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作者：Maestas, Nicole; Mullen, Kathleen J.; Powell, David
作者单位：Harvard University; National Bureau of Economic Research; University of Oregon; RAND Corporation; Rand Health
摘要：Population aging is expected to slow US economic growth. We use variation in the predetermined component of population aging across states to estimate the impact of aging on growth in GDP per capita for 1980-2010. We find that each 10 percent increase in the fraction of the population age 60+ decreased per capita GDP by 5.5 percent. One-third of the reduction arose from slower employ-ment growth; two-thirds due to slower labor productivity growth. Labor compensation and wages also declined in ...
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作者：Parodi, Francesca
作者单位：Collegio Carlo Alberto; Catholic University of the Sacred Heart; University of Turin
摘要：I quantitatively characterize optimal consumption and labor income taxes in a structural life-cycle model of household consumption, sav-ing, and employment choices that allows for irreversibility of dura-ble goods and preference heterogeneity. I find that durables should be subsidized and nondurables should be taxed at a uniform rate. The durable subsidy is driven by the life-cycle features of the model together with durables' irreversibility and borrowing constraints. Uniform taxation on nond...
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作者：Debacker, Jason; Panousi, Vasia; Ramnath, Shanthi
作者单位：University of South Carolina System; University of South Carolina Columbia; Universite de Montreal; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We employ a large panel of US income tax returns for the period 1987-2018 to extensively characterize and quantify business income risk. Our findings show business income to be much riskier than labor income. Business income is less persistent and is characterized by higher tail risk. Furthermore, when compared to labor income, heterogeneity across households is less important in explaining the cross-sectional variation in business income, and within-household income variation is more importan...
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作者：Chousakos, Kyriakos; Gorton, Gary; Ordonez, Guillermo
作者单位：Bank of America Corporation; Yale University; National Bureau of Economic Research; University of Pennsylvania
摘要：The amount of information produced about firms' productivities and about the quality of collateral backing their loans varies over time. These information dynamics determine the evolution of credit, out-put and productivity, which feeds back into incentives to produce information. We characterize this intricate dynamic relation. A credit boom happens when information about collateral depreciates. A financial crisis happens when information about collateral is sud-denly generated. Information a...
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作者：Crawley, Edmund; Kuchler, Andreas
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We document heterogeneity in the marginal propensity to consume (MPC) across household characteristics relevant to understanding heterogeneous agent models and monetary policy transmission. We find a strong negative relationship between household liquid wealth and MPC. We show that household liquid wealth predicts MPC closely for every other household characteristic we look at. We use a new empirical method that overcomes sources of bias found in the existing literature, along with administrat...
