William Nordhaus argues (“Carbon Taxes to Move Toward Fiscal Sustainability,” Sept 2010) that “most people are surprised to learn that the effect [of a carbon tax] on gasoline prices is relatively small.” This is true in general, but the specific number cited by Nordhaus—that a tax of $25 per ton of carbon dioxide “would raise gasoline prices only 7 cents a gallon” —is a mistake, one that apparently came from a switch from discussing carbon units to carbon dioxide units. Each ton of carbon produces 44/12 tons of carbon dioxide. As a result, although a tax of $25 per ton of carbon would raise gasoline prices by approximately 7 cents per gallon, a tax of $25 per ton of carbon dioxide would raise gasoline prices by approximately 25 cents per gallon. A second issue is that it is not clear whether Nordhaus is using “metric tonnes” or the “short tons” often used in the U.S. The difference here is not great—one metric tonne is approximately 1.1023 short tons, so a tax of $25 per metric tonne CO2 is equal to a tax of about $23 per short ton CO2—but it highlights the need for caution when performing carbon tax calculations.
{"title":"Comment on Nordhaus: Carbon Tax Calculations","authors":"Yoram Bauman","doi":"10.2202/1553-3832.1796","DOIUrl":"https://doi.org/10.2202/1553-3832.1796","url":null,"abstract":"William Nordhaus argues (“Carbon Taxes to Move Toward Fiscal Sustainability,” Sept 2010) that “most people are surprised to learn that the effect [of a carbon tax] on gasoline prices is relatively small.” This is true in general, but the specific number cited by Nordhaus—that a tax of $25 per ton of carbon dioxide “would raise gasoline prices only 7 cents a gallon” —is a mistake, one that apparently came from a switch from discussing carbon units to carbon dioxide units. Each ton of carbon produces 44/12 tons of carbon dioxide. As a result, although a tax of $25 per ton of carbon would raise gasoline prices by approximately 7 cents per gallon, a tax of $25 per ton of carbon dioxide would raise gasoline prices by approximately 25 cents per gallon. A second issue is that it is not clear whether Nordhaus is using “metric tonnes” or the “short tons” often used in the U.S. The difference here is not great—one metric tonne is approximately 1.1023 short tons, so a tax of $25 per metric tonne CO2 is equal to a tax of about $23 per short ton CO2—but it highlights the need for caution when performing carbon tax calculations.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"7 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1796","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68648783","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
State pensions are in a terrible way. What should be done? In exchange for closing defined-benefit plans to new workers and enrolling all new workers in Social Security, a state should be allowed to issue tax-subsidized bonds for pension funding, according to Joshua Rauh of Kellogg School of Management at Northwestern and Robert Novy-Marx at University of Chicago Booth School of Business.
{"title":"Pension Security Bonds: A New Plan to Address the State Pension Crisis","authors":"Joshua D. Rauh, Robert Novy-Marx","doi":"10.2202/1553-3832.1757","DOIUrl":"https://doi.org/10.2202/1553-3832.1757","url":null,"abstract":"State pensions are in a terrible way. What should be done? In exchange for closing defined-benefit plans to new workers and enrolling all new workers in Social Security, a state should be allowed to issue tax-subsidized bonds for pension funding, according to Joshua Rauh of Kellogg School of Management at Northwestern and Robert Novy-Marx at University of Chicago Booth School of Business.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"7 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1757","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68648232","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Joshua Rauh and Robert Novy-Marx have substantially under-estimated the cost for a replacement defined contribution plan, according to Rowland Davis.
罗兰•戴维斯表示，约书亚•劳和罗伯特•诺维-马克思大大低估了替代固定缴款计划的成本。
{"title":"Comment on Rauh and Novy-Marx: The Real Cost to Provide Adequate Retirement Benefits","authors":"Rowland Davis","doi":"10.2202/1553-3832.1795","DOIUrl":"https://doi.org/10.2202/1553-3832.1795","url":null,"abstract":"Joshua Rauh and Robert Novy-Marx have substantially under-estimated the cost for a replacement defined contribution plan, according to Rowland Davis.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"1 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1795","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68648972","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
According to David Cutler of Harvard, a key player in crafting health care reform, the Affordable Care Act (ACA) could turn out to be the most successful piece of health care legislation ever.
