-
作者：Bems, Rudolfs; Johnson, Robert C.
作者单位：University of Tokyo; Dartmouth College; National Bureau of Economic Research
摘要：We examine how cross-border input linkages shape the response of demand for value added to international relative price changes. We define a novel value-added real effective exchange rate (REER), which aggregates bilateral value-added price changes. Spillovers via input linkages lower the sensitivity of the value-added REER to price changes by supply chain partners because they counterbalance demand-side expenditure switching. Input linkages also raise the price elasticity of demand relative t...
-
作者：Chen, Chaoran
作者单位：National University of Singapore
摘要：The prevalence of untitled land in poor countries helps explain the international agricultural productivity differences. Since untitled land cannot be traded across farmers, it creates land misallocation and distorts individuals' occupational choice between farming and working outside agriculture. I build a two-sector general equilibrium model to quantify the impact of untitled land. I find that economies with higher percentages of untitled land would have lower agricultural productivity; land...
-
作者：Hanushek, Eric A.; Ruhose, Jens; Woessmann, Ludger
作者单位：Stanford University; IZA Institute Labor Economics; Leibniz Association; Ifo Institut; National Bureau of Economic Research; Leibniz University Hannover; IZA Institute Labor Economics; University of Munich; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut
摘要：Improvement in human capital is often presumed to be important for state economic development, but little research links better education to state incomes. We develop detailed measures of worker skills in each state that incorporate cognitive skills from state-and-country-of-origin achievement tests. These new measures of knowledge capital permit development accounting analyses calibrated with standard production parameters. Differences in knowledge capital account for 20-30 percent of the sta...
-
作者：Chirinko, Robert S.; Mallick, Debdulal
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; Deakin University
摘要：The value of the elasticity of substitution between labor and capital (sigma) is a crucial assumption in understanding the secular decline in the labor share of income. This paper develops and implements a new strategy for estimating this crucial parameter by combining a low-pass filter with panel data to identify the low-frequency/long-run relations appropriate to production function estimation. Standard estimation methods, which do not filter out transitory variation, generate downwardly bia...
-
作者：Ngai, L. Rachel; Petrongolo, Barbara
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of London; London School Economics & Political Science; University of London; Queen Mary University London; University of London; Queen Mary University London; Centre for Economic Policy Research - UK
摘要：This paper investigates the role of the rise in services in the narrowing of gender gaps in hours and wages in recent decades. We highlight the between-industry component of differential gender trends for the United States and propose a model economy with goods, services, and home production, in which women have a comparative advantage in producing services. The rise of services, driven by structural transformation and marketization of home production, raises women's relative wages and market ...
-
作者：Parker, Jonathan A.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：This paper evaluates theoretical explanations for the propensity of households to increase spending in response to the arrival of predictable, lump-sum payments, using households in the Nielsen Consumer Panel who received $25 million in randomly distributed stimulus payments. The pattern of spending is inconsistent with models in which identical households cycle rapidly through high and low-response states as they manage liquidity, but is instead highly predictable by income years before the p...
-
作者：Forinirni, Mario; Gambetti, Luca; Lippi, Marco; Sala, Luca
作者单位：Autonomous University of Barcelona; Universita di Modena e Reggio Emilia; Universita di Modena e Reggio Emilia; Bocconi University; Bocconi University
摘要：We investigate the role of noise shocks as a source of business cycle fluctuations. To do so we set up a simple model of imperfect information and derive restrictions for identifying the noise shock in a VAR model. The novelty of our approach is that identification is reached by means of dynamic rotations of the reduced-form residuals. We find that noise shocks generate hump-shaped responses of GDP, consumption and investment, and account for a sizable fraction of their prediction error varian...
-
作者：Atalay, Enghin
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：I quantify the contribution of sectoral shocks to business cycle fluctuations in aggregate output. I develop and estimate a multi-industry general equilibrium model in which each industry employs the material and capital goods produced by other sectors. Using data on US industries' input prices and input choices, I find that the goods produced by different industries are complements to one another as inputs in downstream industries' production functions. These complementarities indicate that i...
