I’ve been the Managing Editor of the Journal of Economic Perspectives since the first issue in Summer 1987. The JEP is printed by the American Financial Affiliation, which determined greater than a decade in the past–to my delight–that the journal could be freely accessible on-line, from the present difficulty all the way in which again to the primary difficulty. You may obtain particular person articles or whole points, and it’s accessible in numerous e-reader codecs, too. Right here, I’ll begin with the Desk of Contents for the just-released Winter 2024 issue, which within the Taylor family is called difficulty #147. Beneath which are abstracts and direct hyperlinks for all the papers. I’ll in all probability weblog extra particularly about among the papers within the few weeks, as properly.
______________
Symposium on the International Marketplace for Expertise
“Expert Immigrants, Corporations, and the International Geography of Innovation,” by Britta Glennon
This text begins with an summary of the coverage setting in america and overseas for expert immigration, with a specific deal with “supply-driven” versus “demand-driven” programs. The overview emphasizes that corporations play a central function within the expert immigration course of in most international locations. I then survey the ample proof that expert immigrants have a robust optimistic impact on agency outcomes, adopted by a dialogue of the various margins of adjustment that corporations have when their entry to expert immigrants is affected by nationwide immigration coverage. Lastly, given such margins of adjustment and the significance of expert immigrants to corporations, I contemplate how the insurance policies that have an effect on expert migration form the worldwide geography and high quality of innovation. I conclude by discussing coverage implications and open questions. Specifically, I emphasize that evaluations of the influence of expert immigration shouldn’t be constrained inside borders: immigration flows and nationwide immigration insurance policies have an effect on the worldwide geography of innovation and funding.
Full-Text Access | Supplementary Materials
“Migration and Innovation: Studying from Patent and Inventor Information,” by Francesco Lissoni and Ernest Miguelez
Analysis on worldwide migration and innovation depends closely on inventor and patent information, with “migrant inventors” attracting an excessive amount of consideration, particularly for what considerations their function in easing the worldwide switch of information. This hides the truth that lots of them transfer to their host nation earlier than beginning their ingenious profession and even earlier than finishing their schooling. We talk about the conceptual and sensible difficulties that stand in the way in which of investigating different possible channels of affect of inventor’s migration on innovation, particularly the easing of ability shortages and the rise of selection in ingenious groups, corporations, and site.
Full-Text Access | Supplementary Materials
Symposium on Taxation and Creating Nations
“Tax Fairness in Low- and Center-Revenue Nations,” by Pierre Bachas ⓡ Anders Jensen ⓡ Lucie Gadenne
Revenue inequality is excessive and chronic in growing international locations. On this paper, we ask what function taxation can or may play in lowering inequality in low and middle-income international locations. Drawing on the current literature, three findings emerge. As a result of each structural elements and restricted enforcement capability, the efficient distributional impacts of taxes usually deviate from their ‘statutory’ aims, in methods which are laborious to foretell primarily based on proof from high-income international locations. Furthermore, administrative reforms which are supposed to be distributionally impartial find yourself having important fairness impacts due to the sensible realities of implementation. Lastly, the worldwide challenges which tax authorities face to tax the very high of the earnings distribution seem like much more pronounced in growing international locations. We conclude by providing ideas on future analysis and emphasize the necessity to fastidiously research fairness traits of taxes at every stage of a rustic’s growth path.
Full-Text Access | Supplementary Materials
“How Can Decrease-Revenue Nations Gather Extra Taxes? The Function of Know-how, Tax Brokers, and Politics,” by Oyebola Okunogbe and Gabriel Tourek
Growing tax revenues is a serious coverage purpose in lots of low- and lower-middle-income international locations. Whereas financial progress is a crucial determinant of taxation, accessible proof signifies that it doesn’t mechanically enhance taxation. Slightly, international locations should make focused investments of their tax capability. On this paper, we look at the quickly rising physique of proof on completely different interventions to enhance tax capability and enhance tax revenues in decrease earnings international locations, with a deal with two key inputs: info expertise and tax officers. We look at the function and limitations of digitization for figuring out taxable entities, verifying tax liabilities, and guaranteeing assortment of tax owed. We additionally contemplate how the deployment and incentives of tax officers form their efficiency, and the interaction between them and expertise instruments. Lastly, we emphasize the significance of political incentives and contemplate the circumstances underneath which governments select to spend money on tax capability and increase tax assortment.
