-
作者：Alvarez, Fernando; Veracierto, Marcelo
作者单位：University of Chicago; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We develop a theoretical model of firm dynamics and unemployment and characterize equilibria with tenure dependent separation taxes. The model is a version of the Lucas and Prescott island model with undirected search. Two equivalent decentralizations are considered: one with spot labor markets and one with long-term employment relations. We model temporary contracts as the special case of a separation tax that only applies to workers with tenure higher than J. While in principle these contrac...
-
作者：Bramoulle, Yann; Currarini, Sergio; Jackson, Matthew O.; Pin, Paolo; Rogers, Brian W.
作者单位：Stanford University; Laval University; Aix-Marseille Universite; Universita Ca Foscari Venezia; University of Bristol; The Santa Fe Institute; University of Siena; Northwestern University; Northwestern University
摘要：We model network formation when heterogeneous nodes enter sequentially and form connections through both random meetings and network-based search, but with type-dependent biases. We show that there is long-run integration, whereby the composition of types in sufficiently old nodes' neighborhoods approaches the global type-distribution, provided that the network-based search is unbiased. However, younger nodes' connections still reflect the biased meetings process. We derive the type-based degr...
-
作者：Zuber, Stephane; Asheim, Geir B.
作者单位：Universite Paris Cite; Centre National de la Recherche Scientifique (CNRS); University of Oslo
摘要：The discounted utilitarian criterion for infinite horizon social choice has been criticized for treating generations unequally. We propose an extended rank-discounted utilitarian (ERDU) criterion instead. The criterion amounts to discounted utilitarianism on non-decreasing streams, but it treats all generations impartially: discounting becomes the mere expression of intergenerational inequality aversion. We show that more inequality averse ERDU societies have higher social discount rates when ...
-
作者：Rocheteau, Guillaume
作者单位：University of California System; University of California Irvine; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：I apply mechanism design to quantify the cost of inflation that can be attributed to monetary frictions alone. In an environment with pairwise meetings, the money demand that is consistent with an optimal, incentive feasible allocation takes the form of a continuous correspondence that can fit the data over the period 1900-2006. For such parameterizations, the cost of moderate inflation is zero. This result is robust to the introduction of match-specific heterogeneity and endogenous participat...
-
作者：Mitra, Tapan; Ray, Debraj
作者单位：Cornell University; New York University
摘要：We examine whether the Phelps-Koopmans theorem is valid in models with nonconvex production technologies. We argue that a nonstationary path that converges to a capital stock above the smallest golden rule may indeed be efficient. This finding has the important implication that capital overaccumulation need not always imply inefficiency. Under mild regularity and smoothness assumptions, we provide an almost-complete characterization of situations in which every path with limit in excess of the...
-
作者：Gajdos, Thibault; Weymark, John A.
作者单位：Vanderbilt University; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：This introduces the symposium on inequality and risk. (c) 2012 Elsevier Inc. All rights reserved.
-
作者：Strausz, Roland
作者单位：Humboldt University of Berlin
摘要：The framework of incentive compatible finite direct coordination mechanisms in the sense of Myerson (1982) [5] is isomorphic to a framework of incentive compatible stochastic mediated contracts in the sense of Rahman and Obara (2010) [11] and Rahman (2009)[10]. The equivalence follows because the framework of Myerson (1982) [5] allows for a correlation between recommendations and transfers. The literature has hitherto not recognized the importance of this correlation for the structure of optim...
-
作者：Acemoglu, Daron; Gancia, Gino; Zilibotti, Fabrizio
作者单位：Massachusetts Institute of Technology (MIT); University of Zurich
摘要：We study a dynamic general equilibrium model where innovation takes the form of the introduction of new goods whose production requires skilled workers. Innovation is followed by a costly process of standardization, whereby these new goods are adapted to be produced using unskilled labor. Our framework highlights a number of novel results. First, standardization is both an engine of growth and a potential barrier to it. As a result, growth is an inverse U-shaped function of the standardization...
-
作者：Fostel, Ana; Geanakoplos, John
作者单位：George Washington University; Yale University; The Santa Fe Institute
摘要：A recent literature shows how an increase in volatility reduces leverage. However, in order to explain pro-cyclical leverage it assumes that bad news increases volatility, that is, it assumes an inverse relationship between first and second moments of asset returns. This paper suggests a reason why bad news is more often than not associated with higher future volatility. We show that, in a model with endogenous leverage and heterogeneous beliefs, agents have the incentive to invest mostly in t...
-
作者：Jensen, Martin Kaae
作者单位：University of Birmingham
摘要：This study proves various global stability results for unbounded optimal growth models. The main theorem states that any optimal path will eventually be in the neighborhood of a balanced growth path if future utility is sufficiently weakly discounted. The assumptions allow for non-smooth technologies, joint production, and production in independent sectors. Hence, the results form the integration of new growth and turnpike theory sought by McKenzie (1998) [31] in his Ely lecture. The applicabi...
