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作者：Achdou, Yves; Han, Jiequn; Lasry, Jean-Michel; Lions, Pierre-Louis; Moll, Benjamin
作者单位：Sorbonne Universite; Universite Paris Cite; Universite PSL; Universite Paris-Dauphine; Universite PSL; College de France; University of London; London School Economics & Political Science
摘要：We recast the Aiyagari-Bewley-Huggett model of income and wealth distribution in continuous time. This workhorse model-as well as heterogeneous agent models more generally-then boils down to a system of partial differential equations, a fact we take advantage of to make two types of contributions. First, a number of new theoretical results: (1) an analytic characterization of the consumption and saving behaviour of the poor, particularly their marginal propensities to consume; (2) a closed-for...
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作者：Guerreiro, Joao; Rebelo, Sergio; Teles, Pedro
作者单位：Northwestern University; National Bureau of Economic Research; Centre for Economic Policy Research - UK; Banco de Portugal; Universidade Catolica Portuguesa
摘要：Using a quantitative model that features technical progress in automation and endogenous skill choice, we show that, given the current U.S. tax system, a sustained fall in automation costs can lead to a massive rise in income inequality. We characterize the optimal tax system in this model. We find that it is optimal to tax robots while the current generations of routine workers, who can no longer move to non-routine occupations, are active in the labour force. Once these workers retire, optim...
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作者：Borusyak, Kirill; Hull, Peter; Jaravel, Xavier
作者单位：University of London; University College London; Centre for Economic Policy Research - UK; Brown University; National Bureau of Economic Research; University of London; London School Economics & Political Science
摘要：Many studies use shift-share (or Bartik) instruments, which average a set of shocks with exposure share weights. We provide a new econometric framework for shift-share instrumental variable (SSIV) regressions in which identification follows from the quasi-random assignment of shocks, while exposure shares are allowed to be endogenous. The framework is motivated by an equivalence result: the orthogonality between a shift-share instrument and an unobserved residual can be represented as the orth...
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作者：Acemoglu, Daron; Restrepo, Pascual
作者单位：Massachusetts Institute of Technology (MIT); Boston University
摘要：We argue theoretically and document empirically that aging leads to greater (industrial) automation, because it creates a shortage of middle-aged workers specializing in manual production tasks. We show that demographic change is associated with greater adoption of robots and other automation technologies across countries and with more robotics-related activities across U.S. commuting zones. We also document more automation innovation in countries undergoing faster aging. Our directed technolo...
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作者：Barnichon, Regis; Zylberberg, Yanos
作者单位：Centre for Economic Policy Research - UK; University of Bristol; Leibniz Association; Ifo Institut; Alan Turing Institute
摘要：Unemployment insurance (UI) programs traditionally take the form of a single insurance contract offered to job seekers. In this work, we show that offering a menu of contracts can be welfare improving in the presence of adverse selection and moral hazard. When insurance contracts are composed of (1) a UI payment and (2) a severance payment paid at the onset of unemployment, offering contracts with different ratios of UI benefits to severance payment is optimal under the equivalent of a single-...
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作者：Blundell, Richard; Green, David A.; Jin, Wenchao
作者单位：University of London; University College London; University of London; London School Economics & Political Science; University of British Columbia
摘要：The proportion of U.K. people with university degrees tripled between 1993 and 2015. However, over the same period the time trend in the college wage premium has been extraordinarily flat. We show that these patterns cannot be explained by composition changes. Instead, we present a model in which firms choose between centralized and decentralized organizational forms and demonstrate that it can explain the main patterns. We also show the model has implications that differentiate it from both t...
