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The Impact of the Tax Reduction on Fuel Prices in Germany – A Synthetic Difference-in-Differences Approach 减税对德国燃料价格的影响——一种综合的差中差方法
IF 8 1区 经济学 Q1 ECONOMICS Pub Date : 2023-08-01 DOI: 10.1515/roe-2023-0014
Lea Bernhardt, Xenia Breiderhoff, R. Dewenter
Abstract We analyse the impact of the temporary tax reduction on diesel and gasoline prices from June to the end of August 2022 in Germany. By implementing a synthetic difference-in-differences approach with different baskets of European countries, we find a significant reduction in prices by 33.8–34.4 cents per litre for gasoline and 12.2–14.6 cents per litre for diesel. These results are robust to variations of countries as well as different time periods analysed. Therefore, we conclude that the temporary reduction of the tax rate on gasoline and diesel was passed through to consumers by rates of 97 %–99 % for gasoline and 75 %–86 % for diesel, respectively. However, these pass-on rates do not imply a high level of competition. On the contrary, an increase in prices before the introduction of the tax cut and an increase before the end of the discount tend to indicate less intense competition.
摘要:我们分析了2022年6月至8月底德国柴油和汽油价格临时减税的影响。通过对不同的一篮子欧洲国家实施综合的差异中差异方法,我们发现汽油价格每升下降了33.8-34.4美分,柴油价格每升下降了12.2-14.6美分。这些结果对不同国家和不同时期的分析结果都是可靠的。因此,我们得出的结论是,汽油和柴油税率的暂时降低分别通过汽油和柴油分别为97 % -99 %和75 % -86 %的税率传递给消费者。然而,这些转让率并不意味着高水平的竞争。相反,在减税前价格上涨和折扣结束前价格上涨往往表明竞争不那么激烈。
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引用次数: 1
Non-Linear Impact of Public Debt on Inflation in Rwanda 卢旺达公共债务对通货膨胀的非线性影响
IF 8 1区 经济学 Q1 ECONOMICS Pub Date : 2023-08-01 DOI: 10.1515/roe-2023-0049
Talknice Saungweme, Glenda Maluleke, N. Odhiambo
Abstract This paper examines Rwanda’s debt-inflation dynamics and the asymmetric effect of government debt on inflation using time series data spanning the years 1980–2021. The study applied a battery of tests to examine the debt-inflation linkage in this country, including the bounds F-test for cointegration, the Brock-Dechert-Scheinkman (BDS) nonlinearity test, the Wald test for asymmetries and the nonlinear autoregressive distributed lag (NARDL) model for short run and long run asymmetric impact. The results of the NARDL bounds F-test for cointegration support a long-run nonlinear link between public debt and inflation in Rwanda. The findings of the BDS test reveal that the series is nonlinear in all dimensions, whereas the results of the Wald test show that public debt has an asymmetric impact on inflation, regardless of the timescale considered. The NARDL findings show that while a rise in public debt tends to be inflationary in the short run, a decline in public debt typically leads to a decrease in inflation in the long run. The study also demonstrates that inflation responds more rapidly and strongly to positive than negative shocks in public debt. The country should think about continuous enforcement of fiscal consolidation measures and reforms, as well as implementing economic growth-friendly policies to reduce debt increases in the short run. This will induce a decline in inflation and enhance macroeconomic stability in the long run.
本文利用1980-2021年的时间序列数据考察了卢旺达的债务-通胀动态以及政府债务对通胀的不对称影响。本研究采用了一系列检验来检验我国债务与通货膨胀的联系,包括协整的边界f检验、Brock-Dechert-Scheinkman (BDS)非线性检验、不对称的Wald检验和短期和长期不对称影响的非线性自回归分布滞后(NARDL)模型。协整的NARDL边界f检验的结果支持卢旺达公共债务和通货膨胀之间的长期非线性联系。BDS检验的结果表明,该序列在所有维度上都是非线性的,而Wald检验的结果表明,无论考虑何种时间尺度,公共债务对通胀的影响都是不对称的。NARDL的研究结果表明,虽然公共债务的增加在短期内往往会导致通货膨胀,但从长期来看,公共债务的下降通常会导致通货膨胀的下降。该研究还表明,通胀对公共债务的正面冲击的反应比负面冲击更快、更强烈。该国应考虑继续实施财政整顿措施和改革,同时实施有利于经济增长的政策,以在短期内减少债务增长。这将导致通货膨胀下降,并从长远来看增强宏观经济的稳定性。
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引用次数: 0
Are Consumers (Approximately) Rational? Shifting the Burden of Proof 消费者(大致)理性吗?转移举证责任
IF 8 1区 经济学 Q1 ECONOMICS Pub Date : 2023-07-24 DOI: 10.1162/rest_a_01360
L. Cherchye, T. Demuynck, B. De Rock, Joshua Lanier
We present a statistical test for the hypothesis of (approximate) utility maximization on the basis of nonparametric revealed preference conditions. We take as null hypothesis that the consumer behaves randomly, and we reject this hypothesis only if the data provides sufficient evidence to support the alternative hypothesis of approximate utility maximization. Our statistical test uses a permutation method to operationalize the principle of random consumption behavior. We show that our test (i) is valid for any sample size under the null and (ii) has an asymptotic power of one. We also provide simulated power results and two empirical applications.
