Pub Date : 2023-10-12DOI: 10.1017/s1365100523000408
Hongyu Nian, Zhiwei Xu, Haitao Yin
Abstract This paper proposes a dynamic model to capture the interaction among the environment, human capital accumulation, and economic growth. We emphasize the mechanism that pollution stock depresses human capital accumulation, which has received increasing support from empirical studies. The model predicts that the development of pollution-intensive industries can help an economy gear up a short-run prosperity, but it impairs the capability for long-run economic growth, trapping the economy at a low development level. The cost for a dirty economy to switch is expensive and even infeasible if the environmental degradation is irreversible. Policy interventions, such as tax on pollution and subsidy on human capital, can help alleviate but cannot eradicate the economic stagnation.
{"title":"Temporary prosperity or sustainable development: the long-run impact of developing pollution-intensive industries","authors":"Hongyu Nian, Zhiwei Xu, Haitao Yin","doi":"10.1017/s1365100523000408","DOIUrl":"https://doi.org/10.1017/s1365100523000408","url":null,"abstract":"Abstract This paper proposes a dynamic model to capture the interaction among the environment, human capital accumulation, and economic growth. We emphasize the mechanism that pollution stock depresses human capital accumulation, which has received increasing support from empirical studies. The model predicts that the development of pollution-intensive industries can help an economy gear up a short-run prosperity, but it impairs the capability for long-run economic growth, trapping the economy at a low development level. The cost for a dirty economy to switch is expensive and even infeasible if the environmental degradation is irreversible. Policy interventions, such as tax on pollution and subsidy on human capital, can help alleviate but cannot eradicate the economic stagnation.","PeriodicalId":18078,"journal":{"name":"Macroeconomic Dynamics","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135969002","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-10-12DOI: 10.1017/s1365100523000433
Christian Jensen
Abstract Because economic outcomes depend on private-sector expectations, central banks might be tempted to guide these by publishing projections of key macroeconomic variables. We find that optimal projections require misleading the public. Optimal non-misleading projections are time-inconsistent. Non-misleading time-consistent projections can only improve policy outcomes if the public’s forecasts are noisier, or inconsistent with implemented policy. Since the public only has incentives to be guided by policymakers’ projections when most vulnerable to being mislead, these cannot be trusted blindly. Consistent with this, we find statistically significant systematic deviations between FOMC projections and professional forecasts for US inflation and GDP growth.
{"title":"Optimal forward guidance in monetary policy: Can central banks sway the public with projections?","authors":"Christian Jensen","doi":"10.1017/s1365100523000433","DOIUrl":"https://doi.org/10.1017/s1365100523000433","url":null,"abstract":"Abstract Because economic outcomes depend on private-sector expectations, central banks might be tempted to guide these by publishing projections of key macroeconomic variables. We find that optimal projections require misleading the public. Optimal non-misleading projections are time-inconsistent. Non-misleading time-consistent projections can only improve policy outcomes if the public’s forecasts are noisier, or inconsistent with implemented policy. Since the public only has incentives to be guided by policymakers’ projections when most vulnerable to being mislead, these cannot be trusted blindly. Consistent with this, we find statistically significant systematic deviations between FOMC projections and professional forecasts for US inflation and GDP growth.","PeriodicalId":18078,"journal":{"name":"Macroeconomic Dynamics","volume":"248 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135969265","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-29DOI: 10.1017/s136510052300041x
Yi Zhu
Abstract According to the real business cycle theory, business cycles mainly result from random exogenous shocks. In this paper, this argument is tested. I extend the Wald–Wolfowitz runs test under the assumption that a recession lasts for two periods at least and an expansion lasts for $k$ periods at least with k ≥ 2. I apply the extended runs test to the three two-valued data recession-expansion series generated by the National Bureau of Economic Research and the Center for Economic and Policy Research. The test results reject the null hypothesis that they are generated in a random way for any $k$ even at the 1% significance level.
