发布求助
文献互助 智能选刊 最新文献

B E Journal of Macroeconomics最新文献

筛选
英文 中文
A Tide that Lifts Some Boats: Assessing the Macroeconomic Effects of EU Enlargement 《泛舟之潮:欧盟扩大的宏观经济影响评估》
4区 经济学
B E Journal of Macroeconomics Pub Date : 2023-11-14 DOI: 10.1515/bejm-2023-0053
Joe Maganga Zonda, Chang-Ching Lin, Ming-Jen Chang
{"title":"A Tide that Lifts Some Boats: Assessing the Macroeconomic Effects of EU Enlargement","authors":"Joe Maganga Zonda, Chang-Ching Lin, Ming-Jen Chang","doi":"10.1515/bejm-2023-0053","DOIUrl":"https://doi.org/10.1515/bejm-2023-0053","url":null,"abstract":"Abstract Based on two-country scenarios (entrants vs. incumbents), this paper employs the synthetic control method to quantify the macroeconomic effects of the European Union (EU) enlargement, and examines whether these effects varied before, during, and after economic crises. We find that enlargement effects are very complex, and significantly varied across economic cycles and the country groups. In particular, EU enlargement induced large and positive effects on the entrants which were merely stifled in the wake of the financial crisis and the subsequent euro crisis. In the interim, the 2004 enlargement triggered an instantaneous negative shock on the incumbents which was further exacerbated by the crises. Subsequently, the entrants recovered beyond their pre-crises gains, registering approximately 14 % higher per capita incomes by 2019, with Poland emerging as a clear winner . Meanwhile, incumbents’ per capita incomes have, on average, declined by approximately 9 %. While our findings largely support the notion that the entrants are en route to catching up with their incumbent counterparts, a formal β -convergence analysis exploiting the observed and synthetic data intuitively confirms that EU integration reduces the half-life by 50 %.","PeriodicalId":45923,"journal":{"name":"B E Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136229434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Optimal Monetary Policy with Government-Provided Unemployment Benefits 政府提供失业救济的最优货币政策
4区 经济学
B E Journal of Macroeconomics Pub Date : 2023-11-01 DOI: 10.1515/bejm-2022-0114
Mehrab Kiarsi
{"title":"Optimal Monetary Policy with Government-Provided Unemployment Benefits","authors":"Mehrab Kiarsi","doi":"10.1515/bejm-2022-0114","DOIUrl":"https://doi.org/10.1515/bejm-2022-0114","url":null,"abstract":"Abstract This paper considers a standard New Keynesian model with matching frictions and explores the impact of modeling the opportunity cost of employment as government unemployment transfers. The findings reveal that under such circumstances, maintaining full price stability at all times ceases to be optimal. This outcome persists even when production subsidies are introduced to address inefficiencies caused by imperfect competition in product and factor markets, and when wages are fully flexible and the Hosios condition holds. For a realistic calibration of the opportunity cost, the Ramsey-optimal policy necessitates a positive inflation rate with high volatility. The degree of inflation volatility required increases with the magnitude of unemployment transfers. Consequently, committing to an inflation targeting regime proves to be highly costly in this context. Additionally, the study demonstrates that the optimal inflation variability decreases with workers’ bargaining power. This is because higher workers’ bargaining power leads to reduced labor market fluctuations, thereby lowering the need for large inflation adjustments.","PeriodicalId":45923,"journal":{"name":"B E Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135166268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Current Account Balances’ Divergence in the Euro Area: An Appraisal of the Underlying Forces 欧元区经常账户余额的差异:对潜在力量的评估
4区 经济学
B E Journal of Macroeconomics Pub Date : 2023-10-30 DOI: 10.1515/bejm-2023-0158
Emmanuelle Faure, Carl Grekou, Valérie Mignon
{"title":"Current Account Balances’ Divergence in the Euro Area: An Appraisal of the Underlying Forces","authors":"Emmanuelle Faure, Carl Grekou, Valérie Mignon","doi":"10.1515/bejm-2023-0158","DOIUrl":"https://doi.org/10.1515/bejm-2023-0158","url":null,"abstract":"Abstract This paper revisits the crucial issue of current account imbalances and focuses on the determinants of their gaps between eurozone Member States. We conduct robust estimations of the current account balances for a panel of ten founding euro area economies and construct a measure that allows us to diagnose why some countries have started to diverge from the eurozone mean in the last two decades. Our findings show evidence of remaining differences in countries’ economic development, meaning that real macroeconomic convergence has failed in the zone. Price and cost competitiveness, as well as fiscal balances, have also participated in this growing macroeconomic divergence. Overall, while the European authorities cannot influence the part of the current account gaps due to demographic factors, the role of fiscal redistribution and investment at the euro area level could help achieve macroeconomic convergence and thus reduce current accounts’ divergence in the zone.","PeriodicalId":45923,"journal":{"name":"B E Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136104943","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Intermediate Goods–Skill Complementarity 中间产品-技能互补
4区 经济学
B E Journal of Macroeconomics Pub Date : 2023-10-27 DOI: 10.1515/bejm-2023-0008
Kozo Kiyota, Yoshinori Kurokawa
{"title":"Intermediate Goods–Skill Complementarity","authors":"Kozo Kiyota, Yoshinori Kurokawa","doi":"10.1515/bejm-2023-0008","DOIUrl":"https://doi.org/10.1515/bejm-2023-0008","url":null,"abstract":"Abstract Recent research has begun to imply intermediate goods–skill complementarity; however, this possible complementarity has been hypothesized but not statistically tested, despite the increasing importance of intermediate goods in production. This study provides statistical evidence regarding whether intermediate goods are more complementary with skilled labor than with unskilled labor. Using panel data from 40 countries over the period 1995–2009, we estimate a two-level constant elasticity of substitution (CES) production function. Our major findings are fivefold. First, at the aggregated one-sector level, the elasticity of substitution between intermediate goods and unskilled labor is 1.22, which is significantly greater than that between intermediate goods and skilled labor of 1.05, indicating intermediate goods–skill complementarity. Second, at the disaggregated level, such complementarity is primarily observed in heavy manufacturing industries and the service sector, whereas complementarity is observed between intermediate goods and unskilled labor in the primary sector and light manufacturing industries. Third, the normalization of the data and the cumulant estimators exhibit stronger results. Fourth, our baseline results are confirmed applying several robustness checks, such as switching skilled and unskilled labor or considering capital–skill complementarity. Finally, intermediate goods–skill complementarity tends to be higher for industries that use more imported intermediate goods.","PeriodicalId":45923,"journal":{"name":"B E Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136233685","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Initial Beliefs Uncertainty 初始信念
4区 经济学
B E Journal of Macroeconomics Pub Date : 2023-10-23 DOI: 10.1515/bejm-2023-0069
Jaqueson K. Galimberti
{"title":"Initial Beliefs Uncertainty","authors":"Jaqueson K. Galimberti","doi":"10.1515/bejm-2023-0069","DOIUrl":"https://doi.org/10.1515/bejm-2023-0069","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":45923,"journal":{"name":"B E Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135322757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Optimal Taxation of Informal Firms: Misreporting Costs and a Tax Reform in Brazil 非正式企业的最优税收:巴西的误报成本和税收改革
4区 经济学
B E Journal of Macroeconomics Pub Date : 2023-10-19 DOI: 10.1515/bejm-2022-0193
Marcelo Arbex, Enlinson Mattos, Rebeca Regatieri
{"title":"Optimal Taxation of Informal Firms: Misreporting Costs and a Tax Reform in Brazil","authors":"Marcelo Arbex, Enlinson Mattos, Rebeca Regatieri","doi":"10.1515/bejm-2022-0193","DOIUrl":"https://doi.org/10.1515/bejm-2022-0193","url":null,"abstract":"Abstract This paper investigates multistage taxes on firms in a limited tax capacity economy. We characterize the optimal taxation of informal firms reinterpreting behavioral and mechanical effects. Our numerical exercises highlight the relationship between misreporting costs and the elasticities of reported revenues and costs. We explore a tax reform in Brazil with a survey of informal firms to estimate these elasticities (0.55 and 0.94, respectively), which imply smaller sheltering costs for input expenditures. The optimal multistage tax system includes (i) differential linear taxes across the production chain and (ii) a positive, but very small, tax refund rate.","PeriodicalId":45923,"journal":{"name":"B E Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135731213","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Employment Protection in Dual Labor Markets: Any Amplification of Macroeconomic Shocks? 二元劳动力市场中的就业保护:是否放大了宏观经济冲击?
