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Theme park rides are Giffen goods 主题公园游乐设施是吉芬产品
IF 1.9 4区 经济学
Southern Economic Journal Pub Date : 2024-09-17 DOI: 10.1002/soej.12735
Garth Heutel
{"title":"Theme park rides are Giffen goods","authors":"Garth Heutel","doi":"10.1002/soej.12735","DOIUrl":"https://doi.org/10.1002/soej.12735","url":null,"abstract":"Using a unique proprietary data set on the behavior of guests visiting theme parks, I document evidence for Giffen behavior in the demand for theme park rides. On average, when the price of a ride increases, that is, the wait time increases, then the probability of riding it increases. This relationship arises predominantly among demand for the least‐desirable rides, it arises predominantly in the theme parks with the fewest number of substitute rides, and it is robust to controlling for expectations of future wait times and other sensitivity analyses. These patterns are all consistent with Giffen behavior.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142258674","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}
引用次数: 0
The fourth industrial revolution and the future of work: Reasons to worry and policies to consider 第四次工业革命和未来的工作：担忧的理由和需要考虑的政策
IF 1.9 4区 经济学
Southern Economic Journal Pub Date : 2024-09-11 DOI: 10.1002/soej.12714
Arthur H. Goldsmith, Jackson T. Stephens, James F. Casey
{"title":"The fourth industrial revolution and the future of work: Reasons to worry and policies to consider","authors":"Arthur H. Goldsmith, Jackson T. Stephens, James F. Casey","doi":"10.1002/soej.12714","DOIUrl":"https://doi.org/10.1002/soej.12714","url":null,"abstract":"A striking feature of the contemporary U.S. economy is the widespread adoption of technologies associated with the 4th Industrial Revolution (IR) including sensors, industrial robotics, artificial intelligence, and machine learning. Empirical work investigating the labor market impacts of 4th IR technological advances reveals they are skill‐biased, primarily advancing job opportunities for those with high levels of formal of education, unlike prior industrial revolutions that were skill neutral. This paper explains how the 4th IR has fostered job polarization, greater technological unemployment, and increasing wage inequality. Moreover, we delineate why these developments are worrisome and likely to expand over time. We assert that policy intervention to promote reinstatement of technologically unemployed persons is warranted, because displacement of labor caused by automation creates negative externalities. Consequently, we provide an example of how tax policies could be used to curtail technological unemployment—without creating hurdles for the adoption of 4th IR innovations. We advance and describe a new, innovative way, for fiscal policy to foster employment opportunities for those at greatest risk of job loss through automation. The initiative entails government subsidies to promote the provision and acquisition of skill certificates that employers view as complementary with 4th Industrial Revolution Technologies.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-09-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142189025","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}
引用次数: 0
Exploring the corruption‐inefficiency nexus using an endogenous stochastic frontier analysis 利用内生随机前沿分析探索腐败与低效率之间的关系
IF 1.9 4区 经济学
Southern Economic Journal Pub Date : 2024-09-09 DOI: 10.1002/soej.12734
Massimo Finocchiaro Castro, Calogero Guccio
{"title":"Exploring the corruption‐inefficiency nexus using an endogenous stochastic frontier analysis","authors":"Massimo Finocchiaro Castro, Calogero Guccio","doi":"10.1002/soej.12734","DOIUrl":"https://doi.org/10.1002/soej.12734","url":null,"abstract":"Several scholars report that, due to reverse causality, the endogeneity problem makes it difficult to identify the real effect of institutional factors at the local level, such as corruption, on firm efficiency. This study employs a panel stochastic frontier analysis that endogenizes production efficiency and robustly assesses the effect of corruption at the local level on firms' technical efficiency. We analyze a large panel of Italian firms operating in the building sector from 2013 to 2019 showing that the determinants of local institutional quality affects firms' performance, with the rule of law and control of corruption playing a preeminent role. Controlling for endogeneity, the magnitude of the effects of institutional quality factors at the local level significantly increase. Our findings are robust to alternative IV strategies, alternative specifications of the production function, and the inclusion of other factors that may affect firm efficiency.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-09-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224495","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}
引用次数: 0
How the Federal Reserve got so huge, and why and how it can shrink 美联储是如何变得如此庞大的？
IF 1.9 4区 经济学
Southern Economic Journal Pub Date : 2024-09-05 DOI: 10.1002/soej.12732
Bill Nelson
