furthermore_RR account_VV0 for_IF bounded_JJ rationality_NN1 ,_, attitudes_NN2 towards_II risk_NN1 ,_, subjectivity_NN1 ,_, optimism_NN1 ,_, anchoring_VVG and_CC adjustment_NN1 ,_, the_AT role_NN1 of_IO time_NNT1 ,_, and_CC time_NNT1 discounting_VVG over_RP multiple_JJ time_NNT1 periods_NN2 ._. 
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<s>
Because_CS these_DD2 terms_NN2 are_VBR additively_RR separable_JJ in_II the_AT expression_NN1 for_IF social_JJ welfare_NN1 ,_, the_AT distinct_JJ roles_NN2 of_IO various_JJ economic_JJ forces_NN2 are_VBR easy_JJ to_TO differentiate_VVI and_CC quantify_VVI ._. 
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<s>
Producer_NN1 services_NN2 (_( such_II21 as_II22 transportation_NN1 and_CC logistics_NN1 ,_, telecommunications_NN2 ,_, finance_VV0 ,_, business_NN1 and_CC professional_JJ services_NN2 )_) play_VV0 a_AT1 significant_JJ role_NN1 in_II goods-dominated_JJ supply_NN1 chains_NN2 in_II the_AT region_NN1 ._. 
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<s>
After_CS the_AT FIM_NN1 ,_, F_ZZ1 needs_VVZ to_TO come_VVI back_RP home_RL and_CC to_TO visit_VVI the_AT local_JJ DM_NNU where_CS foreign_JJ assets_NN2 are_VBR accepted_VVN as_CSA means_NN of_IO payment_NN1 ._. 
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<s>
Rebounds_NN2 are_VBR defined_VVN as_II the_AT cumulative_JJ return_NN1 from_II this_DD1 trough_NN1 to_II the_AT subsequent_JJ peak_NN1 ._. 
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<s>
Notably_RR ,_, in_II 2010_MC ,_, the_AT central_JJ government_NN1 signaled_VVD the_AT importance_NN1 of_IO the_AT PV_NN1 industry_NN1 as_II part_NN1 of_IO seven_MC strategic_JJ emerging_JJ industries_NN2 ._. 
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The_AT growth_NN1 of_IO non-dutiable_JJ imports_NN2 from_II Britain_NP1 is_VBZ addressed_VVN in_II the_AT next_MD section_NN1 ._. 
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<s>
Since_CS our_APPGE goal_NN1 was_VBDZ to_TO understand_VVI how_RRQ firms_NN2 manage_VV0 the_AT relationship_NN1 between_II old-_NN1 and_CC new-technology_JJ development_NN1 during_II a_AT1 transition_NN1 ,_, our_APPGE sample_NN1 includes_VVZ all_DB incumbents_NN2 with_IW an_AT1 active_JJ research_NN1 presence_NN1 in_II analog_NN1 technology_NN1 ._. 
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<s>
This_DD1 is_VBZ due_II21 to_II22 the_AT following_NN1 :_: as_RG foreign_JJ dividend_NN1 income_NN1 is_VBZ exempt_JJ from_II corporate_JJ income_NN1 tax_NN1 in_II all_DB EU_NP1 Member_NN1 States_NP1 ._. 
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<s>
Also_RR within_II this_DD1 literature_NN1 ,_, Handley_NP1 (_( 2014_MC )_) and_CC Handley_NP1 and_CC Limao_NP1 (_( 2017_MC )_) study_VV0 the_AT impact_NN1 of_IO uncertainty_NN1 on_II trade_NN1 ,_, including_II effects_NN2 due_II21 to_II22 PNTR_NP1 ._. 
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<s>
At_II the_AT growth-maximizing_JJ policy_NN1 ,_, changing_VVG the_AT policy_NN1 a_AT1 small_JJ amount_NN1 results_NN2 only_RR in_II a_AT1 second_MD order_NN1 decrease_NN1 in_II the_AT growth_NN1 rate_NN1 ,_, but_CCB a_AT1 first_MD order_NN1 change_NN1 in_II #E_FO ._. 
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<s>
Hence_RR ,_, a_AT1 small_JJ policy_NN1 change_NN1 from_II the_AT growth-maximizing_JJ policy_NN1 to_TO increase_VVI initial_JJ consumption_NN1 will_VM increase_VVI the_AT utility_NN1 of_IO every_AT1 agent_NN1 ._. 
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<s>
As_II the_AT mean_JJ squared_JJ residuals_NN2 tend_VV0 to_TO be_VBI more_RGR fluctuant_JJ in_II cold_JJ season_NNT1 than_CSN in_II warm_JJ season_NNT1 ,_, it_PPH1 indicates_VVZ seasonality_NN1 in_II the_AT volatility_NN1 of_IO the_AT temperature_NN1 variations_NN2 ._. 
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<s>
Finally_RR ,_, the_AT MV_NNB DECO-MIDAS_NP1 model_NN1 outperforms_VVZ specifications_NN2 not_XX involving_VVG macrovariables_NN2 ,_, suggesting_VVG that_DD1 diverging_JJ macroeconomic_JJ fundamentals_NN2 did_VDD have_VHI a_AT1 key_JJ role_NN1 in_II determining_JJ correlations_NN2 during_II that_DD1 very_RG distressed_JJ period_NN1 ._. 
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<s>
The_AT estimates_NN2 of_IO the_AT conditional_JJ quantiles_NN2 q_ZZ1 τ_NULL (_( h/X_ZZ1 )_) are_VBR more_RGR precise_JJ for_IF the_AT orders_NN2 around_RG 50%_NNU than_CSN for_IF those_DD2 at_II the_AT tails_NN2 of_IO the_AT distribution_NN1 ._. 
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<s>
For_REX21 instance_REX22 ,_, in_II the_AT marketing_NN1 problems_NN2 studied_VVN by_II Bertsimas_NP2 and_CC Mersereau_NP1 &lsqb;_( 4_MC &rsqb;_) ,_, the_AT arms_NN2 represent_VV0 customers_NN2 who_PNQS may_VM require_VVI repeated_JJ pulls_NN2 (_( marketing_NN1 actions_NN2 )_) before_CS they_PPHS2 transition_NN1 to_II a_AT1 reward-generating_JJ node_NN1 ._. 
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<s>
Asset_NN1 prices_NN2 decline_VV0 in_II all_DB episodes_NN2 ,_, but_CCB the_AT decline_NN1 in_II financial_JJ crises_NN2 is_VBZ substantially_RR larger_JJR than_CSN the_AT decline_NN1 in_II fundamentals_NN2 so_RR that_DD1 expected_JJ returns_NN2 going_VVG forward_RL are_VBR large_JJ ._. 
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<s>
On_II the_AT one_MC1 hand_NN1 ,_, it_PPH1 negatively_RR affects_VVZ resource_NN1 use_NN1 in_II the_AT first_MD period_NN1 and_CC thus_RR production_NN1 ,_, as_CSA we_PPIS2 will_VM see_VVI below_RL ._. 
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<s>
Evidence_NN1 in_II the_AT previous_JJ section_NN1 points_VVZ to_II the_AT possibility_NN1 of_IO a_AT1 greater_JJR role_NN1 for_IF idiosyncratic_JJ shocks_NN2 post-IT_NN1 ,_, at_RR21 least_RR22 for_IF some_DD sectors_NN2 ._. 
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<s>
Do_VD0 buyers_NN2 ,_, either_RR because_CS of_IO their_APPGE size_NN1 or_CC commercial_JJ significance_NN1 to_II their_APPGE suppliers_NN2 ,_, have_VH0 the_AT ability_NN1 to_TO prevent_VVI the_AT exercise_NN1 of_IO market_NN1 power_NN1 by_II suppliers_NN2 5_MC This_DD1 ability_NN1 ,_, if_CS present_JJ ,_, is_VBZ akin_JJ to_II Galbraith_NP1 '_NULL s_ZZ1 (_( 1952_MC )_) notion_NN1 of_IO countervailing_JJ buyer_NN1 power_NN1 ._. 
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The_AT omitted_JJ variable_NN1 bias_NN1 problem_NN1 is_VBZ the_AT generic_JJ one_PN1 found_VVD in_II a_AT1 variety_NN1 of_IO contexts_NN2 :_: the_AT omitted_JJ unobserved_JJ job_NN1 characteristics_NN2 Xj(unob)_VV0 are_VBR correlated_VVN with_IW the_AT observed_JJ characteristics_NN2 Xj(obsv)_NN1 ._. 
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<s>
Global_JJ Times_NNT2 ,_, a_AT1 state-owned_JJ media_NN company_NN1 ,_, which_DDQ is_VBZ widely_RR regarded_VVN as_II a_AT1 nationalistic_JJ voice_NN1 ,_, 25_MC continually_RR published_VVN articles_NN2 to_TO criticize_VVI the_AT patronage_NN1 policycalling_VVG for_IF the_AT replacement_NN1 of_IO the_AT soft-line_JJ approach_NN1 towards_II Taiwan_NP1 with_IW a_AT1 hard-line_JJ policysince_NN1 2014_MC ._. 
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<s>
The_AT industries_NN2 in_II which_DDQ multiplant_VV0 firms_NN2 produced_VVD the_AT largest_JJT fraction_NN1 of_IO output_NN1 are_VBR Beverage_NN1 and_CC tobacco_NN1 manufacturing_NN1 (_( NAICS_NP1 312_MC )_) and_CC Petroleum_NN1 and_CC coal_NN1 product_NN1 manufacturing_NN1 (_( NAICS_NP1 324_MC )_) ._. 
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<s>
I_PPIS1 use_VV0 a_AT1 parametric_JJ RD_NN1 specification_NN1 to_TO test_VVI whether_CSW the_AT instrument_NN1 predicts_VVZ observable_JJ covariates_NN2 for_IF children_NN2 around_II the_AT cutoff_NN1 :_: where_RRQ Yi_NP1 is_VBZ a_AT1 covariate_NN1 for_IF child_NN1 i_ZZ1 ;_; Posti_NP1 is_VBZ a_AT1 dummy_NN1 for_IF 18th_MD birthday_NN1 after_II the_AT August_NPM1 22_MC ,_, 1996_MC cutoff_NN1 ;_; and_CC DOBin_NN1 is_VBZ the_AT date_NN1 of_IO birth_NN1 running_VVG variable_NN1 of_IO polynomial_NN1 order_NN1 n_ZZ1 ._. 
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<s>
As_CSA shown_VVN in_II Table_NN1 2_MC ,_, covariates_NN2 are_VBR imbalanced_VVN at_II the_AT cutoff_NN1 under_II the_AT linear_JJ specification_NN1 but_CCB balanced_VVN under_II the_AT quadratic_JJ specification_NN1 ._. 
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<s>
The_AT first_MD is_VBZ the_AT classical_JJ spatial_JJ preferences_NN2 environment_NN1 derived_VVN from_II Hotelling_NP1 (_( 1929_MC )_) and_CC studied_VVN in_II the_AT socialchoice_NN1 tradition_NN1 since_CS the_AT seminal_JJ work_NN1 of_IO Black_NP1 (_( 1948_MC )_) and_CC Downs_NN2 (_( 1957_MC )_) ._. 
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<s>
Online_JJ Appendix_NN1 B.4_FO confirms_VVZ that_CST the_AT main_JJ findings_NN2 are_VBR not_XX driven_VVN by_II a_AT1 particular_JJ region_NN1 or_CC by_II prefectures_NN2 that_CST enjoy_VV0 preferential_JJ policies_NN2 on_II trade_NN1 ,_, investment_NN1 or_CC high-tech_JJ industry_NN1 development_NN1 ._. 
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<s>
Given_VVN a_AT1 feasible_JJ solution_NN1 fz_NNU ;_; a_AT1 i_ZZ1 ;_; tg_NNU ;_; fy_NN1 ;_; tg_NNU to_II (_( ExpLP0_FO )_) ,_, we_PPIS2 can_VM construct_VVI a_AT1 solution_NN1 to_II (_( PolyLP0_FO )_) with_IW the_AT same_DA objective_JJ value_NN1 by_II setting_VVG #E_FO for_IF all_DB &formula;_FO ._. 
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However_RR ,_, Bates_NP1 et_RA21 al_RA22 ._. 
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do_VD0 not_XX investigate_VVI the_AT nature_NN1 of_IO this_DD1 empirical_JJ relation_NN1 ._. 
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The_AT north-eastern_JJ parts_NN2 of_IO Prussia_NP1 are_VBR dominated_VVN by_II non-partible_JJ inheritance_NN1 (_( Anerbenrecht_NP1 )_) ,_, while_CS the_AT south-western_JJ parts_NN2 are_VBR characterized_VVN by_II partible_JJ inheritance_NN1 (_( Realteilung_NP1 )_) ._. 
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Earning_VVG abilities_NN2 and_CC labor_NN1 supplies_NN2 are_VBR private_JJ information_NN1 ._. 
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It_PPH1 also_RR includes_VVZ the_AT estimated_JJ dynamic_JJ response_NN1 in_II the_AT four_MC alternative_JJ specifications_NN2 ._. 
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First_MD ,_, a_AT1 number_NN1 of_IO prominent_JJ scholars_NN2 like_VV0 He_PPHS1 Bingmeng43_FO and_CC Liu_NP1 Jianshe44_FO argued_VVN that_CST the_AT Swedish_JJ model_NN1 constituted_VVD the_AT combination_NN1 of_IO cooperative_JJ rather_II21 than_II22 contentious_JJ politics_NN1 ,_, market_NN1 economy_NN1 with_IW state_NN1 intervention_NN1 ,_, and_CC a_AT1 comprehensive_JJ social_JJ welfare_NN1 system_NN1 that_CST provided_CS comprehensive_JJ social_JJ assistance_NN1 from_II cradle_NN1 to_II grave.45_FO Other_JJ leading_JJ scholars_NN2 ,_, such_II21 as_II22 Xu_NP1 Chongwen46_FO and_CC Zhang_VV0 Shuangshuang47_FO ,_, interpreted_VVD the_AT Swedish_JJ model_NN1 from_II a_AT1 historical_JJ perspective_NN1 ,_, which_DDQ they_PPHS2 divided_VVD into_II three_MC consecutive_JJ stages_NN2 that_CST were_VBDR called_VVN ,_, respectively_RR ,_, welfare_NN1 socialism_NN1 (_( fuli_NN2 shehui_NN2 zhuyi_NN2 ,_, early_JJ 1930s–late_NN1 1960s_MC2 )_) ,_, functional_JJ socialism_NN1 (_( gongneng_VV0 shehui_NN2 zhuyi_NN2 ,_, late_JJ 1960s–_NN1 1982_MC )_) ,_, and_CC fund_NN1 socialism_NN1 (_( jijin_NN1 shehui_NN2 zhuyi_NN2 ,_, 1983–_NN1 )_) ,_, which_DDQ focused_VVD on_II reforms_NN2 of_IO the_AT welfare_NN1 system_NN1 ._. 
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<s>
The_AT logic_NN1 for_IF this_DD1 result_NN1 is_VBZ that_DD1 theidiosyncratic_JJ preference_NN1 term_NN1 appears_VVZ in_II individual_JJ log_NN1 consumption_NN1 in_II the_AT form_NN1 (_( 1_MC1 τ_NULL )_) (_( see_VV0 eq_NN1 ._. 
</s>
<s>
22_MC )_) ._. 
</s>
<s>
The_AT first_MD column_NN1 includes_VVZ an_AT1 interaction_NN1 between_II delicensing_VVG and_CC initial_JJ firm_JJ size_NN1 that_CST is_VBZ positive_JJ and_CC significant_JJ ._. 
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Capital_NN1 taxes_NN2 affect_VV0 the_AT choice_NN1 between_II physical_JJ and_CC human_JJ capital_NN1 ._. 
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An_AT1 asset-poor_JJ household_NN1 is_VBZ likely_JJ to_TO have_VHI lesser_JJ access_NN1 to_II these_DD2 goods_NN2 ._. 
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It_PPH1 is_VBZ therefore_RR not_XX surprising_JJ that_CST there_EX has_VHZ been_VBN much_DA1 sound_NN1 and_CC fury_NN1 about_II the_AT need_NN1 for_IF a_AT1 different_JJ approach_NN1 ,_, and_CC a_AT1 different_JJ emphasis_NN1 ,_, in_II the_AT practice_NN1 and_CC teaching_NN1 of_IO eco_NN1 nomics_NN2 ._. 
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Therefore_RR ,_, the_AT below-normal_JJ r*_FO rates_NN2 represent_VV0 something_PN1 other_II21 than_II22 a_AT1 low_JJ opportunity_NN1 cost_NN1 of_IO capital_NN1 driven_VVN by_II the_AT emission_NN1 of_IO paper_NN1 money_NN1 ._. 
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Column_NN1 1_MC1 in_II Table_NN1 2_MC shows_VVZ that_CST any_DD change_NN1 in_II agricultural_JJ output_NN1 structure_NN1 will_VM not_XX significantly_RR change_VVI the_AT TFP_NP1 growth_NN1 ,_, indicating_VVG that_CST all_DB four_MC segments_NN2 achieved_VVN balanced_JJ productivity_NN1 growth_NN1 ._. 
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Among_II cases_NN2 that_CST terminated_VVD in_II the_AT study_NN1 period_NN1 ,_, 77%_NNU settled_VVN ,_, and_CC all_DB settlements_NN2 in_II the_AT study_NN1 granted_VVD a_AT1 license_NN1 to_II the_AT defendant_NN1 ._. 
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In_II a_AT1 philosophical_JJ sense_NN1 ,_, there_EX is_VBZ nothing_PN1 new_JJ here_RL :_: there_EX was_VBDZ always_RR an_AT1 inductive_JJ method_NN1 in_II science_NN1 ,_, in_II which_DDQ scientists_NN2 collected_VVD data_NN on_II plants_NN2 ,_, shells_NN2 ,_, and_CC rocks_NN2 and_CC looked_VVN for_IF regularities_NN2 without_IW fully_RR understanding_VVG the_AT underlying_JJ laws_NN2 ._. 
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Of_IO interest_NN1 also_RR is_VBZ the_AT difference_NN1 between_II the_AT SR_NN1 and_CC LR_NP1 energy_NN1 efficiency_NN1 elasticities_NN2 ._. 
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The_AT mean_JJ and_CC median_JJ returns_NN2 across_II the_AT short-duration_JJ trades_NN2 of_IO funds_NN2 are_VBR mostly_RR significantly_RR negative_JJ for_IF horizons_NN2 less_RRR than_CSN a_AT1 year_NNT1 ._. 
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The_AT data_NN are_VBR from_II OECD_NP1 historical_JJ statistics_NN ,_, 1999_MC ._. 
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The_AT decade_NNT1 of_IO the_AT 1960s_MC2 ,_, at_II the_AT beginning_NN1 of_IO which_DDQ Kendrick_VV0 '_NULL s_ZZ1 book_NN1 was_VBDZ published_VVN ,_, turns_VVZ out_RP in_II retrospect_NN1 to_TO have_VHI been_VBN the_AT last_MD of_IO the_AT five_MC remarkable_JJ decades_NNT2 in_II which_DDQ overall_RR U.S._NP1 GDP_NN1 growth_NN1 raced_VVD along_RP at_II close_JJ to_II 4%_NNU per_II year_NNT1 and_CC labor_NN1 productivity_NN1 advanced_VVN at_II close_JJ to_II 3%_NNU per_II year.1_FO The_AT pace_NN1 of_IO advance_NN1 has_VHZ slowed_VVN in_II two_MC phases_NN2 ,_, the_AT first_MD after_II 1970_MC and_CC the_AT second_NNT1 after_II 2006_MC ._. 
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In_II fact_NN1 ,_, the_AT treatment_NN1 itself_PPX1 may_VM have_VHI further_RRR deteriorated_VVN the_AT negative_JJ views_NN2 of_IO right-wing_JJ respondents_NN2 about_II the_AT government_NN1 ,_, because_CS there_EX is_VBZ a_AT1 significant_JJ treatment_NN1 effect_NN1 on_II the_AT belief_NN1 that_CST the_AT government_NN1 does_VDZ not_XX have_VHI the_AT tools_NN2 to_TO resolve_VVI unequal_JJ opportunities_NN2 (_( column_NN1 9_MC of_IO Table_NN1 6_MC )_) ._. 
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First_MD ,_, we_PPIS2 look_VV0 at_II the_AT incidence_NN1 of_IO full_JJ collusion_NN1 ._. 
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First_MD ,_, our_APPGE findings_NN2 recognize_VV0 the_AT necessary_JJ reduction_NN1 in_II the_AT size_NN1 of_IO bank_NN1 balance_NN1 sheets_NN2 after_II the_AT onset_NN1 of_IO the_AT GFC_NP1 ._. 
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Third_MD ,_, shareholders_NN2 are_VBR workers_NN2 and_CC taxpayers_NN2 too_RR ._. 
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The_AT Reportdate_NN1 is_VBZ the_AT date_NN1 the_AT portfolio_NN1 is_VBZ reported_VVN ._. 
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To_TO capture_VVI these_DD2 key_JJ elements_NN2 ,_, we_PPIS2 consider_VV0 a_AT1 model_NN1 for_IF asset_NN1 returns_VVZ where_RRQ a_AT1 jump_NN1 in_II one_MC1 asset_NN1 class_NN1 or_CC region_NN1 raises_VVZ the_AT probability_NN1 of_IO future_NN1 jumps_VVZ in_II both_DB2 the_AT same_DA asset_NN1 class_NN1 or_CC region_NN1 ,_, and_CC the_AT other_JJ classes_NN2 or_CC regions_NN2 ._. 
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Between_II 2003_MC and_CC 2009_MC ,_, the_AT full_JJ retirement_NN1 age_NN1 increased_VVD annually_RR by_II 2_MC months_NNT2 and_CC will_VM again_RT annually_RR increase_VVI by_II 2_MC months_NNT2 between_II 2021_MC and_CC 2027_MC ._. 
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Third_MD ,_, we_PPIS2 perform_VV0 a_AT1 variant_NN1 of_IO Wooldridge_NP1 '_NULL s_ZZ1 (_( 2010_MC )_) strict_JJ exogeneity_NN1 test_NN1 to_TO examine_VVI lead_NN1 effects_NN2 in_II advance_NN1 of_IO ADSL_NP1 enablement_NN1 ._. 
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This_DD1 meant_VVD that_CST crucial_JJ knowledge_NN1 flows_VVZ between_II the_AT different_JJ production_NN1 stages_NN2 largely_RR remained_VVD in-house_JJ ._. 
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The_AT plan_NN1 clearly_RR presents_VVZ the_AT important_JJ role_NN1 of_IO developing_JJ JSYR_NN1 for_IF enhancing_VVG the_AT province_NN1 '_NULL s_ZZ1 international_JJ competitiveness_NN1 and_CC promoting_VVG regional_JJ industrial_JJ upgrading_NN1 and_CC coordinated_JJ development_NN1 ._. 
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In_II31 place_II32 of_II33 the_AT former_DA ,_, we_PPIS2 have_VH0 :_: #E_FO ._. 
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<s>
The_AT main_JJ task_NN1 is_VBZ to_TO derive_VVI the_AT product_NN1 designs_NN2 under_II segmentation_NN1 ,_, #E_FO ,_, and_CC integration_NN1 ,_, #E_FO ._. 
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<s>
The_AT magnitude_NN1 of_IO these_DD2 design_NN1 differences_NN2 will_VM determine_VVI whether_CSW31 or_CSW32 not_CSW33 the_AT adjustment_NN1 factors_NN2 deviate_VV0 significantly_RR from_II unity_NN1 ._. 
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In_II 1599_MC ,_, the_AT shared_JJ investments_NN2 between_II the_AT 54_MC EIC_JJ members_NN2 with_IW other_JJ investments_NN2 create_VV0 a_AT1 network_NN1 with_IW 1,717_MC relationships_NN2 between_II members_NN2 ._. 
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The_AT JSYR_NN1 plan_NN1 is_VBZ employed_VVN as_II a_AT1 case_NN1 study_NN1 to_TO review_VVI and_CC reflect_VVI the_AT regional_JJ governance_NN1 mechanism_NN1 ._. 
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As_II a_AT1 final_JJ step_NN1 ,_, we_PPIS2 make_VV0 use_NN1 of_IO auxiliary_JJ information_NN1 to_TO assess_VVI the_AT quality_NN1 and_CC validity_NN1 of_IO the_AT matched_JJ dataset_NN1 ._. 
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However_RR ,_, it_PPH1 is_VBZ often_RR the_AT case_NN1 that_CST alternative_JJ -class_JJ estimators_NN2 are_VBR used_VVN as_CSA plug-in_JJ estimators_NN2 &lsqb;_( e.g._REX Startz_NP1 et_RA21 al_RA22 ._. 
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(_( 2006_MC )_) &rsqb;_) ._. 
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More_DAR than_CSN 50%_NNU of_IO the_AT studies_NN2 describe_VV0 the_AT dynamics_NN of_IO traps_NN2 as_CSA having_VHG multiple_JJ equilibria_NN2 (_( Figure_NN1 2_MC ,_, trap_VV0 dynamics_NN )_) ._. 
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Panel_NN1 A_ZZ1 of_IO Table_NN1 II_MC also_RR shows_VVZ estimates_NN2 for_IF the_AT constant_JJ term_NN1 and_CC some_DD dummy_JJ variables_NN2 ._. 
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In_II the_AT ongoing_JJ debate_NN1 over_II budget_NN1 deficits_NN2 and_CC fiscal_JJ reform_NN1 ,_, eliminating_VVG the_AT mortgage_NN1 interest_NN1 deduction_NN1 has_VHZ been_VBN a_AT1 frequently_RR discussed_VVN policy_NN1 change_NN1 ._. 
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The_AT TAC_NN1 is_VBZ set_VVN by_II the_AT European_JJ Union_NN1 ._. 
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<s>
To_TO derive_VVI the_AT proximity_NN1 index_NN1 among_II sectors_NN2 ,_, we_PPIS2 employ_VV0 co-occurrence_NN1 analysis_NN1 to_TO construct_VVI an_AT1 industry_NN1 proximity_NN1 matrix_NN1 ._. 
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<s>
The_AT elements_NN2 of_IO Q0_FO ,_, denoted_VVN by_II qkl_NNU ,_, are_VBR the_AT rates_NN2 at_II which_DDQ particular_JJ state_NN1 transitions_NN2 occur_VV0 and_CC are_VBR non-negative_JJ and_CC bounded_VVN ._. 
