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Review of Economic Dynamics最新文献

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Training and search on the job 在职培训和搜索
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2024-02-15 DOI: 10.1016/j.red.2024.02.002
Rasmus Lentz , Nicolas Roys
{"title":"Training and search on the job","authors":"Rasmus Lentz ,&nbsp;Nicolas Roys","doi":"10.1016/j.red.2024.02.002","DOIUrl":"10.1016/j.red.2024.02.002","url":null,"abstract":"<div><p>The paper studies human capital accumulation over workers' careers in an on-the-job search setting with heterogeneous firms. In renegotiation-proof employment contracts, more productive firms provide more training. General and specific training both induce higher wages within jobs and with future employers, even conditional on the future employer type.</p><p>Because matches do not internalize the specific capital loss from employer changes, specific human capital can be over-accumulated, more so in low type firms. The analysis also establishes that general training can be efficient regardless of the level of labor market frictions.</p><p>We calibrate the model to the US economy using Compustat and NLSY79. While validating the <span>Acemoglu and Pischke (1999)</span> mechanisms, the analysis nevertheless arrives at the opposite conclusion: increased labor market friction reduces training in equilibrium.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"53 ","pages":"Pages 123-146"},"PeriodicalIF":2.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139926721","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
Are zero-Covid policies optimal? 零科维德政策是否最优？
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2024-02-05 DOI: 10.1016/j.red.2024.01.002
Andrew B. Abel , Stavros Panageas
{"title":"Are zero-Covid policies optimal?","authors":"Andrew B. Abel ,&nbsp;Stavros Panageas","doi":"10.1016/j.red.2024.01.002","DOIUrl":"https://doi.org/10.1016/j.red.2024.01.002","url":null,"abstract":"<div><p>We analyze the impact of public health policy on the spread of a disease using a version of the SIR model that includes vital statistics, waning immunity, and vaccination. This model is rich enough to accommodate endemic steady states and disease-free steady states. We derive social distancing and vaccination policies that maximize an objective function that penalizes lost output resulting from social distancing, deaths resulting from the disease, and the cost of vaccination. Even though a disease-free steady state is attainable, optimal policy leads to an endemic steady state, albeit with a small number of deaths and negligible loss of output.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"53 ","pages":"Pages 47-70"},"PeriodicalIF":2.0,"publicationDate":"2024-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1094202524000024/pdfft?md5=ef11e2c6a9fe28ebec5f4b7f8b334fde&pid=1-s2.0-S1094202524000024-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139737653","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Information acquisition and price discrimination in dynamic, decentralized markets 动态分散市场中的信息获取和价格歧视
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2024-01-22 DOI: 10.1016/j.red.2024.01.001
Michael Choi, Guillaume Rocheteau
{"title":"Information acquisition and price discrimination in dynamic, decentralized markets","authors":"Michael Choi,&nbsp;Guillaume Rocheteau","doi":"10.1016/j.red.2024.01.001","DOIUrl":"10.1016/j.red.2024.01.001","url":null,"abstract":"<div><p>We formalize a decentralized market where consumers with privately-known preferences meet bilaterally with firms. The latter acquire information to raise their degree of price discrimination from second to first. In a dynamic setting where outside options are endogenous, information choices are strategic complements, possibly generating multiple equilibria across which consumers' surpluses and firms' investment in information are negatively correlated. While there exists a sequence of equilibria converging to perfect competition when trading frictions vanish, there exist other equilibria that fail to approach perfect competition. Our findings are robust to firm heterogeneity, entry, noisy signals, and consumers' price-setting power.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"53 ","pages":"Pages 1-46"},"PeriodicalIF":2.0,"publicationDate":"2024-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1094202524000012/pdfft?md5=bd525368fb9b4d82f7a70e1a8793c537&pid=1-s2.0-S1094202524000012-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139515739","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Building the city under financial frictions 金融摩擦下的城市建设
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-29 DOI: 10.1016/j.red.2023.12.002
David Gomtsyan
