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作者：Cohen, Rachelle; Maltz, Amnon; Ofek-Shanny, Yuval
作者单位：University of Haifa; University of Haifa; University of Erlangen Nuremberg
摘要：Many economic allocation decisions involve subjective judgment. This judgment may be perceived as fair when needs are considered but may seem unjust in cases of personal-taste discrimination. In an experimental impartial-spectator design, we explore perceptions of taste-based inequality and compare them to attitudes toward inequalities grounded in objective procedures, namely, merit and luck. We find that while taste-based inequality is perceived distinctly, it is treated as unfair, similar to...
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作者：de Souza, Gustavo; Luduvice, Andre Victor D.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：In the United States, workers must satisfy two requirements to receive unemployment insurance (UI): a tenure requirement of a minimum work spell and a monetary requirement of past minimum earnings. Using discontinuity of UI rules at state borders, we find that both requirements reduce unemployment and that the monetary requirement decreases the number of employers and the share of part-time workers, while the tenure requirement has the opposite effect. We develop a heterogeneous agents model w...
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作者：Eraslan, Hulya; Tang, Xun
作者单位：Rice University; National Bureau of Economic Research; University of Osaka
摘要：We study the identification and estimation of large network games in which individuals choose continuous actions while holding private information about their links and payoffs. Extending the framework of Galeotti et al., we build a tractable empirical model of such network games and show that the parameters in individual payoffs are identified under large-market asymptotics in which the number of individuals increases to infinity on a single large network. We then propose a semiparametric two...
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作者：Lan, Ting; Li, Lerong; Li, Minghao
作者单位：International Monetary Fund; University of International Business & Economics; Peking University
摘要：This paper documents that households with higher marginal propensities to consume (MPCs) consume goods with more flexible prices. Consequently, they face more cyclical and volatile inflation, and experience higher inflation following expansionary monetary policy shocks. We embed this MPC-price stickiness relationship into a tractable multi-sector two-agent New Keynesian (TANK) model and show that it dampens monetary policy effectiveness by about 15% relative to a homogeneous-basket benchmark. ...
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作者：Gallegos, Jose-Elias
作者单位：Banco de Espana
摘要：Monetary policy transmission in the benchmark New Keynesian (NK) model hinges on the Full Information Rational Expectations (FIRE) assumption, especially via indirect general equilibrium (GE) effects. This paper relaxes FIRE by introducing noisy information into a Heterogeneous-Agent NK model with financial frictions. Noisy information dampens amplification by muting GE effects, aligning model dynamics with empirical evidence, and resolving the forward guidance puzzle. It also broadens the det...
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作者：Huber, Florian; Marcellino, Massimiliano; Tornese, Tommaso
作者单位：Salzburg University; Bocconi University; Catholic University of the Sacred Heart
摘要：We study the distributional implications of uncertainty shocks by developing a model that links macroeconomic aggregates to the US distribution of earnings and consumption. Our findings suggest that the fraction of low-earning workers decreases initially, while the share of households reporting low consumption increases. At longer horizons, the fraction of low-income workers increases, but the consumption distribution reverts to its preshock shape. While the first phase reduces income inequali...
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作者：Sikhova, Aiday; Oskarsson, Sven; Ahlskog, Rafael
作者单位：Texas Tech University System; Texas Tech University; Uppsala University
摘要：Economists have long studied how parental behavior shapes within-family inequality, yet empirical findings remain mixed. Using twins data from China and Sweden, we examine the predominant mechanisms reported in the literature. Parents in both countries invest similarly during childhood. Inter vivos transfers, however, differ: Chinese parents reinforce income inequality, whereas Swedish parents distribute wealth equally; the reinforcing pattern reflects exchange motives. Bequests are divided eq...
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作者：Imura, Yuko; Thomas, Julia K.
作者单位：Bank of Canada; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：We study the role of international trade in cross-country financial shock transmission using an equilibrium business cycle model calibrated to the United States and Canada. Heterogeneous firms have differing needs for external finance and face occasionally binding collateral constraints hindering their investments, while input-output linkages drive trade in final goods and intermediate inputs. Transmission of a U.S. financial shock recession into Canada's economy is qualitatively different fro...
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作者：Ghysels, Eric; Morgan, Jack
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine
摘要：We formulate quantum computing solutions to a large class of dynamic nonlinear asset pricing models using algorithms, in theory exponentially more efficient than classical ones, which leverage the quantum properties of superposition, entanglement, and interference. The equilibrium asset pricing solution is a quantum state. We use quantum decision-theoretic foundations of ambiguity and model/parameter uncertainty to deal with model selection.
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作者：Calabrese, Stephen; Epple, Dennis; Romano, Richard
作者单位：University of Sussex; Carnegie Mellon University; State University System of Florida; University of Florida
摘要：Beginning in the 1970s, many state courts declared the widespread inequality in education spending across schools a violation of their state's constitution. Funding systems then emerged providing differing approaches to state and local support of education. We develop a theoretical framework and characterize outcomes under alternative systems. Our framework has voting over policies in both state and local elections. A counterpart computational model compares equilibrium outcomes under the alte...
