Journal of Political Economy 2023年第5期

Volume 131, Issue 5

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——更多動態(tài)，請持續(xù)關注gzh：理想主義的百年孤獨

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Partial Identification in Matching Models for the Marriage Market

婚姻市場匹配模型中的部分識別
by?Cristina Gualdani & Shruti Sinha

We study partial identification of the preference parameters in the one-to-one matching model with perfectly transferable utilities. We do so without imposing parametric distributional assumptions on the unobserved heterogeneity and with data on one large market. We provide a tractable characterization of the identified set under various classes of nonparametric distributional assumptions on the unobserved heterogeneity. We reexamine some of the relevant questions in the empirical literature on the marriage market, which have been previously studied under the logit assumption. Our results reveal that many findings in the aforementioned literature are primarily driven by such parametric restrictions.

我們研究了具有完全可轉移效用的一對一匹配模型中偏好參數的部分辨識問題。我們在這樣做時，沒有對未觀察到的異質性強加參數分布假設，也沒有使用一個大型市場的數據。我們提供了在各種非參數分布假設下對不可觀測異質性的識別集的一個易于處理的表征。我們重新審視了先前在logit假設下研究的婚姻市場實證文獻中的一些相關問題。我們的結果表明，上述文獻中的許多發(fā)現主要是由這些參數限制驅動的。

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Asset Safety versus Asset Liquidity

資產安全性與資產流動性
by?Athanasios Geromichalos & Lucas Herrenbrueck & Sukjoon Lee

Many economists assume that safer assets are more liquid, and some have practically used “safe” and “l(fā)iquid” as synonyms. But these terms are not synonyms, and mixing them up can lead to confusion and wrong policy recommendations. We build a multiasset model where an asset’s safety and liquidity are well defined and distinct, and we examine their relationship in general equilibrium. We show that the common belief that “safety implies liquidity” is generally justified but also identify conditions under which this relationship can be reversed. We use our model to rationalize, qualitatively and quantitatively, a prominent safety-liquidity reversal observed in the data.

許多經濟學家認為，更安全的資產流動性更強，一些人實際上使用“安全”和“流動性”作為同義詞。但這些術語不是同義詞，將它們混在一起可能會導致混淆和錯誤的政策建議。本文建立了一個多資產模型，在該模型中，資產的安全性和流動性得到了明確的定義，并在一般均衡中考察了它們之間的關系。我們表明，“安全意味著流動性”這一普遍觀點通常是合理的，但也確定了這種關系可以逆轉的條件。我們利用我們的模型對數據中觀察到的一個突出的安全-流動性逆轉進行了定性和定量的合理化。

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Bank Market Power and Central Bank Digital Currency: Theory and Quantitative Assessment

銀行市場勢力與央行數字貨幣:理論與定量評估
by?Jonathan Chiu & Seyed Mohammadreza Davoodalhosseini & Janet Jiang & Yu Zhu

This paper develops a micro-founded general equilibrium model of payments to study the impact of a central bank digital currency (CBDC) on intermediation of private banks. If banks have market power in the deposit market, a CBDC can enhance competition, raising the deposit rate, expanding intermediation, and increasing output. A calibration to the US economy suggests that a CBDC can raise bank lending by 1.57% and output by 0.19%. These crowding-in effects remain robust, albeit with smaller magnitudes, after taking into account endogenous bank entry. We also assess the role of a non-interest-bearing CBDC as the use of cash declines.

本文建立了一個微觀的一般均衡支付模型，研究了央行數字貨幣對私人銀行中介行為的影響。如果銀行在存款市場上擁有市場力量，央行可以增強競爭，提高存款利率，擴大中介，增加產出。對美國經濟的校準表明，CBDC可以將銀行貸款提高1.57%，將產出提高0.19%。這些擠入效應仍然強勁，盡管在考慮到銀行的內生性進入后，影響的幅度較小。隨著現金使用的減少，我們還評估了無息CBDC的作用。

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?US Inequality and Fiscal Progressivity: An Intragenerational Accounting

美國的不平等和財政累進性:代際內會計
by?Alan J. Auerbach & Laurence J. Kotlikoff & Darryl Koehler

This study measures spending power inequality within age cohorts and estimates fiscal progressivity via lifetime net tax rates. We find, first, that inequality in income and especially wealth dramatically overstates inequality in spending power. Second, inequality in current spending power differs from that in lifetime spending power because of credit constraints, in-kind government benefits, and other factors. Third, the US fiscal system is highly progressive once cohorts are old enough to have highly dispersed human wealth. Fourth, households’ rankings based on current income can differ substantially from their rankings based on lifetime resources. Fifth, current-year net tax rates substantially understate fiscal progressivity.

本研究衡量了不同年齡群體內的消費能力不平等，并通過終身凈稅率估計了財政累進性。我們發(fā)現，首先，收入、尤其是財富的不平等極大地夸大了消費能力的不平等。第二，由于信貸約束、政府實物福利等因素，當期消費能力的不平等不同于終身消費能力的不平等。第三，一旦人們的年齡足夠大，可以擁有高度分散的人類財富，美國的財政體系就會高度進步。第四，家庭基于當前收入的排名可能與基于終身資源的排名有很大差異。第五，今年的凈稅率大大低估了財政累進性。

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?Common Ownership, Competition, and Top Management Incentives

共同所有制、競爭和高層管理激勵
by?Miguel Antón & Florian Ederer & Mireia Giné & Martin Schmalz

We present a mechanism based on managerial incentives through which common ownership affects product market outcomes. Firm-level variation in common ownership causes variation in managerial incentives and productivity across firms, which leads to intraindustry and intrafirm cross-market variation in prices, output, markups, and market shares that is consistent with empirical evidence. The organizational structure of multiproduct firms and the passivity of common owners determine whether higher prices under common ownership result from higher costs or from higher markups. Using panel regressions and a difference-in-differences design, we document that managerial incentives are less performance sensitive in firms with more common ownership.

本文提出了一個基于管理層激勵的共同所有權影響產品市場結果的機制。企業(yè)層面共同所有制的差異導致企業(yè)間管理層激勵和生產率的差異，從而導致行業(yè)內和企業(yè)內部的跨市場價格、產量、加成率和市場份額的差異，這與經驗證據一致。多產品企業(yè)的組織結構和共同所有者的被動性決定了共同所有權下的更高價格是源于更高的成本還是更高的加成率。通過面板回歸和雙重差分分析，我們發(fā)現，共同所有制程度越高的公司，管理層激勵對業(yè)績的敏感性越低。

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Tax Smoothing in Frictional Labor Markets: A Comment
by?Mehrab Kiarsi

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Tax Smoothing in Frictional Labor Markets: A Reply
by?David M. Arseneau & Sanjay K. Chugh

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