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作者：Boar, Corina; Storesletten, Kjetil; Knowles, Matthew; Wang, Yicheng
作者单位：New York University; University of Minnesota System; University of Minnesota Twin Cities; Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
摘要：Credit expansions stimulate the economy. We quantify the contribution of households versus firms for this stimulus. Using causal evidence from the quasi-natural experiment of bank deregulation across US states, we estimate a small open-economy heterogeneous-agent New Keynesian model. Deregulation generated lower borrowing costs. Firms' responses to such shocks account for most of the long-run rise in output and employment. For short-run dynamics, firms and households are equally important. Fir...
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作者：Mecikovsky, Ariel; Wellschmied, Felix
作者单位：Universidad Carlos III de Madrid; IZA Institute Labor Economics
摘要：U.S. male residual wage inequality rose, and the employment rate fell between 1983 and 2013. Using a structural labor market model, we show that rising idiosyncratic wage risk and lower taxes at the bottom of the earnings distribution are the main forces behind rising wage inequality. The former contributes to the falling employment rate. Falling real wages and rising disability risk further depressed employment of workers without a college degree and rising exogenous job destruction depressed...
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作者：Jia, Dun
作者单位：Peking University; Peking University Shenzhen Graduate School (PKU Shenzhen)
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作者：Grunewald, Andreas; Kluemper, Andreas; Kraekel, Matthias
作者单位：Frankfurt School Finance & Management; University of Bonn; University of Bonn
摘要：This article studies information manipulation during a democratic election. In our model, candidates manipulate public signals about their welfare impact, and a fraction of the electorate naively ignores manipulation. We derive three main findings. First, information manipulation is detrimental to candidate selection and aggravates the dispersion of political attitudes. Second, both educating voters and creating institutions to eliminate false information may involve a trade-off between improv...
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作者：Andreoli, Francesco; Faure, Mathieu; Gravel, Nicolas; Kundu, Tista
作者单位：University of Verona; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Christ University
摘要：This paper provides a robust criterion for comparing lists of probability distributions-interpreted as allocations of opportunities-faced by different social groups. We axiomatically argue in favor of comparing those lists of probability distributions on the basis of a uniform-among groups-valuation of their expected utility. We identify an empirically implementable criterion for comparing allocations of opportunities that coincides with the unanimity of all such uniform valuations of expected...
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作者：Pycia, Marek; Unver, M. Utku
作者单位：University of Zurich; Boston College
摘要：In environments without transfers, market designers usually restrict attention to ordinal mechanisms. Ordinal mechanisms are simpler but miss potentially welfare-relevant information. Under what conditions is it without loss to focus on ordinal mechanisms? We show that all group strategy-proof mechanisms are ordinal. While not all Pareto efficient mechanisms are ordinal, all mechanisms maximizing an Arrovian social welfare function must be. These results accommodate feasibility constraints and...
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作者：Gong, Yifan; Stinebrickner, Todd; Stinebrickner, Ralph; Yao, Yuxi
作者单位：University of Nebraska System; University of Nebraska Lincoln; Western University (University of Western Ontario)
摘要：We examine the initial postcollege geographic location decisions of students from low-income backgrounds, focusing on the role of nonpecuniary considerations. Novel survey questions, in the spirit of the contingent valuation approach, allow us to characterize the full nonpecuniary benefits of each relevant location in dollar equivalents. Supplementing data on perceived location choice probabilities and wage expectations with our nonpecuniary measures allows us to estimate a stylized location c...
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作者：Phelan, Thomas
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：In this article, I study the optimality of differential asset taxation in an environment with entrepreneurs and workers in which output is stochastic and entrepreneurs can misreport profits and abscond with capital. I show that a stationary efficient allocation may be implemented as an equilibrium with endogenous collateral constraints, transfers to newborns, and linear taxes on profits, investment, and interest. Furthermore, these taxes differ from one another and serve distinct purposes. The...
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作者：Hall, George J.; Sargent, Thomas J.
作者单位：Brandeis University; New York University
摘要：After 2000, ratios of tax collections to GDP and government expenditures to GDP have departed from 19th and 20th century US patterns. Before 2000, wartime government expenditure/GDP surges were accompanied by permanent rises in expenditure/GDP and tax collection/GDP ratios. Part of the War on COVID expenditure/GDP surge has persisted, but so far tax collections have not risen relative to GDP. If that discrepancy persists, the consolidated federal government budget constraint portends permanent...
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作者：Jo, In Hwan
作者单位：National University of Singapore
摘要：I study the macroeconomic implications of firm heterogeneity in the presence of financial frictions. I build a business cycle model in which firm size is jointly determined by idiosyncratic productivity and collateral constraints. I estimate skewed idiosyncratic shocks and align the model with the evidence on firm size, leverage, and investment moments. The extent of resource misallocation is driven by a small number of highly productive but financially constrained firms. A credit shock severe...
