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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
Wealth in utility, the Taylor principle and determinacy 效用财富、泰勒原理与确定性
IF 1.4 3区 经济学
Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1016/j.jmacro.2023.103525
Junzhu Zhao
{"title":"Wealth in utility, the Taylor principle and determinacy","authors":"Junzhu Zhao","doi":"10.1016/j.jmacro.2023.103525","DOIUrl":"10.1016/j.jmacro.2023.103525","url":null,"abstract":"<div><p>Wealth<span><span> in the utility function leads to the discounting to consumer’s Euler equation, enlarging determinacy regions and making it easier for the monetary authority to ensure equilibrium determinacy. We show that a passive policy rule which adjusts nominal interest rate by less than one-for-one in response to the inflation rate is able to rule out equilibrium indeterminacy, if properly specified, due to the presence of the demand channel of the Taylor principle and equilibrium determinacy. Furthermore, the extent to which </span>monetary policy rule can be passive in order to avoid indeterminacy depends critically on the degree of preference over wealth as well as the underlying structures and parameters of the model.</span></p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"76 ","pages":"Article 103525"},"PeriodicalIF":1.4,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41631102","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
This time truly is different: The cyclical behaviour of fiscal policy during the Covid-19 crisis 这一次确实有所不同:新冠肺炎危机期间财政政策的周期性行为
IF 1.4 3区 经济学
Journal of Macroeconomics Pub Date : 2023-06-01 DOI: 10.1016/j.jmacro.2023.103522
Philipp Heimberger
{"title":"This time truly is different: The cyclical behaviour of fiscal policy during the Covid-19 crisis","authors":"Philipp Heimberger","doi":"10.1016/j.jmacro.2023.103522","DOIUrl":"10.1016/j.jmacro.2023.103522","url":null,"abstract":"<div><p>Fiscal policy was more countercyclical during the Covid-19 crisis than in previous (crisis) episodes. This paper presents empirical evidence in favour of a “this time truly is different” moment based on analysing the cyclical behaviour of fiscal policy for 28 advanced economies over 1995–2021. Discretionary fiscal policy during the Covid-19 crisis (2020–2021) did more to counteract the downturn – especially in the Eurozone –, as we do not find comparable evidence for countercyclicality during the financial crisis or Euro crisis. Automatic fiscal stabilisers, the non-discretionary domain of fiscal policy, significantly contributed to countercyclical stabilisation during the pandemic.</p></div>","PeriodicalId":47863,"journal":{"name":"Journal of Macroeconomics","volume":"76 ","pages":"Article 103522"},"PeriodicalIF":1.4,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.ncbi.nlm.nih.gov/pmc/articles/PMC10028344/pdf/","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"9198684","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: 3
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