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作者：Chang, Roberto; Fernandez, Andres
作者单位：Rutgers University System; Rutgers University New Brunswick; National Bureau of Economic Research; Inter-American Development Bank
摘要：Recent research on macroeconomic fluctuations in emerging economies has advocated introducing a stochastic productivity trend or allowing for interest rate shocks and financial frictions. We estimate a model that encompasses these two approaches, shedding light on their relative merits and on how financial frictions affect the transmission of shocks. The model accounts for aggregate fluctuations by assigning a dominant role to financial frictions in amplifying conventional (temporary) producti...
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作者：Kuhn, Moritz
作者单位：University of Bonn
摘要：We prove existence of a recursive competitive equilibrium (RCE) for an Aiyagari-style economy with permanent income shocks and derive important economic implications. We show that there exist equilibria where borrowing constraints are never binding and establish a nontrivial lower bound on the equilibrium interest rate. These results imply distinct consumption dynamics compared to existing studies. We present a new approach to solve the agent's problem that uses lattices of consumption functio...
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作者：Haufler, Andreas; Staehler, Frank
作者单位：University of Munich; Eberhard Karls University of Tubingen
摘要：We set up a simple two-country model of tax competition where firms with different productivity decide in which location to produce and sell output. In this model, a unique, asymmetric Nash equilibrium is shown to exist, provided that countries are sufficiently different with respect to their exogenous market size. Sorting of firms occurs in equilibrium, as the smaller country levies the lower tax rate and attracts the low-cost firms. A simultaneous expansion of both markets that raises the pr...
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作者：Diaz, Antonia; Jerez, Belen
作者单位：Universidad Carlos III de Madrid
摘要：We assess the ability of a standard search and matching framework to account for the cyclical properties of key macroeconomic time series of the housing market. We calibrate a model with aggregate demand and supply shocks to match selected business cycle properties of vacancies and sales in the United States. Our model reproduces the cyclical time series properties of house prices and the positive and negative comovement of prices with sales and time on the market, respectively. Search and mat...
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作者：Fernandez-Blanco, Javier
作者单位：Universidad Carlos III de Madrid
摘要：Consistent with the empirical evidence, this article analyzes a labor market in which separations are not permanent and reactivated firms prefer to rehire former employees instead of seek new ones. Workers engage in job search due to the uncertain prospects of rehiring. If firms can commit to wages contingent on rehiring, they backload wages to provide incentives for workers to reduce their unobservable search effort. Under risk aversion and incomplete markets, if productivity at reactivation ...
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作者：Demuynck, Thomas; Verriest, Ewout
作者单位：KU Leuven
摘要：We provide a revealed preference analysis of the habits as durables model. This approach avoids the need to impose a functional form on the underlying utility function. We show that our characterization is testable by means of linear programming methods, and we demonstrate its practical usefulness by means of an application to cigarette consumption using a Spanish household consumption data set. We find that the habits as durables model has better empirical fit in terms of predictive success c...
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作者：Kanbur, Ravi; Tuomala, Matti
作者单位：Cornell University; Tampere University
摘要：How does concern for consumption relative to others (relativity) affect the structure of optimal nonlinear income taxation? Our article provides three sets of answers to this general question. First, it supports the conclusion in the literature that relativity leads to higher marginal tax rates. In doing so, it both generalizes some of the conditions under which this result is obtained in the literature and fleshes out the detailed structure for optimal marginal tax rates for specific function...
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作者：Anderlini, Luca; Felli, Leonardo; Immordino, Giovanni; Riboni, Alessandro
作者单位：Georgetown University; University of London; London School Economics & Political Science; University of Salerno; Universite de Montreal
摘要：We analyze the relationship between legal institutions, innovation, and growth. We compare a rigid legal system (the law is set before the technological innovation) and a flexible one (the law is set after observing the new technology). The flexible system dominates in terms of welfare, amount of innovation, and output growth at intermediate stages of technological developmentperiods when legal change is needed. The rigid system is preferable at early stages of technological development, when ...
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作者：Diaz-Gimenez, Javier; Giolito, Eugenio
作者单位：Universidad Alberto Hurtado
摘要：Among first marriages in the United States, grooms are on average 1.7 years older than their brides. Traditionally, this fact is explained by sex differences in income. We use a general equilibrium, overlapping generations search model economy to show instead that sex differences in fecundity are essential to account for the age gap at first marriage, whereas sex differences in income play a secondary role. Our model economy also accounts for other facts on the timing of first marriages that t...
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作者：Bennett, Christopher J.
作者单位：Vanderbilt University
摘要：The use of partial orders has been popularized as a way to conduct social evaluations using only minimal normative assumptions. Generically, this process involves comparing continuously indexed curves that are uniquely determined by the cumulative distributions of the individual attributes under study. In the literature on income poverty and inequality, for example, pairwise comparisons of entire income distributions and their respective Lorenz curves are routinely performed in order to charac...
