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作者：Hsieh, Chang-Tai; Hurst, Erik; Jones, Charles I.; Klenow, Peter J.
作者单位：University of Chicago; National Bureau of Economic Research; Stanford University; Stanford University
摘要：In 1960, 94 percent of doctors and lawyers were white men. By 2010, the fraction was just 62 percent. Similar changes in other highly-skilled occupations have occurred throughout the U.S. economy during the last 50 years. Given that the innate talent for these professions is unlikely to have changed differently across groups, the change in the occupational distribution since 1960 suggests that a substantial pool of innately talented women and black men in 1960 were not pursuing their comparati...
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作者：Baldwin, Elizabeth; Klemperer, Paul
作者单位：University of Oxford; University of Oxford
摘要：An Equivalence Theorem between geometric structures and utility functions allows new methods for understanding preferences. Our classification of valuations into Demand Types incorporates existing definitions (substitutes, complements, strong substitutes, etc.) and permits new ones. Our Unimodularity Theorem generalizes previous results about when competitive equilibrium exists for any set of agents whose valuations are all of a demand type. Contrary to popular belief, equilibrium is guarantee...
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作者：Gayle, George-Levi; Shephard, Andrew
作者单位：Washington University (WUSTL); Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Washington University (WUSTL); University of Pennsylvania
摘要：An empirical approach to optimal income taxation design is developed within an equilibrium collective marriage market model with imperfectly transferable utility. Taxes distort time allocation decisions, as well as marriage market outcomes, and the within household decision process. Using data from the American Community Survey and American Time Use Survey, we structurally estimate our model and explore empirical design problems. We allow taxes to depend upon marital status, with the form of t...
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作者：Balbuzanov, Ivan; Kotowski, Maciej H.
作者单位：University of Melbourne; Harvard University
摘要：We propose a new solution for discrete exchange economies and resource-allocation problems, the exclusion core. The exclusion core rests upon a foundational idea in the legal understanding of property, the right to exclude others. By reinterpreting endowments as a distribution of exclusion rights, rather than as bundles of goods, our analysis extends to economies with qualified property rights, joint ownership, and social hierarchies. The exclusion core is characterized by a generalized top tr...
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作者：Garcia-Macia, Daniel; Hsieh, Chang-Tai; Klenow, Peter J.
作者单位：International Monetary Fund; University of Chicago; National Bureau of Economic Research; Stanford University
摘要：Entrants and incumbents can create new products and displace the products of competitors. Incumbents can also improve their existing products. How much of aggregate productivity growth occurs through each of these channels? Using data from the U.S. Longitudinal Business Database on all nonfarm private businesses from 1983 to 2013, we arrive at three main conclusions: First, most growth appears to come from incumbents. We infer this from the modest employment share of entering firms (defined as...
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作者：Ben-Porath, Elchanan; Dekel, Eddie; Lipman, Barton L.
作者单位：Hebrew University of Jerusalem; Hebrew University of Jerusalem; Northwestern University; Tel Aviv University; Boston University
摘要：We show that in a class of I-agent mechanism design problems with evidence, commitment is unnecessary, randomization has no value, and robust incentive compatibility has no cost. In particular, for each agent i, we construct a simple disclosure game between the principal and agent i where the equilibrium strategies of the agents in these disclosure games give their equilibrium strategies in the game corresponding to the mechanism but where the principal is not committed to his response. In thi...
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作者：Kline, Patrick; Walters, Christopher R.
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：Structural econometric methods are often criticized for being sensitive to functional form assumptions. We study parametric estimators of the local average treatment effect (LATE) derived from a widely used class of latent threshold crossing models and show they yield LATE estimates algebraically equivalent to the instrumental variables (IV) estimator. Our leading example is Heckman's (1979) two-step (Heckit) control function estimator which, with two-sided non-compliance, can be used to compu...
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作者：Beissner, Patrick; Riedel, Frank
作者单位：Australian National University; University of Bielefeld; University of Johannesburg
摘要：We study economies with Knightian uncertainty about state prices. We introduce an equilibrium concept with sublinear prices and prove that equilibria exist under weak conditions. In general, such equilibria lead to inefficient allocations; they coincide with Arrow-Debreu equilibria if and only if the values of net trades are ambiguity-free in mean. In economies without aggregate uncertainty, inefficiencies are generic. Equilibrium allocations under price uncertainty are efficient in a constrai...
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作者：Andreou, E.; Gagliardini, P.; Ghysels, E.; Rubin, M.
作者单位：University of Cyprus; Center for Economic & Policy Research (CEPR); Universita della Svizzera Italiana; Swiss Finance Institute (SFI); University of North Carolina; University of North Carolina Chapel Hill; Universite Catholique de Lille; EDHEC Business School
摘要：We derive asymptotic properties of estimators and test statistics to determine-in a grouped data setting-common versus group-specific factors. Despite the fact that our test statistic for the number of common factors, under the null, involves a parameter at the boundary (related to unit canonical correlations), we derive a parameter-free asymptotic Gaussian distribution. We show how the group factor setting applies to mixed-frequency data. As an empirical illustration, we address the question ...
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作者：Hosseini, Roozbeh; Shourideh, Ali
作者单位：University System of Georgia; University of Georgia; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Carnegie Mellon University
摘要：We study Pareto optimal policy reforms aimed at overhauling retirement financing as an integral part of the tax and transfer system. Our framework for policy analysis is a heterogeneous-agent overlapping-generations model that performs well in matching the aggregate and distributional features of the U.S. economy. We present a test of Pareto optimality that identifies the main source of inefficiency in the status quo policies. Our test suggests that lack of asset subsidies late in life is the ...
