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作者：Dixit, Avinash
作者单位：Princeton University
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作者：Boivin, Jean; Giannoni, Marc P.; Mihov, Ilian
作者单位：Universite de Montreal; HEC Montreal; National Bureau of Economic Research; Columbia University; Center for Economic & Policy Research (CEPR); INSEAD Business School
摘要：This paper shows that the recent evidence that disaggregated prices are volatile does not necessarily challenge the hypothesis of price rigidity used in a large IF class of macroeconomic models. We document the effect of macroeconomic and sectoral disturbances by estimating a factor-augmented vector autoregression using a large set of macroeconomic indicators and disaggregated prices. Our main finding is that disaggregated prices appear sticky in response to macroeconomic and monetary disturba...
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作者：Morgan, John; Vardy, Felix
作者单位：University of California System; University of California Berkeley; University of California System; University of California Berkeley; International Monetary Fund
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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...
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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 ...
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作者：Angelucci, Manuela; De Giorgi, Giacomo
作者单位：University of Arizona; Stanford University
摘要：Cash transfers to eligible households indirectly increase the consumption of ineligible households living in the same villages. This effect operates through insurance and credit markets: ineligible households benefit from the transfers by receiving more gifts and loans and by reducing their savings. Thus, the transfers benefit the local economy, at large; looking only at the effect on the treated underestimates the impact. One should analyze the effects of this class of programs on the entire ...
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作者：Ariely, Dan; Bracha, Anat; Meier, Stephan
作者单位：Duke University; Tel Aviv University; Columbia University
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作者：Ho, Katherine
作者单位：Columbia University
摘要：I use data on the hospital networks offered by managed care health insurers to estimate the expected division of profits between insurers and providers. I include a simple profit-maximization framework and an additional effect: hospitals that can secure demand without contracting with all insurers (e.g., those most attractive to consumers and those that are capacity constrained) may demand high prices that some insurers refuse to pay. Hospital mergers may also affect price bargaining. I estima...
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作者：Chen, Yan; Li, Sherry Xin
作者单位：University of Michigan System; University of Michigan; University of Texas System; University of Texas Dallas
摘要：We present a laboratory, experiment that measures the effects of induced group identity, on social preferences. We find that when participants are matched with an ingroup member, they show a 47 percent increase in charity concerns and a 93 percent decrease in envy. Likewise, participants are 19 percent more likely to reward an ingroup match for good behavior, but 13 percent less likely to punish an ingroup match for misbehavior. Furthermore, participants are significantly more likely to choose...
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作者：Heap, Shaun P. Hargreaves; Zizzo, Daniel John
作者单位：University of East Anglia
摘要：We present the results of an experiment that attempts to measure the social value of groups. In the experiment, group membership is induced artificially: subjects interact with insiders and outsiders in trust games and periodically enter markets where they can trade group membership. We find that trust falls with groups because of negative discrimination against outsiders. Against this, however, there is evidence that group membership provides a psychological benefit, albeit one that may induc...
