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Electric vehicles, motor fuel taxes, and road funding in the Seventh District and beyond 电动汽车，汽车燃油税，第七区及其他地区的道路资金
IF 8.4 1区 经济学
Journal of Economic Perspectives Pub Date : 2023-01-01 DOI: 10.21033/ep-2023-2
Emma LaGuardia, Kristin M. Dziczek, Richard H. Mattoon
{"title":"Electric vehicles, motor fuel taxes, and road funding in the Seventh District and beyond","authors":"Emma LaGuardia, Kristin M. Dziczek, Richard H. Mattoon","doi":"10.21033/ep-2023-2","DOIUrl":"https://doi.org/10.21033/ep-2023-2","url":null,"abstract":"State and federal highways are currently funded by a combination of motor fuel taxes (MFTs), general fund transfers, fees, tolls, property taxes, and bond revenues. Of these, state fuel and vehicle taxes comprised 26% of revenues used for U.S. highways, and federal fuel and vehicle taxes made up 15% in 2021, according to data from the U.S. Department of Transportation. The MFT share of funding is declining due to increasing overall fuel economy trends, inflation (since many MFTs—including the federal MFT—are assessed in cents per gallon and not indexed), and recent vehicle miles traveled (VMT) trends—especially during the 2020–21 pandemic years, which saw lower passenger and freight travel. Electric vehicles (EVs) have the potential not only to accelerate the fuel efficiency of vehicles in use, but also to lead to a sizable population of individual road users who pay no fuel taxes. A recent study estimated that EVs reduce gas tax revenues by $250 million a year (Davis and Sallee, 2019).","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":"75 1","pages":""},"PeriodicalIF":8.4,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87038129","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
What does the CDS market imply for a U.S. default? CDS市场对美国违约意味着什么?
1区 经济学
Journal of Economic Perspectives Pub Date : 2023-01-01 DOI: 10.21033/ep-2023-4
Luca Benzoni, Christian Cabanilla, Alessandro Cocco, Cullen Kavoussi
{"title":"What does the CDS market imply for a U.S. default?","authors":"Luca Benzoni, Christian Cabanilla, Alessandro Cocco, Cullen Kavoussi","doi":"10.21033/ep-2023-4","DOIUrl":"https://doi.org/10.21033/ep-2023-4","url":null,"abstract":"","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":"101 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135008084","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
Missing workers and missing jobs since the pandemic 自大流行以来，工人和工作岗位的流失
1区 经济学
Journal of Economic Perspectives Pub Date : 2023-01-01 DOI: 10.21033/ep-2023-1
Bart Hobijn, Ayşegül Şahin
{"title":"Missing workers and missing jobs since the pandemic","authors":"Bart Hobijn, Ayşegül Şahin","doi":"10.21033/ep-2023-1","DOIUrl":"https://doi.org/10.21033/ep-2023-1","url":null,"abstract":"","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":"26 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135783953","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
Debt Revenue and the Sustainability of Public Debt 债务收入与公共债务的可持续性
IF 8.4 1区 经济学
Journal of Economic Perspectives Pub Date : 2022-11-01 DOI: 10.1257/jep.36.4.103
R. Reis
{"title":"Debt Revenue and the Sustainability of Public Debt","authors":"R. Reis","doi":"10.1257/jep.36.4.103","DOIUrl":"https://doi.org/10.1257/jep.36.4.103","url":null,"abstract":"While public debt has risen in the last two decades, the return that it offers to investors has fallen, especially relative to the return on private investment. This creates a revenue for the government as the supplier of the special services offered by public bonds, which include storage of value, safety, liquidity, and reprieve from repression. The present value of this debt revenue is large relative to the stock of public debt, keeping it sustainable even as the present value of primary balances is zero or negative. It gives rise to different policy tradeoffs than the conventional analysis of primary balances and makes different recommendation on the effects of austerity, the optimal amount of debt, or the spillovers between monetary and fiscal policy.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":" ","pages":""},"PeriodicalIF":8.4,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45956297","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: 5
Retrospectives: Sadie T.M. Alexander: Black Women and a “Taste of Freedom in the Economic World” 回顾：Sadie T.M.Alexander：黑人女性与“经济世界中的自由品味”
