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作者：Bils, Mark; Chang, Yongsung; Kim, Sun-Bin
作者单位：University of Rochester; Yonsei University
摘要：Worker heterogeneity in productivity and labor supply is introduced into a matching model. Workers who earn high wages and work high-hours are identified as those with strong market comparative advantage high rents from being employed. The model is calibrated to match separation, job finding, and employment in the SIPP data. The model predicts a big drop in employment for workers with weak comparative advantage during recessions. But the data show that workers with strong comparative advantage...
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作者：Bidder, R. M.; Smith, M. E.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：In a real business cycle model, an agent's fear of model misspecification interacts with stochastic volatility to induce time varying worst case scenarios. These time varying worst case scenarios capture a notion of animal spirits where the probability distributions used to evaluate decision rules and price assets do not necessarily reflect the fundamental characteristics of the economy. Households entertain a pessimistic view of the world and their pessimism varies with the overall level of v...
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作者：Arellano, Cristina; Bai, Yan; Zhang, Jing
作者单位：University of Rochester; University of Michigan System; University of Michigan; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Using comprehensive firm-level datasets, this paper studies the impact of cross-country variation in financial market development on firms' financing choices and growth. In less financially developed economies, small firms grow faster and have lower leverage than large firms. As financial development improves, the growth difference between small and large firms shrinks, while the leverage difference rises. The paper then develops a quantitative model where financial frictions drive firm growth...
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作者：Mandelman, Federico S.; Zlate, Andrei
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Using data on border enforcement and macroeconomic indicators from the U.S. and Mexico, we estimate a two-country business cycle model of labor migration and remittances. The model matches the cyclical dynamics of unskilled migration, and documents the insurance role of remittances in consumption smoothing. Over the cycle, immigration increases with the expected stream of future wage gains, but it is dampened by a sunk emigration cost. Migration barriers slow the adjustment of the stock of imm...
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作者：Mueller, Ulrich K.
作者单位：Princeton University
摘要：In large Bayesian models, such as modern DSGE models, it is difficult to assess how much the prior affects the results. This paper derives measures of prior sensitivity and prior informativeness that account for the high dimensional interaction between prior and likelihood information. The basis for both measures is the derivative matrix of the posterior mean with respect to the prior mean, which is easily obtained from Markov Chain Monte Carlo output. We illustrate the approach by examining p...
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作者：Young, Eric R.
作者单位：University of Virginia
摘要：This paper considers tax policies to deal with Sudden Stops - declines in aggregate activity that are magnified by a binding collateral constraint - that occasionally occur in emerging market economies. Households and/or the government are assumed to face model uncertainty and desire robustness against alternative models. Welfare gains from optimal taxation are small if the government trusts its model of household expectations, whether those expectations are altered by model uncertainty or not...
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作者：Guler, Bulent; Guvenen, Fatih; Violante, Giovanni L.
作者单位：Indiana University System; Indiana University Bloomington; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); New York University
摘要：The job-search problem of couples differs in significant ways from that of singles. We characterize the reservation wage strategies of a couple that perfectly pools income to understand the ramifications of joint search for individual labor market outcomes. Two cases are analyzed. First, when couples are risk averse and pool income, joint search yields new opportunities relative to single-agent search. Second, when spouses receive job offers from multiple locations and incur a cost when living...
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作者：Erosa, Andres; Fuster, Luisa; Kambourov, Gueorgui
作者单位：University of Toronto; National Bureau of Economic Research
摘要：There are substantial cross-country differences in labor supply late in the life cycle (age 50+). A theory of labor supply and retirement decisions is developed to quantitatively assess the role of social security, disability insurance, and taxation for understanding differences in labor supply late in the life cycle across European countries and the United States. The findings support the view that government policies can go a long way towards accounting for the low labor supply late in the l...
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作者：Hofmann, Boris; Peersman, Gert; Straub, Roland
作者单位：Bank for International Settlements (BIS); Ghent University; European Central Bank
摘要：Supply and demand shocks had much stronger long-run effects on nominal wages and prices during the Great Inflation. For supply shocks, there is even a sign switch in the nominal wage response. Before and after the Great Inflation, nominal wages moved in the same direction as real wages and in the opposite direction of the price level, whereas nominal wages and prices moved in the same direction at longer horizons after the shock in the 1970s. Estimation of a DSGE model shows that these results...
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作者：Guner, Nezih; Kaygusuz, Remzi; Ventura, Gustavo
作者单位：Autonomous University of Barcelona; ICREA; Barcelona School of Economics; Sabanci University; Arizona State University; Arizona State University-Tempe
摘要：Based on well-known evidence on labor supply elasticities, several authors have concluded that women should be taxed at lower rates than men. We evaluate the quantitative implications and merits of this proposition. Relative to the current system of taxation, setting a proportional tax rate on married females equal to 4% (8%) increases output and married female labor force participation by about 3.9% (3.4%) and 6.9% (4.0%), respectively. Gender-based taxes improve welfare and are preferred by ...
