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Public Investment in a Production Network: Aggregate and Sectoral Implications 生产网络中的公共投资:总体和部门影响
The Review of Economics and Statistics Pub Date : 2023-10-23 DOI: 10.1162/rest_a_01391
Alessandro Peri, Omar Rachedi, Iacopo Varotto
{"title":"Public Investment in a Production Network: Aggregate and Sectoral Implications","authors":"Alessandro Peri, Omar Rachedi, Iacopo Varotto","doi":"10.1162/rest_a_01391","DOIUrl":"https://doi.org/10.1162/rest_a_01391","url":null,"abstract":"Abstract Aggregate and sectoral effects of public investment crucially depend on the interaction between the output elasticity to public capital and intermediate inputs. We uncover this fact through the lens of a New Keynesian production network. This setting doubles the socially optimal amount of public capital relative to the one-sector model without intermediate inputs, leading to a substantial amplification of the public-investment multiplier. We also document novel sectoral implications of public investment. Although public investment is concentrated in far fewer sectors than public consumption, its effects are relatively more evenly distributed across industries. We validate this model implication in the data.","PeriodicalId":275408,"journal":{"name":"The Review of Economics and Statistics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135460098","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
International Technology Licensing, Intellectual Property Rights, and Tax Havens 国际技术许可、知识产权和避税天堂
The Review of Economics and Statistics Pub Date : 2023-10-23 DOI: 10.1162/rest_a_01382
Ana Maria Santacreu
{"title":"International Technology Licensing, Intellectual Property Rights, and Tax Havens","authors":"Ana Maria Santacreu","doi":"10.1162/rest_a_01382","DOIUrl":"https://doi.org/10.1162/rest_a_01382","url":null,"abstract":"Abstract This paper investigates the determinants of international technology licensing using data for 50 countries during 1996-2012. A multi-country model of innovation yields a dynamic structural gravity equation for royalty payments as a function of fundamentals, including imperfect intellectual property protection and differences in corporate taxation. The gravity equation is estimated with nonlinear methods. Model's fundamentals account for about 60% of the variation in royalty payments. A quantitative analysis sheds light on the impact of global taxation reforms on international technology licensing and innovation. The findings highlight the role of taxation in shaping cross-border technology flows and the consequences of profit-shifting.","PeriodicalId":275408,"journal":{"name":"The Review of Economics and Statistics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135460099","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Stimulating Collaborations: Evidence from a Research Cluster Policy 促进合作:来自研究集群政策的证据
The Review of Economics and Statistics Pub Date : 2023-10-23 DOI: 10.1162/rest_a_01376
Nicolas Carayol, Emeric Henry, Marianne Lanoë
{"title":"Stimulating Collaborations: Evidence from a Research Cluster Policy","authors":"Nicolas Carayol, Emeric Henry, Marianne Lanoë","doi":"10.1162/rest_a_01376","DOIUrl":"https://doi.org/10.1162/rest_a_01376","url":null,"abstract":"Abstract The production of knowledge relies on collaborations between researchers. However, we do not know to what extent policies may stimulate these interactions. In this paper we show how a large scale public “research cluster” policy in France, which funds local communities of researchers working on a common theme, affects the organization of research. Relying on an identification strategy based on grades awarded by reviewers, we show that members of financed clusters increase their collaborations with other cluster members by up to 30%. Paradoxically, researchers not at the core of the cluster topic benefit the most from the policy.","PeriodicalId":275408,"journal":{"name":"The Review of Economics and Statistics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135460420","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Entrepreneurial Migration 创业移民
The Review of Economics and Statistics Pub Date : 2023-10-23 DOI: 10.1162/rest_a_01381
Kevin A. Bryan, Jorge Guzman
{"title":"Entrepreneurial Migration","authors":"Kevin A. Bryan, Jorge Guzman","doi":"10.1162/rest_a_01381","DOIUrl":"https://doi.org/10.1162/rest_a_01381","url":null,"abstract":"Abstract We track the movement of high-potential startups using cross-state business registrations and estimate the utility of cities to moving startups using a revealed preference approach. 6.6% of these startups move across state borders during their first five years. Startup hubs like Silicon Valley and Boston tend to lose startups to other cities. Our findings show that startups prefer traditional hubs when they move soon after being founded, but later prefer cities with lower taxes. This pattern is not due to vertical sorting or industrial specialization.","PeriodicalId":275408,"journal":{"name":"The Review of Economics and Statistics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135460681","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
An Experimental Analysis of the Prize-Probability Tradeoff in Stopping Problems 停车问题中奖-概率权衡的实验分析
The Review of Economics and Statistics Pub Date : 2023-09-27 DOI: 10.1162/rest_a_01366
Yair Antler, Ayala Arad
{"title":"An Experimental Analysis of the Prize-Probability Tradeoff in Stopping Problems","authors":"Yair Antler, Ayala Arad","doi":"10.1162/rest_a_01366","DOIUrl":"https://doi.org/10.1162/rest_a_01366","url":null,"abstract":"Abstract We experimentally examine how individuals commit to a cutoff stopping rule when facing a sequence of independent lotteries. We identify two main behavior patterns: (1) a small share of participants consistently choose stopping rules whose gain bound (i.e., the accumulated gain at which the sequence stops) is larger than the loss bound, and (2) a larger share of participants consistently choose rules whose loss bound is larger than the gain bound. We introduce a procedural choice model that accounts for these patterns and show that the behavior of most of our participants is inconsistent with prominent theories of decision under risk.","PeriodicalId":275408,"journal":{"name":"The Review of Economics and Statistics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135476205","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Inequality, Relative Deprivation and Financial Distress: Evidence from Swedish Register Data 不平等、相对剥夺和财务困境:来自瑞典登记数据的证据
