Review of Economic Studies最新文献

英文中文

Stalled Racial Progress and Japanese Trade in the 1970s and 1980s 70年代和80年代停滞的种族进步和日本贸易

1区经济学 Q1 ECONOMICS

Review of Economic Studies

Pub Date : 2023-01-31 DOI: 10.1093/restud/rdad009

Mary Kate Batistich, Timothy Bond

Abstract We assess the impact of a rapid rise in Japanese import competition on the growth in racial earnings and employment gaps during the 1970s and 80s. Using commuting zone level variation in exposure, we find Japanese competition led to a decrease in manufacturing employment and labour force participation for blacks. This was driven by a shift in demand for skill in manufacturing. The difference in effects between the 10th percentile most and least exposed commuting zone was equivalent to 36–46% of the relative rise in black non-labour force participation, and 78–96% of the relative decline in black median male earnings.

摘要:我们评估了20世纪70年代和80年代日本进口竞争快速上升对种族收入增长和就业差距的影响。利用通勤区暴露水平的变化，我们发现日本的竞争导致了黑人制造业就业和劳动力参与的减少。这是由制造业技能需求的转变推动的。通勤区最多和最少的第10百分位之间的影响差异相当于黑人非劳动力参与率相对上升的36-46%，黑人男性收入中位数相对下降的78-96%。

引用次数: 0

Inference for Ranks with Applications to Mobility across Neighbourhoods and Academic Achievement across Countries 应用于跨社区流动和跨国家学术成就的排名推断

1区经济学 Q1 ECONOMICS

Review of Economic Studies

Pub Date : 2023-01-27 DOI: 10.1093/restud/rdad006

Magne Mogstad, Joseph P Romano, Azeem M Shaikh, Daniel Wilhelm

Abstract It is often desired to rank different populations according to the value of some feature of each population. For example, it may be desired to rank neighbourhoods according to some measure of intergenerational mobility or countries according to some measure of academic achievement. These rankings are invariably computed using estimates rather than the true values of these features. As a result, there may be considerable uncertainty concerning the rank of each population. In this paper, we consider the problem of accounting for such uncertainty by constructing confidence sets for the rank of each population. We consider both the problem of constructing marginal confidence sets for the rank of a particular population as well as simultaneous confidence sets for the ranks of all populations. We show how to construct such confidence sets under weak assumptions. An important feature of all of our constructions is that they remain computationally feasible even when the number of populations is very large. We apply our theoretical results to re-examine the rankings of both neighbourhoods in the U.S. in terms of intergenerational mobility and developed countries in terms of academic achievement. The conclusions about which countries do best and worst at reading, math, and science are fairly robust to accounting for uncertainty. The confidence sets for the ranking of the fifty most populous commuting zones by measures of mobility are also found to be small. These confidence sets, however, become much less informative if one includes all commuting zones, if one considers neighbourhoods at a more granular level (counties, census tracts), or if one uses movers across areas to address concerns about selection.

摘要通常需要根据每个种群的某些特征值对不同的种群进行排序。例如，可能希望根据代际流动性的某种衡量标准对社区进行排名，或者根据学术成就的某种衡量标准对国家进行排名。这些排名总是使用估计而不是这些特征的真实值来计算的。因此，每个人口的排名可能有相当大的不确定性。在本文中，我们通过构造每个总体的秩的置信集来考虑考虑这种不确定性的问题。我们既考虑构造特定种群秩的边缘置信集问题，也考虑构造所有种群秩的同时置信集问题。我们展示了如何在弱假设下构造这样的置信集。我们所有构造的一个重要特征是，即使种群数量非常大，它们在计算上仍然是可行的。我们运用我们的理论结果，重新审视了美国两个社区在代际流动性方面的排名，以及发达国家在学术成就方面的排名。关于哪些国家在阅读、数学和科学方面表现最好和最差的结论，在考虑不确定性时相当有力。研究还发现，按流动性衡量的50个人口最多的通勤区排名的置信度也很小。然而，如果一个人把所有的通勤区都包括在内，如果一个人在更细粒度的层面上考虑社区(县、人口普查区)，或者如果一个人使用跨区域的搬家者来解决选择问题，那么这些置信度集的信息量就会大大减少。