4区 经济学
B E Journal of Macroeconomics Pub Date : 2023-10-12 DOI: 10.1515/bejm-2023-0044
Benjamin Lochner
{"title":"Employment Protection in Dual Labor Markets: Any Amplification of Macroeconomic Shocks?","authors":"Benjamin Lochner","doi":"10.1515/bejm-2023-0044","DOIUrl":"https://doi.org/10.1515/bejm-2023-0044","url":null,"abstract":"Abstract This paper studies the effects of labor market duality in terms of employment legislation protection (EPL) on labor market volatilities. Modeling contractual heterogeneity through a gap in EPL of temporary and permanent workers (weakly protected temporary/highly protected permanent contracts), I simulate both supply and demand shocks in a New Keynesian model with unemployment. I find that unemployment fluctuations follow an inverted U-shape over the magnitude of the EPL gap: small EPL gaps amplify, while large EPL gaps dampen the reaction of unemployment. In a subsequent empirical analysis, I find that the model’s predictions are consistent with panel data for a large set of OECD countries. Uncovering the non-linear course of unemployment volatility helps reconcile previous divergent research results.","PeriodicalId":45923,"journal":{"name":"B E Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135923721","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 12
Perfect Competition and Fixed Costs: The Role of the Ownership Structure 完全竞争与固定成本:股权结构的作用
4区 经济学
B E Journal of Macroeconomics Pub Date : 2023-10-12 DOI: 10.1515/bejm-2023-0078
Vincent Boitier
{"title":"Perfect Competition and Fixed Costs: The Role of the Ownership Structure","authors":"Vincent Boitier","doi":"10.1515/bejm-2023-0078","DOIUrl":"https://doi.org/10.1515/bejm-2023-0078","url":null,"abstract":"Abstract It is widely considered that a (perfectly) competitive equilibrium cannot survive to the existence of fixed costs because firms generate losses in equilibrium. In this theoretical and methodological article, I demonstrate that this statement is not valid by developing some counter-examples. In particular, I clearly show that a competitive equilibrium and fixed costs are tenable, depending on the ownership structure of models. I then delimit the role of fixed costs in macroeconomic models. Notably, I find that fixed costs can improve the level of aggregate output in the long run.","PeriodicalId":45923,"journal":{"name":"B E Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135963629","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Frontmatter 头版头条
4区 经济学
B E Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1515/bejm-2023-frontmatter2
{"title":"Frontmatter","authors":"","doi":"10.1515/bejm-2023-frontmatter2","DOIUrl":"https://doi.org/10.1515/bejm-2023-frontmatter2","url":null,"abstract":"","PeriodicalId":45923,"journal":{"name":"B E Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135096219","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Macroeconomic Effects of Shadow Banking Panics 影子银行恐慌的宏观经济影响
4区 经济学
B E Journal of Macroeconomics Pub Date : 2023-02-24 DOI: 10.1515/bejm-2022-0067
Johannes Poeschl
{"title":"The Macroeconomic Effects of Shadow Banking Panics","authors":"Johannes Poeschl","doi":"10.1515/bejm-2022-0067","DOIUrl":"https://doi.org/10.1515/bejm-2022-0067","url":null,"abstract":"Abstract We study the interaction between occasionally binding financial constraints in the traditional (retail) banking sector and banking panics in the shadow banking sector. Shadow banking panics occur when retail banks choose not to roll over their lending to shadow banks. Occasionally binding financial constraints of retail banks increase the likelihood of and amplify boom-bust dynamics around such shadow banking panics. The model can quantitatively match the dynamics of macroeconomic and financial variables around the US financial crisis. We quantify the impact of wholesale funding market interventions akin to those implemented by the Federal Reserve in 2008, finding that they reduced the fall in output by about half a percentage point. The timing of this intervention matters: an intervention before the banking panic would have been more effective and might even have avoided the panic.","PeriodicalId":45923,"journal":{"name":"B E Journal of Macroeconomics","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136147005","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信