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作者：Gertler, Mark; Trigari, Antonella
作者单位：New York University; Bocconi University
摘要：A number of authors have argued that the conventional model of unemployment dynamics due to Mortensen and Pissarides has difficulty accounting for the relatively volatile behavior of labor market activity over the business cycle. We address this issue by modifying the Mortensen-Pissarides framework to allow for staggered multiperiod wage contracting. What emerges is a tractable relation for wage dynamics that is a natural generalization of the period-by-period Nash bargaining outcome in the co...
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作者：Gorodnichenko, Yuriy; Martinez-Vazquez, Jorge; Peter, Klara Sabirianova
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; University System of Georgia; Georgia State University
摘要：We examine the effects of Russia's 2001 flat rate income tax reform on consumption, income, and tax evasion. We use the gap between household expenditures and reported earnings as a proxy for tax evasion with data from a household panel for 1998-2004. We associate large and significant changes in tax evasion following the flat tax reform with changes in voluntary compliance. We develop a consumption-based framework to assess the deadweight loss from income tax in the presence of tax evasion an...
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作者：Bobonis, Gustavo J.
作者单位：University of Toronto
摘要：I study whether households make Pareto-efficient intrahousehold resource allocation decisions. Combining randomized variation in women's income generated by the evaluation of the Mexican PROGRESA program with variation attributable to localized rainfall shocks as distribution factors in the collective model, I find evidence favoring Pareto optimality. More specifically, female-specific income changes have positive effects on children's goods expenditures, whereas changes due to rainfall shocks...
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作者：Sargent, Thomas; Williams, Noah; Zha, Tao
作者单位：New York University; University of Wisconsin System; University of Wisconsin Madison; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Emory University
摘要：We infer determinants of Latin American hyperinflations and stabilizations by using the method of maximum likelihood to estimate a hidden Markov model that assigns roles both to fundamentals in the form of government deficits that are financed by money creation and to destabilizing expectations dynamics that can occasionally divorce inflation from fundamentals. Levels and conditional volatilities of monetized deficits drove most hyperinflations and stabilizations, with a notable exception in P...
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作者：Drago, Francesco; Galbiati, Roberto; Vertova, Pietro
作者单位：Parthenope University Naples; Bocconi University; University of Bergamo
摘要：The Collective Clemency Bill passed by the Italian Parliament in July 2006 represents a natural experiment to analyze the behavioral response of individuals to an exogenous manipulation of prison sentences. On the basis of a unique data set on the postrelease behavior of former inmates, we find that 1 month less time served in prison commuted into 1 month more in expected sentence for future crimes reduces the probability of recidivism by 0.16 percentage points. From this result we estimate an...
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作者：Kirwan, Barrett E.
作者单位：University System of Maryland; University of Maryland College Park
摘要：Who benefits from agricultural subsidies is an open question. Economic theory predicts that the entire subsidy incidence should be on the farmland owners. Using a complementary set of policy quasi experiments, I find that farmers who rent the land they cultivate capture 75 percent of the subsidy, leaving just 25 percent for landowners. This finding contradicts the prediction from neoclassical models. The standard prediction may not hold because of less than perfect competition in the farmland ...
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作者：Velde, Francois R.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Suppose that the nominal money supply could be cut literally overnight. What would happen to prices, wages, and output? Such an experiment was carried out three times in France in 1724, resulting in a cumulative 45 percent cut. Prices adjusted instantaneously and fully on the foreign exchange market. Prices of commodities and of manufactured goods and industrial wages fell slowly, over many months, and not by the full amount of the nominal reduction. The industrial sector experienced a contrac...
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作者：Richardson, Gary; Troost, William
作者单位：University of California System; University of California Irvine; National Bureau of Economic Research; University of Southern California
摘要：The Federal Reserve Act divided Mississippi between the 6th (Atlanta) and 8th (St. Louis) Districts. During the Great Depression, these districts' policies differed. Atlanta championed monetary activism and the extension of aid to ailing banks. St. Louis eschewed expansionary initiatives. During a banking crisis in 1930, Atlanta expedited lending to banks in need. St. Louis did not. Outcomes differed across districts. In Atlanta, banks survived at higher rates, lending continued at higher leve...
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作者：Hall, Robert E.
作者单位：Stanford University; National Bureau of Economic Research
摘要：Recessions appear to be times when the marginal rate of substitution between goods and workers' time falls below the marginal product of labor. If so, the allocation of workers' time is inefficient. I develop a model of households and production that reconciles cyclical movements in the marginal value of time and the marginal product. The model embodies the findings of research that the Frisch elasticity of labor supply is less than one. It treats unemployment in a search-and-matching setup. R...
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作者：Antras, Pol; Caballero, Ricardo J.
作者单位：National Bureau of Economic Research; Harvard University; Massachusetts Institute of Technology (MIT)
摘要：The classical Heckscher-Ohlin-Mundell paradigm states that trade and capital mobility are substitutes in the sense that trade integration reduces the incentives for capital to flow to capital-scarce countries. In this paper we show that in a world with heterogeneous financial development, a very different conclusion emerges. In particular, in less financially developed economies (South), trade and capital mobility are complements in the sense that trade integration increases the return to capi...
