发布求助
文献互助 智能选刊 最新文献

Journal of Macroeconomics最新文献

筛选
英文 中文
Fiscal policy, macroeconomic performance and industry structure in a small open economy 小型开放经济中的财政政策、宏观经济表现和产业结构
IF 1.4 3区 经济学
Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1016/j.jmacro.2023.103524
Pål Boug, Thomas von Brasch, Ådne Cappelen, Roger Hammersland, Håvard Hungnes, Dag Kolsrud, Julia Skretting, Birger Strøm, Trond C. Vigtel
{"title":"Fiscal policy, macroeconomic performance and industry structure in a small open economy","authors":"Pål Boug,&nbsp;Thomas von Brasch,&nbsp;Ådne Cappelen,&nbsp;Roger Hammersland,&nbsp;Håvard Hungnes,&nbsp;Dag Kolsrud,&nbsp;Julia Skretting,&nbsp;Birger Strøm,&nbsp;Trond C. Vigtel","doi":"10.1016/j.jmacro.2023.103524","DOIUrl":"10.1016/j.jmacro.2023.103524","url":null,"abstract":"<div><p>We analyse how fiscal policy affects both the macroeconomy and the industry structure, using a multi-sector macroeconomic model of the Norwegian economy with an inflation targeting monetary policy. Our simulations show that the magnitude of the government spending and labour tax cut multipliers, whether monetary policy is active or passive, is comparable to what is found in the literature. A novel finding from our simulations is that the industry structure is substantially affected by an expansionary fiscal policy, as value added in the non-traded goods sector increases at the expense of value added in the traded goods sector. Moreover, expansionary fiscal policy reduces the mark-ups in the traded goods sector, while the mark-ups are roughly unchanged in the non-traded goods sector. The contraction of activity in the traded goods sector increases when monetary tightening accompanies the fiscal stimulus. Hence, we find that such a policy mix is likely to produce significant de-industrialization in a small open economy with inflation targeting.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"76 ","pages":"Article 103524"},"PeriodicalIF":1.4,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49399313","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Impact of infectious disease pandemics on individual lifetime consumption: An endogenous time preference approach 传染病大流行对个体终生消费的影响:一种内生时间偏好方法
IF 1.4 3区 经济学
Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1016/j.jmacro.2023.103506
Kei Hosoya
{"title":"Impact of infectious disease pandemics on individual lifetime consumption: An endogenous time preference approach","authors":"Kei Hosoya","doi":"10.1016/j.jmacro.2023.103506","DOIUrl":"10.1016/j.jmacro.2023.103506","url":null,"abstract":"<div><p>This paper considers the impact of the coronavirus disease 2019 (COVID-19) pandemic on long-term individual lifetime consumption profiles. The framework for the analysis is a model that extends Strulik (2021) to include the government sector, where time preference is determined by individual health damage (deficit) distinct from normal aging. Thus, the health damage caused by COVID-19 changes the rate of time preference and consequently affects the Euler equation for consumption. Our theoretical contribution is the consistent incorporation of public health investment into the existing model to understand the effect of government measures against a pandemic. Numerical analysis based on this model is used to estimate changes in health status over time, trends in the rate of time preference, and individual lifetime consumption profiles, taking into account differences in age at the time of the pandemic and the nature of the government responses. Because the long-term negative economic impact would be enormous, we should avoid advocating for “living with COVID-19” without due consideration. The reopening of the economy must be accompanied by a commitment to the containment and elimination of infections with future novel coronaviruses.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"76 ","pages":"Article 103506"},"PeriodicalIF":1.4,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9899125/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9469826","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Can variable elasticity of substitution explain changes in labor shares? 可变替代弹性能否解释劳动份额的变化?
