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作者：Hendricks, Lutz; Schoellman, Todz
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper revisits the question of how allowing for imper-fect substitution among workers with different skill levels affects the results of development accounting. We consider a range of models that nest the approaches in the literature and calibrate them to a common set of moments, including particularly evidence on the wage gains of migrants. We obtain two main results. First, human capital accounts for between one-half and three-fourths of cross-country income gaps. Second, human capital ...
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作者：Dolfen, Paul; Einav, Liran; Klenow, Peter J.; Klopack, Benjamin; Levin, Jonathan D.; Levin, Larry; Best, Wayne
作者单位：Stanford University; National Bureau of Economic Research; Texas A&M University System; Texas A&M University College Station; Stanford University
摘要：E-commerce represents a rapidly growing share of consumer spend-ing in the United States. We use transactions-level data on credit and debit cards from Visa, Inc. between 2007 and 2017 to quantify the resulting consumer surplus. We estimate e-commerce reached 8 percent of consumption by 2017, yielding the equivalent of a 1 per-cent boost to their consumption, or over $1,000 per household per year. While some of the gains arose from avoiding travel costs to local merchants, most of the gains st...
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作者：Fukui, Masao; Nakamura, Emi; Steinsson, Jon
作者单位：Boston University; University of California System; University of California Berkeley
摘要：Business cycle recoveries have slowed in recent decades. This slow-down comes entirely from female employment, as women's employ-ment rates converged toward men's during the past half-century. But does the slowdown in the growth of female employment rates translate into a slowdown for overall employment rates? We estimate the extent to which women crowd out men in the labor market across US states, and find that it is small. Through the lens of a gen-eral equilibrium model with home production...
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作者：Debacker, Jason; Panousi, Vasia; Ramnath, Shanthi
作者单位：University of South Carolina System; University of South Carolina Columbia; Universite de Montreal; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We employ a large panel of US income tax returns for the period 1987-2018 to extensively characterize and quantify business income risk. Our findings show business income to be much riskier than labor income. Business income is less persistent and is characterized by higher tail risk. Furthermore, when compared to labor income, heterogeneity across households is less important in explaining the cross-sectional variation in business income, and within-household income variation is more importan...
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作者：Crawley, Edmund; Kuchler, Andreas
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We document heterogeneity in the marginal propensity to consume (MPC) across household characteristics relevant to understanding heterogeneous agent models and monetary policy transmission. We find a strong negative relationship between household liquid wealth and MPC. We show that household liquid wealth predicts MPC closely for every other household characteristic we look at. We use a new empirical method that overcomes sources of bias found in the existing literature, along with administrat...
