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作者：Chen, Daphne; Qi, Shi; Schlagenhauf, Don
作者单位：William & Mary; Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：A dynamic stochastic occupational choice model with heterogeneous agents is developed to evaluate the impact of a corporate income tax reduction on employment. In this framework, the key margin is the endogenous entrepreneurial choice of the legal form of organization. A reduction in the corporate income tax burden encourages adoption of the C corporation legal form, which reduces capital constraints on firms. Improved capital reallocation increases the overall productive efficiency in the eco...
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作者：Jaef, Roberto N. Fattal
作者单位：The World Bank
摘要：Most studies quantifying the gains from reversing allocative distortions are static in nature. We propose a model of firm dynamics featuring entry, exit, and multiproduct firms to understand the contribution of these dynamic factors in shaping the welfare and long-run productivity gains from removing distortions. We find that while the entry and exit of firms and their product-portfolio choices exert countervailing forces over long-run total factor productivity (TFP), they reinforce each other...
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作者：Bento, Pedro; Restuccia, Diego
作者单位：Texas A&M University System; Texas A&M University College Station; University of Toronto; National Bureau of Economic Research
摘要：We consider a model of heterogeneous production units with endogenous entry and productivity investment to assess the quantitative impact of policy distortions: when the productivity elasticity of distortions increases from 0.09 in the United States to 0.5 in India, aggregate output and average establishment size fall by 53 and 86 percent (37 and 0 percent in the standard factor misallocation model). Entry productivity and factor misallocation contribute equally to the reduction in output, whe...
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作者：Collard, Fabrice; Dellas, Harris; Diba, Behzad; Loisel, Olivier
作者单位：University of Bern; Georgetown University; Institut Polytechnique de Paris; ENSAE Paris
摘要：The recent financial crisis has highlighted the interconnectedness between macroeconomic and financial stability, raising questions about how to combine monetary and prudential policies. This paper characterizes the jointly optimal monetary and prudential policies, setting the interest rate and bank-capital requirements. The source of financial fragility is the socially excessive risk taking by banks due to limited liability and deposit insurance. We provide conditions under which locally (Ram...
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作者：Tombe, Trevor
作者单位：University of Calgary
摘要：Agriculture in poor countries has low productivity, high employment, and negligible trade flows relative to other sectors. These facts motivate a multisector, open-economy view of international productivity differences. With a quantitative multicountry model featuring nonhomothetic preferences, multiple interrelated sectors, distorted labor markets, and costly trade, I find: trade amplifies the negative effect of labor market distortions; trade costs-large for poor countries, especially in agr...
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作者：de Blas, Beatriz; Russ, Katheryn N.
作者单位：Autonomous University of Madrid; University of California System; University of California Davis; National Bureau of Economic Research
摘要：This paper presents a new model of Bertrand competition between heterogeneous firms in the open economy where the macroeconomic distribution of markups responds to the degree of trade openness and the underlying level of technology in each trading partner. The model's simple closed-form distributions for markups and pricing yield predictions that coincide with a number of stylized facts from the empirical literature on markups, pass-through, and trade openness which previously could be illustr...
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作者：Araujo, Aloisio; Schommer, Susan; Woodford, Michael
作者单位：Getulio Vargas Foundation; Instituto Nacional de Matematica Pura e Aplicada (IMPA); Columbia University
摘要：We consider the effects of central bank purchases of a risky asset as an additional dimension of policy alongside conventional interest rate policy in a general-equilibrium model of asset pricing with endogenous collateral constraints. The effects of asset purchases depend on the way that they affect collateral constraints. We show that under some circumstances, central bank purchases relax financial constraints, increase aggregate demand, and may even achieve a Pareto improvement; but in othe...
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作者：Misra, Kanishka; Surico, Paolo
作者单位：University of Michigan System; University of Michigan; University of London; London Business School; Centre for Economic Policy Research - UK
摘要：Almost half of American families did not adjust their consumption following receipt of the 2001 or 2008 tax rebates. Another 20 percent, with low income and more likely to rent, spent a small but significant amount. Households with large spending propensity held high levels of mortgage debt. The heterogeneity is concentrated in a few nondurable categories and a handful of new vehicle purchases. The cumulated predictions of the heterogeneous response model tend to be smaller and more accurate t...
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作者：Cotet, Anca M.; Tsui, Kevin K.
作者单位：Seton Hall University; Clemson University
摘要：This paper re-examines the effect of oil wealth on political violence. Using a unique historical panel dataset of oil discoveries, we show that simply controlling for country fixed effects removes the statistical association between the value of oil reserves and civil war onset. Other macro-political violence measures, such as coup attempts, are also uncorrelated with oil wealth. To further address endogeneity concerns, we exploit changes in oil reserves due to randomness in the success of oil...
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作者：Fujita, Shigeru; Ramey, Garey
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of California System; University of California San Diego
摘要：This paper assesses how various approaches to modeling the separation margin affect the quantitative ability of the Mortensen-Pissarides labor matching model. The model with a constant separation rate fails to produce realistic volatility and productivity responsiveness of the separation rate and worker flows. The specification with endogenous separation succeeds along these dimensions. Allowing for on-the-job search enables the model to replicate the Beveridge curve. All specifications, howev...