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引用次数: 4

Estimating Production Functions of Multiproduct Firms 多产品企业的生产函数估计

1区经济学 Q1 ECONOMICS

Review of Economic Studies

Pub Date : 2023-01-25 DOI: 10.1093/restud/rdad005

Nelli Valmari

Abstract Multiproduct firms constitute a considerable share of firms and account for an even greater share of production. Nevertheless, the vast majority of production function estimates are based on the assumption that firms are single-product manufacturers. This assumption is due to a lack of data on how firms allocate their inputs across their various product lines. I provide a strategy for estimating product-specific input allocations and production functions of multiproduct firms involved in monopolistic competition. The strategy is based on using firms’ product prices and output demand in solving for product-level input allocations.

多产品企业在企业中占有相当大的份额，在生产中所占的份额甚至更大。然而，绝大多数的生产函数估计都是基于企业是单一产品制造商的假设。这种假设是由于缺乏关于企业如何在不同产品线中分配投入的数据。我提供了一个策略来估计产品特定的投入分配和生产函数的多产品企业参与垄断竞争。该策略基于使用企业的产品价格和产出需求来解决产品级投入分配问题。

引用次数: 1

A Network Solution to Robust Implementation: the Case of Identical but Unknown Distributions 鲁棒实现的网络解决方案：相同但未知分布的情况

IF 5.8 1区经济学 Q1 ECONOMICS

Review of Economic Studies

Pub Date : 2023-01-24 DOI: 10.1093/restud/rdac084

Mariann Ollár, Antonio Penta

We study robust mechanism design in environments in which agents commonly believe that others’ types are identically distributed, but we do not assume that the actual distribution is common knowledge, nor that it is known to the designer. First, we characterize all incentive compatible transfers under these assumptions. Second, we characterize the conditions under which full implementation is possible via direct mechanisms, that only elicit payoff relevant information, and the transfer schemes which achieve it whenever possible. The full implementation results obtain from showing that the problem can be transformed into one of designing a network of strategic externalities, subject to suitable constraints which are dictated by the incentive compatibility requirements.

我们在代理通常认为其他类型是相同分布的环境中研究鲁棒机制设计，但我们不假设实际分布是常识，也不假设它是设计者所知道的。首先，我们在这些假设下描述了所有激励相容转移的特征。其次，我们描述了通过直接机制(只引出与支付相关的信息)完全实施可能的条件，以及尽可能实现这一目标的转移方案。充分的实施结果表明，这个问题可以转化为设计一个战略外部性网络的问题，并受到激励兼容性要求所规定的适当约束。

引用次数: 5

Inference for Linear Conditional Moment Inequalities 线性条件矩不等式的推论

1区经济学 Q1 ECONOMICS

Review of Economic Studies

Pub Date : 2023-01-20 DOI: 10.1093/restud/rdad004

Isaiah Andrews, Jonathan Roth, Ariel Pakes

Abstract We show that moment inequalities in a wide variety of economic applications have a particular linear conditional structure. We use this structure to construct uniformly valid confidence sets that remain computationally tractable even in settings with nuisance parameters. We first introduce least-favorable critical values which deliver non-conservative tests if all moments are binding. Next, we introduce a novel conditional inference approach which ensures a strong form of insensitivity to slack moments. Our recommended approach is a hybrid technique which combines desirable aspects of the least favorable and conditional methods. The hybrid approach performs well in simulations calibrated to Wollmann (2018, American Economic Review, 108, 1364–1406), with favorable power and computational time comparisons relative to existing alternatives.

