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作者：Beaudry, Paul; Doms, Mark; Lewis, Ethan
作者单位：University of British Columbia; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Dartmouth College
摘要：The introduction and diffusion of personal computers are widely viewed as a technological revolution. Using U. S. metropolitan area-level panel data, this paper asks whether links between PC adoption, educational attainment, and the return to skill conform to a model of technological revolutions in which the speed and extent of adoption are endogenous. The model implies that cities will adjust differently to the arrival of a more skill-intensive means of production, with the returns to skill i...
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作者：Amador, Manuel; Weill, Pierre-Olivier
作者单位：Stanford University; National Bureau of Economic Research; University of California System; University of California Los Angeles
摘要：We study the effect of releasing public information about productivity or monetary shocks using a micro-founded macroeconomic model in which agents learn from the distribution of nominal prices. While a public release has the direct beneficial effect of providing new information, it also has the indirect adverse effect of reducing the informational efficiency of the price system. We show that the negative indirect effect can dominate. Thus, the public information release may increase uncertain...
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作者：Farhi, Emmanuel
作者单位：Harvard University; Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics
摘要：This paper is a normative investigation of the properties of optimal capital taxation in the neoclassical growth model with aggregate shocks and incomplete markets. The model features a representative-agent economy with linear taxes on labor and capital. I first allow the government to trade only a real risk-free bond. Optimal policy has the following features: labor taxes fluctuate very little, capital taxes are volatile and feature a positive (negative) spike after a negative (positive) shoc...
