-
作者：Conley, Timothy G.; Mehta, Nirav; Stinebrickner, Ralph; Stinebrickner, Todd
作者单位：Western University (University of Western Ontario)
摘要：We develop and estimate a model of student study time choices on a social network. The model is designed to exploit unique data in the Berea Panel Study. Study time data allow us to quantify an intuitive mechanism for academic social interactions: own study time may depend on friend study time in a heterogeneous manner. Social network data allow us to embed study time and resulting academic achievement in an estimable equilibrium framework. We develop a specification test that exploits the equ...
-
作者：Carneiro, Pedro; Loken, Katrine; Salvanes, Kjell G.
作者单位：University of London; University College London; London School Economics & Political Science; Norwegian School of Economics (NHH)
-
作者：Gabaix, Xavier; Koijen, Ralph S. J.
作者单位：Harvard University; University of Chicago
摘要：We develop a new method to construct instruments in a broad class of economic environments. In the economies we study, a few large firms, industries, or countries account for an important share of economic activity. Idiosyncratic shocks to these large players significantly affect aggregate outcomes and are valid instruments. We provide a methodology to extract these idiosyncratic shocks to create granular instrumental variables (GIVs), which are size-weighted sums of idiosyncratic shocks. We s...
-
作者：Martellini, Paolo; Schoellman, Todd; Sockin, Jason
作者单位：University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; United States Department of the Treasury
摘要：We measure college graduate quality-the average human capital of a college's graduates-for graduates from 2,800 colleges in 48 countries. Graduates of colleges in the richest countries have 50% more human capital than graduates of colleges in the poorest countries. Migration reinforces these differences: emigrants from poorer countries are highly positively selected on human capital. Finally, we show that these stocks and flows matter for growth and development by showing that college graduate...
-
作者：Lancia, Francesco; Russo, Alessia; Worrall, Tim
作者单位：Universita Ca Foscari Venezia; Centre for Economic Policy Research - UK; University of Padua; University of Edinburgh
摘要：How should successive generations insure each other when the young can default on previously promised transfers to the old? This paper studies intergenerational insurance that maximizes the expected discounted utility of all generations subject to participation constraints for each generation. If complete insurance is unattainable, the optimal intergenerational insurance is history dependent even when the environment is stationary. The risk from a generational shock is spread into the future w...
-
作者：Pastorino, Elena
作者单位：Stanford University; National Bureau of Economic Research
摘要：Job and wage mobility can arise from firms and workers learning about workers' ability and from workers acquiring human capital with experience. To date, the relative importance of these two mechanisms is debated. Using administrative data from one firm, I estimate a structural model that integrates them. I find the direct effect of beliefs about ability on wages, which existing work has focused on, to be small. However, by improving the sorting of workers to the firm's jobs, learning about ab...
-
作者：Baqaee, David R.; Farhi, Emmanuel; Sangani, Kunal
作者单位：University of California System; University of California Los Angeles; Harvard University
摘要：We propose a supply-side channel for the transmission of monetary policy. We show that when high-markup firms have lower pass-throughs than low-markup firms, then positive demand shocks, such as monetary expansions, alleviate cross-sectional misallocation by reallocating resources to high-markup firms. Consequently, positive demand shocks are accompanied by endogenous positive supply shocks that raise productivity and lower inflation. We derive a tractable, four-equation model where monetary s...
-
作者：Fan, Xiaodong; Seshadri, Ananth; Taber, Christopher
作者单位：Monash University; University of Wisconsin System; University of Wisconsin Madison
摘要：We estimate a life-cycle model of consumption, human capital investment, and labor supply. The interaction between human capital and labor supply toward the end of the life cycle is most novel. The estimates replicate the main features of the data, in particular the large increase in wages and small increase in labor supply at the beginning of the life cycle and the small decrease in wages but large decrease in labor supply toward the end. We show that incorporating human capital is critical w...
-
作者：Castillo, Marco; List, John A.; Petrie, Ragan; Samek, Anya
作者单位：Texas A&M University System; Texas A&M University College Station; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; University of Chicago; Australian National University; University of California System; University of California San Diego
摘要：We investigate how skills developed when children are 3-5 years old drive schooling outcomes in middle childhood and adolescence. We find that skills map onto three distinct factors-cognitive skills, executive functions, and economic preferences. Importantly, each of the three factors predict later schooling outcomes. While early executive function skills and cognitive scores are linked to future behavioral patterns and other key student outcomes, economic preferences have an independent effec...
-
作者：Auclert, Adrien; Rognlie, Matthew; Straub, Ludwig
作者单位：Stanford University; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Northwestern University; Harvard University; Center for Economic & Policy Research (CEPR)
摘要：We generalize the traditional, static Keynesian cross by deriving an intertemporal Keynesian cross for the dynamic output response to government spending and taxes in microfounded general equilibrium models. Intertemporal marginal propensities to consume (iMPCs) are sufficient statistics for this response, with fiscal multipliers depending only on the interaction between iMPCs and public deficits. We provide empirical estimates of iMPCs and argue that they are inconsistent with representative ...
