-
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...
-
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...
-
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...
-
作者：Choi, Syngjoo; Kim, Bongseop; Kim, Young Sik; Kwon, Ohik
作者单位：Seoul National University (SNU); Bank of Korea
摘要：Privacy protection is among the key features to consider in the design of central bank digital currency (CBDC). Using a nationally representative sample of over 3,500 participants, we conduct a randomized online survey experiment to examine how the willingness to use CBDC as a means of payment varies with the degree of privacy protection and information provision on the privacy benefits of using CBDC. We find that both factors significantly increase participants' willingness to use CBDC by up ...
-
作者：Ham, John C.; Quistorff, Brian; Weinberg, Bruce A.
作者单位：New York University; IZA Institute Labor Economics; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：We draw on a recombinant view of innovation, where being in a new location and/or multiple locations leads to exposure to novel combinations of ideas that increase the creativity of top scientists. Using a rich, unique data set we helped assemble, we estimate the empirical relationship between being in a new location and/or multiple locations and the expected interval before an eventual Nobel laureate (ENL) commences their prize-winning work. We find that being in a new location and in multipl...
-
作者：Audoly, Richard
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：I study the labor market risks associated with self-employment. I document that the self-employed are subject to larger earnings fluctuations than employees and frequently transition into unemployment. I analyze the provision of benefits targeted at these risks using a calibrated search model with (i) precautionary savings, (ii) work opportunities in paid- and self-employment, and (iii) skill heterogeneity. Extending the U.S. unemployment insurance scheme to the self-employed increases the tra...
-
作者：Luo, Jie; Wang, Cheng
作者单位：University of International Business & Economics; Fudan University
摘要：We present a macro view of China's financial system where a monopolistic banking sector coexists endogenously with bonds and private loans. In equilibrium smaller firms raise finance from private lending, larger firms through bank loans, and the largest by issuing bonds. The model predicts that expanding credit supply increases bank loans but reduces bond finance and private lending, in absolute terms and relative to total credit. In addition, removing the interest rate ceiling on bank lending...
-
作者：Mathes, Sophie M.
摘要：I estimate a dynamic location choice model using data on 3.7 million seniors from 2001 to 2013. Choices depend on preferences and beliefs regarding longevity and the future evolution of health and wealth in different locations. The model accommodates heterogeneous preferences. Willingness-to-pay (WTP) estimates for milder winters are relatively uniform and positive. WTP for cooler summers exhibits heterogeneity. Under a business as usual climate change counterfactual, 1.9% of individuals would...
-
作者：Nishida, Mitsukuni
作者单位：Johns Hopkins University
摘要：Entry-order effects on economic profits have not been extensively studied due to data limitations. This article empirically examines these effects on revenues and costs using a structural approach without requiring information on accounting profits and costs. Utilizing panel data from Japan's convenience-store industry, I apply a two-step estimator for many geographic markets. The results reveal that whereas early entrants gain 4.8% more revenue at the outlet level, subsequent entrants benefit...
-
作者：Cotoc, Johnny; Johri, Alok; Sosa-Padilla, Cesar
作者单位：McMaster University; University of Notre Dame; National Bureau of Economic Research
摘要：Nations with a higher propensity to elect left governments tend to pay higher and more volatile sovereign spreads. We build a sovereign default model with elections between left and right policymakers. Reelection probabilities increase with government spending, with the left having a small advantage (consistent with the data). We use variation in election efficiency to create model economies that elect the left more (left leaning) or less frequently (right leaning) in equilibrium. The left-lea...
