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Occupational Choice and Investments in Human Capital in Informal Economies 非正式经济中职业选择与人力资本投资
Pub Date : 2020-11-30 DOI: 10.1515/BEJM-2020-0024
Lucila Berniell
Abstract Informality is pervasive in many developing countries and it can affect occupational and educational decisions. Cross-country data shows that the rate of entrepreneurship as well as the gap between the skill premium for entrepreneurs and for workers increase with the size of the informal economy. Also, in countries with larger informal sectors the fraction of high-skilled individuals that choose to be entrepreneurs is larger. To explain these facts, I develop a model economy with human capital investments, occupational choice and an informal sector, in which the investment in human capital improves the efficiency of labor as well as managerial skills, and the technology to produce goods exhibits capital-skill complementarity. Model predictions can account for cross-country evidence and also shed light on the mechanisms at work when the level of informality in the economy increases. In particular, a higher level of informality discourages human capital investments for workers while it incentivizes these investments for the case of some managers, mostly informal but talented.
非正式行为在许多发展中国家普遍存在,它可以影响职业和教育决策。跨国数据显示,创业率以及企业家和工人之间的技能溢价差距随着非正规经济规模的扩大而扩大。此外,在非正规部门较大的国家,选择成为企业家的高技能个人比例较大。为了解释这些事实,我建立了一个包含人力资本投资、职业选择和非正式部门的模型经济,其中人力资本投资提高了劳动效率和管理技能,生产产品的技术表现出资本-技能互补性。模型预测可以解释跨国家的证据,也揭示了当经济中的非正式程度增加时起作用的机制。特别是,较高程度的非正式性阻碍了对工人的人力资本投资,而对一些管理人员(大多是非正式的,但很有才华)来说,它却激励了这些投资。
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引用次数: 2
Optimal Industrial Policies in a Two-Sector-R&D Economy 两部门研发经济中的最优产业政策
Pub Date : 2020-11-23 DOI: 10.1515/bejm-2019-0197
G. Sorek
Abstract This study characterizes welfare-enhancing industrial policies in a two-sector-R&D economy that incorporates both vertical and horizontal innovation. It elaborates on current welfare analyses of two-sector-R&D economies along two lines. First, it explores the welfare properties of non-drastic innovations whereas current analyses are confined to drastic innovations. It is shown that while the endogenously chosen size of drastic innovations is insufficient compared to social optimum, the size of non-drastic innovations may be excessive compared with the welfare maximizing one. Second, it explores welfare-enhancing policies designed to restrict innovators’ market power, whereas current policy analyses focus on R&D and market-entry subsidies. The welfare-maximizing policies presented here combine proper limitations on innovators’ market power along with a corresponding production tax (or subsidy). The limitations over innovators’ market power are aimed to support the optimal innovation size, and the corresponding production tax is set to support the optimal product variety span.
摘要本文研究了两部门研发经济中包含纵向和横向创新的福利增强产业政策的特征。它沿着两条线详细阐述了当前两部门研发经济的福利分析。首先,它探讨了非激烈创新的福利属性,而目前的分析仅限于激烈创新。研究表明,与社会最优创新相比,剧烈创新的内生选择规模不足,而与福利最大化创新相比,非剧烈创新的内生选择规模可能过大。其次,它探讨了旨在限制创新者市场力量的福利增强政策,而当前的政策分析侧重于研发和市场准入补贴。这里提出的福利最大化政策结合了对创新者市场力量的适当限制以及相应的生产税(或补贴)。对创新者市场力量的限制旨在支持最优创新规模,并设置相应的生产税以支持最优产品品种跨度。
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引用次数: 0
The Macroeconomic Effects of Shadow Banking Panics 影子银行恐慌的宏观经济影响
Pub Date : 2020-11-06 DOI: 10.2139/ssrn.3798390
J. Poeschl
Abstract We study the interaction between occasionally binding financial constraints in the traditional (retail) banking sector and banking panics in the shadow banking sector. Shadow banking panics occur when retail banks choose not to roll over their lending to shadow banks. Occasionally binding financial constraints of retail banks increase the likelihood of and amplify boom-bust dynamics around such shadow banking panics. The model can quantitatively match the dynamics of macroeconomic and financial variables around the US financial crisis. We quantify the impact of wholesale funding market interventions akin to those implemented by the Federal Reserve in 2008, finding that they reduced the fall in output by about half a percentage point. The timing of this intervention matters: an intervention before the banking panic would have been more effective and might even have avoided the panic.
