영문목차
CHAPTER 1. New-to-market Product Innovation and Firm Performance : Using Innovation Survey from Japan / Daiya Isogawa ; Kohei Nishikawa ; Hiroshi Ohashi
1. Introduction=2
2. Approaches to Evaluating Innovation Outcomes=3
3. Hypotheses on New-to-Market Product Innovation=5
4. Econometric Analysis=16
5. Conclusion=35
References=36
CHAPTER 2. The Contribution of Research and Innovation to Productivity and Economic Growth / Amani Elnasri ; Kevin J. Fox.
1. Introduction=41
2. Investment in Knowledge Capital and Economic & Productivity Growth=44
3. Intangible Investment=47
4. Growth accounting with intangible capital=61
5. Government spending on science and innovation=68
6. The relation between public support for R&D and market sector MFP growth=76
7. Econometric analysis=78
8. Conclusion=96
References=100
Appendix=104
CHAPTER 3. Assessing an Efficiency Defense : The Case of Intel's Marketing Campaign / Hwa Ryung Lee ; Andras Pechy ; Michelle Sovinsky
1. Introduction=111
2. Test of Advertising Predation (TAP)=113
3. Application of TAP to "Intel Inside" Campaign=118
4. Demand for CPUs=126
5. Marginal Marketing Revenue=143
6. Marginal Marketing Cost=144
7. Robustness and Other Considerations=154
8. Policy Implications=158
References=160
Appendix=163
CHAPTER 4. Entrepreneurship, Small Businesses, and Economic Growth in Cities / YONG SUK LEE
1. Introduction=166
2. A Simple Theory of Entrepreneurship and Urban Growth=170
3. Data and Variables=174
4. The Impact of Entrepreneurship on Urban Growth=177
5. The Impact of Government-backed Entrepreneurship on Urban Growth=199
6. Conclusion=209
References=211
Appendix=214
CHAPTER 5. Changes in Competition of Small vs. Large Firms Resulting from International Trade / Changwoo Nam ; Jiyoon Oh
1. Introduction=220
2. Theoretical Background=223
3. Estimation=229
4. Empirical Results=240
5. Conclusions=256
References=258
Appendix=261
CHAPTER 6. Endogenous Product Characteristics in Merger Simulation : A Study of the U.S. Airline Industry / Jinkook Lee
1. Introduction=269
2. The Model=274
3. Data=284
4. Estimation=288
5. Merger Simulations=300
6. Conclusion=326
References=329
CHAPTER 7. Knowledge, Entrepreneurship and Creation of New Competence : Foundations of the Creative Economy / Hong Y. Park
1. Introduction=333
2. The Nature of Knowledge=335
3. Entrepreneurship Theories of Kirzner, Schumpeter and Knight=340
4. Knowledge and Entrepreneurship and Uncertainty=349
5. Corporate Entrepreneurship : The Dow Chemical Company=354
6. Discussion=363
7. Policy Implications=369
8. Conclusion=373
References=374
CHAPTER 8. Canary in a Coal Mine―Analysis of Systemic Risk / Gabjin Oh ; Hyeongsop Shim ; Yong-Cheol Kim
1. Introduction=382
2. Network analysis and Literature Review=386
3. Measurement of Systemic Risk=392
4. Empirical results=414
5. Conclusions=424
References=434
CHAPTER 9. Monetary Policy Transmission Via Risk-taking Channel in the Mortgage Market / Min-Ho Nam
1. Introduction=438
2. Risk-taking Channel and Mortgage Lending=442
3. Empirical Estimation of Risk-taking Channel=447
4. Developing a DSGE Model=456
5. Analysis of Monetary Policy Transmission in Baseline Model=463
6. Effects of Risk-taking Channel in Mortgage Market=467
7. Conclusion=476
References=479
Appendix=482
CHAPTER 10. Enhancing the Link between Higher Education and Employment / Kye Woo Lee ; Miyeon Chung
1. Introduction=488
2. Review of Literature and Fiscal Assistance Programs(Progams)=491
3. Method and Data=498
4. Analysis Results=502
5. Conclusion=511
References=514
CHAPTER 11. Effect of College Major on Earnings and Gender Gap in Labor Markets : Evidence from Young Adults in South Korea / Sungjin Cho ; Jihye Kam ; Soohyung Lee
1. Introduction=517
2. Institutional Background and Data=520
3. Empirical Framework=529
4. Findings=530
5. Robustness Checks=539
