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作者：Kroft, Kory; Notowidigdo, Matthew J.
作者单位：University of Toronto; National Bureau of Economic Research; Northwestern University
摘要：We study how the marginal welfare gain from increasing the unemployment insurance (UI) benefit level varies over the business cycle. We do this by estimating how the moral hazard cost and the consumption smoothing benefit of UI vary with labour market conditions, which we identify using variation in the interaction of UI benefit levels with the unemployment rate within U.S. states over time. We find that the moral hazard cost is procyclical, greater when the unemployment rate is relatively low...
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作者：Alfaro, Laura; Conconi, Paola; Fadinger, Harald; Newman, Andrew F.
作者单位：Harvard University; National Bureau of Economic Research; Universite Libre de Bruxelles; Center for Economic & Policy Research (CEPR); University of Mannheim; Boston University
摘要：A number of theories in organizational economics and industrial organization suggest that vertical integration, while costly, increases productivity. It follows from firms' maximizing behaviour that higher prices in the product market ought to induce more integration. Trade policy provides a source of exogenous price variation to assess this prediction: higher tariffs should lead to higher prices and, therefore, to more integration. We construct firm-level vertical integration indices for a la...
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作者：Matejka, Filip
作者单位：Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences
摘要：Prices tend to remain constant for a period of time and then jump. In the literature, this rigidity is usually interpreted to reflect a cost of adjusting prices. This article shows that price rigidity can alternatively reflect optimal price setting when there are no adjustment costs, namely, if the seller is rationally inattentive. The model generates non-trivial pricing patterns that are consistent with the data and that are hard to explain with the traditional adjustment-cost model. In parti...
