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Inflation Expectations and Firm Decisions : New Causal Evidence
Coibion, Olivier; Gorodnichenko, Yuriy; Ropele, Tiziano - 2021
expectations. We find that higher inflation expectations on the part of firms leads them to raise their prices, increase demand for …, demand effects are stronger, leading firms to raise their prices more and no longer reduce their employment …
Persistent link: https://www.econbiz.de/10013224354
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Taxing Leisure Complements
Kaplow, Louis - 2008
Ever since Corlett and Hague (1953), it has been understood that it tends to be optimal on second-best grounds to (relatively) tax complements to leisure and subsidize substitutes because doing so helps to offset the distorting effect of taxation on labor supply. Yet in the context of...
Persistent link: https://www.econbiz.de/10012769877
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A Century of Work and Leisure
Ramey, Valerie A.; Francis, Neville - 2021
Has leisure increased over the last century? Standard measures of hours worked suggest that it has. In this paper, we develop a comprehensive measure of non-leisure hours that includes market work, home production, commuting and schooling for the last 105 years. We also present empirical and...
Persistent link: https://www.econbiz.de/10013252327
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Less of a Luxury : The Rise of Recreation Since 1888
Costa, Dora L. - 2022
I show that recreation has become much more egalitarian over the last hundred years by estimating recreational expenditure elasticities in 1888-1890, 1917-1919, 1935-1936, 1972-1973, and 1991. I find that expenditure elasticities have fallen from around two at the beginning of the century to...
Persistent link: https://www.econbiz.de/10014158057
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Cheap Thrills : The Price of Leisure and the Global Decline in Work Hours
Kopytov, Alexandr; Roussanov, Nikolai L.; … - 2022
Recreation prices and hours worked have both fallen over the last century. We construct a macroeconomic model with general preferences that allows for trending recreation prices, wages, and work hours along a balanced-growth path. Estimating the model using aggregate data from OECD countries, we...
Persistent link: https://www.econbiz.de/10013305772
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Workday, Holiday and Calendar Adjustment with 21st Century Data : Monthly Aggregates from Daily Diesel Fuel Purchases
Leamer, Edward E. - 2011
This paper uses a Ceridian transaction-by-transaction data set on purchases of diesel fuel by over-the-road truckers to form a monthly diesel volume purchase index from 1999 to 2011, purged of weekday, holiday and calendar effects. These high-frequency data support a new and improved set of...
Persistent link: https://www.econbiz.de/10013127986
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Identification and Estimation in Discrete Choice Demand Models When Endogenous Variables Interact with the Error
Gandhi, Amit - 2011
We develop an estimator for the parameters of a utility function that has interactions between the unobserved demand … contraction can still be used to recover the mean utility term that now contains both the demand error and the interactions with … and we show together they are sufficient for identification of all of the demand parameters. A major advantage of our …
Persistent link: https://www.econbiz.de/10013128265
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Sale Rates and Price Movements in Art Auctions
Ashenfelter, Orley - 2011
The failure of many paintings to sell in art auctions indicates the presence of reserve prices set by sellers. This paper examines the relationship between sale rates and price surprises over time in art auctions. Using data on contemporary and impressionist art, we show that while sale rates...
Persistent link: https://www.econbiz.de/10013130962
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A Simple Test of Private Information in the Insurance Markets with Heterogeneous Insurance Demand
Gan, Li - 2011
A positive correlation between insurance coverage and ex post risk can be an indicator for private information in insurance markets. However, this test fails if agents have heterogeneous risk attitudes. We propose a new test that conditions on unobserved types of individuals who differ in their...
Persistent link: https://www.econbiz.de/10013130968
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Optimal Price Indices for Targeting Inflation Under Incomplete Markets
Anand, Rahul - 2011
-constrained consumers' access to financial markets make demand insensitive to interest rate fluctuations. The demand of credit … price sector influence aggregate demand and, for monetary policy to have its desired effect, the central bank has to …
Persistent link: https://www.econbiz.de/10013133080