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作者：Olsson, Jonna
作者单位：Norwegian School of Economics (NHH)
摘要：Women's increased involvement in the economy has been an important change in labor markets during the past century. I show that a macroeconomic model taking into account gender and household composition in an otherwise parsimonious off-the-shelf setting captures key historical labor supply facts regarding trend and volatility across subgroups. Evaluating the economy's response to aggregate shocks at different points in time shows that the underlying trend growth in married women's employment c...
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作者：Drechsel, Thomas
作者单位：University System of Maryland; University of Maryland Baltimore
摘要：Microeconomic evidence reveals a direct link between firms' current earnings and their access to debt. This paper studies macroeco-nomic implications of earnings-based borrowing constraints. In a macro model, firms with earnings-based constraints borrow more in response to positive investment shocks, whereas firms with collateral constraints borrow less. Empirically, aggregate and firm-level credit responds to identified investment shocks according to the predictions with earnings-based constr...
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作者：Carvalho, Carlos; Eusepi, Stefano; Moench, Emanuel; Preston, Bruce
作者单位：Pontificia Universidade Catolica do Rio de Janeiro; University of Texas System; University of Texas Austin; Deutsche Bundesbank; Goethe University Frankfurt; Centre for Economic Policy Research - UK; University of Melbourne
摘要：We develop a theory of low-frequency movements in inflation expec-tations, and use it to interpret joint dynamics of inflation and infla-tion expectations for the United States and other countries over the postwar period. In our theory, long-run inflation expectations are endogenous. They are driven by short-run inflation surprises, in a way that depends on recent forecasting performance and mone-tary policy. This distinguishes our theory from common explana-tions of low-frequency properties o...
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作者：Hendricks, Lutz; Schoellman, Todz
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
摘要：This paper revisits the question of how allowing for imper-fect substitution among workers with different skill levels affects the results of development accounting. We consider a range of models that nest the approaches in the literature and calibrate them to a common set of moments, including particularly evidence on the wage gains of migrants. We obtain two main results. First, human capital accounts for between one-half and three-fourths of cross-country income gaps. Second, human capital ...
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作者：Bjorklund, Maria; Carlsson, Mikael; Skans, Oskar Nordstrom
作者单位：Uppsala University; Sveriges Riksbank
摘要：We study the importance of wage rigidities for the monetary policy transmission mechanism. Using uniquely rich micro data on Swedish wage negotiations, we isolate periods when the labor market is covered by fixed-wage contracts. Importantly, negotiations are coordinated in time but their seasonal patterns are far from deterministic. Using a two-regime VAR model, we document that monetary policy shocks have a larger impact on production during fixed-wage episodes as compared to the average resp...
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作者：Imrohoroglu, Ayse; Matoba, Kyle; Tuzel, Selale
作者单位：University of Southern California
摘要：There are many federal, state, and local laws that distort housing decisions and prices. However, it is often difficult to tease Out the quantitative impact of such policies. In this paper, we examine the implications of one of the most significant tax changes initiated by voters in the United States on house prices, housing turnover, and household welfare. In 1978 California passed Proposition 13, which lowered property tax rates and restricted future property tax increases. We find that the ...
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作者：Garin, Julio; Pries, Michael J.; Sims, Eric R.
作者单位：Claremont Colleges; Claremont Graduate University; Claremont McKenna College; University of Notre Dame; National Bureau of Economic Research
摘要：A principal components decomposition of sectoral IP data reveals that the contribution of aggregate shocks to the variance of aggregate output declined from about 70 percent in the period 1967-1983 to about 30 percent after 1983. We develop an islands model with two sectors and costly labor reallocation to investigate how this change in the relative importance of shocks alters business cycle moments. A version of the model with relatively more important sectoral shocks results in a sizeable de...
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作者：Parker, Jonathan A.
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
摘要：This paper evaluates theoretical explanations for the propensity of households to increase spending in response to the arrival of predictable, lump-sum payments, using households in the Nielsen Consumer Panel who received $25 million in randomly distributed stimulus payments. The pattern of spending is inconsistent with models in which identical households cycle rapidly through high and low-response states as they manage liquidity, but is instead highly predictable by income years before the p...
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作者：Fuller, David L.; Ravikumar, B.; Zhang, Yuzhe
作者单位：University of Wisconsin System; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Texas A&M University System; Texas A&M University College Station
摘要：An important incentive problem for the design of unemployment insurance is the fraudulent collection of unemployment benefits by workers who are gainfully employed. We show how to efficiently use a combination of tax/subsidy and monitoring to prevent such fraud. The optimal policy monitors the unemployed at fixed intervals. Employment tax is nonmonotonic: it increases between verifications but decreases after a verification. Unemployment benefits are relatively flat between verifications but d...
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作者：Cook, David; Devereux, Michael B.
作者单位：Hong Kong University of Science & Technology; University of British Columbia
摘要：This paper analyzes optimal policy responses to a global liquidity trap. The key feature of this environment is that relative prices respond perversely. A fall in demand in one country causes an appreciation of its terms of trade, exacerbating the initial shock. At the zero bound, this country cannot counter this shock. Then it may be optimal for the partner country to raise interest rates. The partner may set a positive policy interest rate, even though its natural interest rate is below zero...
