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作者：Roemer, John E.
作者单位：Yale University
摘要：Socialism is back on the political agenda in the United States. I propose several variants of socialism, characterized by different kinds of property relation in the ownership of firms. In addition to property relations, a conception of socialism should include a specification of the cooperative ethos, in place of the individualistic ethos of capitalist society. Individualistic economic agents will optimize in the manner of John Nash, whereas cooperative ones do so in the manner of Immanuel Ka...
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作者：Brinca, Pedro; Ferreira, Miguel H.; Franco, Francesco; Holter, Hans A.; Malafry, Laurence
作者单位：Universidade Nova de Lisboa; University of Cambridge; University of Oslo; Potsdam Institut fur Klimafolgenforschung
摘要：We document a strong empirical relationship between higher income inequality and stronger recessive impacts of fiscal consolidation episodes across time and space. To explain this finding, we develop a life-cycle economy with uninsurable income risk. We calibrate our model to match key characteristics of several European economies, including inequality and fiscal structures, and study the effects of fiscal consolidation programs. In our model, higher income risk induces precautionary savings b...
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作者：He, Hui; Huang, Kevin X. D.; Ning, Lei
作者单位：Shanghai Jiao Tong University; Shanghai Jiao Tong University; Vanderbilt University
摘要：Empirical evidence shows that both leisure and medical care are important in maintaining health and taxation may affect the allocation of these two inputs. We highlight this point using an analytical setting whose implications conform to micro- and macro-data. We then quantify these implications using a life-cycle overlapping generations model where taxation and relative health-care price are key determinants of the composition of the two inputs in the endogenous accumulation of health capital...
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作者：Yao, Wen; Zhu, Xiaodong
作者单位：Tsinghua University; University of Toronto; Tsinghua University
摘要：In developed countries, aggregate employment is strongly procyclical and almost as volatile as output. In China, the correlation of aggregate employment and output is close to zero, and the volatility of aggregate employment is very low. We argue that the key to understanding aggregate employment fluctuations in China is labor reallocation between the agricultural and nonagricultural sectors, and that the income effect plays an important role in determining the labor reallocation dynamics in b...
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作者：Blandin, Adam
作者单位：Virginia Commonwealth University
摘要：This article assesses the revenue potential of removing the Social Security payroll tax cap. I do so within an overlapping generations (OLG) model featuring heterogeneous agents who endogenously invest in risky human capital. Removing the tax cap leads to a sizable increase in Social Security revenues, but also produces a decrease in federal income tax revenues. Taking both Social Security and income taxes into account, removing the tax cap does not raise sufficient revenues to offset looming ...
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作者：Gao, Wenzheng; Zhang, Daiqiang; Zhao, Naibao
作者单位：Nankai University; State University of New York (SUNY) System; University at Albany, SUNY; Southwestern University of Finance & Economics - China
摘要：This article studies cost-plus-time (A+B) procurement contracting with time incentives in the highway construction industry. In the presence of construction uncertainty, the contractor's actual completion time may deviate from the bid completion time, and the A+B contract design is not ex post efficient. Using data from highway procurement contracts in California, we show that an ex post efficient lane rental contract would reduce the social cost by $41.39 million (43.11%) on average. Moreover...
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作者：Arslan, Yavuz; Guler, Bulent; Taskin, Temel
作者单位：Bank for International Settlements (BIS); Indiana University System; Indiana University Bloomington; The World Bank
摘要：We differentiate consumption from expenditure by incorporating price search decision into an otherwise standard life-cycle model. We first analytically show that, under very general conditions, poorer households search more and pay lower prices compared to wealthier ones. As a result, consumption inequality is smaller than expenditure inequality, and the gap between them increases over the life-cycle. Next, using a plausibly calibrated model, we find that life-cycle increase in consumption ine...
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作者：Huang, Yangguang; He, Ming
作者单位：Hong Kong University of Science & Technology; University of Technology Sydney
摘要：We study the econometrics of an asymmetric Tullock contest model with incomplete information. Identification results are established for parameters in the asymmetric contest success function and for the quantile functions of players' private costs. We propose the corresponding estimators, derive the asymptotic properties, and demonstrate their good finite sample performances by simulation. We also propose an easy-to-implement parametric estimation method that can incorporate contest-specific c...
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作者：Burlando, Alfredo; Canidio, Andrea; Selby, Rebekah
作者单位：University of Oregon; IMT School for Advanced Studies Lucca
摘要：Millions of households worldwide rely on savings groups (SGs) to satisfy their financial needs, yet important gaps remain in our understanding of this novel financial institution. We show theoretically that, within an SG, the supply of funds could fall short or be in excess of its demand. Then, we use week-by-week records from 46 Ugandan SGs to show that most groups do not generate sufficient loanable funds. We conclude by proposing three interventions that, in light of our model, should ease ...
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作者：Larsen, Vegard Hoghaug
作者单位：Norges Bank; BI Norwegian Business School
摘要：Uncertainty is acknowledged to be a source of economic fluctuations. But, does the type of uncertainty matter for the economy's response to an uncertainty shock? This article offers a novel identification strategy to disentangle different types of uncertainty. It uses machine learning techniques to classify different types of news instead of specifying a set of keywords. The article finds that, depending on its source, the effects of uncertainty on a macroeconomic variable may differ. I find t...
