-
作者：Perla, Jesse; Tonetti, Christopher
作者单位：University of British Columbia; Stanford University
摘要：The least productive agents in an economy can be vital in generating growth by spurring technology diffusion. We develop an analytically tractable model in which growth is created as a positive externality from risk taking by firms at the bottom of the productivity distribution imitating more productive firms. Heterogeneous firms choose to produce or pay a cost and search within the economy to upgrade their technology. Sustained growth comes from the feedback between the endogenously determine...
-
作者：Hansen, Lars Peter
作者单位：University of Chicago
摘要：We must infer what the future situation would be without our interference, and what changes will be wrought by our actions. Fortunately, or unfortunately, none of these processes is infallible, or indeed ever accurate and complete. (Knight 1921, 201-2)
-
作者：Guvenen, Fatih; Ozkan, Serdar; Song, Jae
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：We study business cycle variation in individual earnings risk using a confidential and very large data set from the US Social Security Administration. Contrary to past research, we find that the variance of idiosyncratic shocks is not countercyclical. Instead, it is the left-skewness of shocks that is strongly countercyclical: during recessions, large upward earnings movements become less likely, whereas large drops in earnings become more likely. Second, we find that the fortunes during reces...
-
作者：Costinot, Arnaud; Lorenzoni, Guido; Werning, Ivan
作者单位：Massachusetts Institute of Technology (MIT); Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; Northwestern University
摘要：We develop a theory of capital controls as dynamic terms-of-trade manipulation. We study an infinite-horizon endowment economy with two countries. One country chooses taxes on international capital flows in order to maximize the welfare of its representative agent, while the other country is passive. We show that a country growing faster than the rest of the world has incentives to promote domestic savings by taxing capital inflows or subsidizing capital outflows. Although our theory of capita...
-
作者：Bloom, David E.; Canning, David; Fink, Guenther
作者单位：Harvard University
-
作者：Acemoglu, Daron; Reed, Tristan; Robinson, James A.
作者单位：Massachusetts Institute of Technology (MIT); Canadian Institute for Advanced Research (CIFAR); Harvard University
摘要：We study the effect of constraints on chiefs' power on economic outcomes, citizens' attitudes, and social capital. A paramount chief in Sierra Leone must come from a ruling family originally recognized by British colonial authorities. In chiefdoms with fewer ruling families, chiefs face less political competition, and development outcomes are significantly worse today. Variation in the security of property rights over land is a potential mechanism. Paradoxically, with fewer ruling families, th...
-
作者：Attanasio, Orazio P.; Lechene, Valerie
作者单位：University of London; University College London; National Bureau of Economic Research
摘要：We estimate and test the restrictions of a collective model of household consumption, using z-conditional demands, in the context of a large conditional cash transfer program in rural Mexico. The model can explain the impacts of the program on the structure of food consumption. We use two plausible and novel distribution factors: the random allocation of a cash transfer to women and the relative size and wealth of the husband''s and wife''s family networks. Our structure does better at predict...
-
作者：Dupuy, Arnaud; Galichon, Alfred
作者单位：Maastricht University; IZA Institute Labor Economics; IZA Institute Labor Economics; Center for Economic & Policy Research (CEPR)
摘要：Which and how many attributes are relevant for the sorting of agents in a matching market? This paper addresses these questions by constructing indices of mutual attractiveness that aggregate information about agents' attributes. The first k indices for agents on each side of the market provide the best approximation of the matching surplus by a k-dimensional model. The methodology is applied on a unique Dutch household survey containing information about education, height, body mass index, he...
-
作者：Belo, Frederico; Lin, Xiaoji; Bazdresch, Santiago
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University System of Ohio; Ohio State University
摘要：We study the impact of labor market frictions on asset prices. In the cross section of US firms, a 10 percentage point increase in the firm''s hiring rate is associated with a 1.5 percentage point decrease in the firm''s annual risk premium. We propose an investment-based model with stochastic labor adjustment costs to explain this finding. Firms with high hiring rates are expanding firms that incur high adjustment costs. If the economy experiences a shock that lowers adjustment costs, these f...
-
作者：Asker, John; Collard-Wexler, Allan; De Loecker, Jan
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Duke University; Princeton University
摘要：We investigate the role of dynamic production inputs and their associated adjustment costs in shaping the dispersion of static measures of capital misallocation within industries (and countries). Across nine data sets spanning 40 countries, we find that industries exhibiting greater time-series volatility of productivity have greater cross-sectional dispersion of the marginal revenue product of capital. We use a standard investment model with adjustment costs to show that variation in the vola...
