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作者：Delalibera, Bruno R.; Ferreira, Pedro Cavalcanti; Machado Parente, Rafael
作者单位：University of Barcelona; Getulio Vargas Foundation; Getulio Vargas Foundation; International Monetary Fund
摘要：We study social security reforms in economies with segmented labor markets and pension systems. We develop a life-cycle general equilibrium model with heterogeneous agents and endogenous retirement and sectoral choice across public, formal, and informal jobs. Calibrated to Brazil, the model shows that unifying pension systems and raising the minimum retirement age reduce the pension deficit by nearly 40 percent, while increasing output, capital accumulation, and welfare, despite redistributive...
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作者：Hagedorn, Marcus
作者单位：University of Oslo
摘要：Heterogeneous agent incomplete markets models offer a new perspective on price and inflation determination. In contrast to complete markets, the price level is determined from the asset-market clearing condition. Fiscal and monetary policy then jointly and uniquely determine the finite steady-state price level and the inflation rate, including in a steady state in which the nominal interest rate is constant. Fiscal policy can determine the long-run inflation rate for a fiscal rule which sets t...
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作者：Zhang, Qian; Wang, Jianxin; Houser, Daniel
作者单位：Central South University; George Mason University
摘要：Academic cheating can detrimentally impact students' learning outcomes and increase the likelihood they will later behave unethically. To improve student learning outcomes, it is important to understand why students choose to cheat. Here we develop a model, based on guilt aversion and disappointment aversion, that predicts parent-child differences in educational expectations promote children's dishonesty. We test this prediction using a nationally representative survey of secondary school stud...
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作者：Li, Wenli; Meghir, Costas; Oswald, Florian
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Yale University; National Bureau of Economic Research; IZA Institute Labor Economics; Centre for Economic Policy Research - UK; University of Turin
摘要：We specify and estimate a life-cycle model of consumption, housing demand, and labor supply in an environment where individuals can file for bankruptcy and/or default on their mortgages in the presence of house price shock, income shock, and catastrophic expenditure events. A key feature of the model is that individuals differ by education, which dictates their income process and preference. We estimate the model using data on credit reports and mortgages combined with Census data. Our model d...
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作者：Lu, Dong; Puzzello, Daniela; Zhu, Aiyong
作者单位：Renmin University of China; Indiana University System; Indiana University Bloomington; Southwestern University of Finance & Economics - China
摘要：This paper integrates theory and transaction-level data from China's interbank over-the-counter (OTC) FX market to examine how search frictions affect prices, asset distributions, and welfare. We document that: (1) larger banks face lower transaction costs, decreasing with trade size; (2) easing search frictions increases dispersion in asset holdings; and (3) search frictions distort counterparty selection. These patterns follow naturally from an OTC model with heterogeneous investor search ab...
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作者：Gradstein, Mark; Ventura, Luigi
作者单位：Ben-Gurion University of the Negev; Sapienza University Rome
摘要：We explore implications of social status concerns for redistribution, income inequality, and growth in a political economy framework. Salience of such concerns leads to a propagation mechanism, whereby initial income inequality and reduced willingness to redistribute income reinforce each other, potentially giving rise to multiple steady states. An extension illustrates the possibility of a high redistribution cum low inequality steady state resulting in a higher steady-state income level. Som...
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作者：Cooper, Russell; Gong, Guan; Hu, Guanliang; Yan, Ping
作者单位：Liaoning University; European University Institute; Shanghai University of Finance & Economics; City University of Hong Kong
摘要：This paper studies Chinese firms' export status, distinguishing state and privately controlled enterprises. A dynamic model of export decisions is estimated by ownership types. The estimated models capture distinctive differences between ownership types including the productivity gap between exporters and nonexporters, the interaction between domestic and foreign sales, the skewed distribution of export shares, and the dynamic response of employment to changes in export status. Our analysis hi...
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作者：Shangguan, Ruo; Devaro, Jed; Owan, Hideo
作者单位：Jinan University; Waseda University
摘要：Modern workplaces extensively use teams of white-collar knowledge workers to complete complex projects. Data on architects designing construction projects in a Japanese firm reveal that a five-person team's highest contributor invests over 60% of the team's working hours. Following the financial crisis of 2008, the average team productivity increased by 8.9%, while hours became more concentrated within teams. A theoretical model of team productivity is used to explain the changes. The counterf...
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作者：Peretto, Pietro F.; Valente, Simone
作者单位：Duke University; Norwegian University of Science & Technology (NTNU)
摘要：Pollution causes premature deaths but plays almost no role in macroeconomic analysis. To fill this gap, we build a tractable model of innovation-led economic growth and endogenous fertility in which production generates deadly spillovers, that is, emissions that increase mortality. Such spillovers affect income growth, population size, and welfare. They also create steady states that would not exist otherwise. Emission taxes increase population size and may even raise long-run growth if they r...
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作者：Urbinati, Niccolo; LiCalzi, Marco
作者单位：Universita Ca Foscari Venezia; Universita Ca Foscari Venezia
摘要：We study competitive equilibria in exchange economies when a continuum of goods is conflated into a finite set of commodities. The design of conflation choices affects the allocation of scarce resources among agents, by constraining trading opportunities and shifting competitive pressures. We demonstrate the consequences on relative prices, trading positions, and welfare.