{"title":"Building the city under financial frictions","authors":"David Gomtsyan","doi":"10.1016/j.red.2023.12.002","DOIUrl":"https://doi.org/10.1016/j.red.2023.12.002","url":null,"abstract":"<div><p>Weak financial institutions may affect developing countries due to slowing the much-needed construction process of residential housing. Using novel data collected from Nairobi, I document considerable heterogeneity in the construction duration of new residential buildings, with about 40% of buildings started in 2009 still unfinished in 2018. To understand the role of financial development in constructing residential housing, I develop a heterogeneous agent model with financial frictions in which households construct individual housing units. Counterfactual simulations show that improvements in credit provision can substantially speed up the expansion of the aggregate housing stock and increase the city's density by enabling the construction of taller buildings. The model also predicts that investments in incomplete structures emerge as an alternative savings vehicle in the absence of reliable savings accounts.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"52 ","pages":"Pages 70-83"},"PeriodicalIF":2.0,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139089950","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
Unmarried births: Accounting and equilibrium analysis, 1960-1995 未婚生育：核算与平衡分析，1960-1995 年
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-27 DOI: 10.1016/j.red.2023.12.001
John Kennes , John Knowles
{"title":"Unmarried births: Accounting and equilibrium analysis, 1960-1995","authors":"John Kennes ,&nbsp;John Knowles","doi":"10.1016/j.red.2023.12.001","DOIUrl":"10.1016/j.red.2023.12.001","url":null,"abstract":"<div><p>The share of births to unmarried women in the U.S. rose well above 30% in the 1990s, despite unmarried women having greater access to abortion and improved birth control. We show that an equilibrium matching model in which unmarried couples behave co-operatively can explain 97% of the rise in the UMB ratio as the response to a combination of well-documented shocks: rising divorce rates, access to abortion, and improved contraception. Equilibrium interactions among these factors are important; had the marital surplus remained constant, very little change in unmarried births would have occurred. We also find that reforms reversing accessibility of birth control or abortion would on their own do little to reverse these social trends.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"52 ","pages":"Pages 84-109"},"PeriodicalIF":2.0,"publicationDate":"2023-12-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139053884","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
Revisiting speculative hyperinflations in monetary models: A rejoinder 重新审视货币模型中的投机性恶性通货膨胀:反驳
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-05 DOI: 10.1016/j.red.2023.11.005
Behzad Diba , Olivier Loisel
{"title":"Revisiting speculative hyperinflations in monetary models: A rejoinder","authors":"Behzad Diba ,&nbsp;Olivier Loisel","doi":"10.1016/j.red.2023.11.005","DOIUrl":"10.1016/j.red.2023.11.005","url":null,"abstract":"<div><p>In this note, we present a formal proof of <span>Obstfeld and Rogoff</span>'s (<span>1983</span>, <span>2021</span><span>) claim that their fractional-currency-backing scheme eliminates the inflationary equilibria in the money-in-utility model. To do so, we fully articulate the optimization problem of consumers who have the option to redeem (part or all of) their cash for a small amount of goods at any date. We also relate the scheme to the Fiscal Theory of the Price Level.</span></p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"52 ","pages":"Pages 64-69"},"PeriodicalIF":2.0,"publicationDate":"2023-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138516128","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
Optimal income taxation: An urban economics perspective 最优所得税：城市经济学视角
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.08.006
Mark Huggett , Wenlan Luo
{"title":"Optimal income taxation: An urban economics perspective","authors":"Mark Huggett ,&nbsp;Wenlan Luo","doi":"10.1016/j.red.2023.08.006","DOIUrl":"10.1016/j.red.2023.08.006","url":null,"abstract":"<div><p>We derive an optimal labor income tax rate<span> formula for urban models that nests the Mirrlees model as a limiting case. Optimal tax rates are determined by traditional forces plus a new term arising from urban forces: house price<span>, migration and agglomeration effects<span>. Based on the earnings distribution, housing costs and housing tenure in large and small US cities, we find that in a benchmark model (i) the optimal income tax rate schedule is U-shaped, (ii) urban forces raise the optimal tax rate schedule at all income levels and (iii) adopting an optimal tax system induces agents with low skill levels to leave large, productive cities.</span></span></span></p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 847-866"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135298562","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
