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作者：Felbermayr, Gabriel; Impullitti, Giammario; Prat, Julien
作者单位：Leibniz Association; Ifo Institut; University of Munich; University of Nottingham; Centre National de la Recherche Scientifique (CNRS); Institut Polytechnique de Paris; ENSAE Paris; Barcelona School of Economics; Consejo Superior de Investigaciones Cientificas (CSIC); CSIC - Institut d'Analisi Economica (IAE)
摘要：Wage inequality between similar workers has been on the rise in many rich countries. Recent empirical research suggests that heterogeneity in firm characteristics is crucial to understand wage dispersion. Lower trade costs as well as labor and product market reforms are considered critical drivers of inequality dynamics. We ask how these factors affect wage dispersion and how much of their effect on inequality is attributable to changes in wage dispersion between and within firms. To tackle th...
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作者：Quadrini, Vincenzo; Sun, Qi
作者单位：University of Southern California; Center for Economic & Policy Research (CEPR); Shanghai University of Finance & Economics
摘要：We study a firm dynamics model where access to credit improves the bargaining position of firms with workers and increases the incentive to hire. To evaluate the importance of the bargaining channel for the hiring decisions of firms, we estimate the model structurally using data from Compustat and Capital IQ. We find that the bargaining channel explains 13% of firm-level employment volatility. We also evaluate the relative contribution of credit and revenue shocks for firm-level employment flu...
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作者：Fornaro, Luca
作者单位：Pompeu Fabra University; Centre de Recerca en Economia Internacional (CREI); Barcelona School of Economics
摘要：This paper provides a framework to understand the adjustment triggered by an episode of debt deleveraging among financially integrated countries. During a period of international deleveraging, world consumption demand is depressed and the world interest rate is low, reflecting a high propensity to save. If exchange rates are allowed to float, deleveraging countries can rely on depreciations to increase production and mitigate the fall in consumption associated with debt reduction. The key insi...
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作者：Den Haan, Wouter J.; Rendahl, Pontus; Riegler, Markus
作者单位：University of London; London School Economics & Political Science; Centre for Economic Policy Research - UK; University of Cambridge; University of Bonn
摘要：The interaction of incomplete markets and sticky nominal wages is shown to magnify business cycles even though these two features-in isolation-dampen them. During recessions, fears of unemployment stir up precautionary sentiments that induce agents to save more. The additional savings may be used as investments in both a productive asset (equity) and an unproductive nominal liquid asset. The desire to hold the nominal liquid asset puts deflationary pressure on the economy which, provided that ...
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作者：Gibbons, Stephen; McNally, Sandra; Viarengo, Martina
作者单位：University of London; London School Economics & Political Science; University of London; London School Economics & Political Science; University of Surrey
摘要：This study exploits spatial anomalies in school funding policy in England to provide new evidence on the impact of resources on student achievement in urban areas. Anomalies arise because the funding allocated to Local Education Authorities (LEA) depends, through a funding formula, on the 'additional educational needs' of its population and prices in the district. However, the money each school receives from its LEA is not necessarily related to the school's own specific local conditions and c...
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作者：Brodeur, Abel; Lekfuangfu, Warn N.; Zylberberg, Yanos
作者单位：University of Ottawa; Chulalongkorn University; University of Bristol
摘要：This paper analyzes the determinants behind the spatial distribution of the sex industry in Thailand. We relate the development of the sex industry to an early temporary demand shock, that is, US military presence during the Vietnam War. Comparing the surroundings of Thai military bases used by the US army to districts close to unused Thai bases, we find that there are currently five times more commercial sex workers in districts near former US bases. The development of the sex industry is als...
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作者：Gelain, Paolo; Lansing, Kevin J.; Natvik, Gisle James
作者单位：European Central Bank; Norges Bank; Federal Reserve System - USA; Federal Reserve Bank - San Francisco; BI Norwegian Business School
摘要：How should a central bank act to stabilize the ratio of debt over gross domestic product (GDP)? We show how the persistent nature of household debt shapes the answer to this question. In environments where households repay mortgages gradually, surprise interest hikes only weakly influence household debt, and tend to increase debt-to-GDP in the short run while reducing it in the medium run. Interest rate rules with a positive weight on debt-to-GDP cause indeterminacy. Compared to inflation targ...
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作者：van der Ploeg, Frederick; de Zeeuw, Aart
作者单位：University of Oxford; Tilburg University; Royal Swedish Academy of Sciences; Beijer Institute of Ecological Economics
摘要：The optimal reaction to a climate tipping point that becomes more imminent with global warming is to be precautionary in adjusting capital to prepare for the calamity and to price carbon to make catastrophic change less imminent. The saving response can be positive or negative. If the mean lag for the impact of the catastrophe is long enough, the saving response will be negative, because the precautionary return in the Keynes-Ramsey rule becomes negative. We also show the separate effects of t...
