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作者：Aoki, Shuhei; Nirei, Makoto
作者单位：Shinshu University; University of Tokyo
摘要：We construct a tractable neoclassical growth model that generates Pareto's law of income distribution and Zipf's law of the firm size distribution from idiosyncratic, firm-level productivity shocks. Executives and entrepreneurs invest in risk-free assets, as well as their own firms' risky stocks, through which their wealth and income depend on firm-level shocks. By using the model, we evaluate how changes in tax rates can account for the evolution of top incomes in the United States. The model...
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作者：Connolly, Michelle; Yi, Kei-Mu
作者单位：Duke University; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper assesses the importance of trade policy reforms in South Korea, as well as the General Agreement on Tariffs and Trade (GATT) tariff reductions, in explaining Korea's growth miracle. We develop a model of neoclassical growth and trade in which lower tariffs lead to increased gross domestic product (GDP) per worker via comparative advantage and specialization, and capital accumulation. We calibrate the model and simulate the tariff reductions that occurred between early 1962 and 1989....
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作者：Burstein, Ariel; Cravino, Javier
作者单位：University of California System; University of California Los Angeles; National Bureau of Economic Research; University of Michigan System; University of Michigan
摘要：We examine the implications of workhorse trade models for how aggregate productivity, real GDP and real consumption, as measured by statistical agencies, respond to changes in trade costs. In a range of models, changes in measured productivity are equal to the inverse of an export-share weighted average of changes in variable trade costs incurred domestically. Under certain conditions, despite the multiple biases in the CPI, measured real consumption captures the first-order effects of changes...
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作者：Dell, Melissa; Jones, Benjamin F.; Olken, Benjamin A.
作者单位：Massachusetts Institute of Technology (MIT); Northwestern University
摘要：This paper uses historical fluctuations in temperature within countries to identify its effects on aggregate economic outcomes. We find three primary results. First, higher temperatures substantially reduce economic growth in poor countries. Second, higher temperatures may reduce growth rates, not just the level of output. Third, higher temperatures have wide-ranging effects, reducing agricultural output, industrial output, and political stability. These findings inform debates over climate's ...
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作者：Le Bihan, Herve; Montornes, Jeremi; Heckel, Thomas
作者单位：BNP Paribas
摘要：Using an original micro-dataset from France, we investigate nominal wage stickiness. Nominal wage changes are found to occur at a quarterly frequency of around 38 percent over our sample period, and to be to a large extent staggered across establishments, and very synchronized within establishments. We carry out an econometric analysis of wage changes based on a two-threshold sample selection model. Our results are that the timing of wage adjustments is time-dependent as opposed to state-depen...
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作者：Branch, William A.; Evans, George W.
作者单位：University of California System; University of California Irvine; University of Oregon; University of St Andrews
摘要：This paper demonstrates that an asset pricing model with leasts-quares learning can lead to bubbles and crashes as endogenous responses to the fundamentals driving asset prices. When agents are risk-averse they need to make forecasts of the conditional variance of a stock's return. Recursive updating of both the conditional variance and the expected return implies several mechanisms through which learning impacts stock prices. Extended periods of excess volatility, bubbles, and crashes arise w...
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作者：Woodford, Michael
作者单位：Columbia University
摘要：This paper explains the key factors that determine the output multiplier of government purchases in New Keynesian models, through a series of simple examples that can be solved analytically. Sticky prices or wages allow for larger multipliers than in a neoclassical model, though the size of the multiplier depends crucially on the monetary policy response. A multiplier well in excess of one is possible when monetary policy is constrained by the zero lower bound, and in this case welfare increas...
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作者：Diewert, Erwin
作者单位：University of British Columbia
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作者：Rajan, Raghuram G.
作者单位：University of Chicago; National Bureau of Economic Research
摘要：When citizens in a poor constrained society are unequally endowed, they are likely to find it hard to agree on reforms, even though the status quo hurts them collectively. Each citizen group or constituency prefers reforms that expand its opportunities, but in an unequal society, this will typically hurt another constituency's rents. Competitive rent preservation ensures no comprehensive reform path may command broad support. The roots of underdevelopment may therefore lie in the natural tende...
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作者：Ikeda, Daisuke; Li, Shangshang; Mavroeidis, Sophocles; Zanetti, Francesco
作者单位：Bank of Japan; University of Liverpool; University of Oxford; Centre for Economic Policy Research - UK
摘要：Unconventional monetary policy (UMP) may make the effective lower bound (ELB) on the short-term interest rate irrelevant. We develop a theoretical model that underpins our empirical test of this irrelevance hypothesis, based on the simple idea that under the hypothesis, the short rate can be excluded in any empirical model that accounts for alternative measures of monetary policy. We test the hypothesis for Japan and the United States using a structural vector autoregressive model with the ELB...