{"title":"Do business cycles result from stochastic shocks?","authors":"Yi Zhu","doi":"10.1017/s136510052300041x","DOIUrl":"https://doi.org/10.1017/s136510052300041x","url":null,"abstract":"Abstract According to the real business cycle theory, business cycles mainly result from random exogenous shocks. In this paper, this argument is tested. I extend the Wald–Wolfowitz runs test under the assumption that a recession lasts for two periods at least and an expansion lasts for $k$ periods at least with k ≥ 2. I apply the extended runs test to the three two-valued data recession-expansion series generated by the National Bureau of Economic Research and the Center for Economic and Policy Research. The test results reject the null hypothesis that they are generated in a random way for any $k$ even at the 1% significance level.","PeriodicalId":18078,"journal":{"name":"Macroeconomic Dynamics","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135199081","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-25DOI: 10.1017/s1365100523000391
Been-Lon Chen, Zheng-Ze Lai, Shian-Yu Liao
Abstract Through the collateral channel for entrepreneurs, a positive housing demand shock in Liu et al. [(2013) Econometrica 81, 1147–1184.] increases land prices and business investment, but consumption decreases on impact and there is thus a comovement problem. This paper improves Liu et al. [(2013) Econometrica 81, 1147–1184.] by adding general household preferences with broader intratemporal and intertemporal substitutions Bayesian estimation of our structural model based on aggregate US data suggests that the intratemporal substitution is larger than unity and the intertemporal substitution is smaller than unity. Our impulse responses show that a positive housing demand shock increases land prices, business investment, and consumption, which resolves the comovement problem. Moreover, the strength of the collateral channel linking land prices and business investment in our Bayesian DSGE model is larger than that in Liu et al. [(2013) Econometrica 81, 1147–1184.]. Housing demand shocks explain 39−43% of the variance of output and 41−47% of the variance of investment in our model, but the same shocks explain only 17−31% of the variance of output and 30−41% of the variance of investment in Liu et al. [(2013) Econometrica 81, 1147–1184.]. Variance decomposition reveals that housing demand shocks account for a larger share of the fluctuations in land prices, investment, employment, and output than other shocks. Using the marginal data density as the measure of fit for models, we find that our model can better explain the same US aggregate data.
{"title":"Land-price dynamics and macroeconomic fluctuations with general household preferences","authors":"Been-Lon Chen, Zheng-Ze Lai, Shian-Yu Liao","doi":"10.1017/s1365100523000391","DOIUrl":"https://doi.org/10.1017/s1365100523000391","url":null,"abstract":"Abstract Through the collateral channel for entrepreneurs, a positive housing demand shock in Liu et al. [(2013) Econometrica 81, 1147–1184.] increases land prices and business investment, but consumption decreases on impact and there is thus a comovement problem. This paper improves Liu et al. [(2013) Econometrica 81, 1147–1184.] by adding general household preferences with broader intratemporal and intertemporal substitutions Bayesian estimation of our structural model based on aggregate US data suggests that the intratemporal substitution is larger than unity and the intertemporal substitution is smaller than unity. Our impulse responses show that a positive housing demand shock increases land prices, business investment, and consumption, which resolves the comovement problem. Moreover, the strength of the collateral channel linking land prices and business investment in our Bayesian DSGE model is larger than that in Liu et al. [(2013) Econometrica 81, 1147–1184.]. Housing demand shocks explain 39−43% of the variance of output and 41−47% of the variance of investment in our model, but the same shocks explain only 17−31% of the variance of output and 30−41% of the variance of investment in Liu et al. [(2013) Econometrica 81, 1147–1184.]. Variance decomposition reveals that housing demand shocks account for a larger share of the fluctuations in land prices, investment, employment, and output than other shocks. Using the marginal data density as the measure of fit for models, we find that our model can better explain the same US aggregate data.","PeriodicalId":18078,"journal":{"name":"Macroeconomic Dynamics","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135816933","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-25DOI: 10.1017/s136510052300038x
Nils Grevenbrock, Alexander Ludwig, Nawid Siassi
Abstract Homeownership rates differ widely across European countries. We document that part of this variation is driven by differences in the fraction of adults co-residing with their parents. Comparing Germany and Italy, we show that in contrast to homeownership rates per household, homeownership rates per individual are very similar during the first part of the life cycle. To understand these patterns, we build an overlapping-generations model where individuals face uninsurable income risk and make consumption-saving and housing tenure decisions. We embed an explicit intergenerational link between children and parents to capture the three-way trade-off between owning, renting, and co-residing. Calibrating the model to Germany we explore the role of income profiles, housing policies, and the taste for independence and show that a combination of these factors goes a long way in explaining the differential life-cycle patterns of living arrangements between the two countries.
