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2013
The deepest economic collapse in 75 years occurred because of a widespread failure across the financial system rather than a single cause. In order to safeguard the economy in the future, I propose in this paper that strong regulation, implementation and ...
Oleg Itskhoki
Benjamin Moll
2013
We study optimal Ramsey policies in a standard growth model with financial frictions. In the model, heterogeneous entrepreneurs face borrowing constraints which result in a misallocation of capital and reduced labor productivity. In the short-run, the ...
Atif Mian
2013
I highlight the financial market risks faced by the U.S. middle class using the 2007-2009 financial crisis as an example. The 2007-09 financial crisis disproportionately affected the middle class due to three distinct channels. First, the wealth losses ...
Alan Blinder
2013
Alan Blinder June, 2013 The Great Inflation, ed. Michael Bordo and Athanasios Orphanides; University of Chicago Press; NBER Conference Report Finance Macroeconomics Monetary and Macroeconomic Policy http://press.uchicago.edu/ucp/books/book/chicago/G ...
Gene Grossman
2013
In this paper, I survey the recent theoretical literature that incorporates heterogeneous labor into models of international trade. The models with heterogeneous labor have been used to study how talent dispersion can be a source of comparative advantage, ...
2013
This article surveys the macroeconomic implications of financial frictions. Financial frictions lead to persistence and when combined with illiquidity to non-linear amplification effects. Risk is endogenous and liquidity spirals cause financial ...
Marc Fleurbaey
2013
A further provocative idea is that, in contrast, most of the currently available alternative indicators, including subjective well-being indexes, are not as respectful of people's values because, like GDP, they are too narrow and give specific ...
Oleg Itskhoki
Stephen Redding
2013
This paper reviews a new framework for analyzing the interrelationship between inequality, unemployment, labor market frictions, and foreign trade. This framework emphasizes firm heterogeneity and search and matching frictions in labor markets. It implies ...
Sophie Meunier
2013
Sophie Meunier May, 2013 Developments in French Politcs, 5th Edition, ed. Alistair Cole, Sophie Meunier, and Vincent Tiberj; Palgrave-Macmillan Foreign Policy Trade Macroeconomics International Political Economy and Trade meunier_france_and_the_global ...
Oleg Itskhoki
2013
We show that even when the exchange rate cannot be devalued, a small set of conventional fiscal instruments can robustly replicate the real allocations attained under a nominal exchange rate devaluation in a dynamic New Keynesian open economy environment. ...
Richard Rogerson
2013
Structural transformation refers to the reallocation of economic activity across the broad sectors agriculture, manufacturing and services. This review article synthesizes and evaluates recent advances in the research on structural transformation. We ...
Stephen Redding
2013
We examine how firm heterogeneity influences aggregate welfare through endogenous firm selection. We consider a homogeneous firm model that is a special case of a heterogeneous firm model with a degenerate productivity distribution. Keeping all structural ...
Mark Watson
2013
Long-run forecasts of economic variables play an important role in policy, planning, and portfolio decisions. We consider long-horizon forecasts of average growth of a scalar variable, assuming that first differences are second-order stationary. The main ...
Alan Blinder
2013
Alan Blinder January, 2013 The Penguin Press; ISBN:9721594205309 Finance Macroeconomics Monetary and Macroeconomic Policy http://www.us.penguingroup.com/nf/Book/BookDisplay/0,,9781594205309,00.html?strS... ...
Rafaela Dancygier
2013
Rafaela Dancygier January, 2013 With Michael Donnelly; Journal of Politics, Vol. 75, Issue 1 Immigration Employment Macroeconomics Domestic and Social Policy dancygier_sectoral_economies_economic_context_and_attitudes_toward_immigration.pdf http://dx.doi ...