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作者：Helpman, Elhanan; Niswonger, Benjamin
作者单位：Harvard University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：We develop a model with a finite number of multiproduct firms together with a continuum of single-product firms and study the dynamics that arise from product innovation. Consistent with the available evidence, the model predicts rising markups and concentration and a declining labor share. Our dynamics predict the possibility of an inverted-U relationship between labor productivity and product span, for which we provide suggestive evidence. In the optimal allocation, product span and labor pr...
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作者：Miranda-Pinto, Jorge; Youngs, Eric R.
作者单位：University of Queensland; University of Virginia; Zhejiang University; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：We show that during the Great Recession, more-flexible sectors paid lower sectoral bond spreads. We rationalize this fact with a model with input-output linkages, heterogeneous elasticities, and binding working capital constraints in the use of intermediates. We show that the difference in flexibility between upstream and downstream sectors is key for determining the role of input-output linkages in amplifying or mitigating distortions. Calibrating the model to the US economy, we find that our...
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作者：Zheng, Angela; Graham, James
作者单位：McMaster University; University of Sydney
摘要：Public school funding depends heavily on local property tax reve-nue. Consequently, low-income households have limited access to quality education in neighborhoods with high house prices. In a dynamic life-cycle model with neighborhood choice and endogenous local school quality, we show that this property tax funding mecha-nism reduces intergenerational mobility and accounts for the spatial correlation between house prices and mobility. A housing voucher experiment improves access to schools, ...
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作者：Bergholt, Drago; Furlanetto, Francesco; Maffei-Faccioli, Nicolo
作者单位：Norges Bank; BI Norwegian Business School; Autonomous University of Barcelona; Barcelona School of Economics; Bocconi University
摘要：We use time series techniques to estimate the importance of four main explanations for the decline of the US labor income share: rising firm markups, falling bargaining power of workers, higher investment-specific technology growth, and more automated production processes. Identification is achieved with restrictions derived from a stylized model of structural change. Our results point to automation as the main driver of the labor share, although rising markups have played an important role in...
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作者：Eisenbach, Thomas M.; Phelan, Gregory
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Williams College
摘要：In standard Walrasian macro finance models, pecuniary externalities due to fire sales lead to excessive borrowing and insufficient liquidity holdings. We investigate whether imperfect competition (Cournot) improves welfare through internalizing the externality and find that this is far from guaranteed. Cournot competition can overcorrect the inefficiently high borrowing in a standard model of levered real investment. By contrast, Cournot competition can exacerbate the inefficiently low liquidi...
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作者：Erosa, Andres; Fuster, Luisa; Kambourov, Gueorgui; Rogerson, Richard
作者单位：Universidad Carlos III de Madrid; University of Toronto; Princeton University; Princeton University
摘要：Goldin (2014) offers a narrative in which gender differences in home production responsibilities create gender gaps in labor market outcomes. We carry out a model-based quantitative assessment of this narrative and find that it can account for a significant share of gender gaps in occupational choice, wages, and hours. Our analysis emphasizes the quantitative significance of two key elements not highlighted by Goldin: heterogeneity in comparative advantage and multimember households. Gender di...
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作者：Papageorgiou, Theodore
作者单位：Boston College
摘要：In this paper, I document that workers in larger cities have significantly more occupational options than workers in smaller ones. They are able to form better occupational matches and earn higher wages. I also note differences in occupation reallocation patterns across cities. I develop a dynamic model of occupation choice that microfounds agglomeration economies and captures the empirical patterns. The calibration of the model suggests that better occupational match quality accounts for appr...
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作者：Acemoglu, Daron; Akcigit, Ufuk; Celik, Murat Alp
作者单位：Massachusetts Institute of Technology (MIT); University of Chicago; University of Toronto
摘要：We investigate the determinants of radical (creative) innovations that break new ground in knowledge creation. We develop a model focusing on the choice between incremental and radical innovation and on how managers of different ages and human capital are sorted across firms. Firm- and patent-level evidence reveals that firms that are more open to disruption are significantly more likely to engage in radical innovation and hire younger managers and inventors with a comparative advantage in rad...
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作者：Uribe, Martin
作者单位：Columbia University; National Bureau of Economic Research
摘要：This paper assesses the presence and importance of the neo-Fisher effect in postwar data. It formulates and estimates an empirical and a New Keynesian model driven by stationary and nonstationary monetary and real shocks. In accordance with conventional wisdom, temporary increases in the nominal interest rate are estimated to cause decreases in inflation and output. The main finding of the paper is that permanent monetary shocks that increase the nominal interest rate and inflation in the long...
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作者：Anenberg, Elliot; Ringo, Daniel
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Housing demand stimulus produces a multiplier effect by freeing up owners attempting to sell their current home, allowing them to reenter the market as buyers. Exploiting a shock to first-time home buyer demand caused by a cut in mortgage insurance premiums, we find that homeowners buy their next home sooner when the probability of their current home selling increases. We build and calibrate a search model that explains these findings as a result of homeowners avoiding the cost of owning two h...
