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作者：Ouazad, Amine; Ranciere, Romain
作者单位：Universite de Montreal; HEC Montreal; University of Southern California
摘要：This article develops a general equilibrium model of location choice where mortgage approval rates determine household-specific choice sets. Estimation of the model using San Francisco Bay area data reveals that the price sensitivity of borrowing constraints explains about two-thirds of the price elasticity of neighborhood demand. General equilibrium analysis of the 2000-2006 relaxation of lending standards predicts the following impacts on prices and neighborhood demographics: (i) an increase...
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作者：Harenberg, Daniel; Ludwig, Alexander
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Goethe University Frankfurt
摘要：We ask whether a pay-as-you-go financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We show that the whole welfare benefit from insurance against both risks is greater than the sum of benefits from insurance against the isolated risks. One reason is the convexity of the welfare gain. The other reason is a direct risk interaction amplifying the utility losses from risk. Our quantitative evaluation shows that introducing a minimum pension lead...
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作者：Kim, Jinill; Ruge-Murcia, Francisco
作者单位：Korea University; McGill University
摘要：This article studies the implication of extreme shocks for monetary policy. The analysis is based on a small-scale New Keynesian model with sticky prices and wages where shocks are drawn from asymmetric generalized extreme value distributions. A nonlinear perturbation solution of the model is estimated by the simulated method of moments. Under the Ramsey policy, the central bank responds nonlinearly and asymmetrically to shocks. The trade-off between targeting a gross inflation rate above 1 as...
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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...
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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：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...
