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作者：Garcia-Perez Ignacio, J.; Rendon, Silvio
作者单位：Universidad Pablo de Olavide; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia
摘要：We propose and estimate a model of family job search and wealth accumulation with data from the Survey of Income and Program Participation (SIPP). This dataset reveals a very asymmetric labor market for household members who share that their job finding is stimulated by their partners' job separation. We uncover a job search-theoretic basis for this added worker effect, which occurs mainly during economic downturns, but also by increased nonemployment transfers. Thus, our analysis shows that t...
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作者：Hai, Rong; Krueger, Dirk; Postlewaite, Andrew
作者单位：University of Miami; University of Pennsylvania
摘要：We propose a new category of consumption goods, memorable goods, that generate a utility flow even after physical consumption. Empirically, memorable goods expenditures exhibit frequent zero monthly purchases and lumpy expenditure spikes. Memorable goods expenditures are 20% the size of nondurable expenditures, but three times as volatile. We then develop a consumption-savings model with borrowing constraints and income risk that formalizes the notion of memorable goods and distinguishes them ...
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作者：D'Haultfouille, Xavier; Fevrier, Philippe
作者单位：Institut Polytechnique de Paris; ENSAE Paris
摘要：We address empirically the issues of the optimality of simple linear compensation contracts and the importance of asymmetries between firms and workers. For that purpose, we consider contracts between the French National Institute of Statistics and Economics (Insee) and the interviewers it hired to conduct its surveys in 2001, 2002, and 2003. To derive our results, we exploit an exogenous change in the contract structure in 2003, the piece rate increasing from 20.2 to 22.9 euros. We argue that...
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作者：Hsieh, Chih-Sheng; Lee, Lung-Fei; Boucher, Vincent
作者单位：National Taiwan University; University System of Ohio; Ohio State University; Laval University
摘要：We model network formation and interactions under a unified framework by considering that individuals anticipate the effect of network structure on the utility of network interactions when choosing links. There are two advantages of this modeling approach: first, we can evaluate whether network interactions drive friendship formation or not. Second, we can control for the friendship selection bias on estimated interaction effects. We provide microfoundations of this statistical model based on ...
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作者：Creal, Drew D.; Wu, Jing Cynthia
作者单位：University of Notre Dame; National Bureau of Economic Research
摘要：Gaussian affine term structure models attribute time-varying bond risk premia to changing risk prices driven by the conditional means of the risk factors, while structural models with recursive preferences credit it to stochastic volatility. We reconcile these competing channels by introducing a novel form of stochastic rate of time preference into an otherwise standard model with recursive preferences. Our model is affine and has analytical bond prices making it empirically tractable. We use ...
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作者：Keane, Michael; Neal, Timothy
作者单位：University of New South Wales Sydney
摘要：We study potential impacts of future climate change on U.S. agricultural productivity using county-level yield and weather data from 1950 to 2015. To account for adaptation of production to different weather conditions, it is crucial to allow for both spatial and temporal variation in the production process mapping weather to crop yields. We present a new panel data estimation technique, called mean observation OLS (MO-OLS) that allows for spatial and temporal heterogeneity in all regression p...
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作者：Renner, Philipp; Schmedders, Karl
作者单位：Lancaster University; International Institute for Management Development (IMD)
摘要：We consider discrete-time dynamic principal-agent problems with continuous choice sets and potentially multiple agents. We prove the existence of a unique solution for the principal's value function only assuming continuity of the functions and compactness of the choice sets. We do this by a contraction mapping theorem and so also obtain a convergence result for the value function iteration. To numerically compute a solution for the problem, we have to solve a collection of static principal-ag...
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作者：Chernozhukov, Victor; Fernandez-Val, Ivan; Newey, Whitney; Stouli, Sami; Vella, Francis
作者单位：Boston University; Massachusetts Institute of Technology (MIT); University of Bristol; Georgetown University
摘要：Triangular systems with nonadditively separable unobserved heterogeneity provide a theoretically appealing framework for the modeling of complex structural relationships. However, they are not commonly used in practice due to the need for exogenous variables with large support for identification, the curse of dimensionality in estimation, and the lack of inferential tools. This paper introduces two classes of semiparametric nonseparable triangular models that address these limitations. They ar...
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作者：Mertens, Elmar; Nason, James M.
作者单位：Deutsche Bundesbank; North Carolina State University
摘要：This paper studies the joint dynamics of U.S. inflation and a term structure of average inflation predictions taken from the Survey of Professional Forecasters (SPF). We estimate these joint dynamics by combining an unobserved components (UC) model of inflation and a sticky-information forecast mechanism. The UC model decomposes inflation into trend and gap components, and innovations to trend and gap inflation are affected by stochastic volatility. A novelty of our model is to allow for time-...
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作者：Asdrubali, Pierfederico; Tedeschi, Simone; Ventura, Luigi
作者单位：Roma Tre University; Sapienza University Rome
摘要：This paper aims to fill the gaps in the analysis of risk-sharing channels at the microlevel, both within and across households. Using data from the Bank of Italy's Survey on Household Income and Wealth covering the financial crisis, we are able to quantify in a unified and consistent framework several risk-sharing mechanisms that so far have been documented separately. We find that Italian households were able to smooth on average about 85% of shocks to household head's earnings in both 2008-2...