6. Conclusion=541
References=542
CHAPTER 12. Economic Growth and Labor Market Institutions in East Asian Structural Transformation / Seungjoon Oh ; Seung-Gyu Sim
1. Introduction=545
2. The Baseline Model=550
3. Numerical Analysis=564
4. Counterfactual Experiments=573
5. Conclusion=579
References=581
Appendix=584
CHAPTER 13. Wage Dynamics with Private Learning-by-doing and On-the-job Search / Seung-Gyu Sim
1. Introduction=594
2. The Model=598
3. Data=610
4. Estimation=613
5. Conclusion=619
References=620
Appendix=622
CHAPTER 1
Table 1. Classification of Industries in JNIS=5
Table 2. Summary Statistics=23
Table 3. Estimation Results of Equation (1)=25
Table 4. Estimation Results of Equation (2)=27
Table 5. Estimation Results of Equations (3) and (4)=29
Table 6. Estimation Results of Equation (5)=32
Table 7. Estimation Results of Equation (6)=33
Table 8. Estimation Results of Equation (7)=34
CHAPTER 2
Table 1. Definitions of Intangibles, CHS=49
Table 2. Estimates of nominal intangible investment in the Australian market sector=54
Table 3. Depreciation rate assumptions=58
Table 4. Capital and labour income shares, market sector 1974-75 to 2012-13=67
Table 5. Spillovers from intangible investment (1993-94 to 2012-13)=83
Table 6. Spillovers from software (1993-94 to 2012-13)=85
Table 7. Spillovers from innovative property (1993-94 to 2012-13)=85
Table 8. Spillovers from economic competencies (1993-94 to 2012-13)=87
Table 9. Spillovers from total public support (1993-94 to 2012-13)=89
Table 10. Spillovers from public support (1993-94 to 2012-13) : Research agencies=91
Table 11. Spillovers from public support (1993-94 to 2012-13) : Research agencies―breakdown=92
Table 12. Spillovers from public support (1993-94 to 2012-13) : Higher education sector=93
Table 13. Spillovers from public support (1993-94 to 2012-13) : Business enterprise sector=94
Table 14. Spillovers from public support (1993-94 to 2012-13) : Multisector/Civil=95
CHAPTER 3
Table 1. Market Shares and Advertising Expenditures by PC Firms=120
Table 2. CPU price and CPU marginal cost of Intel-based Dell PCs=122
Table 3. Percent and Market Share of PCs by CPU Type=123
Table 4. Descriptive Statistics=124
Table 5. Descriptive Statistics by CPU Manufacturer (feb 19)=125
Table 6. Probit Regressions of PC Purchase (in 2002)=136
Table 7. PC purchase Probability on PC Characteristics and Demographics=137
Table 8. CPU Purchase Estimates=138
Table 9. Multinomial Logit Estimates of PC/CPU Demand (feb 19)=140
Table 10. Rebate amounts paid by Intel to Dell=146
Table 11. TAP Results of Intel's Marketing Campaign for Dell's Advertising of Intel-Powered PCs=149
Table 12. TAP Results for HP and Toshiba=152
Table 13. TAP Results for Gateway=153
CHAPTER 4
Table 1. Summary Statistics=176
Table 2. Impact of Entrepreneurship on Urban Growth (10 year growth) : OLS Estimates=178
Table 3. Impact of Entrepreneurship on Urban Growth (5 year growth) : OLS Estimates=183
Table 4. Impact of Entrepreneurship on Urban Economic Growth : First-difference Estimates=185
Table 5. Homestead Exemption in 1975 and Year Interstate Banking was Permitted by State=187
Table 6. Impact of Entrepreneurship on Urban Economic Growth : 2SLS Estimates=190
Table 7. Robustness Tests=197
Table 8. Impact of Government-backed Entrepreneurship on Urban Economic Growth : OLS and First-difference Estimates=200
Table 9. Impact of Government-backed Entrepreneurship on Urban Economic Growth : 2SLS Estimates=204
Table 10. Crowd-out of Market Entrepreneurship by Government-backed Entrepreneurship=206
CHAPTER 5
Table 1. Data Statistics=241
Table 2. Statistics of Input Variables=241
Table 3. Statistics of TFPs and Markups=242
Table 4. Means and Differences of Markups=245
Table 5. Market Share and Export Effects on LCK Markups in Unbalanced Panel=251
