PSN: Other Comparative Capitalism (Topic)最新文献

Income and Consumption over the Business Cycle: Evidence from Matched Administrative Data 经济周期中的收入和消费:来自匹配管理数据的证据

PSN: Other Comparative Capitalism (Topic) Pub Date : 2021-09-14 DOI: 10.2139/ssrn.3923786

Calogero Brancatelli, R. Inderst

{"title":"Income and Consumption over the Business Cycle: Evidence from Matched Administrative Data","authors":"Calogero Brancatelli, R. Inderst","doi":"10.2139/ssrn.3923786","DOIUrl":"https://doi.org/10.2139/ssrn.3923786","url":null,"abstract":"This paper revisits the effects of income changes on consumption of private households by focusing on a commonly disregarded and yet sizeable component of household expenditures: consumption of food and non-food consumer packaged goods. We exploit a new data source from the Netherlands that combines on the level of individual households administrative data from tax records with household scanner data, thus minimizing measurement error for both expenditures and the key explanatory variable, household disposable income. Even after controlling for differences in needs and for consumption volume, we document significant variation in expenditures and thereby reveal substantial scope for potential savings. Still, even though the Netherlands experienced a recession and a subsequent recovery in the analysed period from 2011 to 2018, we find only an economically small relationship with income, which is also not higher for households with low income or low liquidity. Despite remaining small in magnitude, we document inter alia a much higher coefficient for single households. We can exclude various potentially confounding effects as we show that retailers practice national pricing and as we control for sample composition and potential substitution between in-house and out-of-house consumption.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"31 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132508825","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

Unemployment Hysteresis in Asian Countries: Findings Based on Flexible Fourier Form and Structural Break Unit Root Tests 亚洲国家失业迟滞:基于弹性傅立叶形式和结构断裂单位根检验的结果

PSN: Other Comparative Capitalism (Topic) Pub Date : 2021-08-23 DOI: 10.2139/ssrn.3909640

O. Yaya, Oluwadare O. Ojo, O. Awolaja

引用次数: 0

How Americans Respond to Idiosyncratic and Exogenous Changes in Household Wealth and Unearned Income 美国人如何应对家庭财富和非劳动收入的特殊和外生变化

PSN: Other Comparative Capitalism (Topic) Pub Date : 2021-07-01 DOI: 10.2139/ssrn.3878192

M. Mogstad, M. Golosov, Michael Graber, David Novgorodsky

{"title":"How Americans Respond to Idiosyncratic and Exogenous Changes in Household Wealth and Unearned Income","authors":"M. Mogstad, M. Golosov, Michael Graber, David Novgorodsky","doi":"10.2139/ssrn.3878192","DOIUrl":"https://doi.org/10.2139/ssrn.3878192","url":null,"abstract":"We study how Americans respond to idiosyncratic and exogenous changes in household wealth and unearned income. Our analyses combine administrative data on U.S. lottery winners with an event-study design that exploits variation in the timing of lottery wins. Our first contribution is to estimate the earnings responses to these windfall gains, finding significant and sizable wealth and income effects. On average, an extra dollar of unearned income in a given period reduces pre-tax labor earnings by about 50 cents, decreases total labor taxes by 10 cents, and increases consumption by 60 cents. These effects are heterogeneous across the income distribution, with households in higher quartiles of the income distribution reducing their earnings by a larger amount. Our second contribution is to develop and apply a rich life-cycle model in which heterogeneous households face non-linear taxes and make earnings choices along both intensive and extensive margins. By mapping this model to our estimated earnings responses, we obtain informative bounds on the impacts of two policy reforms: an introduction of UBI and an increase in top marginal tax rates. Our last contribution is to study how additional wealth and unearned income affect a wide range of behavior, including geographic mobility and neighborhood choice, retirement decisions and labor market exit, family formation and dissolution, entry into entrepreneurship, and job-to-job mobility. \u0000 \u0000Institutional subscribers to the NBER working paper series, and residents of developing countries may download this paper without additional charge at www.nber.org.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"10 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":"131635643","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: 24

Do Mutual Funds Represent Individual Investors? 共同基金代表个人投资者吗?

PSN: Other Comparative Capitalism (Topic) Pub Date : 2021-04-01 DOI: 10.2139/ssrn.3803690

Jonathon Zytnick

{"title":"Do Mutual Funds Represent Individual Investors?","authors":"Jonathon Zytnick","doi":"10.2139/ssrn.3803690","DOIUrl":"https://doi.org/10.2139/ssrn.3803690","url":null,"abstract":"Although mutual funds have widely varying voting patterns and predictable ideological disagreements, little is known about whether their underlying investors have similar preferences or sort by ideology into funds. I provide the first systematic documentation comparing the voting preferences of individual investors in the United States to those of the mutual funds they invest in. I find that individual investors are highly ideological in their voting. Environmental, Social, and Governance (ESG) funds have an ideologically distinct shareholder base of individual investors whose preferences are reflected in the votes of the ESG funds. ESG funds are unique in this respect; although funds have distinct voting ideologies, as do individual investors, a mutual fund’s voting choices generally have little or no relationship with those of its underlying investors. \u0000 \u0000Limited attention may explain why individual investors with strong ideological preferences do not choose funds with similar ideologies, other than ESG funds, despite varied options to choose from. Although an individual’s ideology significantly relates to the binary categorization of the firms or funds she owns (for example, renewable energy or fossil fuel firms or ESG funds), there is no relationship to third party social responsibility scores of firms, funds, or fund holdings. Furthermore, even excluding ESG funds, individual investors with larger investments show a strong relationship between their individual voting ideologies and those of the funds they invest in.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"160 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127191136","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: 3

