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Effect of Feed-In Tariff with Deregulation on Directed Technical Change in the Energy Sector 放松管制的上网电价对能源部门定向技术变革的影响
The B.E. Journal of Macroeconomics Pub Date : 2021-11-25 DOI: 10.1515/bejm-2021-0177
M. Nakada
{"title":"Effect of Feed-In Tariff with Deregulation on Directed Technical Change in the Energy Sector","authors":"M. Nakada","doi":"10.1515/bejm-2021-0177","DOIUrl":"https://doi.org/10.1515/bejm-2021-0177","url":null,"abstract":"Abstract In this study, we examine how a feed-in tariff (FIT) accompanied with deregulation in the energy sector affects the direction of technical change along the balanced growth path. A final good is composed of resource-saving (such as renewable) energy and traditional resource-intensive energy. The government introduces a FIT scheme for promoting resource-saving energy, while it deregulates the traditional energy sector for efficiency improvement. The implementation of the scheme positively affects directed technical change toward the resource-saving energy technology and economic growth. Meanwhile, the biased technical change leads to an upsurge in the surcharge. Associated deregulation not only accelerates the biased technical change but also drives the surge in the surcharge rate, unless the initial market structure of the traditional energy sector is highly concentrated.","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126744144","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
Fiscal Decentralization and Fiscal Multiplier in China 中国财政分权与财政乘数
The B.E. Journal of Macroeconomics Pub Date : 2021-11-18 DOI: 10.1515/bejm-2020-0275
Fei Guo, E. Opoku, K. Hynes, Isabel K. M. Yan
{"title":"Fiscal Decentralization and Fiscal Multiplier in China","authors":"Fei Guo, E. Opoku, K. Hynes, Isabel K. M. Yan","doi":"10.1515/bejm-2020-0275","DOIUrl":"https://doi.org/10.1515/bejm-2020-0275","url":null,"abstract":"Abstract A fundamental aspect of China’s transition to a market economy is the change in fiscal decentralization marked by the tax reform in 1993. This paper examines the effect of revenue and expenditure decentralization and their divergences on fiscal spending multipliers in China using nationally aggregate and provincial-level data from 1978 to 2017. Our investigations show that expenditure decentralization weakens the efficacy of spending policies, while revenue decentralization enhances the efficacy. Moreover, the divergence of revenue and expenditure decentralization has significantly decreased the provincial spending multiplier, while its effect on the aggregate spending multiplier is insignificant. The provincial results are robust to the inclusion of off-budgetary expenditure and revenue, using different estimates of multipliers and different measures of fiscal decentralization, considering from a long-run perspective, and addressing the endogeneity issue.","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":"5 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129969246","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
Front-Loading Agricultural Subsidies: Quantifying Public Savings 前期农业补贴:量化公共储蓄
The B.E. Journal of Macroeconomics Pub Date : 2021-11-16 DOI: 10.1515/bejm-2021-0065
Kai Ding, Filippo Rebessi
{"title":"Front-Loading Agricultural Subsidies: Quantifying Public Savings","authors":"Kai Ding, Filippo Rebessi","doi":"10.1515/bejm-2021-0065","DOIUrl":"https://doi.org/10.1515/bejm-2021-0065","url":null,"abstract":"Abstract Reforms to agricultural policy have been stalling in OECD economies. In this paper, we quantify the potential for public savings from switching to an optimal transfer system in small open economies. Following the insights from the literature on repeated moral hazard, optimal subsidies are front-loaded, which provides stronger incentives for farmers to transition out of agriculture, compared to the existing policies. In our counterfactual experiments, we find government savings of 6% for Chile, 45% for Japan, 24% for Switzerland, and 51% for Turkey. In addition, optimal subsidies more than double the speed of the transition of employment out of agriculture.","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125550501","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
Revisiting the Link between House Prices and Monetary Policy 重新审视房价与货币政策之间的联系
The B.E. Journal of Macroeconomics Pub Date : 2021-11-12 DOI: 10.1515/bejm-2021-0099
Shiu‐Sheng Chen, Tzu-Yu Lin
{"title":"Revisiting the Link between House Prices and Monetary Policy","authors":"Shiu‐Sheng Chen, Tzu-Yu Lin","doi":"10.1515/bejm-2021-0099","DOIUrl":"https://doi.org/10.1515/bejm-2021-0099","url":null,"abstract":"Abstract This paper revisits the link between house prices and monetary policy using a data set on house prices provided by the Bank for International Settlements. It is found that a loose monetary policy unambiguously results in a rise in real house prices, and such an increase is statistically significant for 19 of the 20 countries studied here. Empirical results also show that for some countries (Belgium, Canada, Switzerland, Denmark, the Netherlands, Sweden, and South Africa), the interest rate shock can explain a large percentage of real house price movements. The response