-
作者：Yoon, Chamna
作者单位：Sungkyunkwan University (SKKU)
摘要：This article develops and estimates a new dynamic spatial equilibrium model to study the regional transition dynamics and its impact on individual and aggregate welfare. The model consists of a multiregion, multisector economy comprised of overlapping generations of individuals with heterogeneous skills and mobility costs. The empirical findings suggest that a large fraction of the decline of the Rust Belt can be attributed to the reduction in its region-specific comparative advantage in the g...
-
作者：Chiu, Jonathan; Meh, Cesaire; Wright, Randall
作者单位：Bank of Canada; Victoria University Wellington; University of Wisconsin System; University of Wisconsin Madison; Federal Reserve System - USA; Federal Reserve Bank - Chicago; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research
摘要：The generation of ideas and their implementation are crucial for economic performance. We study this in a model of endogenous growth, where productivity increases with innovation and where the exchange of ideas (technology transfer) allows those with comparative advantage to implement them. Search, bargaining, and commitment frictions impede the idea market, however, reducing efficiency and growth. We characterize optimal policies involving subsidies to innovative and entrepreneurial activity,...
-
作者：Trapeznikova, Ija
作者单位：University of London; Royal Holloway University London
摘要：Standard models of labor adjustment assume that firms can change only the size of their workforce (the extensive margin) and not the number of hours of their existing employees (the intensive margin) in response to shocks. I propose a general equilibrium search model that allows for adjustment on both of these margins. The model includes on-the-job search that generates different vacancy filling and attrition rates across firms. I calibrate the model to a unique matched employer-employee panel...
-
作者：Fosgerau, Mogens; Small, Kenneth
作者单位：Technical University of Denmark; University of California System; University of California Irvine; Resources for the Future
摘要：We consider the timing of activities through a dynamic model of commuting with congestion, in which workers care solely about leisure and consumption. Implicit preferences for the timing of the commute form endogenously due to temporal agglomeration economies. Equilibrium exists uniquely and is indistinguishable from that of a generalized version of the classical Vickrey bottleneck model, based on exogenous trip-timing preferences, but optimal policies differ: the Vickrey model will misstate t...
-
作者：Eraslan, Hulya; Kosar, Gizem; Li, Wenli; Sarte, Pierre-Daniel
作者单位：Rice University; Federal Reserve System - USA; Federal Reserve Bank - New York; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Federal Reserve System - USA; Federal Reserve Bank - Richmond
摘要：We build a structural model that captures salient features of personal bankruptcy under Chapter 13. We estimate our model using a novel data set that we construct from bankruptcies filed in Delaware between 2001 and 2002. Our estimation results highlight the importance of a debtor's choice of repayment plan length on other Chapter 13 outcomes. We use the estimated model to conduct policy experiments to evaluate the impact of more stringent laws that impose restrictions on the length of repayme...
-
作者：Li, Fei; Weng, Xi
作者单位：University of North Carolina; University of North Carolina Chapel Hill; University of North Carolina School of Medicine; Peking University
摘要：This article nests a continuous-time learning model a la Jovanovic (Journal of Political Economy 92 (1984), 108-22) into a directed on-the-job search framework. We prove that the socially efficient allocation is separable, that is, the workers' value functions and optimal controls are independent of both the distribution of workers across their current match qualities and the unemployment rate. We characterize the dynamics of job transitions in the efficient allocation. Furthermore, when the m...
-
作者：Xiao, Junji; Zhou, Xiaolan; Hu, Wei-Min
作者单位：Chinese University of Hong Kong; East China Normal University; Shanghai University of Finance & Economics; National Chengchi University
摘要：This article presents a welfare analysis of the vehicle quota system of Shanghai, China. The empirical findings suggest that the quota system leads to both welfare loss as a result of reduction in vehicle transactions and welfare gain because of less externality of auto consumption. The net effect depends on the shadow price of the marginal externality, the assumption of vehicle lifetime, and market conditions such as consumers' intrinsic preference for vehicles. Compared to a progressive tax ...
-
作者：Mailath, George J.; Nocke, Volker; White, Lucy
作者单位：University of Pennsylvania; Australian National University; University of California System; University of California Los Angeles; University of Mannheim; Centre for Economic Policy Research - UK; Boston University
摘要：In repeated normal-form (simultaneous-move) games, simple penal codes (Abreu, Journal of Economic Theory 39(1) (1986), 191-225; and Econometrica 56(2) (1988), 383-96) permit an elegant characterization of the set of subgame-perfect outcomes. We show that in repeated extensive-form games such a characterization no longer obtains. By means of examples, we identify two types of settings in which a subgame-perfect outcome may be supported only by a profile with the property that the continuation p...
-
作者：Mehta, Nirav
作者单位：Western University (University of Western Ontario)
摘要：This article develops and estimates an equilibrium model of charter school entry, school input choices, and student school choices. The structural model renders a comprehensive and internally consistent picture of treatment effects when there may be general equilibrium effects of school competition. Simulations indicate that the mean effect of charter schools on attendant students is positive and varies widely across locations. The mean spillover effect on public school students is small but p...
-
作者：Lewis, Vivien; Winkler, Roland
作者单位：KU Leuven; Deutsche Bundesbank; Dortmund University of Technology
摘要：This article documents empirically that net firm entry robustly rises after a U.S. government spending expansion. We use this new finding to test the empirical validity of various model features that have been proposed to generate consumption crowding-in after positive expenditure shocks. Endogenous-entry models typically fail to generate the observed joint increase in consumption and entry. Model features that dampen the wealth effect, such as rule-of-thumb households or complementarity betwe...
