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作者：Carrere, Celine; Grujovic, Anja; Robert-Nicoud, Frederic
作者单位：University of Geneva; University of Geneva
摘要：We develop a multicountry, multisector trade model featuring risk-averse workers, labor market frictions, unemployment benefits, and equilibrium unemployment. Trade opening leads to a reduction in unemployment when it simultaneously raises welfare and reallocates labor toward sectors with lower-than-average labor market frictions. We then estimate and calibrate the model using employment data from 31 OECD countries and worldwide trade data. Finally, we quantify the potential unemployment, real...
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作者：Dler, Michael Man
作者单位：University of London; Royal Holloway University London
摘要：To minimize the cost of making decisions, an agent should use criteria to sort alternatives and each criterion should sort coarsely. To decide on a movie, for example, an agent could use one criterion that orders movies by genre categories, another by director categories, and so on, with a small number of categories in each case. The agent then needs to aggregate the criterion orderings, possibly by a weighted vote, to arrive at choices. As criteria become coarser (each criterion has fewer cat...
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作者：Heathcote, Jonathan; Storesletten, Kjetil; Violante, Giovanni L.
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Minneapolis; University of Oslo; Princeton University
摘要：We address the question in the title in a heterogeneous-agent incomplete-market model featuring exogenous idiosyncratic risk, endogenous skill investment, and flexible labor supply. The tax and transfer schedule is restricted to being log-linear in income, a good description of the US system. Rising inequality is modeled as a combination of skill-biased technical change and growth in residual wage dispersion. When facing shifts in the income distribution like those observed in the United State...
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作者：Coibion, Olivier; Gorodnichenko, Yuriy; Kudlyak, Marianna; Mondragon, John
作者单位：University of Texas System; University of Texas Austin; University of California System; University of California Berkeley; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; Northwestern University
摘要：Using household-level debt data over 2000-2012 and local variation in inequality, we show that low-income households in high-inequality regions (zip codes, counties, states) accumulated less debt relative to their income than low-income households in lower inequality regions. We also find evidence that low-income households face higher credit prices and reduced access to credit as inequality increases. We argue that these patterns are consistent with inequality tilting credit supply away from ...
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作者：Fetzer, Thiemo
作者单位：University of Warwick
摘要：Can public interventions persistently reduce conflict? Adverse weather shocks, through their impact on incomes, have been identified as robust drivers of conflict in many contexts. An effective social insurance system moderates the impact of adverse shocks on household incomes, and hence, could attenuate the link between these shocks and conflict. This paper shows that a public employment program in India, by providing an alternative source of income through a guarantee of 100 days of employme...
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作者：Guerrieri, Veronica; Lorenzoni, Guido; Prato, Marta
作者单位：University of Chicago; Northwestern University; University of Chicago
摘要：We use a model of precautionary savings with housing and mortgages to study the effects of a deleveraging shock on consumer spending. We focus on the deleveraging caused by a contraction in home values, and compute numerically the partial-equilibrium effect of the shock. Our simulations show that household deleveraging is associated with a long and protracted weakness in consumption. These effects appear even if we assume, realistically, that housing wealth is illiquid and mortgage debt is lon...
