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Journal of public economics 13건

  1. [해외논문]   Editorial Board  


    Journal of public economics v.162 ,pp. ii - ii , 2018 , 0047-2727 ,

    초록

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  2. [해외논문]   A special issue of the Journal of Public Economics: Honoring the work of Sir Anthony B. Atkinson (1944–2017)  

    Kleven, Henrik J. (Princeton University and NBER ) , Luttmer, Erzo F.P. (Dartmouth College and NBER)
    Journal of public economics v.162 ,pp. 1 - 3 , 2018 , 0047-2727 ,

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    회원님의 원문열람 권한에 따라 열람이 불가능 할 수 있으며 권한이 없는 경우 해당 사이트의 정책에 따라 회원가입 및 유료구매가 필요할 수 있습니다.이동하는 사이트에서의 모든 정보이용은 NDSL과 무관합니다.

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  3. [해외논문]   Public economics as if time matters: Climate change and the dynamics of policy  

    Stern, Nicholas
    Journal of public economics v.162 ,pp. 4 - 17 , 2018 , 0047-2727 ,

    초록

    Abstract Tony Atkinson played a crucial role in shaping modern public economics, but throughout his life challenged whether we were making the right assumptions and were building models which captured the essence of the issues under examination. This paper examines questions discussed with Tony concerning public policy to foster change where the pace and nature of change are critical to any serious policy assessment. The primary example is climate change. The paper argues that subjects such as the dynamics of innovation, of potentially immense and destabilising risks, and of political economy, together with technicalities around non-linearities and dynamic increasing returns, all of which are at the heart of the challenge of climate change, will require a series of focused models for their investigation. Attempts to build integrated assessment models (IAMs) for the analysis of climate change have been largely misplaced and omit key effects and questions of the above kind. Intertemporal issues and values are at the core of policy towards climate change and the paper shows that much of the intertemporal economic analysis of the issues around climate change has been misguided and has ridden roughshod over the analytical underpinnings and the underlying ethics of discounting. Where major decline is possible, discounting is fiercely endogenous; and where capital markets are imperfect and risk intense, discount rates cannot be read off from markets. Notwithstanding the modelling difficulties and the challenging research agenda, the paper argues that the urgency of the problem (for example, world infrastructure will double in the next 15–20 years and there are major dangers of lock-in of dirty and damaging capital) require strong action and we know enough about policy to begin travelling down the path of an attractive low-carbon transition.

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    회원님의 원문열람 권한에 따라 열람이 불가능 할 수 있으며 권한이 없는 경우 해당 사이트의 정책에 따라 회원가입 및 유료구매가 필요할 수 있습니다.이동하는 사이트에서의 모든 정보이용은 NDSL과 무관합니다.

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  4. [해외논문]   What do self-reports of wellbeing say about life-cycle theory and policy?  

    Deaton, Angus
    Journal of public economics v.162 ,pp. 18 - 25 , 2018 , 0047-2727 ,

    초록

    Abstract I respond to Atkinson's plea to revive welfare economics, and to consider alternative ethical frameworks when making policy recommendations. I examine a measure of self-reported evaluative wellbeing, the Cantril Ladder, and use data from Gallup to examine wellbeing over the life-cycle. I assess the validity of the measure, and show that it is hard to reconcile with familiar theories of intertemporal choice. I find a worldwide optimism about the future; in spite of repeated evidence to the contrary, people consistently but irrationally predict they will be better off five years from now. The gap between future and current wellbeing diminishes with age, and in rich countries, is negative among the elderly. I also use the measure to think about income transfers by age and sex. Policies that give priority those with low incomes favor the young and the old, while utilitarian policies favor the middle aged, and men over women.

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    회원님의 원문열람 권한에 따라 열람이 불가능 할 수 있으며 권한이 없는 경우 해당 사이트의 정책에 따라 회원가입 및 유료구매가 필요할 수 있습니다.이동하는 사이트에서의 모든 정보이용은 NDSL과 무관합니다.

    NDSL에서는 해당 원문을 복사서비스하고 있습니다. 아래의 원문복사신청 또는 장바구니담기를 통하여 원문복사서비스 이용이 가능합니다.