IF 1.4 3区 经济学
Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1016/j.jmacro.2023.103518
Alessandro Bellocchi, Giuseppe Travaglini
{"title":"Can variable elasticity of substitution explain changes in labor shares?","authors":"Alessandro Bellocchi,&nbsp;Giuseppe Travaglini","doi":"10.1016/j.jmacro.2023.103518","DOIUrl":"10.1016/j.jmacro.2023.103518","url":null,"abstract":"<div><p><span><span>In CES production functions, the magnitude of the </span>elasticity of substitution between capital and labor (</span><span><math><mi>σ</mi></math></span>) is crucial to explain the evolution of the labor share. The decline in labor share observed worldwide can be explained by capital accumulation if <span><math><mrow><mi>σ</mi><mo>&gt;</mo><mn>1</mn></mrow></math></span>. However, empirical evidence on the value of <span><math><mi>σ</mi></math></span> is mixed. To shed light on this issue, we employ a Variable Elasticity of Substitution (VES) production function where <span><math><mi>σ</mi></math></span> is an <em>endogenous</em><span> driver of the labor share. Using macro data for six advanced OECD economies from 1980 to 2020 we provide estimates of </span><span><math><mi>σ</mi></math></span> under <span><em>imperfect competition</em></span>. We test the prediction of the model by means of simulations. Mainly, we find that capital deepening, markup and technological change explain a significant part of the observed decline in labor shares. The results suggest <em>complementarity</em> between labor and capital in all the countries except the United States.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"76 ","pages":"Article 103518"},"PeriodicalIF":1.4,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42834193","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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: 1
Patent term extensions and commercialization lags in the pharmaceutical industry: A growth-theoretic analysis 医药行业专利期限延长与商业化滞后:一个增长理论分析
IF 1.4 3区 经济学
Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1016/j.jmacro.2023.103519
Mei-Ying Hu , You-Xun Lu , Ching-chong Lai
{"title":"Patent term extensions and commercialization lags in the pharmaceutical industry: A growth-theoretic analysis","authors":"Mei-Ying Hu ,&nbsp;You-Xun Lu ,&nbsp;Ching-chong Lai","doi":"10.1016/j.jmacro.2023.103519","DOIUrl":"10.1016/j.jmacro.2023.103519","url":null,"abstract":"<div><p>Due to the lags in commercialization, the effective life of a patent is generally less than its statutory term. We introduce commercialization lags into the Schumpeterian growth model and explore the effects of patent term extensions on pharmaceutical R&amp;D and social welfare. Our results show that extending patent terms stimulates the consumption of homogeneous goods but generates an ambiguous effect on the consumption of pharmaceuticals. When patent extensions have an inverted-U effect on social welfare, the optimal patent extension increases with the length of commercialization lags but decreases with the input intensity of commercialization lags. Finally, we calibrate the model and find that increasing patent breadth reduces the optimal patent extension.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"76 ","pages":"Article 103519"},"PeriodicalIF":1.4,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44666509","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Taxes and firm investment 税收和企业投资
IF 1.4 3区 经济学
Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1016/j.jmacro.2023.103517
K. Peren Arin , Kevin Devereux , Mieszko Mazur
{"title":"Taxes and firm investment","authors":"K. Peren Arin ,&nbsp;Kevin Devereux ,&nbsp;Mieszko Mazur","doi":"10.1016/j.jmacro.2023.103517","DOIUrl":"https://doi.org/10.1016/j.jmacro.2023.103517","url":null,"abstract":"<div><p>We investigate the firm-level investment response to unanticipated narrative shocks to average personal and corporate tax<span> rates using a universal micro dataset of publicly-traded U.S. firms for the post-1976 period. Using local projections, we show that: (i) corporate tax shocks have significant effects on investment while personal tax shocks do not; (ii) corporate income tax<span> responses are negative overall, and this result is driven by smaller firms who face larger borrowing constraints, especially when the accompanying monetary policy<span> is contractionary or output gap is slack; (iii) there is some evidence of positive personal income tax responses during monetary contractions by dividend-paying firms, which is consistent with the recent literature.</span></span></span></p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"76 ","pages":"Article 103517"},"PeriodicalIF":1.4,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49899596","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Human capital heterogeneity of the unemployed and jobless recoveries 失业与失业复苏的人力资本异质性
IF 1.4 3区 经济学
Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1016/j.jmacro.2023.103505
Nic Pusateri
{"title":"Human capital heterogeneity of the unemployed and jobless recoveries","authors":"Nic Pusateri","doi":"10.1016/j.jmacro.2023.103505","DOIUrl":"10.1016/j.jmacro.2023.103505","url":null,"abstract":"<div><p>The jobless recovery enigma remains largely unsolved. As a special case of broader unemployment, the term “jobless recovery” describes an economic recovery where output recovers—and even expands—yet employment growth remains anemic. While the effects of these prolonged recoveries are significant—from increased crime to a lifetime reduction in wages—they are not well understood. Building on the insights of labor market matching models that incorporate heterogeneity among workers, this paper sheds light on jobless recoveries, developing a first-of-its-kind index of human capital heterogeneity for the unemployed, and testing that index using of a Structural Vector Autoregression. I demonstrate that the extent to which unemployed human capital is heterogeneous and specific, rather than homogeneous and general, plays a key and under-appreciated role in the labor market; increases in human capital heterogeneity can account for between one-quarter to three-quarters of the joblessness of the past three recoveries in the pre-COVID era.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"76 ","pages":"Article 103505"},"PeriodicalIF":1.4,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48728443","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Model uncertainty, economic development, and welfare costs of business cycles 商业周期的模型不确定性、经济发展和福利成本
