Econometrica

最新文章

• A PREFERRED-HABITAT MODEL OF THE TERM STRUCTURE OF INTEREST RATES (vol 89, pg 77, 2021) AI翻译
  作者：Vayanos, Dimitri; Vila, Jean-Luc
  作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; National Bureau of Economic Research
• Forthcoming Papers AI翻译
  作者：[Anonymous]
• Searching for Job Security and the Consequences of Job Loss AI翻译
  作者：Jarosch, Gregor
  作者单位：Duke University; National Bureau of Economic Research
  摘要：Job loss comes with large present value earnings losses which elude workhorse models of unemployment and labor market policy. I propose a parsimonious model of a frictional labor market in which jobs differ in terms of unemployment risk and workers search off- and on-the-job. This gives rise to a job ladder with slippery bottom rungs where unemployment spells beget unemployment spells. I allow for human capital to respond to time spent out of work and estimate the framework on German Social Se...
• Invidious Comparisons: Ranking and Selection as Compound Decisions AI翻译
  作者：Gu, Jiaying; Koenker, Roger
  作者单位：University of Toronto; University of London; University College London
  摘要：There is an innate human tendency, one might call it the league table mentality, to construct rankings. Schools, hospitals, sports teams, movies, and myriad other objects are ranked even though their inherent multi-dimensionality would suggest that-at best-only partial orderings were possible. We consider a large class of elementary ranking problems in which we observe noisy, scalar measurements of merit for n objects of potentially heterogeneous precision and are asked to select a group of th...
• Corporate Tax Cuts and the Decline in the Manufacturing Labor Share AI翻译
  作者：Kaymak, Baris; Schott, Immo
  作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; Universite de Montreal
  摘要：We document a strong empirical connection between corporate taxation and the manufacturing labor share, both in the US and across OECD countries. Our estimates associate 30 to 60% of the observed decline in labor shares with the fall in corporate taxation. Using an equilibrium model of an industry where firms differ in their capital intensities, we show that lower corporate tax rates reduce the labor share by raising the market share of capital-intensive firms. The tax elasticity of the labor ...
• Robust Inference on Infinite and Growing Dimensional Time-Series Regression AI翻译
  作者：Gupta, Abhimanyu; Seo, Myung Hwan
  作者单位：University of Essex; Seoul National University (SNU)
  摘要：We develop a class of tests for time-series models such as multiple regression with growing dimension, infinite-order autoregression, and nonparametric sieve regression. Examples include the Chow test and general linear restriction tests of growing rank p. Employing such increasing p asymptotics, we introduce a new scale correction to conventional test statistics, which accounts for a high-order long-run variance (HLV), which emerges as p grows with sample size. We also propose a bias correcti...
• Financial Frictions and the Wealth Distribution AI翻译
  作者：Fernandez-Villaverde, Jesus; Hurtado, Samuel; Nuno, Galo
  作者单位：University of Pennsylvania; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); Banco de Espana
  摘要：We postulate a continuous-time heterogeneous agent model with a financial sector and households to study the nonlinear linkages between aggregate and financial variables. In our model, the interaction between the supply of bonds by the financial sector and the precautionary demand for bonds by households produces significant endogenous aggregate risk. This risk makes the economy transition between a high-leverage region and a low-leverage region, which, in turn, creates state dependence in imp...
• A Comment on: Presidential Address: Demand-Side Constraints in Development: The Role of Market Size, Trade, and (In)Equality by Pinelopi Koujianou Goldberg and Tristan Reed AI翻译
  作者：Bustos, Paula
  作者单位：ICREA; Pompeu Fabra University
• Dynamic Information Provision: Rewarding the Past and Guiding the Future AI翻译
  作者：Ball, Ian
  作者单位：Massachusetts Institute of Technology (MIT)
  摘要：I study the optimal provision of information in a long-term relationship between a sender and a receiver. The sender observes a persistent, evolving state and commits to send signals over time to the receiver, who sequentially chooses public actions that affect the welfare of both players. I solve for the sender's optimal policy in closed form: the sender reports the value of the state with a delay that shrinks over time and eventually vanishes. Even when the receiver knows the current state, ...
• A COMMENT ON: Invidious Comparisons: Ranking and Selection as Compound Decisions by Jiaying Gu and Roger Koenker AI翻译
  作者：Mogstad, Magne; Romano, Joseph P.; Shaikh, Azeem M.; Wilhelm, Daniel
  作者单位：University of Chicago; National Bureau of Economic Research; Stanford University; Stanford University; University of London; University College London