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作者：Acemoglu, Daron; Johnson, Simon; Robinson, James A.; Yared, Pierre
作者单位：Columbia University; Massachusetts Institute of Technology (MIT); Massachusetts Institute of Technology (MIT); Harvard University
摘要：We revisit and critically reevaluate the widely accepted modernization hypothesis which claims that per capita income causes the creation and the consolidation of democracy. Existing studies find support for this hypothesis because they fail to control for the presence of omitted variables. Controlling for these factors either by including country fixed effects in a linear model or by including parameterized random effects in a nonlinear double hazard model removes the correlation between inco...
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作者：McCallum, Bennett T.
作者单位：Carnegie Mellon University; National Bureau of Economic Research
摘要：Cochrane (2007) has strongly questioned the basic economic logic of current monetary policy analysis, arguing that New Keynesian (NK) models imply rational expectations paths with explosive inflation that do not imply explosions in real variables relevant for transversality conditions. Consequently, the usual logic does not rule out solutions with explosive inflation. That result does not, however, justify negative conclusions about NK analysis, for a different criterion is logically satisfact...
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作者：Cochrane, John H.
作者单位：University of Chicago; National Bureau of Economic Research
摘要：McCallum (2009) argues that learnability can save new-Keynesian models from indeterminacies. He claims the unique bounded equilibrium is learnable, and the explosive equilibria are not. However, he assumes that agents can directly observe the monetary policy shock. Reversing this assumption, I find the opposite: the bounded equilibrium is not learnable and the unbounded equilibria are learnable. More generally, I argue that a threat by the Fed to move to an unlearnable equilibrium for all but ...
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作者：Sveen, Tommy; Weinke, Lutz
作者单位：Norges Bank; Humboldt University of Berlin; Duke University
摘要：We demonstrate that the presence of an empirically plausible labor adjustment decision at the firm level rationalizes strategic complementarities in price-setting which help explain inflation dynamics. Those strategic complementarities are typically assumed away in the related existing literature. This motivates our revisiting of inflation and labor market dynamics. (C) 2009 Elsevier B.V. All rights reserved.
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作者：Comin, Diego; Mulani, Sunil
作者单位：Harvard University; National Bureau of Economic Research
摘要：We present an endogerrous growth model that explains the evolution of the first and second moments of productivity growth at the aggregate and firm level during the postwar period. Growth is driven by the development of both (i) idiosyncratic R&D innovations and (ii) general innovations that can be freely adopted by many firms. Firm-level volatility is affected primarily by the Schumpeterian dynamics associated with the development of R&D innovations. The variance of aggregate productivity gro...
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作者：Klein, Paul; Ventura, Gustavo
作者单位：University of Iowa; Western University (University of Western Ontario); Stockholm University
摘要：Barriers to labor mobility across countries coexist with substantial differences in living standards largely attributable to productivity differences. A growth model with endogenous labor movements is used to assess the effects on output, capital accumulation and welfare of removing barriers to labor mobility. The model is parameterized so that it is consistent with evidence on historical labor movements, and is applied to two cases: the enlargement of the European Union and the (hypothetical)...
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作者：Chambers, Matthew; Garriga, Carlos; Schlagenhauf, Don E.
作者单位：State University System of Florida; Florida State University; University System of Maryland; Towson University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Most countries have tax provisions and subsidies to promote homeownership. These provisions generate an asymmetry in the tax treatment of owner- and rental-occupied housing, which affects the incentives to supply tenant-occupied housing. This paper analyzes the quantitative importance of the interaction of these provisions with the progressivity of income taxation in the context of an overlapping generations model with housing and rental markets. The model replicates the key facts observed in ...
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作者：Bergin, Paul R.; Glick, Reuven
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of California System; University of California Davis; National Bureau of Economic Research
摘要：While nontraded goods play an important role in many open economy macroeconomic models, these models have difficulty explaining the low volatility in the relative price of nontraded goods. In contrast to macroeconomic convention. this paper argues that the share of nontraded goods is endogenous, a time-varying product of macroeconomic shocks and trade costs that are heterogeneous across goods. A simple open economy model demonstrates that trade cost heterogeneity and a time-varying margin of t...
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作者：Poschke, Markus
作者单位：McGill University
摘要：How do firing costs affect aggregate productivity growth? To address this question, a model of endogenous growth through selection and imitation is developed. it is consistent with recent evidence on firm dynamics and on the importance of reallocation for productivity growth. In the model, growth is driven by selection among heterogeneous incumbent firms and is sustained as entrants imitate the best incumbents. In this framework, firing costs not only induce misallocation of labor, but also af...
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作者：Chen, Kaiji; Imrohoroglu, Ayse; Imrohoroglu, Selahattin
作者单位：University of Southern California; University of Hong Kong
摘要：Low frequency changes in the U.S. current account can be understood in terms of the influence of differences in productivity growth rates across time and across countries using standard growth theory. In particular, the secular decline is primarily driven by the increase in the U.S. TFP growth rate relative to its trading partners. Differences in population growth rates or fiscal policy have no significant effects on the low frequency changes in the U.S. current account. (C) 2009 Elsevier B.V....
