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  • Van Stijn, Nieuwerburgh, Laura Veldkamp, Tom Sargent, Tim Cogley, Paul Romer +9 others
  • 2004
When a boom ends, the downturn is generally sharp and short. When growth resumes, the boom is more gradual. Our explanation rests on learning about productivity. When agents believe productivity is high, they work, invest, and produce more. More production generates higher precision information. When the boom ends, precise estimates of the slowdown prompt(More)
Both distributed systems and multicore systems are difficult programming environments. Although the expert programmer may be able to carefully tune these systems to achieve high performance, the non-expert may struggle. We argue that high level abstractions are an effective way of making parallel computing accessible to the non-expert. An abstraction is a(More)
Both distributed systems and multicore computers are difficult programming environments. Although the expert programmer may be able to tune distributed and multicore computers to achieve high performance, the non-expert may struggle to achieve a program that even functions correctly. We argue that high level abstractions are an effective way of making(More)
Incorporating preference for social status into a simple model of portfolio choice helps to explain a range of qualitative and quantitative stylized facts about the het-erogeneity in asset holdings among U.S. households. I specify preferences for status parsimoniously as a function of a household's wealth relative to aggregate wealth. In the model,(More)
  • Citation Finkelstein, Amy, James Poterba, Casey Rothschild, Amy Finkelstein, Casey Rothschild +10 others
  • 2008
" Redistribution by insurance market regulation: Analyzing a ban on gender-based retirement annuities. Article is made available in accordance with the publisher's policy and may be subject to US copyright law. Please refer to the publisher's site for terms of use. The MIT Faculty has made this article openly available. Please share how this access benefits(More)
This paper estimates a job search model with savings and determines optimal unemployment benefit policy for the estimated model. For observed and unobserved worker characteristics, the estimation strategy relates observed unemployment spell durations to the model implied unemployment hazard rate. The model is estimated on Danish unemployment spell data(More)
A large portion of world trade happens within firms' boundaries. This paper proposes a new general equilibrium framework where firms decide whether to outsource to unaffiliated suppliers or to integrate input manufacturing. Multinational corporations and intrafirm trade arise en-dogenously when firms integrate production in foreign countries. Outsourcing(More)
  • Henrik Jacobsen, Kleven Claus, Thustrup Kreiner, Emmanuel Saez, Henrik Jacobsen Kleven, Claus Thustrup Kreiner +12 others
  • 2007
This paper explores the optimal income tax treatment of couples. Each couple is modelled as a single agent supplying labor along two dimensions: primary-earner and secondary-earner labor supply. We consider fully general nonlinear income tax schedules which creates a multi-dimensional screening problem. We prove that, under regularity and separability(More)
Using a sample of about 1,500 CEOs in the post-Sarbanes-Oxley Act of 2002 period, I estimate the extent of undetected intentional manipulation in earnings and managers' manipulation costs using a dynamic finite-horizon structural model. The model features a risk-averse manager, who receives cash and equity compensation and maximizes his terminal wealth. I(More)
Since central banks have limited information concerning the transmission channel of monetary policy, they are faced with the di$cult task of simultaneously controlling the policy target and estimating the impact of policy actions. A tradeo! between estimation and control arises because policy actions in#uence estimation and provide information which may(More)