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作者：Wallace, Nancy E.
作者单位：University of California System; University of California Berkeley
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作者：Aney, Madhav S.; Ghatak, Maitreesh; Morelli, Massimo
作者单位：Singapore Management University; University of London; London School Economics & Political Science; Bocconi University; Bocconi University
摘要：We study how an excessively favorable regulatory environment for banks could arise even with a perfectly competitive credit market in a median voter world. In our occupational choice model with heterogeneous wealth endowments, market failure due to unobservability of entrepreneurial talent endogenously creates a misalignment between surplus maximizing reforms and reforms that are preferred by the median voter, who is a worker. This is in contrast to the world without market failure where the e...
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作者：Meghir, Costas
作者单位：Yale University; National Bureau of Economic Research
摘要：Kruger and Ludwig present an analysis of optimal taxation and educational subsidies in an intergenerational framework. They consider how optimal policy might change when transition costs are taken into account. We present some questions about the analysis, including the potential of defining an optimal path for policy taking into account transition costs. (C) 2016 Elsevier B.V. All rights reserved.
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作者：Scotti, Chiara
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：Two daily, real-time, real-activity indexes are constructed for the United States, euro area, United Kingdom, Canada, and Japan: (i) a surprise index summarizing recent economic data surprises and measuring optimism/pessimism about the state of the economy, and (ii) an uncertainty index measuring uncertainty related to the state of the economy. The surprise index parsimoniously preserves the properties of the underlying series when affecting asset prices. For the United States, the real-activi...
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作者：Mandelman, Federico S.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：During the last thirty years, labor markets in advanced economies were characterized by their remarkable polarization. As job opportunities in middle-skill occupations disappeared, employment opportunities concentrated in the highest and lowest wage occupations. A two-country stochastic growth model that incorporates trade in tasks, rather than in goods, accounts for this evidence. This polarization did not result from a steady process: the relative employment share of each skill group signifi...
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作者：De Nardi, Mariacristina; Yang, Fang
作者单位：University of London; University College London; Federal Reserve System - USA; Federal Reserve Bank - Chicago; University of London; London School Economics & Political Science; National Bureau of Economic Research; Louisiana State University System; Louisiana State University
摘要：This paper generates two main contributions. First, it provides a new theory of wealth inequality that merges two empirically relevant forces generating inequality: bequest motives and inheritance of ability across generations; and an earnings process that allows for more earnings risk for the richest. Second, it uses the resulting calibrated framework to study the effects of changing estate taxation. Increasing the estate tax reduces the wealth concentration in the hands of the richest few an...
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作者：Brinca, Pedro; Holter, Hans A.; Krusell, Per; Malafry, Laurence
作者单位：Universidade Nova de Lisboa; Universidade do Porto; European University Institute; University of Oslo; Stockholm University; Stockholm University
摘要：Fiscal multipliers appear to vary greatly over time and space. Based on VARs for a large number of countries, we document a strong correlation between wealth inequality and the magnitude of fiscal multipliers. In an attempt to account for this finding, we develop a life-cycle, overlapping-generations economy with uninsurable labor market risk. We calibrate our model to match key characteristics of a number of OECD economies, including the distribution of wages and wealth, social security, taxe...
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作者：Philippon, Thomas
作者单位：New York University; National Bureau of Economic Research; Center for Economic & Policy Research (CEPR)
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作者：Campolmi, Alessia; Gnocchi, Stefano
作者单位：University of Verona; Bank of Canada
摘要：Models of unemployment and monetary policy usually assume constant participation. Incorporating a participation decision into a standard New Keynesian model with matching frictions, we show that market tightness becomes endogenously more volatile because both the opportunity cost of home production and the reservation wage vary with participation. The model can simultaneously explain the low volatility of participation, the high volatility of unemployment, and a procyclical workers' outside op...
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作者：Auclert, Adrien; Rognlie, Matthew
作者单位：Stanford University; National Bureau of Economic Research; Northwestern University; Princeton University
摘要：A common view of sovereign debt markets is that they are prone to multiple equilibria. We prove that, to the contrary, Markov perfect equilibrium is unique in the widely studied model of Eaton and Gersovitz (1981), and we discuss multiple extensions and limitations of this finding. Our results show that no improvement in a borrower's reputation for repayment can be self-sustaining, thereby strengthening the Bulow and Rogoff (1989) argument that debt cannot be sustained by reputation alone. (C)...
