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解析文章首发于唧唧堂网站www.jijitang.com
解析作者 | 唧唧堂经济金融写作小组：
Ally
；审校编辑 |
悠悠 糖糖
1.教育政策与代际均衡转移
Abstract:We examine the equilibrium effects of college financial aid policies building an overlapping-generations life cycle model with education, labor supply, and saving decisions. Cognitive and noncognitive skills of children depend on parental education and skills and affect education and labor market outcomes. Education is funded by parental transfers that supplement grants, loans, and student labor supply. Crowding out of parental transfers by government programs is sizable and cannot be ignored. The current system of federal aid improves long-run welfare by 6 percent. More generous ability-tested grants would increase welfare and dominate both an expansion of student loans and a labor tax cut.
摘要：
我们研究了大学财政援助政策的均衡效应，建立了一个与教育、劳动力供给和储蓄决策相重叠的世代生命周期模型。
儿童的认知和非认知技能依赖于父母的教育和技能，并影响教育和劳动力市场的结果。
教育的资金来自于父母的补助、贷款和学生的劳动供给。
政府项目对父母转移支付的排挤是相当大的，不容忽视。
目前的联邦援助体系将长期福利提高了6%。
更慷慨的能力测试拨款将增加福利，并主导扩大学生贷款和削减劳工税。
参考文献：
Brant Abbott, Giovanni Gallipoli, Costas Meghir, and Giovanni L. Violante(2019).Education Policy and Intergenerational Transfers in Equilibrium.Journal of Political Economy,127(6),2569–2624.
原文链接：
https://www.journals.uchicago.edu/doi/full/10.1086/702241
2.创新政策的总体影响
Abstract:We examine the quantitative impact of policy-induced changes in firms’ innovative investment on growth in aggregate productivity and output in a model that nests several of the canonical models. We isolate two statistics, the impact elasticity of aggregate productivity growth with respect to aggregate innovative investment and the degree of intertemporal knowledge spillovers in research, that shape the model’s predicted dynamic response to a change in the innovation intensity of the economy. Given measures of these statistics, there is only modest scope for increasing aggregate productivity and output over a 20-year horizon with uniform innovation subsidies to firms’ investments in innovation of a reasonable magnitude, but the welfare gains may be substantial.
摘要：
我们研究了政策引导的企业创新投资变化对总生产率和产出增长的定量影响，该模型采用了几种典型模型。
我们分离出两个统计数据，即总体生产率增长相对于总体创新投资的影响弹性，以及研究中跨期知识溢出的程度，这两个统计数据形成了模型对经济创新强度变化的动态响应预测。
根据这些统计数据，在20年的时间内，通过对企业在创新方面的投资给予统一的创新补贴，从而提高总体生产率和产出的空间有限，但福利收益可能很大。
参考文献：
Andrew Atkeson,Ariel Burstein(2019).Aggregate Implications of Innovation Policy.Journal of Political Economy,127(6),2625–2683.
原文链接：
https://www.journals.uchicago.edu/doi/full/10.1086/701823
3.碳的社会成本与经济和气候风险
Abstract:Uncertainty about future economic and climate conditions substantially affects the choice of policies for managing interactions between the climate and the economy. We develop a framework of dynamic stochastic integration of climate and economy, and show that the social cost of carbon is substantially affected by both economic and climate risks and is a stochastic process with significant variation. We examine a wide but plausible range of values for critical parameters with robust results and show that large-scale computing makes it possible to analyze policies in models substantially more complex and realistic than usually used in the literature.
摘要：
未来经济和气候条件的不确定性很大程度上影响了管理气候与经济之间相互作用的政策选择。
本文建立了气候与经济动态随机整合的框架，指出碳的社会成本受经济风险和气候风险的双重影响，是一个具有显著变化的随机过程。
我们用稳健的结果研究了关键参数的广泛但合理的取值范围，并表明大规模计算使得在模型中分析策略比文献中通常使用的策略更复杂和更现实。
参考文献：
Yongyang Cai,Thomas S. Lontzek(2019).The Social Cost of Carbon with Economic and Climate Risks.Journal of Political Economy,127(6),2684–2734.
