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作者：Burstein, Ariel; Morales, Eduardo; Vogel, Jonathan
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We provide a unifying framework to quantify the impact of several determinants of changes in US between-group inequality. We use an assignment framework with many labor groups, equipment types, and occupations in which changes in inequality are driven by changes in workforce composition, occupation demand, computerization, and labor productivity. We parameterize the model using direct measures of computer usage within labor group-occupation pairs and quantify the impact of each shock for vario...
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作者：Barnichon, Regis; Zylbergberg, Yanos
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Center for Economic & Policy Research (CEPR); University of Bristol
摘要：A substantial fraction of workers are underemployed, i.e., employed in jobs for which they are overqualified, and that fraction-the underemployment rate is higher in recessions. To explain these facts, we build a search model with an endogenous ranking mechanism, in which high-skill applicants are systematically hired over less-skilled competing applicants. Some high-skill workers become underemployed in order to escape the competition for high-skill jobs and find a job more rapidly at the exp...
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作者：Caggese, Andrea
作者单位：Pompeu Fabra University; Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics
摘要：I provide new empirical evidence on the negative relationship between financial frictions and productivity growth over a firm's life cycle. I show that a model of firm dynamics with incremental innovation cannot explain this evidence. However, further including radical innovation, which is very risky but potentially very productive, allows for the joint replication of several stylized facts about the dynamics of young and old firms and the differences in productivity growth in industries with ...
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作者：Hedilund, Aaron
作者单位：University of Missouri System; University of Missouri Columbia
摘要：Can inflating away nominal mortgage liabilities effectively combat recessions? I address this question using a model of illiquid housing, endogenous credit supply, and equilibrium default. I show that, in an ordinary recession, temporarily raising the inflation target has only modest or even counterproductive effects. However, during episodes like the Great Recession, inflation effectively boosts house prices, consumption, and dramatically cuts foreclosures, but only when fixed-rate mortgages ...
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作者：Hsieh, Chang-Tai; Moretti, Enrico
作者单位：University of Chicago; National Bureau of Economic Research; University of California System; University of California Berkeley
摘要：We quantify the amount of spatial misallocation of labor across US cities and its aggregate costs. Misallocation arises because high productivity cities like New York and the San Francisco Bay Area have adopted stringent restrictions to new housing supply, effectively limiting the number of workers who have access to such high productivity. Using a spatial equilibrium model and data from 220 metropolitan areas we find that these constraints lowered aggregate US growth by 36 percent from 1964 t...
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作者：Cavallino, Paolo
作者单位：Bank for International Settlements (BIS)
摘要：I consider a small open economy model where international financial markets are imperfect and the exchange rate is determined by capital flows. I use this framework to study the effects of portfolio flow shocks, derive the optimal foreign exchange intervention policy, and characterize its interaction with monetary policy. I derive the optimal intervention rule in closed form as a function of three implicit targets. Finally, using Swiss data, I estimate the model to quantify the inefficiencies ...
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作者：Bjorklund, Maria; Carlsson, Mikael; Skans, Oskar Nordstrom
作者单位：Uppsala University; Sveriges Riksbank
摘要：We study the importance of wage rigidities for the monetary policy transmission mechanism. Using uniquely rich micro data on Swedish wage negotiations, we isolate periods when the labor market is covered by fixed-wage contracts. Importantly, negotiations are coordinated in time but their seasonal patterns are far from deterministic. Using a two-regime VAR model, we document that monetary policy shocks have a larger impact on production during fixed-wage episodes as compared to the average resp...
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作者：Flaaen, Aaron; Shapiro, Matthew D.; Sorkin, Isaac
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; University of Michigan System; University of Michigan; National Bureau of Economic Research; Stanford University
摘要：Prior literature has established that displaced workers suffer persistent earnings losses by following workers in administrative data after mass layoffs. This literature assumes that these are involuntary separations owing to economic distress. This paper examines this assumption by matching survey data on worker-supplied reasons for separations with administrative data. Workers exhibit substantially different earnings dynamics in mass layoffs depending on the reason for separation. Using a ne...
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作者：Ueda, Kozo; Watanabe, Kota; Watanabe, Tsutomu
作者单位：Waseda University; University of Tokyo; University of Tokyo
摘要：This paper evaluates the effects of product turnover on a welfare-based cost-of-living index by incorporating the quality effect and the fashion effect. Employing scanner data for Japan for the years 1988-2013, we find that (i) the price and quantity of a new product tend to be higher than those of its predecessor at its exit; (ii) a considerable fashion effect exists for the entire sample period, while the quality effect is declining over time; and (iii) the discrepancy between the cost-of-li...
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作者：Monge-Naranjo, Alexander; Sanchez, Juan M.; Santaeulalia-Llopis, Raul
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Washington University (WUSTL); Barcelona School of Economics
摘要：Are production factors allocated efficiently across countries? To differentiate misallocation from factor intensity differences, we provide a new methodology to estimate output shares of natural resources based solely on current rent flows data. With this methodology, we construct a new dataset of estimates for the output shares of natural resources for a large panel of countries. In sharp contrast with Caselli and Feyrer (2007), we find a significant and persistent degree of misallocation of ...
