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作者：Lucas, Robert E., Jr.; Moll, Benjamin
作者单位：University of Chicago; Princeton University
摘要：We analyze a model economy with many agents, each with a different productivity level. Agents divide their time between two activities: producing goods with the production-related knowledge they already have and interacting with others in search of new, productivity-increasing ideas. These choices jointly determine the economy''s current production level and its rate of learning and real growth. We construct the balanced growth path for this economy. We also study the allocation chosen by an i...
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作者：Perla, Jesse; Tonetti, Christopher
作者单位：University of British Columbia; Stanford University
摘要：The least productive agents in an economy can be vital in generating growth by spurring technology diffusion. We develop an analytically tractable model in which growth is created as a positive externality from risk taking by firms at the bottom of the productivity distribution imitating more productive firms. Heterogeneous firms choose to produce or pay a cost and search within the economy to upgrade their technology. Sustained growth comes from the feedback between the endogenously determine...
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作者：Costinot, Arnaud; Lorenzoni, Guido; Werning, Ivan
作者单位：Massachusetts Institute of Technology (MIT); Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Northwestern University
摘要：We develop a theory of capital controls as dynamic terms-of-trade manipulation. We study an infinite-horizon endowment economy with two countries. One country chooses taxes on international capital flows in order to maximize the welfare of its representative agent, while the other country is passive. We show that a country growing faster than the rest of the world has incentives to promote domestic savings by taxing capital inflows or subsidizing capital outflows. Although our theory of capita...
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作者：Attanasio, Orazio P.; Lechene, Valerie
作者单位：University of London; University College London; National Bureau of Economic Research
摘要：We estimate and test the restrictions of a collective model of household consumption, using z-conditional demands, in the context of a large conditional cash transfer program in rural Mexico. The model can explain the impacts of the program on the structure of food consumption. We use two plausible and novel distribution factors: the random allocation of a cash transfer to women and the relative size and wealth of the husband''s and wife''s family networks. Our structure does better at predict...
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作者：Belo, Frederico; Lin, Xiaoji; Bazdresch, Santiago
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University System of Ohio; Ohio State University
摘要：We study the impact of labor market frictions on asset prices. In the cross section of US firms, a 10 percentage point increase in the firm''s hiring rate is associated with a 1.5 percentage point decrease in the firm''s annual risk premium. We propose an investment-based model with stochastic labor adjustment costs to explain this finding. Firms with high hiring rates are expanding firms that incur high adjustment costs. If the economy experiences a shock that lowers adjustment costs, these f...
