WorldCat Identities

Barlevy, Gadi

Overview
Works: 36 works in 146 publications in 1 language and 633 library holdings
Roles: Author
Classifications: HB1, 330.072
Publication Timeline
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Most widely held works by Gadi Barlevy
Earnings inequality and the business cycle by Gadi Barlevy( Book )

19 editions published in 2004 in English and held by 65 WorldCat member libraries worldwide

Economists have long viewed recessions as contributing to increasing inequality. However, this conclusion is largely based on data from a period in which inequality was increasing over time. This paper examines the connection between long-run trends and cyclical variation in earnings inequality. We develop a model in which cyclical and trend inequality are related, and find that in our model, recessions tend to amplify long-run trends, i.e. they involve more rapidly increasing inequality more when long-run inequality is increasing, and more rapidly decreasing inequality when long-run inequality is decreasing. In support of this prediction, we present evidence that during the first half of the 20th Century when earnings inequality was generally declining, earnings disparities indeed appeared to fall more rapidly in downturns, at least among workers at the top of the earnings distribution
The cost of business cycles under endogenous growth by Gadi Barlevy( Book )

16 editions published between 2000 and 2003 in English and held by 53 WorldCat member libraries worldwide

Also available on Internet
Estimating models of on-the-job search using record statistics by Gadi Barlevy( Book )

13 editions published in 2003 in English and held by 53 WorldCat member libraries worldwide

This paper proposes a methodology for estimating job search models that does not require either functional form assumptions or ruling out the presence of unobserved variation in worker ability. In particular, building on existing results from record-value theory, a branch of statistics that deals with the timing and magnitude of extreme values in sequences of random variables, I show how we can use wage data to identify the distribution from which workers search. Applying this insight to wage data in the NLSY dataset, I show that the data supports the hypothesis that the wage offer distribution is Pareto, but not that it is lognormal
On the timing of innovation in stochastic schumpeterian growth models by Gadi Barlevy( Book )

12 editions published in 2004 in English and held by 47 WorldCat member libraries worldwide

Recent work has revived the Schumpeterian hypothesis that recessions facilitate innovation and growth. But a major source of productivity growth, research and development, is actually procyclical. This paper argues that while it is optimal to concentrate growth-enhancing activities in downturns, dynamic spillovers inherent to the R & D process lead private agents to concentrate too much of their R & D activity in booms, precisely when its social cost is highest. Thus, while previous literature has argued recessions promote growth and intertemporal substitution is a desirable consequence of fluctuations, in the case of R & D recessions discourage growth and intertemporal substitution proves to be a social liability
The cost of business cycles and the benefits of stabilization : a survey by Gadi Barlevy( Book )

11 editions published in 2004 in English and held by 39 WorldCat member libraries worldwide

This article reviews the literature on the cost of U.S. post-War business cycle fluctuations. I argue that recent work has established this cost is considerably larger than initial work found. However, despite the large cost of macroeconomic volatility, it is not obvious that policymakers should have pursued a more aggressive stabilization policy than they did. Still, the fact that volatility is so costly suggests stable growth is a desirable goal that ought to be maintained to the extent possible, just as policymakers are currently required to do under the Balanced Growth and Full Employment Act of 1978. This survey was prepared for the Economic Perspectives, a publication of the Federal Reserve Bank of Chicago
Identification of search models with initial condition problems by Gadi Barlevy( Book )

15 editions published in 2006 in English and held by 29 WorldCat member libraries worldwide

This paper extends previous work on the identification of search models in which observed worker productivity is imperfectly observed. In particular, it establishes that these models remain identified even when employment histories are left-censored (i.e. we do not get to follow workers from their initial job out of unemployment), as well as when workers set different reservation wages from one another. We further show that allowing for heterogeneity in reservation can affect the empirical estimates we obtain, specifically estimates of the rate at which workers receive job offers
Pay for percentile by Gadi Barlevy( )

10 editions published between 2009 and 2011 in English and held by 24 WorldCat member libraries worldwide

