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作者：Hu, Tai-Wei; Wallace, Neil
作者单位：University of Bristol; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Following ideas in Hume, monetary shocks are embedded in the Lagos-Wright model in a new way: There are only nominal shocks accomplished by individual transfers that are sufficiently noisy so that realizations of those transfers do not permit the agents to deduce much about the aggregate realization. Assuming that the distribution of aggregate shocks is almost degenerate, aggregate output increases with the growth rate of the stock of money-our definition of the Phillips curve. This almost deg...
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作者：Harris, Matthew C.
作者单位：University of Tennessee System; University of Tennessee Knoxville
摘要：This article examines the relationship between individuals' weight and employment decisions over the life cycle. I estimate a dynamic stochastic model of individuals' annual choices of occupation, hours worked, and schooling. Evidence suggests that heavier individuals face higher switching costs when transitioning into white-collar occupations, earn lower returns to experience in white-collar occupations, and earn lower wages in socially intensive jobs. I simulate a hypothetical antidiscrimina...
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作者：Guardado, Jose R.; Ziebarth, Nicolas R.
作者单位：American Medical Association; Cornell University
摘要：The theory of compensating wage differentials (CWDs) assumes that firms supply and workers demand workplace safety, predicting a positive relationship between accident risk and wages. This article allows for safety provision by workers, which predicts a countervailing negative relationship between individual risk and wages: Firms pay higher wages for higher safety-related productivity. Using National Longitudinal Survey of Youth panel data and data on fatal and nonfatal accidents, our precise ...
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作者：Huang, Yangguang; Wen, Quan
作者单位：Hong Kong University of Science & Technology; University of Washington; University of Washington Seattle
摘要：This article studies an auction-lottery hybrid mechanism that is widely adopted in allocating new vehicle licenses in China. We characterize individuals' entry and bidding strategies in a symmetric Bayesian Nash equilibrium, structurally estimate individuals' value distribution from a data set of a Guangzhou program, and evaluate the performance of the mechanism. Based on the estimated distribution and counterfactual analysis, our study suggests that a hybrid mechanism preserves 83% efficiency...
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作者：Benoit, Jean-Pierre; Dubra, Juan
作者单位：University of London; London Business School; Universidad de Montevideo
摘要：Many, though not all, experiments have found that exposing groups of subjects who disagree to the same evidence may cause their initial attitudes to strengthen and move further apart, or polarize. Some have concluded that findings of attitude polarization show that people process information in a biased manner so as to support their initial views. We argue that, on the contrary, polarization is often what we should expect to find in an unbiased Bayesian population, in the context of experiment...
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作者：Arbex, Marcelo; O'Dea, Dennis; Wiczer, David
作者单位：University of Windsor; University of Washington; University of Washington Seattle; State University of New York (SUNY) System; Stony Brook University
摘要：We introduce an irregular network structure into a model of frictional, on-the-job search in which workers find jobs through their network connections or directly from firms. We show network-found jobs have higher wages, and thus better-connected workers climb the job ladder faster. The mean field approach allows us to formulate heterogeneous workers' recursive problem tractably. Our calibration is consistent with several empirical findings because of a composition-not information-effect. We a...
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作者：Eckstein, Zvi; Setty, Ofer; Weiss, David
作者单位：Reichman University; Tel Aviv University
摘要：There is a strong correlation between corporate interest rates, their spreads relative to Treasuries, and the unemployment rate. We model how corporate interest rates affect equilibrium unemployment and vacancies, in a Diamond-Mortesen-Pissarides search and matching model. Our simple model permits the exploration of U.S. business cycle statistics through the lens of financial shocks. We calibrate the model using U.S. data without targeting business cycle statistics. Volatility in the corporate...
