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Exchange rate and inflation under weak monetary policy: Turkey verifies theory 弱货币政策下的汇率与通货膨胀:土耳其验证理论
3区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2023-08-07 DOI: 10.1093/epolic/eiad020
Refet S Gürkaynak, Burçin Kısacıkoğlu, Sang Seok Lee
SUMMARY For the academic audience, this paper presents the outcome of a well-identified, large change in the monetary policy rule from the lens of a standard New Keynesian model and asks whether the model properly captures the effects. For policymakers, it presents a cautionary tale of the dismal effects of ignoring basic macroeconomics. In doing so, it also clarifies how neo-Fisherian disinflation may work or fail, in theory and in practice. The Turkish monetary policy experiment of the past decade, stemming from a belief of the government that higher interest rates cause higher inflation, provides an unfortunately clean exogenous variance in the policy rule. The mandate to keep rates low, and the frequent policymaker turnover orchestrated by the government to enforce this, led to the Taylor principle not being satisfied and eventually a negative coefficient on inflation in the policy rule. In such an environment, was the exchange rate still a random walk? Was inflation anchored? Does the “standard model” suffice to explain the broad contours of macroeconomic outcomes in an emerging economy with large identifying variance in the policy rule? There are no surprises for students of open-economy macroeconomics; the answers are no, no and yes.
对于学术读者来说,本文从标准的新凯恩斯主义模型的角度,展示了货币政策规则中一个明确的、巨大的变化的结果,并询问该模型是否正确地捕捉了这种影响。对于政策制定者来说,这是一个关于忽视基本宏观经济学的可怕后果的警示故事。在此过程中,它也阐明了新费舍尔的反通货膨胀理论在理论和实践中是如何起作用或失败的。土耳其过去10年的货币政策实验,源于政府相信高利率会导致更高的通胀,不幸的是,它在政策规则中提供了一种明显的外生差异。维持低利率的任务,以及政府为执行这一任务而精心安排的政策制定者频繁更换,导致泰勒原则得不到满足,最终导致政策规则中的通胀系数为负。在这样的环境下,汇率仍然是随机游走吗?通胀是稳定的吗?“标准模型”是否足以解释一个政策规则存在巨大差异的新兴经济体宏观经济结果的大致轮廓?对于学习开放经济宏观经济学的学生来说,这并不奇怪;答案是否定、否定和肯定。
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引用次数: 0
Should higher education be subsidized more? 高等教育应该得到更多的补贴吗?
3区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2023-08-01 DOI: 10.1093/epolic/eiad019
Koen Declercq, Erwin Ooghe
SUMMARY We investigate in which countries fiscal externalities provide a justification for increasing subsidies to higher education. First, we show that the marginal fiscal recovery rate, i.e., the ratio of the change in total net fiscal revenues and the change in total subsidy costs caused by a small change in tuition subsidies, is the key statistic: if larger than a well-specified threshold value, then a small increase in subsidies is desirable from a welfare point of view. We also show that the marginal fiscal recovery rate depends on three statistics: the elasticity of participation with respect to subsidies, the success probability of the marginal student, and the ratio of the net fiscal revenue gain and the subsidy level of a degree in higher education. Second, we use this formula to approximate the marginal fiscal recovery rate in twenty OECD countries. The average marginal fiscal recovery rate is equal to 0.94, meaning that, on average, 0.94 euro is recovered of an increase in subsidies by one euro. This average hides substantial heterogeneity between countries. In six countries, the marginal fiscal recovery rate is larger than one, implying that an increase in subsidies to higher education is unambiguously desirable (i.e., a Pareto improvement) in these countries. In the other 14 countries, the marginal fiscal recovery rate is below one. Yet, if the degree of inequality aversion is not extreme, then increasing subsidies is also desirable in 12 additional countries. Third, to check the quality of our approximation of the marginal fiscal recovery rate, we simulate it for Belgium (region of Flanders) on the basis of a more detailed model. This simulation provides a somewhat lower, yet fairly similar result compared to the approximation.
