-
作者：Etheridge, Ben
作者单位：University of Essex
摘要：I characterize how house price shocks affect consumption inequality using a life cycle model of housing and nonhousing consumption with incomplete markets. I derive analytical expressions for the dynamics of inequalities and use these to analyze large house prices swings seen in the United Kingdom. I show that movements in consumption inequality were large, that they correspond with the theoretical predictions qualitatively, and that the model explains a large fraction of the movements quantit...
-
作者：Rodrigue, Joel; Tan, Yong
作者单位：Vanderbilt University; Nanjing University of Finance & Economics
摘要：This article develops a model of heterogeneous firms that endogenously choose prices and product quality to build demand in export markets. New exporters optimally charge relatively low prices and produce low-quality goods upon entry. Product quality, prices, and sales increase as demand grows. We structurally estimate model parameters using Chinese customs data. The estimated incentive to build future demand reduces average export prices by 0.7% and increases export sales by 4% upon entry. En...
-
作者：Hong, Jay H.; Seok, Byoung Hoon; You, Hye Mi
作者单位：Seoul National University (SNU); Ewha Womans University; Hanyang University
摘要：Over the past few decades, the skilled-unskilled hours differential for U.S. men increased when the skill premium rose sharply, in contrast with dominant income effects. Based on PSID data, we show that over the 1967-2000 period, skilled men experienced a three times larger increase in wage volatility than unskilled men. With the rise in wage volatility, our general equilibrium incomplete markets model generates a 2.7 hours increase in the hours differential whereas it increased by 1.4 hours i...
-
作者：Anbarci, Nejat; Dutu, Richard; Sun, Ching-Jen
作者单位：Durham University; Universite PSL; Universite Paris-Dauphine; Centre National de la Recherche Scientifique (CNRS); Institut de Recherche pour le Developpement (IRD); Laboratoire dEconomie de Dauphine LEDa; Deakin University
摘要：In most macroeconomic models inflation tends to be harmful. In this article, we show that by simply changing the timing of production decisions by firms from on demand to in advance, some inflation can boost welfare as long as goods are sufficiently perishable. The main conclusion from this research is that by effectively hiding the strategic interaction between supply and demand, assuming production on demand is not without loss of generality.
-
作者：Bengui, Julien; Bianchi, Javier; Coulibaly, Louphou
作者单位：Universite de Montreal; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：We study the optimal design of financial safety nets under limited private credit, asking whether and when it is optimal to restrict ex ante the set of investors that can receive public liquidity support. When the government lacks commitment, we show that the optimally designed safety net covers only a subset of investors. Compared to an economy where all investors are protected, this results in more liquid portfolios, better social insurance, and higher welfare. Our results can rationalize th...
-
作者：Asprilla, Alan; Berman, Nicolas; Cadot, Olivier; Jaud, Melise
作者单位：University of Lausanne; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Centre for Economic Policy Research - UK; The World Bank
摘要：This article identifies the effect of trade policy on market power through new data and a new identification strategy. We identify market power by observing how exporting firms price discriminate across markets following variations in bilateral exchange rates. Pricing-to-market is prevalent in all countries in our sample, even among small firms, although it is increasing in firm size. More importantly, we find that the effect of nontariff measures (NTMs) is not isomorphic to that of tariffs. W...
-
作者：Knowles, John; Vandenbroucke, Guillaume
作者单位：Simon Fraser University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Female marriage probabilities were 50% higher in France in the years after World War 1, despite a large drop in the sex ratio. We develop a model of marital matching in which composition effects in the singles pool affect postdisruption matching rates. When calibrated to French data from World War 1, this mechanism explains 2/3 of the postwar rise in female marriage probabilities as the result of better composition of the pool of single men. We conclude that endogeneity issues make the sex rat...
-
作者：Cai, Wenbiao
作者单位：University of Winnipeg
摘要：Between 1900 and 2002, mean farm size in the United States tripled; productive resources were increasingly concentrated in large farms. These observations are difficult to explain as results of profit maximization by farmers in a frictionless equilibrium model, given exogenous factor endowment and technology. I show that notable shifts in the farm size distribution coincided with important changes in farm legislation and that farm programs provided larger farms more subsidy per dollar of outpu...
-
作者：Lagerlof, Nils-Petter
作者单位：York University - Canada
摘要：In a Malthusian environment, per-capita incomes are stagnant, meaning they cannot exhibit sustained growth. However, they can still display volatility and persistence when hit by shocks. This article simulates a Malthusian model with realistic life-cycle structure and stochastic and accelerating growth in land productivity. We find that differences across simulated economies are quantitatively similar to those found in recently compiled data over GDP per capita for several European countries b...
-
作者：Seoane, Hernan D.
作者单位：Universidad Carlos III de Madrid
摘要：This article studies how volatility changes affect sovereign spreads in strategic default models. Volatility changes affect savings and sovereign spreads. However, the impact of volatility shocks is state dependent; when the economy has a low debt, an increase in volatility is prone to generate precautionary savings. Instead, with high debt, an increase in volatility is likely to induce an even further increase in debt and spreads, both in endowment and production economies. I document a posit...
