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作者：Sieg, Holger; Yoon, Chamna; Zhang, Jipeng
作者单位：University of Pennsylvania; National Bureau of Economic Research; Seoul National University (SNU); Shandong University
摘要：We develop and estimate a spatial overlapping generations model with heterogeneous households to study the feasibility of a recently proposed reform of internal migration policies that offers the potential of decreasing inequality within China. We find that this policy change significantly increases the college attainment of migrant children born in rural areas and, therefore, promises to increase the number of high-skill workers. However, it requires significant tax increases to offset the re...
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作者：Cao, Melanie; Shi, Shouyong
作者单位：York University - Canada; Queens University - Canada
摘要：Capital reallocation is procyclical and an economic boom has a cleansing effect by shifting the distribution of firms from low quality to high quality. We explain these facts by modeling search frictions for used capital in the business cycle. The article characterizes the stochastic equilibrium analytically to prove that the liquidity and the price of reallocated capital are procyclical endogenously. We calibrate the model and construct proxies in the data for the unemployment rate of capital...
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作者：Irlacher, Michael; Pennerstorfer, Dieter; Renner, Anna-Theresa; Unger, Florian
作者单位：Johannes Kepler University Linz; Technische Universitat Wien; University of Gottingen
摘要：This article provides theory and evidence on the spatial determinants of regional patient flows. We develop a theoretical model that explains a patient's choice to consult a general practitioner by a measure of spatial accessibility. We empirically test this gravity-type model using regional patient flows and detailed data on the spatial distribution of residents and physicians in Austria. Our measure of spatial accessibility is a crucial determinant of patient flows that substantially increas...
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作者：Mix, Carter
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This article examines the relationship between export churning and the aggregate response to trade policy. I show that export churning-the share of bilateral exports by new or exiting exporters-varies systematically across export destinations and build a multicountry model with destination-specific investments in exporting capacity that is consistent with churning patterns. The model then predicts that trade liberalizations with minor export destinations deliver higher bilateral export growth ...
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作者：Duval-Hernandez, Robert; Fields, Gary S.; Jakubson, George H.
作者单位：Open University of Cyprus; IZA Institute Labor Economics; Centro de Investigacion y Docencia Economicas A.C. (CIDE); Cornell University
摘要：Income changes in an economy are usually assessed through the changes over time in cross-sectional variables such as economy-wide inequality. An alternative is to use panel data to gauge income changes among identified income recipients. In this article, we analyze these two approaches taken together, each measured in multiple ways. We establish that under specific conditions, it is impossible to have falling inequality together with divergent panel income changes. We also provide conditions e...
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作者：Gomberg, Andrei; Pancs, Romans; Sharma, Tridib
作者单位：Instituto Tecnologico Autonomo de Mexico
摘要：We introduce a framework to theoretically and empirically examine electoral maldistricting-the intentional drawing of electoral districts to advance partisan objectives, compromising voter welfare. We identify the legislatures that maximize voter welfare and those that maximize partisan goals, and incorporate them into a maldistricting index. This index measures the intent to maldistrict by comparing distances from the actual legislature to the nearest partisan and welfare-maximizing legislatu...
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作者：Kocherlakota, Narayana R. R.
作者单位：University of Rochester; National Bureau of Economic Research
摘要：This article studies the public debt implications of an analytically tractable class of incomplete insurance macroeconomic models in which agents face a near-zero probability of a highly adverse outcome. In generic models of this kind, there exists a public debt bubble, so that the real interest rate is perpetually below the growth rate (set to zero). There is no upper bound on the deficit level or debt level that is sustainable in a bubbly equilibrium. In a public debt bubble, ex ante steady-...
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作者：Pellegrino, Giovanni; Castelnuovo, Efrem; Caggiano, Giovanni
作者单位：Aarhus University; University of Padua; Monash University
摘要：We employ a nonlinear proxy-VAR approach to document the large response of real activity to a financial uncertainty shock during and in the aftermath of the Great Recession. We replicate this evidence with an estimated DSGE framework that we employ to quantify the output loss due to the large uncertainty shock that materialized in 2008Q4. We find such a shock to be able to explain about 60% of the output loss in the 2008-2014 period. Our model also points to the powerful role played by the Fed...
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作者：Riboni, Alessandro; Ruge-Murcia, Francisco
作者单位：Institut Polytechnique de Paris; Ecole Polytechnique; McGill University
摘要：This article examines the influence exerted by the Federal Reserve chair on monetary policy decisions. We construct a voting model where the chair selects the proposal that is initially put to a vote but is subject to an acceptance constraint that incorporates the preferences of the median Federal Open Market Committee (FOMC) member and the probability of counterproposals. The model is estimated by maximum likelihood using real-time data from FOMC meetings. Results for all chairs in our sample...
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作者：Kim, Yun Jung; Zhang, Jing
作者单位：Sogang University; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：Empirically, net capital inflows are procyclical in developed countries and countercyclical in developing countries. Private inflows are procyclical and public inflows are countercyclical in both groups of countries. The dominance of private (public) inflows in developed (developing) countries drives the difference in net inflows. We rationalize these patterns using a two-sector model of a small open economy facing borrowing constraints. Private agents overborrow because of the pecuniary exter...
