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Monopsony in the US Labor Market 美国劳动力市场的垄断

IF 10.7 1区经济学 Q1 ECONOMICS

American Economic Review

Pub Date : 2022-07-01 DOI: 10.1257/aer.20200025

Chen Yeh, Claudia Macaluso, Brad J. Hershbein

This paper quantifies employer market power in US manufacturing and how it has changed over time. Using administrative data, we estimate plant-level markdowns—the ratio between a plant’s marginal revenue product of labor and its wage. We find most manufacturing plants operate in a monopsonistic environment, with an average markdown of 1.53, implying a worker earning only 65 cents on the marginal dollar generated. To investigate long-term trends for the entire sector, we propose a novel, theoretically grounded measure for the aggregate markdown. We find that it decreased between the late 1970s and the early 2000s, but has been sharply increasing since. (JEL J24, J31, J38, J42, L13, L60)

本文量化了美国制造业的雇主市场力量，以及它是如何随时间变化的。利用管理数据，我们估计了工厂层面的降价——工厂劳动力边际收入产品与工资之间的比率。我们发现，大多数制造工厂都是在垄断的环境中运作的，平均降价幅度为1.53，这意味着一名工人在边际产出的1美元中只能赚到65美分。为了研究整个行业的长期趋势，我们提出了一种新颖的、理论上有根据的总降价措施。我们发现，从20世纪70年代末到21世纪初，这一比例有所下降，但此后又急剧上升。(j24, j31, j38, j42, l13, l60)

引用次数: 51

Development of the horizontal optocollic reflex in juvenile barn owls (Tyto furcata pratincola). 谷仓鸮（Tyto furcata pratincola）幼鸟水平视结膜反射的发育。

IF 1.9 1区经济学 Q1 ECONOMICS

American Economic Review

Pub Date : 2022-07-01 Epub Date: 2022-06-13 DOI: 10.1007/s00359-022-01555-0

Hermann Wagner, Ina Pappe, Sandra Brill, Hans-Ortwin Nalbach

Adult barn owls and primates possess an almost symmetric monocular rotational horizontal optocollic reflex. In primates, the reflex is initially asymmetric and becomes symmetric with time after birth. The condition in barn owls has not been studied so far. Here, we present data on the development of this reflex in this bird. We tested juvenile barn owls from the time before they open their eyes after hatching to the time they reach adult feather length. Wide-field visual patterns served as stimuli. They were presented at different rotational speeds in binocular and monocular settings. The binocular horizontal optocollic responses of juvenile barn owls were symmetric and adult-like on the first day that the birds responded to the stimulus. The monocular responses showed different rates of development in respect to stimulus velocity and stimulus direction. For velocities up to 20 deg/s, the monocular reflex was also adult-like on the first day that the birds responded to the stimulus. An initially higher asymmetry for 30 deg/s compared to adults disappeared within about two weeks. The development at even higher velocities remained unclear.

成年仓鸮和灵长类动物拥有几乎对称的单眼旋转水平视结膜反射。灵长类动物的反射最初是不对称的，出生后随着时间的推移会变得对称。谷仓鸮的这种情况至今尚未研究过。在此，我们提供了有关这种鸟类这种反射的发育过程的数据。我们测试了谷仓鸮幼鸟从孵化后睁开眼睛到成年羽毛长成的整个过程。刺激物为宽视野视觉图案。这些图案在双目和单目环境下以不同的旋转速度呈现。在对刺激做出反应的第一天，幼年仓鸮的双目水平视结膜反应是对称的，与成年仓鸮相似。单眼反应的发展速度与刺激速度和刺激方向有关。对于速度不超过20度/秒的刺激，幼鸟在对刺激做出反应的第一天，其单眼反射也与成年鸟相似。与成鸟相比，速度为30度/秒的单眼反射最初具有较高的不对称性，但这种不对称性在大约两周内消失。更高速度下的发展仍不清楚。

