Review of Economic Dynamics最新文献_第10页

Labor supply when productivity keeps growing 生产率持续增长时的劳动力供给

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-10-01 DOI: 10.1016/j.red.2023.07.010

Timo Boppart , Per Krusell , Jonna Olsson

引用次数: 0

More unequal we stand? Inequality dynamics in the United States, 1967–2021 我们所处的更不平等?1967-2021年美国的不平等动态

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-10-01 DOI: 10.1016/j.red.2023.07.014

Jonathan Heathcote , Fabrizio Perri , Giovanni L. Violante , Lichen Zhang

{"title":"More unequal we stand? Inequality dynamics in the United States, 1967–2021","authors":"Jonathan Heathcote , Fabrizio Perri , Giovanni L. Violante , Lichen Zhang","doi":"10.1016/j.red.2023.07.014","DOIUrl":"https://doi.org/10.1016/j.red.2023.07.014","url":null,"abstract":"<div><p><span>Heathcote et al. (2010)</span><span> conducted an empirical analysis of several dimensions of inequality in the United States over the years 1967-2006, using publicly-available survey data. This paper expands the analysis, and extends it to 2021. We find that since the early 2000s, the college wage premium has stopped growing, and the race wage gap has stalled. However, the gender wage gap has kept shrinking. Both individual- and household-level income inequality have continued to rise at the top, while the cyclical component of inequality dominates dynamics below the median. Inequality in consumption expenditures has remained remarkably stable over time. Income pooling within the family and redistribution by the government have enormous impacts on the dynamics of household-level inequality, with the role of the family diminishing and that of the government growing over time. In particular, largely due to generous government transfers, the COVID recession has been the first downturn in fifty years in which inequality in disposable income and consumption actually declined.</span></p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"50 ","pages":"Pages 235-266"},"PeriodicalIF":2.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49698930","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

On a lender of last resort with a central bank and a stability Fund 关于中央银行和稳定基金的最后贷款人

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-10-01 DOI: 10.1016/j.red.2023.07.012

Giovanni Callegari , Ramon Marimon , Adrien Wicht , Luca Zavalloni

{"title":"On a lender of last resort with a central bank and a stability Fund","authors":"Giovanni Callegari , Ramon Marimon , Adrien Wicht , Luca Zavalloni","doi":"10.1016/j.red.2023.07.012","DOIUrl":"https://doi.org/10.1016/j.red.2023.07.012","url":null,"abstract":"<div><p>We explore the complementarity between a central bank and a financial stability Fund in stabilizing sovereign debt markets. The central bank pursuing its mandate can intervene with public sector purchasing programs, buying sovereign debt in the secondary market, provided that the debt is safe. The sovereign sells its debt to private lenders, through market auctions. Furthermore, it has access to a long-term state-contingent contract with a Fund: a country-specific debt-and-insurance contract that accounts for no-default and no-over-lending constraints. The Fund needs to guarantee gross-financial-needs and no-over-lending. We show that these constraints endogenously determine the ‘optimal debt maturity’ structure that minimizes the Required Fund Capacity (RFC) to make all sovereign debt safe. However, the Fund may have limited absorption capacity and fall short of its RFC. The central bank may be able to cover the difference, in which case there is perfect complementarity and the joint institutions act as an effective ‘lender of last resort’. We calibrate our model to the Italian economy and find that with a Fund contract its ‘optimal debt maturity’ is 2.9 years with an RFC of 90% of GDP, which is above what the European Stability Mechanism (ESM) could reasonably absorb, but may be feasible with an ECB <em>Transmission Protection Instrument</em> (TPI) intervention. In contrast, the average maturity of Italian sovereign debt has been circa 6.2 years, with a needed absorption capacity of around 105% of GDP, which may call for a maturity restructuring to ease the activation of TPI.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"50 ","pages":"Pages 106-130"},"PeriodicalIF":2.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49698924","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

The looming fiscal reckoning: Tax distortions, top earners, and revenues 迫在眉睫的财政清算：税收扭曲、高收入者和收入

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-10-01 DOI: 10.1016/j.red.2023.07.003

