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Overreaction to Excise Taxes: The Case of Gasoline 对消费税反应过度:以汽油为例
Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series Pub Date : 2014-05-01 DOI: 10.2139/ssrn.2435144
S. Tiezzi, Stefano F. Verde
{"title":"Overreaction to Excise Taxes: The Case of Gasoline","authors":"S. Tiezzi, Stefano F. Verde","doi":"10.2139/ssrn.2435144","DOIUrl":"https://doi.org/10.2139/ssrn.2435144","url":null,"abstract":"In this paper we contribute new results on the different consumers’ reaction to tax or price changes. We separately compute the compensated gasoline retail price elasticity and the gasoline tax elasticity and show that consumers overreact to taxes as compared to price variations. A novel element in our analysis is that we compare reactions to tax-inclusive retail prices to reactions to information on excise taxes that is made available to consumers. We estimate a complete system of demand for the U.S. population of households using quarterly data from the Consumer Expenditure Survey from 2007 to 2009. Relying on a complete system of demands rather than on single equations avoids imposing an implausible separability restriction, thus allowing estimation of accurate elasticities that take behavioral responses into account, i.e. that account for the way in which consumers reallocate their expenditure on a bundle of goods after a price/tax change in one of the goods. Our analysis shows that the reaction to a gasoline tax change is, on average, about 20% stronger than the reaction to a corresponding price change. We discuss the implications of our findings for the design of energy policies.","PeriodicalId":300963,"journal":{"name":"Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127374984","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: 5
Diffusion of Labor Standards from Origin to Host Countries: Cross County Evidence from Multinational Companies in Africa 劳工标准从原产国向东道国的扩散:来自非洲跨国公司的跨国家证据
Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series Pub Date : 2014-02-01 DOI: 10.2139/ssrn.2398316
Merima Ali, Adnan Šerić
{"title":"Diffusion of Labor Standards from Origin to Host Countries: Cross County Evidence from Multinational Companies in Africa","authors":"Merima Ali, Adnan Šerić","doi":"10.2139/ssrn.2398316","DOIUrl":"https://doi.org/10.2139/ssrn.2398316","url":null,"abstract":"This study empirically examines diffusion of labor standards from origin to host countries by investigating whether better labor standards of MNCs’ origin countries are correlated with higher wages of workers in host countries in Africa. MNCs originating from countries with more rights of association and collective bargain and those coming from countries with unions that have strong wage bargaining power are found to pay significantly higher wages to their workers in host countries. These findings highlight that, although domestic policies and institutions may be important determinants of labor-related standards, they do not operate in isolation from external influences coming from origin countries.","PeriodicalId":300963,"journal":{"name":"Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series","volume":"44 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128450920","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
A Survey of Econometric Methods for Mixed-Frequency Data 混合频率数据计量方法综述
Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series Pub Date : 2013-02-06 DOI: 10.2139/ssrn.2268912
Claudia Foroni, Massimiliano Marcellino
{"title":"A Survey of Econometric Methods for Mixed-Frequency Data","authors":"Claudia Foroni, Massimiliano Marcellino","doi":"10.2139/ssrn.2268912","DOIUrl":"https://doi.org/10.2139/ssrn.2268912","url":null,"abstract":"The development of models for variables sampled at different frequencies has attracted substantial interest in the recent econometric literature. In this paper we provide an overview of the most common techniques, including bridge equations, MIxed DAta Sampling (MIDAS) models, mixed frequency VARs, and mixed frequency factor models. We also consider alternative techniques for handling the ragged edge of the data, due to asynchronous publication. Finally, we survey the main empirical applications based on alternative mixed frequency models.","PeriodicalId":300963,"journal":{"name":"Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series","volume":"62 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125040603","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: 147
My Fibre or Your Fibre? Cooperative Investment, Uncertainty and Access 我的纤维还是你的纤维?合作投资、不确定性和准入
Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series Pub Date : 2013-01-11 DOI: 10.2139/ssrn.2199831
M. Bourreau, C. Cambini, Steffen Hoernig
