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Author(s)
Year
2015
This paper develops a dynamic two-country neoclassical stochastic growth model with incomplete markets. Short-term credit flows can be excessive and reverse suddenly. The equilibrium outcome is constrained inefficient due to pecuniary externalities. First ...
Gene Grossman
2015
We study patterns of foreign direct investment (FDI) in a multi-country world economy. We develop a model featuring non-homothetic preferences for quality and monopolistic competition in which specialization is purely demand-driven and the decision to ...
2015
I think it is fair to say that no French writer save Alexis de Tocqueville has been more influential in the United States than Thomas Piketty, director of studies at the elite Écoles des Hautes Études en Sciences Sociales in Paris and, most important here ...
Carles Boix
2014
We reassess the literature of growth by looking at the evolution of the European economy from around 1200 to 1900. Employing a comprehensive dataset for the European continent that includes geographic and climate features (1200-1800), urbanization data ...
2014
This paper proposes a welfare criterion for economies in which agents have heterogeneously distorted beliefs. Instead of taking a stand on whose belief is correct, our criterion asserts that an allocation is belief-neutral efficient (inefficient) if it is ...
Alan Blinder
2014
Correspondingly, my evaluations of the Federal Reserve’s policy actions are dramatically different pre- and post- Lehman Day. In brief, the Fed deserves mixed but rather poor grades for the years and days leading up to (and including) the fateful Lehman ...
Marc Fleurbaey
2014
The achievements and limitations of the classical theory of optimal labor-income taxation based on social welfare functions are now well known, although utilitarianism still dominates public economics. We review the recent interest that has arisen for ...
Alexandre Mas
2014
This paper asks whether disclosing wages to the public changes wage setting at the top of the public sector income distribution. I evaluate a 2010 California mandate that required cities to submit municipal salaries to the State, to be posted on a public ...
2014
We investigate the role of dynamic production inputs and their associated adjustment costs in shaping the dispersion of static measures of capital misallocation within industries (and countries). Across nine data sets spanning 40 countries, we find that ...
Alexandre Mas
2014
This paper documents that rotation group bias — the tendency for labor force statistics to vary systematically by month in sample in labor force surveys — in the Current Population Survey (CPS) has worsened considerably over time. The estimated ...
2014
The recent financial crisis and the difficulty of using mainstream macroeconomic models to accurately monitor and assess systemic risk have stimulated new analyses of how we measure economic activity and the development of more sophisticated models in ...
2014
Seit der Finanz- und Wirtschaftskrise ist die Staatsverschuldung einiger Euroländer so stark gestiegen wie nie zuvor. Und eine glaubhafte Konsolidierungsstrategie ist nicht in Sicht. Im Gegenteil, vermehrt wird sogar eine Lockerung der Sparpolitik ...
2014
In this article, we introduce an empirical framework to analyze how firm performance is affected by increased globalization. Using this framework, we discuss recent work on measuring the impact of various shocks firms face in the global marketplace, such ...
2014
This paper develops a framework for measuring, allocating and managing systemic risk. SystRisk, our measure of total systemic risk, captures the a priori cost to society for providing tail-risk insurance to the financial system. Our allocation principle ...
Alan Blinder
2014
The U.S. economy has grown faster--and scored higher on many other macroeconomic metrics--when the President of the United States is a Democrat rather than a Republican. For many measures, including real GDP growth (on which we concentrate), the ...
Esteban Rossi-Hansberg
2014
ABSTRACT:  We study the impact of regional and sectoral productivity changes on the U.S. economy. To that  end, we consider an environment that captures the effects of interregional and intersectoral trade in  propagating disaggregated productivity ...
Brandice Canes-Wrone
2014
We consider two classes of explanations for the rise in policy-related economic uncertainty in the United States since 1960. The first stresses growth in government spending, taxes, and regulation. A second stresses increased political polarization and ...
2014
In a world with self-generated, endogenous risk and time-varying risk premia, price stability and financial stability are inseparable. A monetary analysis based on the distribution of liquidity mismatch across sectors provides valuable information about ...
2014
Long-term transition rates calculated from the Current Population Survey, the Survey of Income and Program Participation, and Rutgers University’s Work Trends Survey indicate that the long-term unemployed have a 20 to 40 percent lower probability of being ...
Alan Blinder
2014
The worst financial crisis since the 1930s changed academic, financial, regulatory, and political thinking in many ways. One is the realization that we allowed (or maybe even enabled) financial market participants to construct a system that was amazingly ...

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