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Browsing Duke Faculty Scholarship by Author "0331721"

DukeSpace

Browsing Duke Faculty Scholarship by Author "0331721"

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  • Aid, Policies, and Growth
    Burnside, A. Craig; Dollar, David (The American Economic Review, 2000)
    This paper uses a new database on foreign aid to examine the relationships among foreign aid, economic policies, and growth of per capita GDP. We find that aid has a positive impact on growth in developing countries with ...
  • Aid, Policies, and Growth: Revisiting the Evidence
    Burnside, A. Craig; Dollar, David (SSRN eLibrary, 2004)
    Burnside and Dollar revisit the relationship between aid and growth using a new data set focusing on the 1990s. The evidence supports the view that the impact of aid depends on the quality of state institutions and policies. ...
  • Capital Utilization and Returns to Scale
    Burnside, A. Craig; Eichenbaum, Martin; Rebelo, Sergio (The University of Chicago Press, 1995)
    This paper studies the implications of procyclical capital utilization rates for inference regarding cyclical movements in labor productivity and the degree of returns to scale. We organize our investigation around five ...
  • Consistency of a Method of Moments Estimator Based on Numerical Solutions to Asset Pricing Models
    Burnside, A. Craig (Cambridge Journals, 1993-12)
    This paper considers the properties of estimators based on numerical solutions to a class of economic models. In particular, the numerical methods discussed are those applied in the solution of linear integral equations, ...
  • The Cross-Section of Foreign Currency Risk Premia and Consumption Growth Risk: A Comment
    Burnside, A. Craig (SSRN eLibrary, 2007)
    Lustig and Verdelhan (2007) argue that the excess returns to borrowing US dollars and lending in foreign currency "compensate US investors for taking on more US consumption growth risk," yet these excess returns are all ...
  • Currency Crises and Contingent Liabilities
    Burnside, A. Craig (Journal of International Economics, 2004)
    A contingent liability is a future spending commitment that is realized with some probability. International organizations emphasize the dangers of contingent liabilities when providing advice. Why? One answer is obvious-if ...
  • Detrending and business cycle facts: A comment
    Burnside, A. Craig (Journal of Monetary Economics, 1998)
    There is nothing misleading in the fact that different filtering techniques lead to different facts about macroeconomic time series. The fact that economists use a large number of filters to extract the 'cyclical' and ...
  • Do Peso Problems Explain the Returns to the Carry Trade?
    Burnside, A. Craig; Eichenbaum, Martin; Kleshchelski, Isaac; Rebelo, Sergio T. (SSRN eLibrary, 2008)
    Currencies that are at a forward premium tend to depreciate. This `forward-premium puzzle' is an egregious deviation from uncovered interest parity. We document the properties of the carry trade, a currency speculation ...
  • Empirical Asset Pricing and Statistical Power in the Presence of Weak Risk Factors
    Burnside, Craig (SSRN eLibrary, 2008)
    Risk factors in many consumption-based asset pricing models display statistically weak correlation with the returns being priced. Some GMM procedures used to test these models have low power to reject misspecified stochastic ...
  • Factor Hoarding and the Propagation of Business Cycles Shocks
    Burnside, A. Craig; Eichenbaum, Martin (SSRN eLibrary, 1994)
    This paper analyzes the role of variable capital utilization rates in propagating shocks over the business cycle. To this end we formulate and estimate an equilibrium business cycle model in which cyclical capital utilization ...
  • Fiscal Shocks and Their Consequences
    Burnside, A. Craig; Eichenbaum, Martin; Fisher, Jonas D. M. (SSRN eLibrary, 2003)
    This paper investigates the response of hours worked and real wages to fiscal policy shocks in the U.S. during the post World War II era. We identify these shocks with exogenous changes in military purchases and argue that ...
  • Government Finance in the Wake of Currency Crises
    Burnside, A. Craig; Eichenbaum, Martin; Rebelo, Sergio T. (SSRN eLibrary, 2003)
    This paper addresses two questions: (i) how do governments actually pay for the fiscal costs associated with currency crises; and (ii) what are the implications of different financing methods for post-crisis rates of ...
  • Government Guarantees and Self-Fulfilling Speculative Attacks
    Burnside, A. Craig; Eichenbaum, Martin; Rebelo, Sergio (Journal of Economic Theory, 2004)
    This paper explores the role played by government guarantees to banks’ foreign creditors as a root cause of self-fulfilling twin banking-currency crises. We develop a general equilibrium model in which such guarantees ...
  • Hansen-Jagannathan Bounds as Classical Tests of Asset-Pricing Models
    Burnside, Craig (American Statistical Association, 1994)
    In this article, tests of the implications of consumption-based asset-pricing models are developed. Four of these tests are based on variance bounds for intertemporal marginal rates of substitution introduced by Hansen and ...
  • Hedging and Financial Fragility in Fixed Exchange Rate Regimes
    Burnside, A. Craig; Eichenbaum, Martin; Rebelo, Sergio T. (SSRN eLibrary, 1999)
    Currency crises that coincide with banking crises tend to share four elements. First, governments provide guarantees to domestic and foreign bank creditors. Second, banks do not hedge their exchange rate risk. Third, there ...
  • Labor Hoarding and the Business Cycle
    Burnside, A. Craig; Eichenbaum, Martin; Rebelo, Sergio (The University of Chicago Press, 1993)
    This paper investigates the sensitivity of Solow residual based measures of technology shocks to labor hoarding behavior. Using a structural model of labor hoarding and the identifying restriction that innovations to ...
  • Production function regressions, returns to scale, and externalities
    Burnside, A. Craig (Elsevier, 1996)
    A number of recent papers have used simple linear regressions in an attempt to identify market structure, the extent of returns to scale, and possible external effects in U.S. manufacturing industries. The results obtained ...
  • Prospective Deficits and the Asian Currency Crisis
    Burnside, A. Craig; Eichenbaum, Martin; Rebelo, Sergio (Journal of Political Economy, 2001)
    This paper argues that the recen Southeast Asian currency crisis was caused by large prospective deficits associated with implicit bailout guarantees to failing banking systems. We articulate this view using a simple dynamic ...
  • The Returns to Currency Speculation
    Burnside, A. Craig; Eichenbaum, Martin; Kleshchelski, Isaac; Rebelo, Sergio T. (SSRN eLibrary, 2006)
    Currencies that are at a forward premium tend to depreciate. This `forward-premium puzzle` represents an egregious deviation from uncovered interest parity. We document the properties of returns to currency speculation ...
  • Small-Sample Properties of GMM-Based Wald Tests
    Burnside, Craig; Eichenbaum, Martin (Journal of Business & Economic Statistics, 1996)
    This article assesses the small-sample properties of generalized-method-of-moments-based Wald statistics by using (a) a vector white-noise process and (b) an equilibrium business-cycle model as the data-generating mechanisms. ...