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作者：Primiceri, Giorgio E.; van Rens, Thijs
作者单位：Northwestern University; National Bureau of Economic Research; Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University
摘要：Was the increase in income inequality in the US due to permanent shocks or merely to an increase in the variance of transitory shocks? The implications for consumption and welfare depend crucially on the answer to this question. We use Consumer Expenditure Survey (CEX) repeated cross-section data on consumption and income to decompose idiosyncratic changes in income into predictable life-cycle changes, transitory and permanent shocks and estimate the contribution of each to total inequality. O...
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作者：Woodford, Michael
作者单位：Columbia University
摘要：A model is presented in which decisions about when to review a firm's existing price must be made on the basis of imprecise awareness of current market conditions. Imperfect information is endogenized using a variant of the theory of rational inattention proposed by Sims [1998. Stickiness. Carnegie-Rochester Conference Series on Public Policy 49, 317-356; 2003. Implications of rational inattention. journal of Monetary Economics 50, 665-690; 2006. Rational inattention: a research agenda. Unpubl...
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作者：Rappoport, Veronica
作者单位：Columbia University
摘要：Credit contracts in developing countries are often denominated in foreign currencies, even after many of these economies succeeded in controlling inflation. This paper proposes a new interpretation of this apparent puzzle based on the demand for insurance against real shocks: the fact that devaluations occur more frequently in adverse states of the world provides a motive for holding dollar assets. This approach implies a complementarity between the optimal monetary policy and the currency den...
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作者：Bali, Turan G.; Demirtas, K. Ozgur; Levy, Haim; Wolf, Avner
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Hebrew University of Jerusalem
摘要：It has become increasingly popular to advise investors to relocate their funds from a primarily stock portfolio to a primarily bond portfolio as they get older. However, the well-known decision rules Such as mean-variance or stochastic dominance rules are unable to explain this common practice. Almost stochastic dominance (ASD) and almost mean-variance (AMV) approaches are used to examine the dominance of stock and bond portfolios. ASD and AMV rules unambiguously support the popular practice o...
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作者：Van den Heuvel, Skander J.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
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作者：Holden, Steinar; Wulfsberg, Fredrik
作者单位：Norges Bank; University of Oslo
摘要：We explore the existence of downward real wage rigidity (DRWR) at the industry level, based on data from 19 OECD countries for the period 1973-1999. The results show that DRWR compresses the distributions of industry wage changes overall, as well as for specific geographical regions and time periods, but there are not many real wage Cuts that are prevented. More important, however, DRWR attenuates larger real wage cuts, thus leading to higher real wages. There is stronger evidence for downward...
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作者：Wang, Neng
作者单位：Columbia University; Columbia University; National Bureau of Economic Research
摘要：Recent empirical evidence supports the view that the income process has an individual-specific growth rate component [Baker, M., 1997. Growth-rate heterogeneity and the covariance structure of life-cycle earnings. Journal of Labor Economics 15, 338-375; Guvenen, F., 2007b. Learning your earning: Are labor income shocks really very persistent? American Economic Review 97, 687-712; Huggett, M., Ventura, G., Yaron, A., 2007. Sources of life-cycle inequality. Working paper, University of Pennsylva...
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作者：Edmond, Chris; Veldkamp, Laura
作者单位：Center for Economic & Policy Research (CEPR); New York University; University of Melbourne; National Bureau of Economic Research
摘要：Recent advances in measuring cyclical changes in the income distribution raise new questions: How might these distributional changes affect the business cycle itself? We show how counter-cyclical income dispersion can generate counter-cyclical markups in the goods market, without any preference shocks or price-setting frictions. in recessions, idiosyncratic labor productivity shocks raise income dispersion, lower the price elasticity of demand, and increase imperfectly competitive firms' optim...
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作者：Chang, Yongsung; Hornstein, Andreas; Sarte, Pierre-Daniel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Rochester; Yonsei University
摘要：Whether technological progress raises or lowers employment in the short run has been the subject of much debate in the recent years. We show that cross-industry differences in inventory holding costs, demand elasticities, and price rigidities potentially all affect employment decisions in the face of productivity shocks. In particular, the employment response to a permanent productivity shock is more likely to be positive the less costly it is to hold inventories, the more elastic industry dem...
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作者：Comin, Diego; Groshen, Erica L.; Rabin, Bess
作者单位：Harvard University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Has greater turbulence among firms fueled rising wage instability in the U.S.? We find strong Support for the hypothesis that rising turbulence in the sales of large publicly-traded U.S. firms over the past three decades has raised their workers' high-frequency wage volatility. Through controls and instrumental variable probes, we rule out straightforward compositional churning as an explanation for the link between firm sales and wage volatility. We also observe that the relationship between ...
