This paper studies optimal fiscal rules in a two-country economy in which cross-country linkages between sovereign debts and banking sectors motivate bail-outs among countries. The first-best sovereign borrowing, which is contingent on countries' output gap, cannot be achieved in the presence of asymmetric information on a country's potential output. Because bail-out induces overborrowing, fiscal rules can be implemented to prevent the ensuing inefficiency. A mechanism can be designed to induce a country with low potential output (i.e., a small negative output gap) to run an optimal budget deficit upon receiving a (ex-post) transfer from the other country. We characterize conditions under which this `cyclically- contingent' fiscal mechanism Pareto dominates an alternative `cyclically-adjusted' fiscal rule imposing a unique ceiling on a country's borrowing, independently of its potential output.
{"title":"Sovereign bail‐outs and fiscal rules in a banking union","authors":"Luigi Marattin, Simone Meraglia, R. Minetti","doi":"10.1111/sjoe.12487","DOIUrl":"https://doi.org/10.1111/sjoe.12487","url":null,"abstract":"This paper studies optimal fiscal rules in a two-country economy in which cross-country linkages between sovereign debts and banking sectors motivate bail-outs among countries. The first-best sovereign borrowing, which is contingent on countries' output gap, cannot be achieved in the presence of asymmetric information on a country's potential output. Because bail-out induces overborrowing, fiscal rules can be implemented to prevent the ensuing inefficiency. A mechanism can be designed to induce a country with low potential output (i.e., a small negative output gap) to run an optimal budget deficit upon receiving a (ex-post) transfer from the other country. We characterize conditions under which this `cyclically- contingent' fiscal mechanism Pareto dominates an alternative `cyclically-adjusted' fiscal rule imposing a unique ceiling on a country's borrowing, independently of its potential output.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-03-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48423343","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}
In this paper, employing transaction-level data for Russian imports, we explore the role of multi-product shipments in explaining shipping patterns across countries. In our data, an average shipment includes five different products. We document that firms from higher-income countries on average include a larger number of different products into a single shipment and have a larger number of shipments per period with a lower average quantity and value. We then propose a mechanism that reconciles both facts. Specifically, multi-product shipments allow firms to split fixed costs per shipment across many products and, therefore, reduce total shipment costs. As a result, higher-income countries tend to have lower fixed costs per shipment. Finally, we construct a simple partial equilibrium model that enables us to quantify the potential increases in trade volumes and welfare created by the multi-product shipment option.
{"title":"Exporting costs and multi-product shipments*","authors":"David Gomtsyan, Alexander Tarasov","doi":"10.1111/sjoe.12479","DOIUrl":"https://doi.org/10.1111/sjoe.12479","url":null,"abstract":"In this paper, employing transaction-level data for Russian imports, we explore the role of multi-product shipments in explaining shipping patterns across countries. In our data, an average shipment includes five different products. We document that firms from higher-income countries on average include a larger number of different products into a single shipment and have a larger number of shipments per period with a lower average quantity and value. We then propose a mechanism that reconciles both facts. Specifically, multi-product shipments allow firms to split fixed costs per shipment across many products and, therefore, reduce total shipment costs. As a result, higher-income countries tend to have lower fixed costs per shipment. Finally, we construct a simple partial equilibrium model that enables us to quantify the potential increases in trade volumes and welfare created by the multi-product shipment option.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":"21 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138508979","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}
In their study of relative income within US households, Bertrand et al. (2015, Quarterly Journal of Economics 130, 571–614) show that the distribution of the wife's share of household income drops sharply where the wife starts earning more than her husband. They attribute the drop to a gender norm prescribing that a wife's income should not exceed her husband's income. We document a similar drop in Swedish data. However, we also show that there is a spike where spouses earn exactly the same. Excluding the equal-earning spouses, the drop is small and mostly statistically insignificant. We conclude that, if anything, we find only weak evidence that Swedish couples comply with this gender norm.
