-
作者：Bachmann, Rudiger; Born, Benjamin; Goldfayn-Frank, Olga; Kocharkov, Georgi; Luetticke, Ralph; Weber, Michael
作者单位：University of Michigan System; University of Michigan; Centre for Economic Policy Research - UK; Leibniz Association; Ifo Institut; Leibniz Association; Ifo Institut; IZA Institute Labor Economics; University of Bonn; Deutsche Bundesbank; European Central Bank; Eberhard Karls University of Tubingen; Purdue University System; Purdue University; European School of Management & Technology; National Bureau of Economic Research
摘要：We exploit Germany's temporary three-percentage-point value-added tax (VAT) cut in the second half of 2020 to study the spending response to unconventional fiscal policy. We use survey and scanner data on household consumption expenditures and their perceived pass-through of the tax change into prices, and a HANK model to quantify the effects of this VAT policy. The survey and scanner data show that the temporary VAT reduction led to a relative increase in durable and, to a lesser extent, semi...
-
作者：Dilme, Francesc; Garrett, Daniel F.
作者单位：University of Bonn; University of Essex
摘要：A seller with commitment power sets prices over time. Risk-averse buyers arrive to the market and decide when to purchase. We show that it is optimal for the seller to choose a constant high price punctuated by occasional episodes of sequential discounts that occur at random times. This optimal price-path has the property that the price a buyer ends up paying is independent of his arrival and purchase times, and only depends on his valuation. Our theory accommodates empirical findings on the t...
-
作者：Bigio, Saki; Shi, Liyan
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; Carnegie Mellon University; Center for Economic & Policy Research (CEPR)
摘要：We study repurchase options (repo contracts) in a competitive asset market with adverse selection. Gains from trade emerge from a liquidity need, but private information about asset quality prevents the full realization of trades. In equilibrium, a single repo contract pools all assets. The embedded repurchase option mitigates adverse selection by improving the volume of trades relative to outright sales. However, liquidity provision can be inefficiently low as lenders compete to attract high-...
-
作者：Bai, Yan; Rios-Rull, Jose-Victor; Storesletten, Kjetil
作者单位：University of Rochester; University of Pennsylvania; University of Minnesota System; University of Minnesota Twin Cities
摘要：We provide a macroeconomic theory where demand for goods has a productive role. A search friction prevents perfect matching between producers and potential customers. Larger demand induces more search, which, in turn, increases GDP and measured total factor productivity (TFP). We embed the product-market friction in a standard neoclassical model and estimate it using Bayesian techniques. Business cycles are driven by preference shocks, true technology shocks, and investment-specific shocks. Pr...
-
作者：Kleven, Henrik; Landais, Camille; Leite-Mariante, Gabriel
作者单位：Princeton University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK
摘要：This paper builds a world atlas of child penalties in employment based on microdata from 134 countries. The estimation of child penalties is based on pseudo-event studies of first child birth using cross-sectional data. The pseudo-event studies are validated against true event studies using panel data for a subset of countries. Most countries display clear and sizable child penalties: men and women follow parallel trends before parenthood, but diverge sharply and persistently after parenthood....
-
作者：Chiang, Yu-Ting; Zoch, Piotr
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Warsaw
摘要：We show that the financial sector's asset supply elasticities are sufficient statistics summarizing its macroeconomic effects for a large class of financial frictions. These elasticities are crucial for a wide range of policy questions, ranging from the size of fiscal multipliers to the relative effectiveness of asset purchases targeting the financial sector versus tax cuts targeting households. Workhorse macroeconomic models imply different values of these elasticities, generating output resp...
-
作者：Bazzi, Samuel; Hilmy, Masyhur; Marx, Benjamin
作者单位：University of California System; University of California San Diego; University of California System; University of California San Diego; Center for Economic & Policy Research (CEPR); National Bureau of Economic Research; University of New South Wales Sydney; Boston University
摘要：This paper explores how state and religious providers of education compete during the nation building process. Using novel administrative data, we characterize the evolution of Indonesia's Islamic education system and religious school choice after the introduction of mass public primary schooling in the 1970s. Funded through informal taxation, Islamic schools competed with the state by entering in the same markets. While primary enrollment shifted towards state schools, religious education inc...
-
作者：Kawai, Kei; Nakabayashi, Jun; Ortner, Juan
作者单位：University of California System; University of California Berkeley; University of Tokyo; Kyoto University; Boston University
摘要：We study how incentive constraints can be relaxed by randomization in a repeated-game setting. Our study is motivated by the workings of a detected bidding cartel that adopted a protocol of keeping the winning bid secret from the designated losers when defection was a concern. Keeping the winning bid secret makes accurately undercutting the winning bid more difficult and makes defection less attractive as potential defectors risk not winning the auction even if they deviate. We formalize these...
-
作者：Ciscato, Edoardo
作者单位：KU Leuven
摘要：Complementarities between partners' characteristics are often held responsible for the patterns of assortative mating observed in marriage markets along different dimensions, such as race and education. However, when the marriage market is segmented into racially and educationally homogeneous clusters, people naturally have more match opportunities with their likes. In this paper, we build an empirically tractable dynamic matching model with endogenous separation and remarriage. In every perio...
-
作者：Ichino, Andrea; Rustichini, Aldo; Zanella, Giulio
作者单位：European University Institute; University of Bologna; University of Minnesota System; University of Minnesota Twin Cities
摘要：University access has significantly expanded in OECD countries, and further growth figures prominently in political agendas. We study possible consequences of historical and future expansions in a stochastic, general equilibrium Roy model where tertiary educational attainment is determined by cognitive ability and socioeconomic disadvantage. In our analysis, individual productivity depends not only on education but also directly on cognitive ability. The expansion of university access in the U...
