Metroeconomica最新文献

We empirically explore the role of monetary and distribution shocks on semi-autonomous demand under a supermultiplier framework. We use quarterly data for the United States from 1968 to 2022 and apply a SVAR model to investigate the effect of changes in financial and distributive variables on autonomous expenditure. We find that: (i) the federal funds rate has a negative and statistically significant effect on autonomous expenditure; (ii) a positive shock in the wage share (WS) has a negative effect on non-revolving consumer credit (CC) and a transitory positive effect on induced consumption; (iii) a positive shock in aggregated autonomous demand has a positive, persistent, and significant effect on induced consumption and, output, as well as on the adjusted WS; (iv) a positive shock in private residential investment has a positive, persistent and statistically significant effect on other autonomous components of demand and output; (v) while residential investment positively influences CC and durable consumption, the inverse does not hold.

A generalized version of the classical model of the firm under risk is proposed in order evaluate the effects of an increase in price risk on a firm's production choices where background risk is present. It is shown theoretically that in this setting, these effects are ambiguous. This purely analytical result is then tested empirically using survey data on manufacturing firms in Chile. The results indicate that an increase in price risk induces greater production levels across the entire sample, thus revealing the presence of a precautionary effect. When the sample is divided on the basis of firm size, however, evidence of significant heterogeneous effects is found. While larger firms exhibit a precautionary effect, smaller firms display a strong substitution effect that prompts them to reduce output levels.

We re-examine the concept of involuntary and frictional unemployment and the neutrality of money in a statistical equilibrium model of the labor market in which boundedly rational workers' and employers' interactions have a non-zero impact on wages. From this perspective both the degree of involuntary unemployment and the neutrality of money depend on the adjustment of both expectations of the average level of wages and prices and the further adjustment of anticipations of the scale of fluctuations in prices and wage offers. Shocks to the economy can produce new long-run equilibrium levels of unemployment and short-run increases in involuntary unemployment arising from unevenness in the adjustment of expectations.

This study examines the glass ceiling and sticky floor phenomena within the contexts of both the public and private sectors in Türkiye, while exploring sector-specific differences. To do this, we use a recentered influence function-based decomposition method to analyze data from the Household Labor Force Statistics spanning from 2014 to 2021. Our findings suggest that the sticky floor effect emerges as more prominent in the private sector, contrasting with the public sector where the glass ceiling effect holds greater sway. Additionally, our analysis reveals that gender discrimination appears to be more prevalent in the private sector, although it exhibits an increasing trend in the public sector. The evidence suggests a need for further research on the gender wage gap in Türkiye, especially within the context of the glass ceiling and sticky floor effects. This study contributes to the existing literature by offering a comprehensive examination of these phenomena in both public and private sectors, leveraging the availability of recent data and advancements in methodologies.

We develop a simple model to study the comparative statics of worker-managed (WM) and capital-managed (CM) app-based labor platforms. The model assumes that algorithmic management makes free-riding and collective decision-making costs negligible and highlights different pay policies as the distinctive feature differentiating WM and CM platforms, in an environment where workers are financially constrained and capital markets are imperfect. With very simple algebra, we show that WM platforms may show greater cost efficiency and may be better able to benefit from network effects with respect to CM competitors. Yet, viability of WM firms may be critically impeded by the extra-cost of the external capital, which enables CM platforms to pay a wage premium. The optimal pay policy of CM platforms is shown to vary depending on the intensity of network effects. Reported anecdotal evidence is compatible with main model's results.

This paper studies price competition among a given number of capacity-constrained producers of a homogeneous commodity under the efficient rationing rule and constant (and identical) marginal cost until full capacity, when demand is a continuous, non-increasing, and non-negative function defined on the set of non-negative prices and is positive, strictly decreasing, twice differentiable and (weakly) concave when positive. The focus is on general properties of equilibria in the region of the capacity space in which no pure strategy equilibria exist. We study how the properties that are known to hold for the duopoly are generalized to the oligopoly and we highlight the new properties that can arise in asymmetric oligopoly, which include the existence of an atom in the support of the equilibrium strategy of a firm smaller than the largest one, the properties that such an atom entails, the existence of gaps in the supports, and asymmetries in the equilibrium distributions of equally-sized firms smaller than the largest one. Further, we provide results about the boundaries of the supports. Although the characterization of equilibria is far from being complete, this paper provides substantial elements in this direction.

We conduct empirical analyses on Argentina from 1998 to 2023 to provide new evidence that GDP growth rate ultimately depends on the growth rate of autonomous demand, in line with the Sraffian Supermultiplier (SSM). Firstly, we estimate a Vector Equilibrium Correction Model (VECM) to establish the weak exogeneity of autonomous demand components, with output adjusting to long-run deviations between these autonomous components and GDP. Secondly, we test a mechanism adjusting productive capacity to demand based on the flexible accelerator principle. Employing a VAR analysis, we present evidence that investment share is Granger-caused by GDP, supporting the SSM framework.

Using an empirical stock-flow consistent model, we simulate an imported inflationary shock to analyze the macroeconomic impacts on the French economy. Facing the risk of a profit-price-wage spiral; alternative economic policy responses are evaluated. Traditional restrictive monetary policy does not seem well-suited to fight imported inflation as the cost is significant with limited and delayed results. Increased social transfers can help workers support their loss of purchasing power. Reduced Value Added Tax can directly limit the inflation drift, but its concrete implementation may raise difficulties. These measures have a cost for public finances but are affordable if the inflation shock is temporary.