Full-Text Access | Supplementary Materials
“Does the Worth-Added Tax Add Worth? Classes Utilizing Administrative Information from a Numerous Set of Nations,” by Anne Brockmeyer ⓡ Giulia Mascagni ⓡ Vedanth Nair ⓡ Mazhar Waseem ⓡ Miguel Almunia
The worth-added tax (VAT) is a cornerstone of the fashionable tax system. It has many fascinating properties in idea: it doesn’t distort corporations’ manufacturing choices, it’s tough to evade, and it generates a considerable quantity of income. But, in lots of international locations there are discrepancies between the textbook mannequin of the VAT and its sensible implementation. The place the VAT implementation diverges from its textbook mannequin, the tax might lose its fascinating properties. We draw on firm-level administrative VAT data from 11 international locations at completely different earnings ranges to look at the functioning of real-world VAT programs. We doc 4 stylized info that seize departures from the textbook VAT mannequin that are notably pronounced in lower-income international locations. We talk about the results on VAT efficiency and simulate a counterfactual retail gross sales tax and a turnover tax. Regardless of its shortcomings, we conclude that the real-world VAT is superior to the alternate options.
Full-Text Access | Supplementary Materials
Articles
“The Failure of Silicon Valley Financial institution and the Panic of 2023,” by Andrew Metrick
The failure of Silicon Valley Financial institution on March 10, 2023 introduced consideration to important weaknesses throughout the banking system, resulting in a panic that unfold to different weak banks. With subsequent failures of Signature Financial institution and First Republic Financial institution, america had three of the 4 largest financial institution failures in its historical past happen over a two-month interval. A number of options of the Silicon Valley Financial institution failure make it a super instructing case for explaining the underlying economics of banking (on the whole) and banking crises (particularly). This paper tries to do this.
Full-Text Access | Supplementary Materials
“Is Pay Transparency Good?” by Zoë Cullen
Nations all over the world are enacting pay transparency insurance policies to fight pay discrimination. Since 2000, 71 p.c of OECD international locations have finished so. Most are enacting transparency horizontally, revealing pay between coworkers doing comparable work inside a agency. Whereas these insurance policies have narrowed coworker wage gaps, they’ve additionally led to counterproductive peer comparisons and precipitated employers to cut price extra aggressively, reducing common wages. Different pay transparency insurance policies, with out instantly focusing on discrimination, have benefited staff by addressing broader info frictions within the labor market. Vertical pay transparency insurance policies disclose to staff pay variations throughout completely different ranges of seniority. Empirical proof suggests these insurance policies can result in extra correct and extra optimistic beliefs about earnings potential, growing worker motivation and productiveness. Cross-firm pay transparency insurance policies reveal wage variations throughout employers. These insurance policies have inspired staff to hunt jobs at increased paying corporations, negotiate increased pay, and sharpened wage competitors between employers. We talk about the proof on results of pay transparency, and open questions.
Full-Text Access | Supplementary Materials
“Immigration and Crime: An Worldwide Perspective,” by Olivier Marie and Paolo Pinotti
The affiliation between immigration and crime has lengthy been a topic of debate, and solely lately have we encountered systematic empirical proof on this difficulty. Information reveals that immigrants, usually youthful, male, and fewer educated in comparison with natives, are disproportionately represented amongst offenders in quite a few host international locations. Nevertheless, current analysis, inclusive of our evaluation of latest worldwide information, persistently signifies that immigration doesn’t considerably influence native crime charges in these international locations. Moreover, current research underscore that getting authorized standing diminishes immigrants’ involvement in felony actions. Lastly, we talk about potential explanations for the obvious incongruity between immigrants’ overrepresentation amongst offenders and the null impact of immigration on crime charges.
