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作者：Calcagno, Riccardo; Lovo, Stefano
作者单位：Vrije Universiteit Amsterdam
摘要：This paper studies the effect of asymmetric information on the price formation process in a quote-driven market. One market-maker receives private information on the value of the quoted asset and repeatedly competes with market-makers who are uninformed. We show that despite the fact that the informed market-maker's quotes are public, the market is never strong-form efficient with certainty until the last stage. We characterize a reputational equilibrium in which the informed market-maker infl...
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作者：Townsend, Robert M.; Ueda, Kenichi
作者单位：University of Chicago; Federal Reserve System - USA; International Monetary Fund
摘要：We propose a coherent unified approach to the study of the linkages among economic growth, financial structure, and inequality, bringing together disparate theoretical and empirical literature. That is, we show how to conduct model-based quantitative research on transitional paths. With analytical and numerical methods, we calibrate and make tractable a prototype canonical model and take it to an application, namely, Thailand 1976-1996. an emerging market economy in a phase of economic expansi...
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作者：Galor, Oded; Moav, Omer
作者单位：Brown University; Hebrew University of Jerusalem
摘要：This paper suggests that the demise of the capitalists-workers class structure was a socio-economic transformation orchestrated by the capitalists in reaction to the increasing importance of human capital in sustaining their profit rates. Physical capital accumulation in the process of industrialization enhanced the importance of human capital in production and generated incentives for capitalists to support the provision of public education for the masses. triggering the demise of the existin...
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作者：Dekel, Eddie; Feinberg, Yossi
作者单位：Northwestern University; Stanford University
摘要：We propose a method to test a prediction of the distribution of a stochastic process. In a non-Bayesian, non-parametric setting, a predicted distribution is tested using a realization of the stochastic process. A test associates a set of realizations for each predicted distribution, on which the prediction passes, so that if there are no type I errors, a prediction assigns probability 1 to its test set. Nevertheless, these test sets can be small, in the sense that most distributions assign it ...
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作者：Ciccone, Antonio; Peri, Giovanni
作者单位：Pompeu Fabra University; University of California System; University of California Davis; National Bureau of Economic Research
摘要：The identification of aggregate human-capital externalities is still not fully understood. The existing (Mincerian) approach confounds positive externalities with wage changes due to a downward sloping demand curve for human capital. As a result, the Mincerian approach yields positive externalities even when wages equal marginal social products. We propose an approach that identifies human-capital externalities, whether or not aggregate demand for human capital slopes downward. Another advanta...
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作者：Krueger, Dirk; Perri, Fabrizio
作者单位：Goethe University Frankfurt; University of Pennsylvania; National Bureau of Economic Research; New York University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：Using data from the Consumer Expenditure Survey, we first document that the recent increase in income inequality in the U.S. has not been accompanied by a corresponding rise in consumption inequality. Much of this divergence is due to different trends in within-group inequality, which has increased significantly for income, but little for consumption. We then develop a simple framework that allows us to characterize analytically how within-group income inequality affects consumption inequality...
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作者：Ravn, Morten; Schmitt-Grohe, Stephanie; Uribe, Martin
作者单位：Duke University; National Bureau of Economic Research
摘要：This paper generalizes the standard habit-formation model to an environment in which agents form habits over individual varieties of goods as opposed to over a composite consumption good. We refer to this preference specification as deep habit formation. Under deep habits, the demand function faced by individual producers depends on past sales. This feature is typically assumed ad hoc in customer-market and brand-switching-cost models. A central result of the paper is that deep habits give ris...
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作者：French, E
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：This paper estimates a life cycle model of labour supply, retirement, and savings behaviour in which future health status and wages are uncertain. Individuals face a fixed cost of work and cannot borrow against future labour, pension, or Social Security income. The method of simulated moments is used to match the life cycle profiles of labour force participation, hours worked, and assets that are estimated from the data to those that are generated by the model. The model establishes that the t...
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作者：Halevy, Y; Feltkamp, V
作者单位：University of British Columbia; Maastricht University
摘要：The Ellsberg paradox demonstrates that people's beliefs over uncertain events might not be representable by subjective probability. We show that if a risk averse decision maker, who has a well defined Bayesian prior, perceives an Ellsberg type decision problem as possibly composed of a bundle of several positively correlated problems, she will be uncertainty averse. We generalize this argument and derive sufficient conditions for uncertainty aversion.
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作者：Heathcote, J
作者单位：Georgetown University
摘要：I undertake a quantitative investigation into the short run effects of changes in the timing of proportional income taxes for model economies in which heterogeneous households face a borrowing constraint. Temporary tax changes are found to have large real effects. In the benchmark model, a temporary tax cut increases aggregate consumption on impact by around 29 cents for every dollar of tax revenue lost. Comparing the benchmark incomplete-markets model to a complete-markets economy, income tax...
