发布求助
文献互助 智能选刊 最新文献

Econometrica最新文献

筛选
英文 中文
Corporate Tax Cuts and the Decline in the Manufacturing Labor Share 企业减税与制造业劳动力比重下降
IF 6.1 1区 经济学
Econometrica Pub Date : 2023-12-07 DOI: 10.3982/ECTA17702
Barış Kaymak, Immo Schott
{"title":"Corporate Tax Cuts and the Decline in the Manufacturing Labor Share","authors":"Barış Kaymak,&nbsp;Immo Schott","doi":"10.3982/ECTA17702","DOIUrl":"10.3982/ECTA17702","url":null,"abstract":"<p>We document a strong empirical connection between corporate taxation and the manufacturing labor share, both in the US and across OECD countries. Our estimates associate 30 to 60% of the observed decline in labor shares with the fall in corporate taxation. Using an equilibrium model of an industry where firms differ in their capital intensities, we show that lower corporate tax rates reduce the labor share by raising the market share of capital-intensive firms. The tax elasticity of the labor share depends on the joint distribution of labor intensities and value added at the micro level. Given the empirical distribution in the US manufacturing sector, our quantitative analysis suggests that corporate tax cuts explain a significant part of the decline in the manufacturing labor share since the 1950s. The shift away from traditionally large, labor-intensive production units raised the concentration of market shares and reduced the concentration of employment.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138546405","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 Cross-Sectional Implications of the Social Discount Rate 社会贴现率的跨部门影响
IF 6.1 1区 经济学
Econometrica Pub Date : 2023-12-07 DOI: 10.3982/ECTA20844
Maya Eden
{"title":"The Cross-Sectional Implications of the Social Discount Rate","authors":"Maya Eden","doi":"10.3982/ECTA20844","DOIUrl":"10.3982/ECTA20844","url":null,"abstract":"<div>\u0000 <p>In this paper, I consider two normative questions: (1) how should policymakers approach tradeoffs that involve different age groups, and (2) at what rate should policymakers discount the consumption of future generations? I demonstrate that, under standard assumptions, these two questions are equivalent: caring more about the future means caring less about the elderly. Even small differences between the social discount rate and the market interest rate can have significant quantitative implications for the relative value placed on the consumption of different age groups.</p>\u0000 </div>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.3982/ECTA20844","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138546406","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
An Adversarial Approach to Structural Estimation 结构估算的对抗方法
IF 6.1 1区 经济学
Econometrica Pub Date : 2023-12-07 DOI: 10.3982/ECTA18707
Tetsuya Kaji, Elena Manresa, Guillaume Pouliot
{"title":"An Adversarial Approach to Structural Estimation","authors":"Tetsuya Kaji,&nbsp;Elena Manresa,&nbsp;Guillaume Pouliot","doi":"10.3982/ECTA18707","DOIUrl":"10.3982/ECTA18707","url":null,"abstract":"<div>\u0000 <p>We propose a new simulation-based estimation method, adversarial estimation, for structural models. The estimator is formulated as the solution to a minimax problem between a generator (which generates simulated observations using the structural model) and a discriminator (which classifies whether an observation is simulated). The discriminator maximizes the accuracy of its classification while the generator minimizes it. We show that, with a sufficiently rich discriminator, the adversarial estimator attains parametric efficiency under correct specification and the parametric rate under misspecification. We advocate the use of a neural network as a discriminator that can exploit adaptivity properties and attain fast rates of convergence.</p>\u0000 </div>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.3982/ECTA18707","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138546170","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
Estimation Based on Nearest Neighbor Matching: From Density Ratio to Average Treatment Effect 基于近邻匹配的估算：从密度比到平均治疗效果
IF 6.1 1区 经济学
Econometrica Pub Date : 2023-12-07 DOI: 10.3982/ECTA20598
Zhexiao Lin, Peng Ding, Fang Han
