{"title":"Informality: Causes and Consequences for Development","authors":"Gabriel Ulyssea","doi":"10.1146/annurev-economics-082119-121914","DOIUrl":"https://doi.org/10.1146/annurev-economics-082119-121914","url":null,"abstract":"This article reviews the economic literature on informality, its causes, and its consequences for development. It covers a comprehensive body of research that ranges from well-identified experimental studies to equilibrium macro models, and which more recently includes structural models that integrate both micro and macro effects. The results available in the literature indicate that lowering the costs of formality is not an effective policy to reduce informality but may generate positive aggregate effects, such as higher output and total factor productivity (TFP). The most effective formalization policy is to increase enforcement on the extensive margin but not on the intensive margin of informality. The former generates substantial gains in aggregate TFP and output, without necessarily increasing unemployment. However, the overall welfare impacts are likely to depend on the transitional dynamics between steady states, which remains an open area for future research.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/annurev-economics-082119-121914","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43893873","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Poverty and the Labor Market: Today and Yesterday","authors":"R. Allen","doi":"10.1146/ANNUREV-ECONOMICS-091819-014652","DOIUrl":"https://doi.org/10.1146/ANNUREV-ECONOMICS-091819-014652","url":null,"abstract":"World Bank estimates put absolute poverty in Asia and Africa at 50–60% of the population in 1980 and at negligible levels in the developed world. This review investigates whether Asia was always so...","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/ANNUREV-ECONOMICS-091819-014652","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45623793","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Econometric Models of Network Formation","authors":"Áureo de Paula","doi":"10.1146/annurev-economics-093019-113859","DOIUrl":"https://doi.org/10.1146/annurev-economics-093019-113859","url":null,"abstract":"This article provides a selective review on the recent literature on econometric models of network formation. The survey starts with a brief exposition on basic concepts and tools for the statistical description of networks. I then offer a review of dyadic models, focussing on statistical models on pairs of nodes and describe several developments of interest to the econometrics literature. The article also presents a discussion of non- dyadic models where link formation might be influenced by the presence or absence of additional links, which themselves are subject to similar influences. This is related to the statistical literature on conditionally specified models and the econometrics of game theoretical models. I close with a (non-exhaustive) discussion of potential areas for further development.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138515130","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Capital Flows and Leverage","authors":"Ṣebnem Kalemli-Özcan, Jun Hee Kwak","doi":"10.1146/annurev-economics-080218-025901","DOIUrl":"https://doi.org/10.1146/annurev-economics-080218-025901","url":null,"abstract":"This article surveys the literature on capital flows and leverage. We summarize results from the existing papers and document new facts. The empirical literature takes both a macro and a micro approach. The macro approach focuses on aggregate data both over time and in the cross-section of countries, and it documents a positive correlation between total capital flows, build-ups in terms of external and domestic debt to GDP ratio, and financial crises. The micro approach uses granular data and focuses on leverage at the firm and bank level and associates this leverage with country-level capital flows and related exchange rate movements. We document new facts from a hybrid approach that focuses on the relationship between sector-level capital flows and sectoral leverage. We highlight the interconnections between different approaches and argue that harmonization of the macro and micro approaches can yield a more complete understanding of the effect of capital flows on country-, sector-, and firm- and bank-level leverage associated with credit booms and busts.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/annurev-economics-080218-025901","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48738925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Modeling Imprecision in Perception, Valuation, and Choice","authors":"M. Woodford","doi":"10.1146/annurev-economics-102819-040518","DOIUrl":"https://doi.org/10.1146/annurev-economics-102819-040518","url":null,"abstract":"Traditional decision theory assumes that people respond to the exact features of the options available to them, but observed behavior seems much less precise. This review considers ways of introducing imprecision into models of economic decision making and stresses the usefulness of analogies with the way that imprecise perceptual judgments are modeled in psychophysics—the branch of experimental psychology concerned with the quantitative relationship between objective features of an observer's environment and elicited reports about their subjective appearance. It reviews key ideas from psychophysics, provides examples of the kinds of data that motivate them, and proposes lessons for economic modeling. Applications include stochastic choice, choice under risk, decoy effects in marketing, global game models of strategic interaction, and delayed adjustment of prices in response to monetary disturbances.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1146/annurev-economics-102819-040518","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43574763","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Empirical Models of Lobbying","authors":"Matilde Bombardini, Francesco Trebbi","doi":"10.1146/annurev-economics-082019-024350","DOIUrl":"https://doi.org/10.1146/annurev-economics-082019-024350","url":null,"abstract":"This article offers a review of the recent empirical literature on lobbying within political economy. In surveying extant research, we emphasize quid pro quo and informational issues in special int...","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138515147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Nash Equilibrium in Discontinuous Games","authors":"Philip J. Reny","doi":"10.1146/annurev-economics-082019-111720","DOIUrl":"https://doi.org/10.1146/annurev-economics-082019-111720","url":null,"abstract":"We review the discontinuous games literature, with a sharp focus on conditions that ensure the existence of pure and mixed strategy Nash equilibria in strategic form games and of Bayes-Nash equilib...","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138519880","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Taxation and the Superrich","authors":"Florian Scheuer, Joel Slemrod","doi":"10.1146/annurev-economics-081919-115106","DOIUrl":"https://doi.org/10.1146/annurev-economics-081919-115106","url":null,"abstract":"This article addresses the modern optimal tax progressivity literature, which clarifies the key role of the behavioral response to taxation and accounts for the incomes of the superrich being quali...","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138515139","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"An Econometric Perspective on Algorithmic Subsampling","authors":"Sokbae Lee,Serena Ng","doi":"10.1146/annurev-economics-022720-114138","DOIUrl":"https://doi.org/10.1146/annurev-economics-022720-114138","url":null,"abstract":"Data sets that are terabytes in size are increasingly common, but computer bottlenecks often frustrate a complete analysis of the data, and diminishing returns suggest that we may not need terabytes of data to estimate a parameter or test a hypothesis. But which rows of data should we analyze, and might an arbitrary subset preserve the features of the original data? We review a line of work grounded in theoretical computer science and numerical linear algebra that finds that an algorithmically desirable sketch, which is a randomly chosen subset of the data, must preserve the eigenstructure of the data, a property known as subspace embedding. Building on this work, we study how prediction and inference can be affected by data sketching within a linear regression setup. We use statistical arguments to provide “inference-conscious” guides to the sketch size and show that an estimator that pools over different sketches can be nearly as efficient as the infeasible one using the full sample.","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138515127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Shotgun Wedding: Fiscal and Monetary Policy","authors":"Marco Bassetto, Thomas J. Sargent","doi":"10.1146/annurev-economics-091319-050022","DOIUrl":"https://doi.org/10.1146/annurev-economics-091319-050022","url":null,"abstract":"This review describes interactions between monetary and fiscal policies that affect equilibrium price levels and interest rates by critically surveying theories about (a) optimal anticipated inflat...","PeriodicalId":47891,"journal":{"name":"Annual Review of Economics","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2020-08-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138515133","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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