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How Does Progressivity Affect the Tax Cut Multiplier? 累进率如何影响减税乘数？
IF 1.8 3区 经济学
International Economic Review Pub Date : 2026-10-05 Epub Date: 2026-04-22 DOI: 10.1111/iere.70076
Christian Gillitzer
{"title":"How Does Progressivity Affect the Tax Cut Multiplier?","authors":"Christian Gillitzer","doi":"10.1111/iere.70076","DOIUrl":"https://doi.org/10.1111/iere.70076","url":null,"abstract":"<p>How does the targeting of personal income tax cuts affect the output multiplier? This paper provides quantitative evidence using a heterogeneous-agent New-Keynesian model calibrated to match US distributions of income, wealth, marginal tax rates, and marginal propensities to consume. Labor supply is determined by household preferences on the intensive margin and search frictions on the extensive margin. The model evaluates tax cuts for the bottom-90 (B90%) and top-10% of the income distribution in national and cross-region settings, replicating influential empirical research designs. B90 tax cuts generate larger output effects while incentive effects play a central role in transmission.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 4","pages":"1183-1209"},"PeriodicalIF":1.8,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70076","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100140","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Accounting for the Evolution of China's Production and Trade Patterns 中国生产和贸易格局演变的核算
IF 1.8 3区 经济学
International Economic Review Pub Date : 2026-10-05 Epub Date: 2026-03-29 DOI: 10.1111/iere.70070
Hanwei Huang, Jiandong Ju, Vivian Z. Yue
{"title":"Accounting for the Evolution of China's Production and Trade Patterns","authors":"Hanwei Huang,&nbsp;Jiandong Ju,&nbsp;Vivian Z. Yue","doi":"10.1111/iere.70070","DOIUrl":"https://doi.org/10.1111/iere.70070","url":null,"abstract":"<p>We study the evolution of China's production and trade patterns during its integration into the global economy. Using firm-level microdata, we document how production and exports shifted across industries and within industries across firms. We quantify a Ricardian–Heckscher–Ohlin model with heterogeneous firms to account for these changes. Counterfactuals show capital deepening pushed China's production and exports toward greater capital intensity, while labor-biased productivity growth provided an offsetting force. The model generates an inverted-U pattern in China's trade openness—peaking in the mid-2000s and declining through the 2020s—alongside a continuous rise in the world's exposure to Chinese exports.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 4","pages":"1137-1157"},"PeriodicalIF":1.8,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70070","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100519","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Rational Expectations Fools' Bubbles 理性预期愚弄泡沫
IF 1.8 3区 经济学
International Economic Review Pub Date : 2026-10-05 Epub Date: 2026-06-10 DOI: 10.1111/iere.70082
Luis Araujo, Antonio Doblas-Madrid
{"title":"Rational Expectations Fools' Bubbles","authors":"Luis Araujo,&nbsp;Antonio Doblas-Madrid","doi":"10.1111/iere.70082","DOIUrl":"https://doi.org/10.1111/iere.70082","url":null,"abstract":"<p>We develop a rational, Walrasian model of speculative bubbles inspired by the Kindleberger–Minsky view, which describes bubbles as wave-like market processes. Touched off by an initial shock, price booms are initially self-reinforcing but become self-destructive later when prices surpass fundamental value. Previous models in this vein have been criticized due to ad hoc features, such as prices driven by behavioral forces or particular trading protocols. Our model allays these concerns by relying only on multidimensional uncertainty to prevent unraveling via backward induction. Standard market clearing, moreover, makes the model more compatible with established macroeconomic and asset pricing frameworks.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 4","pages":"1403-1421"},"PeriodicalIF":1.8,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70082","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100282","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Entrepreneurship and Financial Deregulation 企业家精神与金融放松管制
IF 1.8 3区 经济学
International Economic Review Pub Date : 2026-10-05 Epub Date: 2026-06-18 DOI: 10.1111/iere.70084
Toshihiko Mukoyama, Gang Zhang
