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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：Adamopoulos, Tasso
作者单位：York University - Canada
摘要：I study the effects of Ethiopia's 1997-2014 road expansion program on agricultural productivity and structural change by combining a quantitative spatial sectoral framework with novel district-level panel data on agricultural production and geocoded transport costs. In the model, the spatial heterogeneity of transport costs affects the distribution of production and mobile inputs across locations and sectors, and the allocation of land across crops within locations. Varying transport costs to ...
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作者：Jo, YooN Joo; Zubairy, Sarah
作者单位：Texas A&M University System; Texas A&M University College Station; National Bureau of Economic Research
摘要：In a New Keynesian model with downward nominal wage rigidity (DNWR), we show that government spending is more effective in stimulating output in a low-inflation recession relative to a high-inflation recession. The government spending multiplier is large when DNWR binds, but the nature of recession matters due to the opposing response of inflation and, consequently, for real wages. Using US historical time series data, we provide evidence of larger spending multipliers in low-inflation recessi...
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作者：Toews, Gerhard; Vezina, Pierre-louis
作者单位：New Economic School; University of London; King's College London
摘要：The Soviet regime forcedly sent millions of enemies of the people, i.e. the educated elite considered a threat to the regime, to Gulag camps across the USSR. We use this large-scale episode of terror as a natural experiment to provide evidence on the long-run persistence of human capital across generations and its effect on economic growth. We combine archive data from the Gulag with the 2018 Russian firm census to show that areas around camps with a larger share of enemies among camp prisoner...
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作者：Smith, Dominic a.; Ocampo, Sergio
作者单位：Western University (University of Western Ontario)
摘要：Increasing national concentration has contributed to market power concerns. Yet local trends are more informative about market power in retail, where consumers have traditionally shopped at nearby stores. Using novel product-level census data for all US retailers, we find that local and national concentration increased in parallel and affect most markets, products, and industries. The expansion of multimarket firms into new markets explains most of the increase in national concentration, with ...
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作者：Mackowiak, Bartosz; Wiederholt, Mirko
作者单位：European Central Bank; Centre for Economic Policy Research - UK; University of Munich
摘要：We solve a real business cycle model with rational inattention (an RI-RBC model). In the RI-RBC model, the growth rates of employment, investment, and output are about as persistent as in the data, with an amount of inattention consistent with survey data on expectations. Moreover, consumption, employment, and output move in the same direction in response to news about future productivity. By contrast, the baseline RBC model produces neither persistent growth rates nor business cycle comovemen...
