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作者：Collard, Fabrice; Dellas, Harris; Diba, Behzad; Loisel, Olivier
作者单位：University of Bern; Georgetown University; Institut Polytechnique de Paris; ENSAE Paris
摘要：The recent financial crisis has highlighted the interconnectedness between macroeconomic and financial stability, raising questions about how to combine monetary and prudential policies. This paper characterizes the jointly optimal monetary and prudential policies, setting the interest rate and bank-capital requirements. The source of financial fragility is the socially excessive risk taking by banks due to limited liability and deposit insurance. We provide conditions under which locally (Ram...
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作者：Chen, Chaoran
作者单位：National University of Singapore
摘要：The prevalence of untitled land in poor countries helps explain the international agricultural productivity differences. Since untitled land cannot be traded across farmers, it creates land misallocation and distorts individuals' occupational choice between farming and working outside agriculture. I build a two-sector general equilibrium model to quantify the impact of untitled land. I find that economies with higher percentages of untitled land would have lower agricultural productivity; land...
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作者：Aoki, Shuhei; Nirei, Makoto
作者单位：Shinshu University; University of Tokyo
摘要：We construct a tractable neoclassical growth model that generates Pareto's law of income distribution and Zipf's law of the firm size distribution from idiosyncratic, firm-level productivity shocks. Executives and entrepreneurs invest in risk-free assets, as well as their own firms' risky stocks, through which their wealth and income depend on firm-level shocks. By using the model, we evaluate how changes in tax rates can account for the evolution of top incomes in the United States. The model...
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作者：Hanushek, Eric A.; Ruhose, Jens; Woessmann, Ludger
作者单位：Stanford University; IZA Institute Labor Economics; Leibniz Association; Ifo Institut; National Bureau of Economic Research; Leibniz University Hannover; IZA Institute Labor Economics; University of Munich; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut
摘要：Improvement in human capital is often presumed to be important for state economic development, but little research links better education to state incomes. We develop detailed measures of worker skills in each state that incorporate cognitive skills from state-and-country-of-origin achievement tests. These new measures of knowledge capital permit development accounting analyses calibrated with standard production parameters. Differences in knowledge capital account for 20-30 percent of the sta...
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作者：Hansen, Mary Eschelbach; Ziebarth, Nicolas L.
作者单位：American University; University of Iowa; National Bureau of Economic Research
摘要：Credit relationships are sticky. Stickiness makes relationships beneficial to borrowers in times of their own distress but makes them potentially problematic when lenders themselves face hardship. To examine the role of credit relationships during a financial crisis, we exploit a natural experiment in Mississippi during the Great Depression that generated plausibly exogenous differences in financial distress for banks. Using new data drawn from the publications of the credit rating agency Dun ...
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作者：Inklaar, Robert; Rao, D. S. Prasada
作者单位：University of Groningen; University of Queensland
摘要：The latest global survey on relative prices and income levels, for the year 2011, showed changes to relative income levels that were larger in lower income countries, thereby narrowing the world income distribution compared to estimates based on the previous, 2005 survey. This paper examines whether changes in measurement methodology between the 2005 and 2011 survey can explain these large differences. We construct a counterfactual set of relative prices for 2005 that harmonizes measurement, a...
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作者：Buera, Francisco J.; Shin, Yongseok
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis; National Bureau of Economic Research
摘要：Why doesn't capital flow into fast-growing countries? Using a model with heterogeneous producers and underdeveloped domestic financial markets, we explain the joint dynamics of total factor productivity (TFP) and capital flows. When a large-scale economic reform removes preexisting idiosyncratic distortions in a small open economy, its TFP rises, driven by efficient reallocation of economic resources. At the same time, because of the domestic financial frictions, saving rates surge but investm...
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作者：Deaton, Angus; Aten, Bettina
作者单位：Princeton University
摘要：Purchasing power parity exchange rates, or PPPs, are price indexes that summarize prices in each country relative to a numeraire country, typically the United States. These numbers are used to compare living standards across countries, by academics in studies of economic growth, particularly through. the Penn World Table, by the World Bank to construct measures of global poverty, by the European Union to redistribute resources, and by the international development community to draw attention t...
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作者：Chirinko, Robert S.; Mallick, Debdulal
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Deakin University
摘要：The value of the elasticity of substitution between labor and capital (sigma) is a crucial assumption in understanding the secular decline in the labor share of income. This paper develops and implements a new strategy for estimating this crucial parameter by combining a low-pass filter with panel data to identify the low-frequency/long-run relations appropriate to production function estimation. Standard estimation methods, which do not filter out transitory variation, generate downwardly bia...
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作者：Ngai, L. Rachel; Petrongolo, Barbara
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; University of London; Queen Mary University London; University of London; Queen Mary University London; Centre for Economic Policy Research - UK
摘要：This paper investigates the role of the rise in services in the narrowing of gender gaps in hours and wages in recent decades. We highlight the between-industry component of differential gender trends for the United States and propose a model economy with goods, services, and home production, in which women have a comparative advantage in producing services. The rise of services, driven by structural transformation and marketization of home production, raises women's relative wages and market ...
