Canadian Journal of Economics-Revue Canadienne D Economique最新文献

{"title":"How did the Canada Child Benefit affect household bargaining?","authors":"Shirleen Manzur,&nbsp;Krishna Pendakur","doi":"10.1111/caje.70081","DOIUrl":"https://doi.org/10.1111/caje.70081","url":null,"abstract":"<p>Child benefits in Canada are sizable, targeted to children and paid to custodial mothers, and so might be expected to affect household resource allocations and spousal bargaining. The introduction of the Canada Child Benefit in July 2016 more than doubled the amount of child benefits received by households with children. We estimate the effect of this change on the preferences and resource shares of men and women within dual-parent households. Resource shares, defined as the fraction of household expenditure consumed by women versus men, are important parameters of collective household models. Using a difference-in-differences strategy within a structural collective household model, we find little evidence that preferences of either men or women changed in response to the increase in child benefits. However, we do find evidence that the policy increased female resource shares, but only among homeowner (and not renter) households. We discuss this heterogeneity in the treatment effect between owners and renters and suggest potential underlying mechanisms.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"59 3","pages":"851-874"},"PeriodicalIF":0.9,"publicationDate":"2026-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/caje.70081","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149072702","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Taxing polluting resources: growth, welfare and consumption inequality","authors":"Ken Tabata","doi":"10.1111/caje.70084","DOIUrl":"https://doi.org/10.1111/caje.70084","url":null,"abstract":"<p>This paper develops a Romer (1990)-type endogenous growth model that incorporates polluting non-renewable resources and heterogeneous households with varying asset holdings. It contributes to the literature on the taxation of polluting exhaustible resources by examining its impact on consumption inequality, with particular emphasis on the role of natural resources as household assets. In the model, the stock of pollution—accumulating through resource use—affects social welfare. We show that, when distortions from intertemporal knowledge spillovers are not fully corrected, environmental tax policies that slow resource extraction and mitigate the welfare costs of pollution can foster economic growth but exacerbate consumption inequality. To promote growth and reduce the welfare damage caused by pollution without increasing inequality, environmental tax revenues should be allocated for redistributive purposes. Lastly, the paper calibrates the model for quantitative analysis and explores environmental tax policies that maximize social welfare under limited government capacity to correct knowledge spillover distortions, relying on environmental tax revenues for redistribution.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"59 3","pages":"1128-1160"},"PeriodicalIF":0.9,"publicationDate":"2026-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149072703","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":"Collusion through debt and managers","authors":"Raffaele Fiocco,&nbsp;Salvatore Piccolo,&nbsp;Giancarlo Spagnolo","doi":"10.1111/caje.70086","DOIUrl":"https://doi.org/10.1111/caje.70086","url":null,"abstract":"<p>We investigate the anticompetitive effects of debt financing and managerial incentives in the presence of managers incurring personal bankruptcy costs. We characterize the strategic value for firms' shareholders of resorting to debt and managerial incentives as complementary devices to sustain collusion among firms, when managerial bankruptcy costs are sufficiently responsive to the severity of financial distress. The shareholders' inability to commit to debt and managerial contracts implies that common lending to different firms constitutes a key driver for collusion. These results square with the well-documented empirical evidence on debt financing, managerial incentives, and common lending in sectors plagued by collusion.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"59 3","pages":"1072-1100"},"PeriodicalIF":0.9,"publicationDate":"2026-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/caje.70086","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149072706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Inferring conduct to guide strategic trade policy","authors":"Eileen (Ce) Bian,&nbsp;Keith Head,&nbsp;Scott Orr","doi":"10.1111/caje.70069","DOIUrl":"https://doi.org/10.1111/caje.70069","url":null,"abstract":"<p>In oligopoly market structures, optimal trade policies depend on the conduct of competing firms. Whether firms compete with prices or quantities as the strategic variables has a major quantitative and, sometimes, qualitative impact on the design of optimal trade policies. Conduct is not directly observable, but we develop an econometric method to infer it from data on prices, quantities, and a cost shifter such as tariffs. We apply the method to the widely used case of a constant elasticity of substitution demand and ad valorem tariffs. Using simulations, we show how policy makers could infer conduct from estimation and thereby generate domestic welfare gains from strategic trade policy when conduct is ex ante unknown. Several caveats from the literature remain important, but our method mitigates concerns over imperfect information on conduct.