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To_TO demonstrate_VVI the_AT significance_NN1 of_IO the_AT equity_NN1 premium_NN1 for_IF macroeconomic_JJ announcements_NN2 and_CC to_TO highlight_VVI the_AT difference_NN1 between_II announcement_NN1 days_NNT2 and_CC nonannouncement_NN1 days_NNT2 ,_, we_PPIS2 focus_VV0 on_II a_AT1 relatively_RR small_JJ set_NN1 of_IO pre-scheduled_JJ macroeconomic_JJ announcements_NN2 that_CST are_VBR released_VVN at_II monthly_JJ or_CC lower_JJR frequencies_NN2 ._. 
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In_II conclusion_NN1 ,_, internet_NN1 search_NN1 volume_NN1 is_VBZ useful_JJ for_IF both_DB2 modeling_VVG and_CC forecasting_VVG the_AT Oil_NN1 VIX_NN1 ._. 
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<s>
PER2_FO is_VBZ more_RGR accurate_JJ than_CSN PER1_FO ,_, in_RR21 particular_RR22 ,_, under_RG γ_NULL 1_MC1 ,_, 1_MC1 ,_, the_AT parameters_NN2 values_NN2 implied_VVN by_II PER2_FO coincide_VV0 with_IW their_APPGE exact_JJ values_NN2 at_RR21 least_RR22 up_RG21 to_RG22 four_MC digits_NN2 ._. 
</s>
<s>
The_AT most_RGT notable_JJ difference_NN1 with_II31 respect_II32 to_II33 Fig._NN1 7_MC is_VBZ obtained_VVN when_CS imposing_VVG the_AT Dove_NN1 regime_NN1 over_II the_AT entire_JJ sample_NN1 ._. 
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<s>
We_PPIS2 also_RR find_VV0 a_AT1 positive_JJ effect_NN1 from_II trade_NN1 openness_NN1 to_II economic_JJ growth_NN1 and_CC a_AT1 negative_JJ association_NN1 with_IW temperature_NN1 ._. 
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<s>
Anti-social_JJ behaviour_NN1 such_II21 as_II22 fraud_NN1 and_CC drinking_VVG to_II excess_NN1 were_VBDR usually_RR the_AT prime_JJ causes_NN2 for_IF the_AT sanction_NN1 ._. 
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<s>
We_PPIS2 delete_VV0 these_DD2 4_MC stocks_NN2 from_II the_AT sample_NN1 ,_, leaving_VVG a_AT1 final_JJ sample_NN1 of_IO 116_MC stocks_NN2 ,_, of_IO which_DDQ 59_MC are_VBR listed_VVN on_II the_AT New_NP1 York_NP1 Stock_NN1 Exchange_NN1 (_( NYSE_NN1 )_) and_CC 57_MC are_VBR listed_VVN on_II the_AT NASDAQ_NP1 ._. 
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<s>
As_CSA shown_VVN by_II Ludvigson_NP1 and_CC Michaelides_NP1 (_( 2001_MC )_) ,_, among_II others_NN2 ,_, any_DD time-separable_JJ utility_NN1 function_NN1 can_VM not_XX generate_VVI excess_JJ smoothness_NN1 in_II consumption_NN1 ._. 
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<s>
In_II 2000_MC ,_, the_AT unweighted_JJ average_JJ share_NN1 of_IO ordinary_JJ exports_NN2 across_II industries_NN2 was_VBDZ 67.6%_FO and_CC by_II 2006rose_FO to_II 75.1%_FO ,_, or_CC an_AT1 increase_NN1 of_IO 11%_NNU ._. 
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<s>
We_PPIS2 take_VV0 Assumption_NN1 4(1)_FO and_CC (_( 2_MC )_) from_II above_RL and_CC replace_VV0 Assumptions_NN2 4(3)_FO and_CC 5_MC by_II the_AT following_JJ assumption_NN1 ._. 
</s>
<s>
From_II the_AT continuum_NN1 assumption_NN1 ,_, individual_JJ firms_NN2 are_VBR infinitesimally_RR small_JJ in_II the_AT overall_JJ economy_NN1 and_CC so_RR it_PPH1 is_VBZ fully_RR rational_JJ for_IF them_PPHO2 to_TO treat_VVI k_ZZ1 as_CSA fixed_VVN ._. 
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<s>
In_RR21 addition_RR22 ,_, local_JJ opposition_NN1 to_TO base_VVI closures_NN2 and_CC thus_RR lobbying_VVG efforts_NN2 would_VM likely_RR be_VBI more_RGR intense_JJ among_II communities_NN2 whose_DDQGE economic_JJ activity_NN1 was_VBDZ more_RGR dependent_JJ on_II employment_NN1 on_II their_APPGE military_JJ bases_NN2 ._. 
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<s>
Some_DD scholars_NN2 instead_RR see_VV0 these_DD2 central_JJ SOEs_NP2 as_II incidental_JJ beneficiaries_NN2 and_CC believe_VV0 that_CST the_AT ministries_NN2 negotiate_VV0 over_RP ,_, bargain_VV0 for_IF ,_, and_CC make_VV0 elaborate_JJ deals_NN2 among_II themselves_PPX2 on_II31 behalf_II32 of_II33 these_DD2 national_JJ champions.24_FO Others_NN2 argue_VV0 that_CST central_JJ SOEs_NP2 benefit_VV0 from_II the_AT protection_NN1 of_IO ministries_NN2 through_II business_NN1 associations_NN2 that_CST were_VBDR originally_RR created_VVN by_II official_JJ institutions_NN2 ._. 
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<s>
The_AT OECD_NP1 has_VHZ one_MC1 year_NNT1 growth_NN1 forecasts_NN2 since_II 1973_MC and_CC two_MC year_NNT1 forecasts_NN2 since_II 1987_MC for_IF OECD_NP1 countries_NN2 ._. 
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<s>
Defining_VVG the_AT rescaled_JJ residuals#E_FO ,_, taking_VVG the_AT log_NN1 squares_NN2 of_IO (_( 1_MC1 )_) ,_, and_CC subtracting_VVG out_RP the_AT known_JJ (_( in_II the_AT conditional_JJ posterior_NN1 )_) contributions_NN2 of_IO the_AT common_JJ factors_NN2 yields_VVZ the_AT observation_NN1 equations_NN2 (_( #E_FO denotes_VVZ an_AT1 offset_JJ constant_NN1 used_VMK to_TO avoid_VVI potential_JJ problems_NN2 with_IW near-zero_JJ values_NN2 )_) :_: #E_FO ._. 
</s>
<s>
This_DD1 may_VM reflect_VVI the_AT bias_NN1 caused_VVN by_II either_DD1 neglected_VVD CSD_NP1 (_( Pesaran_NP1 ,_, 2006_MC )_) or_CC misspecification_NN1 of_IO timevarying_VVG individual_JJ effects_NN2 (_( Bai_NP1 ,_, 2009_MC )_) ._. 
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<s>
C._NP1 Estimating_VVG Effects_NN2 of_IO Removal_NN1 on_II Household_NN1 Income_NN1 SSI_NN1 removal_NN1 may_VM also_RR affect_VVI the_AT earnings_NN2 and_CC income_NN1 of_IO parents_NN2 ,_, siblings_NN2 ,_, and_CC other_JJ family_NN1 members_NN2 of_IO the_AT removed_JJ SSI_JJ youth_NN1 ,_, especially_RR if_CS the_AT youth_NN1 is_VBZ still_RR financially_RR connected_VVN to_II the_AT household_NN1 after_II the_AT age_NN1 of_IO 18_MC ._. 
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<s>
To_TO conduct_VVI this_DD1 test_NN1 ,_, we_PPIS2 find_VV0 a_AT1 destination_NN1 country_NN1 k_ZZ1 for_IF each_DD1 country_NN1 pair_NN ij_VV0 in_II each_DD1 year_NNT1 ,_, so_CS that_DD1 exports_VVZ from_II i_MC1 to_II k_ZZ1 closely_RR match_VV0 the_AT 4-digit_JJ industry_NN1 composition_NN1 of_IO exports_NN2 from_II i_MC1 toj_NN1 ._. 
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<s>
This_DD1 approach_NN1 is_VBZ gaining_VVG popularity_NN1 in_II economics_NN1 and_CC political_JJ science_NN1 ,_, having_VHG been_VBN used_VVN to_TO study_VVI the_AT relationship_NN1 between_II democracy_NN1 and_CC economic_JJ growth_NN1 ,_, (_( Doucouliagos_NP1 and_CC Ulubasoglu_NP1 2008_MC )_) ,_, oil_NN1 and_CC democracy_NN1 (_( Ahmadov_NP1 2014_MC )_) ,_, the_AT factors_NN2 that_CST influence_VV0 voter_NN1 turnout_NN1 (_( Smets_NP1 and_CC Van_NP1 Ham_NP1 2013_MC )_) ,_, and_CC partisan_JJ effects_NN2 on_II spending_NN1 (_( Imbeau_NP1 et_RA21 al_RA22 ._. 
</s>
<s>
2001_MC )_) ._. 
</s>
<s>
The_AT holdings_NN2 of_IO total_JJ stock_NN1 of_IO owner_NN1 k_ZZ1 in_II firm_NN1 j_ZZ1 ,_, regardless_RR of_IO whether_CSW it_PPH1 be_VBI voting_VVG or_CC non-voting_JJ stock_NN1 ,_, represented_VVN by_II 0_MC ≤_FO kj_NNU ≤_FO 1_MC1 with_IW k∈_FO kj_NNU =_FO 1_MC1 ,_, capture_VV0 her_APPGE financial_JJ rights_NN2 to_II the_AT firm_NN1 '_NULL s_ZZ1 stream_NN1 of_IO profits_NN2 ._. 
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<s>
Section_NN1 5_MC provides_VVZ the_AT empirical_JJ applications_NN2 ._. 
</s>
<s>
On_II the_AT other_JJ hand_NN1 ,_, Chernozhukov_NP1 and_CC Hong_NP1 (_( 2002_MC )_) proposed_VVD simple_JJ three-step_JJ estimators_NN2 that_CST can_VM be_VBI easily_RR implemented_VVN ;_; however_RR ,_, their_APPGE selection_NN1 mechanism_NN1 essentially_RR requires_VVZ a_AT1 parametric_JJ specification_NN1 for_IF the_AT subsample_NN1 selector_NN1 ._. 
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<s>
They_PPHS2 find_VV0 that_CST an_AT1 exogenously_RR specified_VVN negative_JJ price_NN1 of_IO risk_NN1 for_IF the_AT adjustment_NN1 cost_NN1 shocks_NN2 helps_VVZ to_TO explain_VVI the_AT cross-section_NN1 of_IO returns_NN2 of_IO firms_NN2 with_IW different_JJ hiring_NN1 rates_NN2 ._. 
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<s>
As_II the_AT divergence_NN1 between_II the_AT lines_NN2 shows_VVZ ,_, blacks_NN2 have_VH0 become_VVN systematically_RR more_RGR likely_JJ than_CSN whites_NN2 not_XX to_TO be_VBI currently_RR working_VVG ,_, with_IW the_AT racial_JJ gap_NN1 in_II the_AT shares_NN2 growing_VVG by_II 9.1_MC percentage_NN1 points_NN2 between_II 1960_MC and_CC 2010.14_MC The_AT broken_JJ lines_NN2 in_II the_AT figure_NN1 plot_VV0 the_AT share_NN1 of_IO black_JJ and_CC white_JJ men_NN2 who_PNQS report_VV0 earning_VVG zero_MC earnings_NN2 during_II the_AT entire_JJ previous_JJ yearthe_NN1 other_JJ measure_NN1 of_IO nonwork_NN1 in_II the_AT census_NN1 ._. 
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<s>
The_AT first_MD column_NN1 of_IO Table_NN1 A9_FO shows_VVZ the_AT response_NN1 to_II the_AT question_NN1 :_: The_AT most_RGT likely_JJ major_JJ for_IF males_NN2 is_VBZ Economics/Business_NN1 (_( 43%_NNU )_) ,_, followed_VVN by_II Humanities/Social_FU Sciences_NN2 (_( 29%_NNU )_) ._. 
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<s>
While_CS these_DD2 effects_NN2 are_VBR difficult_JJ to_TO estimate_VVI ,_, I_PPIS1 find_VV0 the_AT long_JJ term_NN1 effects_NN2 of_IO financial_JJ crises_NN2 on_II consumption_NN1 to_TO be_VBI slightly_RR worse_JJR than_CSN recessions_NN2 ,_, slightly_RR better_RRR than_CSN deep_JJ recessions_NN2 ,_, and_CC much_RR better_RRR than_CSN war_NN1 related_JJ disasters_NN2 ._. 
</s>
<s>
Let_VV0 #E_FO be_VBI the_AT time_NNT1 t_ZZ1 period_NN1 table_NN1 #E_FO mortality_NN1 probability_NN1 of_IO a_AT1 x-year-old_JJ at_II time_NNT1 s_ZZ1 ;_; we_PPIS2 have_VH0 that_DD1 #E_FO for_IF any_DD #E_FO ._. 
</s>
<s>
Hence_RR ,_, firms_NN2 can_VM decide_VVI to_TO produce_VVI intermediate_JJ inputs_NN2 at_II home_NN1 or_CC abroad_RL through_II foreign_JJ direct_JJ investment_NN1 flows_NN2 (_( Antràs_NN2 &Helpman,;_NULL 2004_MC )_) ._. 
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<s>
By_II 2010_MC ,_, the_AT year_NNT1 during_II which_DDQ the_AT ACA_NP1 was_VBDZ enacted_VVN ,_, federal_JJ government_NN1 spending_VVG on_II health_NN1 was_VBDZ 18%_NNU higher_JJR than_CSN spending_VVG on_II defense_NN1 ._. 
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<s>
We_PPIS2 focus_VV0 on_II firms_NN2 listed_VVN in_II the_AT CDAX_NN1 ,_, the_AT broadest_JJT German_JJ stock_NN1 index_NN1 ,_, for_IF this_DD1 test_NN1 because_CS these_DD2 are_VBR the_AT firms_NN2 for_IF which_DDQ domestic_JJ bank_NN1 ownership_NN1 is_VBZ most_RGT likely_JJ ._. 
</s>
<s>
In_II31 terms_II32 of_II33 service_NN1 effectiveness_NN1 ,_, POST-CU_FO employees_NN2 did_VDD not_XX describe_VVI going_VVG "_" above_RL and_CC beyond_RL "_" for_IF customers_NN2 as_CSA COP-CU_FO employees_NN2 did_VDD ,_, and_CC most_DAT complained_VVD the_AT organization_NN1 should_VM be_VBI able_JK to_TO do_VDI more_RRR and_CC to_TO do_VDI better_RRR at_II providing_VVG services_NN2 (_( e.g._REX ,_, POST-CU_FO 01_MC &;_NULL 03_MC )_) ._. 
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<s>
I_PPIS1 deal_VV0 with_IW the_AT endogeneity_NN1 problem_NN1 by_II instrumenting_VVG for_IF market_NN1 structure_NN1 ._. 
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<s>
It_PPH1 is_VBZ interesting_JJ to_TO note_VVI that_CST the_AT peak_NN1 of_IO uncertainty_NN1 occurs_VVZ fairly_RR soon_RR ,_, around_II the_AT two-year_JJ horizon_NN1 ._. 
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<s>
C_ZZ1 b_ZZ1 1_MC1 and_CC the_AT optimality_NN1 condition_NN1 for_IF capital_NN1 investment_NN1 (_( 43_MC )_) ._. 
</s>
<s>
The_AT former_DA finds_VVZ that_CST the_AT Green_JJ Paradox_NN1 may_VM be_VBI mitigated_VVN ,_, attenuated_VVD or_CC even_RR reversed_VVN in_II general_JJ equilibrium_NN1 ,_, with_IW the_AT most_RGT realistic_JJ outcome_NN1 being_VBG a_AT1 weakening_JJ of_IO this_DD1 unintended_JJ effect_NN1 ._. 
</s>
<s>
This_DD1 evidence_NN1 clearly_RR indicates_VVZ that_CST bunching_VVG at_II the_AT subsidy_NN1 cap_NN1 is_VBZ due_II21 to_II22 a_AT1 behavioral_JJ response_NN1 in_II reaction_NN1 to_II a_AT1 change_NN1 in_II marginal_JJ incentives_NN2 at_II the_AT cap_NN1 ._. 
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<s>
The_AT convergence_NN1 approach_NN1 by_II Phillips_NP1 and_CC Sul_NP1 (_( 2007_MC )_) presents_VVZ clear_JJ advantages_NN2 ._. 
</s>
<s>
The_AT US_NP1 Dollar_NNU1 is_VBZ often_RR heralded_VVN for_IF its_APPGE global_JJ importance_NN1 and_CC safe_JJ haven_NN1 properties_NN2 (_( see_VV0 ,_, for_REX21 instance_REX22 ,_, Prasad_NP1 ,_, 2014_MC who_PNQS argues_VVZ that_CST the_AT dollar_NNU1 will_VM remain_VVI the_AT ultimate_JJ safe-haven_JJ currency_NN1 )_) ._. 
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<s>
We_PPIS2 test_VV0 for_IF three_MC representative_JJ values_NN2 of_IO #E_FO ,_, namely_REX ,_, 0_MC ,_, 1_MC1 ,_, and_CC 2._MC 0_MC implies_VVZ no_AT aversion_NN1 to_II inequality_NN1 ,_, which_DDQ is_VBZ unrealistic_JJ ,_, but_CCB a_AT1 useful_JJ benchmark_NN1 ,_, since_CS it_PPH1 means_VVZ that_CST the_AT welfare_NN1 gain_NN1 reflects_VVZ both_RR only_JJ and_CC fully_RR the_AT efficiency_NN1 gains_NN2 ._. 
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<s>
In_II the_AT table_NN1 ,_, asterisks_NN2 indicate_VV0 that_CST the_AT estimated_JJ regression_NN1 coefficient_NN1 is_VBZ statistically_RR significant_JJ at_II the_AT ***1%_FO ,_, **5%_FO ,_, and_CC *10%_FO levels_NN2 ._. 
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<s>
Let_VV0 denote_VVI the_AT wage_NN1 change_NN1 ,_, constrained_VVN by_II labor_NN1 market_NN1 institutions_NN2 or_CC private_JJ contractual_JJ arrangements_NN2 ,_, by_II which_DDQ wages_NN2 for_IF skill_NN1 group_NN1 g_ZZ1 may_VM decline_VVI at_RR21 most_RR22 ._. 
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<s>
But_CCB in_II many_DA2 insurance_NN1 markets_NN2 the_AT product_NN1 is_VBZ easily_RR described_VVN ,_, with_IW only_RR a_AT1 small_JJ number_NN1 of_IO characteristics_NN2 ._. 
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We_PPIS2 use_VV0 data_NN on_II the_AT MSAlevel_NP1 index_NN1 between_II 1999_MC and_CC 2007_MC ._. 
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<s>
Hence_RR ,_, the_AT sample_NN1 we_PPIS2 use_VV0 is_VBZ limited_VVN to_II 2062_MC households_NN2 ._. 
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<s>
This_DD1 may_VM also_RR induce_VVI more_RGR positive_JJ welfare_NN1 effects_NN2 of_IO carbon_NN1 tariffs_NN2 ._. 
</s>
<s>
Contribution_NN1 degree_NN1 of_IO various_JJ variables_NN2 ,_, including_II direction_NN1 and_CC magnitude_NN1 ,_, between_II eastern_JJ region_NN1 and_CC central_JJ region_NN1 are_VBR roughly_RR same_DA ._. 
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<s>
An_AT1 explicit_JJ goal_NN1 of_IO the_AT Controlled_JJ Choice_NN1 Plan_NN1 is_VBZ to_TO achieve_VVI socioeconomic_JJ diversity_NN1 by_II maintaining_VVG the_AT proportion_NN1 of_IO students_NN2 who_PNQS qualify_VV0 for_IF the_AT federal_JJ free/reduced_JJ lunch_NN1 program_NN1 in_II each_DD1 school_NN1 close_RR to_II the_AT districtwide_JJ average_NN1 ._. 
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<s>
Time_NNT1 is_VBZ discrete_JJ and_CC infinite_JJ with_IW periods_NN2 denoted_VVD t_ZZ1 =_FO 0_MC ,_, 1_MC1 ,_, ..._... 
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<s>
Our_APPGE research_NN1 makes_VVZ several_DA2 important_JJ theoretical_JJ contributions_NN2 ._. 
</s>
<s>
In_II31 addition_II32 to_II33 being_VBG a_AT1 direct_JJ factor_NN1 of_IO production_NN1 ,_, electricity_NN1 availability_NN1 may_VM also_RR indirectly_RR boost_VVI economic_JJ growth_NN1 ._. 
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<s>
To_TO interpret_VVI this_DD1 last_MD expression_NN1 ,_, note_VV0 that_CST if_CS M_ZZ1 1_MC1 G(q)_NP1 is_VBZ the_AT mean_NN1 of_IO a_AT1 Poisson_NP1 distribution_NN1 (_( the_AT arrival_NN1 of_IO techniques_NN2 that_CST deliver_VV0 efficiency_NN1 better_RRR than_CSN q_ZZ1 )_) ,_, then_RT eM&lsqb;1G_FO (_( q_ZZ1 )_) &rsqb;_) is_VBZ the_AT probability_NN1 of_IO no_AT such_DA techniques_NN2 ._. 
</s>
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However_RR ,_, the_AT 10-year_JJ lag_NN1 variable_NN1 is_VBZ insignificant_JJ ._. 
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<s>
In_II Figure_NN1 1_MC1 we_PPIS2 depict_VV0 the_AT estimated_JJ mixing_NN1 densities_NN2 for_IF the_AT means_NN and_CC variances_NN2 ,_, assuming_VVG independence_NN1 between_II '_NULL s_ZZ1 and_CC θ_NULL '_NULL s_ZZ1 ,_, for_IF the_AT model_NN1 described_VVN in_II the_AT previous_JJ subsection_NN1 ._. 
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<s>
One_MC1 indirect_JJ channel_NN1 could_VM be_VBI by_II facilitating_VVG physical_JJ capital_NN1 accumulation_NN1 (_( Lechthaler_NP1 ,_, 2017_MC )_) ._. 
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<s>
Thus_RR ,_, it_PPH1 is_VBZ important_JJ to_TO shed_VVI light_NN1 on_II the_AT role_NN1 of_IO regional_JJ performance_NN1 in_II Europe_NP1 ,_, a_AT1 topic_NN1 which_DDQ we_PPIS2 cover_VV0 using_VVG a_AT1 novel_JJ regional_JJ trade_NN1 database_NN1 ._. 
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<s>
We_PPIS2 discussed_VVD how_RRQ idleness_NN1 is_VBZ readily_RR delivered_VVN by_II microstructure_NN1 models_NN2 in_II which_DDQ a_AT1 role_NN1 is_VBZ given_VVN to_II asymmetries_NN2 in_II information_NN1 ,_, as_RG well_RR as_CSA to_II the_AT magnitude_NN1 of_IO execution_NN1 costs_NN2 ,_, in_II determining_JJ asset_NN1 prices_NN2 ._. 
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<s>
Waseem_NP1 (_( 2014_MC )_) shows_VVZ evidence_NN1 of_IO the_AT negative_JJ externality_NN1 of_IO evasion_NN1 across_II tax_NN1 bases_NN2 ,_, as_CSA the_AT evasion_NN1 of_IO business_NN1 income_NN1 in_II Pakistan_NP1 leads_VVZ to_II a_AT1 reduction_NN1 in_II the_AT VAT_NN1 tax_NN1 take_VV0 ._. 
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It_PPH1 reduced_VVD the_AT top_JJ capital_NN1 gains_NN2 tax_VV0 rate_NN1 (_( the_AT rate_NN1 assessed_VVN on_II income_NN1 earned_VVN from_II qualified_JJ share_NN1 buybacks_NN2 )_) from_II 20_MC percent_NNU to_II 15_MC percent_NNU ._. 
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<s>
Second_MD ,_, our_APPGE paper_NN1 contributes_VVZ to_II a_AT1 small_JJ literature_NN1 analyzing_VVG how_RRQ subjects_NN2 facing_VVG ambiguity_NN1 update_VV0 their_APPGE (_( non-standard_NN1 )_) beliefs_NN2 using_VVG new_JJ information_NN1 ._. 
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<s>
In_II effect_NN1 ,_, if_CS the_AT decision_NN1 maker_NN1 has_VHZ expected_VVN utility_NN1 preferences_NN2 over_II second-order_JJ acts_NN2 (_( i.e._REX ,_, over_II bets_NN2 on_II which_DDQ distribution_NN1 is_VBZ the_AT true_JJ distribution_NN1 )_) as_CSA proposed_VVN by_II KMM_NP1 ,_, these_DD2 two_MC sources_NN2 of_IO ambiguity_NN1 would_VM be_VBI perceived_VVN equivalently_RR ._. 
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<s>
As_CSA expected_VVN ,_, we_PPIS2 observe_VV0 from_II Table_NN1 3_MC that_DD1 ,_, as_CSA compared_VVN to_II the_AT case_NN1 of_IO moments_NN2 that_CST are_VBR known_VVN precisely_RR ,_, the_AT upper_JJ bounds_NN2 are_VBR larger_JJR ._. 
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<s>
When_CS #E_FO ,_, RV_NP1 can_VM be_VBI satisfied_VVN :_: #E_FO ,_, where_CS #E_FO is_VBZ the_AT integrated_JJ variance_NN1 ._. 
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<s>
We_PPIS2 oversampled_VVD eligible_JJ households_NN2 to_TO ensure_VVI sufficient_JJ power_NN1 for_IF this_DD1 group_NN1 ._. 
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<s>
The_AT first_MD report_NN1 (_( 1990_MC )_) defined_VVD human_JJ development_NN1 to_TO include_VVI both_DB2 the_AT process_NN1 of_IO enlarging_VVG choices_NN2 and_CC improving_VVG the_AT standard_NN1 of_IO living_VVG already_RR reached_VVN (_( UNDP_NP1 ,_, 1990_MC )_) ._. 
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<s>
Allowing_VVG for_IF the_AT rollover_NN1 of_IO IT_NN1 funds_NN2 leads_VVZ to_II a_AT1 substantial_JJ decrease_NN1 in_II the_AT volume_NN1 of_IO year-end_JJ IT_NN1 spending_VVG at_II DOJ_NP1 relative_II21 to_II22 other_JJ agencies_NN2 ,_, and_CC also_RR seems_VVZ to_TO lead_VVI to_II an_AT1 increase_NN1 in_II project_NN1 quality_NN1 ._. 
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<s>
For_REX21 instance_REX22 ,_, when_CS increasing_VVG the_AT multiplier_NN1 to_II AE_FO =_FO 100_MC percent_NNU ,_, the_AT policyholder_NN1 lapses_VVZ around_RG one_MC1 time_NNT1 less_RRR on_II average_NN1 over_II the_AT course_NN1 of_IO the_AT policy_NN1 (_( 5.03_MC vs._II 6.08_MC )_) ,_, which_DDQ (_( moderately_RR )_) reduces_VVZ the_AT aggregate_JJ break-even_NN1 fee_NN1 #E_FO ,_, despite_II the_AT increased_JJ death_NN1 benefit_NN1 payout_NN1 ._. 