The Review of Economics and Statistics Pub Date : 2023-09-27 DOI: 10.1162/rest_a_01364
Paula Roth
{"title":"Inequality, Relative Deprivation and Financial Distress: Evidence from Swedish Register Data","authors":"Paula Roth","doi":"10.1162/rest_a_01364","DOIUrl":"https://doi.org/10.1162/rest_a_01364","url":null,"abstract":"Abstract Several studies have linked rising insolvency rates to increasing inequality and argued that this might be explained by individuals' desire to “Keep up with the Joneses”. Using unique administrative register data on individual insolvencies in Sweden, I test whether the probability to become insolvent is related to one's income distance relative to peers. Identification relies on area fixed effects, an extensive set of background characteristics and varying the definition of the relevant reference group. I find that higher inequality increases the individual's probability to become insolvent and that this effect is mostly driven by men.","PeriodicalId":275408,"journal":{"name":"The Review of Economics and Statistics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135476209","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
What Triggers Mortgage Default? New Evidence from Linked Administrative and Survey Data 什么触发抵押贷款违约?来自相关行政和调查数据的新证据
The Review of Economics and Statistics Pub Date : 2023-09-27 DOI: 10.1162/rest_a_01371
David Low
{"title":"What Triggers Mortgage Default? New Evidence from Linked Administrative and Survey Data","authors":"David Low","doi":"10.1162/rest_a_01371","DOIUrl":"https://doi.org/10.1162/rest_a_01371","url":null,"abstract":"Abstract Why do homeowners default on mortgages? This paper studies the question using a survey specifically designed for the purpose, with a sample drawn from (and matched to) very rich administrative data. I find that a wide variety of typically-unobserved liquidity shocks together trigger nearly all defaults, so “strategic” default with no liquidity trigger is much less common than it usually appears. Conversely, even in this uniquely rich data I find that many foreclosures are not triggered by negative home equity, contrary to the predictions of almost every model in the literature.","PeriodicalId":275408,"journal":{"name":"The Review of Economics and Statistics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135587093","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 7
The Political Costs of Austerity 财政紧缩的政治成本
The Review of Economics and Statistics Pub Date : 2023-09-27 DOI: 10.1162/rest_a_01373
Ricardo Duque Gabriel, Mathias Klein, Ana Sofia Pessoa
{"title":"The Political Costs of Austerity","authors":"Ricardo Duque Gabriel, Mathias Klein, Ana Sofia Pessoa","doi":"10.1162/rest_a_01373","DOIUrl":"https://doi.org/10.1162/rest_a_01373","url":null,"abstract":"Abstract Using a novel regional database covering over 200 elections in several European countries, this paper provides new empirical evidence on the political consequences of fiscal consolidations. To identify exogenous reductions in regional public spending, we use a Bartik-type instrument that combines regional sensitivities to changes in national government expenditures with narrative national consolidation episodes. Fiscal consolidations lead to a significant increase in extreme parties' vote share, lower voter turnout, and a rise in political fragmentation. We highlight the close relationship between detrimental economic developments and voters' support for extreme parties by showing that austerity induces severe deconomic costs through lowering GDP, employment, private investment, and wages. Austerity-driven recessions amplify the political costs of economic downturns considerably by increasing distrust in the political environment.","PeriodicalId":275408,"journal":{"name":"The Review of Economics and Statistics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135587099","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Demand Shocks, Procurement Policies, and the Nature of Medical Innovation: Evidence from Wartime Prosthetic Device Patents 需求冲击、采购政策和医疗创新的本质:来自战时假肢装置专利的证据
The Review of Economics and Statistics Pub Date : 2023-09-27 DOI: 10.1162/rest_a_01365
Jeffrey Clemens, Parker Rogers
{"title":"Demand Shocks, Procurement Policies, and the Nature of Medical Innovation: Evidence from Wartime Prosthetic Device Patents","authors":"Jeffrey Clemens, Parker Rogers","doi":"10.1162/rest_a_01365","DOIUrl":"https://doi.org/10.1162/rest_a_01365","url":null,"abstract":"Abstract We show that the demand shocks associated with the U.S. Civil War and World War I led to substantial increases in prosthetic device patenting (relative to patenting in other medical and mechanical technology classes). Through analyses of patent texts, we find that the Civil War led inventors to focus on production process improvements, while World War I did not. Further, we find that inventors emphasized dimensions of product quality that aligned with differences in buyers' preferences across wars. Alongside evidence from the historical record, these findings imply that procurement environments can significantly shape the scientific problems with which inventors engage.","PeriodicalId":275408,"journal":{"name":"The Review of Economics and Statistics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135587096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Road Endpoints and City Sizes 道路终点和城市规模
The Review of Economics and Statistics Pub Date : 2023-09-27 DOI: 10.1162/rest_a_01368
Bruno Barsanetti
{"title":"Road Endpoints and City Sizes","authors":"Bruno Barsanetti","doi":"10.1162/rest_a_01368","DOIUrl":"https://doi.org/10.1162/rest_a_01368","url":null,"abstract":"Abstract I examine the long-run effects of the timing of railroad construction on city sizes. I first present a stylized model which predicts that towns that are railroad endpoints for longer become persistently larger. I then show that, in a sample of Brazilian railroad towns, time as endpoint strongly predicts town size: each additional year that a town was a railroad endpoint in the past is associated with a town population 0.107 log points larger in 2010. Additional testable implications of the model and an instrumental variable approach suggest that such association reflects a causal effect.","PeriodicalId":275408,"journal":{"name":"The Review of Economics and Statistics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135587097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","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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