摘要本文证明了矩不等式在广泛的经济应用中具有特定的线性条件结构。我们使用这种结构来构造一致有效的置信集，即使在具有干扰参数的设置中也保持计算上的可处理性。我们首先引入最不利的临界值，如果所有矩都是绑定的，则提供非保守测试。接下来，我们引入了一种新的条件推理方法，该方法确保了对松弛力矩的强不敏感形式。我们推荐的方法是一种混合技术，它结合了最不利和有条件的方法的可取方面。混合方法在Wollmann (2018, American Economic Review, 108, 1364-1406)校准的模拟中表现良好，相对于现有替代方案具有有利的功率和计算时间比较。

引用次数: 1

Bond Premium Cyclicality and Liquidity Traps 债券溢价、周期性和流动性陷阱

1区经济学 Q1 ECONOMICS

Review of Economic Studies

Pub Date : 2023-01-17 DOI: 10.1093/restud/rdad003

Sanjay R. Singh, Nicolas Caramp

Abstract Safe asset shortages can expose an economy to liquidity traps. The nature of these traps is determined by the cyclicality of the bond premium. A counter-cyclical bond premium opens the possibility of expectations-driven liquidity traps in which small issuances of government debt crowd out private debt and reduce output. In contrast, when the bond premium is pro-cyclical and the economy is in a liquidity trap, government debt is expansionary. In the data, we find evidence of a counter-cyclical bond premium. Large interventions can prevent the emergence of self-fulfilling traps, but they require sufficient fiscal capacity. In a quantitative model calibrated to the Great Recession, a promise to increase the government debt-to-GDP ratio by 20 percentage points precludes the possibility of self-fulfilling traps.

安全资产短缺会使经济陷入流动性陷阱。这些陷阱的性质是由债券溢价的周期性决定的。反周期债券溢价开启了出现预期驱动的流动性陷阱的可能性，在这种陷阱中，政府债券的小额发行挤占了私人债务，并减少了产出。相反，当债券溢价是顺周期的，经济陷入流动性陷阱时，政府债务是扩张性的。在数据中，我们发现了反周期债券溢价的证据。大规模干预可以防止出现自我实现的陷阱，但这需要足够的财政能力。在根据大衰退校准的定量模型中，将政府债务与gdp之比提高20个百分点的承诺排除了自我实现陷阱的可能性。

引用次数: 0

Testing the Production Approach to Markup Estimation 测试标记估计的生产方法

1区经济学 Q1 ECONOMICS

Review of Economic Studies

Pub Date : 2023-01-15 DOI: 10.1093/restud/rdad002

Devesh Raval

Abstract Under the production approach to markup estimation, any flexible input should recover the markup. I test this implication using manufacturing datasets from Chile, Colombia, India, Indonesia, the U.S., and Southern Europe, as well as store-level data from a major U.S. retailer, and overwhelmingly reject that markups estimated using labour and materials have the same distribution. For every dataset, markups estimated using labour are negatively correlated with markups estimated using materials, exhibit greater dispersion, and have opposite time trends. I continue to find stark differences in markups estimated using energy and non-energy raw materials. Non-neutral productivity differences across firms can explain these findings.

在生产方法下的标记估计，任何灵活的输入都应该恢复标记。我使用来自智利、哥伦比亚、印度、印度尼西亚、美国和南欧的制造业数据集以及来自美国一家主要零售商的商店级数据来测试这一含义，并且压倒性地拒绝使用劳动力和材料估算的加价具有相同的分布。对于每个数据集，使用劳动力估计的加价与使用材料估计的加价负相关，表现出更大的分散性，并且具有相反的时间趋势。我继续发现，使用能源和非能源原材料估算的价差存在明显差异。企业间非中性的生产率差异可以解释这些发现。

