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作者：Heathcote, Jonathan; Storesletten, Kjetil; Violante, Giovanni L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Oslo; Princeton University
摘要：We address the question in the title in a heterogeneous-agent incomplete-market model featuring exogenous idiosyncratic risk, endogenous skill investment, and flexible labor supply. The tax and transfer schedule is restricted to being log-linear in income, a good description of the US system. Rising inequality is modeled as a combination of skill-biased technical change and growth in residual wage dispersion. When facing shifts in the income distribution like those observed in the United State...
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作者：Asonuma, Tamon; Joo, Hyungseok
作者单位：International Monetary Fund; University of Surrey
摘要：Foreign creditors' business cycles influence both the process and the outcome of sovereign debt restructurings. We compile two datasets on creditor committees and chairs and on creditor business and financial cycles at the restructurings. We find that when creditors experience high GDP growth, restructurings are delayed and settled with smaller haircuts. To rationalize these stylized facts, we develop a theoretical model of sovereign debt with multiround renegotiations between a risk averse so...
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作者：Coibion, Olivier; Gorodnichenko, Yuriy; Kudlyak, Marianna; Mondragon, John
作者单位：University of Texas System; University of Texas Austin; University of California System; University of California Berkeley; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Northwestern University
摘要：Using household-level debt data over 2000-2012 and local variation in inequality, we show that low-income households in high-inequality regions (zip codes, counties, states) accumulated less debt relative to their income than low-income households in lower inequality regions. We also find evidence that low-income households face higher credit prices and reduced access to credit as inequality increases. We argue that these patterns are consistent with inequality tilting credit supply away from ...
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作者：Fetzer, Thiemo
作者单位：University of Warwick
摘要：Can public interventions persistently reduce conflict? Adverse weather shocks, through their impact on incomes, have been identified as robust drivers of conflict in many contexts. An effective social insurance system moderates the impact of adverse shocks on household incomes, and hence, could attenuate the link between these shocks and conflict. This paper shows that a public employment program in India, by providing an alternative source of income through a guarantee of 100 days of employme...
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作者：Cubitt, Robin; van de Kuilen, Gijs; Mukerji, Sujoy
作者单位：University of Nottingham; Tilburg University; University of London; Queen Mary University London
摘要：During recent decades, many new models have emerged in pure and applied economic theory according to which agents' choices may be sensitive to ambiguity in the uncertainty that faces them. The exchange between Epstein (2010) and Klibanoff et al. (2012) identified a notable behavioral issue that distinguishes sharply between two classes of models of ambiguity sensitivity that are importantly different. The two classes are exemplified by the alpha-maxmin expected utility (MEU) model and the smoo...
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作者：Bietenbeck, Jan
作者单位：Lund University
摘要：This paper evaluates how sharing a kindergarten classroom with low-achieving repeaters affects the long-term educational performance of regular first-time kindergarten students. Exploiting random assignment of teachers and students to classes in Project STAR, I document three sets of causal impacts: students who are exposed to repeaters (1) score lower on a standardized math test at the end of kindergarten, an effect that fades out in later grades; (2) show persistent improvements in noncognit...
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作者：Janssen, Maarten; Shelegia, Sandro
作者单位：University of Vienna; HSE University (National Research University Higher School of Economics); Pompeu Fabra University
摘要：This paper studies vertical relations in a search market. As the wholesale arrangement between a manufacturer and its retailers is typically unobserved by consumers, their beliefs about who is to be blamed for a price deviation play a crucial role in determining wholesale and retail prices. The common assumption in the consumer search literature is that consumers exclusively blame an individual retailer for a price deviation. We show that in the vertical relations context, predictions based on...
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作者：Kneip, Alois; Merz, Monika; Storjohann, Lidia
作者单位：University of Bonn; University of Bonn; University of Vienna
摘要：We outline a formal procedure for deriving the aggregate wage-elasticity of labor supply for a large group of heterogeneous workers who operate under uncertainty. Heterogeneity relates to preferences, income, wealth, and the labor market status. If each worker faces a small, possibly nonuniform wage change, the implied aggregate wage-elasticity can be represented by a closed-form expression. This expression captures an extensive and an intensive margin. We empirically implement the procedure f...
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作者：Chark, Robin; Chew, Soo Hong; Zhong, Songfa
作者单位：University of Macau; Southwestern University of Finance & Economics - China; National University of Singapore
摘要：Results from studies on risk taking behavior suggest that people tend to be risk seeking when making choices over lotteries that involve longshots: small probabilities of winning sizable payoffs. To investigate preferences over longshots systematically, we conduct an incentivized experiment using state lotteries in China, each involving a single prize and fixed winning odds. This enables our construction of single-prize lotteries involving winning odds between 10-5 and 10-1 and winning prizes ...
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作者：Guerrieri, Veronica; Lorenzoni, Guido; Prato, Marta
作者单位：University of Chicago; Northwestern University; University of Chicago
摘要：We use a model of precautionary savings with housing and mortgages to study the effects of a deleveraging shock on consumer spending. We focus on the deleveraging caused by a contraction in home values, and compute numerically the partial-equilibrium effect of the shock. Our simulations show that household deleveraging is associated with a long and protracted weakness in consumption. These effects appear even if we assume, realistically, that housing wealth is illiquid and mortgage debt is lon...
