发布求助
文献互助 智能选刊 最新文献

Quantitative Economics最新文献

筛选
英文 中文
Anticipated productivity and the labor market 预期的生产率和劳动力市场
IF 1.8 3区 经济学
Quantitative Economics Pub Date : 2023-01-01 DOI: 10.3982/qe2029
R. Chahrour, S. Chugh, Tristan Potter
{"title":"Anticipated productivity and the labor market","authors":"R. Chahrour, S. Chugh, Tristan Potter","doi":"10.3982/qe2029","DOIUrl":"https://doi.org/10.3982/qe2029","url":null,"abstract":"We identify the main shock driving fluctuations in long‐horizon productivity expectations, consistent with theories of TFP news. The identified shock induces strong comovement patterns in output, consumption, investment, employment, and stock prices even though TFP does not change significantly for more than 2 years. A labor search model in which wages are determined by a cash‐flow sharing rule, rather than the present value of match surplus, matches the observed responses to the news shock. The model also matches the empirical patterns of vacancies, labor force participation, hours, and job‐finding rates. The proposed wage rule is consistent with empirical responses of wages to both anticipated and unanticipated productivity changes.","PeriodicalId":46811,"journal":{"name":"Quantitative Economics","volume":"1 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70361813","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Spatial interactions 空间相互作用
3区 经济学
Quantitative Economics Pub Date : 2023-01-01 DOI: 10.3982/qe1720
Jun Sung Kim, Eleonora Patacchini, Pierre M. Picard, Yves Zenou
{"title":"Spatial interactions","authors":"Jun Sung Kim, Eleonora Patacchini, Pierre M. Picard, Yves Zenou","doi":"10.3982/qe1720","DOIUrl":"https://doi.org/10.3982/qe1720","url":null,"abstract":"This paper studies how the strength of social ties is affected by the geographical location of other individuals and their social capital. We characterize the equilibrium in terms of both social interactions and social capital. We show that lower travel costs increase not only the interaction frequency but also the social capital for all agents. We also show that the equilibrium frequency of interactions is lower than the efficient one. Using a unique geocoded data set of friendship networks among adolescents in the United States, we structurally estimate the model and show that indeed agents socially interact less than that at the first best optimum. Our policy analysis suggests that, at the same cost, subsidizing social interactions yield a higher total welfare than subsidizing transportation costs.","PeriodicalId":46811,"journal":{"name":"Quantitative Economics","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135562014","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Tax‐and‐transfer progressivity and business cycles 税收和转移的累进性和商业周期
3区 经济学
Quantitative Economics Pub Date : 2023-01-01 DOI: 10.3982/qe1568
Youngsoo Jang, Takeki Sunakawa, Minchul Yum
{"title":"Tax‐and‐transfer progressivity and business cycles","authors":"Youngsoo Jang, Takeki Sunakawa, Minchul Yum","doi":"10.3982/qe1568","DOIUrl":"https://doi.org/10.3982/qe1568","url":null,"abstract":"This paper studies how tax‐and‐transfer progressivity influences aggregate fluctuations when interacting with household heterogeneity. Using a simple static model of the extensive margin labor supply, we analytically characterize how a degree of progressivity influences differential labor supply responses to aggregate conditions across heterogeneous households. We then build a quantitative dynamic general equilibrium model with both idiosyncratic and aggregate productivity shocks and show that it delivers moderately procyclical average labor productivity and a large cyclical volatility of aggregate hours relative to output. Our quantitative exercises suggest that progressivity at the bottom of the income distribution shaped by the phasing out of transfers is key for these findings. Finally, we provide suggestive empirical evidence on the heterogeneity of employment responses across the wage distribution.","PeriodicalId":46811,"journal":{"name":"Quantitative Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135562292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Unemployment risk, MPC heterogeneity, and business cycles 失业风险、MPC异质性和商业周期
IF 1.8 3区 经济学
Quantitative Economics Pub Date : 2023-01-01 DOI: 10.3982/qe1550
Daeha Cho
