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作者：Dustmann, C; Meghir, C
作者单位：University of London; University College London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：In this paper we study the sources of wage growth. We identify the contribution to such growth of general, sector specific and firm specific human capital. Our results are interpretable within the context of a model where the returns to human capital may be heterogeneous and where firms may offer different combinations of entry level wages and firm specific human capital development. We allow for the possibility that wages are match specific and that workers move jobs as a result of identifyin...
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作者：Galí, J; Monacelli, T
作者单位：National Bureau of Economic Research
摘要：We lay out a small open economy version of the Calvo sticky price model, and show how the equilibrium dynamics can be reduced to a simple representation in domestic inflation and the output gap. We use the resulting framework to analyse the macroeconomic implications of three alternative rulebased policy regimes for the small open economy: domestic inflation and CPI-based Taylor rules, and an exchange rate peg. We show that a key difference among these regimes lies in the relative amount of ex...
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作者：Bertola, G; Guiso, L; Pistaferri, L
作者单位：University of Turin; University of Sassari; Stanford University
摘要：We characterize infrequent durables stock adjustment by consumers who also derive utility from non-durable consumption flows in the presence of idiosyncratic income uncertainty. The data we analyse include subjective future income uncertainty measures, which we use as instruments in the estimation of relevant parameters of heterogeneous consumers' dynamic adjustment problems. The data feature two conceptually distinct sources of variation: cross-sectional heterogeneity of the sampled household...
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作者：Cooper, R; Kempf, H
作者单位：University of Texas System; University of Texas Austin
摘要：Central to ongoing debates over the desirability of monetary unions is a supposed trade-off, outlined by Mundell (1961): a monetary union reduces transactions costs but renders stabilization policy less effective. If shocks across countries are sufficiently correlated, then, according to this argument, delegating monetary policy to a single central bank is not very costly and a monetary union is desirable. This paper explores this argument in a setting with both monetary and fiscal policies. I...
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作者：Sleet, C
作者单位：University of Iowa
摘要：The Ramsey model of fiscal policy implies that taxes should be smooth in the sense of having small variances. In contrast, empirical labour tax processes are smooth in the sense of being random walks; they provide prima facie evidence for incomplete government insurance. This paper considers whether private government information might lie behind such incomplete insurance. It shows that optimal incentive compatible policies exhibit limited use of state contingent debt and greater persistence i...
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作者：Blundell, RW; Powell, JL
作者单位：University of London; University College London; University of London; London School Economics & Political Science; University of California System; University of California Berkeley
摘要：This paper develops and implements semiparametric methods for estimating binary response (binary choice) models with continuous endogenous regressors. It extends existing results on semiparametric estimation in single-index binary response models to the case of endogenous regressors. It develops a control function approach to account for endogeneity in triangular and fully simultaneous binary response models. The proposed estimation method is applied to estimate the income effect in a labour m...
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作者：Rysman, M
作者单位：Boston University
摘要：This paper estimates the importance of network effects in the market for Yellow Pages. I estimate three simultaneous equations: consumer demand for usage of a directory, advertiser demand for advertising and a publisher's first-order condition (derived from profit-maximizing behaviour). Estimation shows that advertisers value consumer usage and that consumers value advertising, implying a network effect. I find that internalizing network effects would significantly increase surplus. As an appl...
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作者：Bertola, G
作者单位：University of Turin
摘要：Models of labour market equilibrium where forward-looking decisions maximize both profits and labour income on a risk-neutral basis offer valuable insights into the effects of employment protection legislation. Since risk-neutral behaviour in the tabour market presumes perfect insurance, however, job security provisions plays no useful role in such models. This paper studies a stylized model of dynamic tabour market interactions where tabour reallocation costs are partly financed by uninsured ...
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作者：Berry, S; Linton, OB; Pakes, A
作者单位：Yale University; University of London; London School Economics & Political Science; Harvard University
摘要：We provide an asymptotic distribution theory for a class of generalized method of moments estimators that arise in the study of differentiated product markets when the number of observations is associated with the number of products within a given market. We allow for three sources of error: sampling error in estimating market shares, simulation error in approximating the shares predicted by the model, and the underlying model error. It is shown that the estimators are CAN provided the size of...
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作者：Schneider, M; Tornell, A
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：This paper provides a model of boom-bust episodes in middle-income countries. It is based on sectoral differences in corporate finance: the nontradables sector is special in that it faces a contract enforceability problem and enjoys bailout guarantees. As a result, currency mismatch and borrowing constraints arise endogenously in that sector. This sectoral asymmetry allows the model to replicate the main features of observed boom-bust episodes. In particular, episodes begin with a lending boom...
