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作者：Hyun, Jay; Kim, Ryan; Lee, Byoungchan
作者单位：Universite de Montreal; HEC Montreal; Johns Hopkins University; Hong Kong University of Science & Technology
摘要：We study business cycles with cyclical returns to scale. Contrary to tightly parameterized conventional production functions, we empirically identify strong input complementarity that leads to procyclical returns to scale. We, therefore, propose a flexible translog production function that allows complementarity-induced procyclical returns to scale. We integrate this function into a standard medium-scale dynamic stochastic general equilibrium model. Our estimated model with input complementari...
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作者：Abraham, Arpad; Brendler, Pavel; Carceles-Poveda, Eva
作者单位：University of Bristol; University of Bonn; State University of New York (SUNY) System; Stony Brook University
摘要：One important feature of capital tax reforms is the uncertainty regarding their duration. In a standard heterogeneous firm framework with financial frictions, we model policy uncertainty by assuming that reforms may be either repealed or maintained with some probability every period. We illustrate the effects of policy uncertainty in the context of the 2003 Bush tax cuts (2003 Job Growth Tax Relief Reconciliation Act), which lowered shareholder taxes. We show that policy uncertainty regarding ...
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作者：Li, Fei; Murry, Charles; Tian, Can; Zhou, Yiyi
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Boston College; State University of New York (SUNY) System; Stony Brook University
摘要：We present a directed search model of intermediaries' dynamic inventory and revenue management. Search frictions hinder instantaneous replenishment, prompting intermediaries to utilize dynamic inventory-based pricing and ordering strategies. In equilibrium, when inventory is high, an intermediary posts a lower retail price to speed up sales and depresses wholesale price to slow down purchases. We characterize the evolution dynamics of inventory holdings and their steady-state distribution, and...
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作者：Janeba, Eckhard; Schulz, Karl
作者单位：University of Mannheim; University of St Gallen
摘要：We study the impact of unilateral economic disintegration, such as Brexit, on national and international policies. We introduce firm mobility and business-tax policies into a general-equilibrium trade model and analyze the effects of disintegration on tax policies of asymmetric countries. Although the disintegrating country taxes less, business taxes converge in the remaining economic area. We highlight important differences with existing two-country models. Moreover, we predict a realignment ...
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作者：Palma, Nuno; Silva, Andre C.
作者单位：University of Manchester; Universidade de Lisboa; Institute of Social Sciences, University of Lisbon (ICS-UL); Centre for Economic Policy Research - UK; Universidade Nova de Lisboa
摘要：We study the effect of the discovery of precious metals in America from 1500 to 1810 on international trade. Around 1500, there was a simultaneous discovery of precious metals and new trading routes. We construct a counterfactual of new routes but no precious metals. The discovery of precious metals increased the stock of precious metals more than 10-fold. We show that Euro-Asian trade at its peak increased up to 20 times compared with the counterfactual. Our simulations match the observed pri...
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作者：Donni, Olivier; El Badaoui, Eliane
作者单位：CY Cergy Paris Universite; CY Cergy Paris Universite
摘要：This article studies labor supply in the extended household (composed of two families living together). The extended household structure affects the incentives to work of household members for at least three reasons: economies of scale, cash transfers between the families living in the extended household, and easier childcare arrangements. We develop a structural model incorporating these components and taking into account the self-selection process into extended households. We then estimate t...
