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作者：Bachmann, Ruediger; Caballero, Ricardo J.; Engel, Eduardo M. R. A.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research; Universidad de Chile
摘要：The sensitivity of US aggregate investment to shocks is procyclical. The response upon impact increases by approximately 50 percent from the trough to the peak of the business cycle. This feature of the data follows naturally from a DSGE model with lumpy microeconomic capital adjustment. Beyond explaining this specific time variation, our model and evidence provide a counterexample to the claim that microeconomic investment lumpiness is inconsequential for macroeconomic analysis.
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作者：Broer, Tobias
作者单位：Stockholm University
摘要：This paper shows how two standard models of consumption-risk-sharing-self-insurance through borrowing and saving and limited commitment to insurance contracts-replicate similarly well the standard, second-moment measures of insurance observed in US micro data. A nonparametric analysis, however, reveals strongly contrasting and counterfactual joint distributions of consumption, income and wealth. Method of moments estimation shows how measurement error in consumption eliminates excessive skewne...
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作者：Nakamura, Emi; Steinsson, Jon; Barro, Robert; Ursua, Jose
作者单位：Columbia University; Columbia University; Harvard University
摘要：We estimate an empirical model of consumption disasters using new data on consumption for 24 countries over more than 100 years, and study its implications for asset prices. The model allows for partial recoveries after disasters that unfold over multiple years. We find that roughly half of the drop in consumption due to disasters is subsequently reversed. Our model generates a sizable equity premium from disaster risk, but one that is substantially smaller than in simpler models. It implies t...
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作者：Ragan, Kelly S.
作者单位：Stockholm School of Economics
摘要：Time use data on work and leisure is presented for a broad group of OECD countries. The home production model explicitly accounts for taxes and public expenditures on day care and elder care, substitutes for work households perform at home. Taxes are important for matching time use patterns in Canada, the UK, and continental Europe, but cannot explain the high levels of market work and low levels of home work observed in Scandinavia. Subsidies of services like day care that substitute for home...
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作者：Abdallah, Chadi S.; Lastrapes, William D.
作者单位：University System of Ohio; Miami University; University System of Georgia; University of Georgia
摘要：We estimate how spending in Texas responded to a 1997 constitutional amendment that relaxed severe restrictions on home equity lending. We use this event as a natural experiment to estimate the importance of credit constraints. If households are credit-constrained, such an increase in credit availability will increase their spending. We find that Texas retail sales at the county and state levels increased significantly after the amendment, lending support to the credit-constraint hypothesis. W...
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作者：Djankov, Simeon; Ganser, Tim; McLiesh, Caralee; Ramalho, Rita; Shleifer, Andrei
作者单位：The World Bank; Harvard University; National Bureau of Economic Research
摘要：We present new data on effective corporate income tax rates in 85 countries in 2004. The data come from a survey, conducted jointly with PricewaterhouseCoopers, of all taxes imposed on the same standardized mid-size domestic firm. In a cross-section of countries, our estimates of the effective corporate tax rate have a large adverse impact on aggregate investment, FDI, and entrepreneurial activity. Corporate tax rates are correlated with investment in manufacturing but not services, as well as...
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作者：Algan, Yann; Cahuc, Pierre
作者单位：Paris School of Economics; Institut Polytechnique de Paris; Ecole Polytechnique; Institut Polytechnique de Paris; ENSAE Paris
摘要：We argue civic virtue plays a key role in explaining the design of public insurance against unemployment risks by solving moral hazard issues which hinder the efficiency of unemployment insurance. We show, in a simple model, that economies with stronger civic virtues are more prone to provide insurance through unemployment benefits rather than through job protection. We provide cross-country empirical evidence of a strong correlation between civic attitudes and the design of unemployment benef...
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作者：Espino, Emilio; Kozlowski, Julian; Martin, Fernando M.; Sanchez, Juan M.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - St. Louis
摘要：A model with two essential elements-sovereign default and distortionary fiscal and monetary policies-explains the interaction between sovereign debt, default risk, and inflation in emerging countries. We derive conditions under which monetary policy is actively used to support fiscal policy and characterize the intertemporal trade-offs that determine the choice of debt. We show that in response to adverse shocks to the terms of trade or productivity, governments reduce debt and deficits and in...
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作者：Lieb, Lenard; Jassem, Adam; Almeida, Rui jorge; Bastuerk, Nalan; Smeekes, Stephan
作者单位：Maastricht University
摘要：Economic agents react to signals about future tax policy changes. Consequently, estimating their macroeconomic effects requires identification of such signals. We propose a novel text analytic approach for transforming textual information into an economically meaningful time series. Using this method, we create a tax news measure from all publicly available postwar communications of US presidents. Our measure predicts the direction and size of future tax changes and contains signals not presen...
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作者：Lerch, Benjamin
作者单位：Universita della Svizzera Italiana
摘要：I investigate how the introduction of industrial robots is shaping the demographic composition of the US labor force between 1993 and 2014. I find that robots decreased employment of men and women by 3.7 and 1.6 percentage points, contributing to the secular decline in the gender employment gap, and that they decreased employment among Whites and non-Whites by 1.8 and 4.5 percentage points, widening the race/ethnicity employment gap. These effects follow from the persistent occupational segreg...
