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作者：Benhabib, Jess; Szoke, Balint
作者单位：New York University
摘要：We generalize recent results of Bassetto and Benhabib (2006) and Straub and Werning (2019) in a neoclassical model with endogenous labor-leisure choice where all agents are allowed to save and accumulate capital. We provide a sufficient condition under which optimal redistributive capital taxes remain at their allowed upper bound forever, even if the resulting equilibrium trajectory converges to a unique steady state with positive and finite consumption, capital, and labor. We then provide an ...
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作者：Akcigit, Ufuk; Ates, Sina T.
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：In this paper, we review the literature on declining business dynamism and its implications in the United States and propose a unifying theory to analyze the symptoms and the potential causes of this decline. We first highlight 10 pronounced stylized facts related to declining business dynamism documented in the literature and discuss some of the existing attempts to explain them. We then describe a theoretical framework of endogenous markups, innovation, and competition that can potentially s...
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作者：Wu, Chunzan; Krueger, Dirk
作者单位：Peking University; University of Pennsylvania; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Tilburg University
摘要：We show that a calibrated life cycle two-earner household model with endogenous labor supply can rationalize the extent of consumption insurance against shocks to male and female wages, as estimated empirically by Blundell, Pistaferri, and Saporta-Eksten (2016) in US data. In the model, 35 percent of male and 18 percent of female permanent wage shocks pass through to consumption, compared to the empirical estimates of 32 percent and 19 percent. Most of the consumption insurance against permane...
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作者：Hendricks, Lutz; Herrington, Christopher; Schoellman, Todd
作者单位：University of North Carolina; University of North Carolina Chapel Hill; Virginia Commonwealth University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：We construct a time series of college attendance patterns for the United States and document a reversal: family background was a better predictor of college attendance before World War II, but academic ability was afterward. We construct a model of college choice that explains this reversal. The model's central mechanism is that an exogenous surge of college attendance leads better colleges to be oversubscribed, institute selective admissions, and raise their quality relative to their peers, a...
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作者：Brynjolfsson, Erik; Rock, Daniel; Syverson, Chad
作者单位：Stanford University; National Bureau of Economic Research; University of Pennsylvania; University of Chicago
摘要：General purpose technologies (GPTs) like AI enable and require significant complementary investments. These investments are often intangible and poorly measured in national accounts. We develop a model that shows how this can lead to underestimation of productivity growth in a new GPTs early years and, later, when the benefits of intangible investments are harvested, productivity growth overestimation. We call this phenomenon the Productivity J-curve. We apply our method to US data and find th...
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作者：Carvalho, Carlos; Lee, Jae Won; Park, Woong Yong
作者单位：University of Virginia; Seoul National University (SNU); Seoul National University (SNU)
摘要：We develop a multisector sticky-price DSGE model that can endogenously deliver differential responses of prices to aggregate and sectoral shocks. Input-output production linkages and a (standard) monetary policy rule contribute to a slow response of prices to aggregate shocks. In turn, labor market segmentation at the sectoral level induces within-sector strategic substitutability in price-setting decisions, which helps the model deliver a fast response of prices to sector-specific shocks. We ...
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作者：Albert, Christoph
摘要：This paper studies the labor market effects of both documented and undocumented immigration in a search model featuring nonrandom hiring. As immigrants accept lower wages, they are preferably chosen by firms and therefore have higher job finding rates than natives, consistent with evidence found in US data. Immigration leads to the creation of additional jobs but also raises competition for natives. The dominant effect depends on the fall in wage costs, which is larger for undocumented immigra...
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作者：Nordhaus, William D.
作者单位：Yale University
摘要：What are the prospects for long-run economic growth? One prominent line of economic thinking is the trend toward stagnation. Stagnationism has a long history in economics, beginning prominently with Malthus and occasionally surfacing in different guises. Prominent themes here are the following: Will economic growth slow and perhaps even reverse under the weight of resource depletion? Will overpopulation and diminishing returns lower living standards? Will unchecked CO2 emissions lead to catast...
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作者：Van der Ghote, Alejandro
作者单位：European Central Bank
摘要：I study monetary and macroprudential policy intervention in a general equilibrium economy with recurrent boom-bust cycles. Recurrence causes forward-looking variables to also react to policy intervention during phases in which the intervention is inactive. Macroprudential policies that contain systemic risk in financial markets during booms, therefore, relax market-based funding constraints during busts, which helps mitigate the severity and shorten the duration of economic meltdowns. Contract...
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作者：Qi, Ji; Tang, Xin; Xi, Xican
作者单位：Chinese Academy of Environmental Planning; Wuhan University; International Monetary Fund; Fudan University; Shanghai Institute of International Finance & Economics
摘要：We argue that misallocation across firms amplifies industrial water pollution by distorting the firm size distribution in China. Firm-level data indicate that larger firms are more likely to use clean technology but face higher distortions. In a heterogeneous firms model with an endogenous choice of pollution treatment technologies, we show that distortions that increase with firm-level TFP lower the adoption of clean technology, amplify aggregate pollution intensity, and lower aggregate outpu...
