Comparative Political Economy: Comparative Capitalism eJournal最新文献

{"title":"Multinational Firms’ Sourcing Decisions and Wage Inequality: A Dynamic Analysis","authors":"Zhenghong Jiang","doi":"10.2139/ssrn.3904617","DOIUrl":"https://doi.org/10.2139/ssrn.3904617","url":null,"abstract":"This paper uses a two-country dynamic general equilibrium model to consider how, following a trade cost shock, multinational firms’ offshoring decision and the countries’ different factor endowments affect wage inequality between high- and low-skilled workers in the home country. Highlighting task-offshoring, heterogenous firms, and factor proportions, the study sheds light on how offshoring shapes wage inequality along different time horizons. While the paper’s focus is the relationship between the U.S. (home country) and China (foreign country), its findings are more broadly relevant. The three main findings are these: First, both intensive and extensive margins contribute to the widening wage gap, with the latter playing a more important role in the short- to medium- term than it does in the initial stage after the trade cost shock. Second, endogenous firm entry raises wage for both low-skilled and high-skilled workers while also widening the wage gap between the two groups over time. Third, whether firms offshore to a foreign country like Mexico, where the supply of low-skilled laborers is moderately larger than in the home country, or to a country like China, where the supply of low-skilled laborers is vastly larger, makes scant difference to wage inequality in the long term.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"88 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2022-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122533282","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}

{"title":"Towards a Performance Measure of Income Inequality: Trends in Income 1975-2018","authors":"K. Edwards, C. Price","doi":"10.2139/ssrn.3693432","DOIUrl":"https://doi.org/10.2139/ssrn.3693432","url":null,"abstract":"This work introduces two novel methods in measuring income inequality. The first uses publicly available tax summary data to improve estimates of top-coded income in the Current Population Survey. The second is a time-period agnostic and income-level agnostic measure of inequality that relates income growth to economic growth. This new metric, the Growth Share Measure, can be applied over long stretches of time, applied to subgroups of interest, and easily calculated. We apply both methods to the time period 1975-2018 to show the trends in income inequality relative to per capita gross domestic product. We find that only incomes at the top 1 percent paced economic growth over this period. We discuss how our inequality measure could be applied to public program evaluation in a manner similar to the supplemental poverty rates.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133367173","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}

{"title":"Income Risk Inequality: Evidence from Spanish Administrative Records","authors":"M. Arellano, S. Bonhomme, M. De Vera, Laura Hospido, Siqi Wei","doi":"10.2139/ssrn.3938045","DOIUrl":"https://doi.org/10.2139/ssrn.3938045","url":null,"abstract":"In this paper, we use administrative data from the social security to study income dynamics and income risk inequality in Spain between 2005 and 2018. We construct individual measures of income risk as functions of past employment history, income, and demographics. Focusing on males, we document that income risk is highly unequal in Spain: More than half of the economy has close to perfect predictability of their income, while some face considerable uncertainty. Income risk is inversely related to income and age, and income risk inequality increases markedly in the recession. These findings are robust to a variety of specifications, including using neural networks for prediction and allowing for individual unobserved heterogeneity.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"124 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116332965","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}

{"title":"Polygyny, Inequality, and Social Unrest","authors":"Tim Krieger, Laura Renner","doi":"10.33774/apsa-2021-ttcrm","DOIUrl":"https://doi.org/10.33774/apsa-2021-ttcrm","url":null,"abstract":"This paper proposes three theoretical mechanisms through which polygyny may be related to social unrest. The mechanisms are related to different dimensions of grievance-inducing and, partly, greed-related inequality, which may occur in polygynous societies. These dimensions include (i) economic, reproductive and social inequality resulting in relative deprivation among non-elite men; (ii) inequality within elites when it comes to the distribution of resources and inheritance, both related to the relative position of dependent family members in a clan; and (iii) gender inequality in general. Using data for 41 African countries from 1990-2014, we provide evidence for these mechanisms and their relationship to social unrest. We find that the first and third dimension of inequality are especially correlated with social unrest. Furthermore, we consider several potential counterarguments but do not find support for them.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"7 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131590433","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}

