-
作者：Canova, Fabio; Ferroni, Filippo; Matthes, Christian
作者单位：BI Norwegian Business School; Centre for Economic Policy Research - UK; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Indiana University System; Indiana University Bloomington; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We study how structural parameter variations affect the decision rules and economic inference. We provide diagnostics to detect parameter variations and to ascertain whether they are exogenous or endogenous. A constant parameter model poorly approximates a time-varying data generating process (DGP), except in a handful of relevant cases. Linear approximations do not produce time-varying decision rules; higher-order approximations can do this only if parameter disturbances are treated as decisi...
-
作者：Reis, Hugo
作者单位：Banco de Portugal
摘要：The article develops and estimates a dynamic structural model of girls' school-going decisions and mother's labor market participation. It seeks to determine the causes of low school participation and to evaluate alternative public policies. The model incorporates mother's education, school availability, the productivity of the girl when engaged in household production, and the potential trade-off between mother's and daughter's housework decisions. Our findings suggest that school constructio...
-
作者：Banzhaf, H. Spencer
作者单位：National Bureau of Economic Research; University System of Georgia; Georgia State University
摘要：Traditional cross-sectional estimates of hedonic price functions can recover marginal willingness to pay for characteristics, but face endogeneity problems for estimating nonmarginal welfare measures. This article shows that when panel data on household demands are available, one can construct a second-order approximation to nonmarginal welfare measures using only the first-stage marginal prices. With repeated cross sections of product prices, the measure can be set identified or, under a sing...
-
作者：Reddy, Karthik; Schularick, Moritz; Skreta, Vasiliki
作者单位：Harvard University; University of Bonn; University of Texas System; University of Texas Austin; Centre for Economic Policy Research - UK; University of London; University College London; New York University; Harvard University; University of Texas System; University of Texas Austin
摘要：Legal provisions that protect elected politicians from prosecution have been common throughout history and still exist in most democracies. We provide the first systematic measurement of immunity and study, theoretically and empirically, its relation to corruption. Theory predicts that immunity is a double-edged sword. To test whether immunity is a vice or a virtue, we quantify immunity enjoyed by heads of government, ministers, and legislators in 90 countries. Controlling for standard determi...
-
作者：Dioikitopoulos, Evangelos V.; Turnovsky, Stephen J.; Wendner, Ronald
作者单位：University of London; King's College London; Athens University of Economics & Business; University of Washington; University of Washington Seattle; University of Graz
摘要：This article advances the hypothesis that the intensity of status preferences depends negatively on the average wealth of society (endogenous dynamic status effect), in accordance with empirical evidence. Our theory replicates the contradictory historical facts of an increasing saving rate along with declining returns to capital over time. By affecting the dynamics of the saving rate, the dynamic status effect raises inequality, thereby providing a behavioral mechanism for the observed diverse...
-
作者：Vespa, Emanuel
作者单位：University of California System; University of California Santa Barbara
摘要：This article studies experimentally to what extent subjects can cooperate in a dynamic common pool game, where the stage game changes endogenously. Although efficiency can be supported with strategies that condition on history, the main finding is that it is difficult to cooperate. Even if the incentives to cooperate are large, modal behavior can be rationalized with equilibrium Markov strategies that do not condition on history. The popularity of Markov strategies, however, is decreasing in t...
-
作者：Oh, Joonseok
作者单位：Free University of Berlin
摘要：This article studies the effects of uncertainty shocks on economic activity, focusing on inflation. Using a vector autoregression, I show that increased uncertainty has negative demand effects, reducing GDP and prices. I then consider standard New Keynesian models with Rotemberg-type and Calvo-type price rigidities. Despite the belief that the two schemes are equivalent, I show that they generate different dynamics in response to uncertainty shocks. In the Rotemberg model, uncertainty shocks d...
-
作者：Albouy, David; Stuart, Bryan A.
作者单位：University of Illinois System; University of Illinois Chicago; University of Illinois Chicago Hospital; National Bureau of Economic Research; George Washington University
摘要：We develop a neoclassical general equilibrium model to explain cross-metro variation in population and density. We provide new methods to estimate traded and nontraded productivities, and elasticities of housing and land supply, using density and land area data. From wage and housing cost indices, the model explains half of U.S. density and population variation and finds that quality of life determines location choices more than trade productivity; productivity and factor substitution in housi...
-
作者：Citanna, Alex; Siconolfi, Paolo
作者单位：New York University; New York University Abu Dhabi; Columbia University
摘要：We design a competitive market for exclusive contracts in large economies with observable types where trades are subject to postcontractual manipulations. We do not impose quantity restrictions at the trading stage-for example, incentive constraints on the consumption or production sets. We establish existence and constrained optimality of equilibrium. Our design can accommodate manipulations stemming from private information as well as from behavioral biases-for example, time inconsistency an...
-
作者：Loenser, Christian; Schabert, Andreas
作者单位：University of Cologne
摘要：This article examines how financial constraints affect redistribution via monetary policy. We explore a novel mechanism of monetary nonneutrality, which is based on debt limits imposed in nominal terms. Specifically, when debt is constrained by current income, monetary policy can alter the real terms of borrowing. Changes in inflation exert ambiguous effects, depending on the initial debt/wealth position and the willingness to borrow. We show analytically that borrowers can benefit from increa...
