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Journal of Economic Perspectives最新文献

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Why Do Retired Households Draw Down Their Wealth So Slowly? 为什么退休家庭消耗财富的速度如此之慢?
1区 经济学
Journal of Economic Perspectives Pub Date : 2023-11-01 DOI: 10.1257/jep.37.4.91
Eric French, John Bailey Jones, Rory McGee
{"title":"Why Do Retired Households Draw Down Their Wealth So Slowly?","authors":"Eric French, John Bailey Jones, Rory McGee","doi":"10.1257/jep.37.4.91","DOIUrl":"https://doi.org/10.1257/jep.37.4.91","url":null,"abstract":"Retired households, especially those with high lifetime income, decumulate their wealth very slowly, and many die leaving large estates. The three leading explanations for the “retirement savings puzzle” are the desire to insure against uncertain lifespans and medical expenses, the desire to leave bequests to one’s heirs, and the desire to remain in one’s own home. We discuss the empirical strategies used to differentiate these motivations, most of which go beyond wealth to exploit additional features of the data. The literature suggests that all the motivations are present, but has yet to reach a consensus about their relative importance.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":"5 6","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135410183","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Retrospectives: Margaret Reid, Chicago, and Permanent Income 回顾:Margaret Reid, Chicago和Permanent Income
1区 经济学
Journal of Economic Perspectives Pub Date : 2023-11-01 DOI: 10.1257/jep.37.4.251
Evelyn L. Forget
{"title":"Retrospectives: Margaret Reid, Chicago, and Permanent Income","authors":"Evelyn L. Forget","doi":"10.1257/jep.37.4.251","DOIUrl":"https://doi.org/10.1257/jep.37.4.251","url":null,"abstract":"Margaret Gilpin Reid (1896-1990) began her career as a home economist and, with Dorothy Brady, Milton and Rose Friedman, played a central role in the development of the permanent income hypothesis at Chicago. Reid was the first woman to be elected Fellow of the American Economic Association, and was a key figure in the empirical tradition at the University of Chicago. This article examines the opportunities and constraints that shaped her career.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":"4 5","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135410186","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Changes in the Distribution of Black and White Wealth since the US Civil War 美国内战以来黑人和白人财富分配的变化
1区 经济学
Journal of Economic Perspectives Pub Date : 2023-11-01 DOI: 10.1257/jep.37.4.71
Ellora Derenoncourt, Chi Hyun Kim, Moritz Kuhn, Moritz Schularick
{"title":"Changes in the Distribution of Black and White Wealth since the US Civil War","authors":"Ellora Derenoncourt, Chi Hyun Kim, Moritz Kuhn, Moritz Schularick","doi":"10.1257/jep.37.4.71","DOIUrl":"https://doi.org/10.1257/jep.37.4.71","url":null,"abstract":"The difference in the average wealth of Black and white Americans narrowed in the first century after the Civil War, but remained large and even widened again after 1980. Given high levels of wealth concentration both historically and today, dynamics at the average may not capture important heterogeneity in racial wealth gaps across the distribution. This paper looks into the historical evolution of the Black and white wealth distributions since Emancipation. The picture that emerges is an even starker one than racial wealth inequality at the mean. Tracing, for the first time, the evolution of wealth of the median Black household and the gap between the typical Black and white household over time, we estimate that the majority of Black households only began to dispose of measurable wealth around World War II. While the civil rights era brought substantial wealth gains for the median Black household, the gap between Black and white wealth at the median has not changed much since the 1970s. The top and the bottom of the wealth distribution show even greater persistence, with Black households consistently over-represented in the bottom half of the wealth distribution and under-represented in the top-10 percent over the past seven decades.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":"78 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135411691","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Economics of Electricity Reliability 电力可靠性经济学
1区 经济学
Journal of Economic Perspectives Pub Date : 2023-11-01 DOI: 10.1257/jep.37.4.181
Severin Borenstein, James Bushnell, Erin Mansur
{"title":"The Economics of Electricity Reliability","authors":"Severin Borenstein, James Bushnell, Erin Mansur","doi":"10.1257/jep.37.4.181","DOIUrl":"https://doi.org/10.1257/jep.37.4.181","url":null,"abstract":"The physics of an electrical grid requires that the supply injected into the grid is always in balance with the quantity consumed. If that balance is not maintained, cascading outages are likely to disrupt supply to all consumers on the grid. In the past, vertically integrated monopoly utilities have ensured that supply is adequate to meet demand and maintain grid stability, but with deregulation of generation, assuring adequate supply has become much more complex. The unique characteristics of electricity distribution means that there are immense potential externalities among market participants from supply shortfalls. In this paper, we discuss the institutions that US electricity markets have developed to avoid such destabilizing supply shortfalls when there are multiple generators and retailers in the market. Though many of the markets rely on standardized requirements for supplier reserves, we conclude that recent technological progress may steer future evolution towards a system that relies to a greater extent on economic incentives.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135410169","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Recommendations for Further Reading 进一步阅读的建议
1区 经济学
Journal of Economic Perspectives Pub Date : 2023-08-01 DOI: 10.1257/jep.37.3.233
Timothy Taylor
{"title":"Recommendations for Further Reading","authors":"Timothy Taylor","doi":"10.1257/jep.37.3.233","DOIUrl":"https://doi.org/10.1257/jep.37.3.233","url":null,"abstract":"","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":"183 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136020864","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Global Value Chains in Developing Countries: A Relational Perspective from Coffee and Garments 发展中国家的全球价值链：从咖啡和服装的关系视角
IF 8.4 1区 经济学
Journal of Economic Perspectives Pub Date : 2023-08-01 DOI: 10.1257/jep.37.3.59
Laura Boudreau, Julia Cajal-Grossi, Rocco Macchiavello
{"title":"Global Value Chains in Developing Countries: A Relational Perspective from Coffee and Garments","authors":"Laura Boudreau, Julia Cajal-Grossi, Rocco Macchiavello","doi":"10.1257/jep.37.3.59","DOIUrl":"https://doi.org/10.1257/jep.37.3.59","url":null,"abstract":"There is a consensus that global value chains have aided developing countries' growth. This essay highlights the governance complexities arising from participating in such chains, drawing from lessons we have learned conducting research in the coffee and garment supply chains. Market power of international buyers can lead to inefficiently low wages, prices, quality standards, and poor working conditions. At the same time, some degree of market power might be needed to sustain long-term supply relationships that are beneficial in a world with incomplete contracts. We discuss how buyers’ market power and long-term supply relationships interact and how these relationships at the export-gate could be leveraged to enhance sustainability in the domestic part of the chains. We hope that the lessons learned by combining detailed data and contextual knowledge in two specific chains—coffee and garments—have broader applicability to other global value chains.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":" ","pages":""},"PeriodicalIF":8.4,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46537309","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
What Can Historically Black Colleges and Universities Teach about Improving Higher Education Outcomes for Black Students? 关于提高黑人学生的高等教育成果，历史上的黑人学院和大学能教给他们什么?
