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作者：Lee, Byoungchan
作者单位：Hong Kong University of Science & Technology
摘要：I construct an incomplete market model featuring a closed-form expression for optimal consumption. In the model, individual consumption is an isoelastic function of wealth, inclusive of income, yielding partial consumption smoothing based on borrowing and lending in response to income shocks. I show that the model replicates several empirical characteristics of inequality in consumption, income, and wealth and their dynamics at the individual level. Using the model, I show that the rising weal...
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作者：Lerch, Benjamin
作者单位：Universita della Svizzera Italiana
摘要：I investigate how the introduction of industrial robots is shaping the demographic composition of the US labor force between 1993 and 2014. I find that robots decreased employment of men and women by 3.7 and 1.6 percentage points, contributing to the secular decline in the gender employment gap, and that they decreased employment among Whites and non-Whites by 1.8 and 4.5 percentage points, widening the race/ethnicity employment gap. These effects follow from the persistent occupational segreg...
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作者：Olsson, Jonna
作者单位：Norwegian School of Economics (NHH)
摘要：Women's increased involvement in the economy has been an important change in labor markets during the past century. I show that a macroeconomic model taking into account gender and household composition in an otherwise parsimonious off-the-shelf setting captures key historical labor supply facts regarding trend and volatility across subgroups. Evaluating the economy's response to aggregate shocks at different points in time shows that the underlying trend growth in married women's employment c...
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作者：Furlanetto, Francesco; Lepetit, Antoine; Robstad, Qrjan; Rubio-ramirez, Juan; Ulvedal, Pal
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Norges Bank; Federal Reserve System - USA; Emory University; Federal Reserve Bank - Atlanta; Nord University
摘要：In this paper we identify demand shocks that can have a permanent effect on output through hysteresis effects. We call these shocks permanent demand shocks. They are found to be quantitatively important in the United States, in particular in samples starting in the 1980s. Recessions driven by permanent demand shocks lead to a permanent decline in employment and investment, while output per worker is largely unaffected. We find strong evidence that hysteresis transmits through a rise in long-te...
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作者：Phillot, Maxime
作者单位：University of Lausanne
摘要：We identify Treasury supply shocks using auction data, interpreting changes in futures prices around announcements as shocks to expected supply. We isolate the component of futures price variations pertaining to US Treasury announcements between 1998 and 2020. We study how supply affects financial markets through local projections, using shocks as instruments. We show that increases in Treasury supply cause an upward shift of the yield curve fueled partly by a higher term premium. Stock prices...
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作者：Nakajima, Makoto; Telyukova, Irina A.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Many US households have significant wealth late in life, contrary to the predictions of a simple life-cycle model. By comparison, retirees in Sweden decumulate wealth more quickly while facing smaller out-of-pocket medical expense risks late in life. In this paper, we investigate how well the latter can account for the former using a full life-cycle consumption-saving model. We find that medical expense level and risk account for 32-59 percent of the US-Sweden difference in retirees' speed of ...
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作者：Lerch, Benjamin
作者单位：Universita della Svizzera Italiana
摘要：I investigate how the introduction of industrial robots is shaping the demographic composition of the US labor force between 1993 and 2014. I find that robots decreased employment of men and women by 3.7 and 1.6 percentage points, contributing to the secular decline in the gender employment gap, and that they decreased employment among Whites and non-Whites by 1.8 and 4.5 percentage points, widening the race/ethnicity employment gap. These effects follow from the persistent occupational segreg...
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作者：Olsson, Jonna
作者单位：Norwegian School of Economics (NHH)
摘要：Women's increased involvement in the economy has been an important change in labor markets during the past century. I show that a macroeconomic model taking into account gender and household composition in an otherwise parsimonious off-the-shelf setting captures key historical labor supply facts regarding trend and volatility across subgroups. Evaluating the economy's response to aggregate shocks at different points in time shows that the underlying trend growth in married women's employment c...
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作者：Chi, Chun-che; Schmitt-grohe, Stephanie; Uribe, Martin
作者单位：Academia Sinica - Taiwan; National Bureau of Economic Research; Columbia University; Centre for Economic Policy Research - UK; Columbia University; National Bureau of Economic Research
摘要：A central prediction of open economy models with a pecuniary externality due to a collateral constraint is that the unregulated economy overborrows relative to what occurs under optimal policy. A maintained assumption in this literature is that households borrow directly from foreign lenders. This paper shows that if foreign lending is intermediated by domestic banks and the government can pay interest on bank reserves and impose capital controls, the unregulated economy underborrows. The opti...
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作者：Jappelli, Tullio; Pistaferri, Luigi
作者单位：University of Naples Federico II; Stanford University; National Bureau of Economic Research
摘要：We test the key implication of the buffer-stock model, namely that any revision in permanent income leads to a proportionate revision in target wealth. We use panel data on the amount of wealth that people think they must hold for precautionary purposes. Using the covariance restrictions that the model imposes on the joint behavior of income and target wealth, we find that households indeed revise, approximately one for one, their target wealth in response to permanent income shocks. The speed...
