经济学顶刊Journal of Political Economy 2023年第5期
Journal of Political Economy 2023年第5期
Volume 131, Issue 5
——更多动态，请持续关注gzh：理想主义的百年孤独
Partial Identification in Matching Models for the Marriage Market
婚姻市场匹配模型中的部分识别
by Cristina Gualdani & Shruti Sinha
We study partial identification of the preference parameters in the one-to-one matching model with perfectly transferable utilities. We do so without imposing parametric distributional assumptions on the unobserved heterogeneity and with data on one large market. We provide a tractable characterization of the identified set under various classes of nonparametric distributional assumptions on the unobserved heterogeneity. We reexamine some of the relevant questions in the empirical literature on the marriage market, which have been previously studied under the logit assumption. Our results reveal that many findings in the aforementioned literature are primarily driven by such parametric restrictions.
我们研究了具有完全可转移效用的一对一匹配模型中偏好参数的部分辨识问题。我们在这样做时，没有对未观察到的异质性强加参数分布假设，也没有使用一个大型市场的数据。我们提供了在各种非参数分布假设下对不可观测异质性的识别集的一个易于处理的表征。我们重新审视了先前在logit假设下研究的婚姻市场实证文献中的一些相关问题。我们的结果表明，上述文献中的许多发现主要是由这些参数限制驱动的。
Asset Safety versus Asset Liquidity
资产安全性与资产流动性
by Athanasios Geromichalos & Lucas Herrenbrueck & Sukjoon Lee
Many economists assume that safer assets are more liquid, and some have practically used “safe” and “liquid” as synonyms. But these terms are not synonyms, and mixing them up can lead to confusion and wrong policy recommendations. We build a multiasset model where an asset’s safety and liquidity are well defined and distinct, and we examine their relationship in general equilibrium. We show that the common belief that “safety implies liquidity” is generally justified but also identify conditions under which this relationship can be reversed. We use our model to rationalize, qualitatively and quantitatively, a prominent safety-liquidity reversal observed in the data.
许多经济学家认为，更安全的资产流动性更强，一些人实际上使用“安全”和“流动性”作为同义词。但这些术语不是同义词，将它们混在一起可能会导致混淆和错误的政策建议。本文建立了一个多资产模型，在该模型中，资产的安全性和流动性得到了明确的定义，并在一般均衡中考察了它们之间的关系。我们表明，“安全意味着流动性”这一普遍观点通常是合理的，但也确定了这种关系可以逆转的条件。我们利用我们的模型对数据中观察到的一个突出的安全-流动性逆转进行了定性和定量的合理化。
Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment
银行市场势力与央行数字货币:理论与定量评估
by Jonathan Chiu & Seyed Mohammadreza Davoodalhosseini & Janet Jiang & Yu Zhu
This paper develops a micro-founded general equilibrium model of payments to study the impact of a central bank digital currency (CBDC) on intermediation of private banks. If banks have market power in the deposit market, a CBDC can enhance competition, raising the deposit rate, expanding intermediation, and increasing output. A calibration to the US economy suggests that a CBDC can raise bank lending by 1.57% and output by 0.19%. These crowding-in effects remain robust, albeit with smaller magnitudes, after taking into account endogenous bank entry. We also assess the role of a non-interest-bearing CBDC as the use of cash declines.
本文建立了一个微观的一般均衡支付模型，研究了央行数字货币对私人银行中介行为的影响。如果银行在存款市场上拥有市场力量，央行可以增强竞争，提高存款利率，扩大中介，增加产出。对美国经济的校准表明，CBDC可以将银行贷款提高1.57%，将产出提高0.19%。这些挤入效应仍然强劲，尽管在考虑到银行的内生性进入后，影响的幅度较小。随着现金使用的减少，我们还评估了无息CBDC的作用。
US Inequality and Fiscal Progressivity: An Intragenerational Accounting
美国的不平等和财政累进性:代际内会计
by Alan J. Auerbach & Laurence J. Kotlikoff & Darryl Koehler
This study measures spending power inequality within age cohorts and estimates fiscal progressivity via lifetime net tax rates. We find, first, that inequality in income and especially wealth dramatically overstates inequality in spending power. Second, inequality in current spending power differs from that in lifetime spending power because of credit constraints, in-kind government benefits, and other factors. Third, the US fiscal system is highly progressive once cohorts are old enough to have highly dispersed human wealth. Fourth, households’ rankings based on current income can differ substantially from their rankings based on lifetime resources. Fifth, current-year net tax rates substantially understate fiscal progressivity.
本研究衡量了不同年龄群体内的消费能力不平等，并通过终身净税率估计了财政累进性。我们发现，首先，收入、尤其是财富的不平等极大地夸大了消费能力的不平等。第二，由于信贷约束、政府实物福利等因素，当期消费能力的不平等不同于终身消费能力的不平等。第三，一旦人们的年龄足够大，可以拥有高度分散的人类财富，美国的财政体系就会高度进步。第四，家庭基于当前收入的排名可能与基于终身资源的排名有很大差异。第五，今年的净税率大大低估了财政累进性。
Common Ownership, Competition, and Top Management Incentives
共同所有制、竞争和高层管理激励
by Miguel Antón & Florian Ederer & Mireia Giné & Martin Schmalz
We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and productivity across firms, which leads to intraindustry and intrafirm cross-market variation in prices, output, markups, and market shares that is consistent with empirical evidence. The organizational structure of multiproduct firms and the passivity of common owners determine whether higher prices under common ownership result from higher costs or from higher markups. Using panel regressions and a difference-in-differences design, we document that managerial incentives are less performance sensitive in firms with more common ownership.
本文提出了一个基于管理层激励的共同所有权影响产品市场结果的机制。企业层面共同所有制的差异导致企业间管理层激励和生产率的差异，从而导致行业内和企业内部的跨市场价格、产量、加成率和市场份额的差异，这与经验证据一致。多产品企业的组织结构和共同所有者的被动性决定了共同所有权下的更高价格是源于更高的成本还是更高的加成率。通过面板回归和双重差分分析，我们发现，共同所有制程度越高的公司，管理层激励对业绩的敏感性越低。
Tax Smoothing in Frictional Labor Markets: A Comment
by Mehrab Kiarsi
Tax Smoothing in Frictional Labor Markets: A Reply
by David M. Arseneau & Sanjay K. Chugh
