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BUSINESS CYCLES WITH CYCLICAL RETURNS TO SCALE 具有规模回报周期性的商业周期
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-07-04 DOI: 10.1111/iere.12656
Jay Hyun, Ryan Kim, Byoungchan Lee
{"title":"BUSINESS CYCLES WITH CYCLICAL RETURNS TO SCALE","authors":"Jay Hyun,&nbsp;Ryan Kim,&nbsp;Byoungchan Lee","doi":"10.1111/iere.12656","DOIUrl":"10.1111/iere.12656","url":null,"abstract":"<p>We study business cycles with cyclical returns to scale. Contrary to tightly parameterized conventional production functions, we empirically identify strong input complementarity that leads to procyclical returns to scale. We, therefore, propose a flexible translog production function that allows complementarity-induced procyclical returns to scale. We integrate this function into a standard medium-scale dynamic stochastic general equilibrium model. Our estimated model with input complementarity (i) features procyclical returns to scale and acyclical price markups, (ii) better matches the cyclicality of factor shares, and (iii) significantly decreases the contribution of markup shocks to output fluctuations relative to those of the standard model.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 1","pages":"253-282"},"PeriodicalIF":1.5,"publicationDate":"2023-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135656938","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
Generational Distribution of Fiscal Burdens: A Positive Analysis 财政负担代际分布的实证分析
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-07-04 DOI: 10.1111/iere.12654
Yuki Uchida, Tetsuo Ono
{"title":"Generational Distribution of Fiscal Burdens: A Positive Analysis","authors":"Yuki Uchida,&nbsp;Tetsuo Ono","doi":"10.1111/iere.12654","DOIUrl":"10.1111/iere.12654","url":null,"abstract":"<p>This study presents an overlapping generations model to analyze the impact of population aging on fiscal policy and intergenerational fiscal burden. Aging populations incentivize governments to increase capital and labor income tax rates and the public debt-to-GDP ratio, consistent with OECD evidence. Our model-based simulation for Japan and the United States (2000–2070) reveals that Japan will experience higher labor income tax rates, a greater public debt-to-GDP ratio, and a lower government expenditure-to-GDP ratio compared to the United States. From 2040 onward, Japan is predicted to surpass the United States in terms of the capital tax rate.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 1","pages":"393-430"},"PeriodicalIF":1.5,"publicationDate":"2023-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47842245","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 SUPPLY IN THE EXTENDED HOUSEHOLD: ECONOMIES OF SCALE, SELF-SELECTION, AND THE INTRAHOUSEHOLD DISTRIBUTION OF RESOURCES IN SOUTH AFRICA 大家庭的劳动力供给：南非的规模经济、自我选择和家庭内部资源分配
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-07-01 DOI: 10.1111/iere.12657
Olivier Donni, Eliane El Badaoui
{"title":"LABOR SUPPLY IN THE EXTENDED HOUSEHOLD: ECONOMIES OF SCALE, SELF-SELECTION, AND THE INTRAHOUSEHOLD DISTRIBUTION OF RESOURCES IN SOUTH AFRICA","authors":"Olivier Donni,&nbsp;Eliane El Badaoui","doi":"10.1111/iere.12657","DOIUrl":"10.1111/iere.12657","url":null,"abstract":"<p>This article studies labor supply in the extended household (composed of two families living together). The extended household structure affects the incentives to work of household members for at least three reasons: economies of scale, cash transfers between the families living in the extended household, and easier childcare arrangements. We develop a structural model incorporating these components and taking into account the self-selection process into extended households. We then estimate this model with South African data and provide an explanation for the differences in participation rates between nuclear and extended households.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 1","pages":"191-215"},"PeriodicalIF":1.5,"publicationDate":"2023-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41795265","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
ELECTORAL MALDISTRICTING 选举选区划分不当
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-06-15 DOI: 10.1111/iere.12652
Andrei Gomberg, Romans Pancs, Tridib Sharma