我们调查了哪些国家的财政外部性为增加高等教育补贴提供了理由。首先,我们证明了边际财政回收率,即由学费补贴的微小变化引起的总净财政收入变化与总补贴成本变化之比,是关键的统计数据:如果大于一个明确规定的阈值,那么从福利的角度来看,补贴的小幅增加是可取的。我们还表明,边际财政回收率取决于三个统计数据:相对于补贴的参与弹性、边际学生的成功概率、净财政收入收益与高等教育学位补贴水平的比率。其次,我们使用这个公式来近似20个经合组织国家的边际财政回收率。平均边际财政回收率等于0.94,这意味着,平均而言,补贴每增加1欧元,就会收回0.94欧元。这一平均值掩盖了各国之间的巨大差异。在六个国家,边际财政回收率大于1,这意味着在这些国家,增加对高等教育的补贴是明确可取的(即帕累托改进)。在其他14个国家,边际财政恢复率低于1。然而,如果对不平等的厌恶程度不是极端的,那么在另外12个国家,增加补贴也是可取的。第三,为了检验边际财政回收率近似值的质量,我们在一个更详细的模型的基础上对比利时(法兰德斯地区)进行了模拟。与近似值相比,此模拟提供了一个稍微低一些但相当相似的结果。
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引用次数: 0
The effects of natural resource revenues on municipal finance 自然资源收入对市政财政的影响
3区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2023-02-28 DOI: 10.1093/epolic/eiad015
Patrick Leisibach, Simon Luechinger, Jonas Roellin, Christoph A Schaltegger
Abstract We investigate how revenues from taxing hydropower production affect local fiscal policy with data for municipalities in Switzerland in 1987–2015. Our instrumental variable approach uses exogenous variation in these revenues by combining the municipality-specific hydropower potential with the varying federally mandated ceiling on taxation of hydropower production. We find negative effects on tax rates and tax revenues, but insignificant spending effects. These results provide fresh evidence on how local authorities use exogenous revenues and on the flypaper effect for a setting with strong local fiscal autonomy and participatory institutions.
摘要本文利用1987-2015年瑞士各市的数据,研究了水力发电税收收入对地方财政政策的影响。我们的工具变量方法通过将市政当局特定的水电潜力与不同的联邦规定的水电生产税收上限相结合,利用这些收入的外生变化。我们发现对税率和税收有负面影响,但对支出的影响不显著。这些结果为地方当局如何利用外生收入以及具有强大地方财政自主权和参与性机构的环境下的捕蝇纸效应提供了新的证据。
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引用次数: 0
Behind the Veil: the Effect of Banning the Islamic Veil in Schools 面纱背后:禁止在学校佩戴伊斯兰面纱的影响
IF 2.5 3区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2022-12-16 DOI: 10.1093/epolic/eiac069
Éric Maurin, Nicolás Navarrete H
The Islamic veil is a subject of intense controversy in many Western countries. In particular, it remains an open question whether banning the veil in schools prevents female Muslim students from engaging in normal schooling, or whether it is a policy that promotes their integration. We shed light on this question by exploring the effects of the 1994 ministerial circular that required French schools to ban Islamic veils. We show that the ban coincided with a significant improvement in the educational attainment of female students of Muslim origin, as well as a rise in mixed marriages.
在许多西方国家,伊斯兰面纱是一个备受争议的话题。特别是,禁止在学校戴面纱是否会阻碍穆斯林女学生参加正常的学校教育,还是一项促进她们融入社会的政策,这仍然是一个悬而未决的问题。我们通过探讨1994年要求法国学校禁止伊斯兰面纱的部长通知的影响来阐明这个问题。我们发现,禁令出台的同时,穆斯林女学生的受教育程度显著提高,跨国婚姻也有所增加。
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引用次数: 0
Immigration and Teacher Bias towards Students with an Immigrant Background 移民和教师对有移民背景学生的偏见
IF 2.5 3区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2022-12-14 DOI: 10.1093/epolic/eiac068
Marco Alberto De Benedetto, Maria De Paola
We analyze the role of changes in the geographic concentration of immigrants in shaping teachers’ assessment of students’ performance. By using data on Italian students attending the 5th grade, we adopt an IV estimation strategy and, by controlling for student performance in blindly-scored tests of proficiency, find that an increasing presence of immigrants in the local population negatively affects the way teachers evaluate immigrant students, as opposed to their peers, in non-blindly-graded tests. We also reveal that the effect is mainly driven by schools located in smaller communities and in areas with lower overall levels of educational attainment and that it is unlikely to be related to the conduct of immigrant students who live in the areas experiencing sizable increases in immigration flows. In addition, older teachers tend to be more biased.