Nezih Guner , Martin Lopez-Daneri , Gustavo Ventura

{"title":"The looming fiscal reckoning: Tax distortions, top earners, and revenues","authors":"Nezih Guner , Martin Lopez-Daneri , Gustavo Ventura","doi":"10.1016/j.red.2023.07.003","DOIUrl":"https://doi.org/10.1016/j.red.2023.07.003","url":null,"abstract":"<div><p>How should the U.S. confront the growing revenue needs driven by higher spending requirements? We investigate the mix of potential tax increases that generate a given revenue need at the minimum welfare cost and evaluate its macroeconomic impact. We do so in the context of a life-cycle growth model that captures key aspects of the earnings and wealth<span><span> distributions and the non-linear shape of taxes and transfers in place. Our findings show that a proportional </span>consumption tax<span><span> combined with a lump-sum transfer to all households and a reduction in income tax progressivity consistently emerges as the best alternative to minimize welfare costs associated with a given increase in revenue. A 30% long-run increase in Federal tax revenue requires a consumption tax rate of 27.8%, a transfer of about 12% of mean household income to all households, and a reduction of top marginal </span>income tax rates of more than 5 percentage points—output declines by 7.9% in the long run. While transfers are substantial, smaller transfers can accomplish most of the reduction in welfare costs. We find no role for wealth taxes in increasing revenues or minimizing welfare costs.</span></span></p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"50 ","pages":"Pages 146-170"},"PeriodicalIF":2.0,"publicationDate":"2023-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49698557","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

Demographic change, government debt and fiscal sustainability in Japan: The impact of bond purchases by the Bank of Japan 日本人口结构变化、政府债务和财政可持续性:日本央行债券购买的影响

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-10-01 DOI: 10.1016/j.red.2023.07.007

Gary D. Hansen , Selahattin İmrohoroğlu

引用次数: 0

Growth through Learning 通过学习成长

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-10-01 DOI: 10.1016/j.red.2023.07.002

Boyan Jovanovic , Sai Ma

引用次数: 0

Regional divergence and house prices 地区差异与房价

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-07-01 DOI: 10.1016/j.red.2022.10.002

Greg Howard , Jack Liebersohn

引用次数: 0

Long-term care needs and savings in retirement 长期护理需求和退休储蓄

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-07-01 DOI: 10.1016/j.red.2022.08.004

Jesús Bueren

引用次数: 0

The promises (and perils) of control-contingent forward guidance 控制条件下前瞻性指导的承诺(和风险)

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-07-01 DOI: 10.1016/j.red.2022.07.002

He Nie , Jordan Roulleau-Pasdeloup

引用次数: 5

Individual earnings and family income: Dynamics and distribution 个人收入和家庭收入:动态和分布

IF 2 3区经济学

Review of Economic Dynamics Pub Date : 2023-07-01 DOI: 10.1016/j.red.2022.08.005

Joseph G. Altonji , Disa M. Hynsjö , Ivan Vidangos

{"title":"Individual earnings and family income: Dynamics and distribution","authors":"Joseph G. Altonji , Disa M. Hynsjö , Ivan Vidangos","doi":"10.1016/j.red.2022.08.005","DOIUrl":"https://doi.org/10.1016/j.red.2022.08.005","url":null,"abstract":"<div><p>We review research on the dynamics and distribution of individual earnings and family income. We start with univariate earnings models, which dominate the literature and are often used as the exogenous component of family income in structural models of saving. We present a version of the linear model that nests most of the specifications that have been used in the literature, and then discuss recent papers that stress nonnormal shocks, nonlinear and age-dependent processes, and heterogeneous model parameters. The recent work provides a much richer description of the nature of earnings volatility than the basic model. We then turn to models of individual earnings that are based on wages, employment, job mobility, and hours. These multivariate models permit measuring the sources of permanent differences in earnings and distinguishing among shocks that influence earnings through employment, job mobility, general productivity, or hours. Finally, we consider models of lifetime family income that integrate individual earnings, marriage (accounting for marital sorting), and earnings of a spouse, if present. We conclude by discussing directions for future work.</p></div>","PeriodicalId":47890,"journal":{"name":"Review of Economic Dynamics","volume":"49 ","pages":"Pages 225-250"},"PeriodicalIF":2.0,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49876484","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