{"title":"Homeownership rates, housing policies, and co-residence decisions","authors":"Nils Grevenbrock, Alexander Ludwig, Nawid Siassi","doi":"10.1017/s136510052300038x","DOIUrl":"https://doi.org/10.1017/s136510052300038x","url":null,"abstract":"Abstract Homeownership rates differ widely across European countries. We document that part of this variation is driven by differences in the fraction of adults co-residing with their parents. Comparing Germany and Italy, we show that in contrast to homeownership rates per household, homeownership rates per individual are very similar during the first part of the life cycle. To understand these patterns, we build an overlapping-generations model where individuals face uninsurable income risk and make consumption-saving and housing tenure decisions. We embed an explicit intergenerational link between children and parents to capture the three-way trade-off between owning, renting, and co-residing. Calibrating the model to Germany we explore the role of income profiles, housing policies, and the taste for independence and show that a combination of these factors goes a long way in explaining the differential life-cycle patterns of living arrangements between the two countries.","PeriodicalId":18078,"journal":{"name":"Macroeconomic Dynamics","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135817521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-15DOI: 10.1017/s1365100523000378
Long Qian
Abstract This paper empirically investigates wage inequality within the group of skilled workers in the recent four decades in the USA using CPS data and finds evidence that the trend of wage growth of the top and bottom 10th percentile of skilled workers significantly diverged starting from 2000. Using a task-based framework of occupation, I find that the changing trend of wage inequality was entirely driven by one category of occupation, namely the nonroutine analytic occupation. Then, I consider in a model task reallocation between two broad task categories, namely the routine and abstract task, induced by an ongoing investment-specific technical change. In my model, the labor in the routine task is replaced by cheaper machines due to investment-specific technical change, then workers that are less productive in the abstract task enter abstract occupations. As a result, the wage inequality in the abstract task widens because of the reallocation of less productive workers from the routine task to the abstract task, that is, the “composition effect.” In addition, since economic agents tend to postpone the investment in machines after the ongoing investment-specific technical change takes place for a while, the expansion path of wage inequality is not linear but features an acceleration of wage dispersion in the middle of the technical change. The quantitative results suggest that the model is able to provide a well-matched timing and magnitude of the nonlinear expansion path in wage inequality that is observed in the data.