摘要本文研究了传统银行(零售)部门偶尔约束的金融约束与影子银行部门的银行恐慌之间的相互作用。当零售银行选择不将贷款展期给影子银行时,影子银行恐慌就会发生。零售银行偶尔会受到有约束力的金融约束,这增加了影子银行恐慌的可能性,并放大了这种繁荣与萧条的动态。该模型可以定量匹配美国金融危机前后宏观经济和金融变量的动态。我们量化了大规模融资市场干预(类似于美联储(fed)在2008年实施的干预)的影响,发现它们将产出降幅降低了约0.5个百分点。干预的时机很重要:在银行业恐慌之前进行干预会更有效,甚至可能避免恐慌。
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引用次数: 5
Trend Growth and Robust Monetary Policy 趋势增长和稳健的货币政策
Pub Date : 2020-11-01 DOI: 10.2139/ssrn.3628405
Kohei Hasui
Abstract Recent monetary policy studies have shown that the trend productivity growth has non-trivial implications for monetary policy. This paper investigates how trend growth alters the effect of model uncertainty on macroeconomic fluctuations by introducing a robust control problem. We show that an increase in trend growth reduces the effect of the central bank’s model uncertainty and, hence, mitigates the large macroeconomic fluctuations. Moreover, the increase in trend growth contributes to bringing the economy into determinacy regions even if larger model uncertainty exists. These results indicate that trend growth contributes to stabilizing the economy in terms of both variance and determinacy when model uncertainty exists.
最近的货币政策研究表明,生产率增长趋势对货币政策具有重要的影响。本文通过引入一个鲁棒控制问题来研究趋势增长如何改变模型不确定性对宏观经济波动的影响。我们表明,趋势增长的增加减少了中央银行模型不确定性的影响,从而减轻了宏观经济的大幅波动。此外,趋势增长的增加有助于将经济带入确定性区域,即使存在较大的模型不确定性。这些结果表明,当模型存在不确定性时,趋势增长在方差和确定性方面都有助于经济的稳定。
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引用次数: 2
Protecting Lives and Livelihoods with Early and Tight Lockdowns 通过早期和严格的封锁保护生命和生计
Pub Date : 2020-11-01 DOI: 10.5089/9781513560434.001
Francesca Caselli, F. Grigoli, D. Sandri
Abstract Using high-frequency proxies for economic activity over a large sample of countries, we show that the economic crisis during the first seven months of the COVID-19 pandemic was only partly due to government lockdowns. Economic activity also contracted severely because of voluntary social distancing in response to higher infections. Furthermore, we show that lockdowns substantially reduced COVID-19 cases, especially if they were introduced early in a country’s epidemic. This implies that, despite involving short-term economic costs, lockdowns may pave the way to a faster recovery by containing the spread of the virus and reducing voluntary social distancing. Finally, we document that lockdowns entail decreasing marginal economic costs but increasing marginal benefits in reducing infections. This suggests that tight short-lived lockdowns are preferable to mild prolonged measures.
通过对大量国家样本的经济活动进行高频代理,我们发现,在2019冠状病毒病大流行的前七个月,经济危机的部分原因是政府关闭。由于为应对更高的感染而自愿保持社会距离,经济活动也严重萎缩。此外,我们表明,封锁大大减少了COVID-19病例,特别是如果在一个国家流行病的早期引入封锁。这意味着,尽管会带来短期经济成本,但封锁可能会通过遏制病毒的传播和减少自愿保持社会距离,为更快的复苏铺平道路。最后,我们证明封锁会降低边际经济成本,但会增加减少感染的边际效益。这表明,短期的严密封锁比温和的长期措施更可取。
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引用次数: 39
Asymmetric Effects of Monetary Policy 货币政策的不对称效应
Pub Date : 2020-10-30 DOI: 10.1515/bejm-2020-0084
Tzu-Yu Lin
Abstract In this paper, we first use a structural vector autoregression model to examine whether the US economy responds asymmetrically to expansionary and contractionary monetary policies. The empirical results show that monetary policy has significant asymmetric effects on output and investment. To provide an explanation of such asymmetries, we consider a nonlinear dynamic stochastic general equilibrium (DSGE) model in which collateral constraints are occasionally binding over the business cycle. The nonlinear DSGE model is able to match the empirical findings that macroeconomic aggregates react asymmetrically to positive and negative monetary policy shocks.
