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MONETARY ASYMMETRIES WITHOUT (AND WITH) PRICE STICKINESS 没有（和有）价格粘性的货币不对称
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-10-16 DOI: 10.1111/iere.12677
IVAN JACCARD
{"title":"MONETARY ASYMMETRIES WITHOUT (AND WITH) PRICE STICKINESS","authors":"IVAN JACCARD","doi":"10.1111/iere.12677","DOIUrl":"10.1111/iere.12677","url":null,"abstract":"<p>The evidence suggests that monetary policy transmission is asymmetric over the business cycle. Interacting financing frictions with a preference for liquidity provides an explanation for this fact. Our model reproduces a set of asset market and business cycle facts. Accounting for the joint dynamics of asset prices and business cycle fluctuations is key; in a variant of the model that is unable to produce realistic macrofinance implications, monetary asymmetries disappear. Resorting to nonlinear techniques is therefore not sufficient to detect monetary asymmetries. Nonlinearities in the transmission mechanism also critically depend on the macrofinance implications of monetary policy models.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 2","pages":"1003-1047"},"PeriodicalIF":1.5,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136112636","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
REGULATORY PROTECTION AND THE ROLE OF INTERNATIONAL COOPERATION 监管保护和国际合作的作用
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-10-16 DOI: 10.1111/iere.12676
Yuan Mei
{"title":"REGULATORY PROTECTION AND THE ROLE OF INTERNATIONAL COOPERATION","authors":"Yuan Mei","doi":"10.1111/iere.12676","DOIUrl":"10.1111/iere.12676","url":null,"abstract":"<p>I develop a general equilibrium framework to analyze the welfare consequences of product regulations and their international harmonization. In my model, raising product standards reduces a negative consumption externality, but also increases the marginal and fixed costs of production. When product standards are set noncooperatively, the effects of standards on other countries' wages and number of firms are not internalized, giving rise to an international inefficiency. The World Trade Organization's nondiscrimination principle of national treatment only partly addresses this inefficiency. Welfare losses from abandoning national treatment average 2.8%, whereas the maximum welfare gains from efficient cooperation average 11.8%.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 2","pages":"817-850"},"PeriodicalIF":1.5,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"134993759","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
REGULARIZED GMM FOR TIME-VARYING MODELS WITH APPLICATIONS TO ASSET PRICING 应用于资产定价的时变模型的正则化 GMM
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-10-16 DOI: 10.1111/iere.12678
Liyuan Cui, Guanhao Feng, Yongmiao Hong
{"title":"REGULARIZED GMM FOR TIME-VARYING MODELS WITH APPLICATIONS TO ASSET PRICING","authors":"Liyuan Cui,&nbsp;Guanhao Feng,&nbsp;Yongmiao Hong","doi":"10.1111/iere.12678","DOIUrl":"10.1111/iere.12678","url":null,"abstract":"<p>We propose a regularized generalized method of moments (RegGMM) approach to estimating time-varying coefficient models via a ridge fusion penalty with a high-dimensional set of moment conditions. RegGMM only requires a mild condition on the oscillations between consecutive parameter values, accommodating abrupt structural breaks and smooth changes throughout the sample period. RegGMM offers an alternative solution for estimating the time-varying stochastic discount factor model when pricing U.S. equity cross-sectional returns. Our time-varying estimate paths for factor risk prices capture changing performance across multiple risk factors and depict potential regime-switching scenarios. Finally, RegGMM demonstrates superior asset pricing and investment performance gains compared to alternative methods.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 2","pages":"851-883"},"PeriodicalIF":1.5,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136113311","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
GROWTH, HOUSING, AND GLOBAL IMBALANCES 增长、住房和全球失衡
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-10-16 DOI: 10.1111/iere.12674
LUIS FRANJO, LUISA LAMBERTINI, SERHIY STEPANCHUK
