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Avoidance Responses to the Wealth Tax 避税对财富税的回应
IF 4.8 1区 经济学
Journal of Public Economics Pub Date : 2025-04-25 DOI: 10.1016/j.jpubeco.2025.105351
Mariona Mas-Montserrat , José María Durán-Cabré , Alejandro Esteller-Moré
{"title":"Avoidance Responses to the Wealth Tax","authors":"Mariona Mas-Montserrat ,&nbsp;José María Durán-Cabré ,&nbsp;Alejandro Esteller-Moré","doi":"10.1016/j.jpubeco.2025.105351","DOIUrl":"10.1016/j.jpubeco.2025.105351","url":null,"abstract":"<div><div>As a consequence of the Great Recession, the Spanish government reintroduced the Wealth Tax in 2011. We exploit the variation in wealth tax exposure to analyse taxpayers’ responses to this reintroduction. While facing higher wealth taxes did not discourage savings, results indicate that a 0.1 percentage point increase in the average tax rate leads to a reduction in taxable wealth of 3.21% over 4 years. In particular, the reduction in taxable wealth comes from taking advantage of exemptions, mostly business-related. Thus, the reintroduction induced avoidance. Taxpayers also take advantage of the limit on tax liability through a change in their asset and income composition. By far, this latter source of avoidance accounts for the greatest impact on tax revenues (92.6%). The impact of these avoidance strategies on revenue collected was far from negligible, since according to our estimates they represent a 2012-2015 revenue loss of 2.75 times the 2011 estimated wealth tax revenues. These findings should be useful to policymakers and administrations considering the implementation of a wealth tax, as they illustrate the pitfalls to be circumvented.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"246 ","pages":"Article 105351"},"PeriodicalIF":4.8,"publicationDate":"2025-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143873384","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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 employment effects of a pandemic wage subsidy 大流行工资补贴对就业的影响
IF 4.8 1区 经济学
Journal of Public Economics Pub Date : 2025-04-19 DOI: 10.1016/j.jpubeco.2025.105358
Michael Smart , Matthew Kronberg , Josip Lesica , Huju Liu
{"title":"The employment effects of a pandemic wage subsidy","authors":"Michael Smart ,&nbsp;Matthew Kronberg ,&nbsp;Josip Lesica ,&nbsp;Huju Liu","doi":"10.1016/j.jpubeco.2025.105358","DOIUrl":"10.1016/j.jpubeco.2025.105358","url":null,"abstract":"<div><div>We estimate causal effects of a pandemic-era wage subsidy in Canada on job losses and business closures. Our estimates use administrative microdata and a regression discontinuity strategy to estimate the effects of marginal changes in the wage subsidy rate. The estimated net wage elasticity of employment was 0.05 to 0.22, implying a small employment effect of the program and an estimated fiscal cost per job saved of more than $185,000 per year. Subsidy payments caused a small but persistent reduction in business closure rates during subsequent waves of the pandemic, and increased earnings of existing employees. In all, our results suggest the subsidies did little to preserve job matches, but played a greater role in the overall social insurance response to the pandemic.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"246 ","pages":"Article 105358"},"PeriodicalIF":4.8,"publicationDate":"2025-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143848290","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Unemployment and tax design 失业和税收设计
IF 4.8 1区 经济学
Journal of Public Economics Pub Date : 2025-04-18 DOI: 10.1016/j.jpubeco.2025.105359
Albert Jan Hummel
{"title":"Unemployment and tax design","authors":"Albert Jan Hummel","doi":"10.1016/j.jpubeco.2025.105359","DOIUrl":"10.1016/j.jpubeco.2025.105359","url":null,"abstract":"<div><div>This paper studies optimal income taxation in an environment where matching frictions generate a trade-off for workers between high wages and low unemployment risk. A higher marginal tax rate shifts the trade-off in favor of low unemployment risk, whereas a higher tax burden or unemployment benefit has the opposite effect. Changes in unemployment generate fiscal externalities, which modify optimal tax formulas. A calibration exercise to the US economy suggests that optimal marginal tax rates and employment taxes are hardly affected if unemployment responses to taxation are taken into account.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"246 ","pages":"Article 105359"},"PeriodicalIF":4.8,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143844147","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Cleaner water and higher housing prices: Evidence from China☆ 更清洁的水和更高的房价：来自中国的证据
IF 4.8 1区 经济学
Journal of Public Economics Pub Date : 2025-04-15 DOI: 10.1016/j.jpubeco.2025.105374
Run Ge , Jialin Huang , Xinzheng Shi