{"title":"Entrepreneurship and Financial Deregulation","authors":"Toshihiko Mukoyama,&nbsp;Gang Zhang","doi":"10.1111/iere.70084","DOIUrl":"https://doi.org/10.1111/iere.70084","url":null,"abstract":"<p>We quantitatively analyze the impact of US banking deregulation in the 1980s on the aggregate economy. Using recent econometric techniques, we first reexamine existing empirical evidence on the real effects of banking deregulation. We then construct a quantitative model that integrates imperfectly competitive banks into a general equilibrium framework of firm dynamics and occupational choice. Consistent with the empirical evidence, deregulation significantly increases output growth and firm entry. Increased competition among banks and the entrepreneurs' occupational choices play an important role in shaping the economy's response to deregulation.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 4","pages":"1449-1477"},"PeriodicalIF":1.8,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70084","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100068","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The Short and the Long of It: Stock-Flow Matching in the US Housing Market 短期与长期：美国房地产市场的存量流动匹配
IF 1.8 3区 经济学
International Economic Review Pub Date : 2026-10-05 Epub Date: 2026-04-24 DOI: 10.1111/iere.70073
Eric Smith, Zoe Xie, Lei Fang
{"title":"The Short and the Long of It: Stock-Flow Matching in the US Housing Market","authors":"Eric Smith,&nbsp;Zoe Xie,&nbsp;Lei Fang","doi":"10.1111/iere.70073","DOIUrl":"https://doi.org/10.1111/iere.70073","url":null,"abstract":"<p>From 2006 until 2020, the probability of selling a house in the U.S. declined sharply after listing for 2 weeks. Moreover, sales within the first 2 weeks of listing (“quick sales”) and sales happening afterward (“slow sales”) behaved differently over the housing cycle. The probability and associated price of a quick sale recovered from the slump sooner, faster, and more prominently than a slow sale. This paper demonstrates that a calibrated stock-flow matching model not only generates quantitatively consistent sales, prices, listings, and time on the market but also captures distinctions between fast and slow sales over the housing cycle.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 4","pages":"1211-1243"},"PeriodicalIF":1.8,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70073","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100628","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Place-Based Land Policy and Spatial Misallocation: Theory and Evidence From China 基于地的土地政策与空间错配：来自中国的理论与证据
IF 1.8 3区 经济学
International Economic Review Pub Date : 2026-10-05 Epub Date: 2026-04-15 DOI: 10.1111/iere.70072
Min Fang, Libin Han, Zibin Huang, Ming Lu, Li Zhang
{"title":"Place-Based Land Policy and Spatial Misallocation: Theory and Evidence From China","authors":"Min Fang,&nbsp;Libin Han,&nbsp;Zibin Huang,&nbsp;Ming Lu,&nbsp;Li Zhang","doi":"10.1111/iere.70072","DOIUrl":"https://doi.org/10.1111/iere.70072","url":null,"abstract":"<div>\u0000 \u0000 <p>We investigate a land policy in China that allocated more urban land quotas to underdeveloped regions to reduce regional gaps. Empirically, the policy decreased productivity in eastern areas relative to the inland. A spatial equilibrium model with migration, land quota constraints, and agglomeration shows the policy distorts labor and production across regions, causing substantial output losses. Though regional gaps narrowed, workers from underdeveloped areas migrated less and earned less. Without the policy, national output would have been 1.8% higher, and workers in underdeveloped areas would have earned 1.6% more in 2010. Regional transfers offer a less distortionary alternative for reducing inequality.</p></div>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 4","pages":"1159-1182"},"PeriodicalIF":1.8,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100314","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
Do Parents Propagate Inequality Among Children? Evidence From Chinese and Swedish Twins 父母在孩子中传播不平等吗？来自中国和瑞典双胞胎的证据
IF 1.8 3区 经济学
International Economic Review Pub Date : 2026-10-05 Epub Date: 2026-03-26 DOI: 10.1111/iere.70069
Aiday Sikhova, Sven Oskarsson, Rafael Ahlskog
{"title":"Do Parents Propagate Inequality Among Children? Evidence From Chinese and Swedish Twins","authors":"Aiday Sikhova,&nbsp;Sven Oskarsson,&nbsp;Rafael Ahlskog","doi":"10.1111/iere.70069","DOIUrl":"https://doi.org/10.1111/iere.70069","url":null,"abstract":"<p>Economists have long studied how parental behavior shapes within-family inequality, yet empirical findings remain mixed. Using twins data from China and Sweden, we examine the predominant mechanisms reported in the literature. Parents in both countries invest similarly during childhood. Inter vivos transfers, however, differ: Chinese parents reinforce income inequality, whereas Swedish parents distribute wealth equally; the reinforcing pattern reflects exchange motives. Bequests are divided equally in both countries. Parental education plays a key role: less educated parents reinforce income inequality, whereas more educated parents transfer wealth equally. Cross-country differences in parental education may thus help explain the mixed findings.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 4","pages":"1119-1136"},"PeriodicalIF":1.8,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70069","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100589","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