{"title":"GROWTH, HOUSING, AND GLOBAL IMBALANCES","authors":"LUIS FRANJO,&nbsp;LUISA LAMBERTINI,&nbsp;SERHIY STEPANCHUK","doi":"10.1111/iere.12674","DOIUrl":"10.1111/iere.12674","url":null,"abstract":"<p>In the decade leading to the Great Recession, the United States experienced rising house prices and current account deficits, whereas China and other fast-growing Asian economies saw rising house prices accompanied by current account surpluses. To explain these differences, we study a transition path in a two-country life-cycle model with housing once the two economies become financially integrated. We allow for asymmetries in productivity growth, the loan-to-value ratio, the life-cycle wage profile, and the population structure across countries. Our findings highlight that differences in the life-cycle pattern of the wage income profile are key to obtaining our results.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 2","pages":"623-654"},"PeriodicalIF":1.5,"publicationDate":"2023-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12674","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136157185","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
INVESTMENT HOUSING TAX CONCESSIONS AND WELFARE: A QUANTITATIVE STUDY FOR AUSTRALIA 投资住房税收优惠与福利：澳大利亚定量研究
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-10-15 DOI: 10.1111/iere.12673
Yunho Cho, Shuyun May Li, Lawrence Uren
{"title":"INVESTMENT HOUSING TAX CONCESSIONS AND WELFARE: A QUANTITATIVE STUDY FOR AUSTRALIA","authors":"Yunho Cho,&nbsp;Shuyun May Li,&nbsp;Lawrence Uren","doi":"10.1111/iere.12673","DOIUrl":"10.1111/iere.12673","url":null,"abstract":"<p>This article builds a general equilibrium overlapping generations (OLG) model with heterogeneous agents to study the welfare implications of investment housing tax concessions in Australia. Removing these concessions substantially reduces the landlord rate and the use of debt. There is a steady-state welfare gain equivalent to a 0.13% increase in lifetime consumption if the additional tax revenue from removing the concessions is used to finance a lump-sum transfer to all households. That welfare gain rises to 1.45% if the extra tax revenue is used to provide a transfer to the housing-poor in the form of rental assistance. Over the transition, around 70% of existing households experience a welfare gain and there are important distributional effects in both cases.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 2","pages":"781-816"},"PeriodicalIF":1.5,"publicationDate":"2023-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12673","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135775294","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
AN EQUILIBRIUM LABOR MARKET MODEL WITH INTERNAL AND EXTERNAL REFERRALS 有内部和外部推荐的均衡劳动力市场模型
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-10-14 DOI: 10.1111/iere.12671
Youze Lang, Youzhi Yang
{"title":"AN EQUILIBRIUM LABOR MARKET MODEL WITH INTERNAL AND EXTERNAL REFERRALS","authors":"Youze Lang,&nbsp;Youzhi Yang","doi":"10.1111/iere.12671","DOIUrl":"10.1111/iere.12671","url":null,"abstract":"<p>About 40% of workers find their jobs through referrals. We distinguish between two types of referrals based on whether the referrer works at the hiring firm (internal referrals) or not (external referrals). Interestingly, jobs found through internal (external) referrals pay more (less) than those found through formal methods. An equilibrium labor market model is then built by introducing an incentive-compatible mechanism through which workers can share job opening information. A nondegenerate wage distribution arises in equilibrium with a wage premium (penalty) for internal (external) referrals. When calibrated, our model can capture these salient features of the U.S. labor market.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 2","pages":"655-692"},"PeriodicalIF":1.5,"publicationDate":"2023-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135803592","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
COLLEGE EXPANSION, TRADE, AND INNOVATION: EVIDENCE FROM CHINA 高校扩张、贸易与创新：来自中国的证据
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-10-14 DOI: 10.1111/iere.12670
Xiao Ma
{"title":"COLLEGE EXPANSION, TRADE, AND INNOVATION: EVIDENCE FROM CHINA","authors":"Xiao Ma","doi":"10.1111/iere.12670","DOIUrl":"10.1111/iere.12670","url":null,"abstract":"<p>China has expanded the yearly quota on newly admitted college students by more than seven times since 1999. How did this massive education expansion affect firms' export and innovation choices? I document that after this expansion impacted the labor market, manufacturing firms' innovation increased considerably, especially among exporting firms, accompanied by sizable skill upgrading of exports. I then develop a multi-industry spatial equilibrium model, featuring skill intensity differences across industries and heterogeneous firms' innovation and export choices. Quantitatively, the college expansion explained 72% of increases in China's manufacturing research and development (R&amp;D) intensity between 2003 and 2018 and also triggered export skill upgrading.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 1","pages":"315-351"},"PeriodicalIF":1.5,"publicationDate":"2023-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135803191","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 THEORY OF ECONOMIC DISINTEGRATION 经济解体论
