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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：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：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...
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作者：Gordon, Grey; Qiu, Shi
作者单位：Indiana University System; Indiana University Bloomington
摘要：A divide and conquer algorithm for exploiting policy function monotonicity is proposed and analyzed. To solve a discrete problem with n states and n choices, the algorithm requires at most nlog(2)(n)+5n objective function evaluations. In contrast, existing methods for nonconcave problems require n(2) evaluations in the worst case. For concave problems, the solution technique can be combined with a method exploiting concavity to reduce evaluations to 14n+2log(2)(n). A version of the algorithm e...
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作者：Cowell, Frank A.; Flachaire, Emmanuel
作者单位：University of London; London School Economics & Political Science; Centre National de la Recherche Scientifique (CNRS); Aix-Marseille Universite; Aix-Marseille Universite
摘要：Our new approach to mobility measurement involves separating out the valuation of positions in terms of individual status (using income, social rank, or other criteria) from the issue of movement between positions. The quantification of movement is addressed using a general concept of distance between positions and a parsimonious set of axioms that characterize the distance concept and yield a class of aggregative indices. This class of indices induces a superclass of mobility measures over th...
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作者：Kim, Wooyoung; Kwon, Koohyun; Kwon, Soonwoo; Lee, Sokbae
作者单位：University of Wisconsin System; University of Wisconsin Madison; Yale University; Columbia University; Columbia University
摘要：In this paper, we investigate what can be learned about average counterfactual outcomes as well as average treatment effects when it is assumed that treatment response functions are smooth. We obtain a set of new partial identification results for both the average treatment response and the average treatment effect. In particular, we find that the monotone treatment response and monotone treatment selection bound of Manski and Pepper, 2000 can be further tightened if we impose the smoothness c...
