Habit formation in consumption: A meta-analysis
We examine 597 estimates of habit formation reported in 81 published studies. The mean reported strength of habit formation equals 0.4, but the estimates vary widely both within and across studies. We use Bayesian and frequentist model averaging to assign a pattern to this variance while taking into account model uncertainty. Studies employing macro data report consistently larger estimates than micro studies: 0.6 vs. 0.1 on average. The difference remains 0.5 when we control for 30 factors that reflect the context in which researchers obtain their estimates, such as data frequency, geographical coverage, variable definition, estimation approach, and publication characteristics. We also find that evidence for habits strengthens when researchers use lower data frequencies, employ log-linear approximation of the Euler equation, and utilize open-economy DSGE models. Moreover, estimates of habits differ systematically across countries.
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The home front of World War II is increasingly recognized by historians as a vital part of not only military strategies during a war with an unparalleled degree of civilian mobilization, but also as a catalyst for broader social developments for example in gender and race relations. Differences in available supply and the distribution of food stuffs made for very different experiences in home front consumption by civilian consumers.
The concept and aim of evidence-based entrepreneurship (EBE) is discussed as a strategy to overcome the divide between knowledge developed in the field of entrepreneurship and its use in practice. We argue that meta-analyses can and should be used in entrepreneurship research (and that it should also be used for qualitative work).
The paper uses meta-analysis to investigate the evolution of returns to education in Russia during the economic transition. We present the evidence of strong increase in returns to education in the 1990s. The returns to education peaked at 8% per additional year of schooling in the early 2000s. Since the mid-2000s the positive trend has been reversed. We find that the estimated returns are sensitive to sample design, specification and estimation methods. On average the estimated returns are higher if one uses imputed (instead of actual) years of education and estimates earnings equation with the OLS. Among covariates, the form of ownership and settlement type (urban/ rural) has the largest effect on the estimated returns to education. Regional variables have significant impact on the estimated returns only being included into the earnings equation at the oblast (province) level.
Abstract The paper presents a meta-analysis of open-label antihypertensive effectiveness studies of indapamide SR (Arifon Retard, Servier Laboratories, France) in hypertensives. 24 Russian (n = 4952) and 4 foreign (n = 4634) studies were included in analysis. Russian studies show that indapamide retard both as a monotherapy and a component of the combination therapy leads to a 17,8/14,0 % decrease of systolic/diastolic blood pressure that is a reduction for 29.2 (95 % CI 28,9–29,5)/12,3 (12,1–12,5) mmHg in patients with uncontrolled hypertension. Baseline blood pressure was the main predictor of its reduction, and the most signifi cant reduction for 32,6 (95 % CI 25,5–39,6) mmHg was seen when the average baseline systolic blood pressure exceeded 170 mmHg. Antihypertensive effi cacy of indapamide retard was similar in Russian and foreign studies. However, incidence of therapy-related side effects was higher in Russian studies than in foreign ones (5,9 and 3,3 % respectively, p < 0,001). Therefore, meta-analysis based on the data of open Russian studies confi rms the antihypertensive effectiveness of indapamide retard and demonstrates the comparability of the results to those found in multicenter foreign studies.
The paper examines the structure, governance, and balance sheets of state-controlled banks in Russia, which accounted for over 55 percent of the total assets in the country's banking system in early 2012. The author offers a credible estimate of the size of the country's state banking sector by including banks that are indirectly owned by public organizations. Contrary to some predictions based on the theoretical literature on economic transition, he explains the relatively high profitability and efficiency of Russian state-controlled banks by pointing to their competitive position in such functions as acquisition and disposal of assets on behalf of the government. Also suggested in the paper is a different way of looking at market concentration in Russia (by consolidating the market shares of core state-controlled banks), which produces a picture of a more concentrated market than officially reported. Lastly, one of the author's interesting conclusions is that China provides a better benchmark than the formerly centrally planned economies of Central and Eastern Europe by which to assess the viability of state ownership of banks in Russia and to evaluate the country's banking sector.
The paper examines the principles for the supervision of financial conglomerates proposed by BCBS in the consultative document published in December 2011. Moreover, the article proposes a number of suggestions worked out by the authors within the HSE research team.