Macroeconomics: Prices最新文献

The Coming(?) Inflation and the Income Tax: Lessons from the Past, Lessons for the Future 未来(?)通货膨胀和所得税:过去的教训，未来的教训

Macroeconomics: Prices Pub Date : 2022-04-11 DOI: 10.5744/ftr.2010.1004

David Gliksberg

{"title":"The Coming(?) Inflation and the Income Tax: Lessons from the Past, Lessons for the Future","authors":"David Gliksberg","doi":"10.5744/ftr.2010.1004","DOIUrl":"https://doi.org/10.5744/ftr.2010.1004","url":null,"abstract":"The concerns about inflation as a result of the current financial crisis and the U.S. budget deficit challenge the social order, including taxation. Based on the historical U.S. experience and discourse on this issue, the article focuses on the relationships between adjusting the tax system for inflation and the general attitude towards adjustment for inflation in the social order. The article offers a new insight which is very different from the current research. The nominalism/adjustism culture that dominates the social order is placed at the center of the analysis. There is “equilibrium” between the scope of adjustment in the social order and in the tax regime. Advancing adjustment of the tax regime requires that it also be promoted in the general social order. This cultural paradigm plays a significant role in the tax response to inflation, including the scope and character of that adjustment regime. This approach erodes the literature’s conservative approach arguing that classical tax policy consideration like cost-benefit analysis is the most effective factor on the adjustment issue. The article argues that adopting an adjusted tax regime is largely dependent on the existence and extent of a general culture towards the concept of “money”: Is the prevailing culture one of nominalism or adjustism?This paradigm explains the reality in the U.S. in the past with regards to adjustment for inflation. The sophisticated American discourse on adjusting the income tax regime for inflation, which first took place in the late nineteen seventies and early nineteen eighties, was unproductive from the start, and was doomed to failure because the U.S. culture of adjustism was not sufficiently ripe for justifying or permitting a “legitimate” social decision on adjusting the tax regime. The lessons from the past are that advancing adjustment of the tax regime requires promoting adjustment of the general social order. Adjusting the income tax regime without adjusting the general social order would be, culturally, a tough mission and even impossible.","PeriodicalId":289078,"journal":{"name":"Macroeconomics: Prices","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134307089","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

The Long-Run Effects of Recessions on Education and Income 经济衰退对教育和收入的长期影响

Macroeconomics: Prices Pub Date : 2022-01-01 DOI: 10.2139/ssrn.3408324

B. Stuart

引用次数: 41

FIBO: A New Approach to Measuring Intercity Differences in Housing Costs FIBO:衡量城市间住房成本差异的新方法

Macroeconomics: Prices Pub Date : 2021-10-15 DOI: 10.2139/ssrn.3914797

Nathaniel Harris, Hyung Joon Chung

引用次数: 0

Extreme Weather and the Macroeconomy 极端天气与宏观经济

Macroeconomics: Prices Pub Date : 2021-08-18 DOI: 10.2139/ssrn.3918533

Hee Soo Kim, C. Matthes, T. Phan

引用次数: 15

Investors Can Temper Their Inflation Fears: Post-COVID Inflation is Unlikely to Resemble the Great Inflation of 1968 to 1982 投资者可以缓和他们的通胀担忧:后covid的通胀不太可能像1968年至1982年的大通胀

Macroeconomics: Prices Pub Date : 2021-08-15 DOI: 10.2139/ssrn.3907668

Mark L. Higgins

{"title":"Investors Can Temper Their Inflation Fears: Post-COVID Inflation is Unlikely to Resemble the Great Inflation of 1968 to 1982","authors":"Mark L. Higgins","doi":"10.2139/ssrn.3907668","DOIUrl":"https://doi.org/10.2139/ssrn.3907668","url":null,"abstract":"On August 11, 2021, the U.S. Bureau of Labor Statistics reported a 5.4% per year increase in the CPI for the third consecutive month, intensifying the ongoing debate about whether high inflation will prove temporary or more lasting. This paper seeks to inform this debate by evaluating the current conditions contributing to the recent uptick in inflation and comparing them to conditions that caused similar episodes of high inflation in the past. The paper concludes that inflationary pressures are likely to be temporary, perhaps resembling the two-year period that followed World War I and the Great Influenza. It appears highly unlikely, however, that the United States is on the brink of another Great Inflation, which lasted from 1968 to 1982. The primary reason is that the Federal Reserve of today is much less likely to suffer from the philosophical biases, knowledge gaps, and political pressures that allowed the Great Inflation to occur. If the conclusions in this paper are correct, they may prove valuable to investors. Should elevated levels of inflation prove temporary, over-reactions may lead to decisions that impair an investor's long-term objectives rather than foster their achievement.","PeriodicalId":289078,"journal":{"name":"Macroeconomics: Prices","volume":"73 2","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132443322","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: 2

Steady-state Growth 稳态增长

Macroeconomics: Prices Pub Date : 2021-08-03 DOI: 10.2139/ssrn.3898767

Doron Nissim

引用次数: 0

Uncertainty and Business Cycle Asymmetry 不确定性和商业周期不对称性

Macroeconomics: Prices Pub Date : 2021-07-29 DOI: 10.2139/ssrn.3895809

Yu-Fan Huang, Sui Luo, Hung-Jen Wang

引用次数: 0

High Inflation: Low Default Risk and Low Equity Valuations 高通胀:低违约风险和低股票估值

Macroeconomics: Prices Pub Date : 2021-07-22 DOI: 10.2139/ssrn.3290745

Harjoat S. Bhamra, Christian Dorion, A. Jeanneret, Michael Weber

引用次数: 6

The Macroeconomic Cost of Climate Volatility 气候波动的宏观经济成本

Macroeconomics: Prices Pub Date : 2021-07-21 DOI: 10.2139/ssrn.3895032

H. Mumtaz, Piergiorgio Alessandri

引用次数: 14

One-Stop Source: A Global Database of Inflation 一站式来源:全球通胀数据库

Macroeconomics: Prices Pub Date : 2021-07-01 DOI: 10.2139/ssrn.3881526

Jongrim Ha, M. Kose, F. Ohnsorge

{"title":"One-Stop Source: A Global Database of Inflation","authors":"Jongrim Ha, M. Kose, F. Ohnsorge","doi":"10.2139/ssrn.3881526","DOIUrl":"https://doi.org/10.2139/ssrn.3881526","url":null,"abstract":"This paper introduces a global database that contains inflation series: (i) for a wide range of inflation measures (headline, food, energy, and core consumer price inflation; producer price inflation; and gross domestic product deflator changes); (ii) at multiple frequencies (monthly, quarterly and annual) for an extended time period (1970-2021); and (iii) for a large number of (up to 196) countries. As it doubles the number of observations over the next-largest publicly available sources, our database constitutes a comprehensive, single source for inflation series. We illustrate the potential use of the database with three applications. First, we study the evolution of inflation since 1970 and document the broad-based disinflation around the world over the past half-century, with global consumer price inflation down from a peak of roughly 17 percent in 1974 to 2.5 percent in 2020. Second, we examine the behavior of inflation during global recessions. Global inflation fell sharply (on average by 0.9 percentage points) in the year to the trough of global recessions and continued to decline even as recoveries got underway. In 2020, inflation declined less, and more briefly, than in any of the previous four global recessions over the past 50 years. Third, we analyze the role of common factors in explaining movements in different measures of inflation. While, across all inflation measures, inflation synchronization has risen since the early 2000s, it has been much higher for inflation measures that involve a larger share of tradable goods.","PeriodicalId":289078,"journal":{"name":"Macroeconomics: Prices","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123869044","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: 33