IF 8.4 1区 经济学
Journal of Economic Perspectives Pub Date : 2022-11-01 DOI: 10.1257/jep.36.4.205
N. Banks
{"title":"Retrospectives: Sadie T.M. Alexander: Black Women and a “Taste of Freedom in the Economic World”","authors":"N. Banks","doi":"10.1257/jep.36.4.205","DOIUrl":"https://doi.org/10.1257/jep.36.4.205","url":null,"abstract":"The employment history of African American women is notable because of their higher labor force participation rates compared to other women in the US. This essay discusses Sadie T.M. Alexander’s analysis of Black women and work based on her 1930s speeches and writings. Alexander assessed Black women workers’ contribution to Black American living standards and national output. A proponent of women’s gainful employment and economic independence, Alexander’s views on the benefits of industrial employment for women and family life stood in stark contrast to White social welfare reformers who discouraged maternal employment in favor of households with male breadwinners. Alexander criticized the unequal treatment of Black and White women under protective labor law, particularly with respect to domestic servants’ exclusion from New Deal minimum wage and maximum hour protections. The legacy of discriminatory policies continues to affect the economic status of African American women today through racial disparities in social welfare provisions and worker benefits.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":" ","pages":""},"PeriodicalIF":8.4,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42980059","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
Emerging Market Sovereign Debt in the Aftermath of the Pandemic 疫情后新兴市场主权债务
IF 8.4 1区 经济学
Journal of Economic Perspectives Pub Date : 2022-11-01 DOI: 10.1257/jep.36.4.147
Kenneth Rogoff
{"title":"Emerging Market Sovereign Debt in the Aftermath of the Pandemic","authors":"Kenneth Rogoff","doi":"10.1257/jep.36.4.147","DOIUrl":"https://doi.org/10.1257/jep.36.4.147","url":null,"abstract":"For emerging markets, fiscal space is a very real constraint that can surface under a variety of circumstances, including rising world interest rates, falling commodity prices, or a global recession. Some emerging markets, and the majority of low-income developing economies, are already in debt distress or default. Near-term, making sure that troubled debtor countries are aware of the full menu of options, including heterodox strategies such as default, is important. Longer-term, a rethink of the Bretton Woods financial institutions to incorporate a greater emphasis on outright grants instead of loans, makes more sense than ever.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":"17 1","pages":""},"PeriodicalIF":8.4,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66272515","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: 6
Is There Any Future for a US Labor Movement? 美国劳工运动还有未来吗?
IF 8.4 1区 经济学
Journal of Economic Perspectives Pub Date : 2022-11-01 DOI: 10.1257/jep.36.4.3
S. Naidu
{"title":"Is There Any Future for a US Labor Movement?","authors":"S. Naidu","doi":"10.1257/jep.36.4.3","DOIUrl":"https://doi.org/10.1257/jep.36.4.3","url":null,"abstract":"A recent flurry of labor movement activity has been driven by younger workers, tight labor markets, and a sympathetic federal government. Nonetheless, US union density remains low, even as unions remain popular. This is because employer opposition and US labor law together imply that workers need to overcome substantial collective action problems at work in order to win union recognition and collective bargaining agreements. These barriers make dense social networks and high levels of social capital at work a prerequisite for unionization. Labor organizing can build this social capital, but faces an uphill battle without policy changes that extend collective bargaining across employers and up the value-chain and make unionization easier. Partnering with labor unions, researchers can study theoretical problems of collective action while also getting a window into what strategies of a renewed labor movement may work.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":" ","pages":""},"PeriodicalIF":8.4,"publicationDate":"2022-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41941400","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
The Economics of Intangible Capital 无形资本经济学
IF 8.4 1区 经济学