of house prices to monetary policy shocks varies between countries, and the strength of the relationship between house prices and monetary policy can be associated with financial liberalization. On the other hand, evidence shows that interest rate shock plays an important role in explaining recent house price hikes for Australia, Spain, Ireland, the Netherlands, the US, and South Africa. In particular, during 2002–2006, on average 24% of the house price hikes in the US can be attributed to monetary policy shocks. Finally, we also find evidence that central banks react to the housing market, particularly in those countries adopting a policy of inflation targeting.","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":"28 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124117556","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
Collateral Constraints, Wage Rigidity, and Jobless Recoveries 抵押品约束、工资刚性和失业型复苏
The B.E. Journal of Macroeconomics Pub Date : 2021-09-15 DOI: 10.1515/bejm-2020-0221
Tobias Föll
{"title":"Collateral Constraints, Wage Rigidity, and Jobless Recoveries","authors":"Tobias Föll","doi":"10.1515/bejm-2020-0221","DOIUrl":"https://doi.org/10.1515/bejm-2020-0221","url":null,"abstract":"Abstract The Great Recession has drawn attention to the importance of macro-financial linkages. In this paper I explore the joint role of imperfections in labor and financial markets for the cyclical adjustment of the labor market. I show that jobless recoveries emerge when, upon exiting a recession, firms are faced with deteriorating credit conditions. On the financial side, collateral requirements affect the cost of borrowing for firms. On the employment side, hiring frictions and wage rigidity increase the need for credit, making the binding collateral constraint more relevant. In a general equilibrium business cycle model with search and matching frictions, I illustrate that tightening credit conditions calibrated from data negatively affect employment adjustments during recovery periods. Wage rigidity substantially amplifies this mechanism, generating empirically plausible fluctuations in employment and output.","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":"33 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128273059","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 Mechanics of Individually- and Socially-Optimal Decisions during an Epidemic 流行病期间个人和社会最优决策的机制
The B.E. Journal of Macroeconomics Pub Date : 2021-09-14 DOI: 10.1515/bejm-2021-0072
Guillaume Vandenbroucke
{"title":"The Mechanics of Individually- and Socially-Optimal Decisions during an Epidemic","authors":"Guillaume Vandenbroucke","doi":"10.1515/bejm-2021-0072","DOIUrl":"https://doi.org/10.1515/bejm-2021-0072","url":null,"abstract":"Abstract I present a model where work implies social interactions and the spread of a disease is described by an SIR-type framework. Upon the outbreak of a disease reduced social contacts are decided at the cost of lower consumption. Private individuals do not internalize the effects of their decisions on the evolution of the epidemic while the planner does. Specifically, the planner internalizes that an early reduction in contacts implies fewer infectious in the future and, therefore, a lower risk of infection. This additional (relative to private individuals) benefit of reduced contacts implies that the planner’s solution feature more social distancing early in the epidemics. The planner also internalizes that some infectious eventually recover and contribute further to a lower risk of infection. These mechanisms imply that the planner obtains a flatter infection curve than that generated by private individuals’ responses.","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":"22 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":"130599069","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
Accounting for the International Great Depression: Efficiency, Distortions and Factor Utilization during the Interwar Period 国际大萧条的核算:两次世界大战期间的效率、扭曲和要素利用
The B.E. Journal of Macroeconomics Pub Date : 2021-08-30 DOI: 10.1515/bejm-2020-0215
A. Klein, Keisuke Otsu
{"title":"Accounting for the International Great Depression: Efficiency, Distortions and Factor Utilization during the Interwar Period","authors":"A. Klein, Keisuke Otsu","doi":"10.1515/bejm-2020-0215","DOIUrl":"https://doi.org/10.1515/bejm-2020-0215","url":null,"abstract":"Abstract In this paper, we analyze the International Great Depression (IGD) in the U.S. and Western Europe by applying the business cycle accounting method to a dynamic stochastic general equilibrium model with time-varying production efficiency and factor market distortions. We measure the size of labor and capital market distortions with endogenous factor utilization and their relative importance in accounting for output fluctuation during the interwar period. Our main findings are that labor market distortions accounted for two-thirds of the output drops in both the U.S. and Western Europe, endogenous factor utilization amplified the negative effects of labor market distortions, and government spending played an important role in the recovery from the Great Depression in European countries who left the Gold Standard in the early 1930s.","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131512674","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 Impact of the Lockdown on the Greek Economy and the Role of the Recovery Fund 封锁对希腊经济的影响以及复苏基金的作用
