-
作者：Bucciol, Alessandro
作者单位：University of Verona; University of Amsterdam
摘要：We adopt a two-stage Method of Simulated Moments to estimate the preference parameters in a life-cycle consumption-saving model augmented with temptation disutility. Our approach estimates the parameters from the comparison between simulated moments with empirical moments observed in the US Survey of Consumer Finances; to identify the parameters we consider moments from liquid and illiquid asset holdings at different ages. We find evidence of a small but significantly positive degree of tempta...
-
作者：Boockmann, Bernhard; Zwick, Thomas; Ammermueller, Andreas; Maier, Michael
作者单位：University of Munich; University of Mannheim
摘要：We estimate the effects of hiring subsidies for older workers on transitions from unemployment to employment in Germany. Using a natural experiment, our first set of estimates is based on a legal change extending the group of eligible unemployed persons. A subsequent legal change in the opposite direction is used to validate these results. Our data cover the population of unemployed jobseekers in Germany and was specifically made available for our purposes from administrative data. Consistent ...
-
作者：Braun, R. Anton; Nakajima, Tomoyuki
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Kyoto University
摘要：We consider an incomplete markets economy with capital accumulation and endogenous labor supply. Individuals face countercyclical idiosyncratic labor and asset risk. We derive conditions under which the aggregate allocations and price system can be found by solving a representative agent problem. This result is applied to analyze the properties of an optimal monetary policy in a New Keynesian economy with uninsured countercyclical individual risk. The optimal monetary policy that emerges from ...
-
作者：Boeri, Tito; Ignacio Conde-Ruiz, J.; Galasso, Vincenzo
作者单位：Complutense University of Madrid
摘要：We document the presence of a trade-off in the labor market between the protection of jobs and the support offered to unemployed people. Different countries locations along this trade-off represent stable political-economic equilibria. We develop a model in which individuals determine the mix of job protection and support for the unemployed in a political environment. Agents are heterogeneous along two dimensions: employment status (insiders and outsiders) and skills (low and high). Unlike pre...
-
作者：Manacorda, Marco; Manning, Alan; Wadsworth, Jonathan
作者单位：University of London; Queen Mary University London; University of London; London School Economics & Political Science; University of London; Royal Holloway University London
摘要：Immigration to the UK, particularly among more educated workers, has risen appreciably over the past 30 years and as such has raised labor supply. However studies of the impact of immigration have failed to find any significant effect on the wages of native-born workers in the UK. This is potentially puzzling since there is evidence that changes in the supply of educated natives have had significant effects on their wages. Using a pooled time series of British cross-sectional micro data on mal...
-
作者：De Giorgi, Giacomo; Pellizzari, Michele; Woolston, William Gui
作者单位：Stanford University
摘要：We study how class size and class composition affect the academic and labor market performance of college students, two crucial policy questions given the secular increase in college enrollment. Our identification strategy relies on the random assignment of students to teaching classes. We find that a one standard deviation increase in class-size results in a 0.1 standard deviation deterioration of the average grade. Further, the effect is heterogeneous as it is stronger for males and lower in...
-
作者：Jaimovich, Esteban; Merella, Vincenzo
作者单位：University of Cagliari
摘要：The NorthSouth trade literature has traditionally explored conditions under which international trade might further magnify income disparities between the advanced North and the backward South. We show that even when no single country is initially more advanced than any other one and productivity changes are uniform and identical in all countries, trade may still be a source of income divergence when nonhomothetic preferences and quality ladders are jointly taken into account. Income divergenc...
-
作者：Mumtaz, Haroon; Surico, Paolo
作者单位：University of London; London Business School
摘要：The decline in the level and persistence of inflation over the 1980s is a common feature of the most industrialized economies in the world. The rise in inflation volatility of the late 1970s and the subsequent fall of the 1980s is country specific for the UK, Canada, and, to a lesser extent, the United States, Italy, and Japan. Since the late 1980s, inflation predictability has declined significantly across the industrialized world. We link the empirical results to recent theories of internati...
-
作者：Crossley, Thomas F.; Low, Hamish W.
作者单位：University of Cambridge
摘要：In all common models of inter-temporal allocation, the assumption of a constant elasticity of intertemporal substitution (EIS) imposes surprising limitations on within-period budget allocations. Consequently, the constant EIS assumption can be tested with demand data. In fact, the EIS is pinned down completely by the shape of Engel curves: if the EIS is constant then the EIS can be estimated without variation in the interest rate. That a price elasticity can be estimated without variation in t...
-
作者：Esteban, Joan; Ray, Debraj
作者单位：Barcelona School of Economics; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE); New York University
摘要：We present a model of conflict in which discriminatory government policy or social intolerance is responsive to various forms of ethnic activism, including violence. It is this perceived responsiveness-captured by the probability that the government gives in and accepts a proposed change in ethnic policy-that induces individuals to mobilize, often violently, to support their cause. Yet, mobilization is costly and militants have to be compensated accordingly. The model allows for both financial...
