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作者：Heyes, Anthony; List, John A.
作者单位：University of Ottawa; University of Chicago
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作者：Laeven, Luc; Popov, Alexander
作者单位：European Central Bank; European Central Bank
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作者：McGoldrick, KimMarie; Schuhmann, Peter W.
作者单位：University of Richmond; University of North Carolina; University of North Carolina Wilmington
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作者：Reinhart, Carmen M.; Reinhart, Vincent; Trebesch, Christoph
作者单位：Harvard University; American Enterprise Institute for Public Policy Research; University of Munich
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作者：Treisman, Daniel
作者单位：University of California System; University of California Los Angeles
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作者：Aghion, Philippe; Akcigit, Ufuk; Deaton, Angus; Roulet, Alexandra
作者单位：Universite PSL; College de France; University of London; London School Economics & Political Science; National Bureau of Economic Research; Canadian Institute for Advanced Research (CIFAR); University of Chicago; Princeton University; Harvard University
摘要：In this paper we analyze the relationship between turnover-driven growth and subjective well-being. Our model of innovation-led growth and unemployment predicts that: (i) the effect of creative destruction on expected individual welfare should be unambiguously positive if we control for unemployment, less so if we do not; (ii) job creation has a positive and job destruction has a negative impact on well-being; (iii) job destruction has a less negative impact in areas with more generous unemplo...
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作者：Gomes, Joao; Jermann, Urban; Schmid, Lukas
作者单位：University of Pennsylvania; National Bureau of Economic Research; Duke University; Center for Economic & Policy Research (CEPR)
摘要：We develop a tractable general equilibrium model that captures the interplay between nominal long-term corporate debt, inflation, and real aggregates. We show that unanticipated inflation changes the real burden of debt and, more significantly, leads to a debt overhang that distorts future investment and production decisions. For these effects to be both large and very persistent, it is essential that debt maturity exceeds one period. We also show that interest rate rules can help stabilize ou...
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作者：Galor, Oded; Ozak, Omer
作者单位：Brown University; Southern Methodist University
摘要：This research explores the origins of observed differences in time preference across countries and regions. Exploiting a natural experiment associated with the expansion of suitable crops for cultivation in the course of the Columbian Exchange, the research establishes that pre-industrial agro-climatic characteristics which were conducive to higher return to agricultural investment triggered selection, adaptation, and learning processes that generated a persistent positive effect on the preval...
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作者：Ajello, Andrea
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：I use micro data to quantify key features of US firm financing. In particular, I establish that a substantial 35 percent of firms' investment is funded using financial markets. I then construct a dynamic equilibrium model that matches these features and fit the model to business cycle data using Bayesian methods. In the model, financial intermediaries enable trades of financial assets, directing funds toward investment opportunities, and charge an intermediation spread to cover their costs. Ac...
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作者：Scheuer, Florian; Wolitzky, Alexander
作者单位：Stanford University; Massachusetts Institute of Technology (MIT)
摘要：This paper studies optimal dynamic tax policy under the threat of political reform. A policy will be reformed ex post if a large enough coalition of citizens supports reform; thus, sustainable policies are those that will continue to attract enough political support in the future. We find that optimal marginal capital taxes are either progressive or U-shaped, so that savings are subsidized for the poor and/or the middle class but are taxed for the rich. U-shaped capital taxes always emerge whe...