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-09-02 DOI: 10.1111/iere.12665
Eckhard Janeba, Karl Schulz
{"title":"A THEORY OF ECONOMIC DISINTEGRATION","authors":"Eckhard Janeba,&nbsp;Karl Schulz","doi":"10.1111/iere.12665","DOIUrl":"10.1111/iere.12665","url":null,"abstract":"<p>We study the impact of unilateral economic disintegration, such as Brexit, on national and international policies. We introduce firm mobility and business-tax policies into a general-equilibrium trade model and analyze the effects of disintegration on tax policies of asymmetric countries. Although the disintegrating country taxes less, business taxes converge in the remaining economic area. We highlight important differences with existing two-country models. Moreover, we predict a realignment of trade policies with a deeper integration inside the union and lower tariffs worldwide. The leaving country's endogenous integration response with other countries may fully compensate for the disintegration-induced welfare losses.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 1","pages":"353-392"},"PeriodicalIF":1.5,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12665","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135131719","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
INVENTORY MANAGEMENT IN DECENTRALIZED MARKETS 分散市场中的库存管理
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-09-02 DOI: 10.1111/iere.12669
Fei Li, Charles Murry, Can Tian, Yiyi Zhou
{"title":"INVENTORY MANAGEMENT IN DECENTRALIZED MARKETS","authors":"Fei Li,&nbsp;Charles Murry,&nbsp;Can Tian,&nbsp;Yiyi Zhou","doi":"10.1111/iere.12669","DOIUrl":"10.1111/iere.12669","url":null,"abstract":"<p>We present a directed search model of intermediaries' dynamic inventory and revenue management. Search frictions hinder instantaneous replenishment, prompting intermediaries to utilize dynamic inventory-based pricing and ordering strategies. In equilibrium, when inventory is high, an intermediary posts a lower retail price to speed up sales and depresses wholesale price to slow down purchases. We characterize the evolution dynamics of inventory holdings and their steady-state distribution, and extend the model to multiunit wholesale orders, product differentiation, and heterogeneous intermediaries. Using data from used-car dealers, we quantitatively evaluate the welfare consequence of used-car dealers' inventory management practice.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 1","pages":"431-470"},"PeriodicalIF":1.5,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49526445","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
CAPITAL TAX REFORMS WITH POLICY UNCERTAINTY 具有政策不确定性的资本税改革
IF 1.5 3区 经济学
International Economic Review Pub Date : 2023-09-02 DOI: 10.1111/iere.12664
Árpád Ábrahám, Pavel Brendler, Eva Cárceles-Poveda
{"title":"CAPITAL TAX REFORMS WITH POLICY UNCERTAINTY","authors":"Árpád Ábrahám,&nbsp;Pavel Brendler,&nbsp;Eva Cárceles-Poveda","doi":"10.1111/iere.12664","DOIUrl":"10.1111/iere.12664","url":null,"abstract":"<p>One important feature of capital tax reforms is the uncertainty regarding their duration. In a standard heterogeneous firm framework with financial frictions, we model policy uncertainty by assuming that reforms may be either repealed or maintained with some probability every period. We illustrate the effects of policy uncertainty in the context of the 2003 Bush tax cuts (2003 Job Growth Tax Relief Reconciliation Act), which lowered shareholder taxes. We show that policy uncertainty regarding dividend and capital gains taxes can explain why the Bush tax cuts had no statistically significant effect on investment, in line with the empirical evidence.</p>","PeriodicalId":48302,"journal":{"name":"International Economic Review","volume":"65 1","pages":"75-116"},"PeriodicalIF":1.5,"publicationDate":"2023-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/iere.12664","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135353532","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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