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作者：Chamon, Marcos D.; Prasad, Eswar S.
作者单位：International Monetary Fund; Cornell University
摘要：From 1995 to 2005, the average urban household savings rate in China rose by 7 percentage points, to about one-quarter of disposable income. Savings rates increased across all demographic groups, and the age profile of savings has an unusual pattern in recent years, with younger and older households having relatively high savings rates. We argue that these patterns are best explained by the rising private burden of expenditures on housing, education, and health care. These effects and precauti...
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作者：Acemoglu, Daron; Dell, Melissa
作者单位：Massachusetts Institute of Technology (MIT)
摘要：We document substantial within-country (cross-municipality) differences in incomes for a large number of countries in the Americas. A significant fraction of the within-country differences cannot he explained by observed human capital. We conjecture that the sources of within-country and between-country differences are related. As a first step toward a unified framework, we propose a simple model incorporating differences in technological know-how across countries and differences in productive...
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作者：Jones, Charles I.; Romer, Paul M.
作者单位：Stanford University; National Bureau of Economic Research; Stanford University
摘要：In 1961, Nicholas Kaldor highlighted six stylized facts to summarize the patterns that economists had discovered in national income accounts and to shape the growth models being developed to explain them. Redoing this exercise today shows just how much progress we have made. In contrast to Kaldor's facts, which revolved around a single state variable, physical capital, our updated facts force consideration of four far more interesting variables: ideas, institutions, population, and human capit...
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作者：Guerkaynak, Refet S.; Sack, Brian; Wright, Jonathan H.
作者单位：Ihsan Dogramaci Bilkent University; Federal Reserve System - USA; Federal Reserve Bank - New York; Johns Hopkins University
摘要：For over ten years, the Treasury has issued index-linked debt. This paper describes the methodology for fitting a smoothed yield curve to these securities that is used at the Federal Reserve Board every day, and makes the estimates public. Comparison with the corresponding nominal yield curve allows measures of inflation compensation to be computed. We discuss the interpretation of inflation compensation, and provide evidence that it is not a pure measure of inflation expectations being distor...
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作者：Banerjee, Abhijit V.; Moll, Benjamin
作者单位：Massachusetts Institute of Technology (MIT); University of Chicago
摘要：Recent papers argue that the misallocation of resources can explain large cross-country TFP differences. This argument is underpinned by empirical evidence documenting substantial dispersion in the marginal products of resources, particularly capital, in developing countries. But why does misallocation persists? That is, why don't distortions disappear on their own? This is particularly true for capital misallocation, a point we illustrate in a simple model of capital accumulation with credit ...
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作者：Hsieh, Chang-Tai; Klenow, Peter J.
作者单位：University of Chicago; Stanford University; National Bureau of Economic Research
摘要：Researchers have made much progress in the past 25 years in accounting for the proximate determinants of income levels: physical capital, human capital, and Total Factor Productivity (TFP). But we still know little about why these factors vary. We argue that TFP exerts a powerful influence on output not only directly, but also indirectly, through its effect on physical and human capital accumulation. We discuss why TFP varies across countries, highlighting misallocation of inputs across firms ...
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作者：Cogley, Timothy; Primiceri, Giorgio E.; Sargent, Thomas J.
作者单位：New York University; Northwestern University; National Bureau of Economic Research; Stanford University
摘要：We estimate vector autoregressions with drifting coefficients and stochastic volatility to investigate whether US inflation persistence has changed. We focus on the inflation gap, defined as the difference between inflation and trend inflation, and we measure persistence in terms of short- to medium-term predictability. We present evidence that inflation-gap persistence increased during the Great Inflation and that it fell after the Volcker disinflation. We interpret these changes using a dyna...
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作者：Gourio, Francois; Miao, Jianjun
作者单位：Boston University; Zhongnan University of Economics & Law
摘要：To study the long-run effect of dividend taxation on aggregate capital accumulation, we build a dynamic general equilibrium model in which there is a continuum of firms subject to idiosyncratic productivity shocks. We find that a dividend tax cut raises aggregate productivity by reducing the frictions in the reallocation of capital across firms. Our baseline model simulations show that when both dividend and capital gains tax rates are cut from 25 and 20 percent, respectively, to the same 15 p...
