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作者：Ourens, Guzman
作者单位：Tilburg University
摘要：This paper documents that agricultural sectors diversify less than other manufacturing activities. A simple model shows that this difference can contribute to welfare divergence in a way that is qualitatively different to what results when uneven growth happens in the intensive margin. When consumers have love of variety, they endogenously reduce their expenditure share on the sector that diversifies production the least, pushing terms of trade against the lagging economy. Empirical evidence s...
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作者：Di Nola, Alessandro; Kocharkov, Georgi; Scholl, Almuth; Tkhir, Anna-Mariia; Wang, Haomin
作者单位：University of Birmingham; University of Konstanz; Centre for Economic Policy Research - UK; Allianz SE; Cardiff University
摘要：We examine the aggregate and distributional effects of raising the top marginal income tax rate in the presence of entrepreneurial tax avoidance. In a model with heterogeneous agents and occupational choice, entrepreneurs can avoid taxes by choosing the legal form of business organization and shifting income across tax bases. Applied to the U.S. economy, we find that tax avoidance weakens the distortionary effects of higher income taxes at the top but makes them ineffective at lowering inequal...
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作者：Li, Nan; Papageorgiou, Chris; Xu, Tong; Zha, Tao
作者单位：International Monetary Fund; Southwestern University of Finance & Economics - China; Federal Reserve System - USA; Federal Reserve Bank - Atlanta; Emory University; National Bureau of Economic Research
摘要：We use financial reforms as a case study to understand the temporal clustering of policy changes across countries, shedding light on the broader phenomenon of global policy contagion. We construct a comprehensive database of domestic financial reforms spanning 90 countries from 1973 to 2014. Using this dataset, we estimate a semistructural model that incorporates key factors identified in the literature. We find that (1) geopolitical influence and cross-country learning drove the global surge ...
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作者：Loewenfeld, Moritz; Zheng, Jiakun
作者单位：University of Vienna; Aix-Marseille Universite; Centre National de la Recherche Scientifique (CNRS)
摘要：Allowing risk preferences to depend on the correlation between lottery outcomes can explain behavioral anomalies, while empirical evidence is limited and mixed. Using the framework of correlation sensitivity, we classify preferences into three types and adapt a choice task to categorize subjects. Experiments show that aggregate choices exhibit correlation sensitivity opposite to regret and salience theory predictions. Clustering analysis reveals that a correlation-sensitive minority drives the...
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作者：Ismail, Mehmet S.
作者单位：University of London; King's College London
摘要：In this paper, I introduce a novel benchmark in games, super-Nash performance, and a solution concept, optimin, whereby players maximize their minimal payoff under unilateral profitable deviations by other players. Optimin achieves super-Nash performance in that, for every Nash equilibrium, there exists an optimin where each player not only receives but also guarantees super-Nash payoffs under unilateral profitable deviations by others. Furthermore, optimin generalizes Nash equilibrium in -per...
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作者：Xu, Zhiwei
作者单位：Fudan University; Shanghai Institute of International Finance & Economics
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作者：Chang, Minsu; Wu, Chunzan
作者单位：Seoul National University (SNU); Peking University
摘要：We study the optimal income tax problem under parameter uncertainty about household preferences and wage dynamics. We derive conditions characterizing how such uncertainty affects optimal tax policy. To quantify the effect, we estimate a life-cycle model using US data and a Bayesian approach. Parameter uncertainty makes the optimal tax more progressive, increasing the marginal tax rate gap between high- and low-income households by 5.5 percentage points. This effect is primarily driven by unce...
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作者：Ham, John C.; Quistorff, Brian; Weinberg, Bruce A.
作者单位：New York University; University of Wisconsin System; University of Wisconsin Madison; IZA Institute Labor Economics; University System of Ohio; Ohio State University; National Bureau of Economic Research
摘要：We draw on a recombinant view of innovation, where being in a new location and/or multiple locations leads to exposure to novel combinations of ideas that increase the creativity of top scientists. Using a rich, unique data set we helped assemble, we estimate the empirical relationship between being in a new location and/or multiple locations and the expected interval before an eventual Nobel laureate (ENL) commences their prize-winning work. We find that being in a new location and in multipl...
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作者：Gillitzer, Christian
作者单位：University of Sydney
摘要：How does the targeting of personal income tax cuts affect the output multiplier? This paper provides quantitative evidence using a heterogeneous-agent New-Keynesian model calibrated to match US distributions of income, wealth, marginal tax rates, and marginal propensities to consume. Labor supply is determined by household preferences on the intensive margin and search frictions on the extensive margin. The model evaluates tax cuts for the bottom-90 (B90%) and top-10% of the income distributio...
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作者：Fang, Min; Han, Libin; Huang, Zibin; Lu, Ming; Zhang, Li
作者单位：China Europe International Business School; State University System of Florida; University of Florida; Dongbei University of Finance & Economics; Shanghai University of Finance & Economics; Shanghai Institute of International Finance & Economics; Shanghai Jiao Tong University; Sun Yat Sen University
摘要：We investigate a land policy in China that allocated more urban land quotas to underdeveloped regions to reduce regional gaps. Empirically, the policy decreased productivity in eastern areas relative to the inland. A spatial equilibrium model with migration, land quota constraints, and agglomeration shows the policy distorts labor and production across regions, causing substantial output losses. Though regional gaps narrowed, workers from underdeveloped areas migrated less and earned less. Wit...