原文链接：
https://www.journals.uchicago.edu/doi/full/10.1086/701890
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4.弹性工作的价值：
来自优步司机的证据
Abstract:Technology has facilitated new, nontraditional work arrangements, including the ride-sharing company Uber. Uber drivers provide rides anytime they choose. Using data on hourly earnings and driving, we document driver utilization of this real-time flexibility. We propose that the value of flexibility can be measured as deriving from time variation in the drivers’ reservation wage. Measuring time variation in drivers’ reservation wages allows us to estimate the surplus and labor supply implications of Uber relative to alternative, less-flexible work arrangements. Despite other drawbacks to the Uber arrangement, we estimate that Uber drivers earn more than twice the surplus they would in less-flexible arrangements.
摘要：
科技促进了新的、非传统的工作安排，包括共享汽车公司优步。
优步司机可以随时提供乘车服务。
利用每小时收入和驾驶方面的数据，我们记录了司机对这种实时灵活性的利用情况。
我们认为，灵活性的价值可以从司机保留工资的时间变化来测量。
通过测量司机保留工资的时间变化，我们可以估算出优步相对于其他不那么灵活的工作安排的剩余和劳动力供应影响。
尽管优步的安排存在其他缺点，但我们估计优步司机赚取的收入弹性较差的工作安排的两倍以上。
参考文献：
M. Keith Chen, Judith A. Chevalier, Peter E. Rossi, and Emily Oehlsen(2019).The Value of Flexible Work: Evidence from Uber Drivers.Journal of Political Economy,127(6),2735–2794.
原文链接：
https://www.journals.uchicago.edu/doi/full/10.1086/702171
5.教育配套与家庭收入不平等
Abstract:We use data from Denmark, Germany, Norway, the United Kingdom, and the United States to document the degree of educational assortative mating, how it evolves over time, and the extent to which it differs between countries. This descriptive analysis motivates and guides a decomposition analysis in which we quantify the contribution of various factors to the distribution of household income. We find that assortative mating accounts for a nonnegligible part of the cross-sectional inequality in household income in each country. However, changes in assortative mating over time barely move the time trends in household income inequality.
摘要：
我们使用来自丹麦、德国、挪威、英国和美国的数据来记录教育交配的程度、随着时间的推移它是如何演变的，以及各国之间的差异程度。
这一描述性分析激励和指导了分解分析，其中我们量化了各种因素对家庭收入分配的贡献。
我们发现，在每个国家家庭收入的横截面不平等中，各种交配占了不可忽视的一部分。
然而，随着时间的推移，各种交配方式的变化几乎没有改变家庭收入不平等的时间趋势。
参考文献：
Lasse Eika, Magne Mogstad, and Basit Zafar(2019).Educational Assortative Mating and Household Income Inequality.Journal of Political Economy,127(6),2795-2835.
原文链接：
https://www.journals.uchicago.edu/doi/full/10.1086/702018
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6.医疗补助的价值：
俄勒冈州健康调查结果解读
Abstract:We develop frameworks for welfare analysis of Medicaid and apply them to the Oregon Health Insurance Experiment. Across different approaches, we estimate low-income uninsured adults’ willingness to pay for Medicaid between $0.5 and $1.2 per dollar of the resource cost of providing Medicaid; estimates of the expected transfer Medicaid provides to recipients are relatively stable across approaches, but estimates of its additional value from risk protection are more variable. We also estimate that the resource cost of providing Medicaid to an additional recipient is only 40 percent of Medicaid’s total cost; 60 percent of Medicaid spending is a transfer to providers of uncompensated care for the low-income uninsured.
摘要：
我们开发了医疗补助福利分析框架，并将其应用于俄勒冈健康保险试验。
通过不同的方法，我们估计，在提供医疗补助的资源成本中，每1美元中有0.5到1.2美元是低收入的无保险成年人愿意支付的；
医疗补助金向受助人提供的预期转移的估计是相对稳定的，但对其从风险保护中获得的附加价值的估计则更加多变。
我们还估计，向额外受助人提供医疗补助的资源成本仅为医疗补助总成本的40%；
医疗补助支出的60%转移给了为低收入无保险人群提供无补偿医疗的机构。
参考文献：
Amy Finkelstein, Nathaniel Hendren, and Erzo F. P. Luttmer(2019).The Value of Medicaid: Interpreting Results from the Oregon Health Insurance Experiment.Journal of Political Economy,127(6),2836-2874.
