| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP5178 |
| DP5178 Nowcasting GDP and Inflation: The Real Time Informational Content of Macroeconomic Data Releases | |
| Lucrezia Reichlin; Domenico Giannone; David Small | |
| 发表日期 | 2005-08-23 |
| 出版年 | 2005 |
| 语种 | 英语 |
| 摘要 | This paper analyses the welfare effects of changes in cross-sectional wage dispersion, using a class of tractable heterogeneous-agent economies. We emphasize a trade-off in the welfare calculation that arises when labour supply is endogenous. On the one hand, as wage uncertainty rises, so does the cost associated with missing insurance markets. On the other hand, greater wage inequality presents opportunities to increase aggregate productivity by concentrating market work among more productive workers. We find that the observed rise in wage dispersion in the United States over the past three decades implies a welfare loss roughly equivalent to a 2.5% decline in lifetime consumption. Assuming Cobb-Douglas preferences, this number is the result of a welfare gain of around 5% from the endogenous increase in productivity coupled with a loss of around 7.5% associated with greater volatility in consumption and leisure. |
| 主题 | International Macroeconomics ; Labour Economics |
| 关键词 | Insurance Labour supply Productivity Wage dispersion Welfare |
| URL | https://cepr.org/publications/dp5178 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/534063 |
| 推荐引用方式 GB/T 7714 | Lucrezia Reichlin,Domenico Giannone,David Small. DP5178 Nowcasting GDP and Inflation: The Real Time Informational Content of Macroeconomic Data Releases. 2005. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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