Financial autarky and international business cycles
In: Journal of Monetary Economics, Band 49, Heft 3, S. 601-627
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In: Journal of Monetary Economics, Band 49, Heft 3, S. 601-627
In: Significant issues series 21,5
In: Journal of economic dynamics & control, Band 140, S. 104306
ISSN: 0165-1889
In: CEPR Discussion Paper No. DP17268
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In: CEPR Discussion Paper No. DP15394
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Working paper
In: NBER Working Paper No. w28006
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Working paper
In: CEPR Discussion Paper No. DP14870
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Working paper
In: NBER Working Paper No. w27345
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In: CEPR Discussion Paper No. DP13550
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In: NBER Working Paper No. w25617
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Working paper
In: Research in economics: Ricerche economiche, Band 71, Heft 3, S. 521-539
ISSN: 1090-9451
In: American economic review, Band 104, Heft 7, S. 2075-2126
ISSN: 1944-7981
We develop a model with partial insurance against idiosyncratic wage shocks to quantify risk sharing. Closed-form solutions are obtained for equilibrium allocations and for moments of the joint distribution of consumption, hours, and wages. We prove identification and demonstrate how labor supply data are informative about risk sharing. The model, estimated with US data over the period 1967–2006, implies that (i) 39 percent of permanent wage shocks pass through to consumption; (ii ) the share of wage risk insured increased until the early 1980s; and (iii) preference heterogeneity is important in accounting for observed dispersion in consumption and hours. (JEL E21, E23, E31, E52)
In: NBER Working Paper No. w19899
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Working paper
What shapes the optimal degree of progressivity of the tax and transfer system? On the one hand, a progressive tax system can counteract inequality in initial conditions and substitute for imperfect private insurance against idiosyncratic earnings risk. At the same time, progressivity reduces incentives to work and to invest in skills, and aggravates the externality associated with valued public expenditures. We develop a tractable equilibrium model that features all of these trade-offs. The analytical expressions we derive for social welfare deliver a transparent understanding of how preferences, technology, and market structure parameters influence the optimal degree of progressivity. A calibration for the U.S. economy indicates that endogenous skill investment, flexible labor supply, and the externality linked to valued government purchases play quantitatively similar roles in limiting desired progressivity.
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In: Journal of political economy, Band 118, Heft 4, S. 681-722
ISSN: 1537-534X