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作者：Cubas, German; Silos, Pedro
作者单位：University of Houston System; University of Houston; Pennsylvania Commonwealth System of Higher Education (PCSHE); Temple University
摘要：This article studies how insurance from progressive taxation improves the matching of workers to occupations. We propose an equilibrium dynamic assignment model to illustrate how social insurance encourages mobility. Workers experiment to find their best occupational fit in a process filled with uncertainty. Risk aversion and limited earnings insurance induce workers to remain in unfitting occupations. We estimate the model using microdata from the United States and Germany. Higher earnings un...
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作者：Rebien, Martina; Stops, Michael; Zaharieva, Anna
作者单位：University of Bielefeld
摘要：We explore the relationship between firms' characteristics and recruitment strategies. We present a theoretical search model with two search channels: a costly formal channel and a costless informal channel (referrals). We empirically test the model predictions and find that: larger firms search more formally; firms search more formally for high-skilled workers; the positive relationship between firm's size and formal search intensity also holds for firms not using referrals; firms using refer...
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作者：Zhu, Shenghao
作者单位：University of International Business & Economics
摘要：In this article, I first study an income fluctuation problem with endogenous labor supply. Let beta be the agent's time discount factor and R>0 be the constant gross rate of return on assets. For beta R=1, I show that the agent's wealth either approaches infinity almost surely or converges to a finite level almost surely. For beta R<1, I prove the existence, uniqueness, and stability of the stationary distribution of state variables. I then show the existence of the stationary general equilibr...
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作者：Ausubel, Lawrence M.; Baranov, Oleg
作者单位：University System of Maryland; University of Maryland College Park; University of Colorado System; University of Colorado Boulder
摘要：Activity rules-constraints that limit bidding in future rounds based on past bids-are intended to limit strategic bidding delays in high-stakes auctions. This article provides a general treatment of activity rules. Traditional point-based rules are effective for homogeneous goods and reasonably suited for substitute goods. However, they are simultaneously too strong and too weak for general environments; they allow parking, while sometimes preventing straightforward bidding. We prove that the ...
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作者：Blevins, Jason R.; Shi, Wei; Haurin, Donald R.; Moulton, Stephanie
作者单位：University System of Ohio; Ohio State University; Jinan University; University System of Ohio; Ohio State University
摘要：Using unique data on reverse mortgage borrowers in the Home Equity Conversion Mortgage (HECM) program, we semiparametrically estimate a dynamic discrete choice model of borrower behavior. Our estimator is based on a new identification result we develop for models with multiple terminating actions. We show that the per-period utility functions and discount factor are identified without restrictive, ad hoc identifying restrictions that lead to incorrect counterfactual implications. Our estimates...
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作者：Ascari, Guido; Florio, Anna; Gobbi, Alessandro
作者单位：University of Oxford; University of Pavia; Polytechnic University of Milan; Catholic University of the Sacred Heart; IRCCS Policlinico Gemelli
摘要：Can monetary policy control inflation when both monetary and fiscal policies change over time? When monetary policy is active, a long-run fiscal principle entails flexibility in fiscal policy that preserves determinacy even when deviating from passive fiscal, substantially for brief periods or timidly for prolonged periods. In order to guarantee a unique equilibrium, monetary and fiscal policies must coordinate not only within but also across regimes, and not simply on being active or passive,...
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作者：Hincapie, Andres
作者单位：University of North Carolina; University of North Carolina Chapel Hill
摘要：Most individuals do not start a business and, if they do, they start well into their 30s. To explain these stylized facts, I estimate a dynamic Roy model with experience accumulation, risk aversion, and imperfect information about ability using the Panel Study of Income Dynamics. Information frictions and income risk reduce entrepreneurship by up to 40% and 35%, respectively. Entry costs and information frictions explain most of the delayed entry. Results from counterfactual policies targeting...
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作者：Svensson, Roger; Westermark, Andreas
作者单位：Research Institute of Industrial Economics (IFN); Sveriges Riksbank
摘要：Gesell taxes on money have recently received attention as a way of alleviating the zero lower bound on interest rates. Less known is that such taxes generated seigniorage in medieval Europe for around two centuries. When a Gesell tax was levied, current coins ceased to be legal and had to be exchanged into new coins for a fee. Using a cash-in-advance model, we analyze under what conditions agents exchange coins and the tax generates revenues. A low exchange fee, high punishments for using old ...
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作者：John, Andrew; King, Ian
作者单位：University of Melbourne; University of Queensland
摘要：For high-profile positions, should applicant identities be made public within the organization (open search) or kept confidential (secret search)? We construct a model where an organization seeks to hire, but where candidates' abilities are private information unless it uses open search. Rejected applicants, under open search, suffer disutility. We find the following: Salaries are lower under secret search, the expected ability of applicants decreases as the posted (open search) salary increas...
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作者：Ko, Chiu Yu; Li, Duozhe
作者单位：Chinese University of Hong Kong; Chinese University of Hong Kong
摘要：We study a one-to-many bargaining model in which one active player bargains with every passive player on how to share the surplus of a joint project. The order of bargaining is not fixed and the active player decides whom to bargain with in each period. Our model admits a rich set of equilibria and we identify the upper and lower bounds of equilibrium payoffs. We also examine whether two natural ordering protocols often assumed in existing studies can sustain endogenously. Although the queuing...
