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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：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：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 ...
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作者：Ejrnaes, Mette; Browning, Martin
作者单位：University of Copenhagen; University of Oxford
摘要：We consider the decomposition of shocks to a dynamic process into a persistent and a transitory component. Without additional assumptions (such as zero correlation) the decomposition of shocks into a persistent and transitory component is indeterminate. The assumption that is conventional in the earnings literature is that there is no correlation. The Beveridge-Nelson decomposition that is widely used in time series analysis assumes a perfect correlation. Without restrictions on the correlatio...
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作者：Hansen, Bruce E.
作者单位：University of Wisconsin System; University of Wisconsin Madison
摘要：This paper examines the asymptotic risk of nested least-squares averaging estimators when the averaging weights are selected to minimize a penalized least-squares criterion. We find conditions under which the asymptotic risk of the averaging estimator is globally smaller than the unrestricted least-squares estimator. For the Mallows averaging estimator under homoskedastic errors, the condition takes the simple form that the regressors have been grouped into sets of four or larger. This conditi...
