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作者：Foroni, Claudia; Furlanetto, Francesco; Lepetit, Antoine
作者单位：Deutsche Bundesbank; Norges Bank; European Central Bank; Bank of France
摘要：We propose a new Vector Autoregressive identification scheme that enables us to disentangle labor supply shocks from wage bargaining shocks. Identification is achieved by imposing sign restrictions on the responses of the unemployment rate and the labor force participation rate to the two shocks. According to our analysis on United States data over the period 1985-2014, labor supply shocks and wage bargaining shocks are important drivers of output and unemployment both in the short run and in ...
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作者：Pohl, R. Vincent
作者单位：University System of Georgia; University of Georgia
摘要：The Medicaid expansions and health insurance subsidies of the Affordable Care Act (ACA) change work incentives for single mothers. To evaluate the employment effects of these policies ex ante, I estimate a model of labor supply and health insurance choice exploiting variation in pre-ACA Medicaid policies. Simulations show that single mothers increase their labor supply at the extensive and intensive margin by 12% and 7%, respectively, uninsurance rates decline by up to 40%, and an average fami...
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作者：Han, Bing; Han, Lu; Zhu, Guozhong
作者单位：University of Toronto; Peking University; University of Alberta
摘要：This article develops a dynamic rational expectations general equilibrium framework that links house value to fundamental economic variables such as income growth, demographics, migration, and land supply. Our framework handles nonstationary dynamics as well as structural changes in fundamentals that are commonplace in transition economies. Applying the framework to Beijing, we find that the equilibrium house price and rent under reasonable parameterizations of the model are substantially lowe...
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作者：Cooper, David J.; Sutter, Matthias
作者单位：State University System of Florida; Florida State University; University of East Anglia; Max Planck Society; University of Cologne; University of Innsbruck
摘要：We study how the mechanism used for assigning roles within teams affects team performance. Subjects play the takeover game in buyer-seller teams. Understanding optimal play is demanding for buyers and trivial for sellers, so teams should perform better if the buyer is the abler teammate. When teammates are allowed to jointly choose their roles, abler teammates tend to become buyers, but this is more than offset by disruptions to the learning process. We examine two potential sources for the la...
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作者：Gao, Ming
作者单位：Tsinghua University
摘要：When a consumer can appear on both sides of a two-sided market, such as a user who both buys and sells on eBay, the platform may want to bundle the services it provides to two sides. I develop a general model for such mixed two-sided markets and show that a monopolist platform's incentive to bundle and its optimal pricing strategy are determined by simple formulas using familiar price elasticities of demand, which embody the bundling effect, and price-cost margins adjusted for network external...
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作者：Gomes, Pedro
作者单位：Universidad Carlos III de Madrid; University of London; Birkbeck University London
摘要：A model with search and matching frictions and heterogeneous workers was established to evaluate a reform of the public sector wage policy in steady state. The model was calibrated to the U.K. economy based on Labour Force Survey data. A review of the pay received by all public sector workers to align the distribution of wages with the private sector reduces steady-state unemployment by 1.4 percentage points.
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作者：Rong, Kang
作者单位：Shanghai University of Finance & Economics
摘要：This article studies the public good provision problem, in which the principal faces a constitutional constraint in the sense that in order for a public good provision mechanism to be implemented, it must first be approved by agents under a prespecified voting rule. I find that as long as the voting rule is not the unanimity rule, the principal can propose a mechanism such that first-best efficiency of provision of the public good is achieved. I also consider various constraints, such as prohi...
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作者：Levintal, Oren
作者单位：Reichman University
摘要：This article presents a new solution method for dynamic equilibrium models. The solution is approximated by polynomials that zero the residual function and its derivatives at a given point x(0). The algorithm is essentially a type of projection but is significantly faster, since the problem is highly sparse and can be easily solved by a Newton solver. The obtained solution is accurate locally in the neighborhood of x(0). Importantly, a local solution can be obtained at any point of the state s...
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作者：Cho, In-Koo; Matsui, Akihiko
作者单位：University of Illinois System; University of Illinois Urbana-Champaign; Hanyang University; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Tokyo
摘要：We examine a dynamic decentralized trading model with infinitesimal sellers and buyers to investigate whether or not the market fails to clear in the limit of search friction vanishing. A seller, who has private information about product quality, and a buyer are matched to bargain over price. They form a long-term relationship if they reach agreement. They return to the matching pool if they fail to agree or the existing relationship is dissolved. The market fails to clear if and only if the r...
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作者：Darden, Michael; Gilleskie, Donna B.; Strumpf, Koleman
作者单位：George Washington University; University of North Carolina; University of North Carolina Chapel Hill; Wake Forest University
摘要：Many public health policies are rooted in findings from medical and epidemiological studies that fail to consider behavioral influences. Using nearly 50 years of data from the Framingham Heart Study's male participants, we evaluate the longevity consequences of different lifetime smoking patterns by jointly estimating smoking behavior and health outcomes over the life cycle, by richly including smoking and health histories, and by flexibly incorporating correlated unobserved heterogeneity. Unc...