1区 经济学
Journal of Economic Perspectives Pub Date : 2023-08-01 DOI: 10.1257/jep.37.3.213
Gregory N. Price, Angelino C. G. Viceisza
{"title":"What Can Historically Black Colleges and Universities Teach about Improving Higher Education Outcomes for Black Students?","authors":"Gregory N. Price, Angelino C. G. Viceisza","doi":"10.1257/jep.37.3.213","DOIUrl":"https://doi.org/10.1257/jep.37.3.213","url":null,"abstract":"Historically Black colleges and universities are institutions that were established prior to 1964 with the principal mission of educating Black Americans. In this essay, we focus on two main issues. We start by examining how Black College students perform across HBCUs and non-HBCUs by looking at a relatively broad range of outcomes, including college and graduate school completion, job satisfaction, social mobility, civic engagement, and health. HBCUs punch significantly above their weight, especially considering their significant lack of resources. We then turn to the potential causes of these differences and provide a glimpse into the “secret sauce” of HBCUs. We conclude with potential implications for HBCU and non-HBCU policy.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136020862","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Global Transportation Decarbonization 全球运输脱碳
1区 经济学
Journal of Economic Perspectives Pub Date : 2023-08-01 DOI: 10.1257/jep.37.3.163
David Rapson, Erich Muehlegger
{"title":"Global Transportation Decarbonization","authors":"David Rapson, Erich Muehlegger","doi":"10.1257/jep.37.3.163","DOIUrl":"https://doi.org/10.1257/jep.37.3.163","url":null,"abstract":"Replacing fossil fuels in the name of decarbonization is necessary but will be particularly difficult due to their as-yet unrivaled bundle of attributes: abundance, ubiquity, energy density, transportability and cost. There is a growing commitment to electrification as the dominant decarbonization pathway. While deep electrification is promising for road transportation in wealthy countries, it will face steep obstacles. In other sectors and in the developing world, it’s not even in pole position. Global transportation decarbonization will require decoupling emissions from economic growth, and decoupling emissions from growth will require not only new technologies, but cooperation in governance. The menu of policy options is replete with grim tradeoffs, particularly as the primacy of energy security and reliability (over emissions abatement) has once again been demonstrated in Europe and elsewhere.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":"183 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136065213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How Far Goods Travel: Global Transport and Supply Chains from 1965–2020 货物运输有多远:1965-2020年的全球运输和供应链
1区 经济学
Journal of Economic Perspectives Pub Date : 2023-08-01 DOI: 10.1257/jep.37.3.3
Sharat Ganapati, Woan Foong Wong
{"title":"How Far Goods Travel: Global Transport and Supply Chains from 1965–2020","authors":"Sharat Ganapati, Woan Foong Wong","doi":"10.1257/jep.37.3.3","DOIUrl":"https://doi.org/10.1257/jep.37.3.3","url":null,"abstract":"This paper considers the evolution of global transportation usage over the past half century and its implications for supply chains. Transportation usage has more than doubled as costs decreased by a third. Participation of emerging economies in world trade and longer-distance trade between countries contribute to this usage increase, thereby encouraging longer supply chains. We discuss technological advances over this period, and their interactions with endogenous responses from transportation costs and supply chain linkages. Supply chains involving more countries and longer distances are reflective of reliable and efficient transportat ion, but are also more exposed to disruptions, highlighting the importance of considering the interconnectedness of transportation and supply chains in policymaking and future work.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":"36 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134951692","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Front Matter 前页
1区 经济学
Journal of Economic Perspectives Pub Date : 2023-08-01 DOI: 10.1257/jep.37.3.1
{"title":"Front Matter","authors":"","doi":"10.1257/jep.37.3.1","DOIUrl":"https://doi.org/10.1257/jep.37.3.1","url":null,"abstract":"","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":"35 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136020861","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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