{"title":"Unemployment risk, MPC heterogeneity, and business cycles","authors":"Daeha Cho","doi":"10.3982/qe1550","DOIUrl":"https://doi.org/10.3982/qe1550","url":null,"abstract":"This paper uses an estimated Heterogeneous Agent New Keynesian (HANK) model to evaluate the quantitative importance of two channels in driving aggregate consumption fluctuations in the US: (i) precautionary savings against unemployment risk and (ii) MPC heterogeneity. I find that MPC heterogeneity is the dominant channel because a large fraction of households are close to the borrowing limit. The empirical average MPC target in HANK generates counterfactually volatile aggregate consumption, and thus makes it more difficult for the estimated model to match the persistence of the aggregate data, indicating an MPC puzzle. This is because the likelihood‐based estimation favors a low degree of nominal rigidity and responsive monetary policy in the HANK model to reduce the discrepancy between consumption volatility in the model and in the data. The low degree of nominal rigidity and responsive monetary policy reduce the persistence of endogenous variables in the model.","PeriodicalId":46811,"journal":{"name":"Quantitative Economics","volume":"1 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70360933","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Risk aversion and information aggregation in binary‐asset markets 二元资产市场的风险规避与信息聚合
IF 1.8 3区 经济学
Quantitative Economics Pub Date : 2023-01-01 DOI: 10.3982/qe1981
Antonio Filippin, M. Mantovani
{"title":"Risk aversion and information aggregation in binary‐asset markets","authors":"Antonio Filippin, M. Mantovani","doi":"10.3982/qe1981","DOIUrl":"https://doi.org/10.3982/qe1981","url":null,"abstract":"We investigate how risk aversion (RA) shapes the informative content of prices in an experimental asset market, where traders are sorted according to their RA. RA should induce steeper individual demands and, under its most common parametrizations, drive equilibrium prices closer to revealing the state. Results support the prediction on individual demands, but not the prediction on prices, which do not vary with RA and are close to the risk‐neutral benchmark. This purported conflict is due to traders, particularly the more risk‐averse ones, conveying into prices only part of their information.","PeriodicalId":46811,"journal":{"name":"Quantitative Economics","volume":"1 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70361513","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Gender, competition, and performance: Evidence from chess players 性别、竞争和表现:来自棋手的证据
IF 1.8 3区 经济学
Quantitative Economics Pub Date : 2023-01-01 DOI: 10.3982/qe1404
Peter G. Backus, María Cubel, Matej Guid, S. Sánchez-Pagés, Enrique López Mañas
{"title":"Gender, competition, and performance: Evidence from chess players","authors":"Peter G. Backus, María Cubel, Matej Guid, S. Sánchez-Pagés, Enrique López Mañas","doi":"10.3982/qe1404","DOIUrl":"https://doi.org/10.3982/qe1404","url":null,"abstract":"This paper studies gender differences in performance in a male‐dominated competitive environment chess tournaments. We find that the gender composition of chess games affects the behaviors of both men and women in ways that worsen the outcomes for women. Using a unique measure of within‐game quality of play, we show that women make more mistakes when playing against men. Men, however, play equally well against male and female opponents. We also find that men persist longer before losing to women. Our results shed some light on the behavioral changes that lead to differential outcomes when the gender composition of competitions varies.","PeriodicalId":46811,"journal":{"name":"Quantitative Economics","volume":"1 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70360226","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Monetary policy and long‐term interest rates 货币政策和长期利率
IF 1.8 3区 经济学
Quantitative Economics Pub Date : 2023-01-01 DOI: 10.3982/qe1287
Gianni Amisano, O. Tristani
{"title":"Monetary policy and long‐term interest rates","authors":"Gianni Amisano, O. Tristani","doi":"10.3982/qe1287","DOIUrl":"https://doi.org/10.3982/qe1287","url":null,"abstract":"We study the relationship between monetary policy and long‐term rates in a structural, general equilibrium model estimated on both macro‐ and yield‐data from the United States. Regime shifts in the conditional variance of productivity shocks, or “uncertainty shocks,” are a crucial driver of bond risk premia. We highlight three main results. First, our term premia on 10‐year bonds are highly correlated with estimates from the affine literature, even if less markedly volatile. Second, uncertainty shocks also induce an increase in equity premia and exert downward pressure on consumption and inflation. An increase in equity premia will therefore be accompanied by a cut in policy interest rates, even if the policy rule does not directly react to equity prices. This model mechanism is consistent with the empirical evidence on the “Fed put.” Third, model‐implied long‐term inflation expectations are less dogmatically anchored than survey‐based measures over the 2000s.","PeriodicalId":46811,"journal":{"name":"Quantitative Economics","volume":"1 1","pages":""},"PeriodicalIF":1.8,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"70360239","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Redistribution and the monetary‐fiscal policy mix 再分配和货币-财政政策组合
