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作者：Kina, Ozlem; Slavik, Ctirad; Yazici, Hakki
作者单位：University of Edinburgh; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Charles University Prague; Czech Academy of Sciences; University of Bristol
摘要：This paper uses a rich quantitative model with endogenous skill acquisition to show that capital-skill complementarity provides a quantitatively significant rationale to tax capital for redistributive governments. The optimal capital income tax rate is 67 percent , while it is 61 percent in an identically calibrated model without capital-skill complementarity. The skill premium falls from 1.9 to 1.84 along the transition following the optimal reform in the capital-skill complementarity model ,...
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作者：Birinci, Serdar; See, Kurt
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Bank of Canada
摘要：We document considerable scope of heterogeneity within the unem-ployed, especially when they are divided along eligibility for and receipt of unemployment insurance (UI). We study the implica-tions of this heterogeneity on UI's insurance-incentive trade-off using a heterogeneous-agent job search model capable of match-ing the wealth and income differences that distinguish UI recip-ients from nonrecipients. Insurance benefits are larger for UI recipients who are predominantly wealth poor. Meanw...
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作者：Faccini, Renato; Melosi, Leonardo
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; European University Institute; Centre for Economic Policy Research - UK
摘要：Current and expected unemployment rates contain information that is highly useful to estimate the effect of news about TFP and to allow a general equilibrium rational expectations model to generate Pigouvian cycles: a large fraction of the comovement of output, consumption, investment, employment, and real wages is explained by noise about TFP. These results emerge because of the low -frequency negative relationship between unemployment and TFP growth. The model predicts that the start (end ) ...
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作者：Kapicka, Marek; Neira, Julian
作者单位：Charles University Prague; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; Czech Academy of Sciences; Economics Institute of the Czech Academy of Sciences; University of Exeter
摘要：We study optimal tax policies in a-life-cycle economy with permanent ability differences and risky human capital investments that have both an unobservable component, learning effort, and an observable component, schooling. The optimal policies balance redistribution across agents, insurance against human capital shocks, and incentives to learn and work. In the optimum, (i)-high-ability agents face risky consumption while-low-ability agents are insured; (ii) the optimal schooling subsidy is su...
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作者：Moro, Alessio; Moslehi, Solmaz; Tanaka, Satoshi
作者单位：University of Cagliari; Monash University; University of Queensland
摘要：Using new home production data for the United States, we estimate a model of structural transformation with a home production sector, allowing for both non-homotheticity of preferences and differential productivity growth in each sector. We report two main findings. First, the estimation results show that home services have a lower income elasticity than market services. Second, the slowdown in home labor productivity, which started in the late 70s, is a key determinant of the rise of market s...
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作者：Curtis, Chadwick C.; Lugauer, Steven; Mark, Nelson C.
作者单位：University of Richmond; University of Notre Dame; National Bureau of Economic Research
摘要：This paper studies how demographic variation affects the aggregate household saving rate. We focus on China because it is experiencing an historic demographic transition and has had a massive increase in household saving. We conduct a quantitative investigation using a structural overlapping generations model that incorporates parental care through support for dependent children and financial transfers to retirees. The saving decisions in the parameterized model mimic many of the features obse...
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作者：Gertler, Mark; Karadi, Peter
作者单位：New York University; National Bureau of Economic Research; European Central Bank; Center for Economic & Policy Research (CEPR)
摘要：We provide evidence on the transmission of monetary policy shocks in a setting with both economic and financial variables. We first show that shocks identified using high frequency surprises around policy announcements as external instruments produce responses in output and inflation that are typical in monetary VAR analysis. We also find, however, that the resulting modest movements in short rates lead to large movements in credit costs, which are due mainly to the reaction of both term premi...
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作者：Liu, Xuepeng; Ornelas, Emanuel
作者单位：University System of Georgia; Kennesaw State University; University of London; London School Economics & Political Science
摘要：We study the relationship between participation in free trade agreements (FTAs) and the sustainability of democracy. Our model shows that FTAs can critically reduce the incentive of authoritarian groups to seek power by destroying protectionist rents, thus making democracies last longer. This gives governments in unstable democracies an extra motive to form FTAs. Hence, greater democratic instability induces governments to boost their FTA commitments. In a data-set with 116 countries over 1960...
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作者：Messina, Julian; Sanz-de-Galdeano, Anna
作者单位：The World Bank; Universitat de Girona; The World Bank
摘要：This paper examines the consequences of rapid disinflation for downward wage rigidities in two emerging countries, Brazil and Uruguay. Although wage rigidities are altered by disinflation, in neither of the two countries does price stability eliminate frictions in wage-setting mechanisms. In a context of individual wage negotiations and weak unions, disinflation in Uruguay puts an end to its history of indexation, but strong resistance to nominal wage cuts emerges. In strongly unionized Brazil...
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作者：Besley, Timothy; Ilzetzki, Ethan; Persson, Torsten
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; Stockholm University
摘要：Investments in fiscal capacity-economic institutions for tax compliance-are an important feature of economic development. This paper develops a dynamic model to study the evolution of fiscal capacity over time. We contrast a social planner's investment path with politically feasible paths. Three types of states emerge in the long run: a common-interest state where public resources are devoted to public goods, a redistributive state where additional fiscal capacity is used for transfers, and a ...
