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作者：Merkurieva, Irina
作者单位：University of St Andrews
摘要：This article provides an empirical analysis of the effect of involuntary job loss on the lifetime income and labor supply of older workers. I develop and estimate a dynamic programming model of retirement with savings, costly job search, and exogenous layoffs. The average cost of job loss is equivalent to one year of predisplacement earnings, 70% due to the wage reduction and 30% to the search frictions. Displaced workers on average retire 14 months earlier. Workers who approached retirement d...
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作者：Brooks, Wyatt J.; Pujolas, Pau S.
作者单位：University of Notre Dame; McMaster University
摘要：We measure gains from trade in multisector economies with nonhomothetic preferences where changes in trade costs generate reallocation of expenditure across sectors. We show how to measure the trade elasticity and how it relates to welfare. In this environment, the trade elasticity now varies both across countries and with levels of trade costs. In an application, we find that the trade elasticity varies substantially across countries and that the gains from moving from autarky to observed tra...
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作者：Ouazad, Amine; Ranciere, Romain
作者单位：Universite de Montreal; HEC Montreal; University of Southern California
摘要：This article develops a general equilibrium model of location choice where mortgage approval rates determine household-specific choice sets. Estimation of the model using San Francisco Bay area data reveals that the price sensitivity of borrowing constraints explains about two-thirds of the price elasticity of neighborhood demand. General equilibrium analysis of the 2000-2006 relaxation of lending standards predicts the following impacts on prices and neighborhood demographics: (i) an increase...
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作者：Bag, Parimal K.; Sharma, Tridib
作者单位：National University of Singapore; Instituto Tecnologico Autonomo de Mexico
摘要：Two career-concerned experts sequentially give advice to a Bayesian decision maker (D). We find that secrecy dominates transparency, yielding superior decisions for D. Secrecy empowers the expert moving late to be pivotal more often. Further, (i) only secrecy enables the second expert to partially communicate her information and its high precision to D and swing the decision away from first expert's recommendation; (ii) if experts have high average precision, then the second expert is effectiv...
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作者：Cronin, Christopher J.
作者单位：University of Notre Dame
摘要：This study quantifies the moral hazard effect of health insurance on medical expenditure by estimating a dynamic model of within-year medical care consumption that allows for insurance selection, endogenous health transitions, and individual uncertainty about medical care prices in an environment where insurance has nonlinear cost-sharing features. The results suggest that moral hazard accounts for 53.1%, on average, of total annual medical expenditure when insured. This estimate is significan...
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作者：Paciello, Luigi; Pozzi, Andrea; Trachter, Nicholas
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：Using microdata from a U.S. retailer we document that customer turnover responds to pricing. We study the optimal price setting of a firm when its demand has an extensive margin that is elastic to price due to customers' opportunity to search for an alternative supplier. The price pass-through of idiosyncratic productivity shocks is incomplete, with the most productive firms passing through more. Firm demand is more persistent than price. Higher demand is associated with lower markups due to h...
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作者：Newberry, Peter; Zhou, Xiaolu
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; Xiamen University
摘要：We study the heterogeneous effect of online reputation for sellers that differ in their national presence and examine how this heterogeneity affects the distribution of sales on a large Chinese platform. We estimate a demand model that incorporates a learning process and allow for the process to vary across sellers who are differentiated by their national presence. The estimates suggest that the impact of reputation is larger for local sellers. Using these estimates, we find that removing the ...
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作者：Jin, Gu; Zhu, Tao
作者单位：Central University of Finance & Economics; Hong Kong University of Science & Technology
摘要：For a class of standard and widely used preferences, a one-shot money injection in a standard matching model can induce a significant and persistent output response by dispersing the distribution of wealth. Decentralized trade matters for both persistence and significance. Following the injection, the price response may be sluggish, the markup may move up with output, and both the interest rate and the inflation rate may drop below their trend levels.
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作者：Cooper, Russell; Liu, Huacong
作者单位：Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park; European University Institute; National Bureau of Economic Research; University of Hamburg
摘要：This article studies the allocation of heterogeneous agents to levels of educational attainment. The goal is to understand the magnitudes and sources of mismatch in this assignment, both in theory and in the data. The article presents evidence of substantial mismatch between ability and educational attainment across 21 OECD countries, with a main focus on Germany, Italy, Japan, and the United States. Model parameters are estimated using a simulated method of moments approach. The main empirica...
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作者：Harenberg, Daniel; Ludwig, Alexander
作者单位：Swiss Federal Institutes of Technology Domain; ETH Zurich; Goethe University Frankfurt
摘要：We ask whether a pay-as-you-go financed social security system is welfare improving in an economy with idiosyncratic and aggregate risk. We show that the whole welfare benefit from insurance against both risks is greater than the sum of benefits from insurance against the isolated risks. One reason is the convexity of the welfare gain. The other reason is a direct risk interaction amplifying the utility losses from risk. Our quantitative evaluation shows that introducing a minimum pension lead...
