Saturday, February 5, 2022
Source: IMF Working Paper
Abstract:
“This paper provides an overview of the relation between tax policy and gender equality, covering labor, capital and wealth, as well as consumption taxes. It considers implicit and explicit gender biases and corrective taxation. On labor taxes, we (the authors) discuss the well-established findings on female labor supply and present new empirical work on the impact of household taxation. We also analyze the impact of progressivity on pay gaps and labor supply. On capital and wealth taxation, we discuss the implications of lower effective capital income taxation on the personal income tax burden gap across genders. We show that countries with relatively low female shares of capital income and wealth also tend to tax property and inheritances particularly lightly. On consumption taxes, we cover taxes on female hygiene products and excise taxes, which we assess in relation to externalities and differences in consumption patterns across genders.”
Source: IMF Working Paper
Abstract:
“This paper provides an overview of the relation between tax policy and gender equality, covering labor, capital and wealth, as well as consumption taxes. It considers implicit and explicit gender biases and corrective taxation. On labor taxes, we (the authors) discuss the well-established findings on female labor supply and present new empirical work on the impact of household taxation. We also analyze the impact of progressivity on pay gaps and labor supply.
Posted by 1:43 PM
atLabels: Inclusive Growth
Friday, February 4, 2022
One of the most significant stylized facts in the U.S. economy since the 1970s has been the decline in the share of national income accruing to labor. Many recent studies have sought to explain this trend, with most explanations focusing on structural changes such as deindustrialization, globalization, financialization, rising market concentration, and technological change.
In this paper, the authors argue that these forces primarily operate through a bargaining power channel measured by the cost of job loss and that the reduction in labor’s share of income has been driven by lower bargaining power for workers. They examine various parameters for the US between 1960 and 2016 to test this hypothesis and conclude that structural changes such as globalization (Furceri and Loungani, 2018) and weak economic performance in the US have increased inequality over time.
Click here to read the full paper.
One of the most significant stylized facts in the U.S. economy since the 1970s has been the decline in the share of national income accruing to labor. Many recent studies have sought to explain this trend, with most explanations focusing on structural changes such as deindustrialization, globalization, financialization, rising market concentration, and technological change.
In this paper, the authors argue that these forces primarily operate through a bargaining power channel measured by the cost of job loss and that the reduction in labor’s share of income has been driven by lower bargaining power for workers.
Posted by 1:23 PM
atLabels: Inclusive Growth
On cross-country:
On the US:
On China
On other countries:
On cross-country:
Posted by 5:00 AM
atLabels: Global Housing Watch
Thursday, February 3, 2022
New NBER Working paper by Nicholas Bloom, Takafumi Kawakubo, Charlotte Meng, Paul Mizen, Rebecca Riley, Tatsuro Senga & John Van Reenen.
“We link a new UK management survey covering 8,000 firms to panel data on productivity in manufacturing and services. There is a large variation in management practices, which are highly correlated with productivity, profitability and size. Uniquely, the survey collects firms’ micro forecasts of their own sales and also macro forecasts of GDP. We find that better managed firms make more accurate micro and macro forecasts, even after controlling for their size, age, industry and many other factors. We also show better managed firms appear aware that their forecasts are more accurate, with lower subjective uncertainty around central values. These stylized facts suggest that one reason for the superior performance of better managed firms is that they knowingly make more accurate forecasts, enabling them to make superior operational and strategic choices.”
Read more here.
New NBER Working paper by Nicholas Bloom, Takafumi Kawakubo, Charlotte Meng, Paul Mizen, Rebecca Riley, Tatsuro Senga & John Van Reenen.
“We link a new UK management survey covering 8,000 firms to panel data on productivity in manufacturing and services. There is a large variation in management practices, which are highly correlated with productivity, profitability and size. Uniquely, the survey collects firms’ micro forecasts of their own sales and also macro forecasts of GDP.
Posted by 2:22 PM
atLabels: Forecasting Forum
New paper by Tianyi Wang, Hong Yan, Zhuo Huang & Fang Liang in Economic Modelling.
“In this paper, we develop a new model, the Realized GARCH-RSRK, to determine the time-varying distribution of financial returns with realized higher moments. Based on Gram-Charlier expansion (GCE) density, we first explicitly link the expansion parameters with moments that are calculated based on intraday returns using our new model. Then, the Cornish-Fisher expansion is applied to forecast Value-at-Risk (VaR) with estimated moments to demonstrate the economic significance of this new model. Compared with the daily-return-based dynamic higher moments models, the inclusion of realized higher moments significantly improves this model’s ability to forecast extreme tails. The empirical results indicate that this new model outperforms the benchmark models when forecasting extreme VaR. In addition, we provide a formula to correct the moments associated with the commonly used squared transformation of GCE. Our empirical evidence highlights the importance of using corrected moments in VaR forecasting.”
Read more by clicking here.
New paper by Tianyi Wang, Hong Yan, Zhuo Huang & Fang Liang in Economic Modelling.
“In this paper, we develop a new model, the Realized GARCH-RSRK, to determine the time-varying distribution of financial returns with realized higher moments. Based on Gram-Charlier expansion (GCE) density, we first explicitly link the expansion parameters with moments that are calculated based on intraday returns using our new model. Then, the Cornish-Fisher expansion is applied to forecast Value-at-Risk (VaR) with estimated moments to demonstrate the economic significance of this new model.
Posted by 1:16 PM
atLabels: Forecasting Forum
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