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作者：Abraham, Arpad
作者单位：University of Rochester
摘要：This article analyzes the impact of stochastic skill-biased technological change on earnings inequality in a general equilibrium OLG model. Wage dispersion is determined by the heterogeneity of skills by allowing for productivity differences due to education, ability, and age. The model performs well in reproducing stylized facts on the time pattern of the U.S. wage distribution and human capital accumulation. In particular, it shows that slow adjustment of the supply of educated labor can its...
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作者：Jappelli, Tullio; Padula, Mario; Pistaferri, Luigi
作者单位：University of Naples Federico II; Universita Ca Foscari Venezia; Stanford University
摘要：Recent models with liquidity constraints and impatience emphasize that consumers use savings to buffer income fluctuations. When wealth is below an optimal target, consumers try to increase their buffer stock of wealth by saving more. When it is above target, they increase consumption. This important implication of the buffer stock model of saving has not been subject to direct empirical testing. We derive from the model an appropriate theoretical restriction and test it using data on working-...
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作者：Battaglini, Marco; Coate, Stephen
作者单位：Princeton University; Cornell University
摘要：We describe a theory of the collective choice of fiscal policy in dynamic economies that are subject to aggregate shocks. The theory incorporates realistically complex policy spaces, rational forward-looking agents, and a rich political decision process. We argue that it provides a tractable framework to study a variety of important questions in macroeconomics and public finance.
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作者：Giannone, Domenico; Reichlin, Lucrezia; Lenza, Michele
摘要：This paper shows that the explanation of the decline in the volatility of GDP growth since the mid 1980s is not the decline in the volatility of exogenous shocks but rather a change in their propagation mechanism.
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作者：Beetsma, Roel; Giuliodori, Massimo; Klaassen, Franc
作者单位：University of Amsterdam
摘要：We investigate the consequences of an increase in public spending for trade balances and budget deficits in the European Union, using a panel vector auto-regression approach. Whereas the literature tends to treat the trade balance/GDP ratio as a single variable, we include exports and imports as separate variables. This allows us to track in more detail the sources of trade balance movements. Further, we use annual rather than quarterly data. This facilitates the interpretation of the shocks a...
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作者：Broner, Fernando A.; Martin, Alberto; Ventura, Jaume
摘要：There is a large and growing literature that studies the effects of weak enforcement institutions on economic performance. This literature has focused almost exclusively on primary markets, in which assets are issued and traded to improve the allocation of investment and consumption. The general conclusion is that weak enforcement institutions impair the workings of these markets, giving rise to various inefficiencies. But weak enforcement institutions also create incentives to develop seconda...
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作者：Rios-Rull, Jose-Victor; Sanchez-Marcos, Virginia
作者单位：University of Pennsylvania; Universidad de Cantabria
摘要：We build an aggregate model with different size houses and liquid assets. Typical households are born, are subject to idiosyncratic earnings risk, and save for both life-cycle reasons and housing reasons. Typically, a subset of these households, after accumulating some assets, make a down payment and buy a small starter's house or flat. As time passes, some households upgrade to a larger and nicer house. Households with houses may also eventually downgrade to a flat or even to no house and fla...
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作者：Pettersson-Lidbom, Per
作者单位：Stockholm University
摘要：A long-standing issue in political economics is to what extent party control makes a difference in determining fiscal and economics policies. This question is very difficult to answer empirically because parties are not randomly selected to govern political entities. This article uses a regression-discontinuity design, namely, party control changes discontinuously at 50% of the vote share, which can produce near experimental causal estimates of the effect of party control on economic outcomes....
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作者：Roberson, Brian
作者单位：University System of Ohio; Miami University
摘要：This article utilizes a simple model of redistributive politics with jurisdictional specific local projects to analyze the inefficiencies that arise under differing levels of targetability in both taxes/transfers and local projects. The ability to tactically target taxes/transfers and/or local projects leads political parties to engage in pandering to favored groups. However, in equilibrium, we find that greater targetability in the set of available policies actually intensifies the competitio...
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作者：Drelichman, Mauricio; Voth, Hans-Joachim
作者单位：University of British Columbia