Global or Country Business Cycles: Developed versus Developing Countries 全球或国家商业周期:发达国家与发展中国家

PSN: Other Comparative Capitalism (Topic) Pub Date : 2021-02-28 DOI: 10.22904/SJE.2021.34.1.005

Yun-jung Kim

引用次数: 0

The Births, Lives, and Deaths of Corporations in Late Imperial Russia 俄罗斯帝国晚期企业的诞生、生存和死亡

PSN: Other Comparative Capitalism (Topic) Pub Date : 2021-01-05 DOI: 10.2139/ssrn.3760595

Amanda Gregg, Steven Nafziger

引用次数: 10

Institutional Investor Monitoring Motivation and CEO Compensation 机构投资者监督动机与CEO薪酬

PSN: Other Comparative Capitalism (Topic) Pub Date : 2020-11-06 DOI: 10.2139/ssrn.3726115

Cai Liu, Chao Yin

引用次数: 0

Entrepreneurship in Emerging Economies 新兴经济体的创业精神

PSN: Other Comparative Capitalism (Topic) Pub Date : 2020-07-23 DOI: 10.2139/ssrn.3666851

M. Foo, B. Vissa, Brian Wu

{"title":"Entrepreneurship in Emerging Economies","authors":"M. Foo, B. Vissa, Brian Wu","doi":"10.2139/ssrn.3666851","DOIUrl":"https://doi.org/10.2139/ssrn.3666851","url":null,"abstract":"Research Summary: The economic center of gravity is shifting from mature markets to emerging regions. This shift provides a good opportunity to broaden and deepen our theoretical base of concepts and frameworks because emerging and mature regions differ significantly in their institutional regimes. Hence entrepreneurial resource mobilization in emerging regions could differ significantly because of theoretical differences in actors’ action logics and resource governance. The eight papers in this special issue provide new empirical evidence on antecedents and consequences of entrepreneurial resource mobilization efforts in emerging regions. Here, we briefly summarize the state of the field, introduce the articles by situating them in a novel theoretical framework on entrepreneurial resource mobilization, and finally using our framework, we suggest opportunities for future research on entrepreneurship in emerging regions. \u0000 \u0000Managerial Summary: Entrepreneurship research has advanced mainly using empirical data from the developed economies of North America and Western Europe. Because emerging economies differ markedly in their institutional development from developed economies, this prior research is less likely to be useful to understand entrepreneurship in emerging regions - which are increasingly crucial components of the global economy. This special issue contains eight articles addressing different aspects of the entrepreneurial resource mobilization process using diverse research methods on empirical data drawn from a broad range of emerging economies. This introduction describes the state of the field prior to the special issue, introduces the special issue articles and identifies topics that still need further investigation. We distill the current state of knowledge and offer a roadmap for future scholarship.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"25 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129735346","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: 16

Why Does Consumption Fluctuate in Old Age and How Should the Government Insure it? 老年消费波动的原因及政府应如何保障?

PSN: Other Comparative Capitalism (Topic) Pub Date : 2020-06-01 DOI: 10.3386/w27348

R. Blundell, M. Borella, J. Commault, Mariacristina De Nardi

引用次数: 11

A Stock-Flow Consistent Quarterly Model of the Italian Economy 意大利经济的股票流动一致性季度模型

PSN: Other Comparative Capitalism (Topic) Pub Date : 2020-06-01 DOI: 10.2139/ssrn.3627413

F. Zezza, G. Zezza

{"title":"A Stock-Flow Consistent Quarterly Model of the Italian Economy","authors":"F. Zezza, G. Zezza","doi":"10.2139/ssrn.3627413","DOIUrl":"https://doi.org/10.2139/ssrn.3627413","url":null,"abstract":"Macroeconomists and political officers need rigorous, albeit realistic, quantitative models to forecast the future paths and dynamics of some variables of interest while being able to evaluate the effects of alternative scenarios. At the heart of all these models lies a standard macroeconomic module which, depending on the degree of sophistication and the research questions to be answered, represents how the economy works. However, the complete absence of a realistic monetary framework, along with the abstraction of banks and more generally of real-financial interactions, not only in dynamic stochastic general equilibrium (DSGE) models but also in central banks' structural econometric models, made it impossible to detect the rising financial fragility that led to the Great Recession. In this paper, we show how to address the missing links between the real and financial sectors within a post-Keynesian framework, presenting a quarterly stock-flow consistent (SFC) structural model of the Italian economy. We set up the accounting structure of the sectoral transactions, describing our \"transaction matrix\" and \"balance sheet matrix,\" starting from the appropriate sectoral data sources. We then \"close\" all sectoral financial accounts, describe portfolio choices, and define the buffer stocks for each class of assets and sector in the model. We describe our estimation strategy, present the main stochastic equations, and, finally, discuss the main channels of transmissions in our model.","PeriodicalId":378721,"journal":{"name":"PSN: Other Comparative Capitalism (Topic)","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2020-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115190848","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