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作者：Jovanovic, Boyan
作者单位：New York University
摘要：I estimate a model in which new technology entails random adjustment needs. Rapid adjustments may cause measured productivity to decline. The slow-downs persist because adjustment is costly, and hence protracted. The model explains both the steepness and the deepness asymmetry of cycles. Adjustment costs amount to about 14% of output and technological inefficiency to about 28%. Firms abandon technologies long before they are perfected-current practice total factor productivity (TFP) is 20% bel...
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作者：Eeckhout, Jan
作者单位：University of Pennsylvania
摘要：A theoretical analysis is proposed of segregation as an equilibrium phenomenon in a random-matching model of the marriage market. Otherwise identical partners possess a pay-off-irrelevant characteristic, colour. We derive the set of colour-blind equilibria and show that they are generically constrained inefficient. Equilibrium segregation strategies are strategies that condition actions on the type of match. It is shown that distributions of types exist such that segregation equilibrium pay-of...
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作者：Townsend, Robert M.; Ueda, Kenichi
作者单位：University of Chicago; Federal Reserve System - USA; International Monetary Fund
摘要：We propose a coherent unified approach to the study of the linkages among economic growth, financial structure, and inequality, bringing together disparate theoretical and empirical literature. That is, we show how to conduct model-based quantitative research on transitional paths. With analytical and numerical methods, we calibrate and make tractable a prototype canonical model and take it to an application, namely, Thailand 1976-1996. an emerging market economy in a phase of economic expansi...
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作者：Galor, Oded; Moav, Omer
作者单位：Brown University; Hebrew University of Jerusalem
摘要：This paper suggests that the demise of the capitalists-workers class structure was a socio-economic transformation orchestrated by the capitalists in reaction to the increasing importance of human capital in sustaining their profit rates. Physical capital accumulation in the process of industrialization enhanced the importance of human capital in production and generated incentives for capitalists to support the provision of public education for the masses. triggering the demise of the existin...
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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...
