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作者：Bali, Turan G.; Demirtas, K. Ozgur; Levy, Haim; Wolf, Avner
作者单位：City University of New York (CUNY) System; Baruch College (CUNY); Hebrew University of Jerusalem
摘要：It has become increasingly popular to advise investors to relocate their funds from a primarily stock portfolio to a primarily bond portfolio as they get older. However, the well-known decision rules Such as mean-variance or stochastic dominance rules are unable to explain this common practice. Almost stochastic dominance (ASD) and almost mean-variance (AMV) approaches are used to examine the dominance of stock and bond portfolios. ASD and AMV rules unambiguously support the popular practice o...
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作者：Van den Heuvel, Skander J.
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
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作者：Holden, Steinar; Wulfsberg, Fredrik
作者单位：Norges Bank; University of Oslo
摘要：We explore the existence of downward real wage rigidity (DRWR) at the industry level, based on data from 19 OECD countries for the period 1973-1999. The results show that DRWR compresses the distributions of industry wage changes overall, as well as for specific geographical regions and time periods, but there are not many real wage Cuts that are prevented. More important, however, DRWR attenuates larger real wage cuts, thus leading to higher real wages. There is stronger evidence for downward...
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作者：Wang, Neng
作者单位：Columbia University; Columbia University; National Bureau of Economic Research
摘要：Recent empirical evidence supports the view that the income process has an individual-specific growth rate component [Baker, M., 1997. Growth-rate heterogeneity and the covariance structure of life-cycle earnings. Journal of Labor Economics 15, 338-375; Guvenen, F., 2007b. Learning your earning: Are labor income shocks really very persistent? American Economic Review 97, 687-712; Huggett, M., Ventura, G., Yaron, A., 2007. Sources of life-cycle inequality. Working paper, University of Pennsylva...
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作者：Edmond, Chris; Veldkamp, Laura
作者单位：Center for Economic & Policy Research (CEPR); New York University; University of Melbourne; National Bureau of Economic Research
摘要：Recent advances in measuring cyclical changes in the income distribution raise new questions: How might these distributional changes affect the business cycle itself? We show how counter-cyclical income dispersion can generate counter-cyclical markups in the goods market, without any preference shocks or price-setting frictions. in recessions, idiosyncratic labor productivity shocks raise income dispersion, lower the price elasticity of demand, and increase imperfectly competitive firms' optim...
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作者：Chang, Yongsung; Hornstein, Andreas; Sarte, Pierre-Daniel
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Richmond; University of Rochester; Yonsei University
摘要：Whether technological progress raises or lowers employment in the short run has been the subject of much debate in the recent years. We show that cross-industry differences in inventory holding costs, demand elasticities, and price rigidities potentially all affect employment decisions in the face of productivity shocks. In particular, the employment response to a permanent productivity shock is more likely to be positive the less costly it is to hold inventories, the more elastic industry dem...
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作者：Comin, Diego; Groshen, Erica L.; Rabin, Bess
作者单位：Harvard University; National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - New York
摘要：Has greater turbulence among firms fueled rising wage instability in the U.S.? We find strong Support for the hypothesis that rising turbulence in the sales of large publicly-traded U.S. firms over the past three decades has raised their workers' high-frequency wage volatility. Through controls and instrumental variable probes, we rule out straightforward compositional churning as an explanation for the link between firm sales and wage volatility. We also observe that the relationship between ...
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作者：Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain
作者单位：Roma Tre University; Roma Tre University; European University Institute; European Central Bank; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Two specifications of an open-economy model are shown to generate high exchangerate volatility and low exchange-rate pass-through (ERPT). In the model, price discrimination causes ERPT to be incomplete in both the short and the long run. In the short run, a small amount of nominal rigidities is enough to reduce ERPT sharply: still, exchange-rate depreciation worsens the terms of trade, consistent with the evidence. Possible biases from omitted variables and measurement error in the ERPT empiri...
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作者：Dotsey, Michael; Duarte, Margarida
作者单位：University of Toronto; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：Empirical evidence suggests that movements in international relative prices are large and persistent. Nontraded goods, both in the form of final consumption goods and as an input into the production of final tradable goods, are an important aspect driving international relative price movements. In this paper we show that nontraded goods play an important role in the context of an otherwise standard open-economy macromodel. Our quantitative study with nontraded goods generates implications alon...
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作者：Sala, Luca; Soderstrom, Ulf; Trigari, Antonella
作者单位：Bocconi University; Bocconi University
摘要：We study the design of monetary policy in an estimated model with sticky prices, search and matching frictions, and staggered nominal wage bargaining. We find that the estimated natural rate of unemployment is consistent with the NBER description of the U.S. business cycle, and that the inflation/unemployment trade-off facing monetary policymakers is quantitatively important. We also show that parameter uncertainty has a limited effect on the performance or design of monetary policy, while nat...