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<s>
The_AT main_JJ result_NN1 was_VBDZ shown_VVN in_II Hall_NN1 and_CC Horowitz_NP1 (_( 2007_MC )_) ._. 
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<s>
This_DD1 efficiency_NN1 is_VBZ partly_RR achieved_VVN by_II adding_VVG proper_JJ constraints_NN2 ._. 
</s>
<s>
We_PPIS2 regard_VV0 these_DD2 pooling_VVG equilibria_NN2 contracts_NN2 as_II an_AT1 instance_NN1 of_IO the_AT contracting_JJ at_II prevailing_JJ equilibrium_NN1 market_NN1 conditions_NN2 ._. 
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<s>
The_AT COMPUSTAT_NN1 sample_NN1 includes_VVZ firm-year_JJ observations_NN2 with_IW positive_JJ values_NN2 for_IF total_JJ assets_NN2 (_( COMPUSTAT_NP1 Mnemonic_NN1 AT_II )_) ,_, property_NN1 ,_, plant_NN1 ,_, and_CC equipment_NN1 (_( PPENT_NP1 )_) ,_, and_CC sales_NN (_( SALE_NP1 )_) ._. 
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<s>
At_II the_AT 1_MC1 month_NNT1 horizon_NN1 predictors_NN2 account_VV0 for_IF a_AT1 very_RG small_JJ quota_NN1 (_( around_II 0.23%_FO and_CC 0.15%_FO for_IF portfolio_NN1 deciles_NN2 and_CC EWPs_NN2 ,_, respectively_RR )_) of_IO the_AT total_JJ beta_NN1 ._. 
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<s>
The_AT global_JJ diamond_NN1 business_NN1 has_VHZ historically_RR been_VBN concentrated_VVN in_II a_AT1 small_JJ number_NN1 of_IO highly_RR specialized_JJ locations_NN2 across_II the_AT globe_NN1 ._. 
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<s>
This_DD1 characterization_NN1 implies_VVZ that_CST the_AT model_NN1 is_VBZ computationally_RR tractable_JJ ._. 
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<s>
These_DD2 characteristics_NN2 affect_VV0 how_RGQ much_DA1 managers_NN2 value_VV0 the_AT project_NN1 ._. 
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<s>
Hence_RR ,_, in_II Figure_NN1 2_MC ,_, all_DB workers_NN2 with_IW skills_NN2 less_RRR than_CSN s_ZZ1 earn_VV0 more_RRR in_II the_AT simple_JJ task_NN1 than_CSN in_II the_AT complex_JJ task_NN1 ,_, while_CS workers_NN2 with_IW skills_NN2 more_RRR than_CSN s_ZZ1 earn_VV0 more_RRR in_II the_AT complex_JJ task_NN1 than_CSN in_II the_AT simple_JJ task_NN1 ._. 
</s>
<s>
The_AT industry_NN1 skill_NN1 intensities_NN2 in_II the_AT US_NP1 are_VBR considered_VVN to_TO be_VBI exogenous_JJ to_II China_NP1 '_NULL s_ZZ1 internal_JJ shocks_NN2 ._. 
</s>
<s>
Finally_RR ,_, for_IF the_AT starting_NN1 value_NN1 ,_, the_AT conditional_JJ steady_JJ state_NN1 could_VM be_VBI replaced_VVN with_IW the_AT ergodic_JJ steady_JJ state_NN1 ,_, ._. 
</s>
<s>
In_II any_DD case_NN1 ,_, worldwide_JJ cross-country_JJ regressions_NN2 can_VM not_XX control_VVI adequately_RR for_IF country-specific_JJ institutional_JJ factors_NN2 ._. 
</s>
<s>
Table_NN1 1_MC1 shows_VVZ the_AT contribution_NN1 of_IO each_DD1 of_IO the_AT energy_NN1 sources_NN2 to_II the_AT effects_NN2 analysed_VVN in_II the_AT decomposition_NN1 of_IO the_AT energy_NN1 consumption_NN1 in_II Spain_NP1 by_II the_AT LMDI-I_NP1 method_NN1 ._. 
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<s>
In_II sub–Saharan_JJ Africa_NP1 ,_, Muslim_JJ educational_JJ attainment_NN1 falls_VVZ with_IW the_AT Muslim_JJ share_NN1 of_IO the_AT population_NN1 ._. 
</s>
<s>
It_PPH1 is_VBZ not_XX without_IW justification_NN1 that_CST economic_JJ historians_NN2 speak_VV0 of_IO "_" technological_JJ progress_NN1 "_" but_CCB "_" institutional_JJ change_NN1 ._. "_" 
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<s>
Applying_VVG traditional_JJ market-power_JJ analysis_NN1 ,_, the_AT DOJ_NP1 claimed_VVD the_AT merger_NN1 would_VM "_" substantially_RR lessen_VV0 competition_NN1 for_IF purchases_NN2 of_IO corn_NN1 ,_, soybeans_NN2 ,_, and_CC wheat_NN1 in_II each_DD1 of_IO the_AT relevant_JJ geographic_JJ markets_NN2 ,_, enabling_VVG it_PPH1 unilaterally_RR to_TO depress_VVI the_AT prices_NN2 paid_VVN to_II farmers_NN2 ._. "_" 
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<s>
The_AT corresponding_JJ security_NN1 loss_NN1 needs_VVZ to_TO be_VBI offset_VVN however_RR ,_, and_CC this_DD1 can_VM only_RR be_VBI done_VDN by_II increasing_VVG military_JJ expenditures_NN2 ._. 
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<s>
Tragically_RR ,_, sub-Saharan_JJ Africa_NP1 has_VHZ experienced_VVN a_AT1 much_RR smaller_JJR boost_NN1 (_( 0.3_MC percentage_NN1 points_NN2 )_) ,_, as_CSA discussed_VVN further_RRR below_RL ._. 
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<s>
In_II RANK_NN1 models_NN2 these_DD2 fluctuations_NN2 in_II profits_NN2 are_VBR typically_RR borne_VVN lump_NN1 sum_NN1 by_II the_AT representative_JJ household_NN1 ._. 
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<s>
First_MD ,_, roughly_RR half_DB of_IO firms_NN2 in_II the_AT sample_NN1 operate_VV0 at_II constant_JJ returns_NN2 to_TO scale_VVI and_CC the_AT other_JJ half_DB operate_VVI at_II increasing_JJ returns_NN2 to_TO scale_VVI ,_, indicating_VVG great_JJ potentials_NN2 for_IF future_JJ development_NN1 of_IO the_AT new_JJ energy_NN1 industry_NN1 in_II China_NP1 ._. 
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<s>
Consequently_RR ,_, our_APPGE results_NN2 pointed_VVD out_RP that_DD1 high_JJ price_NN1 rigidity_NN1 can_VM reduce_VVI macroeconomic_JJ fluctuations_NN2 ._. 
</s>
<s>
For_IF the_AT deterministic_JJ case_NN1 ,_, capital_NN1 income_NN1 is_VBZ taxed_VVN (_( subsidized_JJ )_) if_CS the_AT sum_NN1 of_IO the_AT own_DA and_CC cross_VV0 elasticity_NN1 is_VBZ increasing_JJ (_( decreasing_VVG )_) ._. 
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<s>
Overall_RR ,_, the_AT results_NN2 in_II Table_NN1 10_MC show_VV0 that_DD1 county_NN1 governments_NN2 can_VM raise_VVI revenue_NN1 ,_, both_RR by_II strengthening_VVG existing_JJ taxes_NN2 and_CC from_II other_JJ sources_NN2 ,_, such_II21 as_II22 land_NN1 sales_NN ._. 
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<s>
The_AT correlation_NN1 between_II the_AT business_NN1 cycle_NN1 comovement_NN1 implied_VVN by_II our_APPGE data_NN and_CC by_II standard_JJ GDP_NN1 data_NN is_VBZ 0.992_MC ._. 
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<s>
Thus_RR ,_, its_APPGE lending_NN1 business_NN1 is_VBZ several_DA2 times_NNT2 the_AT size_NN1 of_IO its_APPGE asset_NN1 management_NN1 business_NN1 ._. 
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<s>
Our_APPGE estimated_JJ bounds_NN2 are_VBR consistent_JJ with_IW previous_JJ findings_NN2 on_II the_AT effects_NN2 of_IO Job_NN1 Corps_NN ._. 
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<s>
First_MD ,_, it_PPH1 has_VHZ significantly_RR greater_JJR coverage_NN1 across_II properties_NN2 ,_, regions_NN2 ,_, and_CC time_NNT1 ._. 
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<s>
Subsection_NN1 6.4_MC presents_VVZ the_AT estimated_JJ tradability_NN1 premium_NN1 ,_, while_CS Subsection_NN1 6.5_MC investigates_VVZ the_AT robustness_NN1 of_IO the_AT empirical_JJ results_NN2 ._. 
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<s>
Our_APPGE work_NN1 identifies_VVZ this_DD1 as_II a_AT1 fascinating_JJ avenue_NN1 for_IF future_JJ studies_NN2 ._. 
</s>
<s>
Lastly_RR ,_, we_PPIS2 examine_VV0 the_AT heterogeneous_JJ effects_NN2 across_II different_JJ destinations_NN2 ._. 
</s>
<s>
As_RR21 usual_RR22 ,_, the_AT LATEc_NP1 estimates_NN2 are_VBR larger_JJR in_II absolute_JJ value_NN1 than_CSN the_AT corresponding_JJ IT_NN1 T_ZZ1 estimates_VVZ because_CS the_AT former_DA equal_JJ the_AT latter_DA divided_VVN by_II the_AT effect_NN1 of_IO random_JJ assignment_NN1 on_II enrollment_NN1 ._. 
</s>
<s>
Finally_RR ,_, although_CS much_RR international_JJ trade_NN1 is_VBZ in_II intermediate_JJ inputs_NN2 (_( Reimer_NP1 ,_, 2006_MC )_) ,_, the_AT emphasis_NN1 here_RL is_VBZ on_II products_NN2 closer_RRR to_II the_AT form_NN1 of_IO consumer-ready_JJ goods_NN2 ._. 
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<s>
Some_DD of_IO these_DD2 households_NN2 are_VBR insured_VVN ,_, the_AT participants_NN2 (_( P_ZZ1 )_) ,_, others_NN2 could_VM have_VHI joined_VVN the_AT NCMS_NP1 but_CCB have_VH0 preferred_VVN not_XX to_TO ,_, the_AT non-participants_NN2 (_( NP_NP1 )_) and_CC the_AT last_MD can_VM not_XX join_VVI ,_, the_AT non-exposed_NN1 (_( NE_FW )_) ._. 
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<s>
They_PPHS2 are_VBR internally_RR consistent_JJ ,_, mutually_RR coherent_JJ ,_, and_CC can_VM be_VBI successfully_RR triangulated_VVN against_II other_JJ indicators_NN2 ._. 
</s>
<s>
The_AT key_JJ idea_NN1 for_IF traditional_JJ dynamic_JJ hedging_NN1 is_VBZ to_TO match_VVI risk_NN1 sensitivities_NN2 ,_, that_REX21 is_REX22 ,_, derivatives_NN2 of_IO the_AT option_NN1 valuation_NN1 function_NN1 against_II risk_NN1 sources_NN2 ,_, between_II the_AT target_NN1 option_NN1 and_CC the_AT hedge_NN1 portfolio_NN1 ._. 
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<s>
As_CSA expected_VVN ,_, for_IF both_DB2 gains_NN2 of_IO time_NNT1 and_CC gains_NN2 of_IO money_NN1 ,_, the_AT average_NN1 and_CC the_AT median_JJ present_JJ values_NN2 decrease_VV0 when_RRQ #E_FO increases_VVZ ;_; on_II average_NN1 ,_, people_NN are_VBR more_RGR likely_JJ to_TO accept_VVI a_AT1 smaller_JJR present_JJ gain_NN1 when_CS the_AT delayed_JJ outcome_NN1 is_VBZ postponed_VVN further_RRR in_II the_AT future_NN1 ._. 
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<s>
Our_APPGE objective_NN1 is_VBZ to_TO offer_VVI potential_JJ guidance_NN1 for_IF measuring_VVG the_AT macroeconomic_JJ effects_NN2 of_IO discretionary_JJ changes_NN2 in_II government_NN1 spending_NN1 ._. 
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<s>
Definition_NN1 1_MC1 is_VBZ provided_VVN by_II Ross_NP1 (_( 1981_MC )_) ,_, and_CC Definition_NN1 2_MC is_VBZ given_VVN by_II Modica_NP1 and_CC Scarsini_NP1 (_( 2005_MC )_) .12_MC For_IF these_DD2 two_MC definitions_NN2 ,_, it_PPH1 is_VBZ assumed_VVN that_CST u(x)_VV0 and_CC v(x)_NNU have_VH0 positive_JJ first_MD derivatives_NN2 ,_, negative_JJ second_NNT1 derivatives_NN2 (_( in_II the_AT case_NN1 of_IO Definition_NN1 1_MC1 )_) and_CC positive_JJ third_MD derivatives_NN2 (_( in_II the_AT case_NN1 of_IO Definition_NN1 2_MC )_) on_II &lsqb;_( A_ZZ1 ,_, B_ZZ1 &rsqb;_) ._. 
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<s>
It_PPH1 is_VBZ important_JJ to_TO observe_VVI that_CST there_EX are_VBR many_DA2 considerations_NN2 involved_JJ in_II such_DA decisions_NN2 ._. 
</s>
<s>
However_RR ,_, the_AT amount_NN1 of_IO borrowing_NN1 is_VBZ not_XX allowed_VVN to_TO exceed_VVI infrastructure_NN1 expenditures_NN2 (_( Egger_NP1 and_CC Koethenbuerger_NP1 2010_MC )_) ._. 
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<s>
A_AT1 value_NN1 of_IO 0.01_MC translates_VVZ into_II a_AT1 half-life_NN1 of_IO ln(1/2)_NN1 68_MC minutes_NNT2 ._. 
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<s>
To_TO see_VVI this_DD1 ,_, consider_VV0 that_DD1 GDP_NN1 per_JJ21 capita_JJ22 growth_NN1 is_VBZ less_RGR likely_JJ to_TO cause_VVI educational_JJ attainment_NN1 or_CC life_NN1 expectancy_NN1 compared_VVN to_II the_AT potential_NN1 for_IF the_AT level_NN1 of_IO GDP_NN1 per_RR21 capita_RR22 to_TO influence_VVI these_DD2 outcomes_NN2 ._. 
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<s>
The_AT fair_JJ value_NN1 of_IO a_AT1 variable_JJ annuity_NN1 policy_NN1 containing_VVG a_AT1 GMAB_NN1 and_CC a_AT1 GMDB_NP1 rider_NN1 as_II31 well_II32 as_II33 a_AT1 surrender_NN1 option_NN1 ,_, seen_VVN from_II the_AT perspective_NN1 of_IO a_AT1 policyholder_NN1 ,_, is_VBZ determined_VVN by_II the_AT following_JJ equation_NN1 :_: #E_FO ._. 
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<s>
The_AT view_NN1 that_CST China_NP1 is_VBZ both_RR enabled_VVN by_II its_APPGE own_DA growing_JJ power_NN1 and_CC impelled_VVD by_II a_AT1 changing_JJ US_NP1 stance_NN1 to_TO take_VVI more_DAR initiative_NN1 in_II expanding_VVG its_APPGE international_JJ influence_NN1 was_VBDZ expressed_VVN by_II President_NNB Xi_NP1 in_II an_AT1 important_JJ address_NN1 to_II a_AT1 Chinese_JJ Communist_JJ Party_NN1 Foreign_JJ Affairs_NN2 Work_VV0 Conference_NN1 in_II November_NPM1 2014_MC ._. 
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<s>
We_PPIS2 think_VV0 these_DD2 models_NN2 can_VM be_VBI a_AT1 building_NN1 block_NN1 for_IF further_JJR theory_NN1 and_CC a_AT1 spark_NN1 for_IF empirical_JJ work_NN1 ._. 
</s>
<s>
I_PPIS1 begin_VV0 by_II regressing_VVG the_AT change_NN1 in_II the_AT export_NN1 tax_NN1 of_IO a_AT1 four-digit_JJ industry_NN1 between_II 2002_MC and_CC 2012_MC on_II the_AT four_MC measures_NN2 introduced_VVN above_RL ._. 
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<s>
Portfolio_NN1 returns_NN2 are_VBR leverage-adjusted_JJ ,_, meaning_VVG that_CST each_DD1 option_NN1 portfolio_NN1 is_VBZ combined_VVN with_IW the_AT risk-free_JJ rate_NN1 to_TO achieve_VVI a_AT1 targeted_JJ market_NN1 beta_NN1 of_IO one_PN1 ._. 
</s>
<s>
To_TO extend_VVI this_DD1 measure_NN1 to_II higher-order_JJ preferences_NN2 ,_, we_PPIS2 apply_VV0 Liu_NP1 and_CC Meyer_NP1 '_NULL s_ZZ1 (_( 2013b_FO )_) measure_NN1 of_IO local_JJ (_( nm_FU )_) th-degree_JJ absolute_JJ risk_NN1 aversion_NN1 ,_, defned_VVD for_IF an_AT1 n-times_NNT2 diferentiable_JJ function_NN1 f_ZZ1 with_IW a_AT1 positive_JJ (_( negative_JJ )_) mth_NNU derivative_NN1 for_IF m_ZZ1 odd_JJ (_( even_RR )_) ,_, #E_FO ._. 
</s>
<s>
The_AT next_MD proposition_NN1 expresses_VVZ social_JJ welfare_NN1 as_II an_AT1 explicit_JJ function_NN1 of_IO the_AT two_MC policy_NN1 instruments_NN2 (_( g_ZZ1 ,_, τ_NULL )_) for_IF the_AT baseline_NN1 model_NN1 with_IW fully_RR reversible_JJ investment_NN1 ._. 
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<s>
The_AT nature_NN1 of_IO these_DD2 measures_NN2 is_VBZ therefore_RR very_RG different_JJ ._. 
</s>
<s>
The_AT pure_JJ market-based_JJ outcome_NN1 differs_VVZ from_II the_AT regulator_NN1 '_NULL s_ZZ1 preferred_JJ allocations_NN2 since_CS ,_, due_II21 to_II22 limited_JJ liability_NN1 ,_, banks_NN2 do_VD0 not_XX take_VVI into_II account_NN1 the_AT loss_NN1 they_PPHS2 impose_VV0 in_II default_NN1 on_II guaranteed_JJ creditors_NN2 and_CC the_AT externality_NN1 they_PPHS2 impose_VV0 on_II the_AT economy_NN1 at_RR21 large_RR22 in_II a_AT1 systemic_JJ crisis_NN1 ._. 
</s>
<s>
This_DD1 theory_NN1 is_VBZ inspired_VVN by_II followers_NN2 of_IO Rawls_NN2 and_CC Dworkin_NN1 in_II political_JJ philosophy_NN1 ,_, especially_RR Arneson_NP1 and_CC Cohen_NP1 (_( see_VV0 Arneson_NP1 1989_MC ,_, and_CC Cohen_NP1 1989_MC )_) ._. 
</s>
<s>
Proposition_NN1 2_MC Take_VV0 any_DD convex_JJ set_NN1 C_ZZ1 2_MC F?a_FO ;_; and_CC any_DD reference_NN1 situation_NN1 x_ZZ1 ._. 
</s>
<s>
With_IW the_AT STSM_NP1 ,_, the_AT trend_NN1 #E_FO is_VBZ assumed_VVN to_TO have_VHI the_AT following_JJ stochastic_JJ process_NN1 :_: #E_FO ._. 
</s>
<s>
Drawing_VVG on_II a_AT1 wide_JJ range_NN1 of_IO sources_NN2 ,_, I_PPIS1 collected_VVD data_NN on_II this_DD1 question_NN1 for_IF each_DD1 of_IO the_AT thirty-one_MC states_NN2 for_IF which_DDQ I_PPIS1 have_VH0 data_NN on_II costs_NN2 of_IO borrowing_NN1 ._. 
</s>
<s>
PEP_NN1 can_VM also_RR be_VBI utilized_VVN as_II an_AT1 important_JJ factor_NN1 for_IF evaluating_VVG the_AT national_JJ energy_NN1 security_NN1 within_II an_AT1 economy_NN1 ._. 
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<s>
Just_RR prior_II21 to_II22 the_AT economic_JJ expansion_NN1 of_IO 2007_MC ,_, Cámara_NP1 Izquierdo_NP1 finds_VVZ "_" a_AT1 substantial_JJ average_JJ annual_JJ increase_NN1 of_IO real_JJ wages_NN2 "_" (_( 469_MC :_: n._NNU 14_MC )_) ._. 
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<s>
In_II the_AT data_NN ,_, the_AT unemployment_NN1 rate_NN1 rose_VVD from_II an_AT1 average_NN1 of_IO 10.8_MC percent_NNU during_II 1981-1990_MCMC to_II an_AT1 average_NN1 of_IO #E_FO percent_NNU during_II 2000-2006_MCMC ,_, implying_VVG a_AT1 20_MC percent_NNU increase_NN1 ._. 
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<s>
Equation_NN1 (_( 7_MC )_) implies_VVZ that_CST the_AT number_NN1 and_CC the_AT magnitude_NN1 of_IO positive_JJ equilibria_NN2 depend_VV0 on_II the_AT shapes_NN2 of_IO v(·)_FO ,_, G(·)_FO ,_, and_CC (_( ·_FO )_) ._. 
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<s>
Define_VV0 the_AT time-reversed_JJ operator_NN1 In_II what_DDQ follows_VVZ ,_, we_PPIS2 will_VM assume_VVI that_CST M_ZZ1 is_VBZ a_AT1 bounded_JJ linear_JJ operator_NN1 on_II the_AT Hilbert_NP1 space_NN1 L2_FO R_ZZ1 such_CS21 that_CS22 2_MC dQ_NNU <_FO in_II which_DDQ case_NN1 M_ZZ1 is_VBZ defined_VVN formally_RR as_CSA the_AT adjoint_JJ of_IO M._NN1 Not_XX all_DB groups_NN2 receive_VV0 new_JJ loans_NN2 in_II all_DB periods_NN2 from_II all_DB branches_NN2 :_: only_RR 33.8_MC percent_NNU of_IO the_AT cells_NN2 have_VH0 positive_JJ debt_NN1 flow_NN1 (_( as_II a_AT1 consequence_NN1 the_AT median_JJ groupbranch-quarter_JJ debt_NN1 flow_NN1 is_VBZ zero_MC )_) ._. 
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<s>
I_PPIS1 assume_VV0 that_CST shocks_NN2 are_VBR i.i.d_NNU ._. 
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<s>
Inspecting_VVG the_AT first_MD row_NN1 of_IO this_DD1 table_NN1 ,_, we_PPIS2 see_VV0 that_DD1 home_NN1 firms_NN2 will_VM produce_VVI positive_JJ output_NN1 only_RR in_II one_MC1 of_IO two_MC circumstances_NN2 :_: either_DD1 c_ZZ1 must_VM be_VBI below_RG a0_FO when_RRQ foreign_JJ firms_NN2 are_VBR not_XX active_JJ ,_, or_CC c_ZZ1 must_VM be_VBI below_RG a0_FO 1ncn11_FO when_RRQ they_PPHS2 are_VBR active_JJ ._. 
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<s>
This_DD1 results_VVZ in_II a_AT1 student_NN1 panel_NN1 which_DDQ also_RR serves_VVZ as_II a_AT1 repeated_JJ cross_NN1 section_NN1 for_IF each_DD1 school_NN1 ._. 
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<s>
These_DD2 findings_NN2 strengthen_VV0 our_APPGE claim_NN1 that_CST ambiguity_NN1 is_VBZ not_XX derived_VVN by_II sampling_VVG the_AT same_DA (_( skewed_JJ or_CC leptokurtic_JJ )_) probability_NN1 distribution_NN1 over_II the_AT month_NNT1 ._. 
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<s>
In_II this_DD1 section_NN1 ,_, I_PPIS1 use_VV0 positive_JJ political_JJ economy_NN1 theory_NN1 to_TO analyze_VVI how_RGQ public_JJ good_JJ needs_VVZ affect_VV0 the_AT tax_NN1 base_NN1 ._. 
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<s>
Lemma_NN1 2_MC follows_VVZ directly_RR from_II Lemma_NN1 1_MC1 ._. 
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<s>
Most_DAT of_IO the_AT time_NNT1 ,_, no_AT justification_NN1 appears_VVZ in_II the_AT transcripts_NN2 ;_; the_AT few_DA2 exceptions_NN2 occur_VV0 when_RRQ the_AT Banque_FW changed_VVD the_AT discount_NN1 rate_NN1 and_CC never_RR when_CS it_PPH1 kept_VVD the_AT discount_NN1 rate_NN1 fixed_VVN despite_II a_AT1 change_NN1 in_II the_AT BoE_NP1 discount_NN1 rate_NN1 ._. 
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<s>
However_RR ,_, the_AT Union_NN1 Army_NN1 database_NN1 links_VVZ soldiers_NN2 to_II the_AT 1860_MC census_NN1 ,_, and_CC these_DD2 links_NN2 contain_VV0 information_NN1 about_II the_AT soldier_NN1 '_NULL s_ZZ1 wealth_NN1 (_( or_CC the_AT wealth_NN1 of_IO the_AT head_NN1 of_IO the_AT soldier_NN1 '_NULL s_ZZ1 household_NN1 in_II 1860_MC )_) ._. 
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<s>
Our_APPGE method_NN1 effectively_RR initializes_VVZ each_DD1 SYMBOL_NN1 CLIENTCODE_NP1 CLIENTMGRCODE_NP1 combination_NN1 with_IW 0_MC shares_NN2 ,_, and_CC we_PPIS2 discard_VV0 the_AT first_MD 2_MC years_NNT2 of_IO the_AT data_NN set_VV0 because_CS Ancerno_NP1 coverage_NN1 is_VBZ sparse_JJ (_( as_CSA in_II Anand_NP1 ,_, Irvine_NP1 ,_, Puckett_NP1 ,_, and_CC Venkataraman_NP1 (_( 2013_MC )_) and_CC Goldstein_NP1 et_RA21 al_RA22 ._. 
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<s>
(_( 2009_MC )_) )_) ._. 
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<s>
His_APPGE model_NN1 predicts_VVZ minimum_JJ winning_JJ coalitions_NN2 as_II a_AT1 result_NN1 ._. 