Full-Text Access | Supplementary Materials
“Care Provision and the Boundaries of Manufacturing,” by Nancy Folbre
Whether or not or not they supply subjective satisfaction to suppliers, unpaid providers and non-market transfers sometimes contribute positively to complete output, dwelling requirements, and the social local weather. This essay describes some quantitative dimensions of care provision and evaluations their implications for the measurement of financial progress and the reason of relative earnings, together with the gender wage differential. It additionally calls consideration to under-explored points of collective battle over authorized guidelines and public insurance policies that form the distribution of the web prices of care provision.
Full-Text Access | Supplementary Materials
“Job Coaching and Job Search Help Insurance policies in Creating Nations,” by Eliana Carranza and David McKenzie
Governments across the growing world face stress to intervene actively to assist jobseekers discover employment. Two of the most typical insurance policies used are job coaching, primarily based on the concept that lots of these searching for jobs lack the talents employers need, and job search help, primarily based on the chance that even when staff have the talents demanded, search and matching frictions make it tough for staff to be employed within the jobs that want these expertise. Nevertheless, evaluations of the primary technology of evaluations of those applications discovered typical impacts to be small, casting doubt on the usefulness and cost-effectiveness of those applications. This paper re-examines the arguments for whether or not, when, and the way, growing nation governments ought to undertake job coaching and job search help insurance policies. We use our expertise with coverage implementation, and proof from current influence evaluations, to argue that there’s nonetheless a job for governments in utilizing these applications. Nevertheless, success relies upon critically on program design and supply components that may be tough to scale successfully, and in lots of instances the binding constraint could also be an absence of corporations with job openings, fairly than an absence of staff with the talents to fill these openings.
Full-Text Access | Supplementary Materials
“Suggestions for Additional Studying,” by Timothy Taylor
I’ve been the Managing Editor of the Journal of Economic Perspectives since the first issue in Summer 1987. The JEP is printed by the American Financial Affiliation, which determined greater than a decade in the past–to my delight–that the journal could be freely accessible on-line, from the present difficulty all the way in which again to the primary difficulty. You may obtain particular person articles or whole points, and it’s accessible in numerous e-reader codecs, too. Right here, I’ll begin with the Desk of Contents for the just-released Winter 2024 issue, which within the Taylor family is called difficulty #147. Beneath which are abstracts and direct hyperlinks for all the papers. I’ll in all probability weblog extra particularly about among the papers within the few weeks, as properly.
______________
Symposium on the International Marketplace for Expertise
“Expert Immigrants, Corporations, and the International Geography of Innovation,” by Britta Glennon
This text begins with an summary of the coverage setting in america and overseas for expert immigration, with a specific deal with “supply-driven” versus “demand-driven” programs. The overview emphasizes that corporations play a central function within the expert immigration course of in most international locations. I then survey the ample proof that expert immigrants have a robust optimistic impact on agency outcomes, adopted by a dialogue of the various margins of adjustment that corporations have when their entry to expert immigrants is affected by nationwide immigration coverage. Lastly, given such margins of adjustment and the significance of expert immigrants to corporations, I contemplate how the insurance policies that have an effect on expert migration form the worldwide geography and high quality of innovation. I conclude by discussing coverage implications and open questions. Specifically, I emphasize that evaluations of the influence of expert immigration shouldn’t be constrained inside borders: immigration flows and nationwide immigration insurance policies have an effect on the worldwide geography of innovation and funding.