Table 6. Market Share and Export Effects on LCK Markups in Dynamic Unbalanced Panel=253
Table 7. Import Penetration Effect on Dispersion of Markups=255
CHAPTER 6
Table 1. Data Sources=285
Table 2. Variable Definitions and Summary Statistics for the Estimation Sample=287
Table 3. Instrumental Variables for Endogenous Product Characteristics=291
Table 4. Estimation Results on Model Parameters=294
Table 5. Operating Cost per Available Seat Mile (CASM, in cents)=298
Table 6. Description of Simulation Sample=301
Table 7. Changes in Price and Characteristics of Merged Firm's Products in Oligopoly Markets=306
Table 8. Changes in Price and Characteristics of Merged Firm's Products in Monopoly Markets=314
Table 9. Change in Consumer Surplus (CS) after the Delta and Northwest Airlines Merger=316
Table 10. Change in Producer Surplus (PS) after the Delta and Northwest Airlines Merger=320
Table 11. Change in Total Surplus (TS) after the Delta and Northwest Airlines Merger (unit : $100K)=321
Table 12. Market Competitiveness of QI and QD markets Pre-merger=322
Table 13. Comparison of Average Market Frequency (AMF) : Pre-merger vs. Post-merger (Simulated) vs. Post-merger (Actual)=323
CHAPTER 7
Table 1. Lam's Dimensions of Knowledge=339
Table 2. Alvarez & Barney's Central Assumptions of Discovery and Creation Theories of Entrepreneurial Action=347
CHAPTER 8
Table 1. Interactions of SDC and ASDC=403
Table 2. The 48 industry group classification by Fama French 1997=412
Table 3. Descriptive Statistics=413
Table 4. The rank order of systemic risk in 48 industry sectors in U.S. market=417
Table 5. The relationship between the measure of systemic risk (alpha=0.1) and macroeconomic variables=420
Table 6. Predictive power of our systemic risk measures.=422
CHAPTER 9
Table 1. Estimation of LTV Equation using Level Data=451
Table 2. Estimation of LTV Equation using Demeaned Data=453
Table 3. Calibrated Parameters=464
Table 4. Average LTV Ratio for Home Mortgage=465
Table 5. Parameter Values for Backward-looking LTV Decision Rule=469
Table 6. Parameter Values for Forward-looking LTV Decision Rule=472
CHAPTER 10
Table 1. Fiscal Assistance Programs : Management Indicators and Their Weights Used=489
Table 2. Selective Fiscal Assistance Programs=493
Table 3. PEUEC Indicators (2011)=496
Table 4. Explanations of the Independent Variables=500
Table 5. Higher Educational Institutions Classified by Type and Location=502
Table 6. Descriptive Statistics of the Regression Analysis=502
Table 7. Employment Rates by Type and Location of Higher Educational Institutions=503
Table 8. The Results of the OLS Estimation of Equation (1)=504
Table 9. Results of the OLS Estimation of Equation (2) with Squared and Interactive Terms=507
CHAPTER 11
Table 1. Summary Statistics=524
Table 2. CSAT Proxies=525
Table 3. Correlations=526
Table 4. Spearman's Rank Correlation Coefficients=526
Table 5. Summary Statistics=527
Table 6. Gender Gap in Employment : Initial Survey=531
Table 7. Gender Gap in Employment : Follow-up Survey=532
Table 8. Gender Gap : Earnings=534
Table 9. Gender Gap in Job Mobility=536
Table 10. Gender Gap in Employment by High School Track=537
Table 11. Gender Gap : Earnings by High School Track=538
Table 12. Gender Gap in Job Mobility by High School Track=539
CHAPTER 12
Table 1. Parameter Values : Exogenously Assigned (Japan)=568
Table 2. Parameter Values : Endogenously Targeted (Japan)=568
Table 3. Parameter Values : Exogenously Assigned (South Korea)=572
Table 4. Parameter Values : Endogenously Targeted (South Korea)=573
Table 5. Counterfactual Experiments=578
CHAPTER 13
Table 1. Auxiliary Moments=616
Table 2. Parameter Estimation=617
Table 3. Counter Factual Analysis=618
Appendix Table 1. Product Cross-Reference from Processor Core to Brand Name (i.e. Marketing Name) in Sample (Q1:2002-Q4:2005)=163
