where this discrepancy between the short- and long-run elasticities is due to frictions in distribution. Goods need to be … combined with a local non-traded input, distribution capital, which is good specific. Home and foreign goods may be close … substitutes, but if distribution capital is slow to adjust then agents cannot shift their consumption in the short run following a …

moving from a Pareto to a lognormal distribution allows the Melitz model to match the role of the intensive margin in the EDD …. We use likelihood methods and the EDD to estimate a generalized Melitz model with a joint lognormal distribution for firm …

to make its distribution network in both space and time. Indivisibilities are found to create significant scale economies … in distribution …

Recent evidence suggests that the default options implicit in economic choices (e.g., 401(k) savings by white … effect of defaults on savings among a highly policy-relevant population: low-income tax filers. In the control condition, tax … filers could choose (i.e., opt in) to receive some of their federal tax refund in the form of U.S. Savings Bonds. In the …

. We parameterize the model and take future demographic changes, labor income and interest rates as exogenously given from …

) through both a savings channel and an effective labor supply channel. The effects can be quantitatively large if the …

such as computing compound interest, which could cause them to make suboptimal financial decisions. A second is that …

shifted towards defined contribution (DC) plans as their primary savings plan, and fiscal pressures are likely to generate … retirement in other accounts. There is also substantial heterogeneity across jurisdictions in the savings generated in primary DC … employer match. We conclude by applying lessons from savings behavior in private sector savings plans to the design of public …