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作者：Zi, Yuan
摘要：I examine how migration frictions shape the effects of trade policy by analyzing the impact of tariff reductions on labor allocation in China and the role of hukou-based migration frictions. Trade liberalization induces significant labor reallocation, greater in regions with lower hukou frictions. Quantitatively, trade liberalization increases China's welfare by 0.72%. Abolishing the hukou system directly improves welfare by 1.75% but reduces gains from tariff reductions by 18% and amplifies n...
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作者：Li, Wenli; Meghir, Costas; Oswald, Florian
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Yale University; National Bureau of Economic Research; IZA Institute Labor Economics; Centre for Economic Policy Research - UK; University of Turin
摘要：We specify and estimate a life-cycle model of consumption, housing demand, and labor supply in an environment where individuals can file for bankruptcy and/or default on their mortgages in the presence of house price shock, income shock, and catastrophic expenditure events. A key feature of the model is that individuals differ by education, which dictates their income process and preference. We estimate the model using data on credit reports and mortgages combined with Census data. Our model d...
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作者：Lu, Dong; Puzzello, Daniela; Zhu, Aiyong
作者单位：Renmin University of China; Indiana University System; Indiana University Bloomington; Southwestern University of Finance & Economics - China
摘要：This paper integrates theory and transaction-level data from China's interbank over-the-counter (OTC) FX market to examine how search frictions affect prices, asset distributions, and welfare. We document that: (1) larger banks face lower transaction costs, decreasing with trade size; (2) easing search frictions increases dispersion in asset holdings; and (3) search frictions distort counterparty selection. These patterns follow naturally from an OTC model with heterogeneous investor search ab...
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作者：Shangguan, Ruo; Devaro, Jed; Owan, Hideo
作者单位：Jinan University; Waseda University
摘要：Modern workplaces extensively use teams of white-collar knowledge workers to complete complex projects. Data on architects designing construction projects in a Japanese firm reveal that a five-person team's highest contributor invests over 60% of the team's working hours. Following the financial crisis of 2008, the average team productivity increased by 8.9%, while hours became more concentrated within teams. A theoretical model of team productivity is used to explain the changes. The counterf...
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作者：Peretto, Pietro F.; Valente, Simone
作者单位：Duke University; Norwegian University of Science & Technology (NTNU)
摘要：Pollution causes premature deaths but plays almost no role in macroeconomic analysis. To fill this gap, we build a tractable model of innovation-led economic growth and endogenous fertility in which production generates deadly spillovers, that is, emissions that increase mortality. Such spillovers affect income growth, population size, and welfare. They also create steady states that would not exist otherwise. Emission taxes increase population size and may even raise long-run growth if they r...
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作者：Urbinati, Niccolo; LiCalzi, Marco
作者单位：Universita Ca Foscari Venezia; Universita Ca Foscari Venezia
摘要：We study competitive equilibria in exchange economies when a continuum of goods is conflated into a finite set of commodities. The design of conflation choices affects the allocation of scarce resources among agents, by constraining trading opportunities and shifting competitive pressures. We demonstrate the consequences on relative prices, trading positions, and welfare.
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作者：Elliott, Matthew; Talamas, Eduard
作者单位：University of Cambridge; University of Navarra; IESE Business School
摘要：Agents make noncontractible investments before bargaining over who matches with whom and their terms of trade. An agent is a price taker when her investments do not change her potential partners' payoffs. This incentivizes socially optimal investments. Across a variety of noncooperative bargaining models featuring dynamic entry, we show that everyone necessarily becomes a price taker as the discount factor goes to 1 if there is a minimal amount of competition always present in the market. If t...
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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...
