Journal of Economic Dynamics & Control最新文献_第4页

Portfolio choice analysis in a multi-country macro model

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-01-01 DOI: 10.1016/j.jedc.2024.105021

Chenyue Hu

引用次数: 0

Money, inflation tax, and trading behavior: Theory and laboratory experiments

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-01-01 DOI: 10.1016/j.jedc.2024.105031

Zakaria Babutsidze , Federico Bonetto , Nobuyuki Hanaki , Maurizio Iacopetta

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A three-sector structural VAR model for Australia

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2025-01-01 DOI: 10.1016/j.jedc.2024.105029

Renée Fry-Mckibbin , Matthew Greenwood-Nimmo , Richard Kima , Vladimir Volkov

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Consumption dynamics and welfare under non-Gaussian earnings risk 非高斯收入风险下的消费动态和福利

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2024-12-01 DOI: 10.1016/j.jedc.2024.104945

Fatih Guvenen , Serdar Ozkan , Rocio Madera

{"title":"Consumption dynamics and welfare under non-Gaussian earnings risk","authors":"Fatih Guvenen , Serdar Ozkan , Rocio Madera","doi":"10.1016/j.jedc.2024.104945","DOIUrl":"10.1016/j.jedc.2024.104945","url":null,"abstract":"<div><div>Recent empirical studies document that the distribution of earnings changes displays substantial deviations from lognormality: in particular, earnings changes are negatively skewed with extremely high kurtosis (long and thick tails), and these non-Gaussian features vary substantially both over the life cycle and with the earnings level of individuals. Furthermore, earnings changes display nonlinear (asymmetric) mean reversion. In this paper, we embed a very rich “benchmark earnings process” that captures these non-Gaussian and nonlinear features into a lifecycle consumption-saving model and study its implications for consumption dynamics, consumption insurance, and welfare. We show four main results. First, the benchmark process essentially matches the empirical lifetime earnings inequality—a first-order proxy for consumption inequality—whereas the canonical Gaussian (persistent-plus-transitory) process understates it by a factor of five to ten. Second, the welfare cost of idiosyncratic risk implied by the benchmark process is between two-to-four times higher than the canonical Gaussian one. Third, the standard method in the literature for measuring the pass-through of income shocks to consumption—can significantly overstate the degree of consumption smoothing possible under non-Gaussian shocks. Fourth, the marginal propensity to consume out of transitory income (e.g., from a stimulus check) is higher under non-Gaussian earnings risk.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"169 ","pages":"Article 104945"},"PeriodicalIF":1.9,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142263337","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

The technological origins of the decline in labor market dynamism 劳动力市场活力下降的技术根源

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2024-12-01 DOI: 10.1016/j.jedc.2024.104962

Jan Eeckhout , Xi Weng

引用次数: 0

The parental pay gap over the life cycle: Children, jobs, and labor supply

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2024-12-01 DOI: 10.1016/j.jedc.2024.104963

Claudia Goldin , Sari Pekkala Kerr , Claudia Olivetti

{"title":"The parental pay gap over the life cycle: Children, jobs, and labor supply","authors":"Claudia Goldin , Sari Pekkala Kerr , Claudia Olivetti","doi":"10.1016/j.jedc.2024.104963","DOIUrl":"10.1016/j.jedc.2024.104963","url":null,"abstract":"<div><div>Women earn less than men, and that is especially true of mothers relative to fathers. Much of the widening occurs after family formation when mothers reduce their hours of work. But what happens when the kids grow up? To answer that question, we estimate three earning gaps: the “motherhood penalty,” the “price of being female,” and the “fatherhood premium.” When added together these three produce the “parental gender gap,” defined as the difference in earnings between mothers and fathers. We estimate (log) earnings gaps for college graduates born around 1960 using longitudinal data from the NLSY79 and from the LEHD-Census that track respondents from their twenties to their fifties. As the children grow up and as women work more hours, the motherhood penalty is greatly reduced. But women, especially mothers, seem willing throughout their working lives to trade lower pay for various amenities, such as working in firms with management practices that are less penalizing of career interruptions or of shorter work schedules. Fathers, however, manage to expand their relative earnings gains as their children age, particularly among those working in time-intensive jobs, irrespective of work hours or firm fixed effects. The parental gender gap in earnings remains substantial over the family lifecycle.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"169 ","pages":"Article 104963"},"PeriodicalIF":1.9,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143175435","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

What does the beveridge curve tell us about the likelihood of soft landings?

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2024-12-01 DOI: 10.1016/j.jedc.2024.104957

Andrew Figura, Chris Waller

引用次数: 0

Living arrangements and labor market volatility of young workers 青年工人的生活安排和劳动力市场波动性

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2024-12-01 DOI: 10.1016/j.jedc.2024.104958

Sebastian Dyrda , Greg Kaplan , José-Víctor Ríos-Rull

引用次数: 0

The welfare costs of misinformation 错误信息的福利成本

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2024-12-01 DOI: 10.1016/j.jedc.2024.104959

Neha Bairoliya , Kathleen McKiernan

引用次数: 0

Reprint of: How do households respond to income shocks?

IF 1.9 3区经济学

Journal of Economic Dynamics & Control Pub Date : 2024-12-01 DOI: 10.1016/j.jedc.2024.104973

Dirk Krueger , Egor Malkov , Fabrizio Perri

{"title":"Reprint of: How do households respond to income shocks?","authors":"Dirk Krueger , Egor Malkov , Fabrizio Perri","doi":"10.1016/j.jedc.2024.104973","DOIUrl":"10.1016/j.jedc.2024.104973","url":null,"abstract":"<div><div>We use panel data from the Italian Survey of Household Income and Wealth from 1991 to 2016 to document what components of the household budget constraint change in response to shocks to household labor income, both over shorter and over longer horizons. Consumption and wealth responses are informative about the household consumption (or savings) function and thus about what class of consumption-savings model best describes the data. Empirically, we first show that shocks to labor income are associated with negligible changes in transfers and non-labor income components, modest changes in consumption expenditures, and large changes in wealth. To understand the wealth response we then split households into a sample that does not own business or real estate wealth, and a sample that does. For the first group, we find that consumption responses are more substantial (and increasing with the horizon of the income shock) and wealth responses are much smaller (and mildly increasing with the income shock horizon). Turning to theory, we argue that for this group, a simple extension of the standard permanent income hypothesis (PIH) consumption function that allows for partial insurance against even permanent income shocks explains the consumption and wealth responses well, both at short and long horizons. For the second group with business wealth or real estate wealth the standard framework cannot explain the large changes in wealth associated with income shocks. We conclude that models which include shocks to the value of household wealth are necessary to fully evaluate the sources and consequences of household resource risk.</div></div>","PeriodicalId":48314,"journal":{"name":"Journal of Economic Dynamics & Control","volume":"169 ","pages":"Article 104973"},"PeriodicalIF":1.9,"publicationDate":"2024-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143175436","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