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  5. [해외논문]   Top wealth shares in the UK over more than a century  

    Alvaredo, Facundo (Paris School of Economics, France, Conicet, Argentina, and INET at the Oxford Martin School, United Kingdom ) , Atkinson, Anthony B. (Nuffield College, London School of Economics, and INET at the Oxford Martin School, United Kingdom ) , Morelli, Salvatore (The Graduate Center and Stone Center on Socio-Economic Inequality, City University of New York, United States)
    Journal of public economics v.162 ,pp. 26 - 47 , 2018 , 0047-2727 ,

    초록

    Abstract Recent research highlighted controversy about the evolution of concentration of personal wealth. In this paper we provide new evidence about the long-run evolution of top wealth shares for the United Kingdom. The new series covers a long period – from 1895 to the present – and has a different point of departure from the previous literature: we start with the analysis of the distribution of estates left at death. We find that the application to the estate data of mortality multipliers to yield estimates of wealth among the living does not substantially change the degree of concentration over much of the period both in the UK and US, allowing inferences to be made for years when this method cannot be applied. The results show that wealth concentration in the UK remained relatively constant during the first wave of globalization, but then decreased dramatically in the period from 1914 to 1979. The UK went from being more unequal in terms of wealth than the US to being less unequal. However, the decline in UK wealth concentration came to an end around 1980, and since then there is evidence of an increase in top shares, notably in the distribution of wealth excluding housing in recent years. We investigate the triangulating evidence provided by data on capital income concentration and on reported super fortunes.

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    회원님의 원문열람 권한에 따라 열람이 불가능 할 수 있으며 권한이 없는 경우 해당 사이트의 정책에 따라 회원가입 및 유료구매가 필요할 수 있습니다.이동하는 사이트에서의 모든 정보이용은 NDSL과 무관합니다.

    NDSL에서는 해당 원문을 복사서비스하고 있습니다. 아래의 원문복사신청 또는 장바구니담기를 통하여 원문복사서비스 이용이 가능합니다.

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  6. [해외논문]   Income inequality and the labour market in Britain and the US  

    Blundell, Richard (University College London, Institute for Fiscal Studies, United Kingdom ) , Joyce, Robert (Institute for Fiscal Studies, United Kingdom ) , Norris Keiller, Agnes (University College London, Institute for Fiscal Studies, United Kingdom ) , Ziliak, James P. (University of Kentucky, Institute for Fiscal Studies, United States)
    Journal of public economics v.162 ,pp. 48 - 62 , 2018 , 0047-2727 ,

    초록

    Abstract We study household income inequality in both Great Britain and the United States and the interplay between labour market earnings and the tax system. While both Britain and the US have witnessed secular increases in 90/10 male earnings inequality over the last three decades, this measure of inequality in net family income has declined in Britain while it has risen in the US. To better understand these comparisons, we examine the interaction between labour market earnings in the family, assortative mating, the tax and welfare-benefit system and household income inequality. We find that both countries have witnessed sizeable changes in employment which have primarily occurred on the extensive margin in the US and on the intensive margin in Britain. Increases in the generosity of the welfare system in Britain played a key role in equalizing net income growth across the wage distribution, whereas the relatively weak safety net available to non-workers in the US mean this growing group has seen particularly adverse developments in their net incomes.

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    회원님의 원문열람 권한에 따라 열람이 불가능 할 수 있으며 권한이 없는 경우 해당 사이트의 정책에 따라 회원가입 및 유료구매가 필요할 수 있습니다.이동하는 사이트에서의 모든 정보이용은 NDSL과 무관합니다.

    NDSL에서는 해당 원문을 복사서비스하고 있습니다. 아래의 원문복사신청 또는 장바구니담기를 통하여 원문복사서비스 이용이 가능합니다.

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  7. [해외논문]   Income inequality in France, 1900–2014: Evidence from Distributional National Accounts (DINA)  

    Garbinti, Bertrand (Banque de France, CREST, France ) , Goupille-Lebret, Jonathan (Paris School of Economics, INSEAD, GATE-LSE, France ) , Piketty, Thomas (Paris School of Economics, France)
    Journal of public economics v.162 ,pp. 63 - 77 , 2018 , 0047-2727 ,

    초록

    Abstract This paper presents “Distributional National Accounts” (DINA) for France. That is, we combine national accounts, tax and survey data in a comprehensive and consistent manner to build homogenous annual series on the distribution of national income by percentiles over the 1900–2014 period, with detailed breakdown by age, gender and income categories over the 1970–2014 period. Our DINA-based estimates allow for a much richer analysis of the long-run pattern found in previous tax-based series, i.e. a long-run decline in income inequality, largely due to a sharp drop in the concentration of wealth and capital income following the 1914–1945 capital shocks. First, our new series deliver higher inequality levels than the usual tax-based series for the recent decades, because the latter miss a rising part of capital income. Growth incidence curves look dramatically different for the 1950–1983 and 1983–2014 sub-periods. We also show that gender inequality in labor income declined in recent decades, albeit fairly slowly among top labor incomes. E.g. female share among top 0.1% earners was only 12% in 2012 (vs. 7% in 1994 and 5% in 1970). Finally, we find that distributional changes can have large impact on comparisons of well-being across countries. E.g. average pretax income among bottom 50% adults is 20% larger in France than in the U.S., in spite of the fact that aggregate per adult national income is 30% smaller in France.