{"title":"My Fibre or Your Fibre? Cooperative Investment, Uncertainty and Access","authors":"M. Bourreau, C. Cambini, Steffen Hoernig","doi":"10.2139/ssrn.2199831","DOIUrl":"https://doi.org/10.2139/ssrn.2199831","url":null,"abstract":"We investigate cooperative investment in a new infrastructure and how it interacts with access obligations and demand uncertainty. Co-investment only increases total coverage if service differentiation and/or cost savings from joint investment, in particular due to high uncertainty, are high. Mandated access reduces incentives for co-investment not only through lower returns but also by creating the option to ask for access instead. Voluntary access provision increases infrastructure coverage but reduces social welfare by softening competition.","PeriodicalId":300963,"journal":{"name":"Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130698731","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: 10
Reluctant Regulation 不情愿的监管
Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series Pub Date : 2012-04-23 DOI: 10.2139/ssrn.2046912
Bernardo Bortolotti, C. Cambini, Laura Rondi
{"title":"Reluctant Regulation","authors":"Bernardo Bortolotti, C. Cambini, Laura Rondi","doi":"10.2139/ssrn.2046912","DOIUrl":"https://doi.org/10.2139/ssrn.2046912","url":null,"abstract":"We study the effect of state ownership on the market-to-book ratios of publicly traded European utilities observed from 1994 to 2005. We find that when the company is subject to independent regulation, state ownership is positively associated with firm value. This effect is strong and significant in countries where weak checks and balances and political fragmentation do not constrain the power of the executive. We conclude that where political institutions are weak, politicians imperfectly delegate powers to regulatory agencies in order to benefit state-owned firms.","PeriodicalId":300963,"journal":{"name":"Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115137692","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: 25
Forecasting Economic Activity with Higher Frequency Targeted Predictors 用更高频率的目标预测器预测经济活动
Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series Pub Date : 2012-01-26 DOI: 10.2139/ssrn.2012498
Guido Bulligan, Massimiliano Marcellino, F. Venditti
{"title":"Forecasting Economic Activity with Higher Frequency Targeted Predictors","authors":"Guido Bulligan, Massimiliano Marcellino, F. Venditti","doi":"10.2139/ssrn.2012498","DOIUrl":"https://doi.org/10.2139/ssrn.2012498","url":null,"abstract":"In this paper we explore the performance of bridge and factor models in forecasting quarterly aggregates in the very short-term subject to a pre-selection of monthly indicators. Starting from a large information set, we select a subset of targeted predictors using data reduction techniques as in Bai and Ng (2008). We then compare a Diffusion Index forecasting model as in Stock and Watson (2002), with a Bridge model specified with an automated General-To-Specific routine. We apply these techniques to forecasting Italian GDP growth and its main components from the demand side and find that Bridge models outperform naive forecasts and compare favorably against factor models. Results for France, Germany, Spain and the euro area confirm these findings.","PeriodicalId":300963,"journal":{"name":"Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series","volume":"4 3","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-01-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113981220","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: 35
Global Matrix: A Conceptual and Organisational Framework for Researching the Future of Global Governance 全球矩阵:研究未来全球治理的概念和组织框架
Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series Pub Date : 2011-07-01 DOI: 10.2139/ssrn.1898633
M. Emerson, Nathalie. Tocci, Richard. Youngs, Jean-Pierre Cassarino, C. Egenhofer, G. Grevi, D. Gros
{"title":"Global Matrix: A Conceptual and Organisational Framework for Researching the Future of Global Governance","authors":"M. Emerson, Nathalie. Tocci, Richard. Youngs, Jean-Pierre Cassarino, C. Egenhofer, G. Grevi, D. Gros","doi":"10.2139/ssrn.1898633","DOIUrl":"https://doi.org/10.2139/ssrn.1898633","url":null,"abstract":"Conceptually, Global Matrix advances in a systematic and structured inter-disciplinary (matrix) framework a research agenda for examining the stance of major world actors on the key policy dimensions to world politics (political ideologies, economics, migration, climate change, security and world view); drawing out evidence of cross-cutting linkages (between sectors and among major actors); and evaluating the evolution and adequacy of existing multilateral institutions in relation to the emerging multi-polarity, and formulating recommendations. \u0000 \u0000As a matter of organisation, Global Matrix has assembled a network of teams of scholars