-
作者：Guner, Nezih; Kaygusuz, Remzi; Ventura, Gustavo
作者单位：Durham University; Sabanci University; Arizona State University; Arizona State University-Tempe
摘要：The United States spends significant amounts on non-medical transfers for its working-age population in a wide range of programs that support low- and middle-income households. How valuable are these programs for U.S. households? Are there simpler, welfare-improving ways to transfer resources that are supported by a majority? What are the macroeconomic effects of such alternatives? We answer these questions in an equilibrium, life-cycle model with single and married households who face idiosyn...
-
作者：Borusyak, Kirill; Hull, Peter
作者单位：University of California System; University of California Berkeley; Centre for Economic Policy Research - UK; Brown University; University of Cambridge
摘要：We develop a new approach to estimating the causal effects of treatments or instruments that combine multiple sources of variation according to a known formula. Examples include treatments capturing spillovers in social or transportation networks and simulated instruments for policy eligibility. We show how exogenous shocks to some-but not all-determinants of such variables can be leveraged while avoiding omitted variables bias. Our solution involves specifying counterfactual shocks that may a...
-
作者：Alvarez, Fernando; Lippi, Francesco; Souganidis, Panagiotis
作者单位：University of Chicago; National Bureau of Economic Research; Luiss Guido Carli University; University of Chicago
摘要：We study the propagation of monetary shocks in a sticky-price general equilibrium economy where the firms' pricing strategy features a complementarity with the decisions of other firms. In a dynamic equilibrium, the firm's price-setting decisions depend on aggregates, which in turn depend on the firms' decisions. We cast this fixed-point problem as a Mean Field Game and prove several analytic results. We establish existence and uniqueness of the equilibrium and characterize the impulse respons...
-
作者：Dew-Becker, Ian
作者单位：Northwestern University; National Bureau of Economic Research
摘要：This paper describes the response of the economy to large shocks in a nonlinear production network. A sector's tail centrality measures how a large negative shock transmits to GDP, that is, the systemic risk of the sector. Tail centrality is theoretically and empirically very different from local centrality measures such as sales share-in a benchmark case, it is measured as a sector's average downstream closeness to final production. It also measures how large differences in sector productivit...
-
作者：Goldberg, Pinelopi Koujianou; Reed, Tristan
作者单位：Yale University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; The World Bank
-
作者：Kaji, Tetsuya; Manresa, Elena; Pouliot, Guillaume
作者单位：University of Chicago; New York University; University of Chicago
摘要：We propose a new simulation-based estimation method, adversarial estimation, for structural models. The estimator is formulated as the solution to a minimax problem between a generator (which generates simulated observations using the structural model) and a discriminator (which classifies whether an observation is simulated). The discriminator maximizes the accuracy of its classification while the generator minimizes it. We show that, with a sufficiently rich discriminator, the adversarial es...
-
作者：Eden, Maya
作者单位：Brandeis University; University of Oxford; Centre for Economic Policy Research - UK
摘要：In this paper, I consider two normative questions: (1) how should policymakers approach tradeoffs that involve different age groups, and (2) at what rate should policymakers discount the consumption of future generations? I demonstrate that, under standard assumptions, these two questions are equivalent: caring more about the future means caring less about the elderly. Even small differences between the social discount rate and the market interest rate can have significant quantitative implica...
-
作者：Lentz, Rasmus; Piyapromdee, Suphanit; Robin, Jean-Marc
作者单位：University of Wisconsin System; University of Wisconsin Madison; Aarhus University; University of London; University College London; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：In this paper, we formulate and estimate a flexible model of job mobility and wages with two-sided heterogeneity. The analysis extends the finite mixture approach of Bonhomme, Lamadon, and Manresa (2019) and Abowd, McKinney, and Schmutte (2019) to develop a new Classification Expectation-Maximization algorithm that ensures both worker and firm latent-type identification using wage and mobility variations in the data. Workers receive job offers in worker-type segmented labor markets. Offers are...
-
作者：Romero, Julian; Rosokha, Yaroslav
作者单位：University of Arizona; Purdue University System; Purdue University
摘要：Identifying the strategies that are played is critical to understanding behavior in repeated games. This process is difficult because only choices (not strategies) are observable. Recently, a debate has emerged regarding whether subjects play mixed strategies in the indefinitely repeated prisoner's dilemma. We use an experimental approach to elicit mixed strategies from human subjects, thereby providing direct empirical evidence. We find that a majority of subjects use mixed strategies. Howeve...
-
作者：Duranton, Gilles; Puga, Diego
作者单位：University of Pennsylvania
摘要：We develop an urban growth model where human capital spillovers foster entrepreneurship and learning in heterogeneous cities. Incumbent residents limit city expansion through planning regulations so that commuting and housing costs do not outweigh productivity gains from agglomeration. The model builds on strong microfoundations, matches key regularities at the city and economy-wide levels, and generates novel predictions for which we provide evidence. It can be quantified by relying on few pa...
