-
作者：Stein, Jeremy C.
作者单位：Harvard University; National Bureau of Economic Research
摘要：This article develops a model that speaks to the goals and methods of financial stability policies. There are three main points. First, from a normative perspective, the model defines the fundamental market failure to be addressed, namely, that unregulated private money creation can lead to an externality in which intermediaries issue too much short-term debt and leave the system excessively vulnerable to costly financial crises. Second, it shows how in a simple economy where commercial banks ...
-
作者：Kraay, Aart
作者单位：The World Bank
摘要：This article proposes a novel approach to empirically identifying government spending multipliers that relies on two features unique to many low-income countries: (1) borrowing from the World Bank finances a substantial fraction of government spending, and (2) spending on World Bank-financed projects is typically spread out over several years following the original approval of the project. The first fact means that fluctuations in spending on World Bank-financed projects are a significant sour...
-
作者：Saez, Emmanuel; Matsaganis, Manos; Tsakloglou, Panos
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Athens University of Economics & Business
摘要：This article analyzes the response of earnings to payroll tax rates using a cohort-based reform in Greece. Individuals who started working on or after 1993 face permanently a much higher earnings cap for payroll taxes, creating a large and permanent discontinuity in marginal payroll tax rates by date of entry in the labor force for upper earnings workers. Using full-population administrative social security data and a regression discontinuity design, we estimate the long-term labor supply effe...
-
作者：Manova, Kalina; Zhang, Zhiwei
作者单位：Stanford University; National Bureau of Economic Research
摘要：This article establishes six stylized facts about firms' export prices using detailed customs data on the universe of Chinese trade flows. First, across firms selling a given product, exporters that charge higher prices earn greater revenues in each destination, have bigger worldwide sales, and enter more markets. Second, firms that export more, enter more markets, and charge higher export prices import more expensive inputs. Third, across destinations within a firm-product, firms set higher p...
-
作者：Fershtman, Chaim; Pakes, Ariel
作者单位：Tel Aviv University; Harvard University; National Bureau of Economic Research
摘要：We develop a framework for the analysis of dynamic oligopolies with persistant sources of asymmetric information that enables applied analysis of situations of empirical importance that have been difficult to deal with. The framework generates policies that are relatively easy for agents to use while still being optimal in a meaningful sense, and is amenable to empirical research in that its equilibrium conditions can be tested and equilibrium policies are relatively easy to compute. We conclu...
-
作者：Jehiel, Philippe; Samuelson, Larry
摘要：We consider a repeated interaction between a long-run player and a sequence of short-run players, in which the long-run player may either be rational or may be a mechanical type who plays the same (possibly mixed) action in every stage game. We depart from the classical model in assuming that the short-run players make inferences by analogical reasoning, meaning that they correctly identify the average strategy of each type of long-run player, but do not recognize how this play varies across h...
-
作者：McGrattan, Ellen R.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research
摘要：Previous studies of the U.S. Great Depression find that increased government spending and taxation contributed little to either the dramatic downturn or the slow recovery. These studies include only one type of capital taxation: a business profits tax. The contribution is much greater when the analysis includes other types of capital taxes. A general equilibrium model extended to include taxes on dividends, property, capital stock, excess profits, and undistributed profits predicts patterns of...
