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Aggregate Stability and Balanced-Budget Rules
Ghilardi, Matteo; Rossi, Raffaele - International Monetary Fund (IMF) - 2014
It has been shown that under perfect competition and a Cobb-Douglas production function, a basic real business cycle … production functions, namely a constant elasticity of substitution production function. We show that the degree of … substitutability between production factors is a key ingredient to understand the (de)stabilising properties of a balanced-budget rule …
Persistent link: https://www.econbiz.de/10010790380
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Managerial compensation duration and stock price manipulation
Schroth, Josef - 2015
I build a model of optimal managerial compensation where managers each have a privately observed propensity to manipulate short-term stock prices. It is shown that this informational asymmetry reverses some of the conventional wisdom about the relationship between reliance on short-term pay and...
Persistent link: https://www.econbiz.de/10011287603
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A tractable monetary model under general preferences
Wong, Tsz-Nga - 2013
Consider the monetary model of Lagos and Wright (JPE 2005) but with general preferences and general production. I show …
Persistent link: https://www.econbiz.de/10009718496
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Testing Rubin’s model 25 years later : a multilevel approach to local economic development incentive adoption
Stokan, Eric - In: Economic development quarterly : the journal of … 27 (2013) 4, pp. 301-315
Persistent link: https://www.econbiz.de/10010243053
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The geography of pandemic containment
Giannone, Elisa; Paixão, Nuno; Pang, Xinle - 2021 - Last updated: June 10, 2021
How does interconnectedness affect the course of a pandemic? What are the optimal withinand between-state containment policies? We embed a spatial SIR model into a multi-sector quantitative trade model. We calibrate it to US states and the COVID-19 pandemic and find that interconnectedness...
Persistent link: https://www.econbiz.de/10012546119
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Allocative efficiency and aggregate productivity growth in Canada and the United States
Shao, Lin; Tang, Rongsheng - 2021 - Last updated: January 7, 2021
This paper evaluates the contribution of allocative efficiency to the aggregate productivity growth in Canada and the US. In particular, we are interested in explaining two puzzling facts: 1) the slowdown in productivity growth during the 1970s and the 2000s in the US, and 2) the widening...
Persistent link: https://www.econbiz.de/10012404492
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Volatility risk and economic welfare
Xu, Shaofeng - 2017
This paper examines the effects of time-varying volatility on welfare. I construct a tractable endogenous growth model with recursive preferences, stochastic volatility, and capital adjustment costs. The model shows that a rise in volatility can decelerate growth in the absence of any level...
Persistent link: https://www.econbiz.de/10011650148
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The intergenerational correlation of employment : is there a role for work culture?
Galassi, Gabriela; Koll, David; Mayr, Lukas - 2019
We document a substantial positive correlation of employment status between mothers and their children in the United States, linking data from the National Longitudinal Survey of Youth 1979 (NLSY79) and the NLSY79 Children and Young Adults. After controlling for ability, education and wealth, a...
Persistent link: https://www.econbiz.de/10012061132
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Reconciling Jaimovich-Rebelo preferences, habit in consumption and labor
Holden, Tom D.; Levine, Paul; Swarbrick, Jonathan M. - 2018
This note studies a form of a utility function of consumption with habit and leisure that (a) is compatible with long-run balanced growth, (b) hits a steady-state observed target for hours worked and (c) is consistent with micro-econometric evidence for the inter-temporal elasticity of...
Persistent link: https://www.econbiz.de/10011864588
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Technology adoption in input-output networks
Han, Xintong; Xu, Lei - 2019
This paper studies how network structure can affect the speed of adoption. In particular, we model the decision to adopt Python 3 by software packages. Python 3 provides advanced features but is not backward compatible with Python 2, which implies adoption costs. Moreover, packages form...
Persistent link: https://www.econbiz.de/10012137084