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作者：Han, Sukjin; McCloskey, Adam
作者单位：University of Texas System; University of Texas Austin; University of Colorado System; University of Colorado Boulder
摘要：This paper develops extremum estimation and inference results for nonlinear models with very general forms of potential identification failure when the source of this identification failure is known. We examine models that may have a general deficient rank Jacobian in certain parts of the parameter space. When identification fails in one of these models, it becomes underidentified and the identification status of individual parameters is not generally straightforward to characterize. We provid...
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作者：Hayashi, Fumio; Koeda, Junko
作者单位：National Graduate Institute for Policy Studies; Waseda University
摘要：We propose an empirical framework for analyzing the macroeconomic effects of quantitative easing (QE) and apply it to Japan. The framework is a regime-switching structural vector autoregression in which the monetary policy regime, chosen by the central bank responding to economic conditions, is endogenous and observable. QE is modeled as one of the regimes. The model incorporates an exit condition for terminating QE. We find that higher reserves at the effective lower bound raise inflation and...
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作者：Holter, Hans A.; Krueger, Dirk; Stepanchuk, Serhiy
作者单位：University of Oslo; Center for Economic & Policy Research (CEPR); University of Pennsylvania; National Bureau of Economic Research; University of Southampton
摘要：How much additional tax revenue can the government generate by increasing the level of labor income taxes? In this paper, we argue that the degree of tax progressivity is a quantitatively important determinant of the answer to this question. To make this point, we develop a large scale overlapping generations model with single and married households facing idiosyncratic income risk, extensive and intensive margins of labor supply, as well as endogenous accumulation of human capital through lab...
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作者：Gong, Yifan; Stinebrickner, Todd; Stinebrickner, Ralph
作者单位：Western University (University of Western Ontario)
摘要：We use unique data from the Berea Panel Study to characterize how much earnings uncertainty is present for students at college entrance and how quickly this uncertainty is resolved. We characterize uncertainty using survey questions that elicit the entire distribution describing one's beliefs about future earnings. Taking advantage of the longitudinal nature of the expectations data, we find that roughly two-thirds of the income uncertainty present at the time of entrance remains at the end of...
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作者：l'Haridon, Olivier; Vieider, Ferdinand M.
作者单位：Universite de Rennes; Ghent University
摘要：We obtain rich measurements of risk preferences for 2939 subjects across 30 countries, and use the data to paint a picture of the distribution of risk preferences across the globe using structural equation models. Reference-dependence and likelihood-dependence are found to be important everywhere. Model parameters in non-Western countries differ systematically from those in Western countries, with poorer countries substantially more risk tolerant than rich countries on average. We qualify prev...
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作者：Aizawa, Naoki
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This paper develops and estimates a life-cycle equilibrium labor search model in which heterogeneous firms determine health insurance provisions and heterogeneous workers sort themselves into jobs with different compensation packages over the life cycle. I study the optimal joint design of major policies in the Affordable Care Act (ACA) and the implications of targeting these policies to certain individuals. Compared with the health insurance system under the ACA, the optimal structure lowers ...
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作者：Williams, Benjamin
作者单位：George Washington University
摘要：In this paper, I study identification of a nonseparable model with endogeneity arising due to unobserved heterogeneity. Identification relies on the availability of binary proxies that can be used to control for the unobserved heterogeneity. I show that the model is identified in the limit as the number of proxies increases. The argument does not require an instrumental variable that is excluded from the outcome equation nor does it require the support of the unobserved heterogeneity to be fin...
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作者：Barthelemy, Jean; Marx, Magali
作者单位：European Central Bank; Bank of France; Institut d'Etudes Politiques Paris (Sciences Po)
摘要：This paper determines conditions for the existence of a unique rational expectations equilibrium-determinacy-in a monetary policy switching economy. We depart from the existing literature by providing such conditions considering all bounded equilibria. We then apply these conditions to a new Keynesian model with switching Taylor rules. First, deviation from the Taylor principle in one regime does not necessarily cause indeterminacy. Second, very different responses to inflation may trigger ind...
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作者：Chakravorty, Ujjayant; Hubert, Marie-Helene; Marchand, Beyza Ural
作者单位：Tufts University; Centre National de la Recherche Scientifique (CNRS); Universite de Rennes; University of Alberta
摘要：More than 40% of US grain is used for energy due to the Renewable Fuel Mandate (RFS). There are no studies of the global distributional consequences of this purely domestic policy. Using micro-level survey data, we trace the effect of the RFS on world food prices and their impact on household level consumption and wage incomes in India. We first develop a partial equilibrium model to estimate the effect of the RFS on the price of selected food commodities-rice, wheat, corn, sugar, and meat and...
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作者：Colacito, R.; Croce, M. M.; Liu, Zhao
作者单位：University of North Carolina; University of North Carolina Chapel Hill; National Bureau of Economic Research; Bocconi University; Duke University
摘要：We characterize the equilibrium of a complete markets economy with multiple agents featuring a preference for the timing of the resolution of uncertainty. Utilities are defined over an aggregate of two goods. We provide conditions under which the solution of the planner's problem exists, and it features a nondegenerate invariant distribution of Pareto weights. We also show that perturbation methods replicate the salient features of our recursive risk-sharing scheme, provided that higher-order ...
