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作者：Ferraro, Domenico; Fiori, Giuseppe
作者单位：Arizona State University; Arizona State University-Tempe; North Carolina State University
摘要：We study how the changing demographic composition of the US labor force has affected the response of the unemployment rate to marginal tax rate shocks. Using narratively identified tax changes as proxies for structural shocks, we establish that the responsiveness of the unemployment rates to tax changes varies significantly across age groups: the unemployment rate response of the young is nearly twice as large as that of the old. This heterogeneity is the channel through which shifts in the ag...
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作者：Gross, Tal; Notowidigdo, Matthew J.; Wang, Jialan
作者单位：Boston University; National Bureau of Economic Research; Northwestern University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We estimate how the marginal propensity to consume (MPC) out of liquidity varies over the business cycle. Ten years after a Chapter 7 bankruptcy, the bankruptcy flag is removed from the filer's credit report, generating an increase in credit score. In the year following flag removal, credit card limits increase by $778 and credit card balances increase by $290, implying an MPC of 0.37. Using cohorts of flag removals, we find that the MPC was 20 to 30 percent higher during the Great Recession, ...
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作者：Guvenen, Fatih; Kuruscu, Burhanettin; Tanaka, Satoshi; Wiczer, David
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University of Toronto; University of Queensland; State University of New York (SUNY) System; Stony Brook University
摘要：What determines the earnings of a worker relative to his peers in the same occupation? What makes a worker fail in one occupation but succeed in another? More broadly, what are the factors that determine the productivity of a worker-occupation match? To help answer questions like these, we propose an empirical measure of multidimensional skill mismatch that is based on the discrepancy between the portfolio of skills required by an occupation and the portfolio of abilities possessed by a worker...
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作者：Malherbe, Frederic
作者单位：University of London; University College London; University of London; University College London
摘要：I study economies where banks do not fully internalize the social costs of their lending decisions, which leads to real overinvestment. The bank capital requirement that restores investment efficiency varies over time. During booms, more investment is desirable, so the banking sector must be allowed to expand. This suggests a loosening of the requirement. However, there is also more bank capital. Since the banking sector exhibits decreasing returns to scale, this suggests a tightening instead....
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作者：Benigno, Pierpaolo; Eggertsson, Gauti B.; Romei, Federica
作者单位：Luiss Guido Carli University; Brown University; Stockholm School of Economics
摘要：This paper proposes a postcrisis New Keynesian model that incorporates agent heterogeneity in borrowing and lending with a minimum set of assumptions. Unlike the standard framework, this model makes the natural rate of interest endogenous and dependent on macroeconomic policy. The main application is to study optimal monetary policy at the zero lower bound (ZLB). Such policy succeeds in raising the natural rate of interest by creating an environment that speeds up deleveraging and thus endogen...
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作者：Ameriks, John; Briggs, Joseph; Caplin, Andrew; Lee, Minjoon; Shapiro, Matthew D.; Tonetti, Christopher
作者单位：The Vanguard Group, Inc.; Federal Reserve System - USA; Federal Reserve System Board of Governors; New York University; National Bureau of Economic Research; Carleton University; University of Michigan System; University of Michigan; Stanford University
摘要：Older Americans, even those who are long retired, have strong willingness to work, especially in jobs with flexible schedules. For many, labor force participation near or after normal retirement age is limited more by a lack of acceptable job opportunities or low expectations about finding them than by unwillingness to work longer. This paper establishes these findings using an approach to identification based on strategic survey questions, purposefully designed to complement behavioral data. ...
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作者：Pinkovskiy, Maxim; Sala-i-Martin, Xavier
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Columbia University
摘要：We use satellite-recorded nighttime lights as an independent benchmark of economic activity in order to generate three findings in the study of PPP-adjusted estimates of GDP. First, PPP-adjusted estimates better describe poor economies than do market exchange rate-based estimates today, although this was not the case in the late 1990s. Second, estimates of PPPs have been steadily improving from one price survey round to the next. Third, it has tended to be optimal to only use the latest price ...
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作者：Tong, Hui; Wei, Shang-Jin
作者单位：International Monetary Fund; Columbia University; Australian National University; National Bureau of Economic Research
摘要：This paper investigates whether and how unconventional interventions in 2008-2010 unfroze the credit market. We construct a dataset of 198 interventions for 16 countries during 2008-2010 and examine heterogeneous responses in stock prices to the interventions across 7,873 nonfinancial firms in those countries. Stock prices increase when the interventions are announced, particularly for firms with greater intrinsic need for external capital. This pattern is corroborated by subsequent expansions...