{"title":"Technical change, task reallocation, and wage inequality","authors":"Long Qian","doi":"10.1017/s1365100523000378","DOIUrl":"https://doi.org/10.1017/s1365100523000378","url":null,"abstract":"Abstract This paper empirically investigates wage inequality within the group of skilled workers in the recent four decades in the USA using CPS data and finds evidence that the trend of wage growth of the top and bottom 10th percentile of skilled workers significantly diverged starting from 2000. Using a task-based framework of occupation, I find that the changing trend of wage inequality was entirely driven by one category of occupation, namely the nonroutine analytic occupation. Then, I consider in a model task reallocation between two broad task categories, namely the routine and abstract task, induced by an ongoing investment-specific technical change. In my model, the labor in the routine task is replaced by cheaper machines due to investment-specific technical change, then workers that are less productive in the abstract task enter abstract occupations. As a result, the wage inequality in the abstract task widens because of the reallocation of less productive workers from the routine task to the abstract task, that is, the “composition effect.” In addition, since economic agents tend to postpone the investment in machines after the ongoing investment-specific technical change takes place for a while, the expansion path of wage inequality is not linear but features an acceleration of wage dispersion in the middle of the technical change. The quantitative results suggest that the model is able to provide a well-matched timing and magnitude of the nonlinear expansion path in wage inequality that is observed in the data.","PeriodicalId":18078,"journal":{"name":"Macroeconomic Dynamics","volume":"227 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135436253","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-09-07DOI: 10.1017/s1365100523000366
Bruno Ćorić, Blanka Škrabić Perić
Abstract This study uses two large datasets to explore the output dynamics following economic disasters, one including 180 economic disasters across 38 countries over the last two centuries and the other including 204 disasters in 182 countries since World War II. Our results suggest that extreme economic crises are associated with huge and remarkably persistent loss. On average, output loss surges to above 26% in the first few years after the outbreak of a disaster and remains above 20% for as long as 20 years. It is only after more than 50 years that the loss is fully recovered.
{"title":"Recovery from economic disasters","authors":"Bruno Ćorić, Blanka Škrabić Perić","doi":"10.1017/s1365100523000366","DOIUrl":"https://doi.org/10.1017/s1365100523000366","url":null,"abstract":"Abstract This study uses two large datasets to explore the output dynamics following economic disasters, one including 180 economic disasters across 38 countries over the last two centuries and the other including 204 disasters in 182 countries since World War II. Our results suggest that extreme economic crises are associated with huge and remarkably persistent loss. On average, output loss surges to above 26% in the first few years after the outbreak of a disaster and remains above 20% for as long as 20 years. It is only after more than 50 years that the loss is fully recovered.","PeriodicalId":18078,"journal":{"name":"Macroeconomic Dynamics","volume":"15 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2023-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135047453","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-29DOI: 10.1017/s1365100523000329
Shahnaz Parsaeian
This paper develops an efficient Stein-like shrinkage estimator for estimating slope parameters under structural breaks in seemingly unrelated regression models, which is then used for forecasting. The proposed method is a weighted average of two estimators: a restricted estimator that estimates the parameters under the restriction of no break in the coefficients, and an unrestricted estimator that considers break points and estimates the parameters using the observations within each regime. It is established that the asymptotic risk of the Stein-like shrinkage estimator is smaller than that of the unrestricted estimator, which is the method typically used to estimate the slope coefficients under structural breaks. Furthermore, this paper proposes an averaging minimal mean squared error estimator in which the averaging weight is derived by minimizing its asymptotic risk. Insights from the theoretical analysis are demonstrated in Monte Carlo simulations and through an empirical example of forecasting output growth of G7 countries.
{"title":"Structural breaks in seemingly unrelated regression models","authors":"Shahnaz Parsaeian","doi":"10.1017/s1365100523000329","DOIUrl":"https://doi.org/10.1017/s1365100523000329","url":null,"abstract":"\u0000 This paper develops an efficient Stein-like shrinkage estimator for estimating slope parameters under structural breaks in seemingly unrelated regression models, which is then used for forecasting. The proposed method is a weighted average of two estimators: a restricted estimator that estimates the parameters under the restriction of no break in the coefficients, and an unrestricted estimator that considers break points and estimates the parameters using the observations within each regime. It is established that the asymptotic risk of the Stein-like shrinkage estimator is smaller than that of the unrestricted estimator, which is the method typically used to estimate the slope coefficients under structural breaks. Furthermore, this paper proposes an averaging minimal mean squared error estimator in which the averaging weight is derived by minimizing its asymptotic risk. Insights from the theoretical analysis are demonstrated in Monte Carlo simulations and through an empirical example of forecasting output growth of G7 countries.","PeriodicalId":18078,"journal":{"name":"Macroeconomic Dynamics","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42339670","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-25DOI: 10.1017/s1365100523000330
Willy Alanya-Beltran
I develop and study a factor-augmented quasi-vector autoregressive (FAQVAR) model for economic policy analysis in tumultuous times. An observation-driven framework that exploits the information from the score of the model allows a maximum likelihood estimation. This multivariate FAQVAR model, which assumes a Student t error distribution, is robust to atypical observations such as the global financial crisis and the recent pandemic. The model outperforms the FAVAR moving average model because of the assumed heavy tails that capture the COVID-19 atypical data and other turbulent episodes. An empirical application to the U.S. economy assessing its monetary policy reveals that estimates and impulse responses are stable when considering the sample before and during COVID-19.
