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作者：Doepke, Matthias; Gaetani, Ruben
作者单位：University of London; London School Economics & Political Science; Northwestern University; University of Toronto
摘要：Why has the college wage premium risen rapidly in the United States since the 1980s but not in European economies such as Germany? We argue that differences in employment protection can account for much of the gap. We develop a model in which firms and workers make relationship-specific investments in skill accumulation. The incentive to invest is stronger when employment protection creates an expecta-tion of long-lasting matches. We argue that changes in the economic environment have reduced ...
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作者：Gorn, Alexey; Trigari, Antonella
作者单位：University of Liverpool; Bocconi University; Center for Economic & Policy Research (CEPR); Bocconi University
摘要：We study the stabilizing role of benefit extensions. We develop a tractable quantitative model with heterogeneous agents, search frictions, and nominal rigidities. The model allows for a stabilizing aggregate demand channel and a destabilizing labor market channel. We characterize each channel analytically and find that aggregate demand effects quantitatively prevail in the United States. When feeding in estimated shocks, the model tracks unemployment in the two most recent downturns. We find ...
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作者：Coibion, Olivier; Georgarakos, Dimitris; Gorodnichenko, Yuriy; Van Rooij, Maarten
作者单位：University of Texas System; University of Texas Austin; National Bureau of Economic Research; University of California System; University of California Berkeley; European Central Bank; De Nederlandsche Bank NV
摘要：We implement a survey of Dutch households in which random subsets of respondents receive information about inflation. The resulting exog-enously generated variation in inflation expectations is used to assess how expectations affect consumption decisions. The causal effects of reduced inflation expectations on nondurable spending are imprecisely estimated, but there is a sharp positive effect on durable spending. This is likely driven by the fact that Dutch households seem to become more optim...
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作者：Turen, Javier
作者单位：Pontificia Universidad Catolica de Chile
摘要：This paper studies price-setting decisions under rational inatten-tion. Prices are set by tracking an unobserved target whose distri-bution is also unknown. Information acquisition is dynamic and fully flexible since, given information acquired previously, price setters choose the amount of information they collect as well as how they want to learn about both the outcome and its distribu-tion. We show that by allowing for imperfect information to be the unique source of rigidity, the model can...
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作者：Bilbiie, Florin O.
作者单位：University of Lausanne
摘要：Liquidity traps can be either fundamental or confidence-driven. In a simple, unified New Keynesian framework, I provide the analytical condition for the latter's prevalence: enough shock persistence and endogenous intertemporal amplification of future (news) shocks, making income effects dominate substitution effects. The same condition allows neo-Fisherian effects (expansionary-inflationary interest rate increases), which are thus inherent in confidence traps. Several monetary and fiscal poli...
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作者：Johri, Alok; Rahman, Md Mahbubur
作者单位：McMaster University; Statistics Canada
摘要：India's relative price of investment rose 44 percent from 1981 to 1991 and fell 26 percent from 1991 to 2006. We build a simple DGE model, calibrated to Indian data, in order to explore the impact of capital import substitution policies and their reform post-1991 in accounting for this rise and fall. Our model delivers a 23 percent rise before reform and a 31 percent fall thereafter. GDP per effective labor was 3 percent lower in 1991 compared to 1981 due to import restrictions on capital good...
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作者：Choi, Michael; Rocheteau, Guillaume
作者单位：University of California System; University of California Irvine; Universite Paris-Pantheon-Assas
摘要：We develop a -random-matching model to study the price dynamics of monies produced privately according to a time-consuming mining technology. For our leading example, there exists a unique equilibrium where the value of money increases over time and reaches a steady state. There is also a continuum of -perfect-foresight equilibria where the price of money inflates and bursts gradually over time. Initially, money is held for a speculative motive, but it acquires a transactional role as it becom...
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作者：Brueggemann, Bettina
作者单位：McMaster University
摘要：This paper computes optimal top marginal tax rates in -BewleyHuggett-Aiyagari-type economies that include entrepreneurs. Consistent with the data, entrepreneurs are -overrepresented at the top of the income distribution and are thus disproportionately affected by an increase in the top marginal income tax rate. The top marginal tax rate that maximizes welfare is 60 percent. While average welfare gains are positive and similar across occupations along the transition, they are larger for entrepr...
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作者：Cavenaile, Laurent; Roldan-Blanco, Pau
作者单位：University of Toronto; University Toronto Scarborough; University of Toronto; Banco de Espana
摘要：This paper analyzes the implications of advertising for firm dynamics and economic growth through its interaction with R&D. We develop a model of endogenous growth with firm heterogeneity that incorporates advertising decisions and calibrate it to match several empirical regularities across firm size. Our model provides micro-foundations for the empirically observed negative relationship between both firm R&D intensity and growth and firm size. In the calibrated model, about half of the deviat...
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作者：Miranda-Agrippino, Silvia; Ricco, Giovanni
作者单位：Bank of England; Centre for Economic Policy Research - UK; University of Warwick
摘要：Commonly used instruments for the identification of monetary policy disturbances are likely to combine the true policy shock with information about the state of the economy due to the information disclosed through the policy action. We show that this signaling effect of monetary policy can give rise to the empirical puzzles reported in the literature, and propose a new-high-frequency instrument for monetary policy shocks that accounts for informational rigidities. We find that a monetary tight...
