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作者：Kapfhammer, Felix
作者单位：BI Norwegian Business School
摘要：This paper studies the sectoral and macroeconomic consequences of carbon taxes in four Nordic countries using a novel monthly measure of effective carbon tax rates. The suggested measure accounts for the time-varying emission coverage of taxes that are both explicitly and implicitly levied on greenhouse gas-emitting goods, thereby solving several issues of existing carbon tax measures currently used by the literature. Employing the new measure in a local projection setting, I find that carbon ...
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作者：Smulders, Sjak; Zhou, Sophie
作者单位：Tilburg University; University of Reading
摘要：Technological lock-in has been a standard explanation for the slow take-off of clean innovation, but is hard to reconcile with forward-looking investors who anticipate the eventual switch to clean technologies. We provide an alternative explanation: strategic investment complementarities shape innovation and self-fulfilling prophecies can lead to delayed low-carbon transition. We analyze a standard directed technical change model with clean and dirty inputs. Under good input substitutability, ...
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作者：Gomes, Pedro; Kuehn, Zoe
作者单位：Autonomous University of Madrid
摘要：The public sector hires disproportionally more women than men. Using microdata, we document gender differences in employment, transition probabilities, hours, and wages in the public and private sector. We calibrate a search and matching model where men and women decide whether to participate and whether to enter public or private sector labor markets. We quantify how much of the selection of women into the public sector is driven by (i) lower gender wage gaps, (ii) fewer hours, (iii) greater ...
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作者：De Soyres, Francois; Gaillard, Alexandre
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Brown University
摘要：Traditional international real business cycle (IRBC) models produce a weak relationship between trade and cross-country real GDP (RGDP) correlations (corrRGDP), contradicting empirical findings. We reassess this quantitative puzzle in a many-country model featuring (i) global value chains, (ii) monopolistic competition, (iii fluctuations in the number of varieties, and (iv) RGDP measurement using double deflation. In this framework, fluctuations in imported inputs cause profit and efficiency v...
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作者：Alon, Titan; Capelle, Damien; Matsuda, Kazushige
作者单位：University of California System; University of California San Diego; Keio University
摘要：This paper develops a framework in which university research depends endogenously on competition for tuition and talented students in the market for higher education. When students are highly stratified across colleges, or when tuition rises sharply with school rank, universities spend on R&D even if the direct contribution of research to teaching is small. The model is consistent with causal evidence and matches new features of the microdata. It explains why universities internally fund resea...
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作者：Doh, Taeyoung; Song, Dongho; Yang, Shu-Kuei
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Kansas City; Johns Hopkins University
摘要：We propose a text-based measure of monetary policy stance that models FOMC statements as convex combinations of dovish and hawkish alternatives, providing a tractable representation of the Committee's position along the policy spectrum. Leveraging staff-drafted alternative statements, we fine-tune a pretrained language model to capture both quantitative precision and semantic tone. Stance is defined as the product of tone and novelty, and decomposed into expected and surprise components using ...
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作者：Kaiser, Rosemary
作者单位：Rutgers University System; Rutgers University New Brunswick
摘要：Employment protections often create two-tiered labor markets with substantial differences in job security. I estimate the effects of removing these protections using a quantitative life cycle model, where younger workers are more likely to select into precarious jobs. Workers accumulate human capital when employed and face the possibility of human capital losses in unemployment. Because workers with greater job security experience fewer unemployment spells, they tend to accumulate more human c...
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作者：Rossi-Hansberg, Esteban; Sarte, Pierre-Daniel; Schwartzman, Felipe
作者单位：University of Chicago; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：In the United States, cognitive nonroutine (CNR) occupations are disproportionately and increasingly represented in large cities. To study the allocation of workers across cities, we propose a quantitative spatial equilibrium model with multiple industries employing CNR and non-CNR workers. Productivity is city-industry-occupation specific and, as we estimate, partly determined by externalities that depend on local occupation shares and total employment. An optimal policy that benefits workers...
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作者：Jia, Ruixue; Ma, Xiao; Xie, Victoria wenxin
作者单位：University of California System; University of California San Diego; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Santa Clara University
摘要：Using county-level and zip-code-level data from the United States during the period 1998-2018, we document: (i) Increased flood risk has a large negative impact on firm entry, employment, and output in the long run; (ii) Flood events reduce output in the short run while impact on firm entry and employment is limited. We then develop a quantitative spatial model to characterize how flood risk shapes firms' location choices and employment. We find flood risk reduced US aggregate output by 0.53 p...
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作者：Greaney, Brian
作者单位：University of Washington; University of Washington Seattle
摘要：Hsieh and Moretti (2019) find that relaxing land use regulations in three productive US cities would increase GDP by 3.7 percent. In this comment, I revisit their findings. I first attempt to replicate their result and find that their counterfactual would lower output. I document errors in their code that explain this discrepancy. I next show that the results of their model depend on the arbitrary choice of population unit. I propose a modification to their model that eliminates unit dependenc...
