-
作者：Frick, Mira; Iijima, Ryota; Ishii, Yuhta
作者单位：Yale University; Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University
摘要：Which information structures are more effective at eliminating first- and higher-order uncertainty and hence at facilitating efficient play in coordination games? We consider a learning setting where players observe many private signals about the state. First, we characterize multiagent learning efficiency, that is, the rate at which players approximate common knowledge. We find that this coincides with the rate at which first-order uncertainty disappears, as higher-order uncertainty vanishes ...
-
作者：Adda, Jerome; Dustmann, Christian
作者单位：Bocconi University; University of London; University College London
摘要：This paper investigates the sources of wage growth over the life cycle, determined by sectoral and firm mobility, unobserved ability, the accumulation of cognitive-abstract or routine-manual skills, and whether workers enroll in vocational training at the start of their career. Our analysis uses longitudinal administrative data over three decades and shows that routine-manual skills drive early wage growth, while cognitive-abstract skills become more important later. Moreover, job amenities ar...
-
作者：Chari, V. V.; Nicolini, Juan Pablo; Teles, Pedro
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Universidad Torcuato Di Tella; Banco de Portugal; Universidade Catolica Portuguesa
摘要：How should countries cooperate in setting fiscal and trade policies when government expenditures must be financed with distorting taxes? We show that even if countries cannot make explicit transfers to each other, every point on the Pareto frontier is production efficient, so that international trade and capital flows should be effectively free. Trade agreements must be supplemented with fiscal policy agreements. Residence-based income tax systems have advantages over source-based systems. Tax...
-
作者：Dybvig, Philip H.
作者单位：Washington University (WUSTL)
-
作者：Alviarez, Vanessa; Cravino, Javier; Ramondo, Natalia
作者单位：Inter-American Development Bank; University of Michigan System; University of Michigan; Boston University; National Bureau of Economic Research
摘要：We measure the contribution of firm-embedded productivity to cross-country income differences. By firm-embedded productivity we refer to firm-specific components of productivity, such as blueprints, management practices, and other intangible capital. Using micro-level data for multinational enterprises (MNEs), we compare market shares of the same MNE in different countries and document that they are systematically larger in less developed countries. This indicates that MNEs face less competiti...
-
作者：Magness, Phillip W.; Makovi, Michael
摘要：Karl Marx's high academic stature outside of economics diverges sharply from his peripheral influence within the discipline, particularly after nineteenth-century developments rendered the labor theory of value obsolete. We hypothesize that the 1917 Russian Revolution is responsible for elevating Marx into the academic mainstream. Using the synthetic control method, we construct a counterfactual for Marx's citation patterns in Google Ngram data. This allows us to predict how often Marx would h...
-
作者：Beraja, Martin
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：I propose a methodology for constructing counterfactuals with respect to changes in policy rules that does not require fully specifying a particular model yet is not subject to Lucas critique. It applies to a class of dynamic stochastic models whose equilibria are well approximated by a linear representation. It rests on the insight that many such models satisfy a principle of counterfactual equivalence: they are observationally equivalent under a benchmark policy and yield an identical counte...
-
作者：Bhaskar, V.; Li, Wenchao; Yi, Junjian
作者单位：University of Texas System; University of Texas Austin; Tongji University; Peking University
摘要：We analyze premarital investments in human capital and housing when individuals are unable to make binding commitments to share their labor income with a prospective spouse. Investments are distorted if there are gender differences in bargaining power over own labor income or marriage market imbalances. Distortions are magnified when ex ante bargaining power favors one sex (e.g., women in China) and ex post bargaining power favors the other (e.g., men in China), since parents of boys will incr...
-
作者：Fonseca, Raquel; Langot, Francois; Michaud, Pierre-Carl; Sopraseuth, Thepthida
作者单位：Universite de Montreal; University of Quebec; University of Quebec Montreal; Le Mans Universite; Paris School of Economics; Institut Universitaire de France; IZA Institute Labor Economics; Universite de Montreal; HEC Montreal; National Bureau of Economic Research; CY Cergy Paris Universite
摘要：Using a general equilibrium heterogeneous agent model featuring health production, we quantify the contribution of health price in explaining cross-country differences in health expenditures and health status. Considering other country-specific explanatory factors, US health prices are estimated to be 33% higher than those of European countries. This price differential explains more than 60% of the difference in health expenditures and more than half of the difference in health status between ...
-
作者：Auerbach, Alan J. J.; Kotlikoff, Laurence J. J.; Koehler, Darryl
作者单位：University of California System; University of California Berkeley; Boston University
摘要：This study measures spending power inequality within age cohorts and estimates fiscal progressivity via lifetime net tax rates. We find, first, that inequality in income and especially wealth dramatically overstates inequality in spending power. Second, inequality in current spending power differs from that in lifetime spending power because of credit constraints, in-kind government benefits, and other factors. Third, the US fiscal system is highly progressive once cohorts are old enough to ha...
