We examine the bunching behaviour of individuals in Australia in response to an extra 15 per cent tax on compulsory retirement contributions imposed on those earning more than $ A250,000. We find almost no bunching by wage and salary earners. There is extensive bunching by those with business or trust income. For this group, we estimate an elasticity of taxable income of 0.027. Females and older workers are more likely to bunch. The results suggest that the tax induces a tax planning response but little labour supply response.
{"title":"Tax Bunching of Very High Earners: Evidence from Australia's Division 293 Retirement Contributions Tax*","authors":"Andrew Carter, Robert Breunig","doi":"10.1111/1475-4932.12813","DOIUrl":"10.1111/1475-4932.12813","url":null,"abstract":"<p>We examine the bunching behaviour of individuals in Australia in response to an extra 15 per cent tax on compulsory retirement contributions imposed on those earning more than $ A250,000. We find almost no bunching by wage and salary earners. There is extensive bunching by those with business or trust income. For this group, we estimate an elasticity of taxable income of 0.027. Females and older workers are more likely to bunch. The results suggest that the tax induces a tax planning response but little labour supply response.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 330","pages":"343-372"},"PeriodicalIF":1.1,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12813","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141195772","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The concern that income inequality might have a deleterious impact on government goes back well over 2300 years. In recent times, the focus has settled on the threat posed by an association between inequality and government expenditure. In this work we investigate inequality and expenditure from the perspective of a jurisdiction wherein taxes have little association with incomes, taxation limitations apply and few goods are redistributive in nature. This context prompts us to adapt and propose an alternate explanation by which to investigate matters. Our work concludes with a reflection on the importance of testing old ideas in new contexts.
{"title":"Does Inequality Still Matter? Income Heterogeneity and Local Government Expenditure","authors":"Joseph Drew, Masato Miyazaki, Dana McQuestin","doi":"10.1111/1475-4932.12812","DOIUrl":"10.1111/1475-4932.12812","url":null,"abstract":"<p>The concern that income inequality might have a deleterious impact on government goes back well over 2300 years. In recent times, the focus has settled on the threat posed by an association between inequality and government expenditure. In this work we investigate inequality and expenditure from the perspective of a jurisdiction wherein taxes have little association with incomes, taxation limitations apply and few goods are redistributive in nature. This context prompts us to adapt and propose an alternate explanation by which to investigate matters. Our work concludes with a reflection on the importance of testing old ideas in new contexts.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 330","pages":"373-385"},"PeriodicalIF":1.1,"publicationDate":"2024-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12812","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141195736","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Future of the Factory: How Megatrends are Changing Industrialization, by JosteinHauge (Oxford University Press, Oxford, 2023), pp. 240","authors":"Wannaphong Durongkaveroj","doi":"10.1111/1475-4932.12814","DOIUrl":"https://doi.org/10.1111/1475-4932.12814","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"95 1","pages":""},"PeriodicalIF":1.2,"publicationDate":"2024-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141153268","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}
DSGE models incorporate attractive theoretical specifications of the behaviour of forward-looking consumers facing an uncertain future. Central to these specifications is the idea that consuming agents decide their consumption level in year t by applying a function (policy rule) whose arguments represent information available in year t. Using the insight that, under certain conditions, the policy rule (but not the resulting policy) is invariant through time, DSGE modellers have developed the perturbation and other methods for quantitatively specifying policy rules. They have applied these methods in models with limited sectoral disaggregation. In this paper we adapt the perturbation method so that it can be used to specify a policy rule for consumption in a full-scale CGE model. A novel feature of our method is the use of specially constructed CGE simulations to reveal key parameters used in deriving the policy rule. We apply our method in illustrative simulations of the effects of a technology shock in a 70-sector version of the USAGE model of the US economy.
DSGE 模型包含了对面临不确定未来的前瞻性消费者行为的有吸引力的理论描述。这些规范的核心思想是，消费主体通过应用一个函数（政策规则）来决定其第 t 年的消费水平，该函数的参数代表了第 t 年可获得的信息。DSGE 的建模者利用这一观点，即在某些条件下，政策规则（但不是由此产生的政策）在时间上是不变的，开发了扰动和其他方法来定量地指定政策规则。他们将这些方法应用于部门分解有限的模型中。在本文中，我们对扰动法进行了调整，使其可以用于在全面的 CGE 模型中指定消费政策规则。我们方法的一个新特点是利用专门构建的 CGE 模拟来揭示用于推导政策规则的关键参数。我们将我们的方法应用于美国经济 70 部门模型中技术冲击影响的示例模拟。
{"title":"A DSGE Consumption Function in a CGE Model: Parameter Estimation by CGE Simulation*","authors":"Peter B. Dixon, Maureen T. Rimmer","doi":"10.1111/1475-4932.12800","DOIUrl":"10.1111/1475-4932.12800","url":null,"abstract":"<p>DSGE models incorporate attractive theoretical specifications of the behaviour of forward-looking consumers facing an uncertain future. Central to these specifications is the idea that consuming agents decide their consumption level in year <i>t</i> by applying a function (policy rule) whose arguments represent information available in year <i>t</i>. Using the insight that, under certain conditions, the policy rule (but not the resulting policy) is invariant through time, DSGE modellers have developed the perturbation and other methods for quantitatively specifying policy rules. They have applied these methods in models with limited sectoral disaggregation. In this paper we adapt the perturbation method so that it can be used to specify a policy rule for consumption in a full-scale CGE model. A novel feature of our method is the use of specially constructed CGE simulations to reveal key parameters used in deriving the policy rule. We apply our method in illustrative simulations of the effects of a technology shock in a 70-sector version of the USAGE model of the US economy.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 330","pages":"317-342"},"PeriodicalIF":1.1,"publicationDate":"2024-05-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12800","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141117088","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Transport poverty is a major public policy issue in many countries. However, evidence on the factors that influence transport poverty is relatively scant. We contribute to the debate on the factors that influence transport poverty by being the first to examine how locus of control (LoC) influences transport poverty. Using 15 waves of panel data from the Household, Income and Labour Dynamics in Australia Survey, we find evidence to suggest that LoC influences transport poverty. Specifically, we find that being more internal on LoC is associated with a lower probability of being transport poor. This finding is robust to a suite of sensitivity and robustness checks, including different constructs of transport poverty, alternative measures of LoC, the use of an out-of-sample supplementary dataset and different estimation approaches. We find that social capital is an important factor that mediates the relationship between LoC and transport poverty.
