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作者：Bils, Mark; Kaymak, Baris; Wu, Kai-jie
作者单位：University of Rochester; National Bureau of Economic Research; Universite de Montreal; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：Given worldwide trends in education, wage premium for schooling, and real GDP, we derive a lower bound for the long-run elasticity of labor substitution across schooling groups of around 4, which is far higher than values commonly used in the literature. We exploit our bound to reexamine the importance of human capital in cross-country income differences, including the roles of school quality versus the skill bias of technology in the greater efficiency gains from schooling in richer countries...
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作者：Brumm, Johannes; Feng, Xiangyu; Kotlikoff, Laurence; Kubler, Felix
作者单位：Helmholtz Association; Karlsruhe Institute of Technology; Xiamen University; Boston University; University of Zurich
摘要：Is deficit finance free when real borrowing rates are routinely lower than growth rates? Specifically, can the government make all generations better off by perpetually taking from the young and giving to the old? We study this in stochastic closed- and open-economy OLG models. Unfortunately, Pareto gains are predicted only for implausible calibrations. Even then, the gains reflect improved inter- generational risk sharing, improved international risk sharing, and beggaring thy neighbor-not in...
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作者：Su, Hsuan-Li
作者单位：National Central University
摘要：I study how input-output linkages amplify the aggregate impact of sectoral financial distortions in a dynamic general equilibrium model with endogenous capital wedges. The aggregate impact of a shock can be decomposed into weighted productivity changes and changes in allocative efficiency. A systematic uncertainty shock induces heterogenous responses in sectoral capital wedges , reducing allocative efficiency and aggregate total factor productivity ( TFP ) . However , idiosyncratic sectoral un...
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作者：Ampudi, Miguel; Cooper, Russell; Le Blanc, Julia; Zhu, Guozhong
作者单位：European Central Bank; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; European University Institute; National Bureau of Economic Research; European Commission Joint Research Centre; EC JRC ISPRA Site; University of Alberta
摘要：This paper studies how household financial choices affect the impact of monetary policy on consumption. Based on micro data from four major euro area countries, we estimate key structural parameters using a simulated method of moments approach to match moments related to asset market participation rates, portfolio shares, and wealth-to-income ratios by education and country. The country-spe-cific distributions of marginal propensities to consume(MPCs) out of income and financial wealth are not...
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作者：Kina, Ozlem; Slavik, Ctirad; Yazici, Hakki
作者单位：University of Edinburgh; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Charles University Prague; Czech Academy of Sciences; University of Bristol
摘要：This paper uses a rich quantitative model with endogenous skill acquisition to show that capital-skill complementarity provides a quantitatively significant rationale to tax capital for redistributive governments. The optimal capital income tax rate is 67 percent , while it is 61 percent in an identically calibrated model without capital-skill complementarity. The skill premium falls from 1.9 to 1.84 along the transition following the optimal reform in the capital-skill complementarity model ,...
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作者：Fitzgerald, Terry; Jones, Callum; Kulish, Mariano; Nicolini, Juan pablo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Sydney; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Universidad Torcuato Di Tella
摘要：Evaluating the stability of the Phillips curve using aggregate data is challenging due to the bias that endogenous monetary policy imparts on estimated Phillips curve coefficients. We argue that regional data can be used to identify the structural relationship between unemployment and inflation. Our analysis, using city- and state-level data from 1977 to 2017, is consistent with the notion that both the reduced-form and the structural parameters of the Phillips curve are, to a substantial degr...
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作者：Gautier, Erwan; Conflitti, Cristina; Faber, Riemer P.; Fabo, Brian; Fadejeva, Ludmila; Jouvanceau, Valentin; Menz, Jan-oliver; Messner, Teresa; Petroulas, Pavlos; Roldan-blanco, Pau; Rumler, Fabio; Santoro, Sergio; Wieland, Elisabeth; Zimmer, Helene
作者单位：European Central Bank; Bank of France; Universite PSL; Universite Paris-Dauphine; European Central Bank; Bank of Italy; European Central Bank; National Bank of Belgium; National Bank of Slovakia; Slovak Academy of Sciences; Bank of Lithuania; Deutsche Bundesbank; Oesterreichische Nationalbank (OeNB); European Central Bank; Bank of Greece; Autonomous University of Barcelona; Barcelona School of Economics
摘要：Using CPI microdata for 11 euro area countries over 2010-2019, we document new findings on consumer price rigidity in the euro area: ( i ) the average frequency of price changes is 12 percent; ( ii ) the distribution of price changes is highly dispersed, with frequent large and small changes; ( iii ) price changes are more frequent in January; and ( iv ) the overall size of price changes rises with inflation, but their frequency does not; these changes in the size are driven by movements in th...
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作者：Onder, Yasin Kursat; Restrepo-Tamayo, Sara; Ruiz-Sanchez, Maria Alejandra; Villamizar-Villegas, Mauricio
作者单位：Ghent University; Universidad del Rosario; Banco de la Republica Colombia
摘要：We investigate the impact of fiscal expansions on firm investment by exploiting firms with multiple banking relationships. Further, we conduct a localized approach and compare the lending behavior of banks that barely met and missed the criteria of being a primary dealer, as well as barely winners and losers at government auctions. Our results indicate that a 1 percentage point increase in primary dealer banks' bonds -to -assets ratio decreases loans by 0.2 percent, which leads to declines in ...
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作者：Mueller, Gernot J.; Wolf, Martin; Hettig, Homas
作者单位：Eberhard Karls University of Tubingen; Leibniz Association; Ifo Institut; University of St Gallen; Centre for Economic Policy Research - UK
摘要：We provide evidence that the delayed overshooting puzzle reflects a slow adjustment of exchange rate expectations to monetary policy shocks rather than a failure of uncovered interest parity. Consistent with this evidence, we put forward a New Keynesian model in which uncovered interest parity holds, but there are information rigidities: investors do not observe monetary policy shocks but learn rationally from unanticipated shifts in monetary policy about the state of the economy. We estimate ...
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作者：Fujita, Shigeru; Moscarini, Giuseppe; Postel-Vinay, Fabien
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Yale University; Yale University; National Bureau of Economic Research; University of London; University College London; University of London; University College London; London School Economics & Political Science
摘要：We revisit measurement of employer-to-employer (EE) transitions in the monthly Current Population Survey. The incidence of missing answers to the question on change of employer sharply increases starting with the introduction of a new software instrument to con-duct interviews in January 2007 and of the Respondent Identification Policy in 2008-2009. We document nonrandom nonresponse selec-tion by observable and unobservable worker characteristics that correlate with EE mobility. We propose a s...
