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作者：Bouakez, Hafedh; Cardia, Emanuela; Ruge-Murcia, Francisco J.
作者单位：Universite de Montreal; Universite de Montreal; Universite de Montreal; HEC Montreal
摘要：This article constructs and estimates a sticky-price, Dynamic Stochastic General Equilibrium model with heterogeneous production sectors. Firms in different sectors vary in their price rigidity, production technology, and the combination of material and investment inputs. In particular, firms buy inputs from all sectors using the actual Input-Output Matrix and Capital Flow Table of the U.S. economy. By relaxing the standard assumption of symmetry, this model allows idiosyncratic sectoral dynam...
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作者：Byrne, David; Goeree, Michelle S.; Hiedemann, Bridget; Stern, Steven
作者单位：University of Virginia; University of Zurich; University of Southern California; Seattle University
摘要：We use the 1993 wave of the Assets and Health Dynamics Among the Oldest Old (AHEAD) data set to estimate a game-theoretic model of families' decisions concerning the provision of informal and formal care for elderly individuals. The outcome is the Nash equilibrium where each family member jointly determines her consumption, transfers for formal care, and allocation of time to informal care, market work, and leisure. We use the estimates to decompose the effects of adult children's opportunity ...
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作者：Manski, Charles F.
作者单位：Northwestern University
摘要：This article develops a broad theme about treatment under ambiguity through study of a particular decision criterion. The broad theme is that a planner may want to cope with ambiguity by diversification, assigning observationally identical persons to different treatments. Study of the minimax-regret (MR) criterion substantiates the theme. The article significantly extends my earlier analysis of one-period planning with an individualistic treatment and a linear welfare function. I show that MR ...
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作者：Kilian, Lutz; Park, Cheolbeom
作者单位：Korea University
摘要：It is shown that the reaction of U.S. real stock returns to an oil price shock differs greatly depending on whether the change in the price of oil is driven by demand or supply shocks in the oil market. The demand and supply shocks driving the global crude oil market jointly account for 22% of the long-run variation in U.S. real stock returns. The responses of industry-specific U.S. stock returns to demand and supply shocks in the crude oil market are consistent with accounts of the transmissi...
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作者：Fang, Lei; Rogerson, Richard
作者单位：Arizona State University; Arizona State University-Tempe; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：The large differences in hours of work across rich countries reflect large differences in both employment to population ratios and hours per worker. We imbed the canonical model of labor supply into a matching model to produce a model with operative intensive and extensive margins, and assess the implications of several policies for changes along the two margins. Tax and transfer policies lead to decreases along both margins, whereas regulations that increase the cost of creating or maintainin...
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作者：Trogdon, Justin G.
作者单位：Research Triangle Institute
摘要：Centralization of cardiac services can increase hospital surgery volumes and decrease access for patients. This study estimates the effects of changes in the regulation of cardiac services on treatments, mortality, and utility. Demand for surgery services by heart attack victims who form expectations of the need for and productivity of surgery in their choice of hospital and treatment is estimated. The results indicate that mortality and ex ante utility are insensitive to moderate changes in p...
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作者：Zanna, Luis-Felipe
作者单位：International Monetary Fund
摘要：In order to maintain competitiveness, governments in developing economies seem to have pursued purchasing power parity (PPP) exchange rate rules, by adjusting the nominal devaluation rate in response to real exchange rate deviations from an intermediate target. This article shows that these rules are likely to induce macroeconomic instability, as they generate sunspot-driven fluctuations that are in fact learnable by agents in the Expectational-Stability sense. It finds that the existence of t...
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作者：Hatchondo, Juan Carlos; Martinez, Leonardo; Sapriza, Horacio
作者单位：International Monetary Fund; Federal Reserve System - USA; Federal Reserve Bank - Richmond; Rutgers University System; Rutgers University New Brunswick
摘要：We extend the model used in recent quantitative studies of sovereign default, allowing policymakers of different types to stochastically alternate in power. We show that a default episode may be triggered by a change in the type of policymaker in office, and that such a default is likely to occur only if there is enough political stability and if policymakers encounter poor economic conditions. Under high political stability, political turnover enables the model to generate a weaker correlatio...
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作者：Fang, Hanming; Silverman, Dan
作者单位：University of Pennsylvania; Duke University; University of Michigan System; University of Michigan
摘要：We empirically implement a dynamic structural model of labor supply and welfare program participation for agents with potentially time-inconsistent preferences. Using panel data on the choices of single women with children from the National Longitudinal Surveys (NLSY) 1979, we provide estimates of the degree of time-inconsistency, and of its influence on the welfare take-up decision. With these estimates, we conduct counterfactual experiments to quantify a measure of the utility loss stemming ...