Journal of Economic Perspectives Pub Date : 2022-08-01 DOI: 10.1257/jep.36.3.29
N. Crouzet, Janice C. Eberly, Andrea L. Eisfeldt, D. Papanikolaou
{"title":"The Economics of Intangible Capital","authors":"N. Crouzet, Janice C. Eberly, Andrea L. Eisfeldt, D. Papanikolaou","doi":"10.1257/jep.36.3.29","DOIUrl":"https://doi.org/10.1257/jep.36.3.29","url":null,"abstract":"Intangible assets are a large and growing part of firms’ capital stocks. Intangibles are accumulated via investment—foregoing consumption today for output in the future—but they lack a physical presence. Rather than stopping with this “lack,” we instead focus on the positive properties of intangibles. Specifically, intangibles must be stored, so characteristics of the storage medium have important implications for their value and use. These properties include non-rivalry, allowing the intangible to be used simultaneously in different production streams, and limited excludability, which prevents the firm from capturing all the benefits or rents from the intangible. We develop these ideas in a simple way to illustrate how outcomes such as scalability and distribution of ownership follow. We discuss how intangibles can help to understand important trends in macroeconomics and finance, including productivity, factor shares, inequality, investment and valuation, rents and market power, and firm financing.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":" ","pages":""},"PeriodicalIF":8.4,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45386140","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: 30
Overreaction and Diagnostic Expectations in Macroeconomics 宏观经济学中的过度反应与诊断预期
IF 8.4 1区 经济学
Journal of Economic Perspectives Pub Date : 2022-08-01 DOI: 10.1257/jep.36.3.223
P. Bordalo, N. Gennaioli, A. Shleifer
{"title":"Overreaction and Diagnostic Expectations in Macroeconomics","authors":"P. Bordalo, N. Gennaioli, A. Shleifer","doi":"10.1257/jep.36.3.223","DOIUrl":"https://doi.org/10.1257/jep.36.3.223","url":null,"abstract":"We present the case for the centrality of overreaction in expectations for addressing important challenges in finance and macroeconomics. First, non-rational expectations by market participants can be measured and modeled in ways that address some of the key challenges posed by the rational expectations revolution, most importantly the idea that economic agents are forward-looking. Second, belief overreaction can account for many long-standing empirical puzzles in macro and finance, which emphasize the extreme volatility and boom-bust dynamics of key time series, such as stock prices, credit, and investment. Third, overreaction relies on psychology and is disciplined by survey data on expectations. This suggests that relaxing the assumption of rational expectations is a promising strategy, helps theory and evidence go together, and promises a unified view of a great deal of data.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":" ","pages":""},"PeriodicalIF":8.4,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42299816","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: 8
Principles for Combining Descriptive and Model-Based Analysis in Applied Microeconomics Research 应用微观经济学研究中描述性分析与模型分析相结合的原则
IF 8.4 1区 经济学
Journal of Economic Perspectives Pub Date : 2022-08-01 DOI: 10.1257/jep.36.3.211
Neale Mahoney
{"title":"Principles for Combining Descriptive and Model-Based Analysis in Applied Microeconomics Research","authors":"Neale Mahoney","doi":"10.1257/jep.36.3.211","DOIUrl":"https://doi.org/10.1257/jep.36.3.211","url":null,"abstract":"In this article, I offer guidance on how to combine descriptive and model-based empirical analysis within a paper. Drawing on examples from three recently published applied microeconomics papers, I argue that it is important to create a tight link between the descriptive analysis and the bottom-line deliverable of the model-based analysis, and I try to distill some lessons or principles for doing so. I also offer some thoughts on when a paper should start with descriptive analysis and then proceed to model-based analysis and when alternative structures may be desirable.","PeriodicalId":15611,"journal":{"name":"Journal of Economic Perspectives","volume":" ","pages":""},"PeriodicalIF":8.4,"publicationDate":"2022-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43065973","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: 3
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