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作者：Bohn, Sarah; Freedman, Matthew; Owens, Emily
作者单位：Drexel University; University of Pennsylvania
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作者：McCaig, Brian; Pavcnik, Nina
作者单位：Wilfrid Laurier University; Dartmouth College; Centre for Economic Policy Research - UK; National Bureau of Economic Research
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作者：Ruhl, Kim J.
作者单位：New York University
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作者：Fernandez-Villaverde, Jesus; Guerron-Quintana, Pablo; Kuester, Keith; Rubio-Ramirez, Juan
作者单位：University of Pennsylvania; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Bonn; Emory University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：We study how unexpected changes in uncertainty about fiscal policy affect economic activity. First, we estimate tax and spending processes for the United States with time-varying volatility to uncover evidence of time-varying volatility. Second, we estimate a VAR for the US economy using the time-varying volatility found in the previous step. Third, we feed the tax and spending processes into an otherwise standard New Keynesian model. Both in the VAR and in the model, we find that unexpected c...
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作者：Aguiar, Mark; Bils, Mark
作者单位：Princeton University; National Bureau of Economic Research; University of Rochester
摘要：We revisit to what extent the increase in income inequality since 1980 was mirrored by consumption inequality. We do so by constructing an alternative measure of consumption expenditure using a demand system to correct for systematic measurement error in the Consumer Expenditure Survey. Our estimation exploits the relative expenditure of high-and low-income households on luxuries versus necessities. This double differencing corrects for measurement error that can vary over time by good and inc...
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作者：Allcott, Hunt; Knittel, Christopher; Taubinsky, Dmitry
作者单位：New York University; National Bureau of Economic Research; Massachusetts Institute of Technology (MIT); Harvard University
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作者：Baker, Scott R.
作者单位：Northwestern University
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作者：Ramondo, Natalia; Rodriguez-Clare, Andres; Tintelnot, Felix
作者单位：University of California System; University of California San Diego; University of California System; University of California Berkeley; National Bureau of Economic Research; University of Chicago
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作者：Collard-Wexler, Allan; De Loecker, Jan
作者单位：Duke University; Princeton University
摘要：We measure the impact of a drastic new technology for producing steel-the minimill-on industry-wide productivity in the US steel industry, using unique plant-level data between 1963 and 2002. The sharp increase in the industry's productivity is linked to this new technology through two distinct mechanisms: (i) the mere displacement of the older technology (vertically integrated producers) was responsible for a third of the increase in the industry's productivity, and (ii) increased competition...
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作者：Ottaviani, Marco; Sorensen, Peter Norman
作者单位：Bocconi University; Bocconi University; University of Copenhagen
摘要：This paper analyzes how asset prices in a binary market react to information when traders have heterogeneous prior beliefs. We show that the competitive equilibrium price underreacts to information when there is a bound to the amount of money traders are allowed to invest. Underreaction is more pronounced when prior beliefs are more heterogeneous. Even in the absence of exogenous bounds on the amount that traders can invest, prices underreact to information provided that traders become less ri...