Full-Text Access | Supplementary Materials
“Migration and Innovation: Studying from Patent and Inventor Information,” by Francesco Lissoni and Ernest Miguelez
Analysis on worldwide migration and innovation depends closely on inventor and patent information, with “migrant inventors” attracting an excessive amount of consideration, particularly for what considerations their function in easing the worldwide switch of information. This hides the truth that lots of them transfer to their host nation earlier than beginning their ingenious profession and even earlier than finishing their schooling. We talk about the conceptual and sensible difficulties that stand in the way in which of investigating different possible channels of affect of inventor’s migration on innovation, particularly the easing of ability shortages and the rise of selection in ingenious groups, corporations, and site.
Full-Text Access | Supplementary Materials
Symposium on Taxation and Creating Nations
“Tax Fairness in Low- and Center-Revenue Nations,” by Pierre Bachas ⓡ Anders Jensen ⓡ Lucie Gadenne
Revenue inequality is excessive and chronic in growing international locations. On this paper, we ask what function taxation can or may play in lowering inequality in low and middle-income international locations. Drawing on the current literature, three findings emerge. As a result of each structural elements and restricted enforcement capability, the efficient distributional impacts of taxes usually deviate from their ‘statutory’ aims, in methods which are laborious to foretell primarily based on proof from high-income international locations. Furthermore, administrative reforms which are supposed to be distributionally impartial find yourself having important fairness impacts due to the sensible realities of implementation. Lastly, the worldwide challenges which tax authorities face to tax the very high of the earnings distribution seem like much more pronounced in growing international locations. We conclude by providing ideas on future analysis and emphasize the necessity to fastidiously research fairness traits of taxes at every stage of a rustic’s growth path.
Full-Text Access | Supplementary Materials
“How Can Decrease-Revenue Nations Gather Extra Taxes? The Function of Know-how, Tax Brokers, and Politics,” by Oyebola Okunogbe and Gabriel Tourek
Growing tax revenues is a serious coverage purpose in lots of low- and lower-middle-income international locations. Whereas financial progress is a crucial determinant of taxation, accessible proof signifies that it doesn’t mechanically enhance taxation. Slightly, international locations should make focused investments of their tax capability. On this paper, we look at the quickly rising physique of proof on completely different interventions to enhance tax capability and enhance tax revenues in decrease earnings international locations, with a deal with two key inputs: info expertise and tax officers. We look at the function and limitations of digitization for figuring out taxable entities, verifying tax liabilities, and guaranteeing assortment of tax owed. We additionally contemplate how the deployment and incentives of tax officers form their efficiency, and the interaction between them and expertise instruments. Lastly, we emphasize the significance of political incentives and contemplate the circumstances underneath which governments select to spend money on tax capability and increase tax assortment.
Full-Text Access | Supplementary Materials
“Does the Worth-Added Tax Add Worth? Classes Utilizing Administrative Information from a Numerous Set of Nations,” by Anne Brockmeyer ⓡ Giulia Mascagni ⓡ Vedanth Nair ⓡ Mazhar Waseem ⓡ Miguel Almunia
The worth-added tax (VAT) is a cornerstone of the fashionable tax system. It has many fascinating properties in idea: it doesn’t distort corporations’ manufacturing choices, it’s tough to evade, and it generates a considerable quantity of income. But, in lots of international locations there are discrepancies between the textbook mannequin of the VAT and its sensible implementation. The place the VAT implementation diverges from its textbook mannequin, the tax might lose its fascinating properties. We draw on firm-level administrative VAT data from 11 international locations at completely different earnings ranges to look at the functioning of real-world VAT programs. We doc 4 stylized info that seize departures from the textbook VAT mannequin that are notably pronounced in lower-income international locations. We talk about the results on VAT efficiency and simulate a counterfactual retail gross sales tax and a turnover tax. Regardless of its shortcomings, we conclude that the real-world VAT is superior to the alternate options.
Full-Text Access | Supplementary Materials
Articles
“The Failure of Silicon Valley Financial institution and the Panic of 2023,” by Andrew Metrick
The failure of Silicon Valley Financial institution on March 10, 2023 introduced consideration to important weaknesses throughout the banking system, resulting in a panic that unfold to different weak banks. With subsequent failures of Signature Financial institution and First Republic Financial institution, america had three of the 4 largest financial institution failures in its historical past happen over a two-month interval. A number of options of the Silicon Valley Financial institution failure make it a super instructing case for explaining the underlying economics of banking (on the whole) and banking crises (particularly). This paper tries to do this.
