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作者：Lkhagvasuren, Damba
作者单位：Concordia University - Canada
摘要：Considerable labor mobility exists across US states, enough that, if migration arbitrages local unemployment, one might expect very low unemployment differences across states. However, cross-state data reveal large unemployment differences. An equilibrium multi-location model with stochastic worker-location match productivity and within-location trading frictions can account for these facts. In the model, some workers move to, or stay in, a location with high unemployment because they are more...
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作者：D'Erasmo, Pablo N.; Boedo, Hernan J. Moscoso
作者单位：University System of Maryland; University of Maryland College Park; University of Virginia
摘要：The impact of capital market imperfections and costs of creating and operating formal sector firms on total factor productivity is studied. We propose a firm dynamics model with endogenous formal and informal sectors where firms face a technology adoption opportunity. The model predicts that countries with a low degree of debt enforcement and high costs of formality are characterized by low allocative efficiency and large output shares produced by low productivity, informal sector firms. For f...
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作者：Bachmann, Ruediger
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作者：Sahin, Ayseguel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
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作者：Hansen, Lars Peter; Sargent, Thomas J.
作者单位：University of Chicago; New York University
摘要：For each of three types of ambiguity, we compute a robust Ramsey plan and an associated worst-case probability model. Ex post, ambiguity of type I implies endogenously distorted homogeneous beliefs, while ambiguities of types II and III imply distorted heterogeneous beliefs. Martingales characterize alternative probability specifications and clarify distinctions among the three types of ambiguity. We use recursive formulations of Ramsey problems to impose local predictability of commitment mul...
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作者：Fiori, Giuseppe
作者单位：Universidade de Sao Paulo
摘要：Aggregate investment in the US economy displays a hump-shaped pattern in response to shocks, and the autocorrelation of aggregate investment growth is positive for the first few quarters, turning negative for the later quarters. This paper shows that this feature of the data is the natural outcome of a two-sector consumption/investment model designed and calibrated to reproduce plant-level evidence on capita: accumulation. (C) 2012 Elsevier B.V. All rights reserved.
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作者：Rios-Rull, Jose-Victor; Schorfheide, Frank; Fuentes-Albero, Cristina; Kryshko, Maxym; Santaeulalia-Llopis, Raul
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; University of Pennsylvania; Rutgers University System; Rutgers University New Brunswick; International Monetary Fund; Washington University (WUSTL)
摘要：Calibration and modern (Bayesian) estimation methods for a neoclassical stochastic growth model are applied to make the case that the identification of key parameters, rather than quantitative methodologies per se, is responsible for empirical findings. For concreteness, the model is used to measure the contributions of technology shocks to the business cycle fluctuations of hours worked and output. Along the way, new insights are provided in the parameter identification associated with likeli...
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作者：Lewis, Vivien; Poilly, Celine
作者单位：Universite Catholique Louvain; University of Lausanne
摘要：Two business cycle models with endogenous firm and product entry are estimated by matching impulse responses to a monetary policy shock. The 'competition effect' implies that entry lowers desired markups and dampens inflation. Under translog preferences, where the substitutability between goods depends on their number, we find evidence of such an effect. That model generates more countercyclical markups than Dixit and Stiglitz (1977) monopolistic competition model, where price stickiness is th...
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作者：Rogerson, Richard
作者单位：Princeton University
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作者：Marimon, Ramon; Pablo Nicolini, Juan; Teles, Pedro
作者单位：European University Institute; Pompeu Fabra University; National Bureau of Economic Research; Universidad Torcuato Di Tella; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Banco de Portugal; Universidade Catolica Portuguesa
摘要：The interplay between competition and trust as efficiency-enhancing mechanisms in the private provision of money is studied. With commitment, trust is automatically achieved and competition ensures efficiency. Without commitment, competition plays no role. Trust does play a role but requires a bound on efficiency. Stationary inflation must be non-negative and, therefore, the Friedman rule cannot be achieved. The quality of money can be observed only after its purchasing capacity is realized. I...
