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作者：Levy, Moshe
作者单位：Hebrew University of Jerusalem
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作者：Cagetti, Marco; De Nardi, Mariacristina
作者单位：Federal Reserve System - USA; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research
摘要：This paper studies the estate tax in a quantitative framework with business investment, borrowing constraints, estate transmission, and wealth inequality. We find that the estate tax has little effect on the saving and investment decisions of small businesses, but does distort the decisions of larger firms, thereby reducing aggregate output and savings. Removing such distortions by eliminating the estate tax does not necessarily imply that everyone would be better off If other taxes were raise...
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作者：Sutter, Matthias
作者单位：University of Innsbruck; University of Gothenburg
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作者：Del Negro, Marco; Schorfheide, Frank
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; University of Pennsylvania
摘要：Policy analysis with potentially misspecified dynamic stochastic general equilibrium (DSGE) models faces two challenges: estimation of parameters that are relevant for policy trade-offs, and treatment of the deviations from the cross-equation restrictions. Using post-1982 US data, we study the robustness of the policy prescriptions from a state-of-the-art DSGE model with respect to two approaches to model misspecification pursued in the recent literature: (i) adding shocks to the DSGE model an...
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作者：Koszegi, Botond; Rabin, Matthew
作者单位：University of California System; University of California Berkeley
摘要：We develop a rational dynamic model in which people are loss averse over changes in beliefs about present and future consumption. Because changes in wealth are news about future consumption, preferences over money are reference-dependent. If news resonates more when about imminent consumption than when about future consumption, a decision maker might (to generate pleasant surprises) overconsume early relative to the optimal committed, increase immediate consumption following surprise wealth in...
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作者：Coulibaly, Brahima; Logan, Trevon D.
作者单位：Federal Reserve System - USA; University System of Ohio; Ohio State University
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作者：Barro, Robert J.
作者单位：Harvard University
摘要：A representative-consumer model with Epstein-Zin-Weil preferences and i.i.d. shocks, including rare disasters, accords with observed equity premia rates if the and coefficient of relative risk aversion equals 3-4. If the inter-risk-free temporal elasticity of substitution exceeds one, an increase in uncertainty lowers the price-dividend ratio for equity, and a rise in the expected growth rate raises this ratio. Calibrations indicate that society would willingly reduce GDP by around 20 percent ...
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作者：Milligan, Kevin; Stabile, Mark
作者单位：University of British Columbia; National Bureau of Economic Research; University of Toronto
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作者：Benati, Luca; Surico, Paolo
作者单位：European Central Bank; Bank of England
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作者：Charness, Gary; Villeval, Marie-Claire
作者单位：University of California System; University of California Santa Barbara; Centre National de la Recherche Scientifique (CNRS); Ecole Normale Superieure de Lyon (ENS de LYON); Universite Claude Bernard Lyon 1; Universite Jean Monnet; Universite Lyon 2
摘要：There is economic pressure to postpone the retirement age, but employers are still reluctant to employ older workers. We investigate the comparative behavior of juniors and seniors in experiments conducted both onsite with the employees of two large firms and in a conventional laboratory environment with students and retirees. We show that seniors are no more risk averse than juniors and are typically more cooperative; both juniors and working seniors respond strongly to competition. The impli...
