{"title":"Sovereign bail‐outs and fiscal rules in a banking union","authors":"Luigi Marattin, Simone Meraglia, R. Minetti","doi":"10.1111/sjoe.12487","DOIUrl":"https://doi.org/10.1111/sjoe.12487","url":null,"abstract":"This paper studies optimal fiscal rules in a two-country economy in which cross-country linkages between sovereign debts and banking sectors motivate bail-outs among countries. The first-best sovereign borrowing, which is contingent on countries' output gap, cannot be achieved in the presence of asymmetric information on a country's potential output. Because bail-out induces overborrowing, fiscal rules can be implemented to prevent the ensuing inefficiency. A mechanism can be designed to induce a country with low potential output (i.e., a small negative output gap) to run an optimal budget deficit upon receiving a (ex-post) transfer from the other country. We characterize conditions under which this `cyclically- contingent' fiscal mechanism Pareto dominates an alternative `cyclically-adjusted' fiscal rule imposing a unique ceiling on a country's borrowing, independently of its potential output.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48423343","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Exporting costs and multi-product shipments*","authors":"David Gomtsyan, Alexander Tarasov","doi":"10.1111/sjoe.12479","DOIUrl":"https://doi.org/10.1111/sjoe.12479","url":null,"abstract":"In this paper, employing transaction-level data for Russian imports, we explore the role of multi-product shipments in explaining shipping patterns across countries. In our data, an average shipment includes five different products. We document that firms from higher-income countries on average include a larger number of different products into a single shipment and have a larger number of shipments per period with a lower average quantity and value. We then propose a mechanism that reconciles both facts. Specifically, multi-product shipments allow firms to split fixed costs per shipment across many products and, therefore, reduce total shipment costs. As a result, higher-income countries tend to have lower fixed costs per shipment. Finally, we construct a simple partial equilibrium model that enables us to quantify the potential increases in trade volumes and welfare created by the multi-product shipment option.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":"21 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138508979","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Gender identity and relative income within households: evidence from Sweden*","authors":"Karin Hederos, Anders Stenberg","doi":"10.1111/sjoe.12477","DOIUrl":"https://doi.org/10.1111/sjoe.12477","url":null,"abstract":"In their study of relative income within US households, Bertrand et al. (2015, <i>Quarterly Journal of Economics 130</i>, 571–614) show that the distribution of the wife's share of household income drops sharply where the wife starts earning more than her husband. They attribute the drop to a gender norm prescribing that a wife's income should not exceed her husband's income. We document a similar drop in Swedish data. However, we also show that there is a spike where spouses earn exactly the same. Excluding the equal-earning spouses, the drop is small and mostly statistically insignificant. We conclude that, if anything, we find only weak evidence that Swedish couples comply with this gender norm.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":"22 4","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138508993","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Peer interactions and performance in a high‐skilled labour market","authors":"Matteo Pazzona","doi":"10.1111/sjoe.12476","DOIUrl":"https://doi.org/10.1111/sjoe.12476","url":null,"abstract":"","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41515544","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Marc Fleurbaey, Marie-Louise Leroux, Pierre Pestieau, Gregory Ponthiere, Stephane Zuber
{"title":"Premature deaths, accidental bequests, and fairness*","authors":"Marc Fleurbaey, Marie-Louise Leroux, Pierre Pestieau, Gregory Ponthiere, Stephane Zuber","doi":"10.1111/sjoe.12478","DOIUrl":"https://doi.org/10.1111/sjoe.12478","url":null,"abstract":"While there is little agreement regarding the taxation of bequests in general, there is a widely held view that accidental bequests should be subjected to a confiscatory tax. We re-examine the optimal taxation of accidental bequests by introducing a concern for compensating individuals for a premature death. Assuming that individuals care about what they leave to their children, we show that, whereas the 100 percent tax view holds under the utilitarian criterion, the <i>ex post</i> egalitarian criterion (giving priority to the worst-off <i>ex post</i>) implies subsidizing accidental bequests so as to compensate the short-lived. In a second-best setting, compensating the short-lived justifies taxing total bequests at a rate increasing with the age of the deceased. Finally, when the model is extended to an intergenerational setting, accidental bequests can no longer be used as a redistributive tool, so that <i>ex post</i> egalitarianism rejoins the 100 percent tax view.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":"45 1 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138530918","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"To adjust or not to adjust? Spatial price variation and the measurement of poverty","authors":"Anders Kjelsrud","doi":"10.1111/sjoe.12472","DOIUrl":"https://doi.org/10.1111/sjoe.12472","url":null,"abstract":"","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45689657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"Cognitive consequences of iodine deficiency in adolescence: evidence from salt iodization in Denmark*","authors":"Benjamin Ly Serena","doi":"10.1111/sjoe.12473","DOIUrl":"https://doi.org/10.1111/sjoe.12473","url":null,"abstract":"Over the past three decades, many countries have introduced iodized salt policies to eradicate iodine deficiency. Iodine deficiency <i>in utero</i> is detrimental to cognitive ability, but little is known about the consequences of iodine deficiencies after birth. This paper examines the impact of iodine deficiency in adolescence on school performance. I exploit the introduction of iodized salt in Denmark during 1998–2001 as a natural experiment. Combining administrative records on high school grades over a 30-year period with geographic variation in initial iodine deficiency, I find that salt iodization increases the grade point average of students by 6–9 percent of a standard deviation.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":"16 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138530917","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}