from think tanks in China, the EU, India, Russia and the US, with participation to be extended to other G20 states (Brazil, South Africa, Korea, Japan). The objective is to create a semi-permanent network as part of the emerging structures of the global civil society. It will serve as a continuing ‘track-2’ initiative to monitor major developments in global governance, including at the G20, and at other global fora as appropriate. It is a capacity-building venture at global level, with the leading think tanks intending to work together for a sustained effort, while precise participation can evolve over time.","PeriodicalId":300963,"journal":{"name":"Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series","volume":"6 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132085256","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
Fairness, Risk Preferences and Independence: Impossibility Theorems 公平、风险偏好与独立性:不可能定理
Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series Pub Date : 2011-03-09 DOI: 10.2139/ssrn.1782001
D. Fudenberg, D. Levine
{"title":"Fairness, Risk Preferences and Independence: Impossibility Theorems","authors":"D. Fudenberg, D. Levine","doi":"10.2139/ssrn.1782001","DOIUrl":"https://doi.org/10.2139/ssrn.1782001","url":null,"abstract":"The most widely used economic models of social preferences are specified only for certain outcomes. There are two obvious methods of extending them to lotteries. If we do so by expected utility theory, so that the independence axiom is satisfied, our results imply that the resulting preferences do not exhibit ex ante fairness. If we do so by replacing certain outcomes with their expected utilities for each individual, so that individual risk preferences are preserved, then ex ante fairness may be preserved, but neither the independence axiom nor ex post fairness is satisfied. Both ex ante and ex post fairness can be satisfied but then the individual does not have well defined preferences over own lotteries.","PeriodicalId":300963,"journal":{"name":"Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132822927","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: 111
Mark-to-Market Accounting and Liquidity Pricing 按市值计价会计和流动性定价
Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series Pub Date : 2006-07-01 DOI: 10.2139/ssrn.919900
Franklin Allen, E. Carletti
{"title":"Mark-to-Market Accounting and Liquidity Pricing","authors":"Franklin Allen, E. Carletti","doi":"10.2139/ssrn.919900","DOIUrl":"https://doi.org/10.2139/ssrn.919900","url":null,"abstract":"When liquidity plays an important role as in times of financial crisis, asset prices in some markets may reflect the amount of liquidity available in the market rather than the future earning power of the asset. Mark-to-market accounting is not a desirable way to assess the solvency of a financial institution in such circumstances. We show that a shock in the insurance sector can cause the current value of banks' assets to be less than the current value of their liabilities so the banks are insolvent. In contrast, if historic cost accounting is used, banks are allowed to continue and can meet all their future liabilities. Mark-to-market accounting can thus lead to contagion where none would occur with historic cost accounting.","PeriodicalId":300963,"journal":{"name":"Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series","volume":"41 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129834088","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: 481
Impulse Response Functions from Structural Dynamic Factor Models: A Monte Carlo Evaluation 结构动力因子模型的脉冲响应函数:蒙特卡罗评价
Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series Pub Date : 2006-03-01 DOI: 10.2139/ssrn.893124
G. Kapetanios, Massimiliano Marcellino
{"title":"Impulse Response Functions from Structural Dynamic Factor Models: A Monte Carlo Evaluation","authors":"G. Kapetanios, Massimiliano Marcellino","doi":"10.2139/ssrn.893124","DOIUrl":"https://doi.org/10.2139/ssrn.893124","url":null,"abstract":"The estimation of structural dynamic factor models (DFMs) for large sets of variables is attracting considerable attention. In this paper we briefly review the underlying theory and then compare the impulse response functions resulting from two alternative estimation methods for the DFM. Finally, as an example, we reconsider the issue of the identification of the driving forces of the US economy, using data for about 150 macroeconomic variables.","PeriodicalId":300963,"journal":{"name":"Robert Schuman Centre for Advanced Studies (RSCAS) Research Paper Series","volume":"50 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2006-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124364746","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: 8
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