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作者：Bolhuis, Marijn; Rachapalli, Swapnika; Restuccia, Diego
作者单位：International Monetary Fund; University of British Columbia; University of Toronto; National Bureau of Economic Research
摘要：We exploit substantial variation in land-market institutions across Indian states and detailed household-level panel data to assess the effect of land-market distortions on agricultural productivity. We develop a model of heterogeneous farms and distorted land markets, featuring (i) state-level barriers to land-market participation and (ii) idiosyncratic (farm-level) distortions to farm size. We separately identify and estimate the two sources of land-market distortions in each state. We find ...
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作者：Hajdini, Ina
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：I consider a New Keynesian framework where agents combine mis-specified forecasts and myopia to form expectations. This combination is consistent with inflation forecasts'late overshooting, under-reaction to forecast revisions, and overreaction to current inflation. Estimating the general equilibrium model on macroeconomic data shows that: (i) data favor combining autoregressive mis-specified forecasting rules with myopia over other alternatives; (ii) learning of mis-specified rules improves m...
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作者：Feenstra, Robert C.; Macedoni, Luca; Xu, Mingzhi (Jimmy )
作者单位：University of California System; University of California Davis; National Bureau of Economic Research; University of Milan; Peking University
摘要：We examine the relationship between large firms and the rising profit share in a model that features oligopolistic competition and consumer heterogeneity. Conditional on the sales distribution, consumer heterogeneity increases firm-level markups and the profit share. Using NielsenIQ data on purchases at the household-barcode level, we quantify the role of consumer heterogeneity, finding that the average markup and the profit share are 20 and 6.4 percentage points larger than predicted by a rep...
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作者：Moschini, Emily G.; Raveendranathan, Gajendran; Xu, Ming
作者单位：McMaster University; Queens University - Canada
摘要：In the United States, college dropout risk is sizable. We provide new empirical evidence that beliefs about the likelihood of earning a bachelor's degree predict college enrollment, and that the distribution of these beliefs exhibits widespread optimism. We incorporate this distribution of beliefs into an overlapping generations model with college as a risky investment that can be financed via federal loans, grants, family transfers, or earnings. We then examine the welfare impact of access to...
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作者：Cormun, Vito; De Leo, Pierre
作者单位：Santa Clara University; University System of Maryland; University of Maryland College Park
摘要：We separately identify domestic and external sources of exchange rate fluctuations in a large sample of small open economies (SOEs). We find that external shocks lead to large and predictable deviations from uncovered interest parity (UIP), while domestic shocks do not. Additionally, external shocks are linked to fluctuations in global risk aversion and US macroeconomic aggregates. We present an SOE model that rationalizes these facts. In the model, global risk aversion shocks drive exchange r...
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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：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：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...
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作者：Hubmer, Joachim; Restrepo, Pascual
作者单位：University of Pennsylvania; Yale University; National Bureau of Economic Research
摘要：The US labor share has declined, especially in manufacturing and retail. Yet the labor share of a typical firm in these sectors has risen. We introduce a model where firms incur fixed costs to automate tasks. A decline in the price of capital goods used for automation reproduces the observed patterns: large firms automate tasks, reducing the aggregate labor share, while the median firm continues to operate a labor-intensive technology. When calibrating the automation fixed costs to match the o...
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作者：Bloom, Nicholas; Iacovone, Leonardo; Pereira-Lopez, Mariana; Van Reenen, John
作者单位：Stanford University; The World Bank; Universidad Iberoamericana Ciudad de Mexico; University of London; London School Economics & Political Science
摘要：Using comprehensive administrative management surveys from Mexico and the United States, we document large management gaps between the two countries, driven by both lower average management quality among Mexican firms and greater misallocation. Compared with the United States, Mexico displays a weaker link between firm size and management quality, especially in the distorted service sector. The size-management gradient is weakest in smaller markets-services in low-population-density regions an...