Intertemporal substitution in labor supply: A meta-analysis 劳动力供应的跨时空替代：荟萃分析
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.10.001
Ali Elminejad , Tomas Havranek , Roman Horvath , Zuzana Irsova
{"title":"Intertemporal substitution in labor supply: A meta-analysis","authors":"Ali Elminejad ,&nbsp;Tomas Havranek ,&nbsp;Roman Horvath ,&nbsp;Zuzana Irsova","doi":"10.1016/j.red.2023.10.001","DOIUrl":"10.1016/j.red.2023.10.001","url":null,"abstract":"<div><p><span>The intertemporal substitution (Frisch) elasticity of labor supply governs how structural models predict changes in people's willingness to work in response to changes in economic conditions or government fiscal policy. We show that the mean reported estimates of the elasticity are exaggerated due to publication bias. For both the intensive and extensive margins the literature provides over 700 estimates, with a mean of 0.5 in both cases. Correcting for publication bias and emphasizing quasi-experimental evidence reduces the mean intensive margin elasticity to 0.2 and renders the extensive margin elasticity tiny. A total hours elasticity of about 0.25 is the most consistent with empirical evidence. To trace the differences in reported elasticities to differences in estimation context, we collect 23 variables reflecting study design and employ </span>Bayesian and frequentist model averaging to address model uncertainty. On both margins the elasticity is systematically larger for women and workers near retirement, but not enough to support a total hours elasticity above 0.5.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 1095-1113"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136009627","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
Reassessing trade barriers with global production networks 利用全球生产网络重新评估贸易壁垒
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2022.12.001
Yuko Imura
{"title":"Reassessing trade barriers with global production networks","authors":"Yuko Imura","doi":"10.1016/j.red.2022.12.001","DOIUrl":"10.1016/j.red.2022.12.001","url":null,"abstract":"<div><p>This paper develops a two-country general equilibrium<span> model with forward-looking participation decisions on exporting and multinational production, and examines the effects of final-goods tariffs and intermediate-input tariffs. I show that permanent unilateral tariffs lead to a recession in the policy-imposed country. In the policy-imposing country, investment experiences a short-run boom while consumption falls immediately and persistently, with intermediate-input tariffs resulting in a larger contraction. At the firm level, the least productive exporters exit from the policy-imposing country, while the most productive ones relocate production there. Relative to a model without multinational firms, this production relocation partially offsets the contractionary effects of tariffs. Crucial to the short-run investment expansion and firms' participation in multinational production in the policy-imposing country is the persistence of tariffs. When tariffs are temporary, investment falls immediately, driving an immediate recession there, in contrast to permanent tariffs. Further, temporary tariffs induce hysteresis in firms' participation in exporting and multinational production, which in turn diminishes the expansionary effects of multinational entry.</span></p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 77-116"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77083042","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
Identifying preferences when households are financially constrained 在家庭经济拮据的情况下确定偏好
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 DOI: 10.1016/j.red.2023.06.001
Andreas Tryphonides
{"title":"Identifying preferences when households are financially constrained","authors":"Andreas Tryphonides","doi":"10.1016/j.red.2023.06.001","DOIUrl":"10.1016/j.red.2023.06.001","url":null,"abstract":"<div><p>This paper shows that utilizing information on the extensive margin of financially constrained households can narrow down the set of admissible preferences in a large class of macroeconomic models<span>. Estimates based on Spanish aggregate data provide further empirical support for this result and suggest that accounting for this margin can bring estimates closer to microeconometric evidence. Accounting for financial constraints and the extensive margin is shown to matter for empirical asset pricing and quantifying distortions in financial markets.</span></p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 521-546"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87961359","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
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