Wiley (Books and Journals)
1111 results for Wiley (Books and Journals)
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The Scandinavian Journal of Economics
From No. 99-1, March 1997
to No. 125-4, October 2023
Wiley, 2021
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Transnational crimes: how nations should cooperate and why they don't*
Chain‐form crime partnerships and intelligence sharing by national authorities to detect cross‐border partners create multiple externalities in the combat against transnational crimes and illicit trafficking. Cooperative enforcements that minimize global harms prioritize the country with lower intelligence production and/or superior detection capability. In equilibrium, as in practice, national...
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The effect of compulsory face mask policies on community mobility in Germany*
There is an ongoing debate about face masks being made compulsory in public spaces to contain COVID‐19. A key concern is that such policies could undermine efforts to maintain social distancing and reduce mobility. We provide first evidence on the impact of compulsory face mask policies on community mobility. We exploit the staggered implementation of policies by German states during the first...
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The roots of inequality: estimating inequality of opportunity from regression trees and forests*
We propose the use of machine learning methods to estimate inequality of opportunity and to illustrate that regression trees and forests represent a substantial improvement over existing approaches: they reduce the risk of ad hoc model selection and trade off upward and downward bias in inequality of opportunity estimates. The advantages of regression trees and forests are illustrated by an...
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Unfair inequality and growth*
Fighting against economic inequality is one fundamental social goal in the agendas of most governments. However, recent studies highlight that people actually prefer unequal societies, as they accept inequality generated by an individual's effort and wish to reduce only unfair inequality (generated by factors beyond an individual's control). This distinction might help to explain the fundamental...
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Do tax subsidies for retirement saving affect total private saving? New evidence on middle‐income workers*
We exploit exogenous variation from a pension reform in Denmark to estimate the effect of tax subsidies on total private saving. We present new evidence on individuals in the middle of the income distribution and show that a reduction in tax subsidies for retirement saving reduces total private saving. The reform changed the tax incentives for saving in the pension scheme that holds the highest...
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Experienced versus decision utility: large‐scale comparison for income–leisure preferences*
Subjective well‐being (SWB) data are increasingly used to perform welfare analysis. Interpreted as “experienced utility”, it has recently been compared to “decision utility” using small‐scale experiments most often based on stated preferences. We transpose this comparison to the framework of non‐experimental and large‐scale data commonly used for policy analysis, focusing on the income–leisure...
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Hours risk and wage risk: repercussions over the life cycle*
We decompose earnings risk into contributions from hours and wage shocks. To distinguish between hours shocks, modeled as innovations to the marginal disutility of work, and labor supply reactions to wage shocks, we formulate a life‐cycle model of consumption and labor supply. For estimation, we use data on married American men from the Panel Study of Income Dynamics. Permanent wage shocks...
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Penalty lottery*
To control sequential public bad productions under imperfect monitoring, this paper proposes a penalty lottery: a violator passes the responsibility of the fine to the next potential violator with some probability and pays all the accumulated fines with the complementary probability. The penalty lottery does not merely impose extreme fines because an absorbing state is practically unreachable. It
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Co‐worker peer effects on parental leave take‐up
We investigate co‐worker peer effects in the use of parental leave in Sweden. We use an instrumental variable approach called “peers of peers”, in which the parental leave taken by family peers (siblings and cousins) of co‐workers is used as an instrument for co‐workers’ use of parental leave. For fathers, we find that a 10‐day increase in the average parental leave taken by co‐workers increases...
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Peer interactions and performance in a high‐skilled labour market*
It is not clear whether interactions among superstar employees lead to an increase in productivity. Such interactions are relatively rare, and measuring productivity is challenging. In this paper, it is suggested that these difficulties can be overcome by analysing changes in the performance of elite National Basketball Association (NBA) players who participate in the Olympic Games. By using...
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Effect of compulsory education on retirement financial outcomes: evidence from China*
This paper presents the first causal evidence that compulsory education improves retirement financial outcomes in a developing economy. By exploiting the 1986 compulsory schooling reform in China, we show that compulsory education increases rural residents’ participation in the New Rural Pension Scheme, the world’s largest public pension program. Using an instrumental variables strategy in a...
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Consumer responses to the COVID‐19 crisis: evidence from bank account transaction data*
In this paper, we use transaction‐level bank account data from Denmark to study the dynamics of consumer spending during the COVID‐19 pandemic. We document that aggregate spending initially dropped by almost 30 percent but recovered almost fully after the first wave. While spending plummeted in categories severely affected by supply restrictions, it increased in unaffected categories. Individual...
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Exporting costs and multi‐product shipments*
In this paper, employing transaction‐level data for Russian imports, we explore the role of multi‐product shipments in explaining shipping patterns across countries. In our data, an average shipment includes five different products. We document that firms from higher‐income countries on average include a larger number of different products into a single shipment and have a larger number of...
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Valuing elementary schools: evidence from public school acquisitions in Beijing*
We utilize government‐sanctioned public school acquisitions in Beijing to estimate individuals’ willingness to pay for enrollment eligibility in sought‐after elementary schools. The spatial and temporal variation in these acquisitions allows us to estimate a hedonic pricing model in the difference‐in‐difference framework. Comparing regular elementary schools that are acquired by sought‐after...
