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作者：Lefgren, Lars; Lindquist, Matthew J.; Sims, David
作者单位：Brigham Young University; Stockholm University
摘要：We construct a simple model, consistent with Becker and Tomes, that decomposes the intergenerational income elasticity into the causal effect of financial resources, the mechanistic transmission of human capital, and the role that human capital plays in the determination of fathers' permanent incomes. We show how a particular set of instrumental variables could separately identify the money and human capital transmission effects. Using data from a 35 percent sample of Swedish sons and their fa...
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作者：Krishnamurthy, Arvind; Vissing-Jorgensen, Annette
作者单位：Northwestern University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
摘要：Investors value the liquidity and safety of US Treasuries. We document this by showing that changes in Treasury supply have large effects on a variety of yield spreads. As a result, Treasury yields are reduced by 73 basis points, on average, from 1926 to 2008. Both the liquidity and safety attributes of Treasuries are driving this phenomenon. We document this by analyzing the spread between assets with different liquidity (but similar safety) and those with different safety (but similar liquid...
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作者：Bilbiie, Florin O.; Ghironi, Fabio; Melitz, Marc J.
作者单位：Paris School of Economics; heSam Universite; Universite Pantheon-Sorbonne; Center for Economic & Policy Research (CEPR); Boston College; Federal Reserve System - USA; Federal Reserve Bank - Boston; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Harvard University
摘要：This paper builds a framework for the analysis of macroeconomic fluctuations that incorporates the endogenous determination of the number of producers and products over the business cycle. Economic expansions induce higher entry rates by prospective entrants subject to sunk investment costs. The sluggish response of the number of producers generates a new and potentially important endogenous propagation mechanism for business cycle models. The return to investment determines household saving d...
