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作者：Dotsey, Michael; Li, Wenli; Yang, Fang
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; Louisiana State University System; Louisiana State University
摘要：We incorporate home production in a dynamic general equilibrium model of consumption and savings with illiquid housing and a collateralized borrowing constraint. The calibrated model explains life-cycle patterns of households' time use and consumption of different categories documented from the microdata. It predicts that the interaction of the labor efficiency profile and the home production technology explains households' time use. The resulting income profiles, the endogenous borrowing cons...
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作者：Mitchener, Kris James; Yan, Se
作者单位：Santa Clara University; University of Warwick; Peking University
摘要：Newly assembled data show that, as China opened up to global trade during the early 20th century, its exports became more unskilled-intensive and its imports more skill-intensive. Difference-in-differences estimates show that World War I dramatically increased Chinese exports, raising the relative demand for the unskilled workers producing them. When the war ended, trade costs declined and China's terms of trade increased, further stimulating exports. A simulation of a dynamic general equilibr...
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作者：Berentsen, Aleksander; Huber, Samuel; Marchesiani, Alessandro
作者单位：University of Basel; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; Universidade do Minho
摘要：Can there be too much trading in financial markets? We construct a dynamic general equilibrium model, where agents face idiosyncratic liquidity shocks. A financial market allows agents to adjust their portfolio of liquid and illiquid assets in response to these shocks. The optimal policy is to restrict access to this market because portfolio choices exhibit a pecuniary externality: Agents do not take into account that by holding more of the liquid asset, they not only acquire additional insura...
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作者：Zubairy, Sarah
作者单位：Texas A&M University System; Texas A&M University College Station
摘要：This article contributes to the debate on fiscal multipliers, in the context of an estimated dynamic stochastic general equilibrium model, featuring a rich fiscal policy block and a transmission mechanism for government spending shocks. I find the multiplier for government spending to be 1.07, which is largest on impact. The multipliers for labor and capital tax on impact are 0.13 and 0.34, respectively. The effects of tax cuts take time to build and exceed stimulative effects of spending by 1...
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作者：Esteban-Pretel, Julen; Fujimoto, Junichi
作者单位：National Graduate Institute for Policy Studies; University of Tokyo
摘要：In the United States, unemployment, job finding, and separation rates decline as worker age increases. To explain these facts, we build a search and matching model of the labor market that incorporates a life-cycle structure and features random match quality as well as human capital accumulation. The calibrated model successfully reproduces the empirical patterns of unemployment and job transition rates over the life cycle and generates plausible wage implications. We then explore the efficien...
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作者：Sun, Bo
作者单位：Peking University
摘要：The article investigates stock return dynamics in an environment where executives have an incentive to maximize their compensation by artificially inflating earnings. A principal-agent model with financial reporting and managerial effort is embedded in a Lucas asset-pricing model with periodic revelations of the firm's underlying profitability. The return process generated from the model is consistent with a range of empirical regularities observed in the return data: volatility clustering, as...
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作者：Chang, Pao-Li; Huang, Fali
作者单位：Singapore Management University
摘要：This article presents a theory on the endogenous choice of education policy and the two-way causal relationship between trade and education systems. A country's education system determines its talent distribution and comparative advantage; the possibility of trade by raising the returns to the sector of comparative advantage in turn induces countries to further differentiate their education systems and reinforces the initial pattern of comparative advantage. Specifically, the Nash equilibrium ...
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作者：Guerrieri, Luca; Henderson, Dale; Kim, Jinill
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors; Cardiff University; Korea University
摘要：The most straightforward way to analyze investment-sector productivity developments is to construct a two-sector model with a sector-specific productivity shock. An often used modeling shortcut accounts for such developments using a one-sector model with shocks to the efficiency of investment in a capital accumulation equation. This shortcut is theoretically justified when some stringent conditions are satisfied. Using a two-sector model, we consider the implications of relaxing several of the...
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作者：Karp, Larry; Rezai, Armon
作者单位：University of California System; University of California Berkeley; Vienna University of Economics & Business
摘要：A two-sector overlapping generations model illuminates the intergenerational effects of a tax that protects an environmental stock. A traded asset capitalizes the economic returns to future tax-induced environmental improvements, benefiting the current asset owners, the old generation. Absent a transfer, the tax harms the young generation by decreasing their real wage. Future generations benefit from the tax-induced improvement in environmental stock. The principal intergenerational conflict a...
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作者：Feng, Zhigang; Miao, Jianjun; Peralta-Alva, Adrian; Santos, Manuel S.
作者单位：Purdue University System; Purdue University; Boston University; Zhejiang University; Central University of Finance & Economics; Federal Reserve System - USA; Federal Reserve Bank - St. Louis; University of Miami
摘要：In this article, we propose a recursive equilibrium algorithm for the numerical simulation of nonoptimal dynamic economies. This algorithm builds upon a convergent operator over an expanded set of state variables. The fixed point of this operator defines the set of all Markovian equilibria. We study approximation properties of the operator. We also apply our recursive equilibrium algorithm to various models with heterogeneous agents, incomplete financial markets, endogenous and exogenous borro...
