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作者：Shea, Paul
摘要：This article introduces firm-specific learning by doing into a real business cycle (RBC) model. This assumption results in indeterminacy of the wage over a large portion of the parameter space: when firms use sufficiently high discount factors and when newly employed labour is relatively unproductive. When firms and households use the same discount factor, the effects of indeterminacy are limited to adding volatility to the wage rate. If these discount factors differ, however, then indetermina...
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作者：Sojourner, Aaron
作者单位：University of Minnesota System; University of Minnesota Twin Cities
摘要：This article studies peer effects on student achievement among first graders randomly assigned to classrooms in Tennessee's Project STAR. The analysis uses previously unexploited pre-assignment achievement measures available for 60% of students. Data are not missing at random, making identification challenging. This study develops and applies new ways to identify peer effects in the presence of missing data, which incorporate knowledge of how groups form. Estimates suggest sizeable positive ef...
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作者：Canova, Fabio; Lopez-Salido, David; Michelacci, Claudio
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We analyse how unemployment, job-finding and job-separation rates react to neutral and investment-specific technology shocks. Neutral shocks increase unemployment and explain a substantial portion of it volatility; investment-specific shocks expand employment and hours worked and contribute to hours worked volatility. Movements in the job-separation rates are responsible for the impact response of unemployment while job-finding rates for movements along its adjustment path. The evidence warns ...
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作者：Jose Luengo-Prado, Maria; Sevilla, Almudena
作者单位：Northeastern University; University of London; Queen Mary University London
摘要：Detailed panel expenditure data from Spain reveal little evidence of a retirement consumption puzzle in 1985-2004. There is a drop in food at home expenditure in the later years of the sample along with evidence of households paying lower prices for the food they purchase after retirement. However, our findings are consistent with a model that allows for home production as long as one accounts for the greater participation in housework by men after retirement coinciding with this latter period...
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作者：Spinnewijn, Johannes
作者单位：University of London; London School Economics & Political Science
摘要：People have very different beliefs about the risks they face. I analyse how heterogeneous risk perceptions affect the insurance contracts offered by profit-maximising firms. An essential distinction is how risk perceptions affect the willingness to pay for insurance relative to the willingness to exert risk-reducing effort. This determines both the sign of the correlation between risk and insurance coverage in equilibrium, shedding new light on a recent empirical puzzle, and the type of indivi...
