Macroeconomics: Aggregative Models eJournal最新文献_第7页

Inflation at Risk 面临通胀风险

Macroeconomics: Aggregative Models eJournal Pub Date : 2019-10-01 DOI: 10.17016/feds.2020.013

D. López-Salido, Francesca Loria

引用次数: 32

Household Heterogeneity and the Transmission of Foreign Shocks 家庭异质性与外部冲击的传导

Macroeconomics: Aggregative Models eJournal Pub Date : 2019-10-01 DOI: 10.3386/W26402

Sergio de Ferra, K. Mitman, F. Romei

引用次数: 30

Time Consistency Requirement Implies Generalized Minimal State Variable Criterion 时间一致性要求隐含广义最小状态变量准则

Macroeconomics: Aggregative Models eJournal Pub Date : 2019-09-20 DOI: 10.2139/ssrn.3457573

William Heartspring

引用次数: 0

Return-Preserving Bubbles Return-Preserving泡沫

Macroeconomics: Aggregative Models eJournal Pub Date : 2019-08-28 DOI: 10.2139/ssrn.3390727

Qiusha Peng

引用次数: 0

Strategic Referral and On-the-Job Search Equilibrium 策略性转介与在职求职均衡

Macroeconomics: Aggregative Models eJournal Pub Date : 2019-08-21 DOI: 10.2139/ssrn.3416759

Jihie Moon

{"title":"Strategic Referral and On-the-Job Search Equilibrium","authors":"Jihie Moon","doi":"10.2139/ssrn.3416759","DOIUrl":"https://doi.org/10.2139/ssrn.3416759","url":null,"abstract":"A majority of workers use referral when searching for a job, looking for a better match. To study how and to what extent referral affects match quality and aggregate labor market, I build an equilibrium on-the-job search model in which workers have two ways to search, formal application and referral, and information on information on match quality is endogenously transmitted through referral. The model characterizes the extent of information transmission in different jobs as an outcome of a strategic game, and the equilibrium of the game and workers' optimal search interact with each other in general equilibrium. The endogenous information explains why workers in a higher position in the job-ladder benefit more from a referral, which is consistent with empirical findings of this paper. I calibrate the model by matching the observed referral wage premium for different workers. The calibration shows a significant welfare gain 2.42% - 9.01% from referral. The welfare gain is more substantial when underlying match quality is dispersed, or when employers' screening ability is low. The quantitative result indicates that active labor market policy can have significant welfare effects, and the effects are larger in a labor market with high uncertainty.","PeriodicalId":330048,"journal":{"name":"Macroeconomics: Aggregative Models eJournal","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132171232","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1

A Theory of Relativity of Cultures, Incomes, and Happiness 文化、收入和幸福的相对性理论

Macroeconomics: Aggregative Models eJournal Pub Date : 2019-07-17 DOI: 10.2139/ssrn.3421441

Tobias F. Rötheli

{"title":"A Theory of Relativity of Cultures, Incomes, and Happiness","authors":"Tobias F. Rötheli","doi":"10.2139/ssrn.3421441","DOIUrl":"https://doi.org/10.2139/ssrn.3421441","url":null,"abstract":"Cultural relativism (Boas, 1887) and hedonic relativism (Easterlin, 1974) are reference points of a theory that addresses international differences in per-capita incomes and variations in the contribution of income to happiness. The pivotal concept in this analysis is diligence. Painstaking effort, i.e., diligence, is needed to produce high quality goods and services. The downside of such efforts lies in the psychological burden that comes with the necessary high level of self-control of the individual worker and the required organizational feedback mechanisms in firms. We present two competing views concerning the determination of diligence. The first, anthropologically inspired, hypothesis states that a society’s cultural forces like cognitive styles, organizational traditions and religion determine the level of diligence. One implication of this perspective is that societies can have income levels that are either too high or too low relative to the welfare optimum. The second view holds that diligence is determined in a maximizing way balancing the gains and pains of diligence in the economic realm. Cross-country data are studied in order to assess the two competing views. The econometric evidence indicates that it is the maximizing view that can explain key aspects of the data.","PeriodicalId":330048,"journal":{"name":"Macroeconomics: Aggregative Models eJournal","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127875440","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Emergent Inequality and Endogenous Dynamics in a Simple Behavioral Macroeconomic Model 一个简单行为宏观经济模型中的新兴不平等和内生动力学