We analyze an incentive pay scheme for educators that links educator compensation to the ranks of their students within appropriately defined comparison sets, and we show that under certain conditions this scheme induces teachers to allocate socially optimal levels of effort to all students. Moreover, because this scheme employs only ordinal information, it allows education authorities to employ completely new assessments at each testing date without ever having to equate various assessment forms. This approach removes incentives for teachers to teach to a particular assessment form and eliminates opportunities to influence reward pay by corrupting the equating process or the scales used to report assessment results. Education authorities can use the incentive scheme we describe while employing a separate no-stakes assessment system to track secular trends in scaled measures of student achievement
Information acquisition in financial markets : a correction by Gadi Barlevy( Book )

4 editions published between 1999 and 2007 in English and held by 8 WorldCat member libraries worldwide

"This note provides a proper example for the mechanism of strategic complementarities proposed in our paper"--Federal Reserve Bank of Chicago web site
A leverage-based model of speculative bubbles by Gadi Barlevy( Book )

3 editions published in 2008 in English and held by 8 WorldCat member libraries worldwide

This paper develops an equilibrium model of speculative bubbles that can be used to explore the role of various policies in either giving rise to or eliminating the possibility of asset bubbles, e.g. restricting the use of certain types of loan contracts, imposing down- payment restrictions, and changing inter-bank rates. As in previous work by Allen and Gorton (1993) and Allen and Gale (2000), a bubble arises in the model because traders are assumed to purchase assets with borrowed funds. My model adds to this literature by allowing creditors and traders to enter into a more general class of contracts, as well as by allowing speculators to trade strategically
Mandatory disclosure and financial contagion by Fernando Alvarez( Book )

6 editions published between 2014 and 2015 in English and held by 4 WorldCat member libraries worldwide

This paper explores whether mandatory disclosure of bank balance sheet information can improve welfare. In our benchmark model, mandatory disclosure can raise welfare only when markets are frozen, i.e. when investors refuse to fund banks in the absence of balance sheet information. Even then, intervention is only warranted if there is sufficient contagion across banks, in a sense we make precise within our model. In the same benchmark model, if in the absence of balance sheet information investors would fund banks, mandatory disclosure cannot raise welfare and it will be desirable to forbid banks to disclose their financial positions. When we modify the model to allow banks to engage in moral hazard, mandatory disclosure can increase welfare in normal times. But the case for intervention still hinges on there being sufficient contagion. Finally, we argue disclosure represents a substitute to other financial reforms rather than complement them as some have argued
Characterizations in a random record model with a non-identically distributed initial record by Gadi Barlevy( Book )

2 editions published in 2005 in English and held by 4 WorldCat member libraries worldwide

"We consider a sequence of random length M of independent absolutely continuous observations Xi, 1=i=M, where M is geometric, X1 has cdf G, and Xi, i=2, have cdf F. Let N be the number of upper records and Rn, n=1, be the nth record value. We show that N is free of F if and only if G(x) = G0(F(x)) for some cdf G0 and that if E([X2]) is finite so is E([Rn]) for n=2 whenever N=n or N=n. We prove that the distribution of N along with appropriately chosen subsequences of E(Rn) characterize F and G, and along with subsequences of E(Rn- Rn-1) characterize F and G up to a common location shift. We discuss some applications to the identification of the wage offer distribution in job search models"--Federal Reserve Bank of Chicago web site
Pay for Percentile. Nber Working Paper No. 17194 by Gadi Barlevy( Book )

1 edition published in 2011 in English and held by 3 WorldCat member libraries worldwide

We analyze an incentive pay scheme for educators that links educator compensation to the ranks of their students within appropriately defined comparison sets, and we show that under certain conditions this scheme induces teachers to allocate socially optimal levels of effort to all students. Moreover, because this scheme employs only ordinal information, it allows education authorities to employ completely new assessments at each testing date without ever having to equate various assessment forms. This approach removes incentives for teachers to teach to a particular assessment form and eliminates opportunities to influence reward pay by corrupting the equating process or the scales used to report assessment results. Education authorities can use the incentive scheme we describe while employing a separate no-stakes assessment system to track secular trends in scaled measures of student achievement
Earnings inequality and the business cycle( )

2 editions published in 2004 in English and held by 3 WorldCat member libraries worldwide

Mortgage choices and housing Speculation by Gadi Barlevy( )

2 editions published in 2010 in English and held by 2 WorldCat member libraries worldwide