IF 1.4 3区 经济学
Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1016/j.jmacro.2023.103514
Masakatsu Okubo
{"title":"Model uncertainty, economic development, and welfare costs of business cycles","authors":"Masakatsu Okubo","doi":"10.1016/j.jmacro.2023.103514","DOIUrl":"10.1016/j.jmacro.2023.103514","url":null,"abstract":"<div><p><span>Some researchers argue that the welfare gains from eliminating consumption fluctuations for the United States are not small once model uncertainty is taken into account. This paper presents new evidence on the welfare gains from eliminating model uncertainty using a data set from a broad range of countries. It quantifies exactly the effect of model uncertainty on the welfare gains using an analytical formula. The results indicate that most countries derive much larger gains from the reduction of model uncertainty compared with the United States. Countries at higher stages of economic development tend to have lower welfare gains because their gains from eliminating model uncertainty become smaller. This relationship does not depend on country size or </span>trade openness.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"76 ","pages":"Article 103514"},"PeriodicalIF":1.4,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41533105","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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: 1
Inflation targeting and the composition of public expenditure: Evidence from developing countries 通货膨胀目标制与公共支出构成:来自发展中国家的证据
IF 1.4 3区 经济学
Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1016/j.jmacro.2023.103523
Ablam Estel Apeti , Jean-Louis Combes , Alexandru Minea
{"title":"Inflation targeting and the composition of public expenditure: Evidence from developing countries","authors":"Ablam Estel Apeti ,&nbsp;Jean-Louis Combes ,&nbsp;Alexandru Minea","doi":"10.1016/j.jmacro.2023.103523","DOIUrl":"10.1016/j.jmacro.2023.103523","url":null,"abstract":"<div><p>An important literature shows that inflation targeting (IT) adoption improves fiscal discipline. Our impact assessment analysis performed in a large sample of 89 developing countries over three decades shows that this favorable impact covers a composition effect: IT adoption is found to reduce more current expenditure compared with public investment in IT countries relative to non-IT countries. This finding is robust to various alternative specification, related to the structure of the sample, the measurement of the IT regime, or the estimation method. Consequently, aside from its acknowledged benefits for monetary policy goals, IT appears as an efficient tool to strengthen fiscal policy in developing countries towards lower and more productive public expenditure.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"76 ","pages":"Article 103523"},"PeriodicalIF":1.4,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45103582","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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: 3
Tax evasion policies and the demand for cash 逃税政策和现金需求
IF 1.4 3区 经济学
Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1016/j.jmacro.2023.103520
Edoardo Rainone
{"title":"Tax evasion policies and the demand for cash","authors":"Edoardo Rainone","doi":"10.1016/j.jmacro.2023.103520","DOIUrl":"https://doi.org/10.1016/j.jmacro.2023.103520","url":null,"abstract":"<div><p>This paper analyzes the relationship between tax evasion and the demand for cash by studying the effects of two measures to fight evasion: accessing taxpayers’ bank data and imposing thresholds for cash payments. We study the effects of these policies in Italy, where visibility of bank data and cash thresholds were recently increased. We show that both significantly affected cash holdings, which grew by about 1.5 percent of the GDP. Using unique high frequency data on cash operations and exploiting regional heterogeneity in tax evasion propensity, we find that accessing bank data pushes regions with higher propensity to evade taxes to convert more deposits into cash. On the contrary, higher cash thresholds do not increase cash holdings more in these regions. We rationalize the findings with a simple model of tax evasion and payment choices, where cash and deposits have different degrees of privacy.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"76 ","pages":"Article 103520"},"PeriodicalIF":1.4,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49858935","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Land and housing: The twin forces of non-balanced growth 土地和住房：非均衡增长的双重力量
IF 1.4 3区 经济学
Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1016/j.jmacro.2023.103504
Anuradha Saha
{"title":"Land and housing: The twin forces of non-balanced growth","authors":"Anuradha Saha","doi":"10.1016/j.jmacro.2023.103504","DOIUrl":"10.1016/j.jmacro.2023.103504","url":null,"abstract":"<div><p>In a three-sector closed economy where housing land is accumulated for the construction of houses, we depict significant effects of housing and land market on sectoral growth. We assume agriculture is the most intensive in the use of land, followed by manufacturing and then services. In the long run, land intensity differences in conjunction with labor growth contribute to sectoral growth gaps. In the short run, due to housing land accumulation, the economy transitions along a non-monotonic convergent path to the steady state. Using the US data, we quantify that land accounts for about one-tenth of long-run and short-run sectoral output growth gaps. We also incorporate sector-specific land-use restrictions to show that, despite these regulations, land and housing have qualitative effects on non-balanced growth.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"76 ","pages":"Article 103504"},"PeriodicalIF":1.4,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44100582","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
首页 上一页 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