Journal of Macroeconomics最新文献_第9页

Taylor rules: Consequences for wealth and income inequality 泰勒法则:财富和收入不平等的后果

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-09-01 DOI: 10.1016/j.jmacro.2023.103544

Yoichi Gokan , Stephen J. Turnovsky

引用次数: 2

Business cycle synchronization and African monetary union: A wavelet analysis 经济周期同步与非洲货币联盟:小波分析

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-09-01 DOI: 10.1016/j.jmacro.2023.103527

Gislain Stéphane Gandjon Fankem, Lucien Cédric Fouda Mbesa

引用次数: 1

Measuring Household Inflation Perceptions and Expectations: The Effect of Guided vs Non-Guided Inflation Questions 测量家庭通胀感知和预期:指导性与非指导性通胀问题的影响

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-08-17 DOI: 10.1016/j.jmacro.2023.103558

Bernd Hayo , Pierre-Guillaume Méon

引用次数: 0

Naïve agents with non-unitary discounting rate in a monetary economy Naïve货币经济中具有非单一贴现率的代理人

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-08-01 DOI: 10.1016/j.jmacro.2023.103550

Koichi Futagami , Daiki Maeda

引用次数: 0

COVID-19 inflation weights in the UK and Germany 英国和德国的COVID-19通胀权重

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-06-17 DOI: 10.1016/j.jmacro.2023.103543

Francesco Grigoli, Evgenia Pugacheva

{"title":"COVID-19 inflation weights in the UK and Germany","authors":"Francesco Grigoli, Evgenia Pugacheva","doi":"10.1016/j.jmacro.2023.103543","DOIUrl":"10.1016/j.jmacro.2023.103543","url":null,"abstract":"<div><p>The COVID-19 pandemic altered consumption patterns significantly in a short period of time. However, official inflation statistics take time to reflect changes in the weights of the CPI consumption basket. Using credit card data for the UK and Germany, we document how consumption patterns changed and quantify the resulting inflation bias. We find that consumers experienced a higher level of inflation at the beginning of the pandemic than what a fixed-weight inflation (or the official-weight) index suggests and lower inflation thereafter. We also show that weights can differ among age groups and in-person vs. online spenders. These differences affect the purchasing power of the population heterogeneously. We conclude that CPI inflation indexes based on frequently updated weights can provide useful inputs to assess changes in the cost of living, including across segments of the population. If shifts in consumption patterns prove persistent, these indexes can help determine the need to introduce new weights and inform monetary policy and the design of support policies for the more vulnerable.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"79 ","pages":"Article 103543"},"PeriodicalIF":1.4,"publicationDate":"2023-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10276500/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"10091886","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: 1

Staggered wages, unanticipated shocks and firms’ adjustments 交错的工资，意料之外的冲击和公司的调整

IF 1.4 3区经济学

Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1016/j.jmacro.2023.103521

Francesco G. Caloia , Jante Parlevliet , Mauro Mastrogiacomo

{"title":"Staggered wages, unanticipated shocks and firms’ adjustments","authors":"Francesco G. Caloia , Jante Parlevliet , Mauro Mastrogiacomo","doi":"10.1016/j.jmacro.2023.103521","DOIUrl":"https://doi.org/10.1016/j.jmacro.2023.103521","url":null,"abstract":"<div><p><span><span>This paper empirically investigates the employment and wage effects of contract staggering, i.e., the asynchronous and infrequent way in which wages adjust to changes in the economic environment. Using an identification strategy based on exogenous start dates of collective agreements around the Great Recession, we estimate the effect of increases in base wages on firms’ labor cost adjustments. Our analysis is based on a large employers-employees dataset merged to collective agreements in the Netherlands, a country in which </span>collective bargaining is dominant and contract staggering is relatively pervasive. The main result is that staggered wage setting has no real effect on employment. We find significant employment losses only in sectors covered by contracts with much longer durations than those normally assumed in </span>macroeconomic models<span> featuring staggered wages. Instead, we show that firms adjust labor costs by curbing other pay components such as bonuses and benefits and incidental pay. The overall result supports the idea that wage rigidities are not the main source of employment fluctuations.</span></p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"76 ","pages":"Article 103521"},"PeriodicalIF":1.4,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49899597","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

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, Thomas von Brasch, Ådne Cappelen, Roger Hammersland, Håvard Hungnes, Dag Kolsrud, Julia Skretting, Birger Strøm, 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, 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>></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

引用次数: 2