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作者：Blundell, Richard; Pistaferri, Luigi; Saporta-Eksten, Itay
作者单位：University of London; University College London; University of London; London School Economics & Political Science; Stanford University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Tel Aviv University
摘要：We examine the link between wage and consumption inequality using a life-cycle model incorporating consumption and family labor supply decisions. We derive analytical expressions for the dynamics of consumption, hours, and earnings of two earners in the presence of correlated wage shocks, nonseparability, progressive taxation, and asset accumulation. The model is estimated using panel data for hours, earnings, assets, and consumption. We focus on family labor supply as an insurance mechanism a...
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作者：Cappelen, Alexander W.; Konow, James; Sorensen, Erik O.; Tungodden, Bertil
作者单位：Norwegian School of Economics (NHH); University of Kiel; Loyola Marymount University
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作者：McKay, Alisdair; Nakamura, Emi; Steinsson, Jon
作者单位：Boston University; Columbia University; Columbia University
摘要：In recent years, central banks have increasingly turned to forward guidance as a central tool of monetary policy. Standard monetary models imply that far future forward guidance has huge effects on current outcomes, and these effects grow with the horizon of the forward guidance. We present a model in which the power of forward guidance is highly sensitive to the assumption of complete markets. When agents face uninsurable income risk and borrowing constraints, a precautionary savings effect t...
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作者：Schulz, Florian
作者单位：University of Washington; University of Washington Seattle
摘要：I present novel empirical evidence on the term structure of the equity risk premium. In contrast to previous research that documented high discount rates for the short-term component of the market portfolio, I show evidence for an unconditionally flat term structure of equity risk premia. The tension with previous literature arises largely as a result of differential treatments of heterogeneous investment taxes, manifested in micro evidence on abnormal equity returns on ex-dividend days, and l...
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作者：Akerlof, Robert
作者单位：University of Warwick
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作者：Caballero, Ricardo J.; Farhi, Emmanuel; Gourinchas, Pierre-Olivier
作者单位：Massachusetts Institute of Technology (MIT); Harvard University; University of California System; University of California Berkeley
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作者：Carvalho, Jean-Paul
作者单位：University of California System; University of California Irvine
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作者：Chetty, Raj; Friedman, John N.; Rockoff, Jonah
作者单位：Stanford University; Brown University; Columbia University
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作者：Cortes, Kalena E.; Lincove, Jane Arnold
作者单位：Texas A&M University System; Texas A&M University College Station; Bush School of Government & Public Service; IZA Institute Labor Economics; National Bureau of Economic Research; Tulane University
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作者：Duggan, Mark; Garthwaite, Craig; Goyal, Aparajita
作者单位：Stanford University; National Bureau of Economic Research; Northwestern University; The World Bank
摘要：In 2005, as the result of a World Trade Organization mandate, India implemented a patent reform for pharmaceuticals that was intended to comply with the 1995 Trade-Related Aspects of Intellectual Property Rights (TRIPS). Exploiting variation in the timing of patent decisions, we estimate that a molecule receiving a patent experienced an average price increase of just 3-6 percent, with larger increases for more recently developed molecules and for those produced by just one firm when the patent...
