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作者：Guvenen, Fatih; Kuruscu, Burhanettin; Tanaka, Satoshi; Wiczer, David
作者单位：University of Minnesota System; University of Minnesota Twin Cities; National Bureau of Economic Research; University of Toronto; University of Queensland; State University of New York (SUNY) System; Stony Brook University
摘要：What determines the earnings of a worker relative to his peers in the same occupation? What makes a worker fail in one occupation but succeed in another? More broadly, what are the factors that determine the productivity of a worker-occupation match? To help answer questions like these, we propose an empirical measure of multidimensional skill mismatch that is based on the discrepancy between the portfolio of skills required by an occupation and the portfolio of abilities possessed by a worker...
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作者：Ueda, Kozo; Watanabe, Kota; Watanabe, Tsutomu
作者单位：Waseda University; University of Tokyo; University of Tokyo
摘要：This paper evaluates the effects of product turnover on a welfare-based cost-of-living index by incorporating the quality effect and the fashion effect. Employing scanner data for Japan for the years 1988-2013, we find that (i) the price and quantity of a new product tend to be higher than those of its predecessor at its exit; (ii) a considerable fashion effect exists for the entire sample period, while the quality effect is declining over time; and (iii) the discrepancy between the cost-of-li...
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作者：Bjornland, Hilde C.; Larsen, Vegard H.; Maih, Junior
作者单位：BI Norwegian Business School; Norges Bank; BI Norwegian Business School
摘要：We analyze the role of oil price volatility in reducing US macroeconomic instability. Using a Markov Switching Rational Expectation New Keynesian model we revisit the timing of the Great Moderation and the sources of changes in the volatility of macroeconomic variables. We find that smaller or fewer oil price shocks did not play a major role in explaining the Great Moderation. Instead oil price shocks are recurrent sources of economic fluctuations. The most important factor reducing overall va...
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作者：Park, Yena
作者单位：University of Rochester
摘要：This paper investigates whether capital and human capital are over-accumulated in an incomplete market economy. As in Davila et al. (2012), whether capital is over-accumulated depends on how the pecuniary externalities affect insurance and redistribution. In a human capital economy, however, not only capital but also human capital generates externalities and an additional channel arises that has implications for the overaccumulation (under-accumulation) of capital (human capital). The income s...
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作者：Haltiwanger, John C.; Hyatt, Henry R.; Kahn, Lisa B.; McEntarfer, Erika
作者单位：University System of Maryland; University of Maryland College Park; Yale University
摘要：We study whether workers progress up firm wage and size job ladders, and the cyclicality of this movement. Search theory predicts that workers should flow toward larger, higher paying firms. However, we see little evidence of a firm size ladder, partly because small, young firms poach workers from all other businesses. In contrast, we find strong evidence of a firm wage ladder that is highly procyclical. During the Great Recession, this firm wage ladder collapsed, with net worker reallocation ...
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作者：Ordonez, Guillermo
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：Banking regulation is beneficial because it constrains banks' portfolios to prevent excessive risk taking. But given that regulators usually know less than a bank about its investment opportunities, regulation comes at the cost of foregoing profitable investments. I argue that shadow banking improves welfare because it provides a channel to escape excessive regulation that is asymmetrically more valuable for banks with access to efficient investment opportunities. I propose a novel interventio...
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作者：Atalay, Enghin
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：I quantify the contribution of sectoral shocks to business cycle fluctuations in aggregate output. I develop and estimate a multi-industry general equilibrium model in which each industry employs the material and capital goods produced by other sectors. Using data on US industries' input prices and input choices, I find that the goods produced by different industries are complements to one another as inputs in downstream industries' production functions. These complementarities indicate that i...
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作者：Krolikowski, Pawel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：Workers who suffer job displacement experience surprisingly large and persistent earnings losses. This paper proposes an explanation for this robust empirical puzzle in a model of search with a significant job ladder and increased separation rates for the recently hired. In addition to capturing the depth and persistence of displaced worker earnings losses, the model matches: employment-to-nonemployment and employer-to-employer probabilities by tenure; the empirical decomposition of earnings l...
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作者：Schroth, Josef
作者单位：Bank of Canada
摘要：This paper studies a dynamic production economy with financial intermediation. It is assumed that claims held on intermediaries cannot be fully enforced such that intermediation is subject to intermediary equity requirements. It is shown that competitive equilibria are not constrained efficient whenever the aggregate amount of intermediary equity in the economy is low enough to limit production. Specifically, a constrained social planner can achieve a Pareto improvement by creating long-term r...
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作者：Hicks, Daniel L.
作者单位：University of Oklahoma System; University of Oklahoma - Norman
摘要：In response to income fluctuations, households smooth consumption by substituting between market expenditure and time inputs. This paper provides evidence of this substitution in the context of food consumption over transitory and permanent income fluctuations in Mexico. Household time investments drive a wedge between consumption and expenditure, amplifying measured expenditure volatility. Volatility decompositions for Mexico and the United States suggest that the extent of bias in expenditur...
