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作者：Rendahl, Pontus
作者单位：University of Cambridge; Paris School of Economics
摘要：This article studies a model of consumption, savings, and job search in which a borrowing constraint limits self-insurance. The government administers the unemployment insurance program that may condition on an individuals asset position, but not on her efforts of finding a job. To compensate for the impediments to self-insurance, benefit payments should optimally be set higher at lower wealth levels and peak for borrowing-constrained individuals with zero liquid funds. A quantitative exercise...
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作者：Atesagaoglu, Orhan Erem
作者单位：State University of New York (SUNY) System; Stony Brook University
摘要：Outstanding credit market debt in the U.S. corporate sector increased dramatically over the second half of the 20th century. During this period, tax rates on dividend distributions and corporate income decreased. This article argues that the observed decline in dividend and corporate income tax rates generated an improvement in the collateral value of corporate assets and led to an increase in U.S. corporate debt. To analyze this conjecture, we build a general equilibrium model with enforcemen...
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作者：Botzen, W. J. Wouter; van den Bergh, Jeroen C. J. M.
作者单位：Vrije Universiteit Amsterdam; ICREA; Autonomous University of Barcelona
摘要：Climate change is projected to increase the risk of natural disasters, such as floods and storms, in certain regions. This is likely to raise the demand for natural disaster insurance. We present a stated preference survey using choice modeling with mixed logit estimation methods in order to examine the effects of climate change and the availability of government compensation on the demand for flood insurance by Dutch homeowners. Currently, no private insurance against flood damage is offered ...
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作者：Krasnokutskaya, Elena
作者单位：Johns Hopkins University
摘要：This article investigates the empirical importance of allowing for multidimensional sources of unobserved heterogeneity in auction models with private information. It develops the estimation procedure to recover the distribution of private information in the presence of two sources of unobserved heterogeneity. It is shown that this estimation procedure identifies components of the model and produces uniformly consistent estimators of these components. The results of the estimation with highway...
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作者：Koop, Gary; Korobilis, Dimitris
作者单位：University of Strathclyde; Universite Catholique Louvain
摘要：We forecast quarterly US inflation based on the generalized Phillips curve using econometric methods that incorporate dynamic model averaging. These methods not only allow for coefficients to change over time, but also allow for the entire forecasting model to change over time. We find that dynamic model averaging leads to substantial forecasting improvements over simple benchmark regressions and more sophisticated approaches such as those using time varying coefficient models. We also provide...