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    회원님의 원문열람 권한에 따라 열람이 불가능 할 수 있으며 권한이 없는 경우 해당 사이트의 정책에 따라 회원가입 및 유료구매가 필요할 수 있습니다.이동하는 사이트에서의 모든 정보이용은 NDSL과 무관합니다.

    NDSL에서는 해당 원문을 복사서비스하고 있습니다. 아래의 원문복사신청 또는 장바구니담기를 통하여 원문복사서비스 이용이 가능합니다.

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  8. [해외논문]   Longitudinal determinants of end-of-life wealth inequality  

    Poterba, James (MIT and NBER, United States ) , Venti, Steven (Dartmouth and NBER, United States ) , Wise, David A. (Harvard and NBER, United States)
    Journal of public economics v.162 ,pp. 78 - 88 , 2018 , 0047-2727 ,

    초록

    Abstract Inequality in wealth among elderly households, and in particular the prevalence of very low wealth holdings, can be an important consideration in the design of social insurance programs. This paper examines the incidence and determinants of low levels of financial and total wealth using repeated cross-sections of the Health and Retirement Study (HRS) and a small longitudinal sample of HRS respondents observed both at age 65 and shortly before death. Most of those who report very low wealth holdings at the end of their life had little wealth at the traditional retirement age of 65. There is strong persistence over time in reports of very low wealth, and more generally relatively little evidence that wealth is drawn down in the first 15 years of retirement. The age-specific probability of reporting low wealth increases slowly after age 65. Low lifetime earnings are strongly predictive of low wealth at retirement and at the end of life. The post-retirement onset of a major medical condition, and, for married women, the loss of their spouse, are both associated with small increases in the probability of reporting very low wealth, but they account for a small fraction of low-wealth outcomes. Low levels of wealth accumulation before age 65, rather than gaps in the safety net after 65 or rapid spend-down of accumulated assets, appear to be the primary determinant of low levels of wealth just before death.

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    회원님의 원문열람 권한에 따라 열람이 불가능 할 수 있으며 권한이 없는 경우 해당 사이트의 정책에 따라 회원가입 및 유료구매가 필요할 수 있습니다.이동하는 사이트에서의 모든 정보이용은 NDSL과 무관합니다.

    NDSL에서는 해당 원문을 복사서비스하고 있습니다. 아래의 원문복사신청 또는 장바구니담기를 통하여 원문복사서비스 이용이 가능합니다.

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  9. [해외논문]   Who owns the wealth in tax havens? Macro evidence and implications for global inequality  

    Alstadsæter, Annette (Corresponding author.) , Johannesen, Niels , Zucman, Gabriel
    Journal of public economics v.162 ,pp. 89 - 100 , 2018 , 0047-2727 ,

    초록

    Abstract Drawing on newly published macroeconomic statistics, this paper estimates the amount of household wealth owned by each country in offshore tax havens. The equivalent of 10% of world GDP is held in tax havens globally, but this average masks a great deal of heterogeneity—from a few percent of GDP in Scandinavia, to about 15% in Continental Europe, and 60% in Gulf countries and some Latin American economies. We use these estimates to construct revised series of top wealth shares in ten countries, which account for close to half of world GDP. Because offshore wealth is very concentrated at the top, accounting for it increases the top 0.01% wealth share substantially in Europe, even in countries that do not use tax havens extensively. It has considerable effects in Russia, where the vast majority of wealth at the top is held offshore. These results highlight the importance of looking beyond tax and survey data to study wealth accumulation among the very rich in a globalized world.

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  10. [해외논문]   Pareto efficient taxation and expenditures: Pre- and re-distribution  

    Stiglitz, Joseph E.
    Journal of public economics v.162 ,pp. 101 - 119 , 2018 , 0047-2727 ,

    초록

    Abstract This paper shows that there is a presumption that Pareto-efficient taxation entails a positive tax on capital. When tax and expenditure policies can affect the market distribution of income in ways that cannot be directly offset, those effects need to be taken into account, reducing the burden imposed on distortionary redistribution. The paper extends the 1976 Atkinson-Stiglitz results to a dynamic, overlapping generations model, correcting a misreading of the result on the desirability of a zero capital tax. That result required separability of consumption from labor and that the only unobservable differences among individuals were in (fixed) labor productivities. In a general equilibrium model, one needs to take into account the effects of policy changes on binding self-selection constraints. In a simple model with time separability but with non-separability between consumption and leisure, capital taxation depends on the complementarity/substitutability of leisure during work with retirement consumption. The final section constructs a simple two class model, capitalists who maximize dynastic welfare and workers who save for retirement, whose productivity can be enhanced by (publicly provided) education. It derives a simple expression for the optimal capital tax, which is positive, so long as the social welfare function is sufficiently equalitarian and the productivity of educational expenditures is sufficiently high.

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