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"59 2","pages":"425-448"},"PeriodicalIF":0.9,"publicationDate":"2026-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/caje.70069","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Considering trade policy: Then and now","authors":"Barbara J. Spencer","doi":"10.1111/caje.70065","DOIUrl":"https://doi.org/10.1111/caje.70065","url":null,"abstract":"&lt;p&gt;In this essay, I begin with the pioneering contribution of James Brander's doctoral dissertation to our understanding of international trade under oligopolistic competition. I then mention some of our early joint work showing that oligopoly creates a profit-shifting role for import tariffs and export subsidies. Our work also includes the role of subsidies to R&amp;D/investment for international profit shifting in an oligopoly setting in which firms make sequential decisions with respect to R&amp;D and exports. Trade policy incorporating considerations of rent- or profit-shifting is often referred to as “strategic trade policy.” After a very brief consideration of some criticisms concerning the generality of strategic trade policy results, I turn to a few thoughts on the recent move toward a much more protectionist US trade policy. I argue that a consideration of profit-shifting effects and subsequent investment and location decisions by large oligopolistic firms inside or outside the United States is essential for an understanding of the overall gains and losses from US trade policy.&lt;/p&gt;&lt;p&gt;Prior to the late 1970s and early 1980s, research in international trade was dominated by Ricardian (i.e., “classical”) and Heckscher–Ohlin (i.e., “neoclassical”) models that emphasized the importance of comparative advantage in a world of perfect competition in which individual firms were too small to matter. There was some early consideration of monopoly and, following Krugman (&lt;span&gt;1979&lt;/span&gt;), substantial interest in monopolistic competition.1&lt;/p&gt;&lt;p&gt;James (“Jim”) Brander's &lt;span&gt;1979&lt;/span&gt; PhD dissertation from Stanford University, “The division of labor and intra-industry trade,” includes, to the best of my knowledge, the first formal model of oligopoly and trade. Jim, was motivated by the large and growing phenomenon of intra-industry trade documented by Grubel and Lloyd (&lt;span&gt;1975&lt;/span&gt;). Intra-industry trade is the export and import by a country of the same good, or very similar goods, as, for example, in the auto industry. Such trade is not explained by comparative advantage, which predicts that imports and exports are very different. A chapter in the dissertation became Brander (&lt;span&gt;1981&lt;/span&gt;), “Intra-industry trade in identical commodities.” Brander and Krugman (&lt;span&gt;1983&lt;/span&gt;), “A ‘reciprocal dumping’ model of international trade,” is a second, better-motivated, extended and more general version of the same model.&lt;/p&gt;&lt;p&gt;In the fall of 1979, Jim became an assistant professor at Queen's University in Kingston, Ontario, Canada, where I was a visitor for the year. We started working together, which continued when I moved to Boston College the next year. Our first international trade paper together (Brander and Spencer &lt;span&gt;1981&lt;/span&gt;) considered the domestic welfare effects of a tariff applied to a foreign monopolist engaged in preventing entry by domestic firms. Our next trade paper, Brander and Spencer (&lt;span&gt;1984&lt;/span&gt;), “Tariff pro","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"59 2","pages":"538-542"},"PeriodicalIF":0.9,"publicationDate":"2026-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/caje.70065","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696455","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Effects of disability benefits on the employment of low-skilled youth: Evidence from France","authors":"Sylvain Chareyron,&nbsp;Naomie Mahmoudi","doi":"10.1111/caje.70070","DOIUrl":"https://doi.org/10.1111/caje.70070","url":null,"abstract":"<p>In this article, we assess the effect of the French disability benefits program on the employment of low-skilled youth. Using the French Labour Force Survey, we exploit the age discontinuity in the program eligibility to instrument the effect of this allowance on employment. The results show that receipt of the French disability benefits program reduces the probability of employment for low-skilled youth with disabilities. However, the effect differs markedly by gender: it is significantly higher for women, while no effect is detectable in men.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"59 2","pages":"796-826"},"PeriodicalIF":0.9,"publicationDate":"2026-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696621","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":"Supply chain competition and the welfare effects of partial ownership","authors":"Changying Li,&nbsp;Yue Li,&nbsp;Larry D. Qiu","doi":"10.1111/caje.70057","DOIUrl":"https://doi.org/10.1111/caje.70057","url":null,"abstract":"<p>We study the competition and welfare effects of upstream partial ownerships (UPO) in a framework with two competing supply chains and downstream firms choosing their product positionings strategically. We find that UPO reduces downstream product differentiation and thus intensifies downstream competition. Unlike the standard results of Bertrand competition, we find that downstream prices can be strategic substitutes even when downstream firms compete in Bertrand fashion. More importantly, we show that UPO increases consumer surplus and social welfare, even when double marginalization increases downstream prices. The competition and welfare results from downstream partial ownerships (DPO) are just the opposite to those from UPO. Our findings have clear managerial and policy implications.