{"title":"Estimation Based on Nearest Neighbor Matching: From Density Ratio to Average Treatment Effect","authors":"Zhexiao Lin,&nbsp;Peng Ding,&nbsp;Fang Han","doi":"10.3982/ECTA20598","DOIUrl":"10.3982/ECTA20598","url":null,"abstract":"<p>Nearest neighbor (NN) matching is widely used in observational studies for causal effects. Abadie and Imbens (2006) provided the first large-sample analysis of NN matching. Their theory focuses on the case with the number of NNs, <i>M</i> fixed. We reveal something new out of their study and show that once allowing <i>M</i> to diverge with the sample size an intrinsic statistic in their analysis constitutes a consistent estimator of the density ratio with regard to covariates across the treated and control groups. Consequently, with a diverging <i>M</i>, the NN matching with Abadie and Imbens' (2011) bias correction yields a doubly robust estimator of the average treatment effect and is semiparametrically efficient if the density functions are sufficiently smooth and the outcome model is consistently estimated. It can thus be viewed as a precursor of the double machine learning estimators.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138546174","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
Nonrandom Exposure to Exogenous Shocks 非随机暴露于外源冲击
IF 6.1 1区 经济学
Econometrica Pub Date : 2023-12-07 DOI: 10.3982/ECTA19367
Kirill Borusyak, Peter Hull
{"title":"Nonrandom Exposure to Exogenous Shocks","authors":"Kirill Borusyak,&nbsp;Peter Hull","doi":"10.3982/ECTA19367","DOIUrl":"https://doi.org/10.3982/ECTA19367","url":null,"abstract":"<p>We develop a new approach to estimating the causal effects of treatments or instruments that combine multiple sources of variation according to a known formula. Examples include treatments capturing spillovers in social or transportation networks and simulated instruments for policy eligibility. We show how exogenous shocks to some—but not all—determinants of such variables can be leveraged while avoiding omitted variables bias. Our solution involves specifying counterfactual shocks that may as well have been realized and adjusting for a summary measure of nonrandomness in shock exposure: the average treatment (or instrument) across shock counterfactuals. We use this approach to address bias when estimating employment effects of market access growth from Chinese high-speed rail construction.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138550434","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: 9
Rethinking the Welfare State 反思福利国家
IF 6.1 1区 经济学
Econometrica Pub Date : 2023-12-07 DOI: 10.3982/ECTA19921
Nezih Guner, Remzi Kaygusuz, Gustavo Ventura
{"title":"Rethinking the Welfare State","authors":"Nezih Guner,&nbsp;Remzi Kaygusuz,&nbsp;Gustavo Ventura","doi":"10.3982/ECTA19921","DOIUrl":"https://doi.org/10.3982/ECTA19921","url":null,"abstract":"<p>The United States spends significant amounts on non-medical transfers for its working-age population in a wide range of programs that support low- and middle-income households. How valuable are these programs for U.S. households? Are there simpler, welfare-improving ways to transfer resources that are supported by a majority? What are the macroeconomic effects of such alternatives? We answer these questions in an equilibrium, life-cycle model with single and married households who face idiosyncratic productivity risk, in the presence of costly children and potential skill losses of females associated with non-participation. Our findings show that a potential revenue-neutral elimination of the welfare state generates large welfare losses in the aggregate, although most households support the move as losses are concentrated among a small group. We find that a <i>Universal Basic Income</i> program does not improve upon the current system. If, instead, per-person transfers are implemented alongside a proportional tax, a <i>Negative Income Tax</i> experiment, it becomes feasible to improve upon the current system. Providing per-person transfers to all households is costly, and reducing tax distortions helps to provide for resources to expand redistribution.</p>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138550439","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: 17
Backmatter of Econometrica Vol. 91 Iss. 6 Backmatter of Econometrica Vol.6
IF 6.1 1区 经济学
Econometrica Pub Date : 2023-12-07 DOI: 10.3982/ECTA916BM
{"title":"Backmatter of Econometrica Vol. 91 Iss. 6","authors":"","doi":"10.3982/ECTA916BM","DOIUrl":"https://doi.org/10.3982/ECTA916BM","url":null,"abstract":"","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138550441","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
Frontmatter of Econometrica Vol. 91 Iss. 6 经济计量学前沿》第 91 卷第 6 期6
