3期

最新文章

• Mismatch Unemployment and the Geography of Job Search AI翻译
  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 ...
• The Firm Size Distribution across Countries and Skill-Biased Change in Entrepreneurial Technology AI翻译
  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 ...
• The Role of Annuitized Wealth in Post-retirement Behavior AI翻译
  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...
• The Political Economy of Municipal Pension Funding AI翻译
  作者：Brinkman, Jeffrey; Coen-Pirani, Daniele; Sieg, Holger
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Pennsylvania Commonwealth System of Higher Education (PCSHE); University of Pittsburgh; University of Pennsylvania
  摘要：Many US municipalities have committed to pay retirement benefits to public sector employees but have not saved enough to fulfill these obligations. This paper studies the determinants of municipal pension funding and its implications for intergenerational redistribution using an overlapping generations model. Under perfect capital markets, pension funding choices are fully capitalized into land prices. This neutrality result fails if agents face a binding downpayment constraint in the land mar...
• Do Job Destruction Shocks Matter in the Theory of Unemployment? AI翻译
  作者：Coles, Melvyn G.; Kelishomi, Ali Moghaddasi
  作者单位：University of Essex; University of Warwick
  摘要：Because the data show that market tightness is not orthogonal to unemployment, this paper identifies the many empirical difficulties caused by adopting the free entry of vacancies assumption in the Diamond-Mortensen-Pissarides (DMP) framework. Relaxing the free entry assumption and using Simulated Method of Moments (SMM) finds the vacancy creation process is less than infinitely elastic. Because a recession-leading job separation shock then causes vacancies to fall as unemployment increases, t...
• Government Spending Multipliers under the Zero Lower Bound: Evidence from Japan AI翻译
  作者：Miyamoto, Wataru; Thuy Lan Nguyen; Sergeyev, Dmitriy
  作者单位：Bank of Canada; Santa Clara University; Bocconi University
  摘要：Using a rich dataset on government spending forecasts in Japan, we provide new evidence on the effects of unexpected changes in government spending when the nominal interest rate is near the zero lower bound (ZLB). The on-impact output multiplier is 1.5 in the ZLB period and 0.6 outside of it. We estimate that government spending shocks increase both private consumption and investment during the ZLB period, but crowd them out in the normal period. There is evidence that expected inflation incr...
• If Technology Has Arrived Everywhere, Why Has Income Diverged? AI翻译
  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...
• Constrained Efficiency in a Human Capital Model AI翻译
  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...