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Working Paper
Unequal Climate Policy in an Unequal World
Hur, Sewon; Carroll, Daniel R.; Belfiori, Elisa (2025-01-31)
We study climate policy in an economy with heterogeneous households, two types of goods (clean and dirty), and a climate externality from the dirty good. Using household expenditure and emissions data, we document that low-income households have higher emissions per dollar spent than high-income households, making a flat carbon tax regressive. We build a model that captures this fact and study climate policies that are neutral with respect to the income distribution. We show that the constrained optimal carbon tax in a heterogeneous economy is heterogeneous: Higher-income households face a ...
Globalization Institute Working Papers , Paper 427

Working Paper
Achievement Gap Estimates and Deviations from Cardinal Comparability
Nielsen, Eric R. (2015-05-12)
This paper assesses the sensitivity of standard empirical methods for measuring group differences in achievement to violations in the cardinal comparability of achievement test scores. The paper defines a distance measure over possible weighting functions (scalings) of test scores. It then constructs worst-case bounds for the bias in the estimated achievement gap (or achievement gap change) that could result from using the observed rather than the true test scale, given that the true and observed scales are no more than a fixed distance from each other. The worst-case weighting functions have ...
Finance and Economics Discussion Series , Paper 2015-40

Working Paper
Sharing Asymmetric Tail Risk: Smoothing, Asset Prices and Terms of Trade
Corsetti, Giancarlo; Lipinska, Anna; Lombardo, Giovanni (2021-08-06)
Crises and tail events have asymmetric effects across borders, raising the value of arrangements improving insurance of macroeconomic risk. Using a two-country DSGE model, we provide an analytical and quantitative analysis of the channels through which countries gain from sharing (tail) risk. Riskier countries gain in smoother consumption but lose in relative wealth and average consumption. Safer countries benefit from higher wealth and better average terms of trade. Calibrated using the empirical distribution of moments of GDP-growth across countries, the model suggests non-negligible ...
International Finance Discussion Papers , Paper 1324

Conference Paper
The role of demand management policies in reducing unemployment
Bean, Charles R. (1994-01)
Proceedings - Economic Policy Symposium - Jackson Hole , Issue Jan , Pages 99-167

Conference Paper
Views of a policymaker and public administrator
Blum, Barbara B. (1986)
Conference Series ; [Proceedings] , Volume 30 , Pages 227-244

Working Paper
Multiple stages of processing and the quantity anomaly in international business cycle models
Huang, Kevin X. D.; Liu, Zheng (2004)
We construct a two-country DSGE model with multiple stages of processing and local currency staggered price-setting to study cross-country quantity correlations driven by monetary shocks. The model embodies a mechanism that propagates a monetary surprise in the home country to lower the foreign price level while restraining the home price level from rising too quickly; and, it does so through reducing material costs in terms of the foreign currency unit while dampening the upward movements in the costs in terms of the home currency unit, both in absolute terms and relative to the costs of ...
Research Working Paper , Paper RWP 04-05

Working Paper
Financial Development and International Trade
Leibovici, Fernando (2020-06)
This paper studies the industry-level and aggregate implications of financial development on international trade. I set up a multi-industry general equilibrium model of international trade with input-output linkages and heterogeneous firms subject to financial frictions. Industries differ in capital-intensity, which leads to differences in external finance dependence. The model is parameterized to match key features of firm-level data. Financial development leads to substantial reallocation of international trade shares from labor- to capital-intensive industries, with minor effects at the ...
Working Papers , Paper 2018-015

Journal Article
Welfare reform revisited
Saving, Jason L. (2002-09)
Southwest Economy , Issue Sep , Pages 1, 5-8

Conference Paper
Capital controls: a normative analysis
Lipinska, Anna; De Paoli, Bianca (2012-11)
Countries' concerns with the value of their currency have been extensively studied and documented in the literature. Capital controls can be (and often are) used as a tool to manage exchange rate fluctuations. This paper investigates whether countries can benefi t from using such a tool. We develop a welfare based analysis of whether (or, in fact, how)countries should tax international borrowing. Our results suggest that managing exchange rate movements with the use of these taxes can be benefi cial for individual countries although it would limit cross-border pooling of risk. This is because ...
Proceedings , Issue Nov , Pages 1-36

Report
Optimal Tax Progressivity: An Analytical Framework
Violante, Giovanni L.; Heathcote, Jonathan; Storesletten, Kjetil (2014-01-31)
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 ...
Staff Report , Paper 496

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