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作者：Jeske, Karsten; Kitao, Sagiri
作者单位：University of Southern California
摘要：The U.S. tax policy on health insurance is regressive because it subsidizes only those offered group insurance through their employers, who also tend to have a relatively high income. Moreover, the subsidy takes the form of deductions fro m the progressive income tax system giving high income earners a larger subsidy. To understand the effect of the policy, we construct a dynamic general equilibrium model with heterogenous agents and an endogenous demand for health insurance. A complete remova...
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作者：Smith, Anthony A., Jr.
作者单位：Yale University
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作者：Klein, Paul; Ventura, Gustavo
作者单位：University of Iowa; Western University (University of Western Ontario); Stockholm University
摘要：Barriers to labor mobility across countries coexist with substantial differences in living standards largely attributable to productivity differences. A growth model with endogenous labor movements is used to assess the effects on output, capital accumulation and welfare of removing barriers to labor mobility. The model is parameterized so that it is consistent with evidence on historical labor movements, and is applied to two cases: the enlargement of the European Union and the (hypothetical)...
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作者：King, Robert G.
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作者：Spatt, Chester
作者单位：Carnegie Mellon University; National Bureau of Economic Research; Carnegie Mellon University
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作者：Nolan, Charles; Thoenissen, Christoph
作者单位：University of St Andrews
摘要：Employing the financial accelerator (FA) model of Bernanke et al. [1999. The Financial accelerator in a quantitative business cycle framework. In: Taylor. J.B.. Woodford, M. (Eds.), Handbook of Macroeconomics, vol. 1C. Handbooks in Economics, vol. 15. Elsevier, Amsterdam, pp. 1341-1393] enhanced to include a shock to the FA mechanism, we construct and study shocks to the efficiency of the financial sector during post-war US business cycles. These shocks are found to (i) be very tightly linked ...
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作者：Mackowiak, Bartosz; Moench, Emanuel; Wiederholt, Mirko
作者单位：Northwestern University; European Central Bank; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：In the median sector, 100 percent of the long-run response of the sectoral price index to a sector-specific shock occurs in the month of the shock. The standard Calvo model and the standard sticky-information model can match this finding only under extreme assumptions concerning the profit-maximizing price. The rational-inattention model of Mackowiak and Wiederholt [2009a. Optimal sticky prices under rational inattention. American Economic Review 99, 769-803] can match this finding without an ...
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作者：Altissimo, Filippo; Mojon, Benoit; Zaffaroni, Paolo
作者单位：Imperial College London
摘要：An aggregation exercise is proposed that aims at investigating whether the fast average adjustments of the disaggregate inflation series of the euro area CPI is coherent with the slow adjustment of euro area aggregate inflation. Estimating a dynamic factor model for 404 inflation sub-indices of the euro area CPI allows to decompose the dynamics of inflation sub-indices into a part due to a common macroeconomic shock and to sector specific idiosyncratic shocks. Although idiosyncratic shocks dom...
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作者：Monacelli, Tommaso
作者单位：Bocconi University
摘要：Econometric evidence suggests that, in response to monetary policy shocks, durable and non-durable spending co-move positively, and durable spending exhibits a much larger sensitivity to the shocks. A standard two-sector New Keynesian model with perfect financial markets is at odds with these facts. The introduction of a borrowing constraint, where durables play the role of collateral assets, helps in reconciling the model with the empirical evidence. (C) 2008 Elsevier B.V. All rights reserved.
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作者：Mukoyama, Toshihiko; Sahin, Ayseguel
作者单位：University of Virginia; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：There has been a substantial increase in the average duration of unemployment relative to the unemployment rate in the U.S. over the last 30 years. We evaluate the performance of a standard job-search model in explaining this phenomenon. In particular, we examine whether the increase in within-group wage inequality and the decline in the incidence of unemployment can account for the increase in unemployment duration. The results indicate that these two changes can explain a significant part of...
