{"title":"Reference Groups and Relative Effects on Well‐Being","authors":"Laura Kudrna","doi":"10.1111/roiw.12656","DOIUrl":"https://doi.org/10.1111/roiw.12656","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90008817","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}
Robert J. Hill, Norbert Pfeifer, Miriam Steurer, Radoslaw Trojanek
There is a broad consensus in international statistical organizations such as Eurostat and the International Monetary Fund that house price indices (HPIs) should be constructed using transaction data. We show here how transaction data for new-built properties can undermine the timeliness of hedonic HPIs when new-built properties are pre-sold during the planning or building stage, but entered into deed books only once the projects are completed. As a consequence, HPIs for new-builds will include stale transaction prices. We investigate this issue for two Polish cities (Warsaw and Poznan) and find that HPIs for existing properties lead indices for new-builds by up to 2 years. This lag can dramatically distort National HPIs. The lag also has implications for the flagship measure of inflation in Europe—the Harmonized Index of Consumer Prices (HICP)—since it is planned to include owner-occupied housing in the HICP using a transactions HPI specifically for new-builds. We show that the timeliness issue disappears when preliminary agreements on new-builds are used instead of transactions in the compilation of an HPI.
{"title":"Warning: Some transaction prices can be detrimental to your house price index","authors":"Robert J. Hill, Norbert Pfeifer, Miriam Steurer, Radoslaw Trojanek","doi":"10.1111/roiw.12652","DOIUrl":"https://doi.org/10.1111/roiw.12652","url":null,"abstract":"There is a broad consensus in international statistical organizations such as Eurostat and the International Monetary Fund that house price indices (HPIs) should be constructed using transaction data. We show here how transaction data for new-built properties can undermine the timeliness of hedonic HPIs when new-built properties are pre-sold during the planning or building stage, but entered into deed books only once the projects are completed. As a consequence, HPIs for new-builds will include stale transaction prices. We investigate this issue for two Polish cities (Warsaw and Poznan) and find that HPIs for existing properties lead indices for new-builds by up to 2 years. This lag can dramatically distort National HPIs. The lag also has implications for the flagship measure of inflation in Europe—the Harmonized Index of Consumer Prices (HICP)—since it is planned to include owner-occupied housing in the HICP using a transactions HPI specifically for new-builds. We show that the timeliness issue disappears when preliminary agreements on new-builds are used instead of transactions in the compilation of an HPI.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138506333","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}
{"title":"Estimating the Distribution of Household Wealth: Methods for Adjusting Survey Data Estimates Using National Accounts and Rich List Data","authors":"M. Cantarella, A. Neri, M. G. Ranalli","doi":"10.1111/roiw.12657","DOIUrl":"https://doi.org/10.1111/roiw.12657","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90921225","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}
Assessing the contribution of intangible investment to growth is a challenging and complex task for any country. However, it has become increasingly difficult to determine both the exact magnitude of economic performance and its composition in the case of the Irish economy. This is mainly due to the impact of certain distortionary transactions by a select number of multinationals operating in the Irish jurisdiction. In this paper we address this issue by assessing, in a detailed manner, the contribution of intangible and tangible assets to the Irish growth story. We control for distortions in the official investment data series while also incorporating intangible assets which are not currently included in the National Accounts. Our results show that the observed unprecedented increase in the official intangible investment has a relatively minor contribution to the actual Irish labour productivity growth. Once the distortions are filtered out, Irish labour productivity growth is driven by tangible capital. More interestingly, non-national accounts intangible capital has a sizeable pro-cyclical impact on labour productivity growth.
{"title":"Is Ireland the most intangible intensive economy in Europe? A growth accounting perspective","authors":"Ilias Kostarakos, K. McQuinn, Petros Varthalitis","doi":"10.1111/roiw.12651","DOIUrl":"https://doi.org/10.1111/roiw.12651","url":null,"abstract":"Assessing the contribution of intangible investment to growth is a challenging and complex task for any country. However, it has become increasingly difficult to determine both the exact magnitude of economic performance and its composition in the case of the Irish economy. This is mainly due to the impact of certain distortionary transactions by a select number of multinationals operating in the Irish jurisdiction. In this paper we address this issue by assessing, in a detailed manner, the contribution of intangible and tangible assets to the Irish growth story. We control for distortions in the official investment data series while also incorporating intangible assets which are not currently included in the National Accounts. Our results show that the observed unprecedented increase in the official intangible investment has a relatively minor contribution to the actual Irish labour productivity growth. Once the distortions are filtered out, Irish labour productivity growth is driven by tangible capital. More interestingly, non-national accounts intangible capital has a sizeable pro-cyclical impact on labour productivity growth.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86131316","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}
Abstract This paper examines the relationship between the head of household's risk tolerance and household debt in China for a sample drawn from the China Household Finance Survey, 2011, 2013, 2015 and 2017. The effect of risk tolerance on both the decision to hold and the amount of total household debt, housing debt and non‐housing debt held is analyzed. The key findings indicate that risk tolerance is positively associated with household debt and non‐housing debt. Differences are found in the effect of risk tolerance on household debt across rural and urban households. For example, there exists a positive relationship between risk tolerance and the probability of holding housing debt for rural households while such a relationship is not found for urban households. In addition, the effect of risk tolerance on household debt is larger for rural households.
