Articles

Olivier Bargain, Andreas Peichl. Steady-State Labor Supply Elasticities: A Survey

Previous reviews of static labor supply estimations concentrate mainly on the evidence from the 1980s and 1990s, Anglo-Saxon countries and early generations of labor sup- ply modeling. This paper provides a fresh characterization of steady-state labor supply elasticities for Western Europe and the US. We also investigate the relative contribution of different methodological choices in explaining the large variation in elasticity size observed across studies. While some recent studies show that...

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Eva Ranehill, Frédéric Schneider, Roberto A. Weber. Growing Groups, Cooperation, and the Rate of Entry

We study the stability of voluntary cooperation in response to varying group growth rates. Using a laboratory public-good game, we construct a situation where increasing group size yields potential efficiency gains, but only with sustained cooperation. We then study the effect of exogenously varying growth rates on cooperation. Slow growth yields higher cooperation rates and welfare than fast growth, both for incumbents and entrants, which is consistent with optimistic self-reinforcing beliefs...

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Michael Wolf, Dan Wunderli. Bootstrap Joint Prediction Regions

Many statistical applications require the forecast of a random variable of interest over several periods into the future. The sequence of individual forecasts, one period at a time, is called a path forecast, where the term path refers to the sequence of individual future realizations of the random variable. The problem of constructing a corresponding joint prediction region has been rather neglected in the literature so far: such a region is supposed to contain the entire future path with a p...

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Lukas Inderbitzin, Stefan Staubli, Josef Zweimüller. Extended Unemployment Benefits and Early Retirement: Program Complementarity and Program Substitution

Extending the potential duration of unemployment insurance (UI) bene ts is one of the most important policy instruments to ease economic hardships of job losers. For instance, the United States extended UI bene ts from 26 weeks to up to 99 weeks during the Great Recession. Many UI systems let UI generosity not only vary over the business cycle but also across groups with di erent labor market conditions. In particular, many countries grant more generous UI bene ts to older job losers. The pres...

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Jess Benhabib, Richard Rogerson, Randall Wright. Homework in Macroeconomics I: Basic Theory

We thank seminar participants at Northwestern, Stanford, Penn, UCLA, Berkeley, San Diego, and the Federal Reserve Bank of Minneapolis for their input into earlier work (Benhabib, Rogerson and Wright 1988) that gave rise to this paper. We acknowledge financial support from NSF grants SES-8704680 and SES-882l225, as well as technical support from the C.V. Starr Center for Applied Economics at New York University and the Federal Reserve Bank of Minneapolis. This paper is part of NEER's research p...

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Timo Boppart, Franziska J. Weiss. Non-homothetic preferences and industry directed technical change

Sectoral data features (i) changing relative expenditures of different sectors, (ii) non-constancy in relative prices and (iii) long-run trends in relative TFP growth rates across sectors. We provide a tractable theory of industry directed technical change, which is able to reconcile these findings. In doing so, this paper emphasizes the importance of directed technical change, nonhomotheticity of preferences and structural change as a long-run phenomenon. Using the input-output tables of the ...

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