摘要在本文中,我们首先使用结构向量自回归模型来检验美国经济对扩张性和紧缩性货币政策的反应是否不对称。实证结果表明,货币政策对产出和投资具有显著的不对称效应。为了解释这种不对称,我们考虑了一个非线性动态随机一般均衡(DSGE)模型,其中附带约束偶尔会在商业周期中产生约束。非线性DSGE模型能够匹配宏观经济总量对积极和消极货币政策冲击的不对称反应的实证结果。
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引用次数: 1
Charge-offs, Defaults and the Financial Accelerator 冲销、违约和金融加速器
Pub Date : 2020-10-14 DOI: 10.2139/ssrn.3711768
Christopher M. Gunn, Alok Johri, M. Letendre
Abstract U.S. banks countercyclically vary the ratio of charge-offs to defaulted loans (COD) and the standard deviation of COD is roughly 15 times that of GDP. We show that canonical financial accelerator models cannot explain these facts, but introducing stochastic default costs and stochastic risk can potentially resolve the discrepancy. Estimating the augmented model and including both surprise and news shocks reveals that default cost news shocks account for most of the variance of COD. Also, in the many model specifications we work with, default cost news shocks always account for at least 20 percent of the variance of investment, while risk news shocks account for a significant portion of the variation in the credit spread, and around 10 percent of the variation in investment growth. Both news shocks also account for a material amount of the variance of hours and output growth.
美国银行的坏账与违约贷款比率(COD)呈逆周期变化,COD的标准差约为GDP的15倍。我们发现规范的金融加速器模型不能解释这些事实,但引入随机违约成本和随机风险可以潜在地解决这些差异。对扩充模型进行估计,并同时考虑意外冲击和新闻冲击,结果表明,违约成本新闻冲击占COD方差的大部分。此外,在我们使用的许多模型规范中,违约成本新闻冲击总是占投资方差的至少20%,而风险新闻冲击占信贷息差变化的很大一部分,占投资增长变化的10%左右。这两个新闻冲击也解释了工时和产出增长差异的实质性数量。
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引用次数: 1
The Cyclicality of On-the-Job Search Effort 在职求职努力的周期性
Pub Date : 2020-09-10 DOI: 10.1515/bejm-2019-0245
Hie Joo Ahn, Ling Shao
Abstract This paper provides new evidence for cyclicality in the job-search effort of employed workers, on-the-job search (OJS) intensity, in the U.S. using American Time Use Survey and various cyclical indicators. We find that the probability of an employed worker to engage in OJS is statistically significantly countercyclical, while time spent on OJS of an employed job seeker is weakly countercyclical. The fear of job loss, employment uncertainty, and workers’ financial situations is crucial in the job search decision of employed individuals. The results imply that the precautionary motive might be the key driver of the countercyclicality in OJS intensity.