{"title":"The Simple Economics of Health Reform","authors":"D. Cutler","doi":"10.2202/1553-3832.1816","DOIUrl":"https://doi.org/10.2202/1553-3832.1816","url":null,"abstract":"According to David Cutler of Harvard, a key player in crafting health care reform, the Affordable Care Act (ACA) could turn out to be the most successful piece of health care legislation ever.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"7 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1816","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68649363","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2010-01-01DOI: 10.7312/columbia/9780231160155.003.0014
R. Gilbert
{"title":"It Works for Mergers, Why Not for Finance? (with Aaron Edlin)","authors":"R. Gilbert","doi":"10.7312/columbia/9780231160155.003.0014","DOIUrl":"https://doi.org/10.7312/columbia/9780231160155.003.0014","url":null,"abstract":"","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"1 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71144268","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
I n the December 2009 issue of The Economists’ Voice, University of Chicago Professor Casey Mulligan rejected Paul Krugman’s rebuke of fresh water economics and reaffirmed his faith in the New Classical Economics. His defense was short. He offered up a super stylized macro model and pointed out that inclusion of a distortion term for his capital and labor market equilibrium conditions allow him to comfortably explain the 2008–2009 recession. Really? As a Wall Street economic practitioner, I am decidedly unconvinced. Practitioners and theorists, I think, are in agreement that a theory is supposed to help us understand how the world works. If a theory of gravity concludes that apples freed from trees tend to float to the heavens, one need not understand the math to reject the construct. And that is why, after the brutal events of the past year, I naïvely thought we would be able to end debate about the plausibility of real business cycle theory. It is worth looking back at Professor Mulligan’s op-ed piece in The New York Times from October of 2008. There, Professor Mulligan dismissed the notion of contagion in the financial sector. He looked for pension funds, university endowments, and newly created and capitalized banks to fill the lending gap:
{"title":"If It Were a Fight, They Would Have Stopped It in December of 2008","authors":"R. Barbera","doi":"10.2202/1553-3832.1725","DOIUrl":"https://doi.org/10.2202/1553-3832.1725","url":null,"abstract":"I n the December 2009 issue of The Economists’ Voice, University of Chicago Professor Casey Mulligan rejected Paul Krugman’s rebuke of fresh water economics and reaffirmed his faith in the New Classical Economics. His defense was short. He offered up a super stylized macro model and pointed out that inclusion of a distortion term for his capital and labor market equilibrium conditions allow him to comfortably explain the 2008–2009 recession. Really? As a Wall Street economic practitioner, I am decidedly unconvinced. Practitioners and theorists, I think, are in agreement that a theory is supposed to help us understand how the world works. If a theory of gravity concludes that apples freed from trees tend to float to the heavens, one need not understand the math to reject the construct. And that is why, after the brutal events of the past year, I naïvely thought we would be able to end debate about the plausibility of real business cycle theory. It is worth looking back at Professor Mulligan’s op-ed piece in The New York Times from October of 2008. There, Professor Mulligan dismissed the notion of contagion in the financial sector. He looked for pension funds, university endowments, and newly created and capitalized banks to fill the lending gap:","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"7 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1725","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68648162","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
While agreeing with the overestimation of potential growth of urban land prices by many if not most market participants, I can’t help arguing against the model posed in Shiller’s article. It’s not overall country population density that counts, it’s the degree of urbanization. While the original Solow model is too simple to apply blindly to multi-centered urban agglomerations, the point of that model still applies. Increasing urbanization implies increased costs of travel and hence higher land prices where location results in lower transportation costs to and from work. That source of urban land price real growth continues to apply, especially in the urban centers that are more successful in attracting migrants. That’s a real source of land price inflation that continues to be important, even if overestimated by the unwashed public.
{"title":"Comment on Shiller: Urban Density Drives Housing Price Increases","authors":"John D. Bossons","doi":"10.2202/1553-3832.1701","DOIUrl":"https://doi.org/10.2202/1553-3832.1701","url":null,"abstract":"While agreeing with the overestimation of potential growth of urban land prices by many if not most market participants, I can’t help arguing against the model posed in Shiller’s article. It’s not overall country population density that counts, it’s the degree of urbanization. While the original Solow model is too simple to apply blindly to multi-centered urban agglomerations, the point of that model still applies. Increasing urbanization implies increased costs of travel and hence higher land prices where location results in lower transportation costs to and from work. That source of urban land price real growth continues to apply, especially in the urban centers that are more successful in attracting migrants. That’s a real source of land price inflation that continues to be important, even if overestimated by the unwashed public.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"7 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2010-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1701","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68648203","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
In early 2010, France will introduce a carbon tax, becoming the largest economy in the world to do so. According to Éloi Laurent, the introduction of a carbon tax in France is a good example that ecologically efficient and socially fair solutions do exist to curb climate change, but that it takes public pedagogy, sound economic reasoning and above all political courage to bring them into being.
{"title":"Carbon Tax: The French Connection","authors":"Éloi Laurent","doi":"10.2202/1553-3832.1710","DOIUrl":"https://doi.org/10.2202/1553-3832.1710","url":null,"abstract":"In early 2010, France will introduce a carbon tax, becoming the largest economy in the world to do so. According to Éloi Laurent, the introduction of a carbon tax in France is a good example that ecologically efficient and socially fair solutions do exist to curb climate change, but that it takes public pedagogy, sound economic reasoning and above all political courage to bring them into being.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"6 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2009-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1710","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68647887","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Lee Friedman and Jeff Deason of UC Berkeley propose a plan to handle a variety of timing issues too often ignored in regulatory programs to reduce greenhouse gas emissions.
{"title":"Should the Regulator or the Market Decide When to Reduce Greenhouse Gas Emissions?","authors":"L. Friedman, J. Deason","doi":"10.2202/1553-3832.1614","DOIUrl":"https://doi.org/10.2202/1553-3832.1614","url":null,"abstract":"Lee Friedman and Jeff Deason of UC Berkeley propose a plan to handle a variety of timing issues too often ignored in regulatory programs to reduce greenhouse gas emissions.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"6 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2009-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1614","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68646097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Look to the way the Constitution allocates Senate seats to understand the truth about redistribution, says Wallace Hendricks of the University of Illinois.
伊利诺伊大学的华莱士·亨德里克斯说，看看宪法分配参议院席位的方式，就能理解再分配的真相。
{"title":"Comment on Richardson: The Truth about Redistribution","authors":"W. Hendricks","doi":"10.2202/1553-3832.1708","DOIUrl":"https://doi.org/10.2202/1553-3832.1708","url":null,"abstract":"Look to the way the Constitution allocates Senate seats to understand the truth about redistribution, says Wallace Hendricks of the University of Illinois.","PeriodicalId":42390,"journal":{"name":"Economists Voice","volume":"6 1","pages":""},"PeriodicalIF":0.4,"publicationDate":"2009-12-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.2202/1553-3832.1708","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68647789","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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