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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：Raveendranathan, Gajendran; Stefanidis, Georgios
作者单位：McMaster University; York University - Canada
摘要：After decades of consistent growth, U.S. revolving credit declined drastically post 2009. We study the Ability to Pay provision of the Credit CARD Act of 2009, a policy that restricts credit card limits, as a contributing factor. Extending a model of revolving credit lines, we find that the policy accounts for 54-60% of the decline in revolving credit. Furthermore, the policy accounts for lower utilization rates despite tighter credit limits and higher spreads despite lower default risk. The p...
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作者：Harrison, Glenn W.; Lau, Morten I.; Yoo, Hong Il
作者单位：University System of Georgia; Georgia State University; Copenhagen Business School; Durham University; Loughborough University; University of Cape Town
摘要：Claims that individuals have dynamically inconsistent preferences are usually made by studying individual discount rates over different time delays, but where those discount rates are elicited at a single point in time. However, to test dynamic inconsistency one has to know if the same subject has a different discounting function at a later point in time. We evaluate data from a longitudinal field experiment undertaken with a nationally representative sample of the adult Danish population. We ...
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作者：Oh, Joonseok; Picco, Anna Rogantini
作者单位：University of Southampton; European Central Bank; Centre for Economic Policy Research - UK
摘要：Households' income heterogeneity is important to explain consumption dynamics in response to aggregate macro uncertainty: an increase in uncertainty generates a consumption drop that is stronger for lower-income households. At the same time, labor markets are strongly responsive to macro uncertainty. A heterogeneous-agent New Keynesian model with search-and-matching frictions in the labor market can account for these empirical findings. The mechanism at play is a feedback loop between lower-in...
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作者：Decreuse, Bruno; Wilemme, Guillaume
作者单位：Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Aix-Marseille Universite; University of Leicester
摘要：Recent papers use regression discontinuity designs (RDDs) based on age discontinuity to evaluate social assistance (SA) and unemployment insurance (UI) extension policies. Job search theory predicts that such designs generate biased estimates of the policy-relevant treatment effect. Owing to market frictions, people below the age threshold modify their search behavior in expectation of future eligibility. We use a job search model to quantify the biases on various datasets in the literature. T...
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作者：Kamranzadeh, Ali; Zheng, Charles Z.
作者单位：Koc University; Western University (University of Western Ontario)
摘要：A mediator proposes a settlement between two contestants to avoid a conflict where the cost each contestant bears is inversely related to the contestant's privately known strength. Their strength levels are identically distributed, and their welfares weigh equally in the mediator's objective. However, the optimal proposal offers one contestant much more than it does the other so that the former accepts it always, whereas the latter only occasionally. This unequal treatment improves the prospec...
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作者：Acemoglu, Daron
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Does capital accumulation increase labor demand and wages? Neoclassical production functions, where capital and labor are q-complements, ensure that the answer is yes, so long as labor markets are competitive. This result critically depends on the assumption that capital accumulation does not change the technologies being developed and used. I adapt the theory of endogenous technological change to investigate this question when technology also responds to capital accumulation. I show that ther...
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作者：Kapetaniou, Chrystalla; Pissarides, Christopher A.
作者单位：University of Southampton; University of London; London School Economics & Political Science; University of Cyprus
摘要：In a model with robots, automatable and nonautomatable production, we study robot-labor substitutions and show how they are influenced by a country's innovation system. Substitution depends on demand and production elasticities, the country's innovation capabilities, and openness. Making use of World Economic Forum data, we estimate the relationship for 13 countries and find that countries with poor innovation capabilities substitute robots for workers much more than countries with richer inno...
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作者：Macedoni, Luca; Weinberger, Ariel
作者单位：Aarhus University; George Washington University
摘要：This article investigates the international spillover effects of nondiscriminatory product regulations, for example, quality standards, in a multicountry general equilibrium framework with firm heterogeneity. In the presence of variable markups, when regulations are applied as a fixed cost consistent with stylized facts, they generate a positive spillover on the rest of the world as they induce entry of high-quality firms and improve the terms of trade of the nonimposing countries. The benefit...
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作者：Anbarci, Nejat; Celik, Gorkem
作者单位：Durham University; Deakin University; ESSEC Business School
摘要：We study arbitration mechanisms where two parties to the dispute have single-peaked preferences over outcomes, represented by concave utility functions. The most preferred outcome of each party is her private information. By participating in an arbitration mechanism, the parties forfeit the default outcome, which is set without consideration of private preferences. We show that the ideal default outcome for efficient dispute resolution maximizes the sum of the reservation payoffs of the most d...
