-
作者：Kumar, Alok
作者单位：University of Victoria
摘要：The article studies the effects of inflation on real wage dispersion in a search-monetary framework. The economy is characterized by frictions in both the goods and the labor markets. In the goods market, buyers and sellers bargain over prices, whereas in the labor market firms post wage offers. In equilibrium, a lower inflation rate increases the dispersion of real wages. This result is consistent with both the observed trends in wage dispersion and the inflation rate witnessed in the 1980s a...
-
作者：Coles, Melvyn; Petrongolo, Barbara
作者单位：University of Essex; University of London; London School Economics & Political Science
摘要：This article tests between the standard random matching function approach and stock-flow matching while controlling for temporal aggregation bias. Consistent with previous empirical work, the random matching function fits the matching data reasonably well. But match flows are more highly correlated with vacancy inflows than is consistent with the random matching approach. Instead the data support stock-flow matching, where unemployed workers match directly with suitable new vacancies as such v...
-
作者：Peralta-Alva, Adrian
作者单位：University of Miami
摘要：The market value of U.S. corporations declined by 50% during 1973-74 and stagnated for the following 15 years. This abrupt decline in market valuations coincided with two technology shocks: (1) the start of the information technology revolution and (2) a sudden slowdown in productivity growth. I use general equilibrium theory to quantify the macroeconomic and asset price implications of these two shocks. ne information technology revolution and the productivity slowdown make the theory consist...
-
作者：Arcidiacono, Peter; Sieg, Holger; Sloan, Frank
作者单位：Duke University; Carnegie Mellon University; National Bureau of Economic Research
摘要：This study investigates whether models of forward-looking behavior explain the observed patterns of heavy drinking and smoking of men in late middle age in the Health and Retirement Study better than myopic models. We develop and estimate a sequence of nested models that differ by their degree of forward-looking behavior. Our empirical findings suggest that forward looking models fit the data better than myopic models. These models also dominate other behavioral models based on out-of-sample p...
-
作者：Blundell, Richard; Browning, Martin; Crawford, Ian
作者单位：University of London; University College London; IFS; University of Oxford; University of Surrey
摘要：There are three key dimensions by which revealed preference bounds on consumer demand responses can be improved. The first relates to the improvements that arise from using expansion paths for given relative prices, E-bounds. The second concerns the addition of new price information. Thirdly, there are improvements due to assuming separability. Our previous research has examined the first two cases. In this article, we show how to impose separability assumptions within a fully nonparametric an...
-
作者：Devereux, Michael B.; Siu, Henry E.
作者单位：University of British Columbia; University of British Columbia; Centre for Economic Policy Research - UK
摘要：We present a tractable, dynamic general equilibrium model of state-dependent pricing and study the response of output and prices to monetary policy shocks. We find important nonlinearities in these responses. For empirically relevant shocks, this generates substantially different predictions from time-dependent pricing. We also find a distinct asymmetry with state-dependent pricing: Prices respond more to positive shocks than they do to negative shocks. This is due to a strategic linkage betwe...
-
作者：Chakraborty, Shankha; Lahiri, Amartya
作者单位：University of Oregon; University of British Columbia
摘要：This article has two goals: (i) to reduce the 7-fold productivity differential required to explain the observed 33-fold income difference between the richest and poorest countries of the world; and (ii) to explain cross-country differences in the capital-output ratio. To achieve the first goal we modify the production function of the standard neoclassical growth model to include public capital whose provision is subject to intermediation costs. For the second goal we distort private investment...
-
作者：Lewbel, Arthur
作者单位：Boston College
摘要：Let y be a vector of endogenous variables and let w be a vector of covariates, parameters, and errors or unobservables that together are assumed to determine y. A structural model y = H(y, w) is complete and coherent if it has a well-defined reduced form, meaning that for any value of w there exists a unique value for y. Coherence and completeness simplifies identification and is required for many estimators and many model applications. Incoherency or incompleteness can arise in models with mu...
-
作者：Brusco, Sandro; Lopomo, Giuseppe; Robinson, David T.; Viswanathan, S.
作者单位：Duke University; State University of New York (SUNY) System; Stony Brook University; Universidad Carlos III de Madrid
摘要：We characterize incentive-efficient merger outcomes when payments can be made both in cash and stock. Each firm has private information about both its stand-alone value and a component of the (possibly negative) potential synergies. We study two cases: when transfers can, and cannot, be made contingent on the value of any new firm. When they can, we show that redistributing shares of any nonmerging firm generates information rents and provides necessary and sufficient conditions for the implem...
-
作者：Whelan, Karl
摘要：Despite their popularity as theoretical tools for illustrating the effects of nominal rigidities, some have questioned whether models based on staggered price contracts with rational expectations can match the persistence of the empirical inflation process. This article presents some general results about this class of models. It is shown that these models do not have a problem matching high autocorrelations for inflation. However, they fail to explain a key feature of reduced-form Phillips-cu...