IF 6.1 1区 经济学
Econometrica Pub Date : 2023-12-07 DOI: 10.3982/ECTA916FM
{"title":"Frontmatter of Econometrica Vol. 91 Iss. 6","authors":"","doi":"10.3982/ECTA916FM","DOIUrl":"https://doi.org/10.3982/ECTA916FM","url":null,"abstract":"","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138550494","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
Presidential Address: Demand-Side Constraints in Development. The Role of Market Size, Trade, and (In)Equality 主席致辞：发展中的需求方制约因素。市场规模、贸易和（不）平等的作用
IF 6.1 1区 经济学
Econometrica Pub Date : 2023-12-07 DOI: 10.3982/ECTA20787
Pinelopi Koujianou Goldberg, Tristan Reed
{"title":"Presidential Address: Demand-Side Constraints in Development. The Role of Market Size, Trade, and (In)Equality","authors":"Pinelopi Koujianou Goldberg,&nbsp;Tristan Reed","doi":"10.3982/ECTA20787","DOIUrl":"https://doi.org/10.3982/ECTA20787","url":null,"abstract":"<div>\u0000 <p>What is the pathway to development in a world marked by rising economic nationalism and less international integration? This paper answers this question within a framework that emphasizes the role of demand-side constraints on national development, which is identified with sustained poverty reduction. In this framework, development is linked to the adoption of an increasing returns to scale technology by imperfectly competitive firms that need to pay the fixed setup cost of switching to that technology. Sustained poverty reduction is measured as a continuous decline in the share of the population living below $1.90/day purchasing power parity in 2011 U.S. dollars over a five-year period. This outcome is affected in a statistically significant and economically meaningful way by domestic market size, which is measured as a function of the income distribution, and international market size, which is measured as a function of legally-binding provisions to international trade agreements, including the General Agreement on Tariffs and Trade, the World Trade Organization, and 279 preferential trade agreements. Counterfactual estimates suggest that, in the absence of international integration, the average resident of a low- or lower-middle-income country does not live in a market large enough to experience sustained poverty reduction. Domestic redistribution targeted towards generating a larger middle class can partially compensate for the lack of an international market.</p>\u0000 </div>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.3982/ECTA20787","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138550495","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
Price Setting With Strategic Complementarities as a Mean Field Game 作为均势博弈的战略互补的价格制定
IF 6.1 1区 经济学
Econometrica Pub Date : 2023-12-07 DOI: 10.3982/ECTA20797
Fernando Alvarez, Francesco Lippi, Panagiotis Souganidis
{"title":"Price Setting With Strategic Complementarities as a Mean Field Game","authors":"Fernando Alvarez,&nbsp;Francesco Lippi,&nbsp;Panagiotis Souganidis","doi":"10.3982/ECTA20797","DOIUrl":"10.3982/ECTA20797","url":null,"abstract":"<div>\u0000 <p>We study the propagation of monetary shocks in a sticky-price general equilibrium economy where the firms' pricing strategy features a complementarity with the decisions of other firms. In a dynamic equilibrium, the firm's price-setting decisions depend on aggregates, which in turn depend on the firms' decisions. We cast this fixed-point problem as a Mean Field Game and prove several analytic results. We establish existence and uniqueness of the equilibrium and characterize the impulse response function (IRF) of output following an aggregate shock. We prove that strategic complementarities make the IRF larger at each horizon. We establish that complementarities may give rise to an IRF with a hump-shaped profile. As the complementarity becomes large enough, the IRF diverges, and at a critical point there is no equilibrium. Finally, we show that the amplification effect of the strategic interactions is similar across models: the Calvo model and the Golosov–Lucas model display a comparable amplification, in spite of the fact that the non-neutrality in Calvo is much larger.</p>\u0000 </div>","PeriodicalId":50556,"journal":{"name":"Econometrica","volume":null,"pages":null},"PeriodicalIF":6.1,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.3982/ECTA20797","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138546400","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信