Full-Text Access | Supplementary Materials
“Is Pay Transparency Good?” by Zoë Cullen
Nations all over the world are enacting pay transparency insurance policies to fight pay discrimination. Since 2000, 71 p.c of OECD international locations have finished so. Most are enacting transparency horizontally, revealing pay between coworkers doing comparable work inside a agency. Whereas these insurance policies have narrowed coworker wage gaps, they’ve additionally led to counterproductive peer comparisons and precipitated employers to cut price extra aggressively, reducing common wages. Different pay transparency insurance policies, with out instantly focusing on discrimination, have benefited staff by addressing broader info frictions within the labor market. Vertical pay transparency insurance policies disclose to staff pay variations throughout completely different ranges of seniority. Empirical proof suggests these insurance policies can result in extra correct and extra optimistic beliefs about earnings potential, growing worker motivation and productiveness. Cross-firm pay transparency insurance policies reveal wage variations throughout employers. These insurance policies have inspired staff to hunt jobs at increased paying corporations, negotiate increased pay, and sharpened wage competitors between employers. We talk about the proof on results of pay transparency, and open questions.
Full-Text Access | Supplementary Materials
“Immigration and Crime: An Worldwide Perspective,” by Olivier Marie and Paolo Pinotti
The affiliation between immigration and crime has lengthy been a topic of debate, and solely lately have we encountered systematic empirical proof on this difficulty. Information reveals that immigrants, usually youthful, male, and fewer educated in comparison with natives, are disproportionately represented amongst offenders in quite a few host international locations. Nevertheless, current analysis, inclusive of our evaluation of latest worldwide information, persistently signifies that immigration doesn’t considerably influence native crime charges in these international locations. Moreover, current research underscore that getting authorized standing diminishes immigrants’ involvement in felony actions. Lastly, we talk about potential explanations for the obvious incongruity between immigrants’ overrepresentation amongst offenders and the null impact of immigration on crime charges.
Full-Text Access | Supplementary Materials
“Care Provision and the Boundaries of Manufacturing,” by Nancy Folbre
Whether or not or not they supply subjective satisfaction to suppliers, unpaid providers and non-market transfers sometimes contribute positively to complete output, dwelling requirements, and the social local weather. This essay describes some quantitative dimensions of care provision and evaluations their implications for the measurement of financial progress and the reason of relative earnings, together with the gender wage differential. It additionally calls consideration to under-explored points of collective battle over authorized guidelines and public insurance policies that form the distribution of the web prices of care provision.
Full-Text Access | Supplementary Materials
“Job Coaching and Job Search Help Insurance policies in Creating Nations,” by Eliana Carranza and David McKenzie
Governments across the growing world face stress to intervene actively to assist jobseekers discover employment. Two of the most typical insurance policies used are job coaching, primarily based on the concept that lots of these searching for jobs lack the talents employers need, and job search help, primarily based on the chance that even when staff have the talents demanded, search and matching frictions make it tough for staff to be employed within the jobs that want these expertise. Nevertheless, evaluations of the primary technology of evaluations of those applications discovered typical impacts to be small, casting doubt on the usefulness and cost-effectiveness of those applications. This paper re-examines the arguments for whether or not, when, and the way, growing nation governments ought to undertake job coaching and job search help insurance policies. We use our expertise with coverage implementation, and proof from current influence evaluations, to argue that there’s nonetheless a job for governments in utilizing these applications. Nevertheless, success relies upon critically on program design and supply components that may be tough to scale successfully, and in lots of instances the binding constraint could also be an absence of corporations with job openings, fairly than an absence of staff with the talents to fill these openings.
Full-Text Access | Supplementary Materials
“Suggestions for Additional Studying,” by Timothy Taylor