{"title":"Household Debt and Risk Tolerance: Evidence From China","authors":"Jialong Li","doi":"10.1111/roiw.12655","DOIUrl":"https://doi.org/10.1111/roiw.12655","url":null,"abstract":"Abstract This paper examines the relationship between the head of household's risk tolerance and household debt in China for a sample drawn from the China Household Finance Survey, 2011, 2013, 2015 and 2017. The effect of risk tolerance on both the decision to hold and the amount of total household debt, housing debt and non‐housing debt held is analyzed. The key findings indicate that risk tolerance is positively associated with household debt and non‐housing debt. Differences are found in the effect of risk tolerance on household debt across rural and urban households. For example, there exists a positive relationship between risk tolerance and the probability of holding housing debt for rural households while such a relationship is not found for urban households. In addition, the effect of risk tolerance on household debt is larger for rural households.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"136000273","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}
{"title":"Shlomo Yitzhaki (1944–2023): In Memoriam","authors":"Carsten Schröder, J. Silber","doi":"10.1111/roiw.12649","DOIUrl":"https://doi.org/10.1111/roiw.12649","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90402367","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}
The Dutch government implemented two changes to the taxation of intergenerational transfers aimed at mortgage down payments and prepayments. We identify the effects of these tax exemptions on prepayments and inter vivos transfers separately by taking advantage of the changes in policy design. The policy changes resulted in two expansions of tax‐exempt transfers, which increased the probability of receiving such transfers, translating into a modest increase in prepayments. Initially, the amounts prepaid increased by a similar magnitude, while the second policy change only resulted in an increase in the amounts being transferred but not the prepayments. The macroprudential policy goal was to reduce the number of underwater mortgages, but the policy was too generic and did not help to achieve this. The prepayments triggered by the policy change increased mostly for borrowers with low original loan‐to‐value ratios, implying that most transfers were made from wealthy parents to housing‐rich children.
{"title":"Mortgage prepayments and tax‐exempted intergenerational transfers: from rich parents to rich children?","authors":"Yue Li, Mauro Mastrogiacomo","doi":"10.1111/roiw.12644","DOIUrl":"https://doi.org/10.1111/roiw.12644","url":null,"abstract":"The Dutch government implemented two changes to the taxation of intergenerational transfers aimed at mortgage down payments and prepayments. We identify the effects of these tax exemptions on prepayments and inter vivos transfers separately by taking advantage of the changes in policy design. The policy changes resulted in two expansions of tax‐exempt transfers, which increased the probability of receiving such transfers, translating into a modest increase in prepayments. Initially, the amounts prepaid increased by a similar magnitude, while the second policy change only resulted in an increase in the amounts being transferred but not the prepayments. The macroprudential policy goal was to reduce the number of underwater mortgages, but the policy was too generic and did not help to achieve this. The prepayments triggered by the policy change increased mostly for borrowers with low original loan‐to‐value ratios, implying that most transfers were made from wealthy parents to housing‐rich children.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-06-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135404612","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 study the effects of receiving immunization from COVID‐19 on households' economic insecurity. To provide causal estimates we use a fuzzy regression discontinuity design which takes advantage of the UK's immunization plan. The plan was primarily based on age, granting differential eligibility to proximate cohorts. Our estimated local average treatment effect indicates that the share of households who declared being economically insecure dropped by 41 percentage points among those who received the vaccine due to the eligibility criteria. Using a difference‐in‐discontinuity design we next document that immunization was more salient for women as well as for large households and those with children. Our results suggest that the mass immunization campaign against COVID‐19 had relevant short‐run economic effects, well beyond its expected impact on people's health.
{"title":"Safe at Last? Late Effects of a Mass Immunization Campaign on Households' Economic Insecurity","authors":"Alessandro Belmonte, Harry Pickard","doi":"10.1111/roiw.12643","DOIUrl":"https://doi.org/10.1111/roiw.12643","url":null,"abstract":"We study the effects of receiving immunization from COVID‐19 on households' economic insecurity. To provide causal estimates we use a fuzzy regression discontinuity design which takes advantage of the UK's immunization plan. The plan was primarily based on age, granting differential eligibility to proximate cohorts. Our estimated local average treatment effect indicates that the share of households who declared being economically insecure dropped by 41 percentage points among those who received the vaccine due to the eligibility criteria. Using a difference‐in‐discontinuity design we next document that immunization was more salient for women as well as for large households and those with children. Our results suggest that the mass immunization campaign against COVID‐19 had relevant short‐run economic effects, well beyond its expected impact on people's health.","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135793017","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}
{"title":"Income sources, intrahousehold allocation and individual poverty","authors":"O. Bargain","doi":"10.1111/roiw.12642","DOIUrl":"https://doi.org/10.1111/roiw.12642","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86761898","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}
Jinjing Li, Thi Bich Hanh Tran, H. A. La, M. Nguyen
{"title":"Land Allocation Policy and Income Inequality: Evidence From Vietnam","authors":"Jinjing Li, Thi Bich Hanh Tran, H. A. La, M. Nguyen","doi":"10.1111/roiw.12640","DOIUrl":"https://doi.org/10.1111/roiw.12640","url":null,"abstract":"","PeriodicalId":47853,"journal":{"name":"Review of Income and Wealth","volume":null,"pages":null},"PeriodicalIF":2.0,"publicationDate":"2023-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73250878","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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