{"title":"What Explains the Decline in r*? Rising Income Inequality Versus Demographic Shifts","authors":"Atif R. Mian, Ludwig Straub, Amir Sufi","doi":"10.2139/ssrn.3916345","DOIUrl":"https://doi.org/10.2139/ssrn.3916345","url":null,"abstract":"Downward pressure on the natural rate of interest (r*) is often attributed to an increase in saving. This study uses microeconomic data from the SCF+ to explore the relative importance of demographic shifts versus rising income inequality on the evolution of saving behavior in the United States from 1950 to 2019. The evidence suggests that rising income inequality is more important than the aging of the baby boom generation in explaining the decline in r*. Saving rates are significantly higher for high income households within a given birth cohort relative to other households in the same birth cohort, and there has been a large rise in income shares for high income households since the 1980s. The result has been a large rise in saving by high income earners since the 1980s, which is the exact same time period during which r* has fallen. Differences in saving rates across the working age distribution are smaller, and there has not been a consistent monotonic shift in income toward any given age group. Both findings challenge the view that demographic shifts due to the aging of the baby boom generation explain the decline in r*.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"63 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130076407","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}

{"title":"Refinancing Inequality During the COVID-19 Pandemic","authors":"Sumit Agarwal, S. Chomsisengphet, Hua Kiefer, Leonard C. Kiefer, Paolina C. Medina","doi":"10.2139/ssrn.3750133","DOIUrl":"https://doi.org/10.2139/ssrn.3750133","url":null,"abstract":"We study the distribution of savings from mortgage refinancing across income groups during the COVID-19 pandemic. Between February and June 2020, the difference in savings from refinancing between high- and low-income borrowers was ten times higher than before the pandemic. This was the result of two factors: individuals in the top quintile of the income distribution increased their refinancing activity more than comparable borrowers in the bottom quintile and, conditional on refinancing, they captured slightly larger improvements in interest rates. Exploiting idiosyncratic variation in COVID-19 case rates within zip codes over time, we find that changes in local economic conditions explain up to 74 percent of the increase in refinancing inequality tied to the pandemic. Using data on refinancing applications and funding rates we find that, conditional on applying, the funding rates and processing times for low-income borrowers were not differentially affected by the pandemic. Instead, low-income borrowers were underrepresented in the pool of applications. We estimate a difference of $5 billion in savings from refinancing between the top quintile of the income distribution and the rest of the market. This discrepancy has implications for the transmission of monetary policy and the evolution of wealth inequality.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121126697","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}

{"title":"Regional Income Distributions in France, 1960–2018","authors":"Banque de France RPS Submitter, F. Bonnet, Âurélie Sotura","doi":"10.2139/ssrn.3945429","DOIUrl":"https://doi.org/10.2139/ssrn.3945429","url":null,"abstract":"This paper proposes homogeneous annual series on the income distribution of French metropolitan départements for the period 1960-69 and 1986-2018. We rely on unpublished and newly digitised archives of the French Ministry of Finance. They consist of fiscal tabulations that are a summary of households’ income tax declarations. Based on these raw sources, we interpolate the whole income distribution of French metropolitan départements after 1986. Before 1986, we need more assumptions as only households liable to French income tax filed income tax declarations at that time. We propose a methodology to estimate the number and average income of non-taxable households before 1986 that also allows us to reconstruct the income distribution of French metropolitan départements for the period 1960-69. .","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"195 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123009849","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}

