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作者：Dekel, Eddie; Feinberg, Yossi
作者单位：Northwestern University; Stanford University
摘要：We propose a method to test a prediction of the distribution of a stochastic process. In a non-Bayesian, non-parametric setting, a predicted distribution is tested using a realization of the stochastic process. A test associates a set of realizations for each predicted distribution, on which the prediction passes, so that if there are no type I errors, a prediction assigns probability 1 to its test set. Nevertheless, these test sets can be small, in the sense that most distributions assign it ...
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作者：Ciccone, Antonio; Peri, Giovanni
作者单位：Pompeu Fabra University; University of California System; University of California Davis; National Bureau of Economic Research
摘要：The identification of aggregate human-capital externalities is still not fully understood. The existing (Mincerian) approach confounds positive externalities with wage changes due to a downward sloping demand curve for human capital. As a result, the Mincerian approach yields positive externalities even when wages equal marginal social products. We propose an approach that identifies human-capital externalities, whether or not aggregate demand for human capital slopes downward. Another advanta...
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作者：Krueger, Dirk; Perri, Fabrizio
作者单位：Goethe University Frankfurt; University of Pennsylvania; National Bureau of Economic Research; New York University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Using data from the Consumer Expenditure Survey, we first document that the recent increase in income inequality in the U.S. has not been accompanied by a corresponding rise in consumption inequality. Much of this divergence is due to different trends in within-group inequality, which has increased significantly for income, but little for consumption. We then develop a simple framework that allows us to characterize analytically how within-group income inequality affects consumption inequality...
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作者：Ravn, Morten; Schmitt-Grohe, Stephanie; Uribe, Martin
作者单位：Duke University; National Bureau of Economic Research
摘要：This paper generalizes the standard habit-formation model to an environment in which agents form habits over individual varieties of goods as opposed to over a composite consumption good. We refer to this preference specification as deep habit formation. Under deep habits, the demand function faced by individual producers depends on past sales. This feature is typically assumed ad hoc in customer-market and brand-switching-cost models. A central result of the paper is that deep habits give ris...
