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作者：Bayer, Christian; Juessen, Falko
作者单位：University of Bonn; University of Wuppertal
摘要：We reassess the empirical effects of income and employment on self-reported well-being. Our analysis makes use of a two-step estimation procedure that allows us to apply instrumental variable regressions with ordinal observable data. As suggested by the theory of incomplete markets, we differentiate between the effects of persistent and transitory income shocks. In line with this theory, we find that persistent shocks have a significant impact on happiness while transitory shocks do not. This ...
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作者：Imbs, Jean; Mejean, Isabelle
作者单位：Paris School of Economics; Centre National de la Recherche Scientifique (CNRS); Centre for Economic Policy Research - UK; Institut Polytechnique de Paris; Ecole Polytechnique
摘要：On average, estimates of trade elasticities are smaller in aggregate data than at sector level. This is an artifact of aggregation. Estimations performed on aggregate data constrain sector elasticities to homogeneity, which creates a heterogeneity bias. The paper shows such a bias exists in two prominent approaches used to estimate elasticities, which has meaningful consequences for the calibration of the trade elasticity in one-sector, aggregative models. With elasticities calibrated to aggre...
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作者：Hicks, Daniel L.
作者单位：University of Oklahoma System; University of Oklahoma - Norman
摘要：In response to income fluctuations, households smooth consumption by substituting between market expenditure and time inputs. This paper provides evidence of this substitution in the context of food consumption over transitory and permanent income fluctuations in Mexico. Household time investments drive a wedge between consumption and expenditure, amplifying measured expenditure volatility. Volatility decompositions for Mexico and the United States suggest that the extent of bias in expenditur...
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作者：Acemoglu, Daron; Gancia, Gino; Zilibotti, Fabrizio
作者单位：Massachusetts Institute of Technology (MIT); Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics; University of Zurich
摘要：We study the implications of offshoring on innovation, technology, and wage inequality in a Ricardian model with directed technical change. Profit maximization determines both the extent of offshoring and the direction of technological progress. A fall in the offshoring cost induces technical change with an ambiguous factor bias. When the initial cost of offshoring is high, an increase in offshoring opportunities causes a fall in the real wages of unskilled workers in industrial countries, ski...
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作者：Coibion, Olivier; Gorodnichenko, Yuriy
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：We evaluate explanations for the absence of disinflation during the Great Recession and find popular explanations to be insufficient. We propose a new explanation for this puzzle within the context of a standard Phillips curve. If firms' inflation expectations track those of households, then the missing disinflation can be explained by the rise in their inflation expectations between 2009 and 2011. We present new econometric and survey evidence consistent with firms having similar expectations...