我们分析了移民地理集中度的变化对教师评价学生成绩的影响。通过使用意大利五年级学生的数据,我们采用了IV估计策略,并通过控制学生在盲目评分的熟练程度测试中的表现,发现当地人口中移民人数的增加对教师在非盲目评分测试中评估移民学生的方式产生了负面影响,而不是他们的同龄人。我们还发现,这种影响主要是由位于较小社区和总体受教育程度较低地区的学校驱动的,并且它不太可能与居住在移民流量大幅增加地区的移民学生的行为有关。此外,年长的教师往往更有偏见。
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引用次数: 0
Gender Biases: Evidence from a Natural Experiment in French Local Elections 性别偏见:来自法国地方选举自然实验的证据
IF 2.5 3区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2022-12-10 DOI: 10.1093/epolic/eiac067
Jean-Benoît Eyméoud, Paul Vertier
Women are underrepresented in politics. In this paper, we test one of the potential explanations for this situation: gender biases from voters. We use a natural experiment during French local elections in 2015: for the first time in this country, candidates had to run in pairs, that had to be gender-balanced. We argue that this reform confused some voters, who might have assumed that the first name on the ballot represented the “main” candidate. Since the order of the candidates on the ballot was determined by their alphabetical order, the order of appearance of male and female candidates was as-good-as-random, and this setting allows us to isolate gender biases from selection effects. Our main result is that there exists a negative gender bias affecting right-wing candidates, whose vote shares were lower by 1.5 percentage points when the female candidate appeared first on the ballot. The missing votes prevented some pairs of candidates from proceeding to the second round of voting. Using data on newspaper circulation and additional institutional features of the election - namely the fact that candidates can (but do not have to) report additional information about themselves on the ballot - we show that higher levels of information decrease discrimination. We argue that the discrimination we identify is, therefore, likely to be statistical.
妇女在政治上的代表性不足。在本文中,我们测试了对这种情况的一种潜在解释:选民的性别偏见。我们在2015年的法国地方选举中做了一个自然实验:在这个国家,候选人第一次必须成双成对地竞选,这必须是性别平衡的。我们认为,这项改革使一些选民感到困惑,他们可能认为选票上的第一个名字代表“主要”候选人。由于候选人在选票上的顺序是由他们的字母顺序决定的,因此男性和女性候选人的出现顺序几乎是随机的,这种设置使我们能够将性别偏见与选择效应隔离开来。我们的主要结果是,右翼候选人存在负面的性别偏见,当女性候选人首先出现在选票上时,右翼候选人的得票率会下降1.5个百分点。由于缺少选票,一些候选人无法进入第二轮投票。利用报纸发行量的数据和选举的其他制度特征——即候选人可以(但不必)在选票上报告关于自己的额外信息——我们表明,信息水平越高,歧视就越少。因此,我们认为,我们发现的歧视很可能是统计上的。
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引用次数: 0
Covid-Induced School Closures in the US and Germany: Long-Term Distributional Effects 美国和德国因新冠肺炎导致的学校停课:长期分配效应
IF 2.5 3区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2022-09-10 DOI: 10.1093/epolic/eiac052
Nicola Fuchs-Schündeln
Almost all countries worldwide closed schools at the outbreak of the Covid-19 crisis. I document that schooling time dropped on average by -55% in the US and -45% in Germany from the onset of the crisis to the summer of 2021. In the US, schools were closed longer in richer than in poorer areas, while in Germany the regional variation is much smaller. However, Germany exhibited substantial variation by grade level, with a strong U-shaped patterns that implies that children attending middle school faced the longest closures. A structural model of human capital accumulation predicts that the US school closures on average lead to a reduction of life-time earnings of –1.8% for the affected children. While the overall losses are likely somewhat smaller in Germany, the socio-economic gradient in the losses could be larger than in the US, leading to increased inequality and decreased intergenerational mobility.
Covid-19危机爆发时,世界上几乎所有国家都关闭了学校。我记录了从危机开始到2021年夏天,美国和德国的上学时间平均下降了55%和45%。在美国,富裕地区的学校关闭时间比贫困地区长,而在德国,地区差异要小得多。然而,德国在不同年级表现出了很大的差异,有很强的u形模式,这意味着上中学的孩子面临的关闭时间最长。一个人力资本积累的结构模型预测,美国学校关闭平均会导致受影响儿童的终身收入减少-1.8%。虽然德国的总体损失可能略小,但损失的社会经济梯度可能比美国更大,导致不平等加剧,代际流动性下降。
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引用次数: 0
Corporate zombies: Anatomy and life cycle 僵尸企业:解剖和生命周期
IF 2.5 3区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2022-05-18 DOI: 10.1093/epolic/eiac027
Ryan Banerjee, Boris Hofmann
Using firm-level data on listed non-financial companies in 14 advanced economies, we document a rise in the share of zombie firms, defined as unprofitable firms with low stock market valuation, from 4% in the late 1980s to 15% in 2017. These zombie firms are smaller, less productive, more leveraged, invest less in physical and intangible capital and shrink their assets, debt and employment. Their performance deteriorates several years before zombification and remains significantly poorer than that of non-zombie firms in subsequent years. Over time, some 25% of zombie companies exited the market, while 60% exited from zombie status. However, recovered zombies underperform compared to firms that have never been zombies and they face a high probability of relapsing into zombie status.
