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作者：Acemoglu, Daron
作者单位：Massachusetts Institute of Technology (MIT)
摘要：Does capital accumulation increase labor demand and wages? Neoclassical production functions, where capital and labor are q-complements, ensure that the answer is yes, so long as labor markets are competitive. This result critically depends on the assumption that capital accumulation does not change the technologies being developed and used. I adapt the theory of endogenous technological change to investigate this question when technology also responds to capital accumulation. I show that ther...
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作者：Yang, Zaifu; Yu, Jingsheng
作者单位：University of Macau; University of York - UK; Wuhan University
摘要：This paper proposes an efficient and incentive-compatible dynamic auction for selling multiple heterogeneous indivisible goods when bidders have unit demand, quasi-linear preferences, and hard budgets. Valuations and budgets are private information. The auction generates an efficient outcome that is not only in the core but also strongly Pareto efficient. When no bidder is budget-constrained, the auction returns a Walrasian equilibrium with the minimal equilibrium prices.
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作者：Ma, Xiao; Nakab, Alejandro; Zhang, Yiran
作者单位：Peking University Shenzhen Graduate School (PKU Shenzhen); Peking University; Universidad Torcuato Di Tella; Fudan University; Fudan University
摘要：This paper studies the impact of trade openness on welfare through alterations in workers' skill acquisition. Guided by empirical evidence, we integrate endogenous choices of learning investments into a multisector Eaton-Kortum model. Our model reveals that trade openness influences skill acquisition by two channels: (1) reallocating labor between sectors with varying skill intensities and on-the-job learning opportunities and (2) allowing producers in each country to source varieties from mor...
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作者：Su, Dan
摘要：This study shows that technological specialization is one plausible driver of long-term international capital flows. Capital scarcity raises marginal returns but also steers countries toward capital-saving technologies. As a result, capital-rich countries adopt capital-complementary technologies and keep importing capital from poorer countries that favor capital-substitute innovations. This divergence force on capital allocation, which we name the capital Matthew effect, offsets convergence fr...
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作者：Miao, Jianjun; Shen, Zhouxiang; Su, Dongling
作者单位：Zhejiang University; Zhejiang University; Zhejiang University; Shanghai University of Finance & Economics; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics
摘要：We provide a New Keynesian model with overlapping generations to study the impact of temporary and permanent increases in fiscal deficits financed by debt rollover policy when interest rates are lower than economic growth rates. The debt rollover policy is feasible in the monetary regime but leads to very slow-moving debt. This policy generates persistent inflation for a temporary increase in fiscal deficits, but persistent disinflation for a permanent increase. For social welfare, the debt ro...
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作者：Zi, Yuan
摘要：I examine how migration frictions shape the effects of trade policy by analyzing the impact of tariff reductions on labor allocation in China and the role of hukou-based migration frictions. Trade liberalization induces significant labor reallocation, greater in regions with lower hukou frictions. Quantitatively, trade liberalization increases China's welfare by 0.72%. Abolishing the hukou system directly improves welfare by 1.75% but reduces gains from tariff reductions by 18% and amplifies n...
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作者：Jo, Ara
作者单位：University of Bath
摘要：The elasticity of substitution between clean and dirty energy lies at the center of leading economic analyses of climate policy. Despite the importance, empirical assessments of this key parameter remain scarce. This article estimates the clean-dirty elasticity of substitution using data on French manufacturing firms. Using the elasticity estimates, I then measure the bias in technical change at the firm level and find that technical change was largely biased toward dirty energy, despite a rec...
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作者：Kapetaniou, Chrystalla; Pissarides, Christopher A.
作者单位：University of Southampton; University of London; London School Economics & Political Science; University of Cyprus
摘要：In a model with robots, automatable and nonautomatable production, we study robot-labor substitutions and show how they are influenced by a country's innovation system. Substitution depends on demand and production elasticities, the country's innovation capabilities, and openness. Making use of World Economic Forum data, we estimate the relationship for 13 countries and find that countries with poor innovation capabilities substitute robots for workers much more than countries with richer inno...
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作者：Macedoni, Luca; Weinberger, Ariel
作者单位：Aarhus University; George Washington University
摘要：This article investigates the international spillover effects of nondiscriminatory product regulations, for example, quality standards, in a multicountry general equilibrium framework with firm heterogeneity. In the presence of variable markups, when regulations are applied as a fixed cost consistent with stylized facts, they generate a positive spillover on the rest of the world as they induce entry of high-quality firms and improve the terms of trade of the nonimposing countries. The benefit...
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作者：Fournier, Gaetan; Grillo, Alberto; Tsodikovich, Yevgeny
作者单位：Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS); Universite Paris-Pantheon-Assas; Ben-Gurion University of the Negev
摘要：We study candidates' position adjustments in response to information about voters' preferences. Repositioning allows candidates to move closer to the median voter, but it incurs financial and electoral costs. In a subgame-perfect equilibrium, candidates diverge from the center ex ante if the costs of adjustment are sufficiently large. This allows them to increase the chances of a costless victory when the information is strongly in their favor. Our theory highlights a dynamic of moderation dur...