{"title":"How the Federal Reserve got so huge, and why and how it can shrink","authors":"Bill Nelson","doi":"10.1002/soej.12732","DOIUrl":"https://doi.org/10.1002/soej.12732","url":null,"abstract":"Following the collapse of Lehman Brothers in September 2008, the Federal Reserve underwent a significant shift in how it implemented monetary policy, transitioning to an excessive‐reserves framework that it had deemed too radical and rejected just months prior. This shift involved borrowing excessive reserves from banks, deviating from its traditional method of borrowing only the amount banks needed to meet reserve requirements and address clearing needs. Despite initial intentions to revert to the necessary‐reserves framework, subsequent developments, including three rounds of quantitative easing, led to the permanent adoption of the excessive‐reserves approach in January 2019 by the Federal Open Market Committee (FOMC). This decision was a mistake. The framework has not yielded the purported benefits, such as simpler policy implementation, and has required the Fed to be vastly larger than originally anticipated. Advocates of the excessive‐reserves approach argue it aligns with the Friedman rule, but alternatives like a voluntary‐reserve‐requirement regime could achieve similar outcomes without the drawbacks.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224471","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}
引用次数: 0
Income inequality, banking competition, and monetary policy 收入不平等、银行业竞争和货币政策
IF 1.9 4区 经济学
Southern Economic Journal Pub Date : 2024-08-27 DOI: 10.1002/soej.12728
Edgar A. Ghossoub, Robert R. Reed
{"title":"Income inequality, banking competition, and monetary policy","authors":"Edgar A. Ghossoub, Robert R. Reed","doi":"10.1002/soej.12728","DOIUrl":"https://doi.org/10.1002/soej.12728","url":null,"abstract":"Previous research has shown that inflation contributes to income inequality. However, in recent years, there have also been increasing concerns about the effects of concentration in the banking system on economic activity. Notably, we ask the fundamental questions: “How does the concentration of assets in the banking system contribute to the concentration of income in society? Do the effects of inflation on inequality depend on the degree of banking concentration?” We develop a general equilibrium model with heterogeneous agents and microeconomic foundations for financial intermediaries to study the effects of concentration and monetary policy. The model predicts that concentrated banks contribute to inequality by holding large amounts of liquid assets in order to raise private—but not social—returns from capital investment. As concentrated banks distort the level of investment in the economy, the adverse effects of inflation on inequality are magnified in concentrated banking systems.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224469","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}
引用次数: 0
Good for the goose, bad for the gander? Corruption and income inequality 对鹅有利，对鹅有害？腐败与收入不平等
IF 1.9 4区 经济学
Southern Economic Journal Pub Date : 2024-08-27 DOI: 10.1002/soej.12733
Jamie Bologna Pavlik, Justin T. Callais
{"title":"Good for the goose, bad for the gander? Corruption and income inequality","authors":"Jamie Bologna Pavlik, Justin T. Callais","doi":"10.1002/soej.12733","DOIUrl":"https://doi.org/10.1002/soej.12733","url":null,"abstract":"We examine the relationship between corruption and income inequality across countries. While previous studies have explored this association at both an international and within‐country level, we expand on this literature in two distinct ways. First, along with the most commonly utilized measure of inequality (Gini coefficients), we also examine income per‐capita at each decile, along with top 1% and 5%, and the associated income shares. Second, we employ an empirical strategy that differs from the existing literature. Our primary results are estimated using matching methods, but we also supplement these results with a “doubly robust” difference‐in‐difference design. We find that a reduction in corruption increases incomes of the top 80% but does not significantly impact incomes of the bottom 20%, or the top 1% and 5%. We find some evidence of income growth amongst the top 1% and 5% following increases in corruption, but these results are inconsistent across estimations. Our results also suggest that accounting for the size of the informal sector matters a great deal in understanding the relationship between corruption and the distribution of income.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142189027","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}
引用次数: 0
The case for nominal GDP level targeting 以名义国内生产总值水平为目标的理由
IF 1.9 4区 经济学
Southern Economic Journal Pub Date : 2024-08-27 DOI: 10.1002/soej.12729
Joshua Hendrickson
