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作者：Atkinson, Scott E.; Luo, Rong
作者单位：University System of Georgia; University of Georgia; Renmin University of China
摘要：Coal-fired power plants minimize costs subject to output and emission constraints. We model the plants' choice of coal quality and emission abatement to minimize costs under these constraints, allowing for heterogeneous unobserved generation productivity and abatement efficiency. We derive and estimate the plants' cost functions to recover the production technologies. Our data set is a balanced panel of 76 U.S. coal-fired power plants from 1995 to 2005, when the emission permit trading system ...
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作者：Cordoba, Juan-Carlos; Ripoll, Marla; Yang, Siqiang
作者单位：Iowa State University; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; Nankai University
摘要：2020 official recession figures ignore the costs associated with the loss of human life due to COVID-19. This article constructs full recession measures that consider the death toll. Our model features nonexpected utility, leisure, age-specific survival rates, and tractable heterogeneity. We find an average full recession of 10.7%, which reflects the net value of an aggregate drop in consumption of 2.7%, an average increase of 197 leisure hours and about 540,000 lives lost in the first pandemi...
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作者：Jiang, Helu; Zheng, Yu; Zhu, Lijun
作者单位：Shanghai University of Finance & Economics; University of London; Queen Mary University London; Centre for Economic Policy Research - UK; Peking University; University of London; Queen Mary University London
摘要：We use China's growth experience as a laboratory to study how reductions in administrative and regulatory entry barriers contribute to growth. We develop a model of endogenous productivity and market structure with heterogeneous firms and frictional entry and calibrate it to Chinese manufacturing firms. We show that the reduction of entry barriers brings about 1.05 percentage points of productivity growth over the 1990-2004 period, accounting for 18.3% of the productivity growth in the 2004-7 ...
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作者：Dang, Alicia H.; Samaniego, Roberto M.
作者单位：Union College; George Washington University; George Washington University
摘要：We argue that the rate of capital depreciation is a determinant of competition. We show that the rate of capital depreciation has a robust positive relationship with market power in U.S. data. Then, we develop a general equilibrium model of industry competition where industries vary in their rate of capital depreciation. In equilibrium, optimal savings decisions imply that rapid depreciation is related to higher costs of capital, so that industries with rapid depreciation display less competit...
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作者：Franjo, Luis; Lambertini, Luisa; Stepanchuk, Serhiy
作者单位：Universitat d'Alacant; Swiss Federal Institutes of Technology Domain; Ecole Polytechnique Federale de Lausanne; Universita della Svizzera Italiana; University of Southampton
摘要：In the decade leading to the Great Recession, the United States experienced rising house prices and current account deficits, whereas China and other fast-growing Asian economies saw rising house prices accompanied by current account surpluses. To explain these differences, we study a transition path in a two-country life-cycle model with housing once the two economies become financially integrated. We allow for asymmetries in productivity growth, the loan-to-value ratio, the life-cycle wage p...
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作者：Parodi, Francesca
作者单位：Catholic University of the Sacred Heart; Centre for Economic Policy Research - UK; Catholic University of the Sacred Heart
摘要：I study the effectiveness of temporary cuts to consumption tax rates as fiscal stimulus instruments during recessions using a structural life-cycle model with multiple consumption categories. I find tax elasticities of 0.4 for nondurable luxuries and of 10.5 for durables. I show that the tax cut on nondurables has an intratemporal substitution effect, whereas the tax cut on durables acts through an intertemporal substitution mechanism that is stronger for high-income, liquidity-unconstrained, ...
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作者：Lang, Youze; Yang, Youzhi
作者单位：Fudan University; Shanghai University of Finance & Economics; Shanghai University of Finance & Economics
摘要：About 40% of workers find their jobs through referrals. We distinguish between two types of referrals based on whether the referrer works at the hiring firm (internal referrals) or not (external referrals). Interestingly, jobs found through internal (external) referrals pay more (less) than those found through formal methods. An equilibrium labor market model is then built by introducing an incentive-compatible mechanism through which workers can share job opening information. A nondegenerate ...
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作者：Ngai, L. Rachel; Sheedy, Kevin D.
作者单位：Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; Imperial College London; University of London; London School Economics & Political Science
摘要：This article documents the role of inflows (new listings) and outflows (sales) in explaining the volatility and comovement of housing-market variables. An ins versus outs decomposition shows that both flows are quantitatively important for housing-market volatility. The correlations between sales, prices, new listings, and time-to-sell are stable over time, whereas the signs of their correlations with houses for sale are found to be time-varying. A calibrated search-and-matching model with end...
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作者：Cui, Liyuan; Feng, Guanhao; Hong, Yongmiao
作者单位：City University of Hong Kong; City University of Hong Kong; Chinese Academy of Sciences; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS; Chinese Academy of Sciences; University of Chinese Academy of Sciences, CAS
摘要：We propose a regularized generalized method of moments (RegGMM) approach to estimating time-varying coefficient models via a ridge fusion penalty with a high-dimensional set of moment conditions. RegGMM only requires a mild condition on the oscillations between consecutive parameter values, accommodating abrupt structural breaks and smooth changes throughout the sample period. RegGMM offers an alternative solution for estimating the time-varying stochastic discount factor model when pricing U....
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作者：Kim, Jeong Ho (John); Kim, Kyungmin; Pease, Marilyn
作者单位：State University System of Florida; Florida State University; Emory University; Indiana University System; Indiana University Bloomington; State University System of Florida; Florida State University
摘要：We consider a worker's job search problem in which firms arrive sequentially, observe the worker's unemployment duration, and conduct an interview to learn about her unobservable productivity. Firms engage in fully flexible information acquisition subject to a uniformly posterior-separable cost function. We provide a closed-form characterization of equilibrium job search dynamics and demonstrate that endogenous information amplifies the stigma effect of long unemployment duration relative to e...
