2009

最新文章

• Intellectual Property Rights, the Industrial Revolution, and the Beginnings of Modern Economic Growth AI翻译
  作者：Mokyr, Joel
  作者单位：Northwestern University; Northwestern University
• Endogenous Effective Discounting, Credit Constraints, and Wealth Inequality AI翻译
  作者：Tobacman, Jeremy
  作者单位：University of Pennsylvania; National Bureau of Economic Research
• Debt Maturity and the International Financial Architecture AI翻译
  作者：Jeanne, Olivier
  作者单位：Johns Hopkins University
• Gibrat's Law for (All) Cities: Comment AI翻译
  作者：Levy, Moshe
  作者单位：Hebrew University of Jerusalem
• Estate Taxation, Entrepreneurship, and Wealth AI翻译
  作者：Cagetti, Marco; De Nardi, Mariacristina
  作者单位：Federal Reserve System - USA; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research
  摘要：This paper studies the estate tax in a quantitative framework with business investment, borrowing constraints, estate transmission, and wealth inequality. We find that the estate tax has little effect on the saving and investment decisions of small businesses, but does distort the decisions of larger firms, thereby reducing aggregate output and savings. Removing such distortions by eliminating the estate tax does not necessarily imply that everyone would be better off If other taxes were raise...
• Individual Behavior and Group Membership: Comment AI翻译
  作者：Sutter, Matthias
  作者单位：University of Innsbruck; University of Gothenburg
• Monetary Policy Analysis with Potentially Misspecified Models AI翻译
  作者：Del Negro, Marco; Schorfheide, Frank
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of Pennsylvania
  摘要：Policy analysis with potentially misspecified dynamic stochastic general equilibrium (DSGE) models faces two challenges: estimation of parameters that are relevant for policy trade-offs, and treatment of the deviations from the cross-equation restrictions. Using post-1982 US data, we study the robustness of the policy prescriptions from a state-of-the-art DSGE model with respect to two approaches to model misspecification pursued in the recent literature: (i) adding shocks to the DSGE model an...
• Reference-Dependent Consumption Plans AI翻译
  作者：Koszegi, Botond; Rabin, Matthew
  作者单位：University of California System; University of California Berkeley
  摘要：We develop a rational dynamic model in which people are loss averse over changes in beliefs about present and future consumption. Because changes in wealth are news about future consumption, preferences over money are reference-dependent. If news resonates more when about imminent consumption than when about future consumption, a decision maker might (to generate pleasant surprises) overconsume early relative to the optimal committed, increase immediate consumption following surprise wealth in...
• South Africa's Post-Apartheid Two-Step: Social Demands versus Macro Stability AI翻译
  作者：Coulibaly, Brahima; Logan, Trevon D.
  作者单位：Federal Reserve System - USA; University System of Ohio; Ohio State University
• Rare Disasters, Asset Prices, and Welfare Costs AI翻译
  作者：Barro, Robert J.
  作者单位：Harvard University
  摘要：A representative-consumer model with Epstein-Zin-Weil preferences and i.i.d. shocks, including rare disasters, accords with observed equity premia rates if the and coefficient of relative risk aversion equals 3-4. If the inter-risk-free temporal elasticity of substitution exceeds one, an increase in uncertainty lowers the price-dividend ratio for equity, and a rise in the expected growth rate raises this ratio. Calibrations indicate that society would willingly reduce GDP by around 20 percent ...