在对美国家庭相对收入的研究中，Bertrand等人(2015,Quarterly Journal of Economics 130, 571-614)表明，当妻子的收入开始超过丈夫时，妻子在家庭收入中所占份额的分布急剧下降。他们将这种下降归因于一种性别规范，即妻子的收入不应超过丈夫的收入。瑞典的数据也出现了类似的下降。然而，我们也表明，夫妻收入完全相同的情况下会出现一个高峰。排除收入相等的配偶，降幅很小，而且在统计上几乎不显著。我们的结论是，如果有的话，我们发现只有微弱的证据表明瑞典夫妇遵守这种性别规范。
{"title":"Gender identity and relative income within households: evidence from Sweden*","authors":"Karin Hederos, Anders Stenberg","doi":"10.1111/sjoe.12477","DOIUrl":"https://doi.org/10.1111/sjoe.12477","url":null,"abstract":"In their study of relative income within US households, Bertrand et al. (2015, <i>Quarterly Journal of Economics 130</i>, 571–614) show that the distribution of the wife's share of household income drops sharply where the wife starts earning more than her husband. They attribute the drop to a gender norm prescribing that a wife's income should not exceed her husband's income. We document a similar drop in Swedish data. However, we also show that there is a spike where spouses earn exactly the same. Excluding the equal-earning spouses, the drop is small and mostly statistically insignificant. We conclude that, if anything, we find only weak evidence that Swedish couples comply with this gender norm.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":"22 4","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138508993","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":"Peer interactions and performance in a high‐skilled labour market","authors":"Matteo Pazzona","doi":"10.1111/sjoe.12476","DOIUrl":"https://doi.org/10.1111/sjoe.12476","url":null,"abstract":"","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41515544","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}
Marc Fleurbaey, Marie-Louise Leroux, Pierre Pestieau, Gregory Ponthiere, Stephane Zuber
While there is little agreement regarding the taxation of bequests in general, there is a widely held view that accidental bequests should be subjected to a confiscatory tax. We re-examine the optimal taxation of accidental bequests by introducing a concern for compensating individuals for a premature death. Assuming that individuals care about what they leave to their children, we show that, whereas the 100 percent tax view holds under the utilitarian criterion, the ex post egalitarian criterion (giving priority to the worst-off ex post) implies subsidizing accidental bequests so as to compensate the short-lived. In a second-best setting, compensating the short-lived justifies taxing total bequests at a rate increasing with the age of the deceased. Finally, when the model is extended to an intergenerational setting, accidental bequests can no longer be used as a redistributive tool, so that ex post egalitarianism rejoins the 100 percent tax view.
{"title":"Premature deaths, accidental bequests, and fairness*","authors":"Marc Fleurbaey, Marie-Louise Leroux, Pierre Pestieau, Gregory Ponthiere, Stephane Zuber","doi":"10.1111/sjoe.12478","DOIUrl":"https://doi.org/10.1111/sjoe.12478","url":null,"abstract":"While there is little agreement regarding the taxation of bequests in general, there is a widely held view that accidental bequests should be subjected to a confiscatory tax. We re-examine the optimal taxation of accidental bequests by introducing a concern for compensating individuals for a premature death. Assuming that individuals care about what they leave to their children, we show that, whereas the 100 percent tax view holds under the utilitarian criterion, the <i>ex post</i> egalitarian criterion (giving priority to the worst-off <i>ex post</i>) implies subsidizing accidental bequests so as to compensate the short-lived. In a second-best setting, compensating the short-lived justifies taxing total bequests at a rate increasing with the age of the deceased. Finally, when the model is extended to an intergenerational setting, accidental bequests can no longer be used as a redistributive tool, so that <i>ex post</i> egalitarianism rejoins the 100 percent tax view.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":"45 1 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138530918","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":"To adjust or not to adjust? Spatial price variation and the measurement of poverty","authors":"Anders Kjelsrud","doi":"10.1111/sjoe.12472","DOIUrl":"https://doi.org/10.1111/sjoe.12472","url":null,"abstract":"","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":" ","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45689657","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}
Over the past three decades, many countries have introduced iodized salt policies to eradicate iodine deficiency. Iodine deficiency in utero is detrimental to cognitive ability, but little is known about the consequences of iodine deficiencies after birth. This paper examines the impact of iodine deficiency in adolescence on school performance. I exploit the introduction of iodized salt in Denmark during 1998–2001 as a natural experiment. Combining administrative records on high school grades over a 30-year period with geographic variation in initial iodine deficiency, I find that salt iodization increases the grade point average of students by 6–9 percent of a standard deviation.
{"title":"Cognitive consequences of iodine deficiency in adolescence: evidence from salt iodization in Denmark*","authors":"Benjamin Ly Serena","doi":"10.1111/sjoe.12473","DOIUrl":"https://doi.org/10.1111/sjoe.12473","url":null,"abstract":"Over the past three decades, many countries have introduced iodized salt policies to eradicate iodine deficiency. Iodine deficiency <i>in utero</i> is detrimental to cognitive ability, but little is known about the consequences of iodine deficiencies after birth. This paper examines the impact of iodine deficiency in adolescence on school performance. I exploit the introduction of iodized salt in Denmark during 1998–2001 as a natural experiment. Combining administrative records on high school grades over a 30-year period with geographic variation in initial iodine deficiency, I find that salt iodization increases the grade point average of students by 6–9 percent of a standard deviation.","PeriodicalId":47929,"journal":{"name":"Scandinavian Journal of Economics","volume":"16 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2022-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138530917","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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