3区 经济学
Quantitative Economics Pub Date : 2023-01-01 DOI: 10.3982/qe2030
Saroj Bhattarai, Jae Won Lee, Choongryul Yang
{"title":"Redistribution and the monetary‐fiscal policy mix","authors":"Saroj Bhattarai, Jae Won Lee, Choongryul Yang","doi":"10.3982/qe2030","DOIUrl":"https://doi.org/10.3982/qe2030","url":null,"abstract":"We show that the effectiveness of redistribution policy is tied to how much inflation it generates, and thereby to monetary‐fiscal adjustments that ultimately finance the transfers. In the monetary regime, taxes increase to finance transfers while in the fiscal regime, inflation rises, imposing inflation taxes on public debt holders. We show analytically that the fiscal regime generates larger and more persistent inflation than the monetary regime. In a two‐sector model, we quantify the effects of the CARES Act in a COVID recession. We find that transfer multipliers are larger, and that moreover, redistribution is Pareto improving, under the fiscal regime.","PeriodicalId":46811,"journal":{"name":"Quantitative Economics","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135733718","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Pareto extrapolation: An analytical framework for studying tail inequality 帕累托外推:研究尾部不平等的分析框架
3区 经济学
Quantitative Economics Pub Date : 2023-01-01 DOI: 10.3982/qe1817
Émilien Gouin-Bonenfant, Alexis Akira Toda
{"title":"Pareto extrapolation: An analytical framework for studying tail inequality","authors":"Émilien Gouin-Bonenfant, Alexis Akira Toda","doi":"10.3982/qe1817","DOIUrl":"https://doi.org/10.3982/qe1817","url":null,"abstract":"We develop an analytical framework designed to solve and analyze heterogeneous‐agent models that endogenously generate fat‐tailed wealth distributions. We exploit the asymptotic linearity of policy functions and the analytical characterization of the Pareto exponent to augment the conventional solution algorithm with a theory of the tail. Our framework allows for a precise understanding of the very top of the wealth distribution (e.g., analytical expressions for top wealth shares, type distribution in the tail, and transition probabilities in and out of the tail) in addition to delivering improved accuracy and speed.","PeriodicalId":46811,"journal":{"name":"Quantitative Economics","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136008729","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 5
Testing unified growth theory: Technological progress and the child quantity‐quality tradeoff 检验统一生长理论:技术进步与儿童数量-质量权衡
3区 经济学
Quantitative Economics Pub Date : 2023-01-01 DOI: 10.3982/qe1751
Jakob Brøchner Madsen, Holger Strulik
{"title":"Testing unified growth theory: Technological progress and the child quantity‐quality tradeoff","authors":"Jakob Brøchner Madsen, Holger Strulik","doi":"10.3982/qe1751","DOIUrl":"https://doi.org/10.3982/qe1751","url":null,"abstract":"A core mechanism of unified growth theory is that accelerating technological progress induces mass education and, through interaction with child quantity‐quality substitution, a decline in fertility. Using unique new data for 21 OECD countries over the period 1750–2000, we test, for the first time, the validity of this core mechanism of unified growth theory. We measure a country's technological progress as patents per capita, R&D intensity, and investment in machinery, equipment, and intellectual property products. While controlling for confounders, such as income growth, mortality, and the gender wage gap, we establish (1) a significant impact of technological progress on education (positive) and fertility (negative); (2) that accelerating technological progress stimulated the fertility transition; and (3) that the baseline results are supported in 2SLS regressions using genetic‐distance weighted foreign patent‐intensity, compulsory schooling years, and minimum working age as instruments.","PeriodicalId":46811,"journal":{"name":"Quantitative Economics","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136297297","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信