-
作者：Cerina, Fabio; Moro, Alessio; Rendall, Michelle
作者单位：University of Cagliari; Monash University; Center for Economic & Policy Research (CEPR)
摘要：We document that U.S. employment polarization in the 1980-2017 period is largely generated by women. In addition, we provide evidence that the increase of employment shares at the bottom of the skill distribution is generated in market sectors producing services representing home production substitutes. We use a calibrated macroeconomic model to show that a rising skill premium induces high-skilled women to participate more in the labor market, reduce home working hours, and demand more home s...
-
作者：Coughlin, Cletus C.; Novy, Dennis
作者单位：Federal Reserve System - USA; University of Warwick
摘要：Trade data are typically aggregated across space. In this article, we investigate the sensitivity of gravity estimation to spatial aggregation. We build a model in which micro regions are aggregated into macro regions. We then apply the model to the large literature on border effects in domestic and international trade. Our theory shows that aggregation leads to border effect heterogeneity. Larger regions and countries are systematically associated with smaller border effects. We test our theo...
-
作者：Griffy, Benjamin S.
作者单位：State University of New York (SUNY) System; University at Albany, SUNY
摘要：I study how initial wealth affects lifetime earnings inequality when labor markets are frictional. To do this, I construct a model life-cycle model with search frictions, incomplete markets, and endogenous human capital accumulation. In the model, incomplete markets prevent low-wealth workers from smoothing consumption, causing them to accept low pay jobs while unemployed. In anticipation, they build savings instead of human capital while employed. This amplifies the importance of initial weal...
-
作者：Anagnostopoulos, Alexis; Carceles-Poveda, Eva; Tauman, Yair
作者单位：State University of New York (SUNY) System; Stony Brook University; Reichman University
摘要：We propose endogenous, value preserving (VP) welfare weights as an alternative to equal weights utilitarianism. VP weights require that the contribution of an agent's endowments to social welfare is proportional to the contribution of the final allocation to his welfare. Under three axioms, the per unit contribution of a good to welfare is shown to equal the gradient of the welfare function. VP weights coincide with Negishi weights in frictionless environments but prescribe redistribution towa...
-
作者：Boehm, Michael J.; Siegel, Christian
作者单位：University of Bonn; IZA Institute Labor Economics; University of Kent; Centre for Economic Policy Research - UK
摘要：This article studies the impact of demographic change on experienced workers' relative wages and employment rates. We investigate empirical predictions from a framework of supply and demand for experience skill, using variation across U.S. local labor markets (LLMs) over the last decades and instrumenting experience skill supply by the LLMs' age structures a decade earlier. We find that aging substantially reduces experienced workers' relative wages and full-time employment rates, and also the...
-
作者：Airaudo, Marco; Hajdini, Ina
作者单位：Drexel University
摘要：We study the existence of Stochastic Consistent Expectations Equilibria (SCEE) in linear Markov regime switching models. An SCEE exists when the model-implied mean and first-order autocorrelation coincide with those predicted by the agents via misspecified forecasting rules. For a simple regime-switching monetary policy model, the parametric space where at least one SCEE exists is rather wide, and may extend well beyond the rational expectations equilibrium determinacy frontier. Misspecified e...
-
作者：Ebert, Sebastian
作者单位：Frankfurt School Finance & Management
摘要：We report results from an experiment that contrasts preferences toward the risk of what may happen (outcome risk preferences) with preferences toward the risk of when something may happen (time or delay risk preferences). Just as choices over monetary risks identify utility independently from discounting, choices over uncertain delays of a fixed reward identify discounting independently from utility. We replicate the widespread finding of outcome risk aversion, but-in a perfectly symmetric des...
-
作者：He, Hui; Huang, Kevin X. D.; Ning, Lei
作者单位：Shanghai Jiao Tong University; Shanghai Jiao Tong University; Vanderbilt University
摘要：Empirical evidence shows that both leisure and medical care are important in maintaining health and taxation may affect the allocation of these two inputs. We highlight this point using an analytical setting whose implications conform to micro- and macro-data. We then quantify these implications using a life-cycle overlapping generations model where taxation and relative health-care price are key determinants of the composition of the two inputs in the endogenous accumulation of health capital...
-
作者：Blandin, Adam
作者单位：Virginia Commonwealth University
摘要：This article assesses the revenue potential of removing the Social Security payroll tax cap. I do so within an overlapping generations (OLG) model featuring heterogeneous agents who endogenously invest in risky human capital. Removing the tax cap leads to a sizable increase in Social Security revenues, but also produces a decrease in federal income tax revenues. Taking both Social Security and income taxes into account, removing the tax cap does not raise sufficient revenues to offset looming ...
-
作者：Burlando, Alfredo; Canidio, Andrea; Selby, Rebekah
作者单位：University of Oregon; IMT School for Advanced Studies Lucca
摘要：Millions of households worldwide rely on savings groups (SGs) to satisfy their financial needs, yet important gaps remain in our understanding of this novel financial institution. We show theoretically that, within an SG, the supply of funds could fall short or be in excess of its demand. Then, we use week-by-week records from 46 Ugandan SGs to show that most groups do not generate sufficient loanable funds. We conclude by proposing three interventions that, in light of our model, should ease ...