{"title":"Cleaner water and higher housing prices: Evidence from China☆","authors":"Run Ge ,&nbsp;Jialin Huang ,&nbsp;Xinzheng Shi","doi":"10.1016/j.jpubeco.2025.105374","DOIUrl":"10.1016/j.jpubeco.2025.105374","url":null,"abstract":"<div><div>Combining water monitoring station-level administrative data and transaction-level housing price data from Shanghai, China, we investigate the impact of China’s 2015 water pollution reduction policy on water pollution and housing prices. We first find that the policy significantly improved the water quality of the treated monitoring stations by 0.352 standard deviations. Furthermore, we find that the policy led to a 5.4% increase in the housing prices of apartments located within a 500-meter distance to the nearest treated river, but the effect disappeared for apartments located more than 500 m away. A heterogeneity analysis shows that the effects on housing prices are stronger in areas with higher total housing value, larger apartment sizes, greater nighttime light intensity, higher density of nearby amenities, and closer proximity to the city center.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"245 ","pages":"Article 105374"},"PeriodicalIF":4.8,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143833393","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Crowding in or crowding out? Evidence from discontinuity in the assignment of business R&D subsidies 挤进去还是挤出去？企业研发补贴分配不连续性的证据
IF 4.8 1区 经济学
Journal of Public Economics Pub Date : 2025-04-12 DOI: 10.1016/j.jpubeco.2025.105357
Matěj Bajgar , Martin Srholec
{"title":"Crowding in or crowding out? Evidence from discontinuity in the assignment of business R&D subsidies","authors":"Matěj Bajgar ,&nbsp;Martin Srholec","doi":"10.1016/j.jpubeco.2025.105357","DOIUrl":"10.1016/j.jpubeco.2025.105357","url":null,"abstract":"<div><div>We employ a regression discontinuity design to study the effects of a flagship business R&amp;D subsidy programme in the Czech Republic on R&amp;D investment, patenting and economic performance of the supported firms. The R&amp;D subsidies stimulated R&amp;D expenditure in small and medium-sized enterprises (SMEs) but not in large firms. In SMEs, public funding succeeded in crowding in private R&amp;D investment, and 1 unit of public subsidy was associated with about 2.3 units of additional R&amp;D expenditure. The positive effects on R&amp;D expenditure of SMEs were sustained after the original projects ended, possibly thanks to subsequent subsidies from the same funding provider. Supported SMEs also saw their sales increase in the short term, but we do not observe any positive effects of the support on patenting, employment or longer-term sales and productivity. We find evidence that the subsidies crowded out private R&amp;D expenditure in large firms and financing constraints played an important role in explaining the effect heterogeneity.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"245 ","pages":"Article 105357"},"PeriodicalIF":4.8,"publicationDate":"2025-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143821253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Can changes in disability insurance work incentives influence beneficiary employment? Evidence from the promoting opportunity demonstration 残疾保险工作激励机制的变化会影响受益人就业吗？来自促进机会示范的证据
IF 4.8 1区 经济学
Journal of Public Economics Pub Date : 2025-04-10 DOI: 10.1016/j.jpubeco.2025.105370
Michael Levere , David Wittenburg , John T. Jones
{"title":"Can changes in disability insurance work incentives influence beneficiary employment? Evidence from the promoting opportunity demonstration","authors":"Michael Levere ,&nbsp;David Wittenburg ,&nbsp;John T. Jones","doi":"10.1016/j.jpubeco.2025.105370","DOIUrl":"10.1016/j.jpubeco.2025.105370","url":null,"abstract":"<div><div>We study how disability beneficiary work behavior responds to a rule change that replaces a cash cliff—a threshold above which benefits reduce to zero—with a benefit offset ramp—where benefits are gradually phased out. Using a randomized controlled trial with over 10,000 Social Security Disability Insurance beneficiaries who voluntarily enrolled in the demonstration, we find precisely estimated null effects on earnings, income, and benefit amounts. An analysis of mechanisms indicates that administrative burden, the limited size of the incentive, and individual and systemic barriers to employment for people with disabilities likely contributed to the limited impacts.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"245 ","pages":"Article 105370"},"PeriodicalIF":4.8,"publicationDate":"2025-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143808639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Universal early childhood education and adolescent risky behavior 普及幼儿教育和青少年危险行为
IF 4.8 1区 经济学
Journal of Public Economics Pub Date : 2025-04-07 DOI: 10.1016/j.jpubeco.2025.105353
Michihito Ando , Hiroaki Mori , Shintaro Yamaguchi
{"title":"Universal early childhood education and adolescent risky behavior","authors":"Michihito Ando ,&nbsp;Hiroaki Mori ,&nbsp;Shintaro Yamaguchi","doi":"10.1016/j.jpubeco.2025.105353","DOIUrl":"10.1016/j.jpubeco.2025.105353","url":null,"abstract":"<div><div>The evidence for the effects of early childhood education on risky behavior in adolescence is limited. This paper studies the consequences of an expansion of a universal preschool program in Japan. Exploiting regional differences in the program expansion, we estimate the policy effects using an event study model. Our estimates indicate that the preschool expansion significantly reduced juvenile violent arrests and the rate of teenage pregnancy, but did not increase high school enrollment or college enrollment rates. We suspect that improved non-cognitive skills can account for the reduction of risky behavior in adolescence.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"245 ","pages":"Article 105353"},"PeriodicalIF":4.8,"publicationDate":"2025-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143817470","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
