Carlos Bethencourt, Lars Kunze, Fernando Perera‐Tallo
This paper investigates the relationship between economic growth and the degree of fundedness of a social security system in an overlapping generations model with family altruism. It is shown that the relationship between the degree of fundedness and economic growth is inverted U‐shaped so that a gradual increase in funding may harm growth if bequests are not operative within the family. Our findings put some caution on the conventional view that a higher degree of funded social security is beneficial for growth.
本文在一个具有家庭利他主义的世代重叠模型中，研究了经济增长与社会保障体系资金到位程度之间的关系。结果表明，社会保障的资金投入程度与经济增长之间的关系呈倒 U 型，因此，如果遗赠在家庭中不发挥作用，资金投入的逐步增加可能会损害经济增长。我们的研究结果使人们对较高程度的社会保障资金有利于经济增长的传统观点持谨慎态度。
{"title":"Partially funded social security and growth","authors":"Carlos Bethencourt, Lars Kunze, Fernando Perera‐Tallo","doi":"10.1111/meca.12484","DOIUrl":"https://doi.org/10.1111/meca.12484","url":null,"abstract":"This paper investigates the relationship between economic growth and the degree of fundedness of a social security system in an overlapping generations model with family altruism. It is shown that the relationship between the degree of fundedness and economic growth is inverted U‐shaped so that a gradual increase in funding may harm growth if bequests are not operative within the family. Our findings put some caution on the conventional view that a higher degree of funded social security is beneficial for growth.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"1 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Joana David Avritzer, Maria Cristina Barbieri Goes
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.
{"title":"Monetary policy, income distribution and semi‐autonomous demand in the US","authors":"Joana David Avritzer, Maria Cristina Barbieri Goes","doi":"10.1111/meca.12479","DOIUrl":"https://doi.org/10.1111/meca.12479","url":null,"abstract":"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.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"6 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224338","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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.
{"title":"Testing the theory of the firm under price and background risk","authors":"Claudio A. Bonilla, Jorge Sabat, Marcos Vergara","doi":"10.1111/meca.12483","DOIUrl":"https://doi.org/10.1111/meca.12483","url":null,"abstract":"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.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"12 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142185477","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Andrew B. Trigg, Davide Villani, Fabrício Pitombo Leite, Jonathan R. Perraton
This paper considers Global Value Chains by developing an open Leontief input‐output model for which household consumption is endogenously determined—the Type II framework. Three specific contributions are: an extension of the Type II input‐output model to a multi‐country setting; its empirical modelling using trade‐linked input‐output tables; and a Brazil case study for exploring how the industrial structure of export linkages impact on employment. Policy dilemmas that emerge for Brazil's industrial strategy focus on its heavy reliance on primary‐based industries, and how it might diversify its trading partners.
{"title":"Using input‐output data to model the structure of export linkages in global value chains: A Brazil case study","authors":"Andrew B. Trigg, Davide Villani, Fabrício Pitombo Leite, Jonathan R. Perraton","doi":"10.1111/meca.12478","DOIUrl":"https://doi.org/10.1111/meca.12478","url":null,"abstract":"This paper considers Global Value Chains by developing an open Leontief input‐output model for which household consumption is endogenously determined—the Type II framework. Three specific contributions are: an extension of the Type II input‐output model to a multi‐country setting; its empirical modelling using trade‐linked input‐output tables; and a Brazil case study for exploring how the industrial structure of export linkages impact on employment. Policy dilemmas that emerge for Brazil's industrial strategy focus on its heavy reliance on primary‐based industries, and how it might diversify its trading partners.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"62 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Fernando Rios‐Avila, Ayça Özekin, Fulden Komuryakan
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.
{"title":"Glass ceiling, sticky floor, or both? Public and private sector differences in Türkiye","authors":"Fernando Rios‐Avila, Ayça Özekin, Fulden Komuryakan","doi":"10.1111/meca.12481","DOIUrl":"https://doi.org/10.1111/meca.12481","url":null,"abstract":"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.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"60 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224339","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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.