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引用次数: 0

Spreading Gangs: Exporting US Criminal Capital to El Salvador 蔓延帮派:向萨尔瓦多输出美国犯罪资本

IF 10.7 1区经济学 Q1 ECONOMICS

American Economic Review

Pub Date : 2022-06-01 DOI: 10.1257/aer.20201540

María Micaela Sviatschi

This paper shows how deportation policies can backfire by disseminating not only ideas between countries but also criminal networks, spreading gangs, in this case, across El Salvador, and spurring migration back to the United States. In 1996, the US Illegal Immigration Responsibility Act increased the number of criminal deportations. In particular, the members of large Salvadoran gangs developed in Los Angeles were sent back to El Salvador. Using variation in criminal deportations over time and across cohorts, combined with geographical variation in US gangs’ location, I find that these deportations led to an increase in homicide rates and gang activity, as well as an increase in gang recruitment and migration of children. (JEL J15, J18, K37, K42, O17)

这篇论文表明，驱逐政策不仅会在国家之间传播思想，还会传播犯罪网络，在这种情况下，在萨尔瓦多各地传播帮派，并刺激移民回到美国，从而产生适得其反的效果。1996年，美国《非法移民责任法案》增加了刑事驱逐的数量。特别是，在洛杉矶发展起来的大型萨尔瓦多帮派的成员被遣返回萨尔瓦多。通过对不同时期和不同群体的犯罪驱逐的变化，结合美国帮派所在地的地理变化，我发现这些驱逐导致了凶杀率和帮派活动的增加，以及帮派招募和儿童移民的增加。(j15, j18, k37, k42, o17)

引用次数: 7

Design-Based Research in Empirical Microeconomics 基于设计的实证微观经济学研究

IF 10.7 1区经济学 Q1 ECONOMICS

American Economic Review

Pub Date : 2022-06-01 DOI: 10.1257/aer.112.6.1773

David Card

I briefly review the emergence of “ design-based” research methods in labor economics in the 1980s and early 1990s. These methods were seen as a partial solution to the problems of credible inference identified by Ashenfelter (1974), Leamer (1978), Hendry (1980), and others. Designed-based studies typically use a simplified one-equation model of the outcome of interest—in contrast to model-based studies that specify a data generating process for all factors determining the outcome. I discuss some of the strengths and weaknesses of the design-based approach and the value of such research in the field. (JEL C20, J01, J24, J31, J38, J51, J53)

我简要回顾了20世纪80年代和90年代初劳动经济学中出现的“基于设计”的研究方法。这些方法被视为部分解决了Ashenfelter(1974)、Leamer(1978)、Hendry(1980)等人提出的可信推理问题。基于设计的研究通常使用感兴趣结果的简化单方程模型-与基于模型的研究相反，该研究为决定结果的所有因素指定了数据生成过程。我讨论了基于设计的方法的一些优点和缺点，以及这类研究在该领域的价值。(jj20, j01, j24, j31, j38, j51, j53)

引用次数: 15

Bargaining with Mechanisms 与机制讨价还价

IF 10.7 1区经济学 Q1 ECONOMICS

American Economic Review

Pub Date : 2022-06-01 DOI: 10.1257/aer.20210626

Marcin Peski

Two players bargain over a single indivisible good and a transfer, with one-sided incomplete information about preferences. Both players can offer arbitrary mechanisms to determine the allocation. We show that there is a unique perfect Bayesian equilibrium outcome. In the equilibrium, one of the players proposes a menu that is optimal for the uninformed player among all menus, such that each type of the informed player receives at least her payoff under complete information. The optimal menu can be implemented with at most three allocations. Under a natural assumption on the uninformed player’s beliefs, the optimal menu coincides with the Myerson’s neutral solution to the bargaining problem in this environment. (JEL C78, D82, D83)