Macroeconomics: Aggregative Models eJournal Pub Date : 2019-07-03 DOI: 10.2139/ssrn.3415472

Yuki M. Asano, Jakob J. Kolb, J. Heitzig, J. Farmer

{"title":"Emergent Inequality and Endogenous Dynamics in a Simple Behavioral Macroeconomic Model","authors":"Yuki M. Asano, Jakob J. Kolb, J. Heitzig, J. Farmer","doi":"10.2139/ssrn.3415472","DOIUrl":"https://doi.org/10.2139/ssrn.3415472","url":null,"abstract":"Standard macroeconomic models assume that households are rational in the sense that they are perfect utility maximizers, and explain economic dynamics in terms of shocks that drive the economy away from the stead-state. Here we build on a standard macroeconomic model in which a single rational representative household makes a savings decision of how much to consume or invest. In our model households are myopic boundedly rational heterogeneous agents embedded in a social network. From time to time each household updates its savings rate by copying the savings rate of its neighbor with the highest consumption. If the updating time is short, the economy is stuck in a poverty trap, but for longer updating times economic output approaches its optimal value, and we observe a critical transition to an economy with irregular endogenous oscillations in economic output, resembling a business cycle. In this regime households divide into two groups: Poor households with low savings rates and rich households with high savings rates. Thus inequality and economic dynamics both occur spontaneously as a consequence of imperfect household decision making. Our work here supports an alternative program of research that substitutes utility maximization for behaviorally grounded decision making.","PeriodicalId":330048,"journal":{"name":"Macroeconomics: Aggregative Models eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129720418","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 6

Imperfect Risk-Sharing and the Business Cycle 不完全风险分担与商业周期

Macroeconomics: Aggregative Models eJournal Pub Date : 2019-07-01 DOI: 10.3386/W26032

David Berger, Luigi Bocola, Alessandro Dovis

引用次数: 9

Back to the Real Economy: The Effects of Risk Perception Shocks on the Term Premium and Bank Lending 回归实体经济:风险认知冲击对期限溢价和银行贷款的影响

Macroeconomics: Aggregative Models eJournal Pub Date : 2019-06-21 DOI: 10.2139/ssrn.3422829

Kristina Bluwstein, Julieta Yung

引用次数: 3

Evolution of Inequality In the U.S.: Entrepreneurial Activity and Financial Intermediation 美国不平等的演变:创业活动与金融中介

Macroeconomics: Aggregative Models eJournal Pub Date : 2019-06-19 DOI: 10.2139/ssrn.3694351

M. Mohaghegh

{"title":"Evolution of Inequality In the U.S.: Entrepreneurial Activity and Financial Intermediation","authors":"M. Mohaghegh","doi":"10.2139/ssrn.3694351","DOIUrl":"https://doi.org/10.2139/ssrn.3694351","url":null,"abstract":"There are two major trends in US entrepreneurship since 1975: (1) entrepreneurs' leverage has risen; and (2) their number has fallen. This paper investigates the extent to which these trends have contributed to the observed rise in wealth inequality. I develop a general equilibrium, overlapping-generations model with occupational choice where individuals choose to be workers or entrepreneurs. Entrepreneurs borrow for investment and may default on debt. The cost of borrowing, for entrepreneurs, is consistent with their individual risk of default. This explicit modeling of entrepreneurs' default risk is one of the features that distinguishes this paper from the existing literature on wealth inequality. In the model economy, two main mechanisms generate inequality: forward- looking credit constraints that are driven by default risk and stochastic returns to saving. To study changes in wealth inequality over time, I investigate changes in four channels: a greater ability on the part of lenders to make risky loans, an increase in costs of starting a business, a fall in unit cost of borrowing, and a change in exemptions in the bankruptcy code. These changes are consistent with the evolution of the US economy. I examine which channels can reproduce trends in entrepreneurship seen in the data. The first two channels prove to be important. A rise in the ability of lenders to make risky loans and an increase in costs of starting a business lead to a fall in the rate of entrepreneurship and a rise in their average leverage as observed in the data. When these trends are accounted for, the model explains almost all of the rise in the wealth share of the top one percent between 1975 and 2007.","PeriodicalId":330048,"journal":{"name":"Macroeconomics: Aggregative Models eJournal","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2019-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124768762","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 1