我们建立了一个简单的模型来研究工人管理型（WM）和资本管理型（CM）应用程序劳动平台的比较静态。该模型假定算法管理使得搭便车和集体决策成本可以忽略不计，并强调不同的薪酬政策是区分 WM 和 CM 平台的显著特征，在这种环境下，工人受到财务约束，资本市场并不完善。通过非常简单的代数，我们发现，相对于 CM 竞争对手，WM 平台可能显示出更高的成本效率，并能更好地从网络效应中获益。然而，外部资本的额外成本可能会严重阻碍 WM 公司的生存能力，这使得 CM 平台能够支付工资溢价。研究表明，企业管理平台的最优薪酬政策会随着网络效应的强度而变化。报告中的传闻证据与主要模型的结果相符。
{"title":"A simple comparative model of worker‐managed and capital‐managed digital platforms","authors":"Filippo Belloc","doi":"10.1111/meca.12482","DOIUrl":"https://doi.org/10.1111/meca.12482","url":null,"abstract":"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.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"41 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-08-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142224356","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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.
{"title":"Bertrand‐Edgeworth game under oligopoly. General results and comparisons with duopoly","authors":"Massimo A. De Francesco, Neri Salvadori","doi":"10.1111/meca.12474","DOIUrl":"https://doi.org/10.1111/meca.12474","url":null,"abstract":"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.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"43 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141779022","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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.
我们对阿根廷 1998 年至 2023 年的情况进行了实证分析，从而提供了新的证据，证明 GDP 增长率最终取决于自主需求的增长率，这与 Sraffian 超乘数（SSM）是一致的。首先，我们估计了一个向量均衡修正模型（VECM），以确定自主需求成分的弱外生性，产出会根据这些自主成分与国内生产总值之间的长期偏差进行调整。其次，我们根据灵活的加速器原理检验了生产能力对需求的调节机制。利用 VAR 分析，我们提出了投资份额由 GDP 格兰杰引起的证据，支持 SSM 框架。
{"title":"An empirical assessment of two testable hypotheses of the Sraffian Supermultiplier for Argentina","authors":"Ariel Dvoskin, Florencia Médici","doi":"10.1111/meca.12472","DOIUrl":"https://doi.org/10.1111/meca.12472","url":null,"abstract":"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.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"7 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141569664","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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.
{"title":"Inflation and how to deal with it in France. A policy perspective from an empirical stock‐flow model","authors":"Jacques Mazier, Luis Reyes, Chin Yuan Chong","doi":"10.1111/meca.12476","DOIUrl":"https://doi.org/10.1111/meca.12476","url":null,"abstract":"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.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"185 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141507776","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
An important feature of the neo‐Kaleckian growth theory is that it distinguishes different growth (and demand) regimes: a profit‐led regime and a wage‐led regime. Both empirical and theoretical research have shown that growth (demand) regimes are not stable. In this study, we show that a change in income distribution can affect the normal capital capacity ratio, which can further cause a (re)switching in growth (and demand) regimes.
{"title":"Income distribution, normal utilisation, and (re)switching of growth regimes","authors":"Biao Huang, Xiaokai Zhao","doi":"10.1111/meca.12477","DOIUrl":"https://doi.org/10.1111/meca.12477","url":null,"abstract":"An important feature of the neo‐Kaleckian growth theory is that it distinguishes different growth (and demand) regimes: a profit‐led regime and a wage‐led regime. Both empirical and theoretical research have shown that growth (demand) regimes are not stable. In this study, we show that a change in income distribution can affect the normal capital capacity ratio, which can further cause a (re)switching in growth (and demand) regimes.","PeriodicalId":46885,"journal":{"name":"Metroeconomica","volume":"60 1","pages":""},"PeriodicalIF":1.3,"publicationDate":"2024-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141529618","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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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