Appendix Table 1. Impact of Firm Expansion on Urban Growth=214
Appendix Table 4. Homestead Exemption and Firm Expansion=216
Appendix Table 3. 2SLS Estimates Using Both Homestead Exemption Variables as Instruments=217
Appendix Table 1. Market Share and Export Effects on DLW Markups in Unbalanced Panel=264
Appendix Table 2. Market Share and Export Effects on DLW Markups in Dynamic Unbalanced Panel=265
Appendix Table 3. Market Share and Export Effects on OLS Markups in Unbalanced Panel=266
Appendix Table 4. Market Share and Export Effects on OLS Markups in Dynamic Unbalanced Panel=267
Figure 1. Product Innovation and Firm Sales=6
Figure 2. Novelty and the Sales of New Products=8
Figure 3. Sales of New and Existing Products=9
Figure 4. Technology Acquisition and Provision=11
Figure 5. Information Sources=13
Figure 6. Protection Measures for the Innovation Benefit=14
Figure 7. Novelty and Public Financial Support Classified by Firm Size=15
Figure 8. Overview of the Model=19
Figure 1. Market sector real tangible and intangible investment (1974-75 to 2012-13) 2011-12 dollars, chain volume measures=56
Figure 2. Shares of nominal total intangible investment, by asset type (1974-75 to 2012-13) Percent=57
Figure 3. Tangible, intangible and total capital stock, market sector, 1974-75 to 2012-13 2011-12 dollars, chain volume measures=59
Figure 4. Internal rate of return (IRR) for the market sector, all intangibles treated as capital=60
Figure 5. Market sector gross value added, 1974-75 to 2012-13 2011-12 dollars, chain volume measures=65
Figure 6. Capital services, market sector, 1974-75 to 2012-13 Index 1974-75=100=66
Figure 7. Multifactor productivity, market sector, 1974-75 to 2012-13 (Index 1974-75=100)=68
Figure 8. Expenditure on business R&D : relative significance of public support, 1993-94 to 2012-13 (2011-12 dollars)=71
Figure 9. The ratio of public support for business enterprise to business R&D spending, 1993-94 to 2012-13=71
Figure 10. Australian Government spending on research and innovation 2012-13=73
Figure 11. Total Australian Government support for research and innovation 1993-94 to 2012-13=74
Figure 12. Breakdown of underpinning research funded by the Commonwealth and State/territory by socio-economic objective, 1992-93 and 2011-12=75
Figure 13. Commonwealth support for R&D, by type of activity, 1992-93 and 2008-09=76
Figure 14. Market sector MFP growth and public support for research agencies, higher education and the business enterprise sector (1993-94 to 2012-13)=77
Figure 1. Scatterplot of MSA employment growth (1993-2002) and small business births (1993)=180
Figure 2. Scatterplot of MSA payroll growth (1993-2002) and small business births (1993)=180
Figure 3. Scatterplot of MSA wage growth (1993-2002) and small business births (1993)=181
Figure 1. Distributions of Markups According to Estimation Models=243
Figure 2. Distributions of Markups over Time=244
Figure 3. Distributions of Exporters and Non-Exporters' Markups=246
Figure 4. Distributions of Small and Large Plants' Markups=247
Figure 5. Distributions of Markups of Plants sorted by Size and Globalisation=248
Figure 1. An Illustration of Market and Product=275
Figure 2. Operating Cost per Available Seat Mile (CASM)=299
Figure 3. Simulation Design for Decomposing Sources of Price Change=301
Figure 4. Measures for the Extent of Product Differentiation : Within-firm distance and Within-market distance=304
Figure 5. Quality Changes of Merged Firm's Products in All Markets By market power=305
Figure 6. Quality Changes of Merged Firm's Products in Oligopoly Markets By product group=308
Figure 7. Quality Changes of Merged Firm's Products in Monopoly Markets=311
Figure 8. Distribution of Market Frequency in QI and QD Markets : Pre-merger vs. Post-merger (Simulated) vs. Post-merger (Actual)=324