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<s>
Table_NN1 2_MC gives_VVZ the_AT average_JJ incidence_NN1 of_IO full_JJ collusion_NN1 for_IF all_DB treatments_NN2 ,_, and_CC reports_VVZ on_RP pairwise_RR comparisons_NN2 between_II treatments_NN2 ._. 
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<s>
A_AT1 more_RGR detailed_JJ discussion_NN1 of_IO optimality_NN1 properties_NN2 of_IO the_AT Moran_NP1 I_PPIS1 test_VV0 is_VBZ given_VVN in_II Hillier_NP1 and_CC Martellosio_NP1 (_( 2018_MC )_) ,_, including_II a_AT1 discussion_NN1 of_IO conditions_NN2 under_II which_DDQ the_AT Moran_NP1 I_PPIS1 test_VV0 is_VBZ a_AT1 Uniformly_RR Most_RGT Powerful_JJ Invariant_JJ test_NN1 ._. 
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<s>
We_PPIS2 then_RT use_VV0 simulation_NN1 analysis_NN1 to_TO obtain_VVI the_AT cash_NN1 flows_VVZ for_IF a_AT1 prototype_NN1 J._NP1 club_NN1 and_CC propose_VV0 a_AT1 simple_JJ hedging_NN1 instrument_NN1 ._. 
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<s>
The_AT matched_JJ sample_NN1 flows_VVZ for_IF a_AT1 particular_JJ fund-month_JJ observation_NN1 are_VBR a_AT1 weighted_JJ average_NN1 of_IO flows_NN2 across_II all_DB funds_NN2 in_II the_AT same_DA month_NNT1 and_CC in_II the_AT same_DA fund_NN1 style_NN1 (_( and_CC in_II the_AT same_DA restricted_JJ sample_NN1 in_II Columns_NN2 2_MC and_CC 3_MC )_) ,_, where_CS the_AT weights_NN2 are_VBR proportional_JJ to_II closeness_NN1 based_VVN on_II differences_NN2 in_II size_NN1 ,_, past_II 5_MC years_NNT2 of_IO returns_NN2 ,_, and_CC fund_NN1 age_NN1 ._. 
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<s>
If_CS so_RR ,_, theory_NN1 (_( Burdett_NP1 and_CC Wright_NP1 1998_MC )_) tells_VVZ us_PPIO2 that_CST the_AT locally_RR stable_JJ equilibria_NN2 and_CC saddle-points_NN2 must_VM alternate_VVI ._. 
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<s>
Let_VV0 denote_VVI the_AT multiplier_NN1 on_II the_AT resource_NN1 constraint_NN1 of_IO the_AT Ramsey_NP1 problem_NN1 with_IW the_AT transformed_JJ value_NN1 function_NN1 v._II The_AT first-order_JJ necessary_JJ conditions_NN2 with_II31 respect_II32 to_II33 (_( c_ZZ1 ,_, h_ZZ1 )_) are_VBR #E_FO where_RRQ i_ZZ1 ,_, i_ZZ1 =_FO c_ZZ1 ,_, h_ZZ1 denotes_VVZ the_AT respective_JJ partial_JJ derivative_NN1 ._. 
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<s>
To_TO COG_VVI ,_, what_DDQ they_PPHS2 expect_VV0 is_VBZ political_JJ integration_NN1 brought_VVN about_RP by_II economic_JJ integration_NN1 ,_, yet_RR ,_, for_IF people_NN at_II the_AT second_MD level_NN1 ,_, what_DDQ they_PPHS2 are_VBR most_RGT concerned_JJ about_II is_VBZ the_AT unequal_JJ resource_NN1 distribution_NN1 as_II31 well_II32 as_II33 state_NN1 dignity/security_NN1 ._. 
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<s>
Because_CS the_AT 1995–2006_MCMC cash_NN1 holdings_NN2 simulated_VVN with_IW the_AT 1971–82_MCMC prudence_NN1 parameter_NN1 are_VBR larger_JJR than_CSN observed_VVN ,_, the_AT model_NN1 suggests_VVZ that_CST the_AT large_JJ increase_NN1 in_II cash_NN1 holdings_NN2 is_VBZ not_XX associated_VVN with_IW an_AT1 increase_NN1 in_II prudence_NN1 ._. 
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<s>
To_TO control_VVI for_IF potential_JJ order_NN1 effects_NN2 occurring_VVG through_II the_AT three_MC decisions_NN2 ,_, we_PPIS2 collected_VVD additional_JJ data_NN ._. 
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<s>
The_AT traditional_JJ argument_NN1 is_VBZ that_DD1 democratic_JJ systems_NN2 can_VM be_VBI seen_VVN as_II a_AT1 precondition_NN1 for_IF growth_NN1 because_CS they_PPHS2 can_VM guarantee_VVI secure_JJ property_NN1 rights_NN2 ._. 
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<s>
However_RR ,_, most_RGT alternative_JJ channels_NN2 through_II which_DDQ the_AT MS_NN1 spread_NN1 affects_VVZ subsequent_JJ growth_NN1 would_VM have_VHI the_AT opposite_JJ sign_NN1 of_IO what_DDQ we_PPIS2 find_VV0 here_RL :_: a_AT1 decline_NN1 in_II the_AT interest_NN1 spread_NN1 should_VM occur_VVI in_II expectation_NN1 of_IO improved_JJ household_NN1 income_NN1 prospects_NN2 coming_VVG from_II stronger_JJR growth_NN1 ._. 
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<s>
We_PPIS2 conceptualize_VV0 instantaneous_JJ wellbeing_NN1 using_VVG a_AT1 utility_NN1 function_NN1 that_CST includes_VVZ both_RR market_VV0 and_CC non-market_JJ goods_NN2 ._. 
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<s>
In_II the_AT standard_JJ model_NN1 of_IO Pissarides_NP1 (_( 2000_MC )_) ,_, only_RR the_AT job-creation_JJ channel_NN1 operates_VVZ and_CC increasing_VVG UI_NP1 lowers_VVZ tightness_NN1 ._. 
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<s>
A_AT1 key_JJ channel_NN1 in_II the_AT model_NN1 is_VBZ that_CST the_AT network_NN1 structurewho_NN1 buys_VVZ inputs_NN2 from_II whommatters_NN2 for_IF aggregate_JJ productivity_NN1 ._. 
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<s>
On_II the_AT one_MC1 hand_NN1 ,_, the_AT substitution_NN1 effect_NN1 affects_VVZ other_JJ provinces_NN2 positively_RR ._. 
</s>
<s>
A_AT1 crucial_JJ insight_NN1 here_RL is_VBZ that_CST the_AT relevant_JJ responsiveness_NN1 of_IO firms_NN2 to_II small_JJ changes_NN2 in_II tax_NN1 rates_NN2 from_II their_APPGE equilibrium_NN1 levels_NN2 can_VM differ_VVI significantly_RR between_II the_AT two_MC tax_NN1 regimes_NN2 ._. 
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Recap.The_NP1 Phillips_NP1 curve_NN1 ,_, as_CSA derived_VVN under_II FIRE_NN1 ,_, has_VHZ encountered_VVN several_DA2 empirical_JJ shortcomings_NN2 :_: the_AT lack_NN1 of_IO persistence_NN1 has_VHZ led_VVN to_II ad_RR21 hoc_RR22 backwards-looking_JJ terms_NN2 ;_; periods_NN2 of_IO missing_JJ (_( dis_DD1 )_) inflation_NN1 are_VBR puzzling_VVG ;_; Phillips-curve-based_NP1 forecasts_NN2 have_VH0 low_RR out-of-sample_VV0 predictive_JJ power_NN1 in_II comparison_NN1 to_II na?ve_JJ forecasts_NN2 ;_; and_CC there_EX is_VBZ sensitivity_NN1 to_II the_AT slack_JJ variable_NN1 used_VVD ._. 
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While_CS the_AT exact_JJ timing_NN1 of_IO the_AT reversal_NN1 is_VBZ not_XX known_VVN ,_, a_AT1 rise_NN1 in_II credit_NN1 supply_NN1 driven_VVN by_II lender_NN1 optimism_NN1 eventually_RR reverts_VVZ as_CSA lenders_NN2 become_VV0 pessimistic_JJ ._. 
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<s>
The_AT conditional_JJ Laplace_NP1 transform_VV0 of_IO the_AT integrated_JJ CIR_NN1 process_NN1 allows_VVZ for_IF a_AT1 closed-form_JJ expression_NN1 &lsqb;_( see_VV0 ,_, e.g._REX ,_, Cox_NP1 ,_, Ingersoll_NP1 ,_, and_CC Ross_NP1 (_( 1985b_FO )_) &rsqb;_) and_CC is_VBZ an_AT1 exponential_NN1 affine_JJ function_NN1 of_IO the_AT current_JJ factor_NN1 value_NN1 ._. 
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Figure_NN1 III_MC plots_NN2 the_AT behavior_NN1 of_IO the_AT income_NN1 distribution_NN1 across_II events_NN2 ._. 
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Specifically_RR ,_, one_PN1 may_VM be_VBI concerned_JJ that_CST firms_NN2 that_CST adjust_VV0 prices_NN2 less_RGR frequently_RR ,_, also_RR adjust_VV0 everything_PN1 else_RR (_( e.g._REX ,_, employment_NN1 ,_, investment_NN1 )_) weakly_RR and_CC hence_RR experience_VV0 increased_JJ volatility_NN1 of_IO profits_NN2 ._. 
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The_AT 99th_MD percentile_NN1 ,_, however_RR ,_, is_VBZ $310,240_NNU ._. 
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Landowner_NN1 2_MC gains_VVZ an_AT1 expected_JJ value_NN1 of_IO 8q_FO in_II period_NN1 2_MC by_II conserving_VVG in_II period_NN1 1_MC1 ,_, where_CS q_ZZ1 is_VBZ the_AT probability_NN1 of_IO the_AT high_JJ climate_NN1 state_NN1 ._. 
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<s>
S_ZZ1 P_ZZ1 T_ZZ1 (_( u_ZZ1 0_MC (_( S_ZZ1 P_ZZ1 T_ZZ1 )_) u_ZZ1 0_MC (_( s_ZZ1 )_) )_) dFP(s)_NNU &rsqb;_) ._. 
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<s>
Using_VVG a_AT1 comprehensive_JJ panel_NN1 of_IO Italian_JJ companies_NN2 ,_, I_PPIS1 find_VV0 that_CST firm_JJ location_NN1 in_II cities_NN2 that_CST were_VBDR free_JJ city-states_NN2 during_II the_AT Middle_JJ Ages_NN2 has_VHZ a_AT1 significant_JJ influence_NN1 on_II corporate_JJ ownership_NN1 :_: being_VBG headquartered_VVN in_II former_DA free_JJ city-states_NN2 reduces_VVZ a_AT1 firm_JJ '_NULL s_ZZ1 likelihood_NN1 of_IO family_NN1 control_NN1 by_II around_RG 9_MC percentage_NN1 points_NN2 ,_, even_RR after_II taking_VVG into_II account_NN1 the_AT role_NN1 of_IO firm_JJ size_NN1 ,_, industry_NN1 and_CC other_JJ confounding_JJ factors_NN2 ._. 
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<s>
The_AT results_NN2 in_II Panel_NN1 B_ZZ1 are_VBR not_XX strikingly_RR different_JJ for_IF MPs_NNU and_CC noble_JJ directors_NN2 ,_, and_CC suggest_VV0 that_CST neither_DD1 title_NN1 added_VVD much_DA1 value_NN1 to_TO bank_VVI equity_NN1 in_II a_AT1 systematic_JJ way_NN1 ._. 
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These_DD2 include_VV0 a_AT1 better_JJR understanding_NN1 of_IO many-to-one_MC matching_JJ models_NN2 ,_, the_AT role_NN1 of_IO externalities_NN2 in_II matching_NN1 ,_, stochastic_JJ types_NN2 ,_, nonstationary_JJ models_NN2 ,_, the_AT role_NN1 of_IO on-the-job_JJ search_NN1 ,_, and_CC multidimensional_JJ models_NN2 ._. 
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We_PPIS2 now_RT flesh_NN1 out_RP the_AT cross-sectional_JJ implications_NN2 of_IO the_AT view_NN1 that_CST overly_RR optimistic_JJ beliefs_NN2 arise_VV0 ,_, in_RR21 part_RR22 ,_, from_II the_AT personal_JJ experiences_NN2 of_IO market_NN1 participants_NN2 ._. 
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Convert_VV0 the_AT likelihood_NN1 from_II (_( yt_VV0 ,_, xt_NNU '_NULL )_) to_II (_( wt_NN1 ,_, xt_NNU '_NULL )_) wherewt=yty_FO ,_, tHyx_VV0 ,_, tH1xx_FO ,_, t_ZZ1 (_( xtx_NNU ,_, t_ZZ1 )_) ._. 
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Furthermore_RR ,_, it_PPH1 has_VHZ encouraged_VVN agricultural_JJ imports_NN2 from_II Taiwan_NP1 to_II the_AT benefit_NN1 of_IO Taiwanese_JJ farmers_NN2 ._. 
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Results_NN2 are_VBR shown_VVN using_VVG bandwidths_NN2 ranging_VVG from_II three-quarters_MF of_IO the_AT optimal_JJ bandwidth_NN1 to_II 2.5_MC times_NNT2 that_CST optimal_JJ bandwidth_NN1 ,_, where_CS optimal_JJ CCT_NP1 bandwidth_NN1 was_VBDZ calculated_VVN as_CSA 14_MC points_NN2 ._. 
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It_PPH1 examines_VVZ and_CC provides_VVZ preliminary_JJ estimates_NN2 for_IF the_AT growth_NN1 of_IO rents_NN2 in_II four_MC main_JJ areas_NN2 :_: increased_JJ patent_NN1 and_CC copyright_NN1 rents_NN2 ,_, the_AT growth_NN1 of_IO the_AT financial_JJ sector_NN1 ,_, the_AT increase_NN1 in_II CEO_NN1 pay_NN1 due_II21 to_II22 the_AT failure_NN1 of_IO the_AT corporate_JJ governance_NN1 ,_, and_CC the_AT increase_NN1 in_II pay_NN1 for_IF the_AT most_RGT highly_RR paid_VVN professionals_NN2 due_II21 to_II22 protectionist_JJ barriers_NN2 ._. 
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Other_JJ studies_NN2 address_VV0 the_AT flexibility_NN1 of_IO goods_NN2 prices_NN2 (_( Hau_NP1 ,_, 2002_MC ;_; Bravo-Ortega_NP1 and_CC Di_NP1 Giovanni_NP1 ,_, 2006_MC )_) ._. 
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The_AT initial_JJ resource_NN1 mobilization_NN1 period_NN1 of_IO the_AT GCF_NP1 lasts_VVZ from_II 2015_MC to_II 2018_MC ._. 
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A_AT1 combination_NN1 of_IO age_NN1 limits_NN2 and_CC term_NN1 limits_NN2 was_VBDZ put_VVN in_II place_NN1 that_CST guaranteed_VVD a_AT1 predictable_JJ set_NN1 of_IO career_NN1 trajectories_NN2 in_II which_DDQ expectations_NN2 were_VBDR clearly_RR formed_VVN and_CC actually_RR realized_VVN ._. 
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Finally_RR ,_, I_PPIS1 consider_VV0 China_NP1 '_NULL s_ZZ1 possible_JJ political_JJ economy_NN1 preferences_NN2 for_IF firms_NN2 owned_VVN by_II the_AT state_NN1 (_( as_CSA suggested_VVN ,_, for_REX21 example_REX22 ,_, by_II Branstetter_NP1 and_CC Feenstra_NP1 2002_MC )_) ,_, using_VVG the_AT share_NN1 of_IO state-owned_JJ enterprises_NN2 (_( SOEs_NP2 )_) in_II the_AT value_NN1 added_VVN of_IO each_DD1 four-digit_JJ industry_NN1 in_II 2003_MC ._. 
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Differently_RR stated_VVN ,_, information-based_JJ trading_NN1 can_VM impact_VVI the_AT size_NN1 of_IO s_ZZ1 ._. 
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Second_MD ,_, the_AT speed_NN1 of_IO adjustment_NN1 of_IO the_AT midquote_NN1 to_II the_AT efficient_JJ price_NN1 may_VM depend_VVI on_II informed_JJ trading_NN1 ._. 
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One_MC1 concern_NN1 is_VBZ that_DD1 cognitive_JJ skill_NN1 and_CC social_JJ skill_NN1 are_VBR noisy_JJ measures_NN2 of_IO the_AT same_DA underlying_JJ ability_NN1 ._. 
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In_RR21 particular_RR22 ,_, we_PPIS2 assume_VV0 that_CST managerial_JJ benefits_NN2 are_VBR quadratic_JJ in_II a_AT1 firm_JJ '_NULL s_ZZ1 marginal_JJ costs_NN2 ._. 
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Our_APPGE data_NN set_NN1 includes_VVZ nominal_JJ values_NN2 of_IO the_AT S_ZZ1 &P;_NULL 500_MC index_NN1 and_CC WTI_JJ Crude_JJ oil_NN1 price_NN1 ,_, covering_VVG the_AT monthly_JJ period_NN1 of_IO 1859:09_MC to_II 2015:08_MC ._. 
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There_EX is_VBZ little_DA1 heterogeneity_NN1 in_II attitude_NN1 towards_II gains_NN2 of_IO money_NN1 ._. 
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Our_APPGE analysis_NN1 further_RRR reveals_VVZ that_DD1 world_NN1 carbon_NN1 emissions_NN2 would_VM decrease_VVI by_II 0.50_MC percent_NNU if_CS carbon_NN1 tariffs_NN2 were_VBDR introduced_VVN ._. 
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The_AT restrictions_NN2 are_VBR imposed_VVN by_II specifying_VVG normal_JJ prior_JJ distributions_NN2 with_IW zero_MC means_NN and_CC small_JJ standard_JJ deviations_NN2 for_IF all_DB coefficients_NN2 with_IW the_AT standard_JJ deviation_NN1 decreasing_VVG as_II the_AT lags_NN2 increases_VVZ ._. 
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The_AT demand_NN1 side_NN1 of_IO the_AT model_NN1 is_VBZ based_VVN on_II a_AT1 utility_NN1 function_NN1 that_CST represents_VVZ preferences_NN2 for_IF public_NN1 and_CC private_JJ goods_NN2 and_CC that_CST policymakers_NN2 maximize_VV0 by_II their_APPGE choice_NN1 of_IO #E.7_NNU We_PPIS2 represent_VV0 the_AT utility_NN1 of_IO the_AT representative_JJ home_NN1 resident_NN1 by_II the_AT addilog_NN1 utility_NN1 function_NN1 ._. 
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The_AT two_MC panels_NN2 report_VV0 estimates_NN2 for_IF the_AT whole_JJ economy_NN1 and_CC the_AT manufacturing_NN1 sector_NN1 ,_, respectively_RR ._. 
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We_PPIS2 also_RR calculated_VVD the_AT average_JJ number_NN1 of_IO papers_NN2 resulting_VVG from_II alternative_JJ collaboration_NN1 arrangements_NN2 ._. 
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For_IF a_AT1 different_JJ group_NN1 of_IO firms_NN2 and_CC a_AT1 different_JJ depreciation_NN1 policy_NN1 ,_, we_PPIS2 again_RT find_VV0 that_CST firms_NN2 ignore_VV0 future_JJ tax_NN1 benefits_NN2 ._. 
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To_II the_AT extent_NN1 that_CST D_ZZ1 &O;_NULL insurance_NN1 coverage_NN1 hedges_NN2 independent_JJ directors_NN2 against_II personal_JJ liabilities_NN2 in_II the_AT face_NN1 of_IO litigation_NN1 ,_, it_PPH1 may_VM reduce_VVI their_APPGE incentives_NN2 to_TO attend_VVI board_NN1 meetings_NN2 ._. 
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By_II the_AT end_NN1 of_IO 2013_MC ,_, membership_NN1 had_VHD increased_VVN to_II 12_MC countries_NN2 ,_, with_IW five_MC in_II East_ND1 Asia_NP1 ._. 
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Before_II investigating_VVG the_AT economic_JJ consequences_NN2 of_IO the_AT 2012_MC anti-Japanese_JJ pro-tests_NN2 ,_, it_PPH1 is_VBZ useful_JJ to_TO examine_VVI the_AT social_JJ and_CC economic_JJ correlates_NN2 of_IO the_AT 2012_MC pro-tests_NN2 ._. 
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Moreover_RR ,_, the_AT marginal_JJ effect_NN1 of_IO bonding_VVG social_JJ capital_NN1 is_VBZ decreasing_VVG with_IW bridging_VVG social_JJ capital_NN1 ;_; that_REX21 is_REX22 ,_, #E_FO ._. 
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Non-expected_JJ utilities_NN2 ,_, such_II21 as_II22 the_AT recursive_JJ utility_NN1 (_( Kreps_NP1 and_CC Porteus_NP1 (_( 1978_MC )_) ,_, Epstein_NP1 and_CC Zin_NP1 (_( 1989_MC )_) )_) ,_, the_AT maximin_NN1 expected_JJ utility_NN1 (_( Gilboa_NP1 and_CC Schmeidler_NP1 (_( 1989_MC )_) )_) ,_, the_AT robust_JJ control_NN1 model_NN1 (_( Hansen_NP1 and_CC Sargent_NP1 (_( 2007_MC )_) )_) ,_, and_CC the_AT smooth_JJ ambiguity_NN1 model_NN1 (_( Klibanoff_NP1 ,_, Marinacci_NP1 ,_, and_CC Mukerji_NP1 (_( 2005_MC )_) )_) ,_, among_II others_NN2 ,_, are_VBR widely_RR applied_VVN in_II asset_NN1 pricing_NN1 studies_NN2 to_TO enhance_VVI the_AT model-implied_JJ market_NN1 price_NN1 of_IO risk_NN1 ._. 
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<s>
This_DD1 paper_NN1 analysed_VVD the_AT main_JJ issues_NN2 related_VVN to_II the_AT assessment_NN1 and_CC measurement_NN1 of_IO defence_NN1 R_ZZ1 &D;_NULL spill-overs_NN2 ._. 
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<s>
Compiling_VVG new_JJ data_NN sets_VVZ with_IW detailed_JJ racial_JJ descriptors_NN2 is_VBZ challenging_JJ ,_, but_CCB not_XX always_RR impossible_JJ ._. 
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The_AT following_JJ individuals_NN2 were_VBDR essential_JJ to_II the_AT empirical_JJ components_NN2 :_: Nathan_NP1 Braun_NP1 ,_, Mike_NP1 Brick_NN1 ,_, Ismael_NP1 Flores_FW Cervantes_NP1 ,_, Eric_NP1 Horsch_NP1 ,_, Stanley_NP1 Presser_NP1 ,_, Colleen_NP1 Donovan_NP1 ,_, Anthony_NP1 Dvarskas_NP2 ,_, Fiona_NP1 Garvin_NP1 ,_, Megan_NP1 Lawson_NP1 ,_, Tim_NP1 Meernik_NP1 ,_, Jean_NP1 Opsomer_NP1 ,_, Keith_NP1 Rust_NN1 ,_, Justin_NP1 Stein_NP1 ,_, Sophie_NP1 Tyack_NP1 ,_, Carolyn_NP1 Wagner_NP1 ,_, and_CC Jacqueline_NP1 Wilwerth_NP1 ._. 
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Capital_NN1 expenditures_NN2 for_IF abatement_NN1 technologies_NN2 may_VM seem_VVI more_RGR relevant_JJ ,_, but_CCB from_II an_AT1 engineering_NN1 perspective_NN1 abatement_NN1 costs_NN2 are_VBR mainly_RR operating_VVG decisions_NN2 such_II21 as_II22 backfilling_VVG tailings_NN2 ,_, using_VVG water_NN1 trucks_NN2 for_IF dust_NN1 suppression_NN1 ,_, or_CC collecting_VVG and_CC processing_VVG runoff_NN1 and_CC are_VBR thus_RR more_RGR appropriately_RR modeled_VVD as_II an_AT1 increase_NN1 in_II operating_VVG costs_NN2 than_CSN the_AT sinking_NN1 of_IO capital_NN1 costs_NN2 ._. 
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For_IF both_DB2 subpopulations_NN2 ,_, a_AT1 short_JJ mail_NN1 screener_NN1 was_VBDZ used_VVN to_TO collect_VVI phone_NN1 numbers_NN2 and_CC identify_VVI past_II Gulf_NP1 Coast_NN1 recreators.7All_FO respondents_NN2 with_IW a_AT1 valid_JJ phone_NN1 number_NN1 were_VBDR eligible_JJ to_TO be_VBI recruited_VVN into_II the_AT subsequent_JJ telephone_NN1 survey_NN1 ,_, although_CS respondents_NN2 who_PNQS reported_VVD taking_VVG recreational_JJ trips_NN2 to_II the_AT Gulf_NP1 were_VBDR sampled_VVN more_RGR intensively_RR to_TO improve_VVI sampling_NN1 efficiency_NN1 ._. 
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The_AT long-run_JJ variance_NN1 decomposition_NN1 is_VBZ reported_VVN in_II Table_NN1 3_MC ._. 
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Specifically_RR ,_, the_AT assessments_NN2 for_IF the_AT following_JJ parties_NN2 are_VBR as_CSA follows_VVZ :_: EU_NP1 ,_, USD_NP1 818.84_MC million_NNO ;_; USA_NP1 ,_, USD_NP1 631.49_MC million_NNO ;_; Japan_NP1 ,_, USD_NP1 310.95_MC million_NNO ,_, and_CC UK_NP1 ,_, USD_NP1 148.66_MC million_NNO ._. 
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The_AT social_JJ welfare_NN1 function_NN1 W_ZZ1 (_( u1_FO ,_, u2_FO ,_, ,_, un_FW )_) can_VM be_VBI written_VVN by_II replacing_VVG lowercase_JJ u_ZZ1 (_( ,_, )_) with_IW capital_NN1 U_ZZ1 (_( ,_, )_) :_: V(t)=_FO ∞U_NN1 (_( X_ZZ1 (_( τ_NULL )_) ,_, Y_ZZ1 (_( τ_NULL )_) )_) S_ZZ1 (_( τ_NULL )_) e_ZZ1 (_( τ_NULL t_ZZ1 )_) d_ZZ1 τ_NULL ._. where_RRQ is_VBZ the_AT social_JJ discount_NN1 factor_NN1 ._. 
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For_IF our_APPGE preferred_JJ specification_NN1 (_( N_ZZ1 =_FO 3_MC )_) ,_, the_AT coefficients_NN2 on_II the_AT LDV_NP1 lagged_VVD four_MC periods_NN2 are_VBR 0.294_MC and_CC 0.362_MC for_IF the_AT ITC_NN1 and_CC CIT_FW models_NN2 ,_, respectively_RR ,_, and_CC are_VBR statistically_RR far_RR from_II zero_MC ._. 
