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作者：Coibion, Olivier; Gorodnichenko, Yuriy; Wieland, Johannes
作者单位：William & Mary; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：We study the effects of positive steady-state inflation in New Keynesian models subject to the zero bound on interest rates. We derive the utility-based welfare loss function taking into account the effects of positive steady-state inflation and solve for the optimal level of inflation in the model. For plausible calibrations with costly but infrequent episodes at the zero lower bound, the optimal inflation rate is low, typically < 2% even after considering a variety of extensions, including o...
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作者：Imbens, Guido; Kalyanaraman, Karthik
作者单位：Harvard University; University of London; University College London
摘要：We investigate the choice of the bandwidth for the regression discontinuity estimator. We focus on estimation by local linear regression, which was shown to have attractive properties (Porter, J. 2003, Estimation in the Regression Discontinuity Model (unpublished, Department of Economics, University of Wisconsin, Madison)). We derive the asymptotically optimal bandwidth under squared error loss. This optimal bandwidth depends on unknown functionals of the distribution of the data and we propos...
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作者：Ferrall, Christopher
作者单位：Queens University - Canada
摘要：This paper studies the self-sufficiency project (SSP), a controlled randomized experiment concerning welfare, by estimating a model of endogenous skill accumulation, multidimensional job opportunities, and time-varying opportunity costs of labour market time. Methods for estimating dynamic programming models with unobserved heterogeneity are extended to account for unexpected policy interventions and endogenous sample selection and initial conditions. Parameters are identified and consistently...
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作者：Head, Allen; Lloyd-Ellis, Huw
作者单位：Queens University - Canada
摘要：We study the interactions among geographical mobility, unemployment, and home-ownership in an economy with heterogeneous locations, endogenous construction, and search frictions in the markets for both labour and housing. The decision of home-owners to accept job offers from other cities depends on how quickly they can sell their houses (i.e. the houses' liquidity), which in turn depends on local labour market conditions. Consequently, home-owners accept job offers from other cities at a lower...
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作者：Kugler, Maurice; Verhoogen, Eric
作者单位：The World Bank; Columbia University
摘要：Drawing on uncommonly rich and representative data from the Colombian manufacturing census, this paper documents new empirical relationships between input prices, output prices, and plant size and proposes a model of endogenous input and output quality choices by heterogeneous firms to explain the observed patterns. The key empirical facts are that, on average within narrowly defined sectors, (1) larger plants charge more for their outputs and (2) larger plants pay more for their material inpu...
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作者：Michelacci, Claudio; Pijoan-Mas, Josep
摘要：Starting in the 1970's, wage inequality and the number of hours worked by employed U.S. prime-age male workers have both increased. We argue that these two facts are related. We use a labour market model with on-the-job search where by working longer hours individuals acquire greater skills. Since job candidates are ranked by productivity, greater skills not only increase worker's productivity in the current job but also help the worker to obtain better jobs. When job offers become more disper...
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作者：Maccheroni, Fabio; Marinacci, Massimo; Rustichini, Aldo
作者单位：Bocconi University; University of Minnesota System; University of Minnesota Twin Cities
摘要：We study the behavioural foundation of interdependent preferences, where the outcomes of others affect the welfare of the decision maker. These preferences are taken as given, not derived from more primitive ones. Our aim is to establish an axiomatic foundation providing the link between observation of choices and a functional representation which is convenient, free of inconsistencies and can provide the basis for measurement. The dependence among preferences may take place in two conceptuall...
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作者：Graham, Bryan S.; De Xavier Pinto, Cristine Campos; Egel, Daniel
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Getulio Vargas Foundation; RAND Corporation
摘要：We propose a new inverse probability weighting (IPW) estimator for moment condition models with missing data. Our estimator is easy to implement and compares favourably with existing IPW estimators, including augmented IPW estimators, in terms of efficiency, robustness, and higher-order bias. We illustrate our method with a study of the relationship between early Black-White differences in cognitive achievement and subsequent differences in adult earnings. In our data set, the early childhood ...
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作者：Guner, Nezih; Kaygusuz, Remzi; Ventura, Gustavo
作者单位：ICREA; Autonomous University of Barcelona; Barcelona School of Economics; Sabanci University; Arizona State University; Arizona State University-Tempe
摘要：We evaluate reforms to the U.S. tax system in a life cycle set-up with heterogeneous married and single households and with an operative extensive margin in labour supply. We restrict our model with observations on gender and skill premia, labour-force participation of married females across skill groups, children, and the structure of marital sorting. We concentrate on two revenue-neutral tax reforms: a proportional income tax and a reform in which married individuals file taxes separately (s...
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作者：Dufwenberg, Martin; Heidhues, Paul; Kirchsteiger, Georg; Riedel, Frank; Sobel, Joel
作者单位：University of Arizona; University of Gothenburg; European School of Management & Technology; Universite Libre de Bruxelles; Universite Libre de Bruxelles; University of Bielefeld; University of California System; University of California San Diego
摘要：We study competitive market outcomes in economies where agents have other-regarding preferences (ORPs). We identify a separability condition on monotone preferences that is necessary and sufficient for one's own demand to be independent of the allocations and characteristics of other agents in the economy. Given separability, it is impossible to identify ORPs from market behaviour: agents behave as if they had classical preferences that depend only on own consumption in competitive equilibrium...