The B.E. Journal of Macroeconomics Pub Date : 2021-08-02 DOI: 10.1515/bejm-2020-0267
G. Economides, A. Philippopoulos, Vanghelis Vassilatos
{"title":"The Impact of the Lockdown on the Greek Economy and the Role of the Recovery Fund","authors":"G. Economides, A. Philippopoulos, Vanghelis Vassilatos","doi":"10.1515/bejm-2020-0267","DOIUrl":"https://doi.org/10.1515/bejm-2020-0267","url":null,"abstract":"Abstract We develop a microfounded macroeconomic model that embeds the key features of the Greek economy. After calibrating the model to Greek data over 1995–2019, we assume that the economy is initially in the year 2019 and then quantify the adverse economic impact of the lockdown measures taken to control the spread of the pandemic, as well as the implications of the various policy measures (at national and EU level) taken to cushion the impact of the economic hit. We give quantitative answers to questions like: What will be the size and duration of the economic downturn? What are the implications of the national fiscal stimulus? What will be the role of the fiscal transfers coming from the European Recovery Fund? Our results imply that the national fiscal stimulus package adopted so far is helpful but, for the Greek economy to enter an era of sustainable growth, a mix of policies is also needed that combines: (i) a growth-enhancing fiscal mix (ii) product market deregulation (iii) a socially productive use of the resources coming from the Recovery Fund.","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":"59 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"129468149","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
Initial Beliefs Uncertainty 初始信念
The B.E. Journal of Macroeconomics Pub Date : 2021-07-30 DOI: 10.2139/ssrn.3896121
Jaqueson K. Galimberti
{"title":"Initial Beliefs Uncertainty","authors":"Jaqueson K. Galimberti","doi":"10.2139/ssrn.3896121","DOIUrl":"https://doi.org/10.2139/ssrn.3896121","url":null,"abstract":"Abstract This paper evaluates how initial beliefs uncertainty can affect data weighting and the estimation of models with adaptive learning. One key finding is that misspecification of initial beliefs uncertainty, particularly with the common approach of artificially inflating initials uncertainty to accelerate convergence of estimates, generates time-varying profiles of weights given to past observations in what should otherwise follow a fixed profile of decaying weights. The effect of this misspecification, denoted as diffuse initials, is shown to distort the estimation and interpretation of learning in finite samples. Simulations of a forward-looking Phillips curve model indicate that (i) diffuse initials lead to downward biased estimates of expectations relevance in the determination of actual inflation, and (ii) these biases spill over to estimates of inflation responsiveness to output gaps. An empirical application with U.S. data shows the relevance of these effects for the determination of expectational stability over decadal subsamples of data. The use of diffuse initials is also found to lead to downward biased estimates of learning gains, both estimated from an aggregate representative model and estimated to match individual expectations from survey expectations data.","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":"19 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124453932","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
The Government in SNA-Compliant DSGE Models 符合sna的DSGE模型中的政府
The B.E. Journal of Macroeconomics Pub Date : 2021-06-23 DOI: 10.1515/bejm-2020-0120
Gonzalo F. de-Córdoba, Benedetto Molinari, J. Torres
{"title":"The Government in SNA-Compliant DSGE Models","authors":"Gonzalo F. de-Córdoba, Benedetto Molinari, J. Torres","doi":"10.1515/bejm-2020-0120","DOIUrl":"https://doi.org/10.1515/bejm-2020-0120","url":null,"abstract":"Abstract The government size in developed economies expanded remarkably after the Second World War. This growth shaped the role of the government as a key player in the economic activity and the aggregate dynamics of a country. However, the way in which the government is represented in DSGE models is often reductive, containing homogeneous public spending and a few distortionary taxes without clear counterparts in fiscal data. This paper shows how dynamic general equilibrium models can incorporate a detailed government sector as defined in the System of National Accounts (SNA). This government features six types of public expenditures (i.e. the government’s intermediate consumption, public wage bill, debt service, public investment, and transfers to households both in-kind and other-than-in-kind), and five distortionary taxes (i.e. consumption tax, capital and labor income taxes, corporate tax and social contributions).","PeriodicalId":431854,"journal":{"name":"The B.E. Journal of Macroeconomics","volume":"17 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"114671772","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
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