在非参数揭示偏好条件的基础上,我们对(近似)效用最大化假设进行了统计检验。我们认为消费者的行为是随机的,只有当数据提供了足够的证据来支持近似效用最大化的替代假设时,我们才会拒绝这个假设。我们的统计测试使用排列方法来操作随机消费行为的原理。我们证明了我们的检验(i)对零下的任何样本大小都有效,并且(ii)具有1的渐近幂。我们还提供了模拟功率结果和两个经验应用。
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引用次数: 0
Unraveling Ambiguity Aversion 消除歧义厌恶
IF 8 1区 经济学 Q1 ECONOMICS Pub Date : 2023-07-24 DOI: 10.1162/rest_a_01358
I. Aydogan, L. Berger, V. Bosetti
We report the results of two experiments designed to better understand the mechanisms driving decision-making under ambiguity. We elicit individual preferences over different sources of uncertainty, entailing different degrees of complexity, from subjects with different sophistication levels. We show that (1) ambiguity aversion is robust to sophistication, but the strong relationship previously reported between attitudes toward ambiguity and compound risk is not. (2) Ellsberg ambiguity attitude can be partly explained by attitudes toward complexity for less sophisticated subjects only. Overall, regardless of the subject's sophistication level, the main driver of Ellsberg ambiguity attitude is a specific treatment of unknown probabilities.
我们报告了两个实验的结果,这两个实验旨在更好地理解模糊决策的驱动机制。我们从具有不同复杂程度的受试者那里引出了对不同不确定性来源的个人偏好,这涉及到不同程度的复杂性。我们发现(1)歧义厌恶对复杂性是鲁棒的,但先前报道的对歧义的态度和复合风险之间的强关系不是。(2) 埃尔斯伯格模糊态度只能部分解释为对不太复杂的主题的复杂性的态度。总体而言,无论受试者的复杂程度如何,埃尔斯伯格模糊态度的主要驱动因素是对未知概率的具体处理。
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引用次数: 2
When Transparency Fails: Financial Incentives for Local Banking Agents in Indonesia 当透明度失效:对印尼当地银行代理人的金融激励
IF 8 1区 经济学 Q1 ECONOMICS Pub Date : 2023-07-24 DOI: 10.1162/rest_a_01359
Erika Deserranno, Gianmarco León-Ciliotta, Firman Witoelar
We study the effect of raising the level and transparency of financial incentives offered to local agents for acquiring clients of a new banking product on take-up. We find that paying agents higher incentives increases take-up and usage, but only when the incentives are unknown to prospective clients. When disclosed, higher incentives have no effect on take-up and usage, despite greater agent effort. This is due to the financial incentives sending a negative signal to potential clients about the reliability and trustworthiness of the product. Hence, when designing incentives, organizations should consider both their level and transparency.
我们研究了提高向当地代理商提供的金融激励水平和透明度,以获取新银行产品的客户对接受率的影响。我们发现,向代理商支付更高的激励措施会增加使用率和使用率,但只有在潜在客户不知道激励措施的情况下。当披露时,尽管代理人付出了更大的努力,但更高的激励措施对接受和使用没有影响。这是由于经济激励向潜在客户发出了关于产品可靠性和可信度的负面信号。因此,在设计激励措施时,各组织应考虑其水平和透明度。
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引用次数: 3
Did the Federal Reserve Break the Phillips Curve? Theory & Evidence of Anchoring Inflation Expectations 美联储打破了菲利普斯曲线吗?锚定通胀预期的理论与证据
IF 8 1区 经济学 Q1 ECONOMICS Pub Date : 2023-07-24 DOI: 10.1162/rest_a_01357
Brent H. Bundick, A. L. Smith
In a macroeconomic model with drifting long-run inflation expectations, the anchoring of inflation expectations manifests in two testable predictions. First, expectations about inflation far in the future should no longer respond to news about current inflation. Second, better anchored inflation expectations weaken the relationship between unemployment and inflation, flattening the reduced-form Phillips curve. We evaluate both predictions and find that the Federal Reserve's communication of a numerical inflation objective, first through its Summary of Economic Projections and later through the announcement of a 2 percent target in 2012, better anchored inflation expectations. Moreover, inflation expectations in the United States have remained anchored amid the volatility of the COVID-19 pandemic. In contrast, similar analysis reveals no evidence of anchoring in Japan despite the adoption of a numerical inflation target.