引用次数: 4

Retraction of: Growing up in a Recession 摘自:在衰退中成长

IF 5.8 1区经济学 Q1 ECONOMICS

Review of Economic Studies

Pub Date : 2023-01-11 DOI: 10.1093/restud/rdac085

引用次数: 0

The Americans with Disabilities Act, addiction, and recovery. 美国残疾人法案》、成瘾和康复。

IF 0.9 1区经济学 Q1 ECONOMICS

Review of Economic Studies

Pub Date : 2023-01-01 DOI: 10.3233/jvr-230018

Barry A Whaley, Pamela Williamson

Background: The Americans with Disabilities Act (ADA) is sweeping civil rights legislation that affords people with disabilities equality of opportunity, economic self-sufficiency, independent living, and full participation in daily life. The protections of the ADA extend to individuals with alcohol and substance abuse disorders who are in recovery.

Objective: The objective of this article is to understand the ADA's definition of disability and how it applies to addiction and recovery. The reader will recognize how the ADA applies to people with addiction to alcohol and those in recovery from substance abuse. The article will describe the rights and responsibilities employers and employees have in the three stages of employment.

Method: The material in this presentation was developed based on the authors' research, training, education, knowledge, and skill of the ADA.

Results: Individuals in recovery are often unaware of their civil rights under the ADA. The ADA ensures that people with disabilities, including those with alcohol use disorder and substance use disorders, have the same rights and opportunities in the workplace.

Conclusion: The COVID-19 pandemic has resulted in an increase in increased rates of alcoholism and substance abuse. Individuals living with addiction are unaware of the employment protections they may have under the ADA. Title I of the ADA guarantees employment protections to ensure equality in the workplace for people with disabilities. A clearer understanding of the law will ensure that job seekers and employees are treated in an ethical, valued, and courteous way when disclosing disability and the need for accommodation.

背景：美国残疾人法案》（ADA）是一项全面的民权立法，它为残疾人提供了平等的机会、经济自立、独立生活和全面参与日常生活的权利。美国残疾人法案》的保护措施也适用于有酒精和药物滥用障碍的康复者：本文旨在了解《反歧视法》对残疾的定义，以及该定义如何适用于成瘾和康复。读者将认识到《美国残疾人法》如何适用于酗酒成瘾者和药物滥用康复者。文章将介绍雇主和雇员在就业的三个阶段中享有的权利和承担的责任：方法：本讲座的材料是根据作者对《反歧视法》的研究、培训、教育、知识和技能编写的：结果：康复中的个人往往不了解《反歧视法》赋予他们的公民权利。美国残疾人权利法案》确保残疾人（包括酒精使用障碍和药物使用障碍患者）在工作场所享有同等的权利和机会：COVID-19 大流行导致酗酒和药物滥用率上升。有毒瘾的人并不知道他们在《反歧视法》下可能享有的就业保护。美国残疾人机会均等法》第一章保障就业保护，确保残疾人在工作场所的平等。更清楚地了解该法律将确保求职者和员工在披露残疾情况和需要提供便利时，能够得到道德、重视和礼貌的对待。

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引用次数: 0

Time Consistency and Duration of Government Debt: A Model of Quantitative Easing 政府债务的时间一致性和期限：一个量化宽松模型

IF 5.8 1区经济学 Q1 ECONOMICS

Review of Economic Studies

Pub Date : 2022-09-07 DOI: 10.1093/restud/rdac063

Saroj Bhattarai, Gauti B. Eggertsson, Bulat Gafarov

This paper presents a model of quantitative easing (QE) at the zero lower bound (ZLB) on the short-term nominal interest rate. QE, which reduces the maturity of government debt, is effective at the ZLB because it generates expectations of future monetary expansion in a time-consistent equilibrium. Numerical experiments show that this effect can be substantial.

本文提出了短期名义利率零利率下限下的量化宽松(QE)模型。减少政府债务到期日的量化宽松在ZLB是有效的，因为它在时间一致的均衡中产生了对未来货币扩张的预期。数值实验表明，这种影响是显著的。

引用次数: 12

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