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作者：Fiszbein, Martin
作者单位：Boston University; National Bureau of Economic Research
摘要：This paper examines the role of agricultural diversity in the pro-cess of development. Using data from US counties and exploiting climate-induced variation in agricultural production patterns, I show that mid-nineteenth-century agricultural diversity had positive long-run effects on population density and income per capita. During the Second Industrial Revolution, agricultural diversity fostered industrialization, diversification within manufacturing, patent activity, formation of new labor sk...
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作者：Becard, Yvan; Gauthier, David
作者单位：Pontificia Universidade Catolica do Rio de Janeiro; Bank of England
摘要：We estimate a macroeconomic model on US data where banks lend to households and businesses and simultaneously adjust lending requirements on the two types of loans. We find that the collateral shock, a change in the ability of the financial sector to redeploy collateral, is the most important force driving the business cycle. Hit by this unique disturbance, our model quantitatively replicates the joint dynamics of output, consumption, investment, employment, and both household and business cre...
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作者：Di Tella, Sebastian; Kurlat, Pablo
作者单位：Stanford University; University of Southern California
摘要：We propose a model of banks' exposure to movements in interest rates and their role in the transmission of monetary shocks. Since bank deposits provide liquidity, higher interest rates allow banks to earn larger spreads on deposits. Therefore, if risk aversion is higher than one, banks' optimal dynamic hedging strategy is to take losses when interest rates rise. This risk exposure can be achieved by a traditional maturity-mismatched balance sheet and amplifies the effects of monetary shocks on...
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作者：Pilossoph, Laura; Wee, Shu Lin
作者单位：Federal Reserve System - USA; Federal Reserve Bank - New York; Carnegie Mellon University
摘要：We develop a model where selection into marriage and household search generate a marital wage premium. Beyond selection, married individuals earn higher wages for two reasons. First, income pooling within a joint household raises risk-averse individuals' reservation wages. Second, married individuals climb the job ladder faster, as they internalize that higher wages increase their partner's selectivity over offers. Specialization according to comparative advantage in search generates a premium...
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作者：Desmet, Klaus; Kopp, Robert E.; Kulp, Scott A.; Nagy, David Krisztian; Oppenheimer, Michael; Rossi-Hansberg, Esteban; Strauss, Benjamin H.
作者单位：Southern Methodist University; Southern Methodist University; Rutgers University System; Rutgers University New Brunswick; Centre de Recerca en Economia Internacional (CREI); Princeton University; Princeton University; Princeton University
摘要：Sea level rise will cause spatial shifts in economic activity over the next 200 years. Using a spatially disaggregated, dynamic model of the world economy, this paper estimates the consequences of probabilistic projections of local sea level changes. Under an intermediate scenario of greenhouse gas emissions, permanent flooding is projected to reduce global real GDP by 0.19 percent in present value terms. By the year 2200, a projected 1.46 percent of the population will be displaced. Losses in...
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作者：Dolado, Juan J.; Motyovszki, Gergo; Pappa, Evi
作者单位：Universidad Carlos III de Madrid; European University Institute
摘要：We provide a new channel through which monetary policy has distributional consequences at business cycle frequencies. We show that an unexpected monetary easing increases labor income inequality between high-skilled and less-skilled workers. To rationalize these findings, we build a New Keynesian DSGE model with asymmetric search-and-matching (SAM) frictions and capital-skill complementarity (CSC) in production. We show that CSC on its own introduces a dynamic demand amplification mechanism: t...
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作者：Liu, Zheng; Wang, Pengfei; Xu, Zhiwei
作者单位：Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Hong Kong University of Science & Technology; Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Shanghai Jiao Tong University
摘要：We study the consequences of interest rate liberalization in a two-sector general equilibrium model of China. The model captures a key feature of China's distorted financial system: state-owned enterprises (SOEs) have greater incentive to expand production and easier access to credit than private firms. In this second-best environment, interest rate liberalization can improve capital allocations within each sector but can also exacerbate misallocations across sectors. Under calibrated paramete...
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作者：Adamopoulos, Tasso; Restuccia, Diego
作者单位：York University - Canada; University of Toronto; National Bureau of Economic Research
摘要：We assess the effects of a major land policy change on farm size and agricultural productivity using a quantitative model and micro-level data. We study the 1988 land reform in the Philippines that imposed a ceiling on land holdings, redistributed above-ceiling lands to landless and smallholder households, and severely restricted the transferability of the redistributed farmlands. We study this reform in the context of an industry model of agriculture with a nondegenerate distribution of farm ...
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作者：Ferraro, Domenico; Fiori, Giuseppe
作者单位：Arizona State University; Arizona State University-Tempe; North Carolina State University
摘要：We study how the changing demographic composition of the US labor force has affected the response of the unemployment rate to marginal tax rate shocks. Using narratively identified tax changes as proxies for structural shocks, we establish that the responsiveness of the unemployment rates to tax changes varies significantly across age groups: the unemployment rate response of the young is nearly twice as large as that of the old. This heterogeneity is the channel through which shifts in the ag...
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作者：Gross, Tal; Notowidigdo, Matthew J.; Wang, Jialan
作者单位：Boston University; National Bureau of Economic Research; Northwestern University; University of Illinois System; University of Illinois Urbana-Champaign
摘要：We estimate how the marginal propensity to consume (MPC) out of liquidity varies over the business cycle. Ten years after a Chapter 7 bankruptcy, the bankruptcy flag is removed from the filer's credit report, generating an increase in credit score. In the year following flag removal, credit card limits increase by $778 and credit card balances increase by $290, implying an MPC of 0.37. Using cohorts of flag removals, we find that the MPC was 20 to 30 percent higher during the Great Recession, ...
