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作者：McCloud, Nadine; Hong, Yongmiao
作者单位：Cornell University; University West Indies Mona Jamaica; Xiamen University
摘要：We introduce a class of generally applicable specification tests for constant and dynamic structures of conditional correlations in multivariate GARCH models. The tests are robust to the presence of time-varying higher-order conditional moments of unknown form and are pure significance tests. The tests can identify linear and nonlinear misspecifications in conditional correlations. Our approach does not necessitate a particular parameter estimation method and distributional assumption on the e...
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作者：Iacoviello, Matteo; Schiantarelli, Fabio; Schuh, Scott
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Boston; Boston College
摘要：We build and estimate a two-sector dynamic stochastic general equilibrium model with two types of inventories: Input inventories facilitate the production of finished goods, output inventories yield utility services. The estimated model replicates the volatility and cyclicality of inventory investment and inventory-to-target ratios. Although inventories are an important element of the model's propagation mechanism, shocks to inventory efficiency are not an important source of business cycles. ...
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作者：Choi, Seung Mo
作者单位：Washington State University
摘要：The quantitative features of human capital externalities are not fully understood. Although static externalities are estimated in some studies, learning externalities remain mostly unestimated. By calibrating a growth model, this article provides an estimate of learning externalities. The calibration uses an equilibrium condition that equates private returns on physical capital and human capital. The results suggest that sizable learning externalities exist, even in a conservative setup. The e...
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作者：Gutierrez-i-Puigarnau, Eva; Van Ommeren, Jos N.
作者单位：Vrije Universiteit Amsterdam
摘要：In Europe, many employees receive company cars as fringe benefits induced by taxation. We analyze the welfare effects of company car taxation for the Netherlands by estimating to what extent car expenditure and private car travel change when employees receive a company car. Tax treatment of company cars generates an annual welfare loss, ranging from (sic)600 to (sic)780 per company car, mainly due to a shift toward more expensive cars (from (sic)420 to (sic)600), but also due to increased priv...
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作者：Fox, Jeremy T.; Smeets, Valerie
作者单位：University of Michigan System; University of Michigan; National Bureau of Economic Research; Aarhus University
摘要：One explanation for productivity dispersion is that the quality of inputs differs across firms. We add labor market history variables such as experience and firm and industry tenure, as well as general human capital measures such as schooling and sex. Adding these variables decreases the ratio of the 90th to 10th productivity quantiles from 3.27 to 2.68 across eight Danish manufacturing and service industries. We also use the wage bill and worker fixed effects. We find that the wage bill expla...