When do voters ‘rally around the flag’? The salience of political messages 选民们什么时候“团结在国旗周围”？政治信息的显著性
IF 4.8 1区 经济学
Journal of Public Economics Pub Date : 2025-04-05 DOI: 10.1016/j.jpubeco.2025.105356
Yatish Arya , Apurav Yash Bhatiya
{"title":"When do voters ‘rally around the flag’? The salience of political messages","authors":"Yatish Arya ,&nbsp;Apurav Yash Bhatiya","doi":"10.1016/j.jpubeco.2025.105356","DOIUrl":"10.1016/j.jpubeco.2025.105356","url":null,"abstract":"<div><div>Does exposure to conflict harm the electoral prospects of the incumbent government or generate a “rally around the flag” effect? Additionally, what role do politicians and media play in converting conflict exposure into votes? Using exogenous variation in conflict exposure in the home constituencies of deceased soldiers in India and a difference-in-differences regression, we find an increase in incumbent vote share in these constituencies, indicating a significant “rally around the flag” effect. Only conflicts receiving heightened attention in political speeches and media coverage exhibit this effect. These findings highlight the salience of political messages in shaping voter responses to conflict.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"245 ","pages":"Article 105356"},"PeriodicalIF":4.8,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777119","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Welfare in the volunteer’s dilemma 志愿者困境中的福利
IF 4.8 1区 经济学
Journal of Public Economics Pub Date : 2025-04-05 DOI: 10.1016/j.jpubeco.2025.105360
Marco Battaglini, Thomas R. Palfrey
{"title":"Welfare in the volunteer’s dilemma","authors":"Marco Battaglini,&nbsp;Thomas R. Palfrey","doi":"10.1016/j.jpubeco.2025.105360","DOIUrl":"10.1016/j.jpubeco.2025.105360","url":null,"abstract":"<div><div>We study the volunteer’s dilemma with heterogeneous costs and private information. We characterize efficiency properties of equilibrium. While the probability of success – the focus of previous theoretical analysis – may be strictly <em>decreasing</em> in group size, per-capita welfare is always increasing for every possible cost, strictly for sufficiently high costs. As group size increases, the expected utility of every member, regardless of their cost, converges to the expected utility of a member with the lowest possible cost, which is the same expected utility when there is no free rider problem, i.e., with only a single player in the game who has the lowest possible cost. Convergence, however, is slower than the convergence to zero of <span><math><mrow><mn>1</mn><mo>/</mo><mi>n</mi></mrow></math></span>, so the total inefficiency diverges at infinity, even if the lowest cost is zero.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"245 ","pages":"Article 105360"},"PeriodicalIF":4.8,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777120","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Debunking “fake news” on social media: Immediate and short-term effects of fact-checking and media literacy interventions 揭穿社交媒体上的“假新闻”：事实核查和媒体素养干预的即时和短期影响
IF 4.8 1区 经济学
Journal of Public Economics Pub Date : 2025-04-05 DOI: 10.1016/j.jpubeco.2025.105345
Lara Marie Berger , Anna Kerkhof , Felix Mindl , Johannes Münster
{"title":"Debunking “fake news” on social media: Immediate and short-term effects of fact-checking and media literacy interventions","authors":"Lara Marie Berger ,&nbsp;Anna Kerkhof ,&nbsp;Felix Mindl ,&nbsp;Johannes Münster","doi":"10.1016/j.jpubeco.2025.105345","DOIUrl":"10.1016/j.jpubeco.2025.105345","url":null,"abstract":"<div><div>We conduct a randomized survey experiment to compare the immediate and short-term effects of fact-checking to a brief media literacy intervention. We show that fact-checking primarily affects the specific fake news it directly addresses, whereas media literacy helps to distinguish between false and correct information more generally, both immediately and around two weeks after the intervention. A plausible mechanism is that media literacy enables participants to critically evaluate social media postings, while fact-checking fails to enhance their skills as much. Our results promote media literacy as an effective tool to fight fake news, that is cheap, scalable, and easy-to-implement.</div></div>","PeriodicalId":48436,"journal":{"name":"Journal of Public Economics","volume":"245 ","pages":"Article 105345"},"PeriodicalIF":4.8,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143777118","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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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