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A_AT1 major_JJ gap_NN1 in_II our_APPGE understanding_NN1 of_IO the_AT medieval_JJ economy_NN1 concerns_VVZ interest_NN1 rates_NN2 ,_, especially_RR relating_VVG to_II commercial_JJ credit_NN1 ._. 
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In_II the_AT same_DA way_NN1 ,_, since_CS is_VBZ a_AT1 continuous_JJ first-order_JJ differentiable_JJ function_NN1 of_IO beta_NN1 innovations_NN2 ,_, an_AT1 admissible_JJ representation_NN1 could_VM be_VBI =+c_FO ,_, where_RRQ is_VBZ the_AT pure_JJ Gaussian_JJ portfolio_NN1 return_VV0 stochastic_JJ component_NN1 ,_, is_VBZ the_AT idiosyncratic_JJ portfolio_NN1 return_NN1 volatility_NN1 ,_, and_CC c_ZZ1 is_VBZ the_AT sensitivity_NN1 toward_II the_AT unexpected_JJ beta_NN1 variation_NN1 ._. 
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As_CSA this_DD1 article_NN1 has_VHZ proven_VVN ,_, tariffs_NN2 were_VBDR an_AT1 intertemporal_JJ determinantthe_NN1 sole_JJ intertemporal_NN1 determinantof_VV0 Anglo-American_JJ trade_NN1 costs_VVZ during_II the_AT first_MD era_NN1 of_IO globalization_NN1 ._. 
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Nevertheless_RR ,_, stochastic_JJ sorting_NN1 still_RR emerges_VVZ :_: the_AT distribution_NN1 of_IO types_NN2 an_AT1 agent_NN1 can_VM end_VVI up_RP matched_JJ is_VBZ ordered_VVN in_II the_AT sense_NN1 of_IO first_MD order_NN1 stochastic_JJ dominance_NN1 as_II a_AT1 function_NN1 of_IO the_AT agent_NN1 '_NULL s_ZZ1 type_NN1 ._. 
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Suppose_VV0 thatAssumption_NN1 2.1_MC ,_, Assumption_NN1 2.2_MC ,_, Assumption_NN1 2.3are_FO satisfied_JJ ._. 
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This_DD1 makes_VVZ the_AT exposition_NN1 simpler_JJR ,_, as_CSA it_PPH1 is_VBZ straightforward_JJ to_TO allow_VVI for_IF two_MC independent_JJ chains_NN2 ._. 
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The_AT latter_DA cases_NN2 are_VBR determined_VVN by_II program_NN1 interruptions_NN2 preceding_VVG SAF/ESAF/ECF_NP1 programs_NN2 ._. 
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Reimbursements_NN2 to_II insurees_NN2 ,_, which_DDQ can_VM be_VBI simulated_VVN easily_RR given_VVN contract_NN1 choices_NN2 and_CC projected_JJ claims_NN2 ,_, form_VV0 a_AT1 large_JJ part_NN1 of_IO insurers_NN2 '_NULL costs_VVZ ._. 
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Using_VVG baseline_NN1 productivity_NN1 data_NN (_( see_VV0 below_RL )_) ,_, we_PPIS2 rank_VV0 each_DD1 worker_NN1 as_II the_AT lowest_JJT ,_, medium_NN1 ,_, or_CC highest_JJT productivity_NN1 worker_NN1 within_II his_APPGE respective_JJ unit_NN1 ._. 
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Applied_JJ policy_NN1 economists_NN2 should_VM therefore_RR use_VVI the_AT marginal_JJ excess_JJ burden_NN1 as_II the_AT social_JJ cost_NN1 of_IO income_NN1 redistribution_NN1 ,_, and_CC the_AT marginal_JJ cost_NN1 of_IO public_JJ funds_NN2 as_II the_AT social_JJ cost_NN1 of_IO financing_VVG public_JJ activities_NN2 that_CST are_VBR unrelated_JJ to_II income_NN1 redistribution_NN1 ._. 
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The_AT set_NN1 of_IO bond_NN1 pricing_NN1 functions_NN2 k_ZZ1 (_( ·_FO )_) k_ZZ1 ≥_FO 1_MC1 satisfy_VV0 (_( 5_MC )_) given_VVN (_( ·_FO )_) and_CC (_( ·_FO )_) ._. 
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Thus_RR they_PPHS2 also_RR had_VHD no_AT incentive_NN1 to_TO change_VVI the_AT hukou_NN1 system_NN1 to_TO obtain_VVI land_NN1 or_CC labor_NN1 ._. 
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In_II31 addition_II32 to_II33 the_AT insignificant_JJ n_ZZ1 ,_, d_ZZ1 is_VBZ not_XX shown_VVN to_TO be_VBI significantly_RR different_JJ from_II zero_MC ,_, even_RR at_II the_AT 10%_NNU level_NN1 ._. 
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During_II the_AT 1980s_MC2 and_CC early_JJ 1990s_MC2 ,_, a_AT1 series_NN of_IO studies_NN2 largely_RR undertaken_VVN by_II scholars_NN2 outside_II the_AT strategy_NN1 field_NN1 was_VBDZ creating_VVG another_DD1 puzzle_NN1 ._. 
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Do_VD0 small_JJ enterprises_NN2 generate_VV0 more_DAR employment_NN1 growth_NN1 than_CSN larger_JJR firms_NN2 ?_? 
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The_AT authors_NN2 rely_VV0 on_II two_MC data_NN sources_NN2 ._. 
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The_AT final_JJ dataset_NN1 for_IF the_AT analysis_NN1 included_VVD 67_MC articles_NN2 ,_, which_DDQ in_II turn_NN1 referred_VVN to_II 91_MC case_NN1 studies_NN2 (_( Table_NN1 A.2_FO in_II Appendix_NN1 A_ZZ1 )_) ._. 
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The_AT main_JJ effects_NN2 of_IO all_DB three_MC bridges_NN2 were_VBDR negative_JJ and_CC became_VVD highly_RR significant_JJ (_( p<.001_FO )_) ,_, and_CC instead_II21 of_II22 two_MC ,_, all_DB three_MC interaction_NN1 effects_NN2 were_VBDR positive_JJ and_CC highly_RR significant_JJ ,_, lending_VVG stronger_JJR support_NN1 for_IF H4_FO ._. 
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Expansion_NN1 of_IO trade_NN1 between_II China_NP1 and_CC partners_NN2 to_II its_APPGE west_ND1 will_VM be_VBI reinforced_VVN by_II greater_JJR use_NN1 of_IO local_JJ currenciesmeaning_NN1 that_CST the_AT new_JJ Silk_NP1 Road_NNL1 will_VM support_VVI ongoing_JJ internationalization_NN1 of_IO the_AT renminbi_NN2 ._. 
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Mulligan_NN1 and_CC Rubinstein_NP1 (_( 2008_MC )_) find_VV0 that_CST the_AT rise_NN1 in_II returns_NN2 to_II skills_NN2 ,_, which_DDQ changed_VVD the_AT labor_NN1 force_NN1 participation_NN1 patterns_NN2 of_IO women_NN2 ,_, ultimately_RR changed_VVD the_AT observed_JJ gender_NN1 wage_NN1 gap_NN1 ._. 
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The_AT densities_NN2 cover_VV0 a_AT1 period_NN1 spanning_VVG the_AT Great_JJ Recession_NN1 and_CC much_DA1 of_IO subsequent_JJ recovery_NN1 ,_, from_II December_NPM1 2007_MC (_( the_AT NBER_NN1 peak_NN1 )_) through_II December_NPM1 2012_MC ._. 
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This_DD1 suggests_VVZ that_DD1 measurement_NN1 error_NN1 is_VBZ a_AT1 concern_NN1 here_RL but_CCB that_DD1 measurement_NN1 error_NN1 is_VBZ likely_JJ to_TO induce_VVI a_AT1 downward_JJ bias_NN1 on_II our_APPGE coefficient_NN1 of_IO interest_NN1 ._. 
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This_DD1 condition_NN1 for_IF a_AT1 strong_JJ increase_NN1 in_II downside_NN1 risk_NN1 aversion_NN1 is_VBZ thus_RR capable_JJ of_IO generating_JJ meaningful_JJ comparative_JJ statics_NN2 predictions_NN2 ._. 
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It_PPH1 is_VBZ not_XX easy_JJ to_TO examine_VVI the_AT effects_NN2 of_IO nonstandard_NN1 monetary_JJ policy_NN1 ;_; a_AT1 conventional_JJ way_NN1 of_IO identifying_VVG a_AT1 monetary_JJ policy_NN1 shock_NN1 is_VBZ no_RR21 longer_RR22 valid_JJ under_II the_AT zero_NN1 lower_RRR bound_VVN on_II short-term_JJ nominal_JJ interest_NN1 rates_NN2 ._. 
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This_DD1 heterogeneity_NN1 in_II land_NN1 quality_NN1 creates_VVZ a_AT1 basis_NN1 for_IF the_AT persistence_NN1 of_IO a_AT1 wide_JJ range_NN1 of_IO farm_NN1 types_NN2 and_CC farm_NN1 sizes_NN2 ._. 
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The_AT negative_JJ effects_NN2 on_II utilization_NN1 tend_VV0 to_TO be_VBI concentrated_VVN on_II drugs_NN2 for_IF asymptomatic_JJ conditions_NN2 such_II21 as_II22 hypertension_NN1 and_CC high_JJ cholesterol_NN1 (_( Greene_NP1 et_RA21 al._RA22 ,_, 2008_MC ;_; Chen_NP1 et_RA21 al._RA22 ,_, 2010_MC ;_; Fronstin_NP1 et_RA21 al._RA22 ,_, 2013_MC )_) ._. 
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Poorer_JJR regions_NN2 in_II China_NP1 are_VBR likely_JJ to_TO become_VVI NPSs_NP1 in_II a_AT1 unified_JJ carbon_NN1 market_NN1 ._. 
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In_II its_APPGE Fifth_MD Assessment_NN1 Report_NN1 (_( AR5_FO )_) ,_, as_II part_NN1 of_IO Working_JJ Group_NN1 III_MC ,_, the_AT Intergovernmental_JJ Panel_NN1 on_II Climate_NN1 Change_NN1 (_( IPCC_NP1 )_) investigates_VVZ the_AT impact_NN1 of_IO climate_NN1 change_NN1 mitigation_NN1 ._. 
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The_AT financial_JJ support_NN1 of_IO the_AT Harvard_NP1 Business_NN1 School_NN1 Division_NN1 of_IO Faculty_NN1 Research_NN1 and_CC Development_NN1 is_VBZ gratefully_RR acknowledged_VVN ._. 
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<s>
In_RR21 addition_RR22 ,_, employees_NN2 responded_VVN to_II a_AT1 coworker_NN1 survey_NN1 to_II rate_NN1 each_DD1 of_IO the_AT other_JJ members_NN2 of_IO their_APPGE work_NN1 group_NN1 with_II31 regard_II32 to_II33 their_APPGE approachability_NN1 ,_, from_II a_AT1 work_NN1 group_NN1 list_NN1 we_PPIS2 provided_VVD based_VVN on_II organizational_JJ records_NN2 ._. 
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<s>
Our_APPGE approach_NN1 differs_VVZ to_II theirs_PPGE in_CS21 that_CS22 we_PPIS2 specifically_RR evaluate_VV0 the_AT relationship_NN1 between_II reserves_NN2 and_CC OTC_NN1 inflows_NN2 both_RR theoretically_RR and_CC empirically_RR ,_, which_DDQ no_AT other_JJ existing_JJ studies_NN2 have_VH0 attempted_VVN ._. 
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Panel_NN1 B_ZZ1 demonstrates_VVZ the_AT U-shaped_JJ pattern_NN1 for_IF the_AT marginal_JJ capital_NN1 tax_NN1 rate_NN1 emphasized_VVD here_RL and_CC predicted_VVN in_II Section_NN1 IIIA_NP1 ._. 
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<s>
Specifications_NN2 (_( 5_MC )_) and_CC (_( 6_MC )_) use_VV0 lags_NN2 of_IO OWNSTOCK_NP1 itself_PPX1 as_CSA instruments_NN2 ._. 
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<s>
To_TO summarize_VVI briefly_RR the_AT results_NN2 about_II the_AT marginal_JJ labour_NN1 income_NN1 tax_NN1 rates_NN2 we_PPIS2 can_VM say_VVI that_DD1 for_IF different_JJ correlations_NN2 both_RR low-skilled_JJ types_NN2 are_VBR taxed_VVN at_II the_AT margin_NN1 in_II the_AT optimal_JJ result_NN1 ._. 
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<s>
It_PPH1 is_VBZ evident_JJ from_II the_AT results_NN2 presented_VVN in_II this_DD1 paper_NN1 that_CST there_EX is_VBZ substantial_JJ variation_NN1 of_IO incomes_NN2 both_RR between_II and_CC within_II occupation_NN1 groups_NN2 ._. 
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<s>
User_NN1 preferences_NN2 ,_, values_NN2 ,_, knowledge_NN1 ,_, and_CC experience_NN1 may_VM be_VBI just_RR as_RG important_JJ as_CSA design_NN1 of_IO technology_NN1 or_CC the_AT state_NN1 of_IO infrastructure_NN1 in_II why_RRQ people_NN may_VM embrace_VVI ,_, or_CC reject_VV0 ,_, attempts_NN2 at_II decarbonizing_VVG transport_NN1 ._. 
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We_PPIS2 follow_VV0 a_AT1 similar_JJ procedure_NN1 for_IF federal_JJ receipts_NN2 ._. 
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<s>
D._NP1 General_JJ Purpose_NN1 Public-Use_NP1 Micro-Data_NN The_AT Census_NN1 Bureau_NN1 published_VVD the_AT first_MD large-scale_JJ machine-readable_JJ public-use_JJ micro-data_NN sample_NN1 (_( PUMS_NP2 )_) from_II the_AT 1960_MC Census_NN1 ,_, selecting_VVG a_AT1 1_MC1 percent_NNU sample_NN1 of_IO the_AT records_NN2 on_II the_AT long_JJ form_NN1 (_( Ruggles_NP1 et_RA21 al_RA22 ._. 
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2011_MC )_) ._. 
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<s>
Both_DB2 the_AT regular_JJ ,_, spatially_RR unlagged_JJ coefficient_NN1 estimates_NN2 (_( denoted_VVN '_NULL Main_JJ '_NULL in_II Table_NN1 1_MC1 )_) and_CC the_AT direct_JJ effects_NN2 for_IF war_NN1 indicate_VV0 a_AT1 positive_JJ and_CC significant_JJ effect_NN1 on_II a_AT1 country_NN1 '_NULL s_ZZ1 military_JJ burden_NN1 throughout_II the_AT specifications_NN2 ._. 
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<s>
While_CS several_DA2 behavioral_JJ biases_NN2 seem_VV0 evident_JJ in_II the_AT data_NN ,_, the_AT patterns_NN2 we_PPIS2 uncover_VV0 are_VBR overall_RR remarkably_RR consistent_JJ with_IW the_AT portfolio_NN1 implications_NN2 of_IO riskbased_JJ theories_NN2 of_IO the_AT value_NN1 premium_NN1 ._. 
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<s>
This_DD1 allows_VVZ us_PPIO2 to_TO provide_VVI the_AT first_MD comprehensive_JJ view_NN1 of_IO how_RRQ government_NN1 redistribution_NN1 affects_VVZ inequality_NN1 ._. 
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<s>
Instead_RR ,_, from_II the_AT cone_NN1 of_IO the_AT infeasible_JJ LFP_NP1 we_PPIS2 carefully_RR construct_VV0 a_AT1 new_JJ pointed_JJ cone_NN1 that_CST allows_VVZ us_PPIO2 to_TO carry_VVI out_RP a_AT1 projected_JJ separation_NN1 argument_NN1 based_VVN on_II inner_JJ product_NN1 preservation_NN1 (_( Proposition_NN1 1_MC1 )_) ._. 
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<s>
We_PPIS2 discard_VV0 stock-days_NNT2 for_IF which_DDQ we_PPIS2 have_VH0 fewer_DAR than_CSN twenty_MC one-minute_JJ intervals_NN2 with_IW valid_JJ data_NN on_II the_AT stock_NN1 return_NN1 within_II that_DD1 interval_NN1 and_CC on_II the_AT order_NN1 imbalance_NN1 or_CC return_VV0 in_II the_AT preceding_JJ interval_NN1 (_( in_II total_NN1 756,051_MC stock-day_JJ observations_NN2 )_) ,_, and_CC days_NNT2 for_IF which_DDQ TRTH_NP1 reports_VVZ a_AT1 data_NN gap_NN1 that_CST overlaps_VVZ with_IW the_AT continuous_JJ trading_NN1 session_NNT1 (_( in_II total_NN1 56_MC days_NNT2 )_) ._. 
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<s>
Short-term_JJ bank_NN1 loans_NN2 grew_VVD far_RG more_RGR rapidly_RR than_CSN the_AT nominal_JJ produced_VVD national_JJ income_NN1 ,_, and_CC the_AT state_NN1 budget_NN1 expenditure_NN1 on_II the_AT economy_NN1 (_( see_VV0 Appendix_NN1 A_ZZ1 )_) ._. 
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<s>
The_AT unique_JJ feature_NN1 of_IO our_APPGE data_NN set_NN1 is_VBZ that_CST it_PPH1 covers_VVZ the_AT entire_JJ modern_JJ era_NN1 of_IO the_AT oil_NN1 industry_NN1 ,_, given_CS21 that_CS22 first_MD oil_NN1 in_II the_AT US_NP1 was_VBDZ drilled_VVN in_II 1859:08_MC in_II Titusville_NP1 ,_, Pennsylvania_NP1 ._. 
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<s>
These_DD2 households_NN2 may_VM increase_VVI their_APPGE labor_NN1 supply_NN1 in_II31 response_II32 to_II33 the_AT negative_JJ income_NN1 shock_NN1 ._. 
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<s>
In_II this_DD1 case_NN1 ,_, the_AT conditional_JJ probability_NN1 of_IO entering_VVG the_AT EU_NP1 (_( US_NP1 )_) falls_VVZ to_II 2.95%_FO (_( 4.60%_FO )_) ._. 
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<s>
During_II the_AT mid-1990s_MC2 ,_, when_CS advanced_JJ economy_NN1 central_JJ bankers_NN2 raised_VVD policy_NN1 rates_NN2 ,_, after_CS several_DA2 years_NNT2 of_IO negative_JJ real_JJ interest_NN1 rates_NN2 ,_, similar_JJ complaints_NN2 were_VBDR lodged_VVN ,_, and_CC some_DD may_VM partly_RR trace_VVI the_AT financial_JJ crises_NN2 in_II Latin_JJ America_NP1 and_CC subsequently_RR in_II East_ND1 Asia_NP1 to_II the_AT cycle_NN1 in_II core_NN1 country_NN1 policy_NN1 interest_NN1 rates_NN2 ._. 
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<s>
The_AT table_NN1 shows_VVZ the_AT results_NN2 of_IO the_AT breakdown_NN1 of_IO the_AT age_NN1 categories_NN2 into_II three_MC size_NN1 bins_NN2 :_: firms_NN2 with_IW fewer_DAR than_CSN 20_MC employees_NN2 ,_, those_DD2 with_IW more_DAR than_CSN 20_MC and_CC fewer_DAR than_CSN 100_MC employees_NN2 ,_, and_CC those_DD2 with_IW more_DAR than_CSN 100_MC employees_NN2 ._. 
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<s>
However_RR ,_, this_DD1 is_VBZ not_XX to_TO be_VBI done_VDN when_CS we_PPIS2 have_VH0 enough_DD knowledge_NN1 to_TO suggest_VVI which_DDQ way_NN1 to_TO move_VVI the_AT policy_NN1 variable_NN1 in_II question_NN1 ._. 
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<s>
Our_APPGE results_NN2 make_VV0 it_PPH1 possible_JJ to_TO compute_VVI upper_JJ bounds_NN2 on_II the_AT required_JJ capital_NN1 reported_VVN in_II (_( 4_MC )_) and_CC hence_RR to_TO measure_VVI the_AT extent_NN1 to_II which_DDQ the_AT level_NN1 of_IO solvency_NN1 capital_NN1 can_VM be_VBI underestimated_VVN ._. 
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<s>
Using_VVG our_APPGE underlying_JJ framework_NN1 ,_, EUUP_NP1 ,_, we_PPIS2 construct_VV0 capacities_NN2 from_II beliefs_NN2 (_( information_NN1 )_) ,_, captured_VVN by_II the_AT set_NN1 of_IO priors_NN2 ,_, and_CC tastes_NN2 for_IF ambiguity_NN1 ,_, captured_VVN by_II the_AT outlook_NN1 function_NN1 ._. 
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<s>
Identification_NN1 builds_VVZ upon_II the_AT idea_NN1 that_CST some_DD industries_NN2 benefited_VVD more_RRR from_II these_DD2 cuts_NN2 by_II virtue_NN1 of_IO having_VHG longer_JJR duration_NN1 investment_NN1 patterns_NN2 ,_, that_REX21 is_REX22 ,_, by_II having_VHG more_DAR investment_NN1 in_II longer_JJR class_NN1 life_NN1 categories_NN2 ._. 
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<s>
Some_DD studies_NN2 point_VV0 out_RP that_DD1 migrant_NN1 workers_NN2 have_VH0 manifested_VVN a_AT1 growing_JJ level_NN1 of_IO class_NN1 consciousness_NN1 as_II the_AT number_NN1 of_IO collective_JJ actions_NN2 has_VHZ dramatically_RR increased_VVN over_II the_AT past_JJ few_DA2 years_NNT2 ,_, 65_MC the_AT second_MD generation_NN1 of_IO migrant_NN1 workers_NN2 are_VBR less_RGR tolerant_JJ of_IO injustice_NN1 and_CC thus_RR have_VH0 taken_VVN greater_JJR initiatives_NN2 to_TO defend_VVI their_APPGE rights_NN2 compared_VVN to_II their_APPGE parents_NN2 '_NULL generation_NN1 ,_, 66_MC their_APPGE actions_NN2 have_VH0 gone_VVN through_II a_AT1 process_NN1 of_IO radicalization_NN1 ,_, 67_MC and_CC their_APPGE demands_NN2 in_II protests_NN2 have_VH0 shifted_VVN from_II urging_VVG employers_NN2 to_TO comply_VVI with_IW legal_JJ standards_NN2 to_II pressing_VVG for_IF treatment_NN1 above_II the_AT legal_JJ standards.68_FO Workers_NN2 '_NULL class_NN1 consciousness_NN1 and_CC capitalist_JJ hegemony_NN1 are_VBR ,_, indeed_RR ,_, two_MC sides_NN2 of_IO the_AT same_DA coin_NN1 ._. 
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<s>
For_IF each_DD1 type_NN1 of_IO discrimination_NN1 ,_, the_AT number_NN1 of_IO charges_NN2 ,_, lawsuits_NN2 ,_, and_CC selectivity_NN1 appear_VV0 not_XX to_TO be_VBI different_JJ across_II administrations_NN2 ._. 
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<s>
The_AT most_RGT prevalent_JJ response_NN1 is_VBZ 20_MC percent_NNU ,_, but_CCB even_RR that_DD1 receives_VVZ a_AT1 response_NN1 frequency_NN1 of_IO only_RR 0.11_MC ._. 
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<s>
The_AT trade_NN1 union_NN1 committee_NN1 publicized_VVD the_AT proceedings_NN2 from_II all_DB bargaining_NN1 sessions_NNT2 so_CS21 that_CS22 workers_NN2 knew_VVD what_DDQ position_VV0 the_AT union_NN1 was_VBDZ taking.15_FO WDC_NP1 also_RR made_VVN attempts_NN2 to_TO extend_VVI the_AT agenda_NN1 to_II health_NN1 and_CC safety-related_JJ issues_NN2 ._. 
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Hence_RR ,_, the_AT planner_NN1 is_VBZ trading_VVG off_RP some_DD tax_NN1 volatility_NN1 for_IF more_RGR beneficial_JJ prices_NN2 of_IO state-contingent_JJ debt_NN1 ._. 
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For_IF simplicity_NN1 ,_, I_PPIS1 assume_VV0 that_CST the_AT expected_JJ value_NN1 and_CC the_AT variance_NN1 of_IO shocks_NN2 ,_, as_II31 well_II32 as_II33 the_AT correlation_NN1 between_II shocks_NN2 are_VBR common_JJ across_II suppliers_NN2 and_CC respectively_RR given_VVN by_II #E_FO where_RRQ k_ZZ1 and_CC h_ZZ1 index_NN1 suppliers_NN2 ,_, and_CC denotes_VVZ the_AT set_NN1 of_IO (_( potential_NN1 )_) suppliers_NN2 in_II the_AT economy_NN1 ._. 
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Similarly_RR ,_, we_PPIS2 establish_VV0 that_CST there_EX is_VBZ no_AT preexisting_JJ trend_NN1 in_II the_AT pattern_NN1 of_IO exercise_NN1 and_CC sell_VV0 for_IF the_AT same_DA firms_NN2 leading_VVG to_II the_AT proxy_NN1 contest_NN1 ._. 
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Finally_RR ,_, debt-to-GDP_NN1 is_VBZ available_JJ at_II quarterly_JJ frequency_NN1 while_CS all_DB the_AT other_JJ macroeconomic_JJ indicators_NN2 are_VBR available_JJ at_II monthly_JJ frequency_NN1 ._. 
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Neither_DD1 approach_NN1 accords_VVZ with_IW the_AT hump-shaped_JJ impulse_NN1 responses_NN2 displayed_VVN by_II structural_JJ VARs_NP2 ._. 
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The_AT LM_NP1 test_NN1 computes_VVZ a_AT1 local_JJ volatility_NN1 estimate_VV0 that_DD1 is_VBZ robust_JJ to_II jumps_NN2 at_II time_NNT1 #E_FO ,_, and_CC then_RT standardizes_VVZ the_AT intraday_NN1 returns_VVZ as_CSA follows_VVZ :_: #E_FO ,_, where_CS #E_FO ._. 
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<s>
Lee_NP1 and_CC Mykland_NP1 (_( 2008_MC )_) show_VV0 that_CST the_AT distribution_NN1 of_IO #E_FO is_VBZ asymptotically_RR standard_JJ normal_JJ in_II the_AT absence_NN1 of_IO jumps_NN2 ._. 
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<s>
The_AT measure_NN1 is_VBZ not_XX quite_RG new_JJ ,_, since_CS it_PPH1 was_VBDZ used_VVN in_RR21 particular_RR22 by_II Eeckhoudt_NP1 et_RA21 al_RA22 ._. 
