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作者：Ma, Xiao; Nakab, Alejandro; Zhang, Yiran
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Universidad Torcuato Di Tella; Fudan University; Fudan University
摘要：This paper studies the impact of trade openness on welfare through alterations in workers' skill acquisition. Guided by empirical evidence, we integrate endogenous choices of learning investments into a multisector Eaton-Kortum model. Our model reveals that trade openness influences skill acquisition by two channels: (1) reallocating labor between sectors with varying skill intensities and on-the-job learning opportunities and (2) allowing producers in each country to source varieties from mor...
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作者：Su, Dan
摘要：This study shows that technological specialization is one plausible driver of long-term international capital flows. Capital scarcity raises marginal returns but also steers countries toward capital-saving technologies. As a result, capital-rich countries adopt capital-complementary technologies and keep importing capital from poorer countries that favor capital-substitute innovations. This divergence force on capital allocation, which we name the capital Matthew effect, offsets convergence fr...
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作者：Andreoli, Francesco; Faure, Mathieu; Gravel, Nicolas; Kundu, Tista
作者单位：University of Verona; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Christ University
摘要：This paper provides a robust criterion for comparing lists of probability distributions-interpreted as allocations of opportunities-faced by different social groups. We axiomatically argue in favor of comparing those lists of probability distributions on the basis of a uniform-among groups-valuation of their expected utility. We identify an empirically implementable criterion for comparing allocations of opportunities that coincides with the unanimity of all such uniform valuations of expected...
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作者：Li, Jiasheng; Li, Pei; Lu, Yi
作者单位：Renmin University of China; Zhejiang University; Tsinghua University
摘要：This paper examines engine-specific tax programs that are widely used in developing countries to limit car emissions. Using China's tax abatement program for small vehicles in 2015, we find significant price and sales responses for both small and large vehicles, indicating strong competition spillovers. The quantification model shows that an increase in car ownership generates more car emissions than the reduction resulting from the relocation from large to small vehicles. Welfare analysis fur...
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作者：Gallegos, Jose-Elias
作者单位：Banco de Espana
摘要：Monetary policy transmission in the benchmark New Keynesian (NK) model hinges on the Full Information Rational Expectations (FIRE) assumption, especially via indirect general equilibrium (GE) effects. This paper relaxes FIRE by introducing noisy information into a Heterogeneous-Agent NK model with financial frictions. Noisy information dampens amplification by muting GE effects, aligning model dynamics with empirical evidence, and resolving the forward guidance puzzle. It also broadens the det...
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作者：Dubey, Pradeep; Geanakoplos, John
作者单位：State University of New York (SUNY) System; Stony Brook University; Yale University; The Santa Fe Institute
摘要：Modern macroeconomics ignores the recent proliferation of new monies. We show in our model that new monies like credit cards or stable coins or crypto currencies or helicopter money can cause a huge increase in prices, like the 1970s inflation when credit cards emerged in full use. These monies are not perfect substitutes, so shrinking conventional money supply to compensate for the growth of new monies comes at a welfare cost. Price levels are determined by money chasing goods, measured by th...
