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作者：Barnichon, Regis; Figura, Andrew
作者单位：Centre de Recerca en Economia Internacional (CREI); Pompeu Fabra University; Barcelona School of Economics; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We estimate an aggregate matching function and find that the regression residual, which captures movements in matching efficiency, displays procyclical fluctuations and a dramatic decline after 2007. Using a matching function framework that explicitly takes into account worker heterogeneity as well as market segmentation, we show that matching efficiency movements can be the result of variations in the degree of heterogeneity in the labor market. Matching efficiency declines substantially when...
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作者：Connolly, Michelle; Yi, Kei-Mu
作者单位：Duke University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper assesses the importance of trade policy reforms in South Korea, as well as the General Agreement on Tariffs and Trade (GATT) tariff reductions, in explaining Korea's growth miracle. We develop a model of neoclassical growth and trade in which lower tariffs lead to increased gross domestic product (GDP) per worker via comparative advantage and specialization, and capital accumulation. We calibrate the model and simulate the tariff reductions that occurred between early 1962 and 1989....
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作者：Lansing, Kevin J.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco
摘要：This paper develops a production-based asset pricing model with two types of agents and concentrated ownership of physical capital. A temporary but persistent distribution shock causes the income share of capital owners to fluctuate in a procyclical manner, consistent with US data. The concentrated ownership model significantly magnifies the equity risk premium relative to a representative-agent model because the capital owners' consumption is more-strongly linked to volatile dividends from eq...
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作者：Aghion, Philippe; Cai, Jing; Dewatripont, Mathias; Du, Luosha; Harrison, Ann; Legros, Patrick
作者单位：Harvard University; National Bureau of Economic Research; University of Michigan System; University of Michigan; Universite Libre de Bruxelles; University of Pennsylvania
摘要：Using a comprehensive dataset of all medium and large enterprises in China between 1998 and 2007, we show that industrial policies allocated to competitive sectors or that foster competition in a sector increase productivity growth. We measure competition using the Lerner Index and include as industrial policies subsidies tax holidays, loans, and tariffs. Measures to foster competition include policies that are more dispersed across firms in a sector or measures that encourage younger and more...
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作者：Herrendorf, Berthold; Herrington, Christopher; Valentinyi, Akos
作者单位：Arizona State University; Arizona State University-Tempe; Virginia Commonwealth University; Cardiff University; Center for Economic & Policy Research (CEPR)
摘要：We assess how the properties of technology affect structural transformation, i.e., the reallocation of production factors across the broad sectors of agriculture, manufacturing, and services. To this end, we estimate sectoral constant elasticity of substitution (CES) and Cobb-Douglas production functions on postwar US data. We find that differences in technical progress across the three sectors are the dominant force behind structural transformation whereas other differences across sectoral te...
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作者：Klein, Michael W.; Shambaugh, Jay C.
作者单位：Tufts University; National Bureau of Economic Research; George Washington University
摘要：A central result in international macroeconomics is that a government cannot simultaneously opt for open financial markets, fixed exchange rates, and monetary autonomy; rather, it is constrained to choosing no more than two of these three. This paper considers whether partial capital controls and limited exchange rate flexibility allow for full monetary policy autonomy. We find partial capital controls do not generally allow for greater monetary control than with open capital accounts, unless ...
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作者：Kleinert, Journ; Martin, Julien; Toubal, Farid
作者单位：University of Graz; University of Quebec; University of Quebec Montreal; Universite Paris Saclay; Paris School of Economics
摘要：This paper argues that the correlation of business cycles across countries is largely due to linkages between multinational firms and their foreign affiliates. There are very few foreign affiliates in France, but they contribute considerably to aggregate economic activities. We exploit the heterogeneity in the presence and origin of foreign affiliates across French regions to identify their impact on comovement. We find a positive impact of foreign affiliates' presence on the comovement of bus...
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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 ...
