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作者：Gayle, George-Levi; Miller, Robert A.
作者单位：Carnegie Mellon University
摘要：We estimate a principal-agent model of moral hazard with longitudinal data on firms and managerial compensation over two disjoint periods spanning 60 years to investigate increased value and variability in managerial compensation. We find exogenous growth in firm size largely explains these secular trends in compensation. In our framework, exogenous from size works through two channels. First, conflicts of interest between shareholders and managers are magnified in large firms, so optimal comp...
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作者：Lorenzoni, Guido
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：This paper presents a model of business cycles driven by shocks to consumer expectations regarding aggregate productivity. Agents are hit by heterogeneous productivity shocks, they observe their own productivity and a noisy public signal regarding aggregate productivity. The public signal gives rise to noise shocks, which have the features of aggregate demand shocks: they increase output, employment, and inflation in the short run and have no effects in the long run. Numerical examples suggest...
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作者：Brunnermeier, Markus K.; Yogo, Motohiro
作者单位：Princeton University; National Bureau of Economic Research; University of Pennsylvania
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作者：Kaufmann, Katja; Pistaferri, Luigi
作者单位：Bocconi University; Bocconi University; Stanford University
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作者：Robinson, James A.; Torvik, Ragnar
作者单位：Harvard University; Norwegian University of Science & Technology (NTNU)
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作者：Varian, Hal R.
作者单位：University of California System; University of California Berkeley
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作者：Edlund, Lena; Kopczuk, Wojciech
作者单位：Columbia University; Columbia University
摘要：Using estate tax returns data, we observe that the share of women among the very wealthy in the United States peaked in the late 1960s at nearly one-half and then declined to one-third. We argue that this pattern reflects changes in the importance of dynastic wealth, with the share of women proxying for inherited wealth. If so, wealth mobility decreased until the 1970s and rose thereafter. Such an interpretation is consistent with technological change driving long-term trends in mobility and i...
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作者：Longstaff, Francis A.
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：Many classes of assets are illiquid or nonmarketable in that they cannot always be traded immediately. Thus, a portfolio position in these becomes at least temporarily irreversible. We study the asset-pricing implications of this type of illiquidity in an exchange economy with heterogeneous agents. In this market, one asset is always liquid. The other asset can be traded initially, but then not again. until after a blackout period. Illiquidity has a dramatic effect. Agents abandon diversificat...
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作者：Jaimovich, Nir; Siu, Henry E.
作者单位：Stanford University; National Bureau of Economic Research; University of British Columbia
摘要：We investigate the consequences of demographic change for business cycle analysis. We find that changes in the age composition of the labor force account for a significant fraction of the variation in cyclical volatility observed in the G7 Since World War II, these countries have experienced dramatic demographic changes, although details regarding timing and nature differ across countries. We exploit this variation to show that the workforce age composition has a large and significant effect o...
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作者：Daniel, Terry E.; Gisches, Eyran J.; Rapoport, Amnon
作者单位：University of Alberta; University of Arizona