{"title":"ELECTORAL MALDISTRICTING","authors":"Andrei Gomberg,&nbsp;Romans Pancs,&nbsp;Tridib Sharma","doi":"10.1111/iere.12652","DOIUrl":"https://doi.org/10.1111/iere.12652","url":null,"abstract":"<p>We introduce a framework to theoretically and empirically examine electoral maldistricting—the intentional drawing of electoral districts to advance partisan objectives, compromising voter welfare. We identify the legislatures that maximize voter welfare and those that maximize partisan goals, and incorporate them into a maldistricting index. This index measures the intent to maldistrict by comparing distances from the actual legislature to the nearest partisan and welfare-maximizing legislatures. Using 2008 presidential election data and 2010 census-based district maps, we find a Republican-leaning bias in district maps. Our index tracks court rulings in intuitive ways.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"64 3","pages":"1223-1264"},"PeriodicalIF":1.5,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50133369","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
CREDIT CONSTRAINTS, ENDOGENOUS INNOVATIONS, AND PRICE SETTING IN INTERNATIONAL TRADE 信贷约束、内生创新与国际贸易价格制定
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-06-05 DOI: 10.1111/iere.12651
Carsten Eckel, Florian Unger
{"title":"CREDIT CONSTRAINTS, ENDOGENOUS INNOVATIONS, AND PRICE SETTING IN INTERNATIONAL TRADE","authors":"Carsten Eckel,&nbsp;Florian Unger","doi":"10.1111/iere.12651","DOIUrl":"https://doi.org/10.1111/iere.12651","url":null,"abstract":"<p>This article analyzes the role of credit frictions in a trade model where producers differ in their capabilities to conduct process and quality innovations and require external finance for investments. Accounting for cost-based and quality-based sorting of firms in a unified framework allows us to demonstrate that the reactions of prices and commonly used productivity measures do not necessarily reflect welfare implications. Credit frictions lead to distortions through aggravated access to finance and endogenous price adjustments so that the responses of quantity-based and revenue-based productivity differ substantially. In counterfactual scenarios, we show that these differential effects are quantitatively important.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"64 4","pages":"1715-1747"},"PeriodicalIF":1.5,"publicationDate":"2023-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71947085","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
LEARNING AND EVIDENCE IN INSURANCE MARKETS 保险市场中的学习与实证
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-06-01 DOI: 10.1111/iere.12646
Kym Pram
{"title":"LEARNING AND EVIDENCE IN INSURANCE MARKETS","authors":"Kym Pram","doi":"10.1111/iere.12646","DOIUrl":"10.1111/iere.12646","url":null,"abstract":"<p>I analyze a model of monopoly insurance contracting where the consumer has access to endogenous, costly evidence of his risk type. I characterize when the consumer is worse off if the insurer is allowed to condition contracts on evidence and when the ability to contract on evidence leads to a Pareto improvement. I compare the results to an analogous setting with perfect competition: Under perfect competition, when evidence acquisition costs are low, the ability to contract on evidence is always Pareto improving. For intermediate costs, I uncover a new source of unraveling.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"64 4","pages":"1685-1714"},"PeriodicalIF":1.5,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45861629","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
UK INFLATION DYNAMICS SINCE THE THIRTEENTH CENTURY 英国自13世纪以来的通货膨胀动态
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-05-30 DOI: 10.1111/iere.12649
James M. Nason, Gregor W. Smith
{"title":"UK INFLATION DYNAMICS SINCE THE THIRTEENTH CENTURY","authors":"James M. Nason,&nbsp;Gregor W. Smith","doi":"10.1111/iere.12649","DOIUrl":"10.1111/iere.12649","url":null,"abstract":"<p>Historians have suggested that there were waves of inflation or price revolutions in the United Kingdom (and earlier England) in the 13th, 16th, and 18th centuries, prior to the ongoing inflation since 1935. We study retail price inflation since 1251 and model its dynamics. The model is an AR(<i>n</i>) but allows for gradually evolving or drifting parameters and stochastic volatility. The long-horizon forecasts suggest only one inflation wave, that of the 20th century. We also use the model to measure inflation predictability and price-level instability from the beginning of the sample and to provide measures of real interest rates since 1695.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"64 4","pages":"1595-1614"},"PeriodicalIF":1.5,"publicationDate":"2023-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43206368","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