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(_( 2009_MC )_) and_CC Ebert_NP1 et_RA21 al_RA22 ._. 
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(_( 2017_MC )_) ,_, without_IW being_VBG formally_RR defined_VVN ._. 
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A_AT1 mixture_NN1 of_IO reporting_VVG policies_NN2 results_NN2 in_II a_AT1 label_NN1 of_IO zero_NN1 ._. 
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<s>
Although_CS these_DD2 results_NN2 agree_VV0 with_IW anecdotal_JJ evidence_NN1 and_CC the_AT results_NN2 presented_VVN in_II Table_NN1 2_MC ,_, they_PPHS2 are_VBR imperfect_JJ ._. 
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<s>
It_PPH1 shows_VVZ that_CST an_AT1 increase_NN1 in_II tightness_NN1 raises_VVZ welfare_NN1 whenever_RRQV the_AT marginal_JJ social_JJ cost_NN1 of_IO unemployment_NN1 is_VBZ high_JJ relative_II21 to_II22 its_APPGE marginal_JJ social_JJ value_NN1 ._. 
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<s>
If_CS hidden_JJ income_NN1 was_VBDZ restricted_VVN to_TO be_VBI non-negative_JJ ,_, the_AT Social_JJ Planner_NN1 could_VM set_VVI the_AT consumption_NN1 tax_NN1 high_RR enough_RR to_TO prevent_VVI any_DD mis-reporting_NN1 and_CC set_VVI the_AT income_NN1 tax_NN1 in_BCL21 order_BCL22 to_TO obtain_VVI the_AT mirrlesian_JJ allocation_NN1 ._. 
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But_CCB it_PPH1 is_VBZ not_XX a_AT1 good_JJ choice_NN1 if_CS aggregate_JJ uncertainty_NN1 exists_VVZ ._. 
</s>
<s>
We_PPIS2 explore_VV0 this_DD1 idea_NN1 further_RRR in_II three_MC ways_NN2 ,_, focusing_VVG throughout_RL on_II the_AT NIS_NP1 sample_NN1 of_IO immigrants_NN2 from_II countries_NN2 with_IW less_DAR than_CSN one-quarter_MF of_IO U.S._NP1 GDP_NN1 per_II worker_NN1 ._. 
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The_AT remainder_NN1 of_IO the_AT paper_NN1 is_VBZ organized_VVN as_CSA follows_VVZ ._. 
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<s>
This_DD1 envelope_NN1 property_NN1 of_IO optimal_JJ taxes_NN2 explains_VVZ why_RRQ this_DD1 result_NN1 generalizes_VVZ to_II non-separable_JJ and_CC heterogeneous_JJ preferences_NN2 ,_, linear_JJ and_CC nonlinear_JJ tax_NN1 systems_NN2 ,_, and_CC without_IW the_AT need_NN1 to_TO implement_VVI benefit-absorbing_JJ tax_NN1 changes_NN2 ._. 
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The_AT two_MC levels_NN2 of_IO public_JJ support_NN1 are_VBR high_JJ (_( h_ZZ1 )_) and_CC low_JJ (_( l_ZZ1 )_) ._. 
</s>
<s>
With_IW our_APPGE monitors_NN2 mapped_VVN ,_, we_PPIS2 trace_VV0 the_AT path_NN1 of_IO all_DB rivers_NN2 in_II our_APPGE sample_NN1 ,_, from_II origin_NN1 to_TO last_VVI monitor_NN1 downstream_RL ,_, and_CC measure_VVI distances_NN2 along_II the_AT river_NN1 between_II all_DB pairs_NN2 of_IO neighboring_VVG monitors_NN2 ._. 
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<s>
The_AT inside_JJ firms_NN2 also_RR need_VV0 to_TO adjust_VVI their_APPGE production_NN1 structure_NN1 in_II the_AT same_DA manner_NN1 to_TO enjoy_VVI free_JJ trade_NN1 ._. 
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<s>
The_AT median_JJ initial_JJ abnormal_JJ multiple_NN1 is_VBZ 0.67_MC ,_, suggesting_VVG that_DD1 initial_JJ offer_NN1 value_NN1 as_II a_AT1 multiple_NN1 of_IO EBITDA_NN1 is_VBZ nearly_RR two-thirds_MF of_IO a_AT1 unit_NN1 lower_RRR in_II contested_JJ deals_NN2 than_CSN the_AT median_JJ multiple_NN1 contemporaneously_RR offered_VVN for_IF other_JJ targets_NN2 in_II the_AT same_DA industry_NN1 ._. 
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The_AT main_JJ finding_NN1 of_IO this_DD1 paper_NN1 is_VBZ that_CST ,_, at_II the_AT optimal_JJ tax_NN1 system_NN1 ,_, the_AT marginal_JJ cost_NN1 of_IO public_JJ funds_NN2 is_VBZ equal_JJ to_II one_PN1 for_IF all_DB tax_NN1 instruments_NN2 ._. 
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They_PPHS2 are_VBR approached_VVN in_II a_AT1 more_RGR down-to-earth_JJ fashion_NN1 ,_, being_VBG filled_VVN with_IW homelier_JJR objects_NN2 such_II21 as_II22 furniture_NN1 ,_, bedding_NN1 ,_, and_CC drinking_VVG utensils_NN2 to_TO attract_VVI the_AT general_JJ public_NN1 ._. 
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<s>
In_II other_JJ words_NN2 ,_, many_DA2 gedik_NN1 owners_NN2 and_CC shareholders_NN2 were_VBDR not_XX guild_NN1 members_NN2 ;_; rather_RR ,_, they_PPHS2 were_VBDR holding_VVG gediks_NN2 as_CSA creditors_NN2 or_CC investors_NN2 ._. 
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Public_JJ capital_NN1 enters_VVZ private_JJ production_NN1 functions_NN2 as_II an_AT1 input_NN1 ._. 
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<s>
Villagers_NN2 do_VD0 not_XX have_VHI this_DD1 right_NN1 ,_, even_CS21 though_CS22 they_PPHS2 planted_VVD many_DA2 of_IO the_AT trees_NN2 ._. 
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<s>
In_II this_DD1 context_NN1 ,_, ASGs_NN2 are_VBR particularly_RR suitable_JJ for_IF interpolation_NN1 ,_, as_CSA discrete_JJ choices_NN2 in_II discrete-time_JJ models_NN2 typically_RR induce_VV0 kinks_NN2 in_II value_NN1 functions_NN2 ._. 
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<s>
Industry-level_JJ input_NN1 tariffs_NN2 are_VBR the_AT same_DA as_CSA before_RT ,_, while_CS the_AT vector_NN1 Xi_NN1 contains_VVZ the_AT same_DA control_NN1 variables_NN2 as_CSA in_II Section_NN1 5_MC ._. 
</s>
<s>
Standard_JJ Utilitarian_JJ Approach.Under_NP1 the_AT utilitarian_JJ objective_NN1 ,_, we_PPIS2 have_VH0 #E_FO for_IF all_DB nonworkers_NN2 so_CS21 that_CS22 #E._FO 23_MC Hence_RR ,_, the_AT utilitarian_JJ approach_NN1 can_VM not_XX distinguish_VVI between_II the_AT deserving_JJ poor_JJ and_CC freeloaders_NN2 ._. 
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<s>
This_DD1 result_NN1 is_VBZ a_AT1 direct_JJ corollary_NN1 of_IO Propositions_NN2 1_MC1 to_II Proposition_NN1 4_MC ._. 
</s>
<s>
This_DD1 means_VVZ that_CST evaluators_NN2 infer_VV0 other_JJ audience_NN1 members_NN2 '_NULL opinions_NN2 from_II observable_JJ transactions_NN2 ,_, such_II21 as_II22 the_AT purchase_NN1 of_IO a_AT1 product_NN1 ,_, contracts_NN2 ,_, or_CC awards_NN2 ._. 
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<s>
An_AT1 examination_NN1 of_IO the_AT inflation-activity_JJ trade-off_NN1 across_II different_JJ types_NN2 of_IO fiscal_JJ adjustments_NN2 in_II HANK_NP1 (_( T-adjusts_VVZ versus_II B-adjusts_VVZ )_) reveals_VVZ an_AT1 additional_JJ finding_NN1 ._. 
</s>
<s>
For_IF the_AT BTX_NP1 index_NN1 ,_, the_AT predictability_NN1 is_VBZ limited_VVN to_II the_AT very_RG short_JJ horizons_NN2 ,_, while_CS for_IF CATFIN_NN1 we_PPIS2 see_VV0 some_DD predictability_NN1 in_II the_AT first_MD 6_MC months_NNT2 ._. 
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<s>
Similar_JJ to_II a_AT1 tag_NN1 ,_, which_DDQ indicates_VVZ a_AT1 taxpayer_NN1 '_NULL s_ZZ1 category_NN1 ,_, a_AT1 collateral_NN1 tax_NN1 sanction_NN1 ,_, if_CS it_PPH1 is_VBZ correlated_VVN with_IW individual_NN1 earning_VVG potential_NN1 ,_, may_VM reduce_VVI the_AT cost_NN1 of_IO income_NN1 redistribution_NN1 and_CC therefore_RR increase_VV0 social_JJ welfare_NN1 ._. 
</s>
<s>
These_DD2 offset_VV0 each_PPX221 other_PPX222 ,_, and_CC the_AT scale-free_JJ nature_NN1 of_IO Assumption_NN1 2_MC ensures_VVZ that_CST they_PPHS2 offset_VV0 exactly_RR ._. 
</s>
<s>
A_AT1 CEO_NN1 receives_VVZ packages_NN2 of_IO American_JJ call_NN1 options_NN2 on_II the_AT firm_NN1 '_NULL s_ZZ1 stock_NN1 as_II a_AT1 form_NN1 of_IO compensation_NN1 ._. 
</s>
<s>
I_PPIS1 replace_VV0 Uland_NP1 with_IW Uland1_FO to_II Uland5_FO as_II31 well_II32 as_II33 their_APPGE squares_NN2 ,_, which_DDQ allows_VVZ these_DD2 variables_NN2 to_TO have_VHI different_JJ and_CC nonlinear_JJ effects_NN2 ._. 
</s>
<s>
This_DD1 signalled_VVD a_AT1 clear_JJ departure_NN1 from_II Mao_NP1 '_NULL s_ZZ1 rule_NN1 marked_VVN by_II suspicion_NN1 and_CC sharp_JJ criticism_NN1 towards_II the_AT Western-dominated_JJ international_JJ governance_NN1 system_NN1 ._. 
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<s>
In_II Committee_NN1 of_IO Insurance_NN1 and_CC Occupational_JJ Pension_NN1 Supervisors_NN2 (_( CEIOPS_NP2 )_) documentation_NN1 (_( 2010_MC )_) ,_, it_PPH1 is_VBZ stated_VVN that_CST the_AT correlation_NN1 coefficients_NN2 are_VBR chosen_VVN such_CS21 that_CS22 "_" ._. 
</s>
<s>
._. ._. A_AT1 number_NN1 of_IO books_NN2 using_VVG R_ZZ1 have_VH0 already_RR been_VBN written_VVN in_II statistics_NN ,_, economics_NN1 ,_, engineering_NN1 ,_, psychology_NN1 ,_, and_CC other_JJ disciplines_NN2 ._. 
</s>
<s>
To_TO obtain_VVI the_AT asymptotic_JJ size_NN1 results_NN2 ,_, the_AT first_MD and_CC second_MD components_NN2 need_VV0 to_TO be_VBI finite_JJ dimensional_JJ ,_, while_CS the_AT third_MD component_NN1 is_VBZ allowed_VVN to_TO be_VBI infinite_JJ dimensional_JJ &lsqb;_( e.g._REX ,_, the_AT error_NN1 distribution4_FO ;_; see_VV0 the_AT application_NN1 examples_NN2 in_II Andrews_NP1 and_CC Guggenberger_NP1 (_( 2009_MC )_) ,_, Andrews_NP1 and_CC Guggenberger_NP1 (_( 2010a_FO )_) ,_, Andrews_NP1 and_CC Guggenberger_NP1 (_( 2010b_FO )_) &rsqb;_) ._. 
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<s>
Returning_VVG investor_NN1 confidence_NN1 and_CC the_AT removal_NN1 of_IO structural_JJ weaknesses_NN2 then_RT led_VVN to_II a_AT1 rebound_NN1 in_II 2009_MC and_CC 2010_MC ,_, with_IW estimated_JJ growth_NN1 rates_NN2 of_IO 22.04_MC percent_NNU and_CC 46.36_MC percent_NNU ,_, respectively_RR ._. 
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<s>
Denote_VV0 by_II #E_FO ,_, t_ZZ1 the_AT elasticity_NN1 of_IO #E_FO ._. 
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<s>
Let_VV0 #E_FO and_CC #E_FO be_VBI the_AT uncompensated_JJ and_CC compensated_VVD labor_NN1 supply_NN1 elasticities_NN2 to_II the_AT net_JJ wage_NN1 ,_, holding_VVG savings_NN2 fixed_VVN ._. 
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<s>
Unfortunately_RR ,_, it_PPH1 is_VBZ well-documented_JJ that_CST the_AT asymptotic_JJ distributions_NN2 poorly_RR approximate_VV0 their_APPGE finite_JJ sample_NN1 counterparts_NN2 for_IF IMT_NP1 ,_, IOS_NN2 ,_, IOS_NN2 ._. 
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<s>
The_AT highest-ranking_JJT officer_NN1 in_II each_DD1 branch_NN1 is_VBZ the_AT branch_NN1 head_NN1 ._. 
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<s>
The_AT secular_JJ increase_NN1 in_II the_AT value_NN1 and_CC level_NN1 of_IO cash_NN1 ,_, coupled_VVN with_IW a_AT1 coincident_JJ increase_NN1 in_II the_AT demand_NN1 for_IF precautionary_JJ reserves_NN2 ,_, is_VBZ consistent_JJ with_IW the_AT presence_NN1 of_IO significant_JJ adjustment_NN1 costs_VVZ for_IF firms_NN2 with_IW liquidity_NN1 deficits_NN2 ._. 
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<s>
Several_DA2 authors_NN2 have_VH0 argued_VVN in_II this_DD1 respect_NN1 that_CST the_AT German_JJ government_NN1 could_VM not_XX dismiss_VVI the_AT Bundestag_NP1 '_NULL s_ZZ1 concerns_VVZ about_II troop_NN1 safety_NN1 ,_, in_II consequence_NN1 of_IO which_DDQ it_PPH1 had_VHD to_TO restrict_VVI involvement_NN1 (_( Schmitt_NP1 2012_MC ,_, 69_MC ;_; Brummer_NP1 2013_MC ,_, 13_MC )_) ._. 
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<s>
We_PPIS2 choose_VV0 the_AT CRSP_NP1 value-weighted_JJ market_NN1 returns_VVZ index_NN1 as_CSA our_APPGE target.18_FO Overall_RR ,_, we_PPIS2 note_VV0 that_CST the_AT estimated_JJ regression_NN1 coefficients_NN2 are_VBR positive_JJ ,_, meaning_VVG that_CST increases_VVZ in_II current_JJ tail_NN1 risk_NN1 are_VBR associated_VVN with_IW future_JJ higher_JJR market_NN1 returns_NN2 ._. 
</s>
<s>
An_AT1 important_JJ observation_NN1 underlying_JJ Proposition_NN1 1_MC1 is_VBZ that_CST the_AT government_NN1 '_NULL s_ZZ1 problem_NN1 is_VBZ not_XX convex_JJ ,_, because_CS the_AT no-reform_JJ constraint_NN1 is_VBZ not_XX convex.13_FO This_DD1 is_VBZ not_XX a_AT1 mere_JJ "_" technical_JJ "_" problem_NN1 ,_, but_CCB rather_RG a_AT1 central_JJ economic_JJ ingredient_NN1 of_IO the_AT model_NN1 ._. 
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<s>
First_MD ,_, it_PPH1 is_VBZ assumed_VVN throughout_II that_DD1 jurisdiction_NN1 borders_NN2 were_VBDR exogenously_RR set_VVN well_RR in_II the_AT past_NN1 and_CC are_VBR not_XX sensitive_JJ to_II periodic_JJ changes_NN2 in_II a_AT1 neighboring_JJ jurisdiction_NN1 '_NULL s_ZZ1 sales_NN tax_NN1 rate.7_FO Epple_NN1 and_CC Romer_NP1 (_( 1989_MC )_) shows_VVZ that_CST detachments_NN2 from_II another_DD1 jurisdiction_NN1 are_VBR relatively_RR rare_JJ and_CC that_CST the_AT vast_JJ majority_NN1 of_IO boundary_NN1 changes_NN2 in_II the_AT United_NP1 States_NP1 concern_VV0 the_AT annexation_NN1 of_IO a_AT1 previously_RR unincorporated_JJ parcel_NN1 into_II its_APPGE territory_NN1 ;_; annexations_NN2 and_CC mergers_NN2 have_VH0 become_VVN increasingly_RR rare_JJ (_( Calabrese_JJ et_RA21 al._RA22 ,_, 2002_MC )_) ._. 
</s>
<s>
These_DD2 results_NN2 could_VM be_VBI interpreted_VVN as_II the_AT EITC_NN1 having_VHG little_DA1 impact_NN1 on_II the_AT long-term_JJ outcomes_NN2 of_IO children_NN2 under_RG 12_MC when_CS exposed_VVN to_II EITC_NP1 expansions_NN2 ,_, but_CCB may_VM also_RR be_VBI due_II21 to_II22 insufficient_JJ identifying_JJ variation_NN1 for_IF the_AT youngest_JJT age_NN1 range_NN1 ._. 
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<s>
Trade_NN1 data_NN ,_, disaggregated_VVN by_II industry_NN1 ,_, allow_VV0 us_PPIO2 to_TO address_VVI this_DD1 concern_NN1 ._. 
</s>
<s>
LG_NP1 and_CC Samsung_NP1 are_VBR well-established_JJ brand_NN1 names_NN2 that_CST can_VM readily_RR sell_VVI through_II retailers_NN2 even_RR without_IW the_AT extensive_JJ distribution_NN1 infrastructure_NN1 that_CST is_VBZ needed_VVN to_TO serve_VVI contract_NN1 customers_NN2 ._. 
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<s>
We_PPIS2 also_RR use_VV0 our_APPGE estimates_NN2 for_IF TFP_NP1 to_TO calculate_VVI the_AT short-run_JJ macroeconomic_JJ growth_NN1 energy_NN1 rebound_NN1 effect_NN1 for_IF each_DD1 province_NN1 for_IF each_DD1 year_NNT1 ._. 
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<s>
One_MC1 advantage_NN1 of_IO the_AT utilized_JJ MCMC_NP1 approach_NN1 is_VBZ its_APPGE flexibility_NN1 in_II allowing_VVG for_IF various_JJ forms_NN2 of_IO interdependence_NN1 and_CC the_AT treatment_NN1 of_IO non-linear_JJ models_NN2 in_II a_AT1 unified_JJ framework_NN1 ._. 
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<s>
The_AT reward_NN1 returned_VVN by_II the_AT next_MD pull_NN1 of_IO an_AT1 arm_NN1 depends_VVZ on_II the_AT current_JJ node_NN1 that_CST arm_NN1 is_VBZ on_RP ._. 
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<s>
Part_NN1 (_( a_ZZ1 )_) of_IO this_DD1 Hypothesis_NN1 follows_VVZ directly_RR from_II Theorem_NN1 4(a)_FO ._. 
</s>
<s>
Given_VVN the_AT arbitrary_JJ nature_NN1 of_IO the_AT welfare_NN1 reform_NN1 enactment_NN1 date_NN1 ,_, there_EX is_VBZ no_AT reason_NN1 to_TO expect_VVI a_AT1 discontinuity_NN1 at_II the_AT August_NPM1 22_MC ,_, 1996_MC cutoff_NN1 ._. 
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<s>
Results_NN2 so_RG far_RR consistently_RR suggest_VV0 a_AT1 negative_JJ wage_NN1 elasticity_NN1 to_II immigration_NN1 of_IO around_RG -1.2_MC ,_, once_RR endogeneity_NN1 is_VBZ corrected_VVN for_IF in_II cross-skill_JJ cell_NN1 comparisons_NN2 at_II the_AT national_JJ level_NN1 ._. 
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<s>
This_DD1 implies_VVZ perfect_JJ pairwise_RR long-run_JJ correlations_NN2 between_II the_AT logarithms_NN2 of_IO income_NN1 ,_, consumption_NN1 ,_, investment_NN1 ,_, labor_NN1 compensation_NN1 ,_, and_CC TFP_NP1 ._. 
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<s>
The_AT ex_JJ21 ante_JJ22 net_JJ benefit_NN1 of_IO doing_VDG the_AT pilot_NN1 instead_RR is_VBZ q_ZZ1 (_( gV_NNU (_( E_ZZ1 T_ZZ1 P_ZZ1 )_) )_) Y_ZZ1 ,_, and_CC this_DD1 condition_NN1 is_VBZ less_DAR than_CSN or_CC equal_JJ to_II the_AT zero_NN1 only_RR if_CS Y_ZZ1 >_FO Y._NP1 Recent_JJ work_NN1 emphasizes_VVZ the_AT need_NN1 for_IF other_JJ approaches_NN2 for_IF decision_NN1 support_NN1 systems_NN2 ,_, which_DDQ focus_VV0 more_RGR strongly_RR on_II the_AT values_NN2 that_CST are_VBR legitimate_JJ for_IF individuals_NN2 (_( Jacobs_NP2 et_RA21 al._RA22 ,_, 2018_MC ;_; Keune_NP1 et_RA21 al._RA22 ,_, 2015_MC ;_; O_UH '_NULL Neill_NP1 and_CC Spash_NP1 ,_, 2000_MC )_) ._. 
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<s>
Recall_VV0 that_CST #E_FO denotes_VVZ average_JJ percentage_NN1 change_NN1 in_II after-tax_JJ profit_NN1 ,_, #E_FO is_VBZ the_AT percentage_NN1 change_NN1 in_II establishments_NN2 in_II location_NN1 #E_FO is_VBZ the_AT federal_JJ corporate_JJ tax_NN1 rate_NN1 ._. 
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<s>
Likewise_RR ,_, Zipf_NP1 '_NULL s_ZZ1 law_NN1 holds_VVZ for_IF the_AT usage_NN1 frequency_NN1 of_IO words_NN2 ._. 
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<s>
Table_NN1 1_MC1 shows_VVZ that_CST the_AT subjective_JJ discount_NN1 factor_NN1 ,_, d_ZZ1 ,_, is_VBZ significantly_RR below_II one_PN1 in_II all_DB of_IO the_AT intertemporal_JJ choice_NN1 theories_NN2 under_II consideration_NN1 ._. 
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<s>
We_PPIS2 use_VV0 the_AT top_NN1 20_MC banks_NN2 in_II the_AT Thomson_NP1 Reuters_NP1 Deal_NN1 Analytics_NN2 global_JJ equity_NN1 league_NN1 tables_NN2 (_( by_II proceeds_NN2 )_) for_IF each_DD1 year_NNT1 and_CC region_NN1 (_( Global_JJ ,_, USA_NP1 ,_, EMEA_NP1 ,_, and_CC Asia-Pacific_NP1 )_) to_TO classify_VVI a_AT1 management_NN1 company_NN1 as_CSA affiliated_VVN with_IW an_AT1 investment_NN1 bank_NN1 ._. 
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<s>
The_AT AIDS_NN1 model_NN1 as_II a_AT1 demand_NN1 system_NN1 also_RR overcomes_VVZ the_AT limitations_NN2 of_IO a_AT1 single_JJ equation_NN1 approach_NN1 and_CC examines_VVZ how_RRQ consumers_NN2 make_VV0 decisions_NN2 among_II bundles_NN2 of_IO goods_NN2 to_TO maximise_VVI their_APPGE use_NN1 under_II budget_NN1 constraints_NN2 ._. 
</s>
<s>
Can_VV0 heterogeneity_NN1 among_II policyholders_NN2 '_NULL surrender_VV0 behavior_NN1 be_VBI observed_VVN that_CST can_VM be_VBI explained_VVN by_II the_AT emergency_NN1 fund_NN1 hypothesis_NN1 ?_? 
</s>
<s>
On_II the_AT other_JJ hand_NN1 ,_, an_AT1 agent_NN1 that_CST does_VDZ not_XX have_VHI control_NN1 over_II regime_NN1 changes_NN2 ,_, such_II21 as_II22 a_AT1 market_NN1 operator_NN1 ,_, might_VM be_VBI more_RGR interested_JJ in_II a_AT1 path_NN1 that_CST reflects_VVZ all_DB sources_NN2 of_IO uncertainty_NN1 ._. 
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<s>
Labor-market_JJ discrimination_NN1 may_VM involve_VVI companies_NN2 not_XX wanting_VVG to_TO hire_VVI blacks_NN2 at_RR21 all_RR22 or_CC adopting_VVG employment_NN1 hierarchies_NN2 that_CST keep_VV0 whites_NN2 from_II being_VBG subservient_JJ to_II blacks_NN2 (_( Sundstrom_NP1 1994_MC )_) ._. 
</s>
<s>
Nonetheless_RR ,_, an_AT1 unambiguous_JJ finding_NN1 is_VBZ that_CST the_AT composition_NN1 of_IO taxes_NN2 ,_, defined_VVN as_II the_AT extent_NN1 to_II which_DDQ taxes_NN2 are_VBR levied_VVN on_II income_NN1 relative_II21 to_II22 expenditure_NN1 ,_, will_VM rise_VVI with_IW inequality_NN1 ._. 
</s>
<s>
In_II our_APPGE sample_NN1 ,_, this_DD1 is_VBZ not_XX necessarily_RR the_AT case_NN1 ._. 
</s>
<s>
All_DB regressions_NN2 in_II this_DD1 study_NN1 control_NN1 for_IF different_JJ characteristics_NN2 and_CC locations_NN2 of_IO the_AT affected_JJ military_JJ bases_NN2 ._. 
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<s>
Biener_NP1 et_RA21 al_RA22 ._. 
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<s>
(_( 2017_MC )_) and_CC Liu_NP1 and_CC Myers_NP1 (_( 2016_MC )_) suggest_VV0 that_CST perceived_VVD non-performance_JJ risk_NN1 significantly_RR decreases_VVZ microinsurance_NN1 take-up_NN1 ._. 
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<s>
Fourth_MD ,_, the_AT Cooperatives_NN2 Law_NN1 ,_, combined_VVN with_IW the_AT related_JJ subsidies_NN2 and_CC government_NN1 support_NN1 ,_, is_VBZ an_AT1 example_NN1 of_IO poor_JJ policy_NN1 design_NN1 and_CC implementation_NN1 ._. 
