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作者：Capatina, Elena; Keane, Michael
作者单位：Australian National University; Johns Hopkins University; University of New South Wales Sydney
摘要：We develop a life-cycle model of labor supply and human capital formation that incorporates health shocks, health insurance, and medical treatment decisions. We use the model to study effects of health shocks on health, labor supply, earnings, and earnings inequality. We also simulate provision of public insurance to agents who lack employer-sponsored insurance. While this increases medical spending substantially, it creates positive labor supply incentives for low-skill workers while reducing...
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作者：Eusepi, Stefano; Giannoni, Marc; Preston, Bruce
作者单位：University of Texas System; University of Texas Austin; Barclays; University of New South Wales Sydney
摘要：This paper provides theory and evidence that distorted long-term interest rate expectations limit the effectiveness of monetary policy. Beliefs that depart from rational expectations break the tight link between policy rates and long-term interest rates, even when determined by the expectations hypothesis of the yield curve. Because long-term expectations are excessively sensitive to short-term interest rates, optimal policy is less aggressive relative to rational expectations. More aggressive...
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作者：Abramson, Boaz; Van Nieuwerburgh, Stijn
作者单位：Columbia University; Center for Economic & Policy Research (CEPR)
摘要：Rent guarantee insurance (RGI) provides tenants with insurance against nonpayment of rent. We introduce RGI in a quantitative equilibrium model of housing insecurity and show it increases welfare by improving risk sharing across idiosyncratic and aggregate states, reducing the need for large security deposits and reducing homelessness that imposes large costs on society. While unrestricted access to RGI is not financially viable because of moral hazard and adverse selection, restricting access...
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作者：Acemoglu, Daron; Loebbing, Jonas
作者单位：Massachusetts Institute of Technology (MIT); University of Munich
摘要：We develop an assignment model of automation. Each of a continuum of tasks of variable complexity is assigned to either capital or one of a continuum of labor skills. We characterize conditions for interior automation, whereby tasks of intermediate complexity are performed by capital. Interior automation arises when low-skill wages are low and effective cost of capital in low-complexity tasks is high. Minimum wages make interior automation less likely. Higher capital productivity causes employ...
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作者：Rodriguez-Clare, Andres; Ulate, Mauricio; Vasquez, Jose P.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：We present a dynamic quantitative trade and migration model that incorporates downward nominal wage rigidities and show how this framework can generate changes in unemployment and labor participation that match those uncovered by the empirical literature studying the China shock. We find that the China shock leads to average welfare increases in most US states, including many that experience unemployment during the transition. However, nominal rigidities reduce the overall US gains by around t...
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作者：Marquardt, Kelli
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：The mechanisms driving disparities in mental health care are not well understood. This paper develops a structural model of diagnosis for attention deficit hyperactivity disorder (ADHD), highlighting how patient and physician factors can result in disparities. Using electronic health record data, I estimate model parameters and decompose the observed male & ratio;female ADHD diagnostic difference of 2.3 & ratio;1. Simulations show that only 20%-25% of this diagnostic difference can be explaine...
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作者：Cook, Nikolai; Duprey, Thibaut; Heyes, Anthony; Pelli, Martino
作者单位：Wilfrid Laurier University; Bank of Canada; University of Birmingham; Asian Development Bank
摘要：Mayshar, Moav, and Pascali apply an instrumental variables identifica tion strategy to data from nearly 1,000 societies included in the Ethno graphic Atlas to claim that cultivation of cereals (appropriable by elites), rather than increased land productivity following the adoption of ag riculture, led to the development of the state. We show two things. (1) Evidence for the appropriability theory holds when moving from a tribe-chiefdom to a state and not more broadly. (2) Conclusions are drive...
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作者：Hai, Rong; Heckman, James
作者单位：University of Miami; University of Chicago
摘要：We develop and estimate a life-cycle model of addiction in which forward-looking youth choose to smoke, attend school, work part-time, and consume while facing borrowing constraints. The model features multiple channels for studying the reciprocal causal effects of addiction and education. Variations in endowments and cigarette prices are sources of identification. We show that education causally reduces smoking. A counterfactual experiment finds that in the absence of cigarette smoking, colle...
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作者：Cappelen, Alexander W.; Charness, Gary; Ekstrom, Mathias; Gneezy, Uri; Tungodden, Bertil
作者单位：Norwegian School of Economics (NHH); University of California System; University of California Santa Barbara; University of California System; University of California San Diego
摘要：In a randomized controlled trial, we test whether removal of a barrier to exercise can improve academic performance. We find strong support for this hypothesis: University students who were provided with a free gym card exercised more and had a significant improvement in academic performance. The treated students were less likely to drop out of classes and to fail at the exam. We provide evidence showing that exercise caused a healthier lifestyle and increased perceived self-control, which ult...
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作者：Bhandari, Anmol; Kass, Tobey; May, Thomas J.; McGrattan, Ellen R.; Schulz, Evan
作者单位：University of Minnesota System; University of Minnesota Twin Cities; California State University System; California State University Fullerton
摘要：This paper examines the nature of entrepreneurship using a novel panel dataset based on US Internal Revenue Service data. We analyze income growth trajectories and the determinants of entrepreneurial choice for business owners. Compared with prior household survey-based studies, we find that self-employed individuals have significantly higher average incomes and steeper income growth than their wage-earning matched peers. Contrary to survey evidence, we find a limited role for nonpecuniary mot...
