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作者：Bergeaud, Antonin; Ray, Simon
作者单位：European Central Bank; Bank of France
摘要：We study corporate real estate frictions and their effect on firm dynamics and labour demand. We build and simulate a general equilibrium model with heterogeneous firms that predicts the response of firms to a productivity shock in the presence of fixed adjustment costs on real estate. Using a large firm-level database merged with local real estate prices, we then exploit variations in the tax on capital gains to document a causal effect of adjustment costs on firms' labour demand and derive n...
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作者：Madsen, Jakob B.; Minniti, Antonio; Venturini, Francesco
作者单位：University of Western Australia; University of Bologna; University of Perugia
摘要：This paper extends the analysis of the wealth-income ratio based on the neoclassical model in a Schumpeterian growth framework in which savings are channelled to both tangible and intangible capital investment. Using historical data for 21 OECD countries over the period 1860-2015, we find that the wealth-income ratio and, hence, wealth inequality, is negatively related to the rate of economic growth and positively related to the rates of investment in intangible and tangible assets, as predict...
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作者：Friedrichsen, Jana; Konig, Tobias; Lausen, Tobias
作者单位：Humboldt University of Berlin; Leibniz Association; DIW Berlin - Deutsches Institut fur Wirtschaftsforschung; Linnaeus University; Leibniz University Hannover
摘要：We analyse the political economy of the public provision of private goods when individuals care about their social status. Status concerns motivate richer individuals to vote for the public provision of goods they themselves buy in markets: a higher provision level attracts more individuals to the public sector, enhancing the social exclusivity of market purchases. Majority voting may lead to a public provision that only a minority of citizens use. Users in the public sector may enjoy better p...
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作者：Aaronson, Daniel; Dehejia, Rajeev; Jordan, Andrew; Pop-Eleches, Cristian; Samii, Cyrus; Schulze, Karl
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; New York University; University of Chicago; Columbia University; Princeton University
摘要：Using a compiled data set of 441 censuses and surveys from between 1787 and 2015, representing 103 countries and 51.4 million mothers, we find that: (i) the effect of fertility on labour supply is typically indistinguishable from zero at low levels of development and large and negative at higher levels of development, (ii) the negative gradient is stable across historical and contemporary data, and (iii) the results are robust to identification strategies, model specification. and data constru...
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作者：Galbiati, Roberto; Ouss, Aurelie; Philippe, Arnaud
作者单位：Centre National de la Recherche Scientifique (CNRS); University of Pennsylvania; University of Bristol; Centre National de la Recherche Scientifique (CNRS); Institut d'Etudes Politiques Paris (Sciences Po)
摘要：We study how local labour market conditions and information about job availability affect recidivism after incarceration. We exploit daily variations in the quality of the labour market at the time of release from prison. We combine individual-level administrative data on former inmates in France to county-level daily data on new job vacancies, and on newspaper coverage of job creation and destruction. Our analysis provides two new findings. First, media coverage of job creation reduces recidi...
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作者：Groneck, Max; Wallenius, Johanna
作者单位：University of Groningen; Stockholm School of Economics
摘要：In this article, we study the labour supply effects and the redistributional consequences of the US social security system. We focus particularly on auxiliary benefits, where eligibility is linked to marital status. To this end, we develop a dynamic. structural life cycle model of singles and couples, featuring uncertain marital status and survival. We account for the socio-economic gradients to both marriage stability and life expectancy. We find that auxiliary benefits have a large depressin...
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作者：Lopez, Jose A.; Mitchener, Kris James
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Santa Clara University; National Bureau of Economic Research
摘要：Fiscal deficits, elevated debt-to-GDP ratios, and high inflation rates suggest hyperinflation could have potentially emerged in many European countries after World War I. We demonstrate that economic policy uncertainty was a key driver pushing a subset of European countries into hyperinflation shortly after the end of the war. Germany, Austria, Poland and Hungary (GAPH) suffered from frequent uncertainty shocks- and correspondingly high levels of uncertainty-caused by protracted political nego...
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作者：Priftis, Romanos; Zimic, Srecko
作者单位：Bank of Canada; European Central Bank
摘要：This paper finds that debt-financed fiscal multipliers vary depending on the location of the debt buyer. In a sample of 33 countries fiscal multipliers are larger when government purchases are financed by issuing debt to foreign investors (non-residents), compared to when they arc financed by issuing debt to home investors (residents). In a theoretical model, the location of the government creditor produces these differential responses through the extent that private investment is crowded out....
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作者：Black, Sandra E.; Breining, Sanni; Figlio, David N.; Guryan, Jonathan; Karbownik, Krzysztof; Nielsen, Helena Skyt; Roth, Jeffrey; Simonsen, Marianne
作者单位：Columbia University; Aarhus University; Northwestern University; Emory University; State University System of Florida; University of Florida
摘要：It is notoriously difficult to identify peer effects within the family. Using administrative data on children from both Florida and Denmark, the paper examines the effects of having a disabled younger sibling. To address the identification challenge, the paper compares the differential effects for first- and second-born children in three-plus-child families, taking advantage of the fact that birth order influences the amount of time that a child spends in early childhood with their younger sib...
