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作者：Goldstein, Nathan
作者单位：Bar Ilan University
摘要：This study proposes a real-time estimate of inattention, based on micro-level data. I show that a simple specification that estimates the persistence of a forecaster's deviation from the mean provides a direct estimate of parameters of information frictions according to prominent models of expectations. The new estimate can also be interpreted as a hybrid measure of both information frictions and behavioral frictions. Using the new specification, I revise several key findings documented in the...
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作者：Borella, Margherita; De Nardi, Mariacristina; Pak, Michael; Russo, Nicolo; Yang, Fang
作者单位：University of Turin; University of Minnesota System; University of Minnesota Twin Cities; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; Harvard University; Federal Reserve System - USA; Federal Reserve Bank - Dallas
摘要：The structure of taxes and their burden have undergone large and frequent changes over time. We provide a brief history of U.S. federal income tax reform since the 1960s, calculate effective federal income tax rates for each wave of the Panel Study of Income Dynamics, and discuss how effective taxation changed from 1969 to 2016. We show that most tax regimes are short-lived and that the variation in taxes over time and across groups is large. We also use an estimated dynamic model of couples a...
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作者：Benjamin, Daniel J.; Debnam Guzman, Jakina; Fleurbaey, Marc; Heffetz, Ori; Kimball, Miles
作者单位：University of California System; University of California Los Angeles; University of California System; University of California Los Angeles; University of California Los Angeles Medical Center; David Geffen School of Medicine at UCLA; Amherst College; Paris School of Economics; Hebrew University of Jerusalem; Hebrew University of Jerusalem; Cornell University; University of Colorado System; University of Colorado Boulder
摘要：What utility notion-e.g. flow/lifetime, self/family-centered-do self-reported well-being (SWB) questions measure? Existing applications make different assumptions regarding the (i) life domains, (ii) time horizons, and (iii) other-regarding preferences captured by SWB data. To obtain relevant evidence, we ask survey respondents what they had in mind regarding (i)-(iii) when answering commonly used-life satisfaction, happiness, ladder-and new SWB questions. We find that respondents' self-report...
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作者：Konradt, Maximilian; di Mauro, Beatrice Weder
作者单位：INSEAD Business School
摘要：This paper studies the effects of carbon pricing on inflation dynamics. We construct a sample of carbon taxes implemented in Europe and Canada over three decades and estimate the response of inflation and price components to carbon pricing. Our empirical results suggest that carbon taxes did not significantly increase inflation, with dynamic effects estimated around zero in most specifications. Instead we find support for relative price changes, increasing the cost of energy but leaving the pr...
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作者：Botticini, Maristella; Buri, Pietro; Marinacci, Massimo
作者单位：Bocconi University; Bocconi University; Princeton University; Bocconi University
摘要：Maritime insurance developed in medieval Europe is the ancestor of all forms of insurance that appeared subsequently. We address the question of why modern insurance was first invented in medieval Europe, and neither earlier nor elsewhere. Drawing from insights from the literature on uncertainty aversion, we show that medieval merchants had to bear more frequently natural risks (they traveled longer distances) and new human risks with unknown probabilities (they faced unpredictable attacks by ...
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作者：Cloyne, James; Ferreira, Clodomiro; Froemel, Maren; Surico, Paolo
作者单位：University of California System; University of California Davis; Banco de Espana; Bank of England; University of London; London Business School
摘要：In response to a change in interest rates, younger firms not paying dividends adjust both their capital expenditure and borrowing significantly more than older firms paying dividends. The reason is that the debt of younger non-dividend payers is far more sensitive to fluctuations in collateral values, which are significantly affected by monetary policy. The results are robust to a wide range of possible confounding factors. Other channels, including movements in interest payments, product dema...
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作者：Carrillo-Tudela, Carlos; Gartner, Hermann; Kaas, Leo
作者单位：University of Essex; Goethe University Frankfurt
摘要：Recruitment intensity is important for the matching process in the labor market. Using unique linked survey-administrative data, we investigate the relationships between hiring and recruitment policies at the establishment level. Faster hiring goes along with higher search effort, lower hiring standards, and more generous wages. We develop a directed search model that links these patterns to the employment adjustments of heterogeneous firms. The model provides a novel structural decomposition ...
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作者：Gabaix, Xavier
作者单位：Harvard University
摘要：This paper proposes a tractable way to model boundedly rational dynamic programming. The agent uses an endogenously simplified, or sparse, model of the world and the consequences of his actions and acts according to a behavioral Bellman equation. The framework yields a behavioral version of some of the canonical models in macroeconomics and finance. In the life-cycle model, the agent initially does not pay much attention to retirement and undersaves; late in life, he progressively saves more, ...
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作者：Antman, Francisca M.; Duncan, Brian
作者单位：University of Colorado System; University of Colorado Boulder
摘要：This paper links Native American racial self-identification with the rise in tribal gaming across the United States. We find that state policy changes allowing tribes to open casinos are associated with an increase in the probability that individuals with American Indian ancestors will self-identify as Native American and a decrease in the probability that individuals with no American Indian ancestry will self-identify as Native American. Moreover, we find that the magnitudes of the impacts ar...
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作者：Xavier, Ines
作者单位：Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper studies the consequences of asset bubbles for economies that are vulnerable to persistent stagnation. Stagnation is the result of a shortage of assets that creates an oversupply of savings and puts downward pressure on the level of interest rates. Once the zero lower bound on the nominal interest rate binds, the real rate cannot adjust further downward, forcing output to fall instead. In such context, bubbles are useful as they expand the supply of assets, absorb excess savings, and...