College Loans and Human Capital Investment 大学贷款与人力资本投资
IF 1.8 3区 经济学
International Economic Review Pub Date : 2026-10-05 Epub Date: 2026-06-07 DOI: 10.1111/iere.70080
Chao Fu, Hsuan-Chih (Luke) Lin, Atsuko Tanaka
{"title":"College Loans and Human Capital Investment","authors":"Chao Fu,&nbsp;Hsuan-Chih (Luke) Lin,&nbsp;Atsuko Tanaka","doi":"10.1111/iere.70080","DOIUrl":"https://doi.org/10.1111/iere.70080","url":null,"abstract":"<p>College loans facilitate access to education, but the repayment burden may distort posteducation human capital investment. We examine the role of college loans and loan repayment policies through a structural model of individuals' dynamic decisions on borrowing/saving, labor supply, and costly human capital investment. We estimate two versions of the model using data from NLSY79: one with natural borrowing limits and another with parameterized limits. Counterfactual simulations suggest that, relative to the standard fixed repayment plan, income-driven repayment (IDR) plans modestly increase educational attainment, lifetime earnings, and individual welfare; accounting for lifetime income taxes, they also increase government revenue.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 4","pages":"1381-1401"},"PeriodicalIF":1.8,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70080","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149099681","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Money Shortages and Complementary Currencies in Small Local Economies 小型地方经济中的货币短缺和补充货币
IF 1.8 3区 经济学
International Economic Review Pub Date : 2026-10-05 Epub Date: 2026-06-22 DOI: 10.1111/iere.70085
Cristian Frasser, Lucie Lebeau
{"title":"Money Shortages and Complementary Currencies in Small Local Economies","authors":"Cristian Frasser,&nbsp;Lucie Lebeau","doi":"10.1111/iere.70085","DOIUrl":"https://doi.org/10.1111/iere.70085","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper rationalizes the adoption of a complementary currency (CC) in a small, local economy. A local money shortage occurs when the supply of official currency, determined endogenously by trade with a larger economy, falls short of the liquidity needed for first-best activity. A CC then supplements liquidity and boosts local trade at the expense of external trade; the welfare-maximizing CC supply is strictly positive. A calibration to coca-growing villages in Colombia, where coca-base circulates as a local CC, suggests its liquidity role raises local trade by roughly a third.</p></div>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 4","pages":"1479-1498"},"PeriodicalIF":1.8,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100601","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
Labor Market Monopsony Power and the Dynamic Gains to Openness Reforms 劳动力市场垄断力与开放改革的动态收益
IF 1.8 3区 经济学
International Economic Review Pub Date : 2026-10-05 Epub Date: 2026-04-30 DOI: 10.1111/iere.70077
Priyaranjan Jha, Antonio Rodriguez-Lopez, Adam Hal Spencer
{"title":"Labor Market Monopsony Power and the Dynamic Gains to Openness Reforms","authors":"Priyaranjan Jha,&nbsp;Antonio Rodriguez-Lopez,&nbsp;Adam Hal Spencer","doi":"10.1111/iere.70077","DOIUrl":"https://doi.org/10.1111/iere.70077","url":null,"abstract":"<p>We embed labor market monopsony into a dynamic heterogeneous-firm general equilibrium model with exporting, horizontal FDI, and rich firm lifecycle dynamics. Rising marginal costs with monopsony slow and limit incumbent firm growth in response to liberalization, shifting adjustment to the extensive margin. Calibrated to US micro data, welfare gains from tariff reduction are over four times larger under monopsony than with perfect labor markets. The difference is mostly driven by new exporter creation and firm entry along the transition path. By contrast, lowering outward FDI taxes gives powerful quantitative welfare losses under monopsony, as firms undertake FDI to escape domestic wage pressure.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"67 4","pages":"1281-1308"},"PeriodicalIF":1.8,"publicationDate":"2026-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.70077","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149100706","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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