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Cesarean sections for high‐risk births: health, fertility, and labor market outcomes*
A cesarean section (C‐section) is common practice in complicated deliveries that otherwise carry risk of severe complications. However, C‐sections themselves carry risks, as do all major surgical procedures. In this paper, I examine the causal effects of C‐sections on child and maternal outcomes in a population of high‐risk deliveries, namely breech births. To capture the causal effect of C‐sectio
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Sovereign bail‐outs and fiscal rules in a banking union*
In this paper, we study optimal fiscal rules in a two‐country economy in which cross‐country linkages between sovereign debts and banking sectors motivate bail‐outs among countries. The first‐best sovereign borrowing, which is contingent on the output gap between the countries, cannot be achieved in the presence of asymmetric information on a country's potential output. Because bail‐out induces...
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Progressive Taxation and Economic Stability*
Recent empirical evidence finds that progressive taxation is an effective economic stabilizer, but theoretical results disagree. This paper shows that a lifecycle model with total factor productivity shocks can match the empirical evidence. If the US economy switched from progressive to proportional taxation, output volatility would increase by 5 percent. Progressive taxes act as stabilizers by...
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Price‐Level Determination When Tax Payments Are Required in Money*
Can the price level be determined by a requirement that taxes should be paid in money? We study this question in a dynamic endowment economy where households have to pay a money tax of a fixed real value and money enters the economy through government expenditures and open market operations. When government expenditures only consist of purchases of real goods, the price level is bounded from...
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Intergenerational Income Mobility in Denmark and the United States*
In this paper, I conduct a novel comparison of intergenerational income mobility in Denmark and the United States, based on high‐quality administrative data for both countries. The results confirm that the United States is substantially less mobile than Denmark, but they also show that the differences in mobility are smaller than previously reported. Mobility differences are larger for family...
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Has the Euro Shrunk the Band? Relative Purchasing Power Parity Convergence in a Currency Union*
I study the effects of entry to the European Monetary Union (EMU) on relative purchasing power parity (PPP) convergence using monthly disaggregated price indices from 32 European countries from 1999 to 2016. I examine the entry of Cyprus, Malta, Slovakia, and Slovenia to the EMU, and I estimate the bands of inaction of relative prices before and after entry using a threshold autoregressive model.
- Editors’ Report
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Social Comparisons in Real Time: A Field Experiment of Residential Electricity and Water Use*
In this paper, we carry out a field experiment that contributes in two important ways to the literature on how social comparisons affect residential energy and water use. First, we study a social comparison treatment that is continuous and communicated via pre‐installed in‐home displays, which are salient and updated in real time. Second, we estimate the effects of provision of social comparisons
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Effects of Insurance Incentives on Road Safety: Evidence from a Natural Experiment in China*
We contribute to the growing body of literature on moral hazard by offering empirical evidence of the effectiveness of insurance pricing incentives at improving road safety. We do this by comparing the claim frequency following a regulatory reform introduced in a pilot city in China, with the experience of another city unaffected by the reform. By using a difference‐in‐differences methodology, we
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The U‐Shape of Income Inequality over the 20th Century: The Role of Education*
We propose an overlapping generations model with three social classes to investigate the effects of higher education on the evolution of inequality. Initially, no social class invests in higher education, and inequality is driven by wealth accumulation/bequests. Once the rich surpass a certain income threshold, they invest in higher education and their children's incomes start to grow faster....
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Costly Preparations in Bargaining*
We model costly preparations in negotiations and study their effect on agreements in a bilateral bargaining game. In our model, players bargain over a unit pie, where each player needs to pay a fixed cost in the beginning of every period t, if he wants to stay in the game in period t+1 in case a deal has not been reached by the end of t. Whether a player has paid this cost (i.e., prepared for...
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Admissions Constraints and the Decision to Delay University*
We investigate whether delaying entrance into university is affected by restrictions on admissions into competitive programs. Using Danish administrative data, we estimate a dynamic discrete choice model, in which students choose, if admitted, either to enter one of 30 programs or to delay. We use the model to examine delaying choices under different simulated admissions policies. Our experiments
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Demand and Supply Effects and Returns to College Education: Evidence from a Natural Experiment with Engineers in Denmark*
The demand and supply model predicts that a larger relative net supply of a particular educational group will negatively affect its relative earnings. To test this, we use the opening of Aalborg University as a natural experiment, because it created a shock to the supply of electrical and construction engineers in Denmark in the 1980s. The results show that when the supply of electrical and...
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Demographic Transition and Fertility Rebound in Economic Development*
Recent evidence on the “fertility rebound” offers credence to the idea that, from the onset of early industrialization to the present day, the dynamics of fertility can be represented by an N‐shaped curve. An overlapping generations model with parental investment in human capital can account for these observed movements in fertility rates during the different stages of demographic change. A...
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Monetary Policy, Financial Frictions, and Heterogeneous R&D Firms in an Endogenous Growth Model*
Motivated by empirical facts, I construct an endogenous growth model in which heterogeneous research and development (R&D) firms are financially constrained and use cash to finance R&D investments. I also examine the optimal monetary policy. The effects of financial constraint crucially depend on whether R&D firms are homogeneous or heterogeneous regarding R&D productivity. If R&D firms are...
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A Common Base Answer to the Question “Which Country Is Most Redistributive?”*
We believe that what most authors have in mind when referring to the “most redistributive country” is a tax and transfer schedule that is most redistributive across all pre‐tax and transfer income distributions. In order to measure each country's tax and transfer redistribution according to the same baseline, we suggest using the transplant‐and‐compare method of Dardanoni and Lambert (2002,...