原文链接：
https://www.journals.uchicago.edu/doi/full/10.1086/702238
7.代价高昂的特许权：
与不完全可转让效用匹配的经验框架
Abstract:We introduce an empirical framework for models of matching with imperfectly transferable utility and unobserved heterogeneity in tastes. Our framework allows us to characterize matching equilibrium in a flexible way that includes as special cases fully and nontransferable utility models, collective models, and settings with taxes on transfers. We allow for the introduction of a general class of additive unobserved heterogeneity on agents’ preferences. We show existence and uniqueness of an equilibrium under minimal assumptions. We provide two algorithms to compute the equilibrium in our model. We then show that the associated log likelihood has a simple expression and compute its derivatives. An empirical illustration is provided in the appendix.
摘要：
我们引入了一个经验框架，用于描述具有不完全可转移效用和不可观察的口味异质性的匹配模型。
我们的框架允许我们以一种灵活的方式来描述匹配均衡，包括特殊情况下的完全不可转移的效用模型、集体模型和对转让征税的设置。
我们允许在代理的偏好上引入一种未观察到的可添加的一般类别的异质性。
在极小假设下，我们证明了平衡点的存在唯一性。
我们提供了两种算法来计算模型中的平衡点。
然后证明了关联对数似然有一个简单的表达式，并计算了它的导数。
附录中提供了实证说明。
参考文献：
Alfred Galichon, Scott Duke Kominers, and Simon Weber(2019).Costly Concessions: An Empirical Framework for Matching with Imperfectly Transferable Utility.Journal of Political Economy,127(6),2875-2925.
原文链接：
https://www.journals.uchicago.edu/doi/full/10.1086/702020
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8.流动性、商业周期和货币政策
Abstract:This paper presents a model of a monetary economy where there are differences in liquidity across assets. Money circulates because it is more liquid than other assets, not because it has any special function. The model is used to investigate how aggregate activity and asset prices fluctuate with shocks to productivity and liquidity and to examine what role government policy might have through open-market operations that change the mix of assets held by the private sector.
摘要：
本文提出了一个不同资产之间流动性差异的货币经济模型。
货币流通是因为它比其他资产流动性更强，而不是因为它有什么特殊的功能。
该模型用于研究总体活动和资产价格如何随着生产率和流动性的冲击而波动，并研究政府政策可能通过改变私营部门所持资产组合的公开市场操作发挥何种作用。
参考文献：
Nobuhiro Kiyotaki and John Moore(2019).Liquidity, Business Cycles, and Monetary Policy.Journal of Political Economy,127(6),2926-2966.
原文链接：
https://www.journals.uchicago.edu/doi/full/10.1086/701891
9.具有买方力量的市场并购评估
Abstract:We analyze the competitive effects of mergers in markets with buyer power. Using mechanism design arguments, we show that without cost synergies, mergers harm buyers, regardless of buyer power. However, buyer power mitigates the harm to a buyer from a merger of symmetric suppliers. With buyer power, a merger increases incentives for entry, increases investment incentives for rivals, and can increase investment incentives for merging parties. Because buyer power reduces the profitability of a merger, it increases the profitability of perfect collusion relative to a merger. Cost synergies can eliminate merger harm but also render otherwise profitable mergers unprofitable.
摘要：
我们分析了具有买方力量的市场中合并的竞争效应。
利用机制设计论证，我们证明了无论购买者的权力有多大，没有成本协同效应，并购就会损害购买者权益。
然而，买方权力减轻了对称供应商合并对买方的损害。
有了买方力量，合并可以增加进入的激励，增加竞争对手的投资激励，并可以增加合并各方的投资激励。
因为买方力量降低了合并的盈利能力，它增加了与合并相关的完全合谋的盈利能力。
成本协同效应可以消除合并带来的危害，但也会使原本盈利的合并变得无利可图。
参考文献：
Simon Loertscher and Leslie M. Marx(2019).Merger Review for Markets with Buyer Power.Journal of Political Economy,127(6),2967-3017.
原文链接：
https://www.journals.uchicago.edu/doi/full/10.1086/702173