两个参与者在关于偏好的片面不完全信息的情况下，就一个不可分割的商品和一个转移进行讨价还价。双方都可以提供任意机制来决定分配。我们证明了存在一个唯一的完美贝叶斯均衡结果。在均衡中，一个玩家在所有菜单中为不知情的玩家提供最优的菜单，这样每种类型的知情玩家在完全信息下都能获得至少自己的收益。最优菜单最多可以通过三种分配来实现。在不知情玩家信念的自然假设下，最优菜单与该环境下议价问题的迈尔森中立解决方案一致。(凝胶c78, d82, d83)

引用次数: 2

Concentration Thresholds for Horizontal Mergers 横向并购的集中度阈值

IF 10.7 1区经济学 Q1 ECONOMICS

American Economic Review

Pub Date : 2022-06-01 DOI: 10.1257/aer.20201038

Volker Nocke, M. Whinston

Concentration-based thresholds for horizontal mergers, such as those in the US Horizontal Merger Guidelines, play a central role in merger analysis but their basis remains unclear. We show that there is both a theoretical and an empirical basis for focusing solely on the change in concentration, and ignoring its level, in screening mergers for whether their unilateral price effects will harm consumers. We also argue that current threshold levels likely are too lax, unless one expects efficiency gains of 5 percent or greater, or other factors such as entry and product repositioning to significantly constrain the exercise of market power postmerger. (JEL D43, G34, G38, K21, L13, L41)

以集中度为基础的横向并购门槛，如美国《横向并购指南》中的门槛，在并购分析中发挥着核心作用，但其基础尚不清楚。我们表明，在筛选并购是否会对消费者造成单方面的价格影响时，只关注集中度的变化，而忽略其水平，既有理论基础，也有实证基础。我们还认为，目前的门槛水平可能过于宽松，除非人们期望效率提高5%或更高，或者其他因素，如进入和产品重新定位，将显著限制合并后市场力量的行使。(jel d43, g34, g38, k21, l13, l41)

引用次数: 18

Efficient Matching in the School Choice Problem 择校问题中的有效匹配

IF 10.7 1区经济学 Q1 ECONOMICS

American Economic Review

Pub Date : 2022-06-01 DOI: 10.1257/aer.20210240

P. Reny

Stable matchings in school choice needn’t be Pareto efficient and can leave thousands of students worse off than necessary. Call a matching μ priority-neutral if no matching can make any student whose priority is violated by μ better off without violating the priority of some student who is made worse off. Call a matching priority-efficient if it is priority-neutral and Pareto efficient. We show that there is a unique priority-efficient matching and that it dominates every priority-neutral matching and every stable matching. Moreover, truth-telling is a maxmin optimal strategy for every student in the mechanism that selects the priority-efficient matching. (JEL C78, I21, I28)

学校选择中的稳定匹配不一定是帕累托有效的，可能会让成千上万的学生陷入不必要的困境。如果没有匹配可以使任何优先级被μ违反的学生的优先级更好，而不会违反某些优先级更差的学生的优先级，则调用匹配μ优先级中立。如果匹配的优先级中立且帕累托有效，则称其为优先级高效。我们证明了存在唯一的优先级高效匹配，并且它支配着所有优先级中立匹配和所有稳定匹配。此外，在选择优先级有效匹配的机制中，讲真话是每个学生的最大最优策略。(jel c78, i21, i28)

引用次数: 8

Offshore Profit Shifting and Aggregate Measurement: Balance of Payments, Foreign Investment, Productivity, and the Labor Share 离岸利润转移和总量计量:国际收支、外国投资、生产率和劳动份额