{"title":"Factor-augmented QVAR models: an observation-driven approach","authors":"Willy Alanya-Beltran","doi":"10.1017/s1365100523000330","DOIUrl":"https://doi.org/10.1017/s1365100523000330","url":null,"abstract":"\u0000 I develop and study a factor-augmented quasi-vector autoregressive (FAQVAR) model for economic policy analysis in tumultuous times. An observation-driven framework that exploits the information from the score of the model allows a maximum likelihood estimation. This multivariate FAQVAR model, which assumes a Student t error distribution, is robust to atypical observations such as the global financial crisis and the recent pandemic. The model outperforms the FAVAR moving average model because of the assumed heavy tails that capture the COVID-19 atypical data and other turbulent episodes. An empirical application to the U.S. economy assessing its monetary policy reveals that estimates and impulse responses are stable when considering the sample before and during COVID-19.","PeriodicalId":18078,"journal":{"name":"Macroeconomic Dynamics","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47721282","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2023-08-24DOI: 10.1017/s1365100523000342
K. Huang, Qinglai Meng, J. Xue
A general wisdom, since at least the work of Schmitt-Grohé and Uribe [(1997) Journal of Political Economy 105, 976–1000.], holds that a government that relies on adjusting factor income tax rates to achieve budget objective may induce aggregate instability driven by self-fulfilling expectations. This paper shows that this conventional wisdom may be overturned if the rate of adjustment of the capital income tax rate is bigger than that of the labor income tax rate. How much bigger depends on country specifics and particularly on the levels of the capital and labor income tax rates. Thus, adjustments in capital and labor income tax rates, if properly designed and implemented, can help achieve the budget objective while at the same time preempting extrinsic volatility.
至少Schmitt Grohé和Uribe的工作[（1997）Journal of Political Economy 105976-1000.]认为，一个依靠调整要素所得税税率来实现预算目标的政府可能会在自我实现的期望的驱动下引发总体不稳定。本文表明，如果资本所得税税率的调整率大于劳动所得税税率，这种传统观点可能会被推翻。扩大多少取决于国家的具体情况，尤其是资本和劳动所得税税率的水平。因此，资本和劳动所得税税率的调整，如果设计和实施得当，可以帮助实现预算目标，同时避免外部波动。
{"title":"Adjustments of factor income tax rates and aggregate (in)stability","authors":"K. Huang, Qinglai Meng, J. Xue","doi":"10.1017/s1365100523000342","DOIUrl":"https://doi.org/10.1017/s1365100523000342","url":null,"abstract":"\u0000 A general wisdom, since at least the work of Schmitt-Grohé and Uribe [(1997) Journal of Political Economy 105, 976–1000.], holds that a government that relies on adjusting factor income tax rates to achieve budget objective may induce aggregate instability driven by self-fulfilling expectations. This paper shows that this conventional wisdom may be overturned if the rate of adjustment of the capital income tax rate is bigger than that of the labor income tax rate. How much bigger depends on country specifics and particularly on the levels of the capital and labor income tax rates. Thus, adjustments in capital and labor income tax rates, if properly designed and implemented, can help achieve the budget objective while at the same time preempting extrinsic volatility.","PeriodicalId":18078,"journal":{"name":"Macroeconomic Dynamics","volume":" ","pages":""},"PeriodicalIF":0.9,"publicationDate":"2023-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43207011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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