This paper studies the role of differences in patterns production and international trade on business cycle volatility emerging developed economies. We study a multisector small open economy which firms produce commodities manufactures. estimate model to match key cross-sectional time-series across countries. Emerging economies run surpluses deficits manufactures, while sectoral flows are balan...

Commonly used instruments for the identification of monetary policy disturbances are likely to combine true shock with information about state economy due disclosed through action. We show that this signaling effect can give rise empirical puzzles reported in literature, and propose a new high-frequency instrument shocks accounts informational rigidities. find tightening is unequivocally contra...

This paper assesses the importance of heterogeneity in household portfolios for transmission monetary policy a New Keynesian business cycle model with uninsurable income risk and assets different liquidity. In this environment, works through investment, but redistribution lowers elasticity investment via two channels: (i) marginal propensities to invest, (ii) time variation liquidity premium. M...

This paper studies wage setting in a directed search model of multiworker firms facing within-firm equity constraints on wages. The reduce wages, as exploit their monopsony power over existing workers, rendering wages less responsive to productivity doing so. They also give rise time inconsistency the dynamic firm problem, face elastic labor supply short run than long run, making commitment fut...

We study optimal monetary policy in an analytically tractable heterogeneous agent New Keynesian model with rich cross-sectional heterogeneity. Optimal differs from a representative benchmark because can affect consumption inequality, by stabilizing risk arising both idiosyncratic shocks and unequal exposures to aggregate shocks. The trade-off between productive efficiency, price stability is su...

The article describes the past and future energy natural resources policies in Russia. authors consider main trends prospects state policy. shows relationship between National Welfare Fund growth decline consumption. argue ability of raw materials revenues to solve problems social financing. analysis relies on VAR VECM-model test generated hypotheses. model explores changes prices proportion in...

We study the interplay of inequality and trust in a dynamic game, in which trust increases efficiency and thus allows higher growth of the experimental economy in the future. We find that trust is initially high in a treatment starting with equal endowments, but decreases over time. In a treatment with unequal endowments, trust is initially lower yet remains relatively stable. The difference se...

Using administrative panel data on the entire Danish population we document a new set of facts characterizing occupational mobility. For most occupations, mobility is U-shaped and directional: not only low but also high wage earners within an occupation have a particularly large probability of leaving their occupation, and the low (high) earners tend to switch to new occupations with lower (hig...

1 nucleopolyhedrovirus regulates expression of viral gene 2 ODV-E25 3 4 Mengxiao Zhu, Jinwen Wang*, Riqiang Deng, Peiwen Xiong, Hai Liang, Xunzhang 5 Wang* 6 School of Life Science, Sun Yat-sen University, Guangzhou 510275, People’s Republic of China 7 8 *Corresponding author: Jinwen Wang and Xunzhang Wang. 9 Mailing address: School of Life Science, Sun Yat-sen University, Guangzhou 510275, 10 ...