IF 10.7 1区经济学 Q1 ECONOMICS

American Economic Review

Pub Date : 2022-06-01 DOI: 10.1257/aer.20190285

Fatih Guvenen, R. Mataloni, Dylan G. Rassier, Kim J. Ruhl

We show how offshore profit shifting by US multinational enterprises affects several key measures of the US economy. Profits shifted out of the United States grew rapidly from the mid-1990s to 2010 and have since waned. From 1982–2016, on average, 38 percent of income attributed to US direct investment abroad is reattributable to the United States. We find that adjusting for profit shifting shrinks the trade deficit, decreases the return on US foreign direct investment abroad, boosts productivity growth rates in the late 1990s and early 2000s, and lowers labor’s share of income. (JEL E23, E25, F14, F23, H25, H87, L25)

我们展示了美国跨国企业的离岸利润转移如何影响美国经济的几个关键指标。从上世纪90年代中期到2010年，转移到美国以外的利润迅速增长，此后开始放缓。从1982年至2016年，美国海外直接投资的收入中，平均有38%可重新归属于美国。我们发现，对利润转移进行调整会缩小贸易逆差，降低美国对外直接投资的回报率，提高上世纪90年代末和本世纪初的生产率增长率，并降低劳动收入占比。(jel e23, e25, f14, f23, h25, h87, l25)

引用次数: 27

Dividend Taxes and the Allocation of Capital 股息税和资本分配

IF 10.7 1区经济学 Q1 ECONOMICS

American Economic Review

Pub Date : 2022-06-01 DOI: 10.3386/w30099

Charles Boissel, Adrien Matray

This paper investigates the 2013 threefold increase in the French dividend tax rate. Using administrative data covering the universe of firms from 2008 to 2017 and a quasi-experimental setting, we find that firms swiftly cut dividend payments and used this tax-induced increase in liquidity to invest more. Heterogeneity analyses show that firms with high demand and returns on capital responded most while no group of firms cut their investment. Our results reject models in which higher dividend taxes increase the cost of capital and show that the tax-induced increase in liquidity relaxes credit constraints, which can reduce capital misallocation. (JEL D22, G31, G35, H25, H32)

本文研究了2013年法国股息税率的三倍增长。利用涵盖2008年至2017年所有公司的行政数据和准实验环境，我们发现公司迅速削减股息支付，并利用这种税收引起的流动性增加来增加投资。异质性分析表明，在没有企业削减投资的情况下，资本需求高、回报高的企业做出的反应最多。我们的研究结果拒绝了高股息税增加资本成本的模型，并表明税收引起的流动性增加放松了信贷约束，这可以减少资本错配。(凝胶d22, g31, g35, h25, h32)

引用次数: 18

Multidimensional Auctions of Contracts: An Empirical Analysis 多维契约拍卖:一个实证分析

IF 10.7 1区经济学 Q1 ECONOMICS

American Economic Review

Pub Date : 2022-05-01 DOI: 10.1257/aer.20200864

Yunmi Kong, I. Perrigne, Q. Vuong

In this paper, we conduct a structural analysis of multi-attribute auctions of contracts with a general allocation rule when private information is multidimensional. Upon modeling bidders’ contract value that accounts for their endogenous ex post actions, we nonparametrically identify bidders’ private information from their bids and estimate their joint distribution. Analyzing cash-royalty auctions of Louisiana oil leases, we find government revenue worse and development rates no better than in a cash auction with a fixed royalty in view of adverse selection and moral hazard. Our findings revise conventional wisdom on the optimality of multi-attribute auctions. (JEL D44, D82, D86, H82, Q35)

本文对私有信息是多维的情况下具有一般分配规则的契约多属性拍卖进行了结构分析。在建立投标人合同价值模型的基础上，考虑其事后行为，我们从投标人的投标中非参数地识别投标人的私人信息，并估计其联合分布。通过对路易斯安那州石油租赁权的现金权利金拍卖进行分析，我们发现，考虑到逆向选择和道德风险，与固定权利金的现金拍卖相比，政府收入更差，开发速度也并不好。我们的研究结果修订了关于多属性拍卖最优性的传统智慧。(jel d44, d82, d86, h82, q35)

引用次数: 5

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