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作者：Attanasio, Orazio; Levell, Peter; Low, Hamish; Sanchez-Marcos, Virginia
作者单位：University of London; University College London; National Bureau of Economic Research; University of Oxford; Universidad de Cantabria
摘要：We show that there is substantial heterogeneity in women's labor supply elasticities at the micro level and highlight the implications for aggregate behavior. We consider both intertemporal and intratemporal choices, and identify intensive and extensive responses in a consistent life-cycle framework, using US CEX data. Heterogeneity is due to observables, such as age, wealth, hours worked, and the wage level, as well as to unobservable tastes for leisure: the median Marshallian elasticity for ...
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作者：Lee, Sokbae; Salanie, Bernard
作者单位：Columbia University; University of London; London School Economics & Political Science
摘要：Multivalued treatment models have typically been studied under restrictive assumptions: ordered choice, and more recently, unordered monotonicity. We show how treatment effects can be identified in a more general class of models that allows for multidimensional unobserved heterogeneity. Our results rely on two main assumptions: treatment assignment must be a measurable function of threshold-crossing rules, and enough continuous instruments must be available. We illustrate our approach for seve...
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作者：Cattaneo, Matias D.; Jansson, Michael
作者单位：University of Michigan System; University of Michigan; University of Michigan System; University of Michigan; University of California System; University of California Berkeley; CREATES
摘要：This paper develops asymptotic approximations for kernel-based semiparametric estimators under assumptions accommodating slower-than-usual rates of convergence of their nonparametric ingredients. Our first main result is a distributional approximation for semiparametric estimators that differs from existing approximations by accounting for a bias. This bias is nonnegligible in general, and therefore poses a challenge for inference. Our second main result shows that some (but not all) nonparame...
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作者：Schorfheide, Frank; Song, Dongho; Yaron, Amir
作者单位：University of Pennsylvania; Boston College; University of Pennsylvania
摘要：We document that consumption growth rates are far from i.i.d. and have a highly persistent component. First, we estimate univariate and multivariate models of cash-flow (consumption, output, dividends) growth that feature measurement errors, time-varying volatilities, and mixed-frequency observations. Monthly consumption data are important for identifying the stochastic volatility process; yet the data are contaminated, which makes the inclusion of measurement errors essential for identifying ...
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作者：Zoutman, Floris T.; Gavrilova, Evelina; Hopland, Arnt O.
作者单位：Norwegian School of Economics (NHH); Norwegian School of Economics (NHH)
摘要：We show how an insight from taxation theory allows identification of both the supply and demand elasticities using only one instrument. Most models of taxation since Ramsey (1927) assume that a tax levied on the demand side only affects demand through the price after taxation. Econometrically, we show that this assumption acts as an exclusion restriction. Under the Ramsey Exclusion Restriction (RER), a single tax reform can serve to simultaneously identify the demand and supply elasticity. We ...
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作者：Baqaee, David Rezza
作者单位：University of California System; University of California Los Angeles
摘要：This paper analyzes a general equilibrium economy featuring input-output connections, imperfect competition, and external economies of scale owing to entry and exit. The interaction of input-output networks with industry-level market structure affects the amplification of shocks and the pattern of diffusion in the model, generating cascades of firm entry and exit across the economy. In this model, sales provide a poor measure of the systemic importance of industries. Unlike the relevant notion...
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作者：Choi, Michael; Dai, Anovia Yifan; Kim, Kyungmin
作者单位：University of California System; University of California Irvine; Hong Kong Baptist University; University of Miami
摘要：We consider an oligopoly model in which consumers engage in sequential search based on partial product information and advertised prices. By applying Weitzman's (1979) optimal sequential search solution, we derive a simple static condition that fully summarizes consumers' shopping outcomes and translates the pricing game among the sellers into a familiar discrete-choice problem. Exploiting the discrete-choice reformulation, we provide sufficient conditions that guarantee the existence and uniq...
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作者：Cao, Dan; Werning, Ivan
作者单位：Georgetown University; Massachusetts Institute of Technology (MIT)
摘要：Is the standard hyperbolic-discounting model capable of robust qualitative predictions for savings behavior? Despite results suggesting a negative answer, we provide a positive one. We give conditions under which all Markov equilibria display either saving at all wealth levels or dissaving at all wealth levels. Moreover, saving versus dissaving is determined by a simple condition comparing the interest rate to a threshold made up of impatience parameters only. Our robustness results illustrate...
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作者：de Groot, Oliver; Richter, Alexander W.; Throckmorton, Nathaniel A.
作者单位：University of St Andrews; European Central Bank; Federal Reserve System - USA; Federal Reserve Bank - Dallas; William & Mary
摘要：Basu and Bundick, 2017 showed an intertemporal preference volatility shock has meaningful effects on real activity in a New Keynesian model with Epstein and Zin, 1991 preferences. We show that when the distributional weights on current and future utility in the Epstein-Zin time aggregator do not sum to 1, there is an asymptote in the responses to such a shock with unit intertemporal elasticity of substitution. In the Basu-Bundick model, the intertemporal elasticity of substitution is set near ...
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作者：Salanie, Bernard