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<s>
The_AT effect_NN1 of_IO exogenous_JJ indices_NN2 on_II peer_NN1 audience_NN1 valuation_NN1 is_VBZ unlikely_JJ to_TO be_VBI homogenous_JJ within_II a_AT1 population_NN1 of_IO candidates_NN2 ._. 
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<s>
Since_CS gedik_NN1 transactions_NN2 could_VM take_VVI place_NN1 in_II different_JJ courts_NN2 ,_, there_EX were_VBDR complaints_NN2 about_II the_AT sale_NN1 of_IO gediks_NN2 to_II different_JJ people_NN ,_, at_II separate_JJ auctions.47_FO In_II 1802_MC ,_, in_II31 response_II32 to_II33 the_AT demands_NN2 for_IF surveillance_NN1 of_IO the_AT transactions_NN2 involving_VVG grocery_NN1 gediks_NN2 ,_, an_AT1 imperial_JJ decree_NN1 ordered_VVD the_AT registration_NN1 of_IO all_DB gedik_NN1 transactions_NN2 at_II the_AT central_JJ court_NN1 of_IO Istanbul_NP1 ,_, in_II the_AT presence_NN1 of_IO the_AT head_NN1 of_IO the_AT marketplace.48_FO While_CS there_EX is_VBZ no_AT evidence_NN1 of_IO similar_JJ decrees_NN2 for_IF other_JJ sectors_NN2 ,_, the_AT fact_NN1 that_CST the_AT nineteenth-century_JJ registers_NN2 of_IO the_AT central_JJ court_NN1 contain_VV0 hundreds_NNO2 of_IO gedik_NN1 transactions_NN2 from_II different_JJ sectors_NN2 and_CC districts_NN2 indicates_VVZ that_CST it_PPH1 was_VBDZ publicly_RR recognized_VVN as_II the_AT main_JJ notarial_JJ agency_NN1 ._. 
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<s>
Another_DD1 issue_NN1 with_IW the_AT registration_NN1 of_IO demobilized_JJ combatants_NN2 before_II 1996_MC is_VBZ that_CST they_PPHS2 might_VM be_VBI contaminated_VVN with_IW measurement_NN1 errors_NN2 ,_, since_CS the_AT registration_NN1 in_II the_AT early_JJ 1990s_MC2 was_VBDZ somewhat_RR informal_JJ and_CC not_XX systematic_JJ ._. 
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<s>
Total_JJ debt_NN1 equals_VVZ the_AT sum_NN1 of_IO non-equity_JJ liabilities_NN2 ,_, excluding_VVG trade_NN1 credit_NN1 ._. 
</s>
<s>
Many_DA2 important_JJ problems_NN2 can_VM be_VBI thought_VVN of_IO as_RG pairwise_RR matching_JJ or_CC an_AT1 assignment_NN1 of_IO two_MC groups_NN2 of_IO heterogeneous_JJ elements_NN2 ,_, either_RR individuals_NN2 or_CC goods_NN2 ._. 
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<s>
For_IF tractability_NN1 ,_, Lucas_NP1 (_( 1978_MC )_) trees_NN2 are_VBR adopted_VVN ._. 
</s>
<s>
As_CSA we_PPIS2 have_VH0 seen_VVN in_II the_AT comparative_JJ statics_NN2 ,_, a_AT1 unilateral_JJ marginal_JJ increase_NN1 in_II the_AT firstperiod_NN1 capital_NN1 tax_NN1 does_VDZ not_XX have_VHI an_AT1 effect_NN1 on_II the_AT rate_NN1 of_IO extraction_NN1 and_CC capital_NN1 accumulation_NN1 ._. 
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<s>
There_EX are_VBR large_JJ negative_JJ impacts_NN2 on_II profits_NN2 following_VVG the_AT entry_NN1 of_IO the_AT third_MD (_( L3_FO =_FO 4.101_MC )_) and_CC fourth_MD (_( L4_FO =_FO 4.797_MC )_) wireless_NN1 ISP_NN1 '_NULL s_ZZ1 ,_, but_CCB the_AT marginal_JJ effects_NN2 become_VV0 smaller_JJR thereafter_RT ._. 
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<s>
Furthermore_RR ,_, option_NN1 prices_NN2 obtained_VVN from_II the_AT CAR_NN1 model_NN1 and_CC from_II the_AT Monte_NP1 Carlo_NP1 simulation_NN1 under_II the_AT SSV_NP1 model_NN1 are_VBR very_RG close_JJ as_RR21 well_RR22 ._. 
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<s>
The_AT composition_NN1 of_IO R_ZZ1 &D;_NULL spending_NN1 stimulated_VVN by_II tax_NN1 incentives_NN2 remained_VVD an_AT1 underexplored_JJ area_NN1 ._. 
</s>
<s>
For_REX21 instance_REX22 ,_, the_AT average_JJ portfolio_NN1 weight_NN1 of_IO light_JJ industry_NN1 is_VBZ considerably_RR higher_JJR than_CSN the_AT overall_JJ share_NN1 invested_VVN in_II that_DD1 sector_NN1 ,_, reflecting_VVG high_JJ variance_NN1 among_II portfolios_NN2 ._. 
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<s>
A_AT1 groundbreaking_JJ decision_NN1 was_VBDZ made_VVN in_II 1957_MC when_RRQ many_DA2 scientists_NN2 ,_, both_RR young_JJ and_CC renowned_JJ ones_NN2 ,_, were_VBDR incentivized_VVN to_TO move_VVI to_II Novosibirsk_NN1 with_IW the_AT intention_NN1 to_TO build_VVI a_AT1 world-class_JJ research_NN1 center_NN1 with_IW all-encompassing_JJ range_NN1 of_IO disciplines_NN2 and_CC topics_NN2 ._. 
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<s>
Reducing_VVG execution_NN1 times_NNT2 by_II less_DAR than_CSN a_AT1 blink_NN1 of_IO an_AT1 eye_NN1 creates_VVZ an_AT1 arm_NN1 '_NULL s_ZZ1 race_NN1 of_IO sorts_NN2 ,_, squanders_VVZ resources_NN2 including_II human_JJ capital_NN1 ,_, provides_VVZ no_AT clear_JJ benefits_NN2 to_II financial_JJ markets_NN2 ,_, and_CC no_AT clear_JJ benefit_NN1 to_II society_NN1 (_( Keynes_NP1 &lsqb;_( 1936_MC &rsqb;_) 1964_MC :_: 155–58_MCMC )_) ._. 
</s>
<s>
This_DD1 section_NN1 decomposes_VVZ the_AT differences_NN2 in_II energy-related_NN1 CO2_FO emissions_NN2 between_II China_NP1 '_NULL s_ZZ1 30_MC regions_NN2 ,_, three_MC big_JJ regions_NN2 and_CC the_AT national_JJ average_NN1 into_II nine_MC kinds_NN2 of_IO effects_NN2 of_IO driving_JJ forces_NN2 ._. 
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<s>
The_AT amount_NN1 of_IO net_JJ direct_JJ job_NN1 change_NN1 in_II a_AT1 given_JJ county_NN1 is_VBZ measured_VVN by_II the_AT number_NN1 of_IO job_NN1 gains_NN2 through_II expansions_NN2 minus_II the_AT total_JJ number_NN1 of_IO job_NN1 losses_NN2 through_II closures_NN2 and_CC realignments_NN2 of_IO that_DD1 county_NN1 '_NULL s_ZZ1 military_JJ installations_NN2 ._. 
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<s>
The_AT proponents_NN2 of_IO the_AT new_JJ tax_NN1 ,_, however_RR ,_, argue_VV0 that_CST the_AT implicit_JJ taxation_NN1 of_IO imports_NN2 and_CC the_AT rebate_NN1 of_IO the_AT tax_NN1 on_II exports_NN2 mean_VV0 that_CST the_AT USA_NP1 will_VM import_VVI less_DAR and_CC export_VVI more_RRR ._. 
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<s>
Second_MD ,_, if_CS we_PPIS2 want_VV0 to_TO think_VVI about_II the_AT effects_NN2 that_CST top_JJ tax_NN1 rates_NN2 may_VM have_VHI on_II these_DD2 inventors_NN2 ,_, we_PPIS2 see_VV0 that_CST top_JJ inventors_NN2 are_VBR in_RR21 general_RR22 very_RG high_RR up_RP in_II the_AT income_NN1 distribution_NN1 ._. 
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<s>
By_II imposing_VVG a_AT1 collateral_NN1 tax_NN1 sanction_NN1 ,_, the_AT government_NN1 can_VM raise_VVI the_AT effective_JJ tax_NN1 rate_NN1 of_IO the_AT targeted_JJ group_NN1 of_IO taxpayers_NN2 ._. 
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<s>
First_MD ,_, the_AT RT-GARCH_JJ model_NN1 outperforms_VVZ standard_JJ GARCH-type_JJ models_NN2 in_II31 terms_II32 of_II33 producing_VVG better_JJR short-run_JJ (_( 1_MC1 and_CC 5_MC day_NNT1 ahead_RL )_) and_CC especially_RR long-run_JJ (_( 10_MC and_CC 15_MC days_NNT2 ahead_RL )_) out-of-sample_JJ volatility_NN1 forecasts_NN2 ._. 
</s>
<s>
President_NNB Jin_NP1 Liqun_NP1 has_VHZ sought_VVN on_II various_JJ occasions_NN2 to_TO clarify_VVI China_NP1 '_NULL s_ZZ1 position_NN1 that_CST while_CS the_AT Bank_NN1 would_VM support_VVI BRI_NP1 projects_NN2 ,_, the_AT AIIB_NN1 is_VBZ '_NULL an_AT1 MDB_NP1 that_CST must_VM serve_VVI the_AT interests_NN2 of_IO all_DB of_IO its_APPGE members_NN2 '_NULL ,_, and_CC it_PPH1 '_NULL would_VM finance_VVI infrastructure_NN1 projects_NN2 in_II all_DB emerging_JJ market_NN1 economies_NN2 even_CS21 though_CS22 they_PPHS2 don_VV0 '_NULL t_ZZ1 belong_VV0 to_II the_AT Belt_NN1 and_CC Road_NN1 initiative_NN1 '_NULL ._. 
</s>
<s>
We_PPIS2 use_VV0 δ_FO =_FO 0.02_MC in_II all_DB quantitative_JJ analyses_NN2 ._. 
</s>
<s>
The_AT theoretical_JJ model_NN1 and_CC empirical_JJ identification_NN1 strategy_NN1 presented_VVN in_II this_DD1 paper_NN1 will_VM allow_VVI for_IF both_DB2 inter-federation_JJ competition_NN1 (_( counties_NN2 competing_VVG with_IW other_JJ counties_NN2 )_) ,_, intra-federation_JJ competition_NN1 (_( competition_NN1 of_IO towns_NN2 within_II the_AT county_NN1 )_) ,_, and_CC competition_NN1 across_II the_AT federation_NN1 '_NULL s_ZZ1 borders_NN2 (_( competition_NN1 with_IW towns_NN2 in_II neighboring_VVG counties_NN2 and_CC with_IW neighboring_VVG counties_NN2 )_) ._. 
</s>
<s>
The_AT abusive_JJ supervision_NN1 behavioral_NN1 domain_NN1 consists_VVZ of_IO hostile_JJ acts_NN2 that_CST include_VV0 yelling_VVG at_II ,_, derogating_VVG ,_, blaming_VVG ,_, and_CC ostracizing_VVG direct_JJ reports_NN2 (_( Tepper_NP1 ,_, 2000_MC )_) ._. 
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<s>
Moreover_RR ,_, the_AT proximity_NN1 of_IO the_AT Whirlpool–Maytag_NN1 merger_NN1 '_NULL s_ZZ1 closing_JJ with_IW the_AT Great_JJ Recession_NN1 potentially_RR confounded_VVN anything_PN1 one_PN1 might_VM learn_VVI from_II such_DA an_AT1 analysis_NN1 ._. 
</s>
<s>
It_PPH1 has_VHZ been_VBN recognized_VVN ,_, however_RR ,_, that_CST there_EX are_VBR other_JJ margins_NN2 of_IO behavioral_JJ responses_NN2 to_II taxation_NN1 than_CSN hours_NNT2 worked_VVD ,_, such_II21 as_II22 intensity_NN1 of_IO work_NN1 ,_, career_NN1 choices_NN2 ,_, form_NN1 of_IO compensation_NN1 ,_, tax_NN1 avoidance_NN1 ,_, tax_NN1 evasion_NN1 ,_, etc_RA ._. 
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<s>
Our_APPGE matching_JJ procedure_NN1 relies_VVZ on_II a_AT1 nearest_JJT neighbor_NN1 matching_NN1 of_IO propensity_NN1 scores_NN2 ._. 
</s>
<s>
This_DD1 indicates_VVZ that_CST in-group_JJ borrowers_NN2 post_NN1 on_II average_NN1 4_MC fewer_DAR rupees_NNU2 of_IO collateral_NN1 per_II every_AT1 100_MC rupees_NNU2 of_IO credit_NN1 outstanding_JJ ,_, relative_II21 to_II22 out-group_NN1 ones_NN2 ._. 
</s>
<s>
Implementing_VVG such_DA a_AT1 cross-section_NN1 by_II cross-section_NN1 matching_NN1 approach_NN1 mitigates_VVZ the_AT risk_NN1 for_IF the_AT matching_NN1 being_VBG influenced_VVN by_II very_RG different_JJ macroeconomic_JJ conditions_NN2 ._. 
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<s>
Some_DD characteristics_NN2 of_IO the_AT different_JJ site_NN1 types_NN2 are_VBR shown_VVN in_II Table_NN1 4_MC ._. 
</s>
<s>
Thus_RR ,_, we_PPIS2 in_II fact_NN1 need_VV0 an_AT1 estimate_NN1 for_IF wijs_NN2 conditional_NN1 on_II observing_VVG positive_JJ trade_NN1 ._. 
</s>
<s>
Our_APPGE statistical_JJ analysis_NN1 also_RR suggests_VVZ that_CST con_VV0 flict_NN1 can_VM be_VBI prevented_VVN and_CC diminished_VVN by_II strengthening_VVG users_NN2 '_NULL collective_JJ action_NN1 and_CC community_NN1 institutions_NN2 that_CST promote_VV0 cooperation_NN1 and_CC equitable_JJ outcomes_NN2 and_CC ensure_VV0 a_AT1 more_RGR adaptable_JJ management_NN1 system_NN1 to_II changing_JJ conditions_NN2 (_( Ratner_NP1 et_RA21 al._RA22 ,_, 2017_MC )_) ._. 
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<s>
Moreover_RR the_AT used_JJ space_NN1 for_IF immigrants_NN2 tends_VVZ to_TO be_VBI relatively_RR higher_JJR than_CSN expected_VVN for_IF intervals_NN2 of_IO native_JJ enrollment_NN1 that_CST generate_VV0 medium_JJ size_NN1 classes_NN2 ._. 
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<s>
In_II our_APPGE modeling_NN1 section_NN1 below_RL ,_, we_PPIS2 are_VBR particularly_RR interested_JJ in_II measuring_VVG the_AT extent_NN1 of_IO resource_NN1 transfers_NN2 due_II21 to_II22 the_AT GSEs_NP2 '_NULL constant_JJ interest_NN1 rate_NN1 policy_NN1 during_II the_AT Great_JJ Recession_NN1 because_CS regional_JJ risk_NN1 was_VBDZ particularly_RR important_JJ during_II this_DD1 time_NNT1 period_NN1 ._. 
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<s>
These_DD2 are_VBR the_AT two_MC period_NN1 lag_NN1 and_CC the_AT correlation_NN1 between_II variables_NN2 at_II different_JJ times_NNT2 ._. 
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<s>
We_PPIS2 tested_VVD the_AT second_MD alternative_JJ model_NN1 using_VVG procedures_NN2 outlined_VVN by_II Edwards_NP1 and_CC Lambert_NP1 (_( 2007_MC )_) ._. 
</s>
<s>
In_II this_DD1 paper_NN1 ,_, early_RR 20th_MD century_NNT1 employee_NN1 records_NN2 from_II the_AT Tianjin-Pukou_NP1 Railroad_NN1 are_VBR analyzed_VVN to_TO identify_VVI differences_NN2 in_II labor_NN1 market_NN1 outcomes_NN2 associated_VVN with_IW study_NN1 in_II the_AT traditional_JJ and_CC modern_JJ educational_JJ systems_NN2 ._. 
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<s>
At_II the_AT same_DA time_NNT1 ,_, forward-looking_JJ renters_NN2 realize_VV0 that_DD1 house_NN1 prices_NN2 will_VM continue_VVI to_TO fall_VVI in_II the_AT future_NN1 ,_, even_RR as_CSA rents_NN2 rise_VV0 ,_, so_RR buying_VVG a_AT1 home_NN1 later_RRR will_VM only_RR become_VVI more_RGR attractive_JJ ._. 
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<s>
These_DD2 findings_NN2 provide_VV0 further_JJR evidence_NN1 that_CST the_AT growth-options_NN2 channel_NN1 drives_VVZ the_AT main_JJ results_NN2 above_RL ._. 
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<s>
As_CSA discussed_VVN by_II Saez_NP1 et_RA21 al_RA22 ._. 
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<s>
(_( 2012_MC )_) ,_, an_AT1 alternative_NN1 to_II using_VVG a_AT1 crosssectional_JJ approach_NN1 is_VBZ to_TO make_VVI use_NN1 of_IO the_AT panel_NN1 dimension_NN1 in_II the_AT data_NN ._. 
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<s>
Further_RRR ,_, Welch_NP1 (_( 2004_MC )_) shows_VVZ that_CST a_AT1 substantial_JJ portion_NN1 of_IO the_AT variation_NN1 in_II market_NN1 leverage_NN1 ratios_NN2 stems_VVZ from_II variation_NN1 in_II market_NN1 values_NN2 rather_II21 than_II22 changes_NN2 in_II debt_NN1 policies_NN2 ._. 
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<s>
In_II Beijing_NP1 '_NULL s_ZZ1 view_NN1 ,_, the_AT existing_JJ international_JJ economic_JJ system_NN1 can_VM no_RR21 longer_RR22 reflect_VVI the_AT new_JJ reality_NN1 of_IO the_AT changed_JJ balance_NN1 of_IO economic_JJ power_NN1 in_II the_AT world_NN1 economy_NN1 ,_, hence_RR needs_VVZ a_AT1 reform_NN1 ._. 
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<s>
Panel_NN1 A_ZZ1 confirms_VVZ that_CST the_AT documented_JJ effects_NN2 are_VBR driven_VVN by_II increases_NN2 in_II the_AT idiosyncratic_JJ volatility_NN1 of_IO R_ZZ1 &D-intensive;_NULL firms.25_FO Panel_NN1 B_ZZ1 further_RRR shows_VVZ that_CST these_DD2 effects_NN2 are_VBR statistically_RR and_CC economically_RR significant_JJ only_RR among_II firms_NN2 in_II the_AT top_JJ tercile_NN1 of_IO R_ZZ1 &D;_NULL intensity_NN1 ._. 
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<s>
There_EX were_VBDR already_RR those_DD2 who_PNQS thought_VVD the_AT markets_NN2 would_VM be_VBI a_AT1 white_JJ elephant_NN1 ,_, but_CCB the_AT chairman_NN1 of_IO the_AT markets_NN2 committee_NN1 justified_VVN the_AT expenditure_NN1 on_II the_AT grounds_NN2 of_IO anticipated_JJ profits_NN2 sometime_RT in_II the_AT future_NN1 coupled_VVN with_IW the_AT creation_NN1 of_IO a_AT1 valuable_JJ asset_NN1 to_II the_AT town.48_FO When_RRQ the_AT markets_NN2 were_VBDR opened_VVN in_II 1896_MC the_AT cost_NN1 was_VBDZ reported_VVN to_TO have_VHI been_VBN ?120,000_NNU ,_, mainly_RR financed_VVN by_II borrowing.49_FO The_AT markets_NN2 were_VBDR just_RR21 about_RR22 profitable_JJ ,_, with_IW the_AT surplus_NN1 of_IO income_NN1 over_II expenditure_NN1 occasionally_RR exceeding_VVG ?1,000_NNU in_II the_AT first_MD years_NNT2 of_IO operation_NN1 but_CCB falling_VVG to_II ?200_NNU or_CC less_RRR by_II the_AT early_JJ 1910s_MC2 ._. 
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<s>
To_TO be_VBI on_II the_AT safe_JJ side_NN1 when_CS solving_VVG a_AT1 model_NN1 that_CST is_VBZ not_XX well_RR understood_VVN ,_, one_PN1 should_VM therefore_RR choose_VVI L0_FO not_XX too_RG small_JJ and_CC Lmax_VV0 not_XX too_RG large_JJ ._. 
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<s>
In_II September_NPM1 of_IO 2012_MC ,_, the_AT Federal_JJ Housing_NN1 Finance_NN1 Authority_NN1 (_( FHFA_NP1 )_) ,_, which_DDQ now_RT oversees_VVZ the_AT GSEs_NP2 ,_, proposed_VVD a_AT1 new_JJ 25-basis-point_JJ fee_NN1 at_II the_AT time_NNT1 of_IO origination_NN1 that_CST would_VM differ_VVI across_II locations_NN2 ._. 
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<s>
The_AT remainder_NN1 of_IO the_AT paper_NN1 is_VBZ as_CSA follows_VVZ ._. 
</s>
<s>
The_AT vendors_NN2 scattered_VVN ,_, most_RRT cycling_VVG away_RL on_II their_APPGE three-wheeled_JJ bicycle_NN1 carts_NN2 (_( sanlunche_NN1 )_) ,_, griddles_NN2 of_IO hot_JJ tofu_NN1 steaming_VVG as_CSA they_PPHS2 weaved_VVD through_II the_AT traffic_NN1 ._. 
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<s>
Taiwan_NP1 businesses_NN2 can_VM not_XX do_VDI so_RR because_CS such_DA kinds_NN2 of_IO informal_JJ exchange_NN1 would_VM bring_VVI them_PPHO2 higher_RRR political_JJ risk_NN1 compared_VVN to_II local_JJ firms_NN2 ._. 
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<s>
In_II both_DB2 of_IO the_AT limiting_JJ cases_NN2 we_PPIS2 considered_VVD ,_, the_AT date_NN1 0_MC government_NN1 is_VBZ principally_RR concerned_JJ about_II the_AT date_NN1 1_MC1 government_NN1 '_NULL s_ZZ1 lack_NN1 of_IO commitment_NN1 to_II fiscal_JJ policy_NN1 and_CC it_PPH1 chooses_VVZ a_AT1 flat_JJ debt_NN1 maturity_NN1 ._. 
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<s>
In_II column_NN1 2_MC ,_, we_PPIS2 include_VV0 controls_NN2 for_IF other_JJ fund_NN1 characteristics_NN2 that_CST might_VM help_VVI explain_VVI NTS_NN2 holdings_NN2 :_: the_AT fraction_NN1 of_IO managers_NN2 that_CST are_VBR Chartered_VVN Financial_JJ Analysts_NN2 (_( CFA_NP1 )_) ,_, an_AT1 indicator_NN1 for_IF team-managed_JJ funds_NN2 (_( Team_NN1 )_) ,_, log_NN1 (_( Fund_NN1 TNA_NN1 )_) ,_, log_NN1 (_( Family_NN1 TNA_NN1 )_) ,_, log_NN1 (_( Fund_NN1 age_NN1 )_) ,_, log_NN1 (_( Family_NN1 age_NN1 )_) ,_, and_CC the_AT fraction_NN1 of_IO the_AT fund_NN1 family_NN1 '_NULL s_ZZ1 assets_NN2 under_II management_NN1 that_CST are_VBR in_II taxable_JJ bond_NN1 funds_NN2 (_( Family_NN1 taxable_JJ bond_NN1 share_NN1 )_) ._. 
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<s>
After_CS the_AT selection_NN1 of_IO matched_JJ pairs_NN2 of_IO treated_JJ and_CC untreated_JJ firms_NN2 we_PPIS2 pool_VV0 these_DD2 observations_NN2 to_TO construct_VVI a_AT1 panel_NN1 dataset_VV0 that_CST we_PPIS2 use_VV0 for_IF our_APPGE analysis_NN1 ._. 
</s>
<s>
Maurice_NP1 Kugler_NP1 is_VBZ a_AT1 principal_JJ research_NN1 scientist_NN1 and_CC managing_JJ director_NN1 at_II IMPAQ_NP1 International_JJ ,_, Washington_NP1 DC_NP1 ,_, U.S.A._NP1 ;_; his_APPGE email_NN1 address_NN1 is_VBZ mkugler@impaqint.com_FO ._. 
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<s>
Similarly_RR ,_, function_NN1 arguments_NN2 are_VBR sometimes_RT left_VVN out_RP ,_, for_IF exam_NN1 ple_NN1 ,_, ws_NNU2 ,_, t_ZZ1 5_MC =s_FO wt_NN1 vt_NNU ,_, s_ZZ1 vt_NNU and_CC u_ZZ1 ct_NNU 5_MC ut_NN1 ._. 
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<s>
One_MC1 year_NNT1 later_RRR ,_, the_AT oil_NN1 market_NN1 also_RR received_VVD a_AT1 major_JJ reform_NN1 in_II which_DDQ state-regulated_JJ prices_NN2 were_VBDR completely_RR replaced_VVN by_II an_AT1 international_JJ price_NN1 mechanism_NN1 ._. 
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<s>
The_AT effect_NN1 of_IO lowering_VVG the_AT Frisch_NN1 elasticity_NN1 is_VBZ merely_RR to_TO shift_VVI the_AT composition_NN1 of_IO the_AT indirect_JJ effects_NN2 away_II21 from_II22 the_AT wage_NN1 component_NN1 toward_II the_AT transfer_NN1 component_NN1 ._. 
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<s>
Combining_VVG these_DD2 two_MC different_JJ methods_NN2 ,_, which_DDQ both_DB2 are_VBR not_XX free_JJ of_IO concerns_NN2 ,_, allows_VVZ for_IF a_AT1 better_JJR understanding_NN1 of_IO the_AT causal_JJ impact_NN1 of_IO employee_NN1 codetermination_NN1 on_II financial_JJ leverage_NN1 ._. 
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<s>
In_II Table_NN1 8_MC ,_, column_NN1 1_MC1 ,_, one_PN1 can_VM see_VVI that_CST there_EX are_VBR no_AT systematic_JJ differences_NN2 in_II the_AT prevalence_NN1 of_IO employees_NN2 with_IW high-level_JJ modern_JJ education_NN1 and_CC high-level_JJ traditional_JJ education_NN1 in_II the_AT police_NN2 department_NN1 ._. 