{"title":"The case for nominal GDP level targeting","authors":"Joshua Hendrickson","doi":"10.1002/soej.12729","DOIUrl":"https://doi.org/10.1002/soej.12729","url":null,"abstract":"In this paper, I make the case for a nominal GDP level target in the United States. I begin by arguing that the Federal Reserve's current flexible average inflation targeting regime is deficient. I then argue that since a competitive monetary equilibrium is optimal, monetary policy should seek to replicate the competitive monetary model. Doing so resembles nominal GDP targeting. I also offer the following practical reasons why policymakers might prefer a nominal GDP target. Nominal GDP targeting (a) does not require policymakers to determine whether current economic fluctuations are demand‐driven or supply‐driven nor does it require real‐time estimates of the output gap, (b) automatically prevents the central bank from exacerbating supply shocks, and (c) leads to greater financial stability. Finally, I make the case for targeting the level, rather than the growth rate, of nominal GDP. Doing so prevents the path of nominal GDP from deviating arbitrarily far from its intended growth path, which anchors expectations and aids in long‐run economic decision‐making.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142189026","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}
引用次数: 0
Milton Friedman and nominal income targeting 米尔顿-弗里德曼与名义收入目标制
IF 1.9 4区 经济学
Southern Economic Journal Pub Date : 2024-08-22 DOI: 10.1002/soej.12722
Patrick Horan
{"title":"Milton Friedman and nominal income targeting","authors":"Patrick Horan","doi":"10.1002/soej.12722","DOIUrl":"https://doi.org/10.1002/soej.12722","url":null,"abstract":"For much of his career, Milton Friedman advocated a constant monetary growth rule to limit central bank discretion and to achieve long‐term price stability. By contrast, Friedman wrote little on nominal income Members of the public determine what type of money they stabilization as an alternative goal for monetary policy. Nevertheless, a careful examination of Friedman's work shows that in his view the desirability of a constant monetary growth rule depended on its ability to stabilize nominal income. Friedman's preference for simple rules, requiring minimal knowledge on the part of central banks, would have given him strong reason to support nominal income targeting over central banks' standard practice of inflation targeting. Several strategies for achieving a nominal income target are considered, including a modified Taylor rule and several monetary base rules.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224470","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}
引用次数: 0
Video assistant referee and home field advantage: Implications for referee bias 视频助理裁判和主场优势：对裁判偏见的影响
IF 1.9 4区 经济学
Southern Economic Journal Pub Date : 2024-08-19 DOI: 10.1002/soej.12731
Camilo Abbate, Jeffrey Cross, Richard Uhrig
{"title":"Video assistant referee and home field advantage: Implications for referee bias","authors":"Camilo Abbate, Jeffrey Cross, Richard Uhrig","doi":"10.1002/soej.12731","DOIUrl":"https://doi.org/10.1002/soej.12731","url":null,"abstract":"Previous research has highlighted referee bias as a potential contributor to home field advantage in soccer. In order to shed light on the importance of referee bias, we exploit the staggered implementation of Video Assistant Referee (VAR) using data from the top domestic league in 16 countries between 2009 and 2019 to estimate the effect of objective review systems on home field advantage in soccer. Surprisingly, the implementation of VAR had negligible effects on home field advantage and various crucial match statistics despite decreased total offsides and yellow cards. These results provide suggestive evidence regarding the mechanisms through which referee bias might contribute to home field advantage and highlight how scope may limit the effectiveness of review processes in general.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142189028","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}
引用次数: 0
The devolution of federal reserve monetary policy strategy, 2012–24 2012-24 年联邦储备货币政策战略的下放
IF 1.9 4区 经济学
Southern Economic Journal Pub Date : 2024-08-15 DOI: 10.1002/soej.12730
Peter N. Ireland
{"title":"The devolution of federal reserve monetary policy strategy, 2012–24","authors":"Peter N. Ireland","doi":"10.1002/soej.12730","DOIUrl":"https://doi.org/10.1002/soej.12730","url":null,"abstract":"The Federal Open Market Committee's 2012 Statement on Longer‐Run Goals and Monetary Policy Strategy interprets the Federal Reserve's dual mandate in light of the natural rate hypothesis and the New Keynesian “divine coincidence.” It sets a quantitative objective for inflation but not unemployment and acknowledges that the goals of price stability and maximum employment are generally complementary. The FOMC began deviating from these principles in December 2012, however, and the Committee's 2020 amended Strategy Statement appears to reflect, instead, the older view that the Phillips curve describes an exploitable trade‐off between inflation and unemployment. To bring its strategy back in line with the lessons of contemporary macroeconomic theory, the FOMC could simply abandon the 2020 amendments and return to its original 2012 framework. Alternatively, the Committee could eliminate the asymmetries and ambiguities that prevent its new strategy from having the desirable properties of a true price level targeting scheme.","PeriodicalId":47946,"journal":{"name":"Southern Economic Journal","volume":null,"pages":null},"PeriodicalIF":1.9,"publicationDate":"2024-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142189029","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}
引用次数: 0
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