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"59 2","pages":"692-716"},"PeriodicalIF":0.9,"publicationDate":"2026-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696584","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":"Reflections on trade policy: Then and now","authors":"Kala Krishna","doi":"10.1111/caje.70066","DOIUrl":"https://doi.org/10.1111/caje.70066","url":null,"abstract":"&lt;p&gt;It is a great privilege to be here, even if it is virtually, to celebrate Jim's impact on the profession, and in international trade in particular. Most of us here will know Jim's work from his seminal papers on trade policy (Brander and Krugman &lt;span&gt;1983&lt;/span&gt;, Brander &lt;span&gt;1995&lt;/span&gt;), and especially his work with his wife Barbara Spencer (Brander and Spencer &lt;span&gt;1981&lt;/span&gt;, &lt;span&gt;1983&lt;/span&gt;, &lt;span&gt;1985&lt;/span&gt;). Regardless, one look at his vita shows that his impact has been across fields, from his work on the environment (Brander and Taylor &lt;span&gt;1998&lt;/span&gt;), a personal favourite, finance (Brander and Lewis &lt;span&gt;1986&lt;/span&gt;, &lt;span&gt;1988&lt;/span&gt;), industrial organization (Brander and Eaton &lt;span&gt;1984&lt;/span&gt;, Brander and Zhang &lt;span&gt;1990&lt;/span&gt;) and business (Perloff and Brander &lt;span&gt;2017&lt;/span&gt;). He has written with many people, including Paul Krugman, Barbara Spencer, Jonathan Eaton, Tracey Lewis and Scott Taylor. His work has over 24,000 citations according to Google Scholar.&lt;/p&gt;&lt;p&gt;In the 1980s, much attention was focused on what has come to be called strategic trade policy, dealing with how governments could help their own country in settings with market power. “Rent shifting,” namely policies to move profits from foreign firms to domestic ones; “the role of strategic pre-commitment” as a way to do so in settings with imperfect competition; “sunk costs” and “hysteresis” were key terms. Researchers were preoccupied with the threat to the US automobile industry coming from Japanese competition. The focus was on tariffs/quotas and production subsidies in models of oligopoly/monopolistic competition, with theory papers often having no empirical content and vice-versa.&lt;/p&gt;&lt;p&gt;Today, in contrast, the key terms are “global value chains,” as we have come to appreciate the intricate structure of production networks; “the China shock,” or the local effects of trade/employment shocks in the presence of adjustment costs; and “structural models,” often building on the framework of Eaton and Kortum (&lt;span&gt;2002&lt;/span&gt;), and using frontier computational tools. Researchers are preoccupied with Chinese competition in manufacturing and its emerging strength in strategic areas, including electric vehicles (EVs), solar cells, batteries and semiconductors. It is hard to find a theory paper that has no quantitative component and vice versa.&lt;/p&gt;&lt;p&gt;Trade policy today might look like it is addressing very different issues and using very different tools than it did in the 1980s, when Jim's work (and that of many others) helped shaped the field. However, I would like to make the case that much of what is currently being done has its roots in the work of the 1980s and 1990s. In particular, I will highlight the use of models to integrate theory and empirical research as in structural work today, as well as the use of simple dynamic models to highlight the role of frictions and sunk costs.&lt;/p&gt;&lt;p&gt;Much of the work in the 1980s and early 1990s was based in simple ","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"59 2","pages":"543-547"},"PeriodicalIF":0.9,"publicationDate":"2026-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/caje.70066","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696457","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Comparative Cantillon effects in the Canadian and Australian art markets","authors":"Douglas J. Hodgson,&nbsp;Cameron M. Weber,&nbsp;Bronwyn Coate","doi":"10.1111/caje.70060","DOIUrl":"https://doi.org/10.1111/caje.70060","url":null,"abstract":"<p>As far back as 1755, Richard Cantillon analyzed how changes in the money supply affected relative prices in the economy. In times of monetary infusion, prices of certain types of goods and services could be expected to rise, depending upon the initial distribution of the money and therefore initial spending. Cantillon emphasized the case of new money falling into the hands of wealthy agents, driving up spending on luxuries, such as artworks (as well as financial assets), and causing their relative prices to increase. We present new evidence on the “Cantillon effect” as a potential explanation for movements in the prices of Canadian and Australian paintings since the mid-1970s. We econometrically analyze the relationship between time series of the money supply and art prices in each country. Both countries represent peripheral art markets dominated by domestic private and corporate collectors, and they should thus be more responsive to domestic rather than international economic and monetary conditions. For both markets, we distinguish and separately analyze different tiers of the market, separating the very top from a lower segment. We find that prices for top Canadian artists follow the money supply relatively well over the long term, with a similar but slightly weaker result for the top Australian segment; notably, Australian middlebrow prices move more in line with the Consumer Price Index. These results suggest that national art markets are not homogeneous and that segmenting them for analytical purposes may be useful. Specifically, we find stronger evidence of a Cantillon effect in the upper end of the market, while prices of lower-prestige paintings move more in line with consumer goods prices.</p>","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"59 2","pages":"774-795"},"PeriodicalIF":0.9,"publicationDate":"2026-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/caje.70060","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696504","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Trade policy: Then and now","authors":"Robert W. Staiger","doi":"10.1111/caje.70063","DOIUrl":"https://doi.org/10.1111/caje.70063","url":null,"abstract":"","PeriodicalId":47941,"journal":{"name":"Canadian Journal of Economics-Revue Canadienne D Economique","volume":"59 2","pages":"548-551"},"PeriodicalIF":0.9,"publicationDate":"2026-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148696406","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}