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Review of Economic Dynamics最新文献

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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 : 2024-04-01 Epub 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":"2024-04-01","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
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 Epub Date: 2022-12-09 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 Epub Date: 2023-06-08 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
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 Epub Date: 2023-09-14 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 Epub Date: 2023-10-20 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
Invariance of unemployment and vacancy dynamics with respect to diminishing returns to labor at the firm level 失业和空缺动态与公司层面劳动力回报递减的不变性
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2023-09-20 DOI: 10.1016/j.red.2023.09.002
Björn Brügemann
{"title":"Invariance of unemployment and vacancy dynamics with respect to diminishing returns to labor at the firm level","authors":"Björn Brügemann","doi":"10.1016/j.red.2023.09.002","DOIUrl":"10.1016/j.red.2023.09.002","url":null,"abstract":"<div><p>This paper shows analytically that introducing diminishing returns to labor at the firm level into the Diamond-Mortensen-Pissarides model, followed by recalibration, does not change aggregate dynamics of unemployment and vacancies. This invariance result holds for several standard calibration strategies developed for the model with constant returns, alternative bargaining solutions for the setting with diminishing returns, and different sources of diminishing returns. Invariance makes precise in which sense the common practice of abstracting from diminishing returns is innocuous. It provides an analytical benchmark for quantitative findings obtained in models that do combine a Diamond-Mortensen-Pissarides labor market with diminishing returns at the firm level.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 915-942"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1094202523000546/pdfft?md5=292e7cb54fd004ea5e701035ed4269d4&pid=1-s2.0-S1094202523000546-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135389183","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
Does my model predict a forward guidance puzzle? 我的模型能预测出前瞻性指导难题吗？
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2023-03-22 DOI: 10.1016/j.red.2023.03.001
Christopher G. Gibbs , Nigel McClung
{"title":"Does my model predict a forward guidance puzzle?","authors":"Christopher G. Gibbs ,&nbsp;Nigel McClung","doi":"10.1016/j.red.2023.03.001","DOIUrl":"10.1016/j.red.2023.03.001","url":null,"abstract":"<div><p>We show how to characterize the economic forces that generate the forward guidance puzzle in a wide variety of structural macroeconomic models. We accomplish this by showing that studying the predictions of forward guidance announcements is essentially the same as conducting E-stability analysis under adaptive learning. We show that the Iterative E-stability criterion identifies all of the most prominent forward guidance puzzle resolutions proposed in the literature, provides ways to evaluate their robustness, shows how new resolutions may be constructed, and is scalable to quantitatively relevant models. We show some common resolutions are robust while others are not. We also devise a novel solution to the forward guidance puzzle: sunspots.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 393-423"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136096820","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
Accounting for limited commitment between spouses when estimating labor-supply elasticities 在估算劳动力供给弹性时考虑配偶之间的有限承诺
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2023-06-13 DOI: 10.1016/j.red.2023.06.002
Christian Bredemeier , Jan Gravert , Falko Juessen
{"title":"Accounting for limited commitment between spouses when estimating labor-supply elasticities","authors":"Christian Bredemeier ,&nbsp;Jan Gravert ,&nbsp;Falko Juessen","doi":"10.1016/j.red.2023.06.002","DOIUrl":"10.1016/j.red.2023.06.002","url":null,"abstract":"<div><p><span>The Frisch elasticity of labor supply can be estimated by regressing hours worked on the hourly wage rate, controlling for consumption of the individual worker. However, most household panel surveys contain consumption information only at the household level. We show that proxying individual consumption by household consumption biases estimated Frisch elasticities downward as limited commitment in the household induces individual consumption to behave differently from household consumption. We develop an improved estimation approach that eliminates this bias by exploiting information on the </span><em>composition</em> of household consumption to infer its <em>distribution</em>. Using PSID data, we estimate Frisch elasticities of about 0.65 for men and 0.8 for women.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 547-578"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136136004","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
A Bayesian DSGE approach to modelling cryptocurrency 用贝叶斯 DSGE 方法模拟加密货币
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2023-09-27 DOI: 10.1016/j.red.2023.09.006
Stylianos Asimakopoulos , Marco Lorusso , Francesco Ravazzolo
{"title":"A Bayesian DSGE approach to modelling cryptocurrency","authors":"Stylianos Asimakopoulos ,&nbsp;Marco Lorusso ,&nbsp;Francesco Ravazzolo","doi":"10.1016/j.red.2023.09.006","DOIUrl":"10.1016/j.red.2023.09.006","url":null,"abstract":"<div><p>We develop and estimate a DSGE model to evaluate the economic repercussions of cryptocurrency. In our model, cryptocurrency offers an alternative currency option to government currency, with endogenous supply and demand. We uncover a substitution effect between the real balances of government currency and cryptocurrency in response to technology, preferences and monetary policy shocks. We find that an increase in cryptocurrency productivity induces a rise in the relative price of government currency with respect to cryptocurrency. Since cryptocurrency and government currency are highly substitutable, the demand for the former increases whereas it drops for the latter. Our historical decomposition analysis shows that fluctuations in the cryptocurrency price are mainly driven by shocks in cryptocurrency demand, whereas changes in the real balances for government currency are mainly attributed to government currency and cryptocurrency demand shocks.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 1012-1035"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1094202523000583/pdfft?md5=7ce08c68ceb0ea09523388a9003cbbd2&pid=1-s2.0-S1094202523000583-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134995167","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
Inflation gap persistence, indeterminacy, and monetary policy 通胀差距持续性、不确定性和货币政策
IF 2 3区 经济学
Review of Economic Dynamics Pub Date : 2023-12-01 Epub Date: 2023-09-07 DOI: 10.1016/j.red.2023.08.007
Yasuo Hirose , Takushi Kurozumi , Willem Van Zandweghe
{"title":"Inflation gap persistence, indeterminacy, and monetary policy","authors":"Yasuo Hirose ,&nbsp;Takushi Kurozumi ,&nbsp;Willem Van Zandweghe","doi":"10.1016/j.red.2023.08.007","DOIUrl":"10.1016/j.red.2023.08.007","url":null,"abstract":"<div><p><span>Empirical literature has documented that the persistence of the gap between inflation and its trend declined after the Volcker disinflation. Previous studies into the source of the decline in inflation gap persistence have offered competing views while sidestepping the possibility of equilibrium indeterminacy. We examine the source of the decline by estimating a medium-scale </span>dynamic stochastic general equilibrium model<span> using Bayesian methods that allow for indeterminacy. We show that the Fed's change from a passive to an active policy response to the inflation gap or a decrease in firms' probability of price change can fully account for the decline in inflation gap persistence by ruling out indeterminacy that induces persistent economic dynamics.</span></p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"51 ","pages":"Pages 867-887"},"PeriodicalIF":2.0,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135200684","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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