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作者：Farhi, Emmanuel; Gopinath, Gita; Itskhoki, Oleg
作者单位：Harvard University; Princeton University
摘要：We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a dynamic New Keynesian open economy environment. We perform the analysis under alternative pricing assumptions-producer or local currency pricing, along with nominal wage stickiness; under arbitrary degrees of asset market completeness and for general stochastic sequences of devaluations. T...
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作者：Banerjee, Abhijit V.; Duflo, Esther
作者单位：Massachusetts Institute of Technology (MIT)
摘要：This article uses variation in access to a targeted lending program to estimate whether firms are credit constrained. While both constrained and unconstrained firms may be willing to absorb all the directed credit that they can get (because it may be cheaper than other sources of credit), constrained firms will use it to expand production, while unconstrained firms will primarily use it as a substitute for other borrowing. We apply these observations to firms in India that became eligible for ...
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作者：Giuliano, Paola; Spilimbergo, Antonio
作者单位：University of California System; University of California Los Angeles; International Monetary Fund
摘要：Does the historical macroeconomic environment affect preferences for redistribution? We find that individuals who experienced a recession when young believe that success in life depends more on luck than effort, support more government redistribution, and tend to vote for left-wing parties. The effect of recessions on beliefs is long-lasting. We support our findings with evidence from three different datasets. First, we identify the effect of recessions on beliefs exploiting time and regional ...
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作者：Alonso, Ricardo; Brocas, Isabelle; Carrillo, Juan D.
作者单位：University of Southern California; University of Southern California; Center for Economic & Policy Research (CEPR)
摘要：When an individual performs several tasks simultaneously, processing resources must be allocated to different brain systems to produce energy for neurons to fire. Following the evidence from neuroscience, we model the brain as an organization in which a coordinator allocates limited resources to the brain systems responsible for the different tasks. Systems are privately informed about the amount of resources necessary to perform their task and compete to obtain the resources. The coordinator ...
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作者：Duranton, Gilles; Morrow, Peter M.; Turner, Matthew A.
作者单位：University of Pennsylvania; University of Toronto
摘要：We estimate the effect of interstate highways on the level and composition of trade for US cities. Highways within cities have a large effect on the weight of city exports with an elasticity of approximately 0.5. We find little effect of highways on the total value of exports. Consistent with this, we find that cities with more highways specialize in sectors producing heavy goods.
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作者：Fitzgerald, Doireann; Haller, Stefanie
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University College Dublin
摘要：We use micro data on Irish producer prices to provide clean evidence on pricing-to-market across a broad range of manufacturing sectors. We have monthly observations on prices charged by the same plant for the same product to buyers in Ireland and the UK, two markets segmented by variable exchange rates. Assuming that relative marginal cost is constant across markets within a plant and a product, this allows us to observe the behaviour of the markup in the UK market relative to the home market...
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作者：Chamley, Christophe
作者单位：Boston University
摘要：The mechanism by which aggregate supply creates the income that generates its matching demand (called Say's Law), may not work in a general equilibrium with decentralized markets and savings in bonds or money. Full employment is an equilibrium, but convergence to that state is slow. A self-fulfilling precautionary motive to accumulate bonds (with a zero aggregate supply) can set the economy on an equilibrium path with a fast convergence towards a steady state with unemployment that may be an a...
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作者：Masatlioglu, Yusufcan; Ok, Efe A.
作者单位：University of Michigan System; University of Michigan; New York University
摘要：We use the revealed preference method to derive a model of individual decision making when the endowment of an agent provides a reference point that may influence her choices. This model generalizes the classical rational choice model, which views choice as a consequence of utility maximization. Instead, our model sees choice as arising from psychologically constrained utility maximization, where the constraints are induced by one's initial endowment. In particular, this model produces status ...
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作者：Guvenen, Fatih; Kuruscu, Burhanettin; Ozkan, Serdar
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University of Toronto; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Wage inequality has been significantly higher in the U.S. than in continental European countries (CEU) since the 1970s. Moreover, this inequality gap has further widened during this period as the U.S. has experienced a large increase in wage inequality, whereas the CEU has seen only modest changes. This article studies the role of labour income tax policies for understanding these facts, focusing on male workers. We construct a life cycle model in which individuals decide each period whether t...
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作者：Park, Yena
作者单位：University of Pennsylvania
摘要：This article studies optimal Ramsey taxation when risk sharing in private insurance markets is imperfect due to limited enforcement. In a limited commitment economy, there are externalities associated with capital and labour because individuals do not take into account that their labour and saving decisions affect aggregate labour and capital supply and wages, and thus the value of autarky. Therefore, a Ramsey government has an additional goal, which is to internalize these externalities of la...
