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作者：Faure, Mathieu; Gravel, Nicolas
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：This article establishes an equivalence between four incomplete rankings of distributions of income among agents who are vertically differentiated with respect to some nonincome characteristic (health, household size, etc.). The first ranking is the possibility of going from one distribution to the other by a finite sequence of income transfers from richer and more highly ranked agents to poorer and less highly ranked ones. The second ranking is the unanimity among utilitarian planners who ass...
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作者：Felgenhauer, Mike; Xu, Fangya
作者单位：Brunel University; University of Reading
摘要：A sender wishes to persuade a receiver with a (surprising) result that challenges the prior belief. The result stems either from sequential private experimentation or manipulation. The incentive to experiment and to manipulate depends on the quality threshold for persuasion. Higher thresholds make it harder to find a surprising outcome via experimentation and may encourage manipulation. Suppose there are observable nonmanipulable and manipulable research methods. For the decision quality, the ...
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作者：Kwark, Noh-Sun; Ma, Eunseong
作者单位：Sogang University; Louisiana State University System; Louisiana State University
摘要：In the United States, the income share of the top 5% income group is acyclical over the business cycle. This study attempts to explain the cyclical behavior of the income distribution over the business cycle, particularly focusing on the top 5% income earners' share, using a heterogeneous agent model featuring a choice to become an entrepreneur. The model economy successfully reproduces the acyclical behavior of the income share of the top 5%. During expansions, relatively more people become e...
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作者：Lechthaler, Wolfgang; Mileva, Mariya
作者单位：Leibniz Association; Institut fur Weltwirtschaft an der Universitat Kiel (IFW); California State University System; California State University Long Beach
摘要：We use a dynamic trade model with two sectors and two types of workers to analyze the optimal setting of income-generating tariffs. We study dynamic and distributional aspects focusing on the time horizon of policymakers and workers. The level of tariffs preferred by workers depends on the sector where they are employed as well as their skill class, with the relative weight of both aspects determined by the time horizon of the workers. Unskilled workers in the unskilled-intensive sector are th...
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作者：Waddle, Andrea
作者单位：University of Richmond
摘要：Following the U.S.-Mexico trade integration, the skill premium rose dramatically in Mexico. Standard trade theory predicts the skill premium in a skill-scarce country should fall-not rise-following such an integration. This article reconciles theory and data by building a model in which intermediate producers in Mexico begin to produce for the U.S. supply chain following liberalization. To do so, they must rent ideas from the United States, which are more skill-intensive, thus increasing the s...
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作者：Kovacs, Agnes; Low, Hamish; Moran, Patrick
作者单位：University of Manchester; University of Oxford; University of Copenhagen
摘要：This article estimates the importance of temptation for consumption smoothing and asset accumulation in a life-cycle model. We use two complementary estimation strategies: first, we estimate the model-implied Euler equation; second, we match liquid and illiquid wealth accumulation using the method of simulated moments. In both cases, we find that the utility cost of temptation is one-quarter of the utility benefit of consumption. Further, temptation is crucial for correctly estimating the elas...
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作者：Kotlikoff, Laurence; Kubler, Felix; Polbin, Andrey; Sachs, Jeffrey; Scheidegger, Simon
作者单位：Boston University; National Bureau of Economic Research; University of Zurich; Russian Presidential Academy of National Economy & Public Administration; Columbia University; University of Lausanne
摘要：Carbon taxation is mostly studied in social planner or infinitely lived-agent models, which obscure carbon taxation's potential to produce a generational win win. This article's large-scale, dynamic 55-period, overlapping generations model calculates the carbon tax policy delivering the highest uniform welfare gain to all current and future generations. Our model features coal, oil, and gas, increasing extraction costs, clean energy, technical and demographic change, and Nordhaus' carbon/tempe...
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作者：Levine, David K.; Mattozzi, Andrea; Modica, Salvatore
作者单位：European University Institute; Washington University (WUSTL); University of Palermo
摘要：The relevance of special interests lobbying in modern democracies can hardly be questioned. But if large trade associations can overcome the free riding problem and form effective lobbies, why do they not also threaten market competition by forming equally effective cartels? We argue that the key to understanding the difference lies in supply elasticity. The group discipline, which works in the case of lobbying, can be effective in sustaining a cartel only if increasing output is sufficiently ...
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作者：Harrison, Rodrigo; Jara-Moroni, Pedro
作者单位：Universidad Adolfo Ibanez; Universidad de Santiago de Chile
摘要：We study global games with strategic substitutes. Specifically, for a class of binary-action,N-player games with strategic substitutes, we prove that under payoff asymmetry, as incomplete information vanishes, the global games approach selects a unique equilibrium. We characterize this equilibrium profile ; players employ switching strategies at different cutoff signals, the order of which is directly determined by payoff asymmetry. We provide examples that illustrate our result and its connec...
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作者：Brinca, Pedro; Ferreira, Miguel H.; Franco, Francesco; Holter, Hans A.; Malafry, Laurence
作者单位：Universidade Nova de Lisboa; University of Cambridge; University of Oslo; Potsdam Institut fur Klimafolgenforschung
摘要：We document a strong empirical relationship between higher income inequality and stronger recessive impacts of fiscal consolidation episodes across time and space. To explain this finding, we develop a life-cycle economy with uninsurable income risk. We calibrate our model to match key characteristics of several European economies, including inequality and fiscal structures, and study the effects of fiscal consolidation programs. In our model, higher income risk induces precautionary savings b...
