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作者：Jones, Benjamin F.
作者单位：Northwestern University; National Bureau of Economic Research
摘要：Human capital differences across countries can appear large or small depending on measurement methods. This Reply clarifies key assumptions and conceptual distinctions across accounting approaches. Accounting-based arguments for small human capital differences are difficult to sustain. By contrast, large human capital differences are theoretically and empirically coherent. Non-accounting arguments against large human capital variation are examined and their weaknesses pinpointed. This Reply al...
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作者：Azoulay, Pierre; Fons-Rosen, Christian; Zivin, Joshua S. Graff
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; University of California System; University of California Merced; University of California System; University of California San Diego
摘要：We examine how the premature death of eminent life scientists alters the vitality of their fields. While the flow of articles by collaborators into affected fields decreases after the death of a star scientist, the flow of articles by non-collaborators increases markedly. This surge in contributions from outsiders draws upon a different scientific corpus and is disproportionately likely to be highly cited. While outsiders appear reluctant to challenge leadership within a field when the star is...
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作者：David, Joel M.; Venkateswaran, Venky
作者单位：University of Southern California; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; New York University
摘要：We develop a methodology to disentangle sources of capital mis-allocation, i.e., dispersion in value-added/capital. It measures the contributions of technological! informational frictions and a rich class of firm-specific factors. An application to Chinese manufacturing firms reveals that adjustment costs and uncertainty, while significant, explain only a modest fraction of the dispersion, which stems largely from other factors: a component correlated with productivity and a fixed effect. Adju...
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作者：Jentsch, Carsten; Lunsford, Kurt G.
作者单位：Dortmund University of Technology; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：Mertens and Ravn (2013) estimateimpulse response functions (MPS) from income tax changes in a structural vector autoregression (SVAR) by using narrative accounts of tax liability changes as proxy variables. To produce confidence intervals for their IRFs, they use a residual-based wild bootstrap, which has subsequently become popular in the proxy SVAR literature. We argue that their wild bootstrap is not valid, producing confidence intervals that are much too small. Using a residual-based movin...
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作者：[Anonymous]
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作者：Adrian, Tobias; Boyarchenko, Nina; Giannone, Domenico
作者单位：International Monetary Fund; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：We study the conditional distribution of GDP growth as a function of economic and financial conditions. Deteriorating financial conditions are associated with an increase in the conditional volatility and a decline in the conditional mean of GDP growth, leading the lower (pantiles of GDP growth to vary with, financial conditions and the upper (pantiles' to he stable over time. Upside risks to GDP growth are low in most periods while downside risks increase as financial conditions become tighte...
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作者：Carvalho, Vasco M.; Grassi, Basile
作者单位：University of Cambridge; Centre for Economic Policy Research - UK; Alan Turing Institute; Bocconi University; Bocconi University
摘要：Do large firm dynamics drive the business cycle? We answer this question by developing a quantitative theory of aggregate fluctuations caused by firm-level disturbances alone. We show that a standard heterogeneous firm dynamics setup already contains in it a theory of the business cycle, without appealing to aggregate shocks. We offer an analytical characterization of the law of motion of the aggregate state in this class of models, the firm size distribution, and show that aggregate output an...
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作者：Egger, Peter H.; Nigai, Sergey; Strecker, Nora M.
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; University of Colorado System; University of Colorado Boulder; Swiss Federal Institutes of Technology Domain; ETH Zurich
摘要：This paper examines the effects of globalization on the distribution of worker-specific labor taxes using a unique set of tax calculators. We find a differential effect of higher trade and factor mobility on relative tax burdens in 1980-1993 versus 1994-2007 in the OECD. Prior to 1994, greater openness meant that higher income earners were taxed progressively more. However, after 1994, we document a globalization-induced rise in the labor income tax burden of the middle class, while the top 1 ...
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作者：Di Tella, Sebastian
摘要：I characterize the optimal financial regulation policy in an economy where financial intermediaries trade capital assets on behalf of households, but must retain an equity stake to align incentives. Financial regulation is necessary because intermediaries cannot be excluded from privately trading in capital markets. They don't internalize that high asset prices force everyone to bear more risk. The socially optimal allocation can be implemented with a tax on asset holdings. I derive a sufficie...