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<s>
We_PPIS2 begin_VV0 with_IW the_AT effects_NN2 of_IO globalization_NN1 on_II industry_NN1 equilibrium_NN1 ,_, first_MD in_II Section_NN1 IIIA_NP1 with_IW homogeneous_JJ firms_NN2 as_CSA in_II Krugman_NP1 1979_MC ,_, and_CC then_RT in_II Section_NN1 IIIB_NN1 with_IW heterogeneous_JJ firms_NN2 as_CSA in_II Melitz_NP1 2003_MC ._. 
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<s>
We_PPIS2 extend_VV0 their_APPGE analysis_NN1 by_II examining_VVG the_AT property_NN1 of_IO steady-state_JJ equilibria_NN2 and_CC the_AT critical_JJ mass_JJ issue_NN1 in_II the_AT process_NN1 of_IO reaching_VVG the_AT steady-state_JJ equilibrium_NN1 ._. 
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<s>
Nonstatic_JJ variants_NN2 include_VV0 the_AT idea_NN1 that_CST investors_NN2 adjust_VV0 their_APPGE reference_NN1 point_NN1 over_II the_AT investment_NN1 horizon_NN1 depending_II21 on_II22 the_AT evolution_NN1 (_( cf._VV0 Specifically_RR ,_, they_PPHS2 take_VV0 into_II account_NN1 the_AT possibility_NN1 of_IO regime_NN1 changes_NN2 ,_, uncertainty_NN1 around_II the_AT state_NN1 of_IO the_AT economy_NN1 ,_, uncertainty_NN1 about_II the_AT regime_NN1 in_II place_NN1 ,_, and_CC the_AT possibility_NN1 of_IO Gaussian_JJ shocks_NN2 ._. 
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<s>
This_DD1 allows_VVZ for_IF analytical_JJ proofs_NN2 and_CC graphical_JJ analysis_NN1 ._. 
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<s>
In_II what_DDQ follows_VVZ ,_, I_PPIS1 describe_VV0 a_AT1 small_JJ new-Keynesian_JJ model_NN1 of_IO the_AT kind_NN1 used_VVN by_II Clarida_NP1 et_RA21 al_RA22 ._. 
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<s>
(_( 2000_MC )_) ,_, Woodford_NP1 (_( 2003_MC )_) ,_, Lubik_NP1 and_CC Schorfheide_NP1 (_( 2004_MC )_) ,_, and_CC Galí_NP1 (_( 2008_MC )_) ,_, in_II which_DDQ the_AT behavior_NN1 of_IO the_AT monetary_JJ authority_NN1 and_CC the_AT volatility_NN1 of_IO the_AT exogenous_JJ shocks_NN2 are_VBR subject_II21 to_II22 regime_NN1 changes_NN2 ._. 
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<s>
Section_NN1 III_MC displays_VVZ the_AT empirical_JJ analysis_NN1 related_VVN to_II the_AT local_JJ impact_NN1 of_IO mining_VVG activity_NN1 on_II violence_NN1 and_CC how_RRQ it_PPH1 varies_VVZ with_IW country_NN1 and_CC mineral_NN1 characteristics_NN2 ,_, as_RG well_RR as_CSA with_IW the_AT types_NN2 of_IO violent_JJ events_NN2 ._. 
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<s>
For_REX21 example_REX22 ,_, 13_MC percent_NNU of_IO participants_NN2 are_VBR classified_VVN as_CSA prudent_JJ based_VVN upon_II their_APPGE compound_NN1 lottery_NN1 choices_NN2 and_CC imprudent_JJ based_VVN on_II their_APPGE reduced-form_JJ lottery_NN1 choices_NN2 ._. 
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<s>
The_AT result_NN1 in_II the_AT first_MD row_NN1 suggests_VVZ that_CST the_AT proportion_NN1 of_IO the_AT population_NN1 in_II EZ_NP1 areas_NN2 below_II the_AT poverty_NN1 line_NN1 fell_VVD by_II 7.8_MC percentage_NN1 points_NN2 from_II 1990_MC to_II 2000_MC ._. 
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Specifically_RR ,_, regulatory_JJ variables_NN2 have_VH0 to_TO do_VDI with_IW the_AT regulation_NN1 on_II non-traditional_JJ banking_NN1 activities_NN2 (_( RESTRICT1_FO ,_, RESTRICT2_FO ,_, and_CC OWN_VV0 )_) ,_, and_CC with_IW the_AT stringency_NN1 of_IO regulation_NN1 on_II bank_NN1 capital_NN1 (_( CAPREG_NP1 )_) ._. 
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As_II a_AT1 consequence_NN1 ,_, foreign_JJ firms_NN2 face_VV0 lower_JJR tax_NN1 rates_NN2 ._. 
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<s>
The_AT balancing_NN1 test_NN1 regressions_NN2 are_VBR not_XX causal_JJ ,_, but_CCB they_PPHS2 are_VBR important_JJ to_TO reduce_VVI concerns_NN2 of_IO endogeneity_NN1 in_II the_AT baseline_NN1 specifications_NN2 ._. 
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<s>
In_II the_AT standard_JJ labor_NN1 supply_NN1 model_NN1 ,_, the_AT individual_NN1 maximizes_VVZ utility_NN1 from_II consumption_NN1 c_ZZ1 and_CC labor_NN1 l_ZZ1 subject_II21 to_II22 an_AT1 individual_JJ budget_NN1 constraint_NN1 ._. 
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<s>
Given_VVN either_DD1 of_IO these_DD2 estimators_NN2 for_IF the_AT demand_NN1 function_NN1 ,_, we_PPIS2 can_VM then_RT estimate_VVI the_AT function_NN1 as_II the_AT solution_NN1 of_IO the_AT estimated_JJ differential_JJ equation_NN1 system_NN1 ._. 
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<s>
In_RR21 addition_RR22 ,_, the_AT timing_NN1 of_IO the_AT program_NN1 provides_VVZ a_AT1 strategy_NN1 that_CST can_VM alleviate_VVI this_DD1 concern_NN1 ._. 
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<s>
These_DD2 models_NN2 are_VBR generally_RR micro-founded_VVN ,_, so_CS21 that_CS22 assumptions_NN2 on_II preferences_NN2 (_( including_II bequests_NN2 )_) ,_, financial_JJ markets_NN2 ,_, and_CC demographics_NN2 guarantee_VV0 that_DD1 wealth_NN1 accumulation_NN1 is_VBZ the_AT outcome_NN1 of_IO savings_NN2 behavior_NN1 that_CST constitutes_VVZ the_AT solution_NN1 of_IO an_AT1 optimal_JJ dynamic_JJ problem_NN1 ._. 
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<s>
A_AT1 consumption_NN1 plan_NN1 is_VBZ an_AT1 Ft+_FO 1T_FO 1_MC1 -adapted_JJ process_NN1 C_ZZ1 T_ZZ1 ,_, such_CS21 that_CS22 Cis_NN2 a_AT1 Y_ZZ1 t=t_FO ._. 
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<s>
C_NP1 denotes_VVZ the_AT space_NN1 of_IO all_DB such_DA consumption_NN1 plans_NN2 ,_, and_CC a_AT1 typical_JJ element_NN1 in_II C_ZZ1 is_VBZ denoted_VVN by_II C_ZZ1 ∈_FO C._NP1 That_REX21 is_REX22 ,_, E_ZZ1 is_VBZ actually_RR the_AT energy_NN1 services_NN2 delivered_VVN but_CCB not_XX the_AT physical_JJ energy_NN1 consumption_NN1 :_: although_CS E_ZZ1 is_VBZ a_AT1 volume_NN1 variable_NN1 ,_, it_PPH1 is_VBZ measured_VVN in_II constant_JJ monetary_JJ unit_NN1 in_II the_AT CGE_NN1 model_NN1 ._. 
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<s>
The_AT province_NN1 hosts_NN2 a_AT1 high_JJ diversity_NN1 of_IO plant_NN1 and_CC animal_NN1 life_NN1 ,_, containing_VVG 43%_NNU of_IO China_NP1 '_NULL s_ZZ1 protected_JJ plant_NN1 species_NN and_CC 73%_NNU of_IO China_NP1 '_NULL s_ZZ1 priority_NN1 protected_VVN wild_JJ animal_NN1 species_NN (_( Yang_NP1 et_RA21 al_RA22 ._. 
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2004_MC )_) ._. 
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<s>
However_RR ,_, the_AT waiting_JJ time_NNT1 for_IF initiating_VVG operations_NN2 is_VBZ rather_RG long_JJ in_II these_DD2 ports_NN2 ._. 
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Several_DA2 caveats_NN2 to_II our_APPGE tax_NN1 data_NN measures_NN2 should_VM be_VBI mentioned_VVN ._. 
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<s>
The_AT mandatory_JJ retirement_NN1 age_NN1 ,_, i.e._REX ,_, the_AT age_NN1 at_II which_DDQ an_AT1 employer_NN1 can_VM ask_VVI an_AT1 employee_NN1 to_TO leave_VVI an_AT1 employment_NN1 ,_, is_VBZ determined_VVN in_II collective_JJ agreements_NN2 but_CCB the_AT minimum_JJ level_NN1 is_VBZ regulated_VVN under_II the_AT Employment_NN1 Protection_NN1 Act_NN1 ._. 
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<s>
This_DD1 suggests_VVZ that_CST our_APPGE instrument_NN1 is_VBZ not_XX weak_JJ ._. 
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<s>
For_IF each_DD1 real_JJ outcome_NN1 ,_, I_PPIS1 find_VV0 a_AT1 zero_NN1 effect_NN1 within_II every_AT1 firm_JJ size_NN1 decile_NN1 and_CC no_AT upward_JJ or_CC downward_JJ trend_NN1 across_II deciles_NN2 ._. 
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<s>
In_II this_DD1 paper_NN1 ,_, motivated_VVN by_II the_AT empirical_JJ evidence_NN1 that_CST we_PPIS2 present_VV0 of_IO a_AT1 deviation_NN1 between_II the_AT spatial_JJ patterns_NN2 of_IO unit_NN1 values_NN2 for_IF Chinese_JJ exports_NN2 at_II the_AT product_NN1 level_NN1 from_II that_DD1 predicted_VVD by_II the_AT Melitz_NP1 (_( 2003_MC )_) model_NN1 of_IO trade_NN1 with_IW product_NN1 quality_NN1 differences_NN2 a_AT1 laBaldwin_NN1 and_CC Harrigan_NP1 (_( 2011_MC )_) and_CC Johnson_NP1 (_( 2012_MC )_) ,_, we_PPIS2 build_VV0 a_AT1 endogenous_JJ mark-up_NN1 model_NN1 based_VVN on_II Melitz_NP1 and_CC Ottaviano_NP1 (_( 2008_MC )_) with_IW cross-firm_JJ quality_NN1 heterogeneity_NN1 and_CC cross-sector_JJ heterogeneity_NN1 as_CSA in_II Baldwin_NP1 and_CC Harrigan_NP1 (_( 2011_MC )_) ._. 
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Similar_JJ as_CSA in_II Laurent_NP1 ,_, Rombouts_NP1 ,_, and_CC Violante_NP1 (_( 2012_MC ,_, 2013_MC )_) ,_, Becker_NP1 et_RA21 al_RA22 ._. 
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<s>
(_( 2015_MC )_) ,_, and_CC Amendola_NP1 and_CC Storti_NP1 (_( 2015_MC )_) ,_, we_PPIS2 define_VV0 the_AT multivariate_JJ volatility_NN1 proxy_NN1 using_VVG a_AT1 realized_JJ covariance_NN1 estimator_NN1 based_VVN on_II intraday_NN1 data_NN ._. 
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<s>
With_IW this_DD1 information_NN1 ,_, we_PPIS2 compute_VV0 the_AT monthly_JJ relative_JJ wholesale_JJ price_NN1 range_NN1 for_IF each_DD1 product_NN1 ,_, (_( maxit_VV0 -minit_NN1 )_) minit_VV0 ._. 
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<s>
Ruhl_NP1 also_RR allows_VVZ for_IF firm_JJ heterogeneity_NN1 ,_, which_DDQ is_VBZ important_JJ because_CS antidumping_VVG duties_NN2 are_VBR higher_JJR for_IF the_AT most-productive_JJ (_( and_CC hence_RR lowest-price_JJ )_) firms_NN2 ._. 
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<s>
Pesaran_NN1 and_CC Timmermann_NP1 (_( 2005_MC )_) claim_VV0 that_CST the_AT choice_NN1 of_IO window_NN1 size_NN1 depends_VVZ on_II the_AT nature_NN1 of_IO the_AT possible_JJ model_NN1 instability_NN1 and_CC the_AT timing_NN1 of_IO the_AT possible_JJ breaks_NN2 ._. 
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<s>
Noting_VVG that_CST the_AT CDF_NP1 of_IO is_VBZ given_VVN by_II G_ZZ1 ,_, we_PPIS2 have_VH0 (_( 2_MC )_) where_RRQ Pr(FDI)_NP1 is_VBZ the_AT probability_NN1 of_IO conducting_VVG FDI_NP1 conditional_NN1 on_II firm_JJ productivity_NN1 ._. 
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<s>
We_PPIS2 make_VV0 the_AT following_JJ observations_NN2 and_CC provide_VV0 the_AT detailed_JJ proofs_NN2 in_II Section_NN1 S.3.2_FO of_IO the_AT Supplemental_JJ Material_NN1 (_( Ai_NN1 and_CC Bansal_NP1 (_( 2018_MC )_) )_) ._. 
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<s>
We_PPIS2 show_VV0 that_CST the_AT economy_NN1 exhibits_VVZ equilibrium_NN1 indeterminacy_NN1 and_CC belief-driven_JJ growth_NN1 fluctuations_NN2 when_RRQ the_AT tax_NN1 progressivity_NN1 is_VBZ positive_JJ ,_, and_CC that_CST the_AT unique_JJ balanced-growth_JJ equilibrium_NN1 displays_VVZ saddle-path_JJ stability_NN1 under_II regressive_JJ or_CC flat_JJ taxation_NN1 of_IO income_NN1 ._. 
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Thus_RR ,_, the_AT mixed_JJ risk_NN1 averter_NN1 will_VM make_VVI the_AT intemperate_JJ choice_NN1 ._. 
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Further_RRR ,_, we_PPIS2 document_VV0 that_CST larger_JJR ,_, younger_JJR establishments_NN2 have_VH0 higher_JJR labor_NN1 productivity_NN1 ._. 
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<s>
Yet_RR by_II 2010_MC ,_, in_II both_RR data_NN sets_NN2 ,_, women_NN2 '_NULL s_ZZ1 relative_JJ pay_NN1 at_II the_AT top_NN1 was_VBDZ considerably_RR less_DAR than_CSN that_DD1 at_II the_AT middle_NN1 and_CC bottom_NN1 of_IO the_AT distribution_NN1 :_: 8-9_MCMC percentage_NN1 points_NN2 less_RRR than_CSN that_DD1 at_II the_AT middle_NN1 or_CC bottom_NN1 in_II the_AT PSID_NN1 ,_, and_CC 6-11_MCMC percentage_NN1 points_NN2 less_RRR in_II the_AT CPS_NP1 ._. 
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In_II 2014_MC ,_, the_AT Xi_NN1 administration_NN1 pledged_VVD to_TO use_VVI the_AT SREB_NN1 to_TO help_VVI Uzbekistan_NP1 improve_VVI its_APPGE governance_NN1 and_CC state_VV0 administration_NN1 in_II31 line_II32 with_II33 China_NP1 '_NULL s_ZZ1 own_VV0 political_JJ development_NN1 experience.87_FO To_II this_DD1 end_NN1 ,_, the_AT states_NN2 agreed_VVD to_TO employ_VVI the_AT SREB_NN1 framework_NN1 to_TO expand_VVI political_JJ dialogue_NN1 at_II all_DB levels_NN2 ,_, to_TO establish_VVI mechanisms_NN2 to_TO coordinate_VVI their_APPGE foreign_JJ policies_NN2 (_( particularly_RR with_II31 regard_II32 to_II33 regional_JJ affairs_NN2 )_) ,_, and_CC to_TO establish_VVI institutional_JJ linkages_NN2 between_II China_NP1 '_NULL s_ZZ1 National_JJ People_NN '_NULL s_ZZ1 Congress_NN1 (_( NPC_NP1 )_) and_CC Uzbekistan_NP1 '_NULL s_ZZ1 Senate_NN1 and_CC Legislative_JJ Chamber.88_FO Presidents_NN2 Xi_NN1 and_CC Karimov_NP1 also_RR agreed_VVN to_TO establish_VVI regular_JJ heads_NN2 of_IO state_NN1 meetings_NN2 under_II the_AT SREB_NN1 '_NULL s_ZZ1 auspicesa_NN1 policy_NN1 that_CST continues_VVZ under_II President_NN1 Mirziyoyev.89_FO Sino–Uzbek_NP1 SREB_NP1 cooperation_NN1 also_RR formed_VVD the_AT basis_NN1 for_IF the_AT country_NN1 '_NULL s_ZZ1 2016_MC agreement_NN1 to_TO establish_VVI a_AT1 Comprehensive_JJ Strategic_JJ Partnership_NN1 ._. 
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China_NP1 is_VBZ the_AT largest_JJT emerging_JJ market_NN1 and_CC has_VHZ experienced_VVN spectacular_JJ economic_JJ growth_NN1 since_CS the_AT late_JJ 1970s_MC2 ,_, when_CS it_PPH1 initiated_VVD an_AT1 overhaul_NN1 of_IO its_APPGE economic_JJ system_NN1 ._. 
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The_AT high-frequency_JJ component_NN1 ,_, reflecting_VVG financial_JJ market_NN1 conditions_NN2 ,_, is_VBZ evaluated_VVN at_II 15-minute_JJ frequency_NN1 ,_, while_CS the_AT low-frequency_JJ component_NN1 ,_, fixed_VVN through_II a_AT1 month_NNT1 ,_, depends_VVZ on_II country-specific_JJ macroeconomic_JJ conditions_NN2 ._. 
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Prior_JJ research_NN1 establishes_VVZ a_AT1 link_NN1 between_II the_AT information_NN1 content_NN1 of_IO transactions_NN2 and_CC their_APPGE permanent_JJ impact_NN1 on_II prices_NN2 (_( Holthausen_NP1 ,_, Leftwich_NP1 ,_, and_CC Mayers_NP2 (_( 1987_MC )_) ,_, (_( 1990_MC )_) ,_, Chan_NP1 and_CC Lakonishok_NP1 (_( 1993_MC )_) ,_, (_( 1995_MC )_) ,_, and_CC Keim_NP1 and_CC Madhavan_NP1 (_( 1995_MC )_) )_) ._. 
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However_RR ,_, off-the-shelf_JJ instruments_NN2 available_JJ from_II the_AT literature_NN1 turn_VV0 out_RP to_TO perform_VVI unconvincingly_RR in_II our_APPGE application.36We_FO therefore_RR resort_NN1 to_II propensity_NN1 score_NN1 matching_NN1 (_( PSM_NP1 )_) techniques_NN2 ._. 
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Aligned_VVN with_IW the_AT likelihood_NN1 insensitivity_NN1 phenomenon_NN1 ,_, our_APPGE findings_NN2 indicate_VV0 that_CST ,_, for_IF the_AT intermediate_JJ range_NN1 of_IO probabilities_NN2 ,_, investors_NN2 do_VD0 not_XX exhibit_VVI a_AT1 clear_JJ sensitivity_NN1 to_II ambiguity_NN1 ._. 
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We_PPIS2 evaluate_VV0 the_AT null_JJ hypotheses_NN2 that_CST these_DD2 time_NNT1 lags_NN2 are_VBR jointly_RR insignificant_JJ (_( i.e._REX ,_, #E_FO )_) with_IW a_AT1 joint_JJ F/Wald_NP1 test.21_FO For_IF the_AT ITC_NN1 ,_, the_AT p-values_NN2 are_VBR less_DAR than_CSN 0.05_MC for_IF all_DB four_MC models_NN2 ._. 
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Apparently_RR ,_, measurements_NN2 of_IO the_AT agricultural_JJ taxes_NN2 revenue_NN1 loss_NN1 are_VBR not_XX unique_JJ ._. 
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For_REX21 example_REX22 ,_, Mueller_NP1 and_CC Plug(2006)_FO found_VVN that_CST women_NN2 are_VBR on_II average_NN1 more_RGR conscientious_JJ than_CSN men_NN2 ,_, a_AT1 difference_NN1 also_RR suggested_VVN in_II Goldin_NP1 ,_, Katz_NP1 and_CC Kuziemko_NP1 '_NULL s_ZZ1 (_( 2006_MC )_) analysis_NN1 of_IO why_RRQ female_JJ education_NN1 levels_NN2 have_VH0 overtaken_VVN those_DD2 of_IO males_NN2 ._. 
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Introduced_VVN as_II an_AT1 alternative_JJ source_NN1 of_IO infrastructure_NN1 financing_VVG for_IF developing_JJ countries_NN2 ,_, the_AT AIIB_NN1 has_VHZ great_JJ potential_NN1 to_TO bring_VVI new_JJ priorities_NN2 ,_, principles_NN2 and_CC procedures_NN2 into_II multilateral_JJ development_NN1 assistance_NN1 and_CC compete_VV0 with_IW U.S.-led_JJ world_NN1 financial_JJ institutions_NN2 including_II the_AT IMF_NP1 and_CC the_AT World_NN1 Bank_NN1 ,_, as_II31 well_II32 as_II33 the_AT Japan-led_JJ ADB_NN1 ._. 
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We_PPIS2 have_VH0 firstly_RR identified_VVN and_CC analysed_VVN different_JJ categories_NN2 of_IO CES_NP2 ,_, developing_VVG and_CC articulating_VVG its_APPGE taxonomy_NN1 ._. 
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The_AT replicator_NN1 dynamics_NN may_VM be_VBI plausible_JJ in_II economic_JJ situations_NN2 where_RRQ the_AT extreme_NN1 of_IO extinction_NN1 of_IO a_AT1 strategy_NN1 is_VBZ unlikely_JJ ,_, but_CCB alternative_JJ models_NN2 (_( such_II21 as_II22 best_JJT response_NN1 dynamics_NN considered_VVN in_II Dindos_NP1 and_CC Mezzetti_NP1 ,_, 2006_MC )_) are_VBR likely_RR needed_VVN to_TO describe_VVI evolution_NN1 once_RR nearly_RR all_DB players_NN2 have_VH0 adopted_VVN a_AT1 particular_JJ strategy_NN1 ._. 
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People_NN are_VBR allowed_VVN to_TO gather_VVI it_PPH1 freely_RR ._. 
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This_DD1 is_VBZ followed_VVN in_II the_AT theoretical_JJ considerations_NN2 section_NN1 by_II some_DD theoretical_JJ discussions_NN2 from_II which_DDQ our_APPGE hypotheses_NN2 are_VBR derived_VVN ._. 
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The_AT first_MD type_NN1 was_VBDZ tasks_NN2 taken_VVN from_II Deck_NN1 and_CC Schlesinger_NP1 (_( 2014_MC )_) ,_, which_DDQ involved_VVD cash_NN1 payments_NN2 and_CC ,_, if_CS applicable_JJ ,_, compound_VV0 lottery_NN1 presentation.9_FO The_AT second_MD type_NN1 of_IO task_NN1 involved_VVD the_AT same_DA lotteries_NN2 as_CSA in_II Deck_NN1 and_CC Schlesinger_NP1 (_( 2014_MC )_) ,_, but_CCB presented_VVD in_II reduced_JJ form_NN1 ._. 
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Specifically_RR ,_, we_PPIS2 propose_VV0 the_AT following_JJ extended_JJ specification_NN1 for_IF modelling_VVG inefficiency_NN1 :_: where_CS ._. 
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THE_AT growing_JJ imbalances_NN2 in_II the_AT euro_NN1 area_NN1 have_VH0 triggered_VVN a_AT1 debate_NN1 about_II the_AT role_NN1 of_IO cost_NN1 competitiveness_NN1 for_IF growth_NN1 and_CC how_RGQ far_JJ austerity_NN1 should_VM go_VVI ._. 
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Columns_NN2 (_( 3_MC )_) -(5)_MC show_VV0 negative_JJ and_CC statistically_RR significant_JJ coefficients_NN2 on_II these_DD2 three_MC variables_NN2 ._. 
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This_DD1 is_VBZ a_AT1 first_MD piece_NN1 of_IO evidence_NN1 documenting_VVG the_AT spatial_JJ diffusion_NN1 of_IO mining-induced_JJ violence_NN1 ._. 
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They_PPHS2 '_NULL re_II the_AT assets_NN2 of_IO the_AT people_NN in_II this_DD1 country_NN1 ._. "_" 
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Given_VVN the_AT extreme_JJ simplicity_NN1 of_IO Turing_VVG machines_NN2 (_( made_VVN up_RP of_IO nothing_PN1 more_DAR than_CSN an_AT1 infinite_JJ one-dimensional_JJ tape_NN1 ,_, a_AT1 head_NN1 and_CC the_AT ability_NN1 to_TO read_VVI from_II the_AT tape_NN1 ,_, to_TO write_VVI to_II it_PPH1 and_CC to_TO move_VVI to_II a_AT1 different_JJ position_NN1 )_) and_CC the_AT complexity_NN1 of_IO modern_JJ computers_NN2 ,_, one_PN1 may_VM think_VVI that_DD1 what_DDQ these_DD2 early_JJ conceptual_JJ precursors_NN2 could_VM and_CC could_VM not_XX compute_VVI is_VBZ truly_RR neither_RR here_RL nor_CC there_RL ._. 
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It_PPH1 is_VBZ tempting_JJ to_TO dismiss_VVI statements_NN2 so_RR at_II odds_NN2 with_IW economic_JJ incentives_NN2 as_CSA disingenuous_JJ ;_; but_CCB for_IF many_DA2 firms_NN2 and_CC in_II many_DA2 of_IO the_AT bidding_NN1 hours_NNT2 ,_, there_EX does_VDZ not_XX seem_VVI to_TO be_VBI any_DD explanation_NN1 that_CST is_VBZ well_RR grounded_VVN in_II economic_JJ optimization_NN1 ._. 
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Hence_RR ,_, these_DD2 fixed_JJ effects_NN2 eliminate_VV0 confounding_VVG factors_NN2 at_II the_AT exporter_NN1 and_CC importer-industry_JJ level_NN1 ,_, and_CC imply_VV0 that_CST the_AT effect_NN1 of_IO financial_JJ frictions_NN2 is_VBZ identified_VVN by_II their_APPGE differential_JJ importance_NN1 across_II industries_NN2 with_IW different_JJ financial_JJ vulnerability_NN1 ._. 
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