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作者：Eeckhout, Jan; Pinheiro, Roberto
作者单位：University of London; University College London; University of Colorado System; University of Colorado Boulder
摘要：We propose a theory of firm production that requires diverse inputs. We show that in a competitive labor market, firms differ in their skill composition. Organizations with higher total factor productivity (TFP) are larger and hire from a broader range of skills. Technological progress leads to an increase of all wages and results in downsizing. Quantifying productivity using our model shows that a constant elasticity of substitution (CES) production function generates unbiased estimates of TF...
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作者：Gonzalo, Jesus; Olmo, Jose
作者单位：Universidad Carlos III de Madrid; University of Southampton
摘要：This article proposes nonparametric consistent tests of conditional stochastic dominance of arbitrary order in a dynamic setting. The novelty of these tests lies in the nonparametric manner of incorporating the information set. The test allows for general forms of unknown serial and mutual dependence between random variables and has an asymptotic distribution that can be easily approximated by simulation. This method has good finite-sample performance. These tests are applied to determine inve...
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作者：Shibayama, Katsuyuki; Fraser, Iain
作者单位：University of Kent
摘要：We show the role of the elasticity of substitution between general consumption and the environment in environmental degradation. Specifically, our numerical experiments demonstrate, for a wide range of models, exponential utility generates the environmental Kuznets curve without adding any special assumptions. With exponential utility, the elasticity of substitution and hence the substitution effect between consumption and the environment are both decreasing in income. Hence, when income is lo...
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作者：Anton, James J.; Biglaiser, Gary; Vettas, Nikolaos
作者单位：Duke University; University of North Carolina; University of North Carolina Chapel Hill; Athens University of Economics & Business; Center for Economic & Policy Research (CEPR)
摘要：We analyze a simple dynamic durable good model. Two incumbent sellers and potential entrants choose their capacities at the start of the game. We solve for equilibrium capacity choices and the (necessarily mixed) pricing strategies. In equilibrium, the buyer splits the order with positive probability to preserve competition, making it possible that a high and low price seller both have sales. Sellers command a rent above the value of unmet demand by the other seller. A buyer benefits from eith...
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作者：Dotsey, Michael; Li, Wenli; Yang, Fang
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Louisiana State University System; Louisiana State University
摘要：We incorporate home production in a dynamic general equilibrium model of consumption and savings with illiquid housing and a collateralized borrowing constraint. The calibrated model explains life-cycle patterns of households' time use and consumption of different categories documented from the microdata. It predicts that the interaction of the labor efficiency profile and the home production technology explains households' time use. The resulting income profiles, the endogenous borrowing cons...
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作者：Berentsen, Aleksander; Huber, Samuel; Marchesiani, Alessandro
作者单位：University of Basel; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Universidade do Minho
摘要：Can there be too much trading in financial markets? We construct a dynamic general equilibrium model, where agents face idiosyncratic liquidity shocks. A financial market allows agents to adjust their portfolio of liquid and illiquid assets in response to these shocks. The optimal policy is to restrict access to this market because portfolio choices exhibit a pecuniary externality: Agents do not take into account that by holding more of the liquid asset, they not only acquire additional insura...
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作者：Guerrieri, Luca; Henderson, Dale; Kim, Jinill
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Cardiff University; Korea University
摘要：The most straightforward way to analyze investment-sector productivity developments is to construct a two-sector model with a sector-specific productivity shock. An often used modeling shortcut accounts for such developments using a one-sector model with shocks to the efficiency of investment in a capital accumulation equation. This shortcut is theoretically justified when some stringent conditions are satisfied. Using a two-sector model, we consider the implications of relaxing several of the...
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作者：Karp, Larry; Rezai, Armon
作者单位：University of California System; University of California Berkeley; Vienna University of Economics & Business
摘要：A two-sector overlapping generations model illuminates the intergenerational effects of a tax that protects an environmental stock. A traded asset capitalizes the economic returns to future tax-induced environmental improvements, benefiting the current asset owners, the old generation. Absent a transfer, the tax harms the young generation by decreasing their real wage. Future generations benefit from the tax-induced improvement in environmental stock. The principal intergenerational conflict a...
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作者：Pakes, Ariel
作者单位：Harvard University; National Bureau of Economic Research
摘要：Empirical work on choice models, especially on relatively new topics or data sets, often starts with descriptive, or what is colloquially referred to as reduced form, results. Our descriptive form formalizes this process. It is derived from the underlying behavioral model, has an interpretation in terms of fit, and can sometimes be used to quantify biases in agents' expectations. We consider estimators for the descriptive form of discrete choice models with interacting agents that take account...
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作者：Niedermayer, Andras; Shneyerov, Artyom
作者单位：University of Mannheim; Concordia University - Canada
摘要：We consider optimal pricing by a profit-maximizing platform running a dynamic search and matching market. Buyers and sellers enter in cohorts over time, meet, and bargain under private information. The optimal centralized mechanism, which involves posting a bid-ask spread, can be decentralized through participation fees charged by the intermediary to both sides. The sum of buyers' and sellers' fees equals the sum of inverse hazard rates of the marginal types, and their ratio equals the ratio o...
