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作者：Williamson, Stephen D.
作者单位：Western University (University of Western Ontario)
摘要：A model is constructed in which households and banks have incentives to fake the quality of collateral. These incentive problems matter when collateral is scarce in the aggregate-when real interest rates are low. Conventional monetary easing can exacerbate these problems, in that the misrepresentation of collateral becomes more profitable, thus increasing haircuts and interest rate differentials. Central bank purchases of private mortgages may not be feasible, due to the misrepresentation of a...
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作者：Marinescu, Ioana; Rathelot, Roland
作者单位：University of Pennsylvania; National Bureau of Economic Research; University of Warwick; Center for Economic & Policy Research (CEPR)
摘要：Could we significantly reduce US unemployment by helping job seekers move closer to jobs? Using data from the leading employment board CareerBuilder.com, we show that, indeed, workers dislike applying to distant jobs: job seekers are 35 percent less likely to apply to a job 10 miles (mi.) away from their zip code of residence. However, because job seekers are close enough to vacancies on average, this distaste for distance is fairly inconsequential: our search and matching model predicts that ...
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作者：Saint-Paul, Gilles
作者单位：Paris School of Economics; New York University; New York University Abu Dhabi
摘要：An ideologically biased expert faces trade-offs in model design. The perceived model must be autocoherent-its use by all agents delivers a self-confirming equilibrium. Policy may be influenced by manipulating the Keynesian multiplier or the Phillips curve parameters. Ideological bias may arise in a way that resembles well-known historical controversies. A larger reported Keynesian multiplier is favored by more left-wing economists, as is a flatter inflation output trade-off. Some combinations ...
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作者：Blaum, Joaquin; Lelarge, Claire; Peters, Michael
作者单位：Brown University; Universite Paris Saclay; Center for Economic & Policy Research (CEPR); Yale University; National Bureau of Economic Research
摘要：Firms differ substantially in their participation in foreign input markets. We develop a methodology to measure the aggregate effects of input trade that takes such heterogeneity into account. We provide a theoretical result that holds in a variety of settings: the firm-level data on value added and domestic expenditure shares in material spending is sufficient to compute the change in consumer prices due to a shock to the import environment. We characterize the bias of approaches that rely on...
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作者：Poschke, Markus
作者单位：McGill University; Universite de Montreal; IZA Institute Labor Economics
摘要：Development is associated with systematic changes in the firm size distribution. I document that the mean and dispersion of firm size are larger in rich countries, and increased over time for US firms. To analyze the firm size-development link, I construct a frictionless general equilibrium model of occupational choice with skill-biased change in entrepreneurial technology (i.e., technical progress favors better entrepreneurs). The model accounts for key aspects of the US experience with only ...
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作者：Laitner, John; Silverman, Dan; Stolyarov, Dmitriy
作者单位：University of Michigan System; University of Michigan; Arizona State University; Arizona State University-Tempe
摘要：This paper develops a tractable model of post-retirement behavior with health status uncertainty and state-verification difficulties. The model distinguishes between annuitized and non-annuitized wealth and features means-tested Medicaid assistance with nursing home care. We show how to solve the potentially complex dynamic problem analytically, making it possible to characterize optimal behavior with phase diagrams. The analysis provides an integrated treatment of portfolio composition and co...
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作者：Michaud, Amanda M.
作者单位：Indiana University System; Indiana University Bloomington
摘要：Employer learning provides a link between wage and employment dynamics. Workers who ore selectively terminated when their low productivity is revealed subsequently earn lower wages. If learning is asymmetric across employers, randomly separated high-productivity workers ore treated similarly when hired from unemployment, hut recover as their next employer learns their type. 1 provide empirical evidence supporting this link, then study whether employer learning is an empirically important facto...
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作者：Hall, Robert E.; Schulhofer-Wohl, Sam
作者单位：Stanford University; Stanford University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Matching efficiency is the productivity of the process for matching job-seekers to available jobs. Job-finding is the output; vacant jobs and active job-seekers are the inputs. We develop a framework for measuring matching productivity when the population of job-seekers is heterogeneous. We find that overall matching efficiency declined smoothly over the period from 2001 through 2013. Measures of matching efficiency that neglect heterogeneity among the unemployed and also neglect job-seekers o...
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作者：Chen, Daphne; Qi, Shi; Schlagenhauf, Don
作者单位：William & Mary; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：A dynamic stochastic occupational choice model with heterogeneous agents is developed to evaluate the impact of a corporate income tax reduction on employment. In this framework, the key margin is the endogenous entrepreneurial choice of the legal form of organization. A reduction in the corporate income tax burden encourages adoption of the C corporation legal form, which reduces capital constraints on firms. Improved capital reallocation increases the overall productive efficiency in the eco...
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作者：Jaef, Roberto N. Fattal
作者单位：The World Bank
摘要：Most studies quantifying the gains from reversing allocative distortions are static in nature. We propose a model of firm dynamics featuring entry, exit, and multiproduct firms to understand the contribution of these dynamic factors in shaping the welfare and long-run productivity gains from removing distortions. We find that while the entry and exit of firms and their product-portfolio choices exert countervailing forces over long-run total factor productivity (TFP), they reinforce each other...