利用14个发达经济体上市非金融公司的公司层面数据,我们发现僵尸公司的比例从20世纪80年代末的4%上升到2017年的15%。僵尸公司被定义为股票市场估值较低的无利可图公司。这些僵尸企业规模更小,生产率更低,杠杆率更高,对有形和无形资本的投资更少,资产、债务和就业都在缩水。它们的业绩在僵尸化前几年就会恶化,并且在随后的几年里仍明显逊于非僵尸企业。随着时间的推移,大约25%的僵尸公司退出了市场,而60%的僵尸公司退出了市场。然而,与那些从未成为僵尸的公司相比,恢复后的僵尸公司表现不佳,而且它们很有可能再次陷入僵尸状态。
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引用次数: 0
Lockdown and voting behaviour: a natural experiment on postponed elections during the COVID-19 pandemic 封锁与投票行为:2019冠状病毒病大流行期间推迟选举的自然实验
IF 2.5 3区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2022-03-16 DOI: 10.1093/epolic/eiac018
Tommaso Giommoni,Gabriel Loumeau
Abstract The goal of this paper is to study the electoral impact of crisis management policies. With this aim, we exploit a natural experiment during the COVID-19 pandemic in France to evaluate the effect of the lockdown on voting behaviour. In particular, the country has been divided in two areas, red and green, subject to a ‘hard’ and a ‘soft’ lockdown, respectively. To measure voting behaviour, before and after the policy, we rely on the 2020 French municipal elections: the first round took place before the introduction of the restrictions, while the second round was delayed after the end of the lockdown. We estimate a spatial regression-discontinuity-design model comparing electoral outcomes around the border of red and green areas both in the second round and between the two electoral rounds. The main results suggest that lockdown regulations significantly affected voting outcomes. First, in localities under a harder lockdown, the incumbent’s vote share is higher. Second, voter turnout is larger where more stringent restrictions are adopted. These results suggest that lockdown policy mobilizes citizens and leads them to rally around the incumbent politicians.
本文的目的是研究危机管理政策对选举的影响。为此,我们利用法国COVID-19大流行期间的自然实验来评估封锁对投票行为的影响。特别是,该国被分为红色和绿色两个区域,分别受到“硬”和“软”封锁。为了衡量政策实施前后的投票行为,我们依靠2020年法国市政选举:第一轮选举在实施限制措施之前举行,而第二轮选举在封锁结束后推迟举行。我们估计了一个空间回归-不连续性-设计模型,比较了第二轮和两轮选举中红色和绿色区域边界附近的选举结果。主要结果表明,封锁措施对投票结果有显著影响。首先,在封锁力度更大的地方,现任总统的得票率更高。第二,如果采取更严格的限制措施,投票率就会更高。这些结果表明,封锁政策动员了公民,使他们团结在现任政治家周围。
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引用次数: 0
The political economy of reforms in central bank design: evidence from a new dataset 中央银行设计改革的政治经济学:来自新数据集的证据
IF 2.5 3区 经济学 Q1 Economics, Econometrics and Finance Pub Date : 2022-01-24 DOI: 10.1093/epolic/eiac011
Davide Romelli
What explains the worldwide changes in central bank design over the past five decades? Using a new dataset on central bank institutional design, this paper investigates the timing, pace and magnitude of reforms in a sample of 154 countries over the period 1972-2017. I construct a new dynamic index of central bank independence and show that past levels of independence, as well as regional convergence, represent important drivers of changes in central bank design. An external pressure, such as obtaining an IMF loan, or political events, such as democratic reforms and the election of nationalistic governments, also impact the reform process. Reforms also follow periods of high inflation rates suggesting an endogeneous evolution of central bank independence. The results also reveal important heterogeneities in the reform process depending on the level of development, the size and direction of reforms, as well as the different dimensions along which central bank legislation can be amended.
如何解释过去50年世界范围内央行设计的变化?本文使用中央银行制度设计的新数据集,研究了1972-2017年期间154个国家改革的时间、速度和规模。我构建了一个新的中央银行独立性动态指数,并表明过去的独立性水平以及区域趋同是中央银行设计变化的重要驱动因素。外部压力,如获得国际货币基金组织贷款,或政治事件,如民主改革和民族主义政府的选举,也会影响改革进程。改革还伴随着高通胀率时期,这表明央行独立性的内生演变。研究结果还揭示了改革过程中重要的异质性,这取决于发展水平、改革的规模和方向,以及央行立法可以修改的不同维度。
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引用次数: 0
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Economic Policy
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