-
作者：Guler, Bulent; Guvenen, Fatih; Violante, Giovanni L.
作者单位：Indiana University System; Indiana University Bloomington; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR); New York University
摘要：The job-search problem of couples differs in significant ways from that of singles. We characterize the reservation wage strategies of a couple that perfectly pools income to understand the ramifications of joint search for individual labor market outcomes. Two cases are analyzed. First, when couples are risk averse and pool income, joint search yields new opportunities relative to single-agent search. Second, when spouses receive job offers from multiple locations and incur a cost when living...
-
作者：Erosa, Andres; Fuster, Luisa; Kambourov, Gueorgui
作者单位：University of Toronto; National Bureau of Economic Research
摘要：There are substantial cross-country differences in labor supply late in the life cycle (age 50+). A theory of labor supply and retirement decisions is developed to quantitatively assess the role of social security, disability insurance, and taxation for understanding differences in labor supply late in the life cycle across European countries and the United States. The findings support the view that government policies can go a long way towards accounting for the low labor supply late in the l...
-
作者：Hofmann, Boris; Peersman, Gert; Straub, Roland
作者单位：Bank for International Settlements (BIS); Ghent University; European Central Bank
摘要：Supply and demand shocks had much stronger long-run effects on nominal wages and prices during the Great Inflation. For supply shocks, there is even a sign switch in the nominal wage response. Before and after the Great Inflation, nominal wages moved in the same direction as real wages and in the opposite direction of the price level, whereas nominal wages and prices moved in the same direction at longer horizons after the shock in the 1970s. Estimation of a DSGE model shows that these results...
-
作者：Guner, Nezih; Kaygusuz, Remzi; Ventura, Gustavo
作者单位：Autonomous University of Barcelona; ICREA; Barcelona School of Economics; Sabanci University; Arizona State University; Arizona State University-Tempe
摘要：Based on well-known evidence on labor supply elasticities, several authors have concluded that women should be taxed at lower rates than men. We evaluate the quantitative implications and merits of this proposition. Relative to the current system of taxation, setting a proportional tax rate on married females equal to 4% (8%) increases output and married female labor force participation by about 3.9% (3.4%) and 6.9% (4.0%), respectively. Gender-based taxes improve welfare and are preferred by ...
-
作者：Jacquet, Nicolas L.; Tan, Serene
作者单位：University of Adelaide; Singapore Management University; National University of Singapore
摘要：We present a theory of differences of liquidity across assets, based on an endogenous ranking of assets as media of exchange arising from their relative quality as hedging devices. When assets have two distinct roles, as intertemporal media of exchange and hedging devices, buyers have generically a strict preference for paying sellers with the asset which is the relative better hedging device for sellers. The consequence of this preference is that there are three monetary policy regimes, and t...
-
作者：Williams, Noah
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：Monetary policy may play a substantial role in mitigating the effects of financial crises. In this paper, I suppose that the economy occasionally but infrequently experiences crises, where financial variables affect the broader economy. I analyze optimal monetary policy under such financial uncertainty, where policymakers recognize the possibility of crises. Optimal monetary policy is affected during the crisis and in normal times, as policymakers guard against the possibility of crises. In th...
-
作者：Ravn, Morten O.; Schmitt-Grohe, Stephanie; Uribe, Martin
作者单位：Columbia University; National Bureau of Economic Research; University of London; University College London
摘要：Using panel structural VAR analysis and quarterly data from four industrialized countries, we document that an increase in government purchases raises output and private consumption, deteriorates the trade balance, and depreciates the real exchange rate. This pattern of comovement poses a puzzle for both neoclassical and Keynesian models. An explanation based on the deep-habit mechanism is proposed. An estimated two-country model with deep-habits is shown to replicate well the observed respons...
-
作者：Rupert, Peter; Wasmer, Etienne
作者单位：Institut d'Etudes Politiques Paris (Sciences Po); University of California System; University of California Santa Barbara
摘要：Conventional macro-search models (Mortensen and Pissarides) with unemployment benefits and taxes have been able to account for the variation in unemployment rates across countries but do not account for the role geographic mobility or commuting time might play. We build a model in which both unemployment and mobility rates are endogenous. Our findings indicate that an increase in unemployment benefits and in taxes does not generate a strong decline in mobility but does increase unemployment as...
-
作者：Imrohoroglu, Selahattin
作者单位：University of Southern California
-
作者：Edmond, Chris; Weill, Pierre-Olivier
作者单位：University of Melbourne; Center for Economic & Policy Research (CEPR); University of California System; University of California Los Angeles; National Bureau of Economic Research
摘要：An extensive empirical literature finds that micro asset markets are segmented from one another. We develop a consumption-based asset pricing model to quantify the aggregate implications of a financial system comprised of many such segmented micro asset markets. We specify exogenously the level of segmentation that determines how much idiosyncratic risk traders bear in their micro market and calibrate the segmentation to match facts about systematic and idiosyncratic return volatility. In our ...