在长期通胀预期漂移的宏观经济模型中,通胀预期的锚定表现为两个可检验的预测。首先,对远期通胀的预期不应再对当前通胀的消息做出反应。其次,更好的锚定通胀预期会削弱失业率与通胀率之间的关系,使还原形式的菲利普斯曲线趋于平缓。我们对这两项预测进行了评估,发现美联储先是通过《经济预测摘要》,后来又在 2012 年宣布 2% 的目标,传达了数字通胀目标,从而更好地锚定了通胀预期。此外,美国的通胀预期在 COVID-19 大流行的波动中保持稳定。相比之下,类似的分析表明,尽管日本采用了数字通胀目标,但没有证据表明其通胀锚定。
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引用次数: 0
Ranges of Randomization 随机化范围
IF 8 1区 经济学 Q1 ECONOMICS Pub Date : 2023-07-24 DOI: 10.1162/rest_a_01355
Marina Agranov, Pietro Ortoleva
A growing literature has shown that people sometimes prefer to randomize between two options. We investigate how prevalent this behavior is in an experiment using a novel and simple method. Subjects face a list of questions in which one of the alternatives is fixed and the other varies, like a Multiple Price List, but in each row they can randomize between the options. We find that the majority of subjects chose to randomize in the majority of questions, and notably, they did so for ranges of values that were “very large.”
越来越多的文献表明,人们有时更喜欢在两种选择之间随机选择。我们用一种新颖简单的方法研究了这种行为在实验中的普遍程度。受试者面临一系列问题,其中一个选项是固定的,另一个选项不同,比如多个价目表,但在每一行中,他们可以在选项之间随机化。我们发现,大多数受试者在大多数问题中选择随机化,值得注意的是,他们这样做是为了获得“非常大”的值范围
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引用次数: 6
Omitted Variable Bias in Interacted Models: A Cautionary Tale 交互模型中省略的变量偏差:一个警示故事
IF 8 1区 经济学 Q1 ECONOMICS Pub Date : 2023-07-24 DOI: 10.1162/rest_a_01361
B. Feigenberg, Ben Ost, Javaeria Qureshi
We highlight that analyses using interaction terms to study treatment effect heterogeneity are susceptible to a form of omitted variable bias that is often overlooked in economics. Unlike most instances of omitted variable bias, the omitted variables in this case are available to the researcher but were not included in the model. We demonstrate that this exclusion matters based on a replication of 205 estimates across 17 papers published in the American Economic Review over a five-year period. For approximately 60% of these papers, failing to account for the omitted variables changes the majority of estimates by more than 100%.
我们强调,使用交互作用项来研究治疗效果异质性的分析容易受到一种在经济学中经常被忽视的遗漏变量偏差的影响。与大多数遗漏变量偏差的情况不同,本例中的遗漏变量可供研究人员使用,但未包含在模型中。我们根据《美国经济评论》在五年内发表的17篇论文中的205项估计结果证明,这种排除很重要。在这些论文中,大约60%的论文没有考虑到遗漏的变量,导致大多数估计值的变化超过100%。
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引用次数: 0
Online Social Network Effects in Labor Markets: Evidence from Facebook's Entry to College Campuses 在线社交网络对劳动力市场的影响:来自Facebook进入大学校园的证据
IF 8 1区 经济学 Q1 ECONOMICS Pub Date : 2023-07-24 DOI: 10.1162/rest_a_01354
Luis Armona
Using quasi-random variation from Facebook's entry to college campuses, I exploit a natural experiment to estimate the effect of online social network access on future earnings. I estimate that access to Facebook for an additional year in college causes a .62 percentile increase in a cohort's average earnings, translating to an average wage increase of around $970 in 2014, and decreases income inequality within a cohort. I provide indirect evidence that wage increases come through the channel of increased social ties between college alumni, strengthened employment networks, and increased match value between students' majors and later occupations.
