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作者：Haan, Peter; Prowse, Victoria
作者单位：Purdue University System; Purdue University
摘要：We empirically analyze the heterogeneous welfare effects of unemployment insurance and social assistance. We estimate a structural life cycle model of singles' and married couples' labor supply and savings decisions. The model includes heterogeneity by age, education, wealth, sex, and household composition. In aggregate, social assistance dominates unemployment insurance; however, the opposite holds true for married men, whose leisure time declines more than that of their spouses when unemploy...
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作者：Beaudry, Paul; Hou, Chenyu; Portier, Franck
作者单位：University of British Columbia; The Chinese University of Hong Kong, Shenzhen; University of London; University College London; Center for Economic & Policy Research (CEPR)
摘要：This paper highlights how the presence of a monetary policy cost channel can offer new insights into the relation between monetary policy and inflation when the Phillips curve is quite flat. For instance, we highlight a key condition whereby lax monetary policy can push the economy to a low -inflation trap, and we discuss how, under the same condition, standard policy rules targeting inflation may need to be modified. In the empirical part of the paper, we explore the relevance of the conditio...
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作者：Kucheryavyy, Konstantin; Lyn, Gary; Rodriguez-Clare, Andres
作者单位：University of Tokyo; HSE University (National Research University Higher School of Economics); University of California System; University of California Berkeley
摘要：We propose a model to study the role of industry-level external econ-omies of scale in open economies. If the elasticity governing the strength of external economies is below the inverse of the trade elas-ticity in each industry, then specialization under frictionless trade is consistent with comparative advantage, the model is tractable even with trade frictions, and all countries gain from trade. External economies lower gains from trade except if the country specializes in industries with h...
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作者：Aastveit, Knut Are; Anundsen, Andre K.
作者单位：Norges Bank; BI Norwegian Business School; Oslo Metropolitan University (OsloMet)
摘要：The responsiveness of house prices to monetary policy shocks depends on the nature of the shock-expansionary versus contractionary-and on local housing supply elasticities. These findings are established using a panel of 263 US metropolitan areas. Expansionary monetary policy shocks have a larger impact on house prices in supply-inelastic areas. Contractionary shocks are orthogonal to housing supply elas-ticities. In supply-elastic areas, contractionary shocks have a greater impact on house pr...
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作者：Burstein, Ariel; Morales, Eduardo; Vogel, Jonathan
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：We provide a unifying framework to quantify the impact of several determinants of changes in US between-group inequality. We use an assignment framework with many labor groups, equipment types, and occupations in which changes in inequality are driven by changes in workforce composition, occupation demand, computerization, and labor productivity. We parameterize the model using direct measures of computer usage within labor group-occupation pairs and quantify the impact of each shock for vario...
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作者：Borowczyk-Martins, Daniel; Lale, Etienne
作者单位：Copenhagen Business School; University of Quebec; University of Quebec Montreal
摘要：We document that fluctuations in part-time employment play a major role in movements in hours per worker during cyclical swings in the labor market. Building on this result, we develop a stock-flow framework to describe the dynamics of part-time employment. The evolution of part-time employment is predominantly explained by cyclical changes in transitions between full-time and part-time employment. Those transitions occur overwhelmingly at the same employer, entail sizable changes in individua...
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作者：Laitner, John; Silverman, Dan; Stolyarov, Dmitriy
作者单位：University of Michigan System; University of Michigan; Arizona State University; Arizona State University-Tempe
摘要：This paper develops a tractable model of post-retirement behavior with health status uncertainty and state-verification difficulties. The model distinguishes between annuitized and non-annuitized wealth and features means-tested Medicaid assistance with nursing home care. We show how to solve the potentially complex dynamic problem analytically, making it possible to characterize optimal behavior with phase diagrams. The analysis provides an integrated treatment of portfolio composition and co...
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作者：Michaud, Amanda M.
作者单位：Indiana University System; Indiana University Bloomington
摘要：Employer learning provides a link between wage and employment dynamics. Workers who ore selectively terminated when their low productivity is revealed subsequently earn lower wages. If learning is asymmetric across employers, randomly separated high-productivity workers ore treated similarly when hired from unemployment, hut recover as their next employer learns their type. 1 provide empirical evidence supporting this link, then study whether employer learning is an empirically important facto...
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作者：Baydur, Ismail
作者单位：Singapore Management University
摘要：This paper incorporates worker selection into a random matching model with multi-worker firms. Unlike the standard Diamond-Mortensen-Pissarides (DMP) model, the extended model is compatible with cross-sectional behavior of vacancy yields, which rise with employment growth and worker turnover, but fall with establishment size. Using calibrated versions of the standard and worker selection models, I show that accounting for these patterns has quantitatively important policy implications. I also ...
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作者：Decker, Ryan A.; D'Erasmo, Pablo N.; Boedo, Hernan Moscoso
作者单位：Federal Reserve System - USA; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University System of Ohio; University of Cincinnati
摘要：We propose a theory of endogenous firm-level risk over the business cycle based on endogenous market exposure. Firms that reach a larger number of markets diversify market-specific demand shocks at a cost. The model is driven only by total factor productivity shocks and captures the observed countercyclity of firm-level risk. Using a panel of US firms we show that, consistent with our theoretical model, measures of market reach are procyclical, and the counter-cyclicality of firm-level risk is...