Figure 9. Distribution of Market Frequency in All Markets : Pre-merger vs. Post-merger (Simulated) vs. Post-merger (Actual)=325
Figure 1. Screening process=357
Figure 1. Network structure of symmetric information flows and asymmetric information flows.=393
Figure 2. Network structure of SDC that are significant at the certain threshold value among the daily return of the 48 industry sectors over 2000 to 2001 (a) and over 2007 to 2008 (b). (c) and (d) displays the ASDC network for normal period (2000-2001) and financial crisis (2009-2010), respectively.=397
Figure 3. Time evolution of average approximate entropy (ApEn) measure for whole economy, financial sectors, and real economy sectors=400
Figure 4. Relationship between the measure of systemic risk and asymmetric of information flow=409
Figure 5. Evolution of the strength of directed connectedness and its asymmetry : (a) 1 year rolling estimates of the total summa-tion of strength of directed connectedness ; (b) Total asymmetry of SDC ; (c) linear correlation between SDC and ASDC=411
Figure 6. Time evolution of systemic risk measure : (a) 1 year rolling estimates of the systemic risk ; (b) systemic risk of industry sectors such as finance, real economy, real estate, and trading sectors, and it is normalized by the average of systemic risk of 48 industries ; (c) ratio of difference of systemic risk between financial and real economy sectors.=416
Figure 7. Time evolution of t-value of beta coefficient=423
Figure 8. The correlation between systemic risk and essential quantity, such as SDC, ASDC according to various α value from 0 to 1.=427
Figure 9. Time evolution of both systemic risk and 3 month T-bill rate.=427
Figure 10. Correlation between SR and 3 month T-bill rate over different periods of time.=428
Figure 11. Time evolution of both systemic risk and 10 year T-bill rate.=428
Figure 12. Correlation between SR and 10 year T-bill rate over different periods of time.=429
Figure 13. Time evolution of both systemic risk and Libor rate=429
Figure 14. Correlation between SR and Libor rate over different periods of time.=430
Figure 15. Time evolution of both systemic risk and S&P500 index return=430
Figure 16. Correlation between SR and S&P500 index return over different periods of time.=431
Figure 17. Time evolution of both systemic risk and volatility of S&P500 index.=431
Figure 18. Correlation between SR and volatility of S&P500 index over different periods of time.=432
Figure 19. Time evolution of both systemic risk and unemployment rate=432
Figure 20. Correlation between SR and unemployment rate over different periods of time.=433
Figure 1. Risk-taking Channel in Mortgage Market=446
Figure 2. Auto Loan and Home Mortgage LTV Ratio in U.S.=448
Figure 3. Trend Components of Auto Loan and LTV Ratio=449
Figure 4. Mortgage LTV Ratio and House Price Growth in U.S.=450
Figure 5. Mortgage LTV Ratio and Federal Fund Rates in U.S.=452
Figure 6. Impulse Response from VAR Analysis=455
Figure 7. Impulse Responses to a Monetary Policy Shock=465
Figure 8. Comparison of Impulse Responses of Consumption=468
Figure 9. Impulse Responses to a Monetary Policy Shock=470
Figure 10. Impulse Response of LTV Ratio=472
Figure 11. Impulse Responses by Forward-looking LTV Decision Rule=474
Figure 12. Impulse Responses to LTV Shock=475
Figure 1. Relationship between per-student expense and the number of students per faculty with the employment rate=509
Figure 2. Interactive effects of per-student expense and the number of students per instructor=510
Figure 1. Calibration Results (Japan)=569
Figure 2. Calibration Results (South Korea)=571
Figure 3. Counterfactual Results : Labor Market Institutions and Labor Productivity=576
Figure 4. Counterfactual Results : Labor Market Institutions and Economic Growth=577
Figure 1=606
Figure 2=609