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作者：Sanchez-Marcos, Virginia; Bethencourt, Carlos
作者单位：University of Canberra; Universidad de la Laguna
摘要：Spousal and survivor pensions are two important provisions of the US Social Security pension system. In this paper, we assess the impact of these benefits on the female employment rate in the context of a full life-cycle model in which households decide on female labor supply and savings. One important aspect of our model is that we allow for returns to labor market experience so that participation decisions affect not only current earnings and Social Security pension eligibility but also futu...
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作者：Chen, Xiaohong; Christensen, Timothy M.
作者单位：Yale University; New York University
摘要：This paper makes several important contributions to the literature about nonparametric instrumental variables (NPIV) estimation and inference on a structural function h(0) and functionals of h(0). First, we derive sup-norm convergence rates for computationally simple sieve NPIV (series two-stage least squares) estimators of h(0) and its derivatives. Second, we derive a lower bound that describes the best possible (minimax) sup-norm rates of estimating h(0) and its derivatives, and show that th...
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作者：Bhattacharya, Debopam
作者单位：University of Cambridge
摘要：This paper develops nonparametric methods for welfare-analysis of economic changes in the common setting of multinomial choice. The results cover (a) simultaneous price-change of multiple alternatives, (b) introduction/elimination of an option, (c) changes in choice-characteristics, and (d) choice among nonexclusive alternatives. In these cases, Marshallian consumer surplus becomes path-dependent, but Hicksian welfare remains well-defined. We demonstrate that under completely unrestricted pref...
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作者：Druedahl, Jeppe; Jorgensen, Casper Nordal
作者单位：University of Copenhagen; University of Copenhagen
摘要：This paper addresses the credit card debt puzzle using a generalization of the buffer-stock consumption model with long-term revolving debt contracts. Closely resembling actual US credit card law, we assume that card issuers can always deny their cardholders access to new debt, but that they cannot demand immediate repayment of the outstanding balance. Hereby, current debt can potentially soften a household's borrowing constraint in future periods, and thus provides extra liquidity. We show th...
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作者：Aliprantis, Dionissi; Carroll, Daniel R.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland
摘要：This paper studies neighborhood effects using a dynamic general equilibrium model. Households choose where to live and how much to invest in their child's human capital. The return on parents' investment is determined in part by their child's ability and in part by a neighborhood externality. We calibrate the model using data from Chicago in 1960, assuming that in previous decades households were randomly allocated to, and then could not move from, neighborhoods with different total factor pro...
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作者：Griffith, Rachel; Nesheim, Lars; O'Connell, Martin
作者单位：University of Manchester; University of Manchester; University of London; London School Economics & Political Science; University College London; University of London; University College London; University of London; London School Economics & Political Science
摘要：Random utility models are widely used to study consumer choice. The vast majority of applications assume utility is linear in consumption of the outside good, which imposes that total expenditure on the subset of goods of interest does not affect demand for inside goods and restricts demand curvature and pass-through. We show that relaxing these restrictions can be important, particularly if one is interested in the distributional effects of a policy change, even in a market for a small budget...
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作者：Fernandez-Villaverde, Jesus; Levintal, Oren
作者单位：University of Pennsylvania; Reichman University
摘要：This paper compares different solution methods for computing the equilibrium of dynamic stochastic general equilibrium (DSGE) models with rare disasters along the lines of those proposed by Rietz (1988), Barro (2006), Gabaix (2012), and Gourio (2012). DSGE models with rare disasters require solution methods that can handle the large nonlinearities triggered by low-probability, high-impact events with accuracy and speed. We solve a standard New Keynesian model with Epstein-Zin preferences and t...
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作者：Honore, Bo E.; de Paula, Aureo
作者单位：Princeton University; University of London; University College London
摘要：This paper introduces a bivariate version of the generalized accelerated failure time model. It allows for simultaneity in the econometric sense that the two realized outcomes depend structurally on each other. Another feature of the proposed model is that it will generate equal durations with positive probability. Our approach takes a stylized economic model that leads to a univariate generalized accelerated failure time model as a starting point. In this model, agents decide when to transiti...
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作者：Winberry, Thomas
作者单位：University of Chicago; National Bureau of Economic Research
摘要：I develop a computational method for solving and estimating heterogeneous agent macro models with aggregate shocks. The main challenge is that the aggregate state vector contains the distribution of agents, which is typically infinite-dimensional. I approximate the distribution with a flexible parametric family, reducing its dimensionality to a finite set of endogenous parameters, and solve for the dynamics of these endogenous parameters by perturbation. I implement the method in Dynare and sh...
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作者：Collard, Fabrice; Mukerji, Sujoy; Sheppard, Kevin; Tallon, Jean-Marc
作者单位：Universite de Toulouse; Universite Toulouse 1 Capitole; Toulouse School of Economics; Centre National de la Recherche Scientifique (CNRS); University of London; Queen Mary University London; University of Oxford; Centre National de la Recherche Scientifique (CNRS); Paris School of Economics
摘要：This paper assesses the quantitative impact of ambiguity on historically observed financial asset returns and growth rates. The single agent, in a dynamic exchange economy, treats the conditional uncertainty about the consumption and dividends next period as ambiguous. We calibrate the agent's ambiguity aversion to match only the first moment of the risk-free rate in data and measure the uncertainty each period conditional on the actual, observed history of (U.S.) macroeconomic growth outcomes...
