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作者：Fried, Stephie
作者单位：Arizona State University; Arizona State University-Tempe
摘要：A carbon tax can induce innovation in green technologies. I evaluate the quantitative impact of this channel in a dynamic, general equilibrium model with endogenous innovation in fossil, green, and nonenergy inputs. I discipline the parameters using evidence from historical oil shocks, after which both energy prices and energy innovation increased substantially. I find that a carbon tax induces large changes in innovation. This innovation response increases the effectiveness of the policy at r...
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作者：Mukoyama, Toshihiko; Patterson, Christina; Sahin, Aysegul
作者单位：Georgetown University; University of Virginia; Massachusetts Institute of Technology (MIT); Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We create a novel measure of job search effort exploiting the American Time Use and Current Population Surveys. We examine the cyclicality of search effort using time-series, cross-state, and individual variation and find that it is countercyclical. We then set up a search and matching model with endogenous search effort and show that search effort does not amplify labor market fluctuations but rather dampens them. Lastly, we examine the role of search effort in driving recent unemployment dyn...
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作者：Imrohoroglu, Ayse; Matoba, Kyle; Tuzel, Selale
作者单位：University of Southern California
摘要：There are many federal, state, and local laws that distort housing decisions and prices. However, it is often difficult to tease Out the quantitative impact of such policies. In this paper, we examine the implications of one of the most significant tax changes initiated by voters in the United States on house prices, housing turnover, and household welfare. In 1978 California passed Proposition 13, which lowered property tax rates and restricted future property tax increases. We find that the ...
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作者：Garin, Julio; Pries, Michael J.; Sims, Eric R.
作者单位：Claremont Colleges; Claremont Graduate University; Claremont McKenna College; University of Notre Dame; National Bureau of Economic Research
摘要：A principal components decomposition of sectoral IP data reveals that the contribution of aggregate shocks to the variance of aggregate output declined from about 70 percent in the period 1967-1983 to about 30 percent after 1983. We develop an islands model with two sectors and costly labor reallocation to investigate how this change in the relative importance of shocks alters business cycle moments. A version of the model with relatively more important sectoral shocks results in a sizeable de...
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作者：Comin, Diego; Mestieri, Marti
作者单位：Dartmouth College; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Northwestern University
摘要：We study the cross-country evolution of technology diffusion over the last two centuries. We document that adoption lags between poor and rich countries have converged, while the intensity of use of adopted technologies of poor countries relative to rich countries has diverged. The evolution of aggregate productivity implied by these trends in technology diffusion resembles the actual evolution of the world income distribution in the last two centuries. Cross-country differences in adoption la...
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作者：Barany, Zsofia L.; Siegel, Christian
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); University of Kent
摘要：We document that job polarization-contrary to the consensushas started as early as the 1950s in the United States: middle-wage workers have been losing both in terms of employment and average wage growth compared to low-and high-wage workers. Given that polarization is a long-run phenomenon and closely linked to the shift from manufacturing to services, we propose a structural change driven explanation, where we explicitly model the sectoral choice of workers. Our simple model does remarkably ...
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作者：Gillitzer, Christian; Prasad, Nalini
作者单位：University of Sydney; University of New South Wales Sydney
摘要：We seek to identify the causal effect of sentiment innovations on consumption. Using unique Australian consumer sentiment survey data, we show that, immediately after elections with a change of government, supporters of the winning party report substantially more optimistic beliefs about economic conditions than supporters of the losing party. We argue that this variation in beliefs is orthogonal to changes in fundamentals and find robust evidence that the shifts in sentiment affect spending i...
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作者：Bjornland, Hilde C.; Larsen, Vegard H.; Maih, Junior
作者单位：BI Norwegian Business School; Norges Bank; BI Norwegian Business School
摘要：We analyze the role of oil price volatility in reducing US macroeconomic instability. Using a Markov Switching Rational Expectation New Keynesian model we revisit the timing of the Great Moderation and the sources of changes in the volatility of macroeconomic variables. We find that smaller or fewer oil price shocks did not play a major role in explaining the Great Moderation. Instead oil price shocks are recurrent sources of economic fluctuations. The most important factor reducing overall va...
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作者：Park, Yena
作者单位：University of Rochester
摘要：This paper investigates whether capital and human capital are over-accumulated in an incomplete market economy. As in Davila et al. (2012), whether capital is over-accumulated depends on how the pecuniary externalities affect insurance and redistribution. In a human capital economy, however, not only capital but also human capital generates externalities and an additional channel arises that has implications for the overaccumulation (under-accumulation) of capital (human capital). The income s...
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作者：Haltiwanger, John C.; Hyatt, Henry R.; Kahn, Lisa B.; McEntarfer, Erika
作者单位：University System of Maryland; University of Maryland College Park; Yale University
摘要：We study whether workers progress up firm wage and size job ladders, and the cyclicality of this movement. Search theory predicts that workers should flow toward larger, higher paying firms. However, we see little evidence of a firm size ladder, partly because small, young firms poach workers from all other businesses. In contrast, we find strong evidence of a firm wage ladder that is highly procyclical. During the Great Recession, this firm wage ladder collapsed, with net worker reallocation ...