{"title":"Inequality in Early Care Experienced by U.S. Children","authors":"S. Flood, J. McMurry, Aaron J. Sojourner, Matthew Wiswall","doi":"10.3386/w29249","DOIUrl":"https://doi.org/10.3386/w29249","url":null,"abstract":"Using every major nationally representative dataset on parental and non-parental care provided to children up to age 6, we quantify differences in American children's care experiences by socioeconomic status (SES), proxied primarily with maternal education. Increasingly, higher-SES children spend less total time with their parents and more time in the care of others. Non-parental care for high-SES children is more likely to be in childcare centers, where average quality is higher, and less likely to be provided by relatives where average quality is lower. Even within types of childcare, higher-SES children tend to receive care of higher measured quality and higher cost. Inequality is evident at home as well: measures of parental enrichment at home, from both self-reports and outside observers, are on average higher for higher-SES children. We also find that parental and non-parental quality is reinforcing: children who receive higher quality non-parental care also tend to receive higher quality parental care.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128632156","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}

{"title":"Efecto de la Política Fiscal sobre la Transmisión de la Política Monetaria a través de la Desigualdad en el Ingreso (The Effect of Fiscal Policy on the Transmission of Monetary Policy through Income Inequality)","authors":"David Augusto Montoya Ruiz","doi":"10.2139/ssrn.3919812","DOIUrl":"https://doi.org/10.2139/ssrn.3919812","url":null,"abstract":"Spanish Abstract: Este documento analiza el impacto que tiene la política fiscal, a través de la fijación de impuestos, en la distribución del ingreso y cómo esta última afecta la transmisión de la política monetaria. Para entender este mecanismo, se propone un modelo neokeynesiano analítico de dos agentes en una economía con dos activos, restricciones de acceso a los mercados financieros e incertidumbre idiosincrática en donde el gobierno fija impuestos a los dividendos y al ingreso laboral. Se encuentra que el tipo de impuesto elegido por el gobierno afecta de forma diferenciada el comportamiento cíclico de la desigualdad en el ingreso. Cuando la desigualdad es procíclica con relación al ingreso agregado de la economía, se generan efectos de atenuación en la demanda agregada. Si es contracíclica, ello provoca efectos de amplificación. Esto obliga al banco central a ajustar su objetivo operativo de tasa de interés en una magnitud menor o mayor, respectivamente, con relación al Principio de Taylor para lograr la determinación del equilibrio. Se concluye que la política fiscal condiciona la política monetaria a través del tipo de esquema redistributivo adoptado. English Abstract: This document analyzes the impact that fiscal policy has, through the imposition of taxes, on the distribution of income and how the latter affects the transmission of monetary policy. To understand this mechanism, a two-agent analytical New Keynesian model is proposed in an economy with two assets, restrictions in financial markets’ access, and idiosyncratic uncertainty in which the government sets taxes on dividends and labor income. It is found that the type of tax chosen by the government affects the cyclical behavior of income inequality in a different way. When inequality is procyclical in relation to the economy’s aggregate income, attenuation effects are generated in aggregate demand. If it is countercyclical, it causes amplification effects. This forces the central bank to adjust its operating interest rate target by a smaller or larger magnitude, respectively, relative to the Taylor Principle to achieve equilibrium determination. It is concluded that fiscal policy conditions monetary policy through the type of redistributive scheme adopted.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"23 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126800228","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}

{"title":"Generalized Nowcast Revision Analysis","authors":"F. Hayashi, Yuta Tachi","doi":"10.2139/ssrn.3904418","DOIUrl":"https://doi.org/10.2139/ssrn.3904418","url":null,"abstract":"The nowcast revision analysis is about how a nowcast of the target variable is revised in response to data releases in real time. The content of a data release includes data revisions as well as new observations. The nowcast also changes when the model parameter is revised. The existing revision analysis is capable of breaking down the new-observations effect on the nowcast into contributions from individual indicator variables, but no such breakdown is available for the data-revisions effect and the parameter-revisions effect. This paper shows how the breakdown can be applied to all three effects. For illustration, the new method is applied to nowcasting U.S. GDP growth for 2021:Q2.","PeriodicalId":448175,"journal":{"name":"Comparative Political Economy: Comparative Capitalism eJournal","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116489551","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}