摘要本文利用美国时间使用调查(American Time Use Survey)和各种周期性指标,为美国就业者求职努力、在职求职强度的周期性提供了新的证据。我们发现,就业者参与OJS的概率具有统计学上显著的逆周期,而就业者在OJS上花费的时间具有弱逆周期。对失业、就业不确定性和工人财务状况的恐惧在就业个人的求职决策中是至关重要的。结果表明,预防动机可能是OJS强度反周期的关键驱动因素。
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引用次数: 5
Entry Costs, Task Variety, and Skill Flexibility: A Simple Theory of (Top) Income Skewness 入门成本、任务多样性和技能灵活性:收入偏倚的一个简单理论
Pub Date : 2020-08-25 DOI: 10.1515/BEJM-2019-0221
Manoj Atolia, Yoshinori Kurokawa
Abstract This paper develops a simple model that provides a unified explanation for both an increase in below-top skewness and a much larger increase in within-top skewness of wage income distribution. It relies on a single mechanism based on the fixed costs of firm entry. A decrease in entry costs increases the variety of goods/tasks and thus the demand for higher-skilled workers who are more flexible in handling a variety of tasks, which increases both types of skewness. Differences in flexibility are modeled as differences in the fixed labor setup costs required to handle a given number of tasks. Our numerical experiments in a calibrated model show that a decrease in entry costs – entry deregulation – can be a quantitatively important source of both the increase in below-top skewness and the much larger increase in within-top skewness observed in the U.S. Moreover, the experiments imply that the observed differences in entry deregulation can cause significant differences in the top skewness across countries that have similar technological change. This can provide an answer to Piketty and Saez’s (2006) question: Why have top wages surged in English speaking countries in recent decades but not in continental Europe or Japan, which have gone through similar technological change?
摘要本文建立了一个简单的模型,为工资收入分配的顶下偏度增加和顶内偏度增加提供了统一的解释。它依赖于基于企业进入的固定成本的单一机制。进入成本的降低增加了商品/任务的多样性,从而增加了对高技能工人的需求,这些工人在处理各种任务时更加灵活,这增加了两种类型的偏度。灵活性的差异被建模为处理给定数量的任务所需的固定劳动力设置成本的差异。我们在一个校准模型中进行的数值实验表明,进入成本的降低——进入放松管制——可能是美国观察到的顶部以下偏度增加和顶部内偏度大幅增加的定量重要来源。此外,实验表明,观察到的进入放松管制的差异可能导致具有类似技术变革的国家之间的顶部偏度存在显著差异。这可以为皮凯蒂和赛斯(2006)提出的问题提供答案:为什么近几十年来,英语国家的最高工资飙升,而经历了类似技术变革的欧洲大陆或日本却没有?
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引用次数: 0
Home Production and Leisure during the COVID-19 Recession COVID-19经济衰退期间的家庭生产和休闲
Pub Date : 2020-08-10 DOI: 10.20955/wp.2020.025
Oksana Leukhina, Zhixiu Yu
Abstract Between the months of February and April of 2020, average weekly market hours in the U.S. dropped by 6.25, meanwhile 36% of workers reported switching to remote work arrangements. In this paper, we examine implications of these changes for the time allocation of different households, and on aggregate. We estimate that home production activity increased by 2.65 h a week, or 42.4% of lost market hours, due to the drop in market work and rise in remote work. The monthly value of home production increased by $39.65 billion – that is 13.55% of the concurrent $292.61 billion drop in monthly GDP. Although market hours declined the most for single, less educated individuals, the lost market hours were absorbed into home production the most by married individuals with children. Adding on the impact of school closures, our estimate of weekly home production hours increases by as much as 4.92 h. The increase in the value of monthly home production between February and April updates to $73.57 billion. We also report the estimated impact of labor markets and telecommuting on home production for each month in 2020.
在2020年2月至4月期间,美国平均每周工作时间减少了6.25个小时,同时36%的员工表示改用远程工作安排。在本文中,我们研究了这些变化对不同家庭的时间分配的影响,以及总体上的影响。我们估计,由于市场工作的减少和远程工作的增加,家庭生产活动每周增加了2.65小时,占市场工作时间损失的42.4%。房屋生产总值每月增加396.5亿元,占本地生产总值同期减少2926.1亿元的13.55%。虽然单身、受教育程度较低的人的市场时间减少最多,但有孩子的已婚人士将失去的市场时间最多地吸收到家庭生产中。加上学校关闭的影响,我们对每周房屋生产时间的估计增加了4.92小时。2月至4月间每月房屋生产价值的增长更新为735.7亿美元。我们还报告了2020年每个月劳动力市场和远程办公对家庭生产的估计影响。
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引用次数: 3
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The B.E. Journal of Macroeconomics
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