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作者：Dell, Melissa; Jones, Benjamin F.; Olken, Benjamin A.
作者单位：Massachusetts Institute of Technology (MIT); Northwestern University
摘要：This paper uses historical fluctuations in temperature within countries to identify its effects on aggregate economic outcomes. We find three primary results. First, higher temperatures substantially reduce economic growth in poor countries. Second, higher temperatures may reduce growth rates, not just the level of output. Third, higher temperatures have wide-ranging effects, reducing agricultural output, industrial output, and political stability. These findings inform debates over climate's ...
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作者：Le Bihan, Herve; Montornes, Jeremi; Heckel, Thomas
作者单位：BNP Paribas
摘要：Using an original micro-dataset from France, we investigate nominal wage stickiness. Nominal wage changes are found to occur at a quarterly frequency of around 38 percent over our sample period, and to be to a large extent staggered across establishments, and very synchronized within establishments. We carry out an econometric analysis of wage changes based on a two-threshold sample selection model. Our results are that the timing of wage adjustments is time-dependent as opposed to state-depen...
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作者：Athreya, Kartik; Tam, Xuan S.; Young, Eric R.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Cambridge; University of Virginia
摘要：Important changes have occurred in unsecured credit markets over the past three decades. Most prominently, there have been large increases in aggregate consumer debt, the personal bankruptcy rate, the size of bankruptcies, the dispersion of interest rates paid by borrowers, and the relative discount received by those with good credit ratings. We find that improvements in information available to lenders on household-level costs of bankruptcy can account for a significant fraction of what has b...
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作者：Imrohoroglu, Selahattin; Kitao, Sagiri
作者单位：University of Southern California; City University of New York (CUNY) System; Hunter College (CUNY)
摘要：This paper develops a general equilibrium life-cycle model with endogenous labor supply in both intensive and extensive margins, consumption, saving, and benefit claiming to measure the long-run effects of a proposed Social Security reform. Agents in the model face medical expenditure, wage, health, and survival shocks. Raising the normal retirement age by two years increases labor supply by 2.8 percent and the capital stock by 12.6 percent, showing that both margins of adjustment are critical...
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作者：Wang, Pengfei; Wen, Yi
作者单位：Hong Kong University of Science & Technology; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：Are asset prices unduly volatile and often detached from their fundamentals? Does the bursting of financial bubbles depress the real economy? This paper addresses these issues by constructing a DSGE model with speculative bubbles. We characterize conditions under which storable goods, regardless of their intrinsic values, can carry bubbles, and agents are willing to invest in such bubbles despite their positive probability of bursting. The results show that systemic risk, commonly perceived ch...