We describe a rational expectations model in which speculative bubbles in house prices can emerge. Within this model both speculators and their lenders use interest-only mortgages (IOs) rather than traditional mortgages when there is a bubble. Absent a bubble, there is no tendency for IOs to be used. These insights are used to assess the extent to which house prices in US cities were driven by speculative bubbles over the period 2000-2008. We find that IOs were used sparingly in cities where elastic housing supply precludes speculation from arising. In cities with inelastic supply, where speculation is possible, there was heavy use of IOs, but only in cities that had boom-bust cycles. Peak IO usage predicts rapid appreciations that cannot be explained by standard correlates and this variable is more robustly correlated with rapid appreciations than other mortgage characteristics, including sub-prime, securitization and leverage. Where IOs were popular, their use does not appear to have been a response to houses becoming more expensive. Indeed, their use anticipated future appreciation. Finally, consistent with the reason why lenders prefer IOs, these mortgages are more likely to be repaid earlier or foreclose. Combined with our model, this evidence suggests that speculative bubbles were an important factor driving prices in cities with boom-bust cycles. -- House prices ; interest-only mortgages ; subprime mortgages ; securitization ; speculation
Allocating effort and talent in professional labor markets by Gadi Barlevy( )

2 editions published in 2016 in English and held by 2 WorldCat member libraries worldwide

In many professional service firms, new associates work long hours while competing in up-or-out promotion contests. Our model explores why these firms require young professionals to take on heavy work loads while simultaneously facing significant risks of dismissal. We argue that the productivity of skilled partners in professional service firms (e.g. law, consulting, investment banking and public accounting) is quite large relative to the productivity of their peers who are competent and experienced but not well-suited to the partner role. Therefore, these firms adopt personnel policies that facilitate the identification of new partners. In our model, both heavy work loads and up-or-out rules serve this purpose. Firms are able to identify more professionals who can function effectively as partners when they require new associates to perform more tasks. Further, when firms replace experienced associates with new less productive workers, they gain the opportunity to identify talented professionals who will have long careers as partners. Both of these personnel practices are costly. However, when the gains from increasing the number of talented partners exceed these costs, firms employ both practices in tandem. We present evidence on life-cycle patterns of hours and earnings among lawyers that support our claim that both heavy work loads and up-or-out rules are screening mechanisms
Identification of search models with initial condition problems( )

2 editions published in 2006 in English and held by 2 WorldCat member libraries worldwide

This paper extends previous work on the identification of search models in which observed worker productivity is imperfectly observed. In particular, it establishes that these models remain identified even when employment histories are left-censored (i.e. we do not get to follow workers from their initial job out of unemployment), as well as when workers set different reservation wages from one another. We further show that allowing for heterogeneity in reservation can affect the empirical estimates we obtain, specifically estimates of the rate at which workers receive job offers. -- record statistics ; on-the-job search ; job mobility ; reservation wages
Essays on the macroeconomics of slow adjustment by Gadi Barlevy( )

1 edition published in 1997 in English and held by 2 WorldCat member libraries worldwide

On the possibility of stock market crashes in the absence of portfolio insurance? by Gadi Barlevy( Book )

3 editions published between 1998 and 1999 in English and held by 2 WorldCat member libraries worldwide

Robustness and maroeconomic plicy by Gadi Barlevy( )

4 editions published in 2010 in English and Undetermined and held by 2 WorldCat member libraries worldwide

This paper considers the design of macroeconomic policies in the face of uncertainty. In recent years, several economists have advocated that when policymakers are uncertain about the environment they face and find it difficult to assign precise probabilities to the alternative scenarios that may characterize this environment, they should design policies to be robust in the sense that they minimize the worst-case loss these policies could ever impose. I review and evaluate the objections cited by critics of this approach. I further argue that, contrary to what some have inferred, concern about worst-case scenarios does not always lead to policies that respond more aggressively to incoming news than the optimal policy would respond absent any uncertainty. -- Robust Control ; Uncertainty ; Ambiguity ; Attenuation Principle
On the timing of innovation in stochastic schumpeterian growth models( )

1 edition published in 2004 in English and held by 1 WorldCat member library worldwide

 
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Alternative Names
Barlevy, G.

Languages
English (128)