在许多国家，交通贫困是一个重大的公共政策问题。然而，有关交通贫困影响因素的证据却相对较少。我们首次研究了控制点（LoC）如何影响交通贫困，从而为有关交通贫困影响因素的讨论做出了贡献。利用澳大利亚家庭、收入和劳动力动态调查（Household, Income and Labour Dynamics in Australia Survey）的 15 波面板数据，我们发现有证据表明，控制点（LoC）会影响交通贫困。具体地说，我们发现，LoC 的内部程度越高，交通贫困的可能性就越低。这一发现在一系列敏感性和稳健性检查中都是稳健的，包括不同的交通贫困构建、替代的 LoC 测量方法、样本外补充数据集的使用以及不同的估算方法。我们发现，社会资本是调节 LoC 与交通贫困之间关系的一个重要因素。
{"title":"Locus of Control, Social Capital and Transport Poverty†*","authors":"Sefa Awaworyi Churchill, Russell Smyth","doi":"10.1111/1475-4932.12809","DOIUrl":"10.1111/1475-4932.12809","url":null,"abstract":"<p>Transport poverty is a major public policy issue in many countries. However, evidence on the factors that influence transport poverty is relatively scant. We contribute to the debate on the factors that influence transport poverty by being the first to examine how locus of control (LoC) influences transport poverty. Using 15 waves of panel data from the Household, Income and Labour Dynamics in Australia Survey, we find evidence to suggest that LoC influences transport poverty. Specifically, we find that being more internal on LoC is associated with a lower probability of being transport poor. This finding is robust to a suite of sensitivity and robustness checks, including different constructs of transport poverty, alternative measures of LoC, the use of an out-of-sample supplementary dataset and different estimation approaches. We find that social capital is an important factor that mediates the relationship between LoC and transport poverty.</p>","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 330","pages":"283-316"},"PeriodicalIF":1.1,"publicationDate":"2024-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/1475-4932.12809","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140928730","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
{"title":"The Shortest History of Economics by Andrew Leigh (Black Inc., Collingwood, Vic., 2024), pp. vi+228","authors":"Simon Ville","doi":"10.1111/1475-4932.12810","DOIUrl":"10.1111/1475-4932.12810","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 330","pages":"424-426"},"PeriodicalIF":1.1,"publicationDate":"2024-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140928679","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}
{"title":"Climate Future: Averting and Adapting to Climate Change, by Robert S. Pindyck (Oxford University Press, 2022), 230 pages + xvi front matter, doi: https://doi.org/10.1093/oso/9780197647349.001.0001. ISBN (hardback): 9780197647349, ISBN (epub): 9780197647363.","authors":"Steven G. M. Schilizzi","doi":"10.1111/1475-4932.12808","DOIUrl":"10.1111/1475-4932.12808","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 330","pages":"423-424"},"PeriodicalIF":1.1,"publicationDate":"2024-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140835762","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}
{"title":"Why Not Better and Cheaper? Healthcare and Innovation, by James B. Rebitzer and Robert S. Rebitzer (New York: Oxford University Press, 2023), pp. 183.","authors":"Anthony Scott","doi":"10.1111/1475-4932.12807","DOIUrl":"10.1111/1475-4932.12807","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 330","pages":"421-422"},"PeriodicalIF":1.1,"publicationDate":"2024-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140592011","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}
{"title":"Structuralist and Behavioural Macroeconomics, by Peter Skott (Cambridge University Press, Cambridge, 2023), pp. xii+384","authors":"Cameron Gordon","doi":"10.1111/1475-4932.12802","DOIUrl":"10.1111/1475-4932.12802","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 329","pages":"278-279"},"PeriodicalIF":1.2,"publicationDate":"2024-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140592097","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}
{"title":"Tax and Transfer Policy Using Behavioural Microsimulation Modelling: Design and Evaluation, by John Creedy and Penny Mok (Edward Elgar Publishing, Cheltenham, 2022), pp. 236.","authors":"Ben Phillips","doi":"10.1111/1475-4932.12806","DOIUrl":"10.1111/1475-4932.12806","url":null,"abstract":"","PeriodicalId":47484,"journal":{"name":"Economic Record","volume":"100 329","pages":"276-278"},"PeriodicalIF":1.2,"publicationDate":"2024-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140592093","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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