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作者：Gourio, Francois; Roys, Nicolas
作者单位：Boston University; Federal Reserve System - USA; Federal Reserve Bank - Chicago; National Bureau of Economic Research; University of Wisconsin System; University of Wisconsin Madison
摘要：In France, firms that have 50 employees or more face substantially more regulation than firms that have less than 50. As a result, the size distribution of firms is visibly distorted: there are many firms with exactly 49 employees. We model the regulation as the combination of a sunk cost that must be paid the first time the firm reaches 50 employees and a payroll tax that is paid each period thereafter when the firm operates with more than 50 employees. We estimate the model using indirect in...
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作者：Graham, Bryan S.; Imbens, Guido W.; Ridder, Geert
作者单位：University of California System; University of California Berkeley; National Bureau of Economic Research; Stanford University; University of Southern California
摘要：This paper presents econometric methods for measuring the average output effect of reallocating an indivisible input across production units. A distinctive feature of reallocations is that, by definition, they involve no augmentation of resources and, as such, leave the marginal distribution of the reallocated input unchanged. Nevertheless, if the production technology is nonseparable, they may alter average output. An example is the reallocation of teachers across classrooms composed of stude...
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作者：Bassetto, Marco
作者单位：University of London; University College London; Federal Reserve System - USA; Federal Reserve Bank - Chicago
摘要：The aim of this paper is to study the relationship between the intertemporal behavior of taxes and wealth distribution. The optimal-taxation literature has often concentrated on representative-agent models, in which it is optimal to smooth distortionary taxes. When tax liabilities are unevenly spread in the population, deviations from tax smoothing lead to interest rate changes that redistribute wealth. When a bad shock hits the economy, the optimal policy will then call for smaller or larger ...
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作者：Blevins, Jason R.
作者单位：University System of Ohio; Ohio State University
摘要：This paper establishes conditions for nonparametric identification of dynamic optimization models in which agents make both discrete and continuous choices. We consider identification of both the payoff function and the distribution of unobservables. Models of this kind are prevalent in applied microeconomics and many of the required conditions are standard assumptions currently used in empirical work. We focus on conditions on the model that can be implied by economic theory and assumptions a...
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作者：Ahn, David; Choi, Syngjoo; Gale, Douglas; Kariv, Shachar
作者单位：University of California System; University of California Berkeley; University of London; University College London; New York University
摘要：We report a portfolio-choice experiment that enables us to estimate parametric models of ambiguity aversion at the level of the individual subject. The assets are Arrow securities that correspond to three states of nature, where one state is risky with known probability and two states are ambiguous with unknown probabilities. We estimate two specifications of ambiguity aversion, one kinked and one smooth, that encompass many of the theoretical models in the literature. Each specification inclu...
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作者：Qu, Zhongjun
作者单位：Boston University
摘要：This paper considers inference in log-linearized dynamic stochastic general equilibrium (DSGE) models with weakly (including un-) identified parameters. The framework allows for analysis using only part of the spectrum, say at the business cycle frequencies. First, we characterize weak identification from a frequency domain perspective and propose a score test for the structural parameter vector based on the frequency domain approximation to the Gaussian likelihood. The construction heavily ex...
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作者：Amior, Michael; Halket, Jonathan
作者单位：University of London; London School Economics & Political Science; University of Essex; University of London; London School Economics & Political Science
摘要：Are households more likely to be homeowners when housing risk is higher? We show that home-ownership rates and loan-to-value (LTV) ratios at the city level are strongly negatively correlated with local house price volatility. However, causal inference is confounded by house price levels, which are systematically correlated with housing risk in an intuitive way: in cities where the land value is larger relative to the local cost of structures, house prices are higher and more volatile. We disen...
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作者：Manski, Charles F.
作者单位：Northwestern University; Northwestern University
摘要：The merits of alternative income tax policies depend on the population distribution of preferences for income and leisure. Standard theory, which supposes that persons want more income and more leisure, does not predict how they resolve the tension between these desires. Empirical studies of labor supply have imposed strong preference assumptions that lack foundation. This paper examines anew the problem of inference on income-leisure preferences and considers the implications for evaluation o...
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作者：Barczyk, Daniel; Kredler, Matthias
作者单位：McGill University; Universite de Montreal
摘要：How do families behave dynamically? We provide a framework for studying economic problems in which family behavior is essential. Our key innovation is the inclusion of imperfectly altruistic agents in an otherwise standard consumption-savings problem with exogenous income risk. This gives rise to altruistic transfers and strategic behavior in the consumption-savings decision. We study the Markov-perfect equilibrium that arises from the limit of equilibria in a sequence of finite games. The equ...
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作者：Kaufmann, Katja Maria
作者单位：Bocconi University; Bocconi University
摘要：Differences in college enrollment between poor and rich are striking in Latin America. Explanations such as differences in college preparedness and credit constraints have been advanced. An alternative explanation could be differences in information sets between poor and rich, for example, about career opportunities, translating into different expected returns to college. Poor people might expect low returns and thus decide not to attend or they might face high (unobserved) costs that prevent ...
