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作者：Uy, Timothy; Yi, Kei-Mu; Zhang, Jing
作者单位：University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Michigan System; University of Michigan; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：We study the importance of international trade in structural change. Our framework has both productivity and trade cost shocks, and allows for non-unitary income and substitution elasticities. We calibrate our model to investigate South Korea's structural change between 1971 and 2005. We find that the shock processes, propagated through the model's two main transmission mechanisms, non-homothetic preferences and the open economy, explain virtually all of the evolution of agriculture and servic...
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作者：Haefke, Christian; Sonntag, Marcus; van Rens, Thijs
作者单位：New York University; New York University Abu Dhabi; University of Warwick
摘要：Recent research in macroeconomics emphasizes the role of wage rigidity in accounting for the volatility of unemployment fluctuations. We use worker-level data from the CPS to measure the sensitivity of wages of newly hired workers to changes in aggregate labor market conditions. The wage of new hires, unlike the aggregate wage, is volatile and responds almost one-to-one to changes in labor productivity. We conclude that there is little evidence for wage rigidity in the data. (C) 2013 Elsevier ...
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作者：Sieg, Holger; Wang, Yu
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：The efficient decentralized provision of public goods requires that special interest groups, such as municipal unions, do not exercise undue influence on the outcome of municipal elections and local fiscal policies. We develop a new political economy model in which a union can endorse one of the candidates in a local election. A politician that prefers an inefficiently large public sector can, therefore, win an election if the union can provide sufficiently strong support during the campaign. ...
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作者：Sirri, Erik R.
作者单位：Babson College
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作者：Alvarez, Fernando; Lippi, Francesco
作者单位：University of Chicago; University of Sassari
摘要：We consider an inventory model for a liquid asset where the per-period net expenditures have two components: one that is frequent and small and another that is infrequent and large. We give a theoretical characterization of the optimal management of liquid asset as well as of the implied observable statistics. We use our characterization to interpret some aspects of households' currency management in Austria, as well as the management of demand deposits by a large sample of Italian investors. ...
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作者：Cole, Harold L.
作者单位：University of Pennsylvania; National Bureau of Economic Research
摘要：A model of self-enforcing stochastic monitoring with investment and production is developed. The optimal contract leads to debt-like and equity-like claims on the firm that are held by symmetrically informed outside investors and rationalizes the separation of these claims in order to efficiently generate the correct monitoring incentives. Self-enforcing monitoring leads to misreporting in equilibrium. While stochastic monitoring means that the failure to repay the face value of the debt can l...
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作者：Henriksen, Espen; Kydland, Finn E.; Sustek, Roman
作者单位：University of California System; University of California Davis; University of California System; University of California Santa Barbara; National Bureau of Economic Research; University of Southampton
摘要：Fluctuations in nominal variables-aggregate price levels and nominal interest rates are documented to be substantially more synchronized across countries at business cycle frequencies than fluctuations in real output. A transparent mechanism accounting for this striking feature of the nominal environment is described and quantitatively evaluated. It is based on the interaction between (small) cross-country spillovers of shocks, Taylor rules, and domestic no-arbitrage conditions. The mechanism ...
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作者：Carlino, Gerald A.; Inman, Robert P.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University of Pennsylvania
摘要：Using a sample of the 48 mainland US states for the period 1973-2009, we study the ability of US states to expand their own state employment through the use of state deficit policies. The analysis allows for the facts that US states are part of a wider monetary and economic union with free factor mobility across all states and that state residents and firms may purchase goods from neighboring states. Those purchases may generate economic spillovers across neighbors. Estimates suggest that stat...
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作者：Chen, Hui
作者单位：Massachusetts Institute of Technology (MIT); National Bureau of Economic Research
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作者：Eyraud, Luc; Lusinyan, Lusine
作者单位：International Monetary Fund; International Monetary Fund
摘要：The paper examines empirically, using a measure of vertical fiscal imbalances (VFI), the relationship between overall fiscal performance and the financing structure of subnational governments. It presents stylized facts regarding the size, evolution, and components of measured VFI using data from 28 OECD countries. On average, the general government fiscal balance is found to improve by 1 percent of GDP for each 10 percentage point reduction in VFI. (c) 2013 Elsevier B.V. All rights reserved.