A THREE-STATE RATIONAL GREATER-FOOL BUBBLE MODEL WITH INTERTEMPORAL CONSUMPTION SMOOTHING 具有跨期消费平滑的三态理性大傻瓜泡沫模型
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-05-27 DOI: 10.1111/iere.12650
Feng Liu, Joseph S. White, John R. Conlon
{"title":"A THREE-STATE RATIONAL GREATER-FOOL BUBBLE MODEL WITH INTERTEMPORAL CONSUMPTION SMOOTHING","authors":"Feng Liu,&nbsp;Joseph S. White,&nbsp;John R. Conlon","doi":"10.1111/iere.12650","DOIUrl":"10.1111/iere.12650","url":null,"abstract":"<p>We construct a simple rational greater-fool bubble model, where the motive for trade is intertemporal consumption smoothing. This yields an easy-to-understand bubble model with three states of the world, instead of the five required previously. Bubbles are more likely when asset sellers have profitable investment opportunities, but little wealth, so they sell shares in those opportunities to wealthier investors. “Bad sellers” then pretend to sell similar investment opportunities, creating potential bubble assets. Bubbles are possible even if alternative means of consumption smoothing are available. Also, antibubble policy can reduce the welfare of even the greater fools it is supposed to protect.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"64 4","pages":"1565-1594"},"PeriodicalIF":1.5,"publicationDate":"2023-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45992638","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
A PANEL CLUSTERING APPROACH TO ANALYZING BUBBLE BEHAVIOR 一种分析泡沫行为的面板聚类方法
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-05-26 DOI: 10.1111/iere.12647
Yanbo Liu, Peter C. B. Phillips, Jun Yu
{"title":"A PANEL CLUSTERING APPROACH TO ANALYZING BUBBLE BEHAVIOR","authors":"Yanbo Liu,&nbsp;Peter C. B. Phillips,&nbsp;Jun Yu","doi":"10.1111/iere.12647","DOIUrl":"https://doi.org/10.1111/iere.12647","url":null,"abstract":"<p>This study provides new mechanisms for identifying and estimating explosive bubbles in mixed-root panel autoregressions with a latent group structure. A postclustering approach is employed that combines <i>k</i>-means clustering with right-tailed panel-data testing. Uniform consistency of the <i>k</i>-means algorithm is established. Pivotal null limit distributions of the tests are introduced. A new method is proposed to consistently estimate the number of groups. Monte Carlo simulations show that the proposed methods perform well in finite samples; and empirical applications of the proposed methods identify bubbles in the U.S. and Chinese housing markets and the U.S. stock market.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"64 4","pages":"1347-1395"},"PeriodicalIF":1.5,"publicationDate":"2023-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72004697","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
ON THE DISTRIBUTIONAL EFFECTS OF INTERNATIONAL TARIFFS 论国际关税的分配效应
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-05-25 DOI: 10.1111/iere.12648
Daniel Carroll, Sewon Hur
{"title":"ON THE DISTRIBUTIONAL EFFECTS OF INTERNATIONAL TARIFFS","authors":"Daniel Carroll,&nbsp;Sewon Hur","doi":"10.1111/iere.12648","DOIUrl":"https://doi.org/10.1111/iere.12648","url":null,"abstract":"<p>We provide a quantitative analysis of the distributional effects of the 2018 increase in tariffs by the United States and its major trading partners. We build a trade model with incomplete asset markets and households that are heterogeneous in their age, income, wealth, and labor skill. When tariff revenues are used to reduce distortionary taxes on consumption, labor, and capital income, the average welfare loss from the trade war is equivalent to a permanent 0.1% reduction in consumption. Much larger welfare losses are concentrated among retirees and low-wealth households, whereas only wealthy households experience a welfare gain.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"64 4","pages":"1311-1346"},"PeriodicalIF":1.5,"publicationDate":"2023-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71986502","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
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