利用Facebook进入大学校园的准随机变化,我利用一个自然实验来估计在线社交网络访问对未来收入的影响。我估计,在大学里多花一年时间使用Facebook会使一个群体的平均收入增加0.62个百分点,转化为2014年的平均工资增长约970美元,并减少一个群体内部的收入不平等。我提供的间接证据表明,工资增长是通过增加大学校友之间的社会联系、加强就业网络以及增加学生的专业和后来的职业之间的匹配价值来实现的。
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引用次数: 0
Evaluation of the Statistical Distribution of Indexes of the Structure of Budget Investments 预算内投资结构指标统计分布的评价
IF 8 1区 经济学 Q1 ECONOMICS Pub Date : 2023-07-21 DOI: 10.21686/2500-3925-2023-4-66-76
N. Kovalenko
The purpose of the study is to substantiate methodological approaches for conducting a statistical study of the structure of budget investments and their approbation at the level of the regions of the Russian Federation on the basis of an assessment of data available in official statistical and administrative records on indexes of the composition of budget investments, analyzing scientific papers devoted to the study of the structure of investments, identifying and systematizing signs of gradation of budget investments for development and analysis their complex structure. The methodological proposals formed were the basis for the application of methods of multidimensional statistical analysis of the distribution of the regions of the Russian Federation by indexes of the structure of budget investments to determine territorial differences in the implementation of state investment programs of socio-economic development.Materials and methods. The study used theoretical methods: analysis, synthesis, comparison of sources of information about budget investments, as well as mathematical and statistical research methods: structural and dynamic analysis, descriptive statistics, multidimensional grouping, cluster analysis.Results. Based on the analysis of regulatory and legal documentation, scientific literature on the research topic, author’s publications, a classification of indexes of the structure of budget investments was formed. The structural and dynamic analysis of the index “Investments in fixed assets by sources of financing” (in the total amount of funds, in comparison with budget funds, by levels of budget expenditures of investments in fixed assets: federal budget, funds from the budget of the regions of the Russian Federation, local budget) was carried out for 2005-2009 and 2013-2021. The variability of the share of expenditures from the federal and regional budgets is revealed, which may be related to the implementation of state regulation measures in the redistribution of investment resources at the federal and regional levels. Using the methods of descriptive statistics, multidimensional grouping, clustering, a comprehensive analysis of the statistical distribution of indexes of budget investments by regions for the period 2015-2021 is presented, resulting in four clusters, an assessment of qualitative differences in the structure of budget investments by selected clusters is given.Conclusion. In this paper, a methodological toolkit is proposed for a full-system representation of the composition of budget investments, provided with the capabilities of official statistical and administrative accounting and allowing organizing the totality of indexes of the structure of budget investments by territorial division, by sources of financing, by spending directions. The practical significance of the study consists in a proven assessment of the statistical distribution of indexes of the structure of budget investments by the share of budget inves
这项研究的目的是根据对预算投资组成指数的官方统计和行政记录中现有数据的评估,分析专门研究投资结构的科学论文,确定对预算投资结构进行统计研究并在俄罗斯联邦各地区一级核准预算投资结构的方法方法。识别和系统化发展预算投资的分级标志,分析其复杂的结构。所形成的方法建议是通过预算投资结构指数对俄罗斯联邦各地区分布进行多维统计分析的基础,以确定在实施社会经济发展国家投资计划方面的地区差异。材料和方法。本研究运用了理论方法:分析、综合、比较预算投资的信息来源,以及数学和统计研究方法:结构与动态分析、描述性统计、多维分组、聚类分析。通过对相关法律法规文件、研究课题的科学文献、作者著作的分析,形成了预算投资结构指标分类。2005-2009年和2013-2021年对“按资金来源划分的固定资产投资”指数(按资金总额、与预算资金的比较、按固定资产投资预算支出水平划分:联邦预算、俄罗斯联邦地区预算资金、地方预算)进行了结构和动态分析。报告揭示了联邦和地区预算支出份额的变化,这可能与联邦和地区各级投资资源再分配中国家监管措施的实施有关。运用描述性统计、多维分组、聚类等方法,对2015-2021年各地区预算内投资指标的统计分布进行了综合分析,形成了4个聚类,并对所选聚类在预算内投资结构上的质性差异进行了评价。在本文中,提出了一个方法工具包,用于全面系统地表示预算投资的组成,提供官方统计和行政会计的能力,并允许按地区划分、按融资来源、按支出方向组织预算投资结构的总指数。这项研究的实际意义在于对预算投资在固定资产投资总额(自有资金和吸引资金)中所占份额以及预算水平(联邦、地区和地方各级)的预算投资结构指数的统计分布进行了经过验证的评估,并确定了俄罗斯联邦地区选定集群组的空间和动态变化。行政当局和地方自治机构在编制和执行支出预算投资领域的预算以提高其社会经济效益时,可以应用所取得的成果。
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引用次数: 0
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Review of Economics and Statistics
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