-
作者：Mahler, Lukas; Yum, Minchul
作者单位：KU Leuven; Virginia Commonwealth University
摘要：We document significant gaps in wealth across health status over the life cycle in Germany-a country with a universal healthcare system and negligible out-of-pocket medical expenses. To investigate the underlying sources of these wealth-health gaps, we build a heterogeneous-agent life-cycle model in which health and wealth evolve endogenously. In the model, agents exert efforts to lead a healthy lifestyle, which helps maintain good health status in the future. Effort choices, or lifestyle beha...
-
作者：Boucher, Vincent; Rendall, Michelle; Ushchev, Philip; Zenou, Yves
作者单位：Laval University; Monash University; Centre for Economic Policy Research - UK; Universite Libre de Bruxelles; Monash University; IZA Institute Labor Economics
摘要：There is substantial empirical evidence showing that peer effects matter in many activities. The workhorse model in empirical work on peer effects is the linear-in-means (LIM) model, whereby it is assumed that agents are linearly affected by the mean action of their peers. We develop a new general model of peer effects that relaxes the linear assumption of the best-reply functions and the mean peer behavior and that encompasses the spillover, conformist model, and LIM model as special cases. T...
-
作者：Holden, Tom D.
作者单位：Deutsche Bundesbank
摘要：Central banks wish to avoid self-fulfilling fluctuations. Interest rate rules with a unit response to real rates achieve this under the weakest possible assumptions about the behavior of households and firms. They are robust to household heterogeneity, hand-to-mouth consumers, non-rational household or firm expectations, active fiscal policy, and to any form of intertemporal or nominal-real links. They are easy to employ in practice, using inflation-protected bonds to infer real rates. With a ...
-
作者：Kopytov, Alexandr; Mishra, Bineet; Nimark, Kristoffer; Taschereau-Dumouchel, Mathieu
作者单位：University of Rochester; Cornell University
摘要：Supply chain disturbances can lead to substantial increases in production costs. To mitigate these risks, firms may take steps to reduce their reliance on volatile suppliers. We construct a model of endogenous network formation to investigate how these decisions affect the structure of the production network and the level and volatility of macroeconomic aggregates. When uncertainty increases in the model, producers prefer to purchase from more stable suppliers, even though they might sell at h...
-
作者：Boudreau, Laura
作者单位：Columbia University; National Bureau of Economic Research; Centre for Economic Policy Research - UK
摘要：Annually, work-related mortality is responsible for 5-7% of all global deaths, and at least 1-in-9 workers experience nonfatal occupational accidents (ILO (2019a,b)). Occupational Safety and Health (OSH) committees are considered the key worker voice institution through which to improve workplace safety and health (ILO (1981)). I present evidence of OSH committees' causal effects on workers and on factories. To do so, I collaborated with 29 multinational apparel buyers that committed to enforc...
-
作者：Lane, Gregory
作者单位：University of Chicago; National Bureau of Economic Research
摘要：Climate change is increasing the frequency of extreme weather events, with low-income countries being disproportionately impacted. However, these countries often face market frictions that hinder their ability to adopt effective adaptation strategies. In this paper, I explore the role of credit market failures in limiting adaptation. To achieve this, I collaborate with a large microfinance institution and offer a randomly selected group of farmers access to guaranteed credit through an Emergen...
-
作者：Che, Yeon-Koo; Kim, Jinwoo; Kojima, Fuhito; Ryan, Christopher Thomas
作者单位：Columbia University; Seoul National University (SNU); Seoul National University (SNU); University of Tokyo; University of Tokyo; University of British Columbia
摘要：We give two characterizations of Pareto optimality via near weighted utilitarian welfare maximization. One characterization sequentially maximizes utilitarian welfare functions using a finite sequence of nonnegative and eventually positive welfare weights. The other maximizes a utilitarian welfare function with a certain class of positive hyperreal weights. The social welfare ordering represented by these near weighted utilitarian welfare criteria is characterized by the standard axioms for we...
-
作者：Muller, Ulrich K.; Watson, Mark W.
作者单位：Princeton University
摘要：This paper proposes a model for, and investigates the consequences of, strong spatial dependence in economic variables. Our findings echo those of the corresponding unit root time series literature: Spatial unit root processes induce spuriously significant regression results, even with clustered standard errors or spatial HAC corrections. We develop large-sample valid unit root and stationarity tests that can detect such strong spatial dependence. Finally, we use simulations to study strategie...
-
作者：Mu, Xiaosheng; Pomatto, Luciano; Strack, Philipp; Tamuz, Omer
作者单位：Princeton University; California Institute of Technology; Yale University
摘要：The expectation is an example of a descriptive statistic that is monotone with respect to stochastic dominance, and additive for sums of independent random variables. We provide a complete characterization of such statistics, and explore a number of applications to models of individual and group decision-making. These include a representation of stationary monotone time preferences, extending the work of Fishburn and Rubinstein (1982) to time lotteries. This extension offers a new perspective ...
-
作者：Georgiadis, George; Ravid, Doron; Szentes, Balazs
作者单位：Northwestern University; University of Chicago; University of Hong Kong; University of London; London School Economics & Political Science
摘要：This paper considers a moral hazard problem where the agent can choose any output distribution with a support in a given compact set. The agent's effort-cost is smooth and increasing in first-order stochastic dominance. To analyze this model, we develop a generalized notion of the first-order approach applicable to optimization problems over measures. We demonstrate each output distribution can be implemented and identify those contracts that implement that distribution. These contracts are ch...
