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  1. Welfare and Output with Income Effects and Demand Instability
    Autor*in: Baqaee, David; Burstein, Ariel T.
    Erschienen: 2021
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We provide a non-parametric characterization of how welfare responds to changes in budget and production possibility sets when preferences are non-homothetic or subject to shocks, in both partial and general equilibrium. We generalize Hulten's... mehr

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    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
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    keine Fernleihe

    Standort:
    Universitätsbibliothek Freiburg
    Fernleihe:
    keine Fernleihe

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    We provide a non-parametric characterization of how welfare responds to changes in budget and production possibility sets when preferences are non-homothetic or subject to shocks, in both partial and general equilibrium. We generalize Hulten's theorem, which is the basis for constructing aggregate quantities, to this context. We identify a new bias in measures of real consumption. This bias depends on the covariance of price changes and expenditure changes due to income effects or preference shocks. We apply our results to long-run and short-run phenomena. In the long-run, we show that structural transformation, if caused by income effects, is roughly twice as important for welfare than what is implied by standard measures of Baumol's cost disease. In the short-run, we show that when firms' demand shocks are correlated with their supply shocks, industry-level price and output indices are biased, and this bias does not disappear in the aggregate. Finally, we show that correlated supply and demand shifters make real GDP and aggregate TFP unreliable metrics for measuring production and productivity, and illustrate this using the Covid-19 crisis

     
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    Schriftenreihe: NBER working paper series ; no. w28754
    Schlagworte: Konsum; Einkommenseffekt; Gesamtwirtschaftliche Nachfrage; Wohlfahrtsanalyse; Wohlfahrtsökonomik
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers
  2. A New Method for Measuring Welfare with Income Effects using Cross-Sectional Data
    Autor*in: Baqaee, David; Burstein, Ariel T.; Koike-Mori, Yasutaka
    Erschienen: October 2022
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We show how to recover the money-metric utility function, which converts income at one point in time into equivalent income at another point in time, using repeated cross-sectional household data. Our procedure allows unrestricted preferences, but... mehr

    Zugang:
    Verlag (kostenfrei)
    Resolving-System (kostenfrei)

    Standort:
    Sächsische Landesbibliothek - Staats- und Universitätsbibliothek Dresden
    Fernleihe:
    keine Fernleihe

    Standort:
    Universitätsbibliothek Freiburg
    Fernleihe:
    keine Fernleihe

    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
    Fernleihe:
    keine Fernleihe

    Standort:
    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    We show how to recover the money-metric utility function, which converts income at one point in time into equivalent income at another point in time, using repeated cross-sectional household data. Our procedure allows unrestricted preferences, but requires that households' preferences be the same in both the cross-section and the time-series. In prior work, Jaravel and Lashkari (2022) provide a solution to this problem. We leverage a different theoretical insight to address this problem. Our idea is to trace out Hicksian (or compensated) demand curves through time by matching households on the same indifference curve at different points in time. Given Hicksian demand curves, we can construct cost-of-living indices and money-metric utility for every matched income level. We apply our method to household consumption survey data from the United Kingdom from 1974 to 2017. We find that the official annual inflation rate understates welfare-relevant inflation for the poorest households by around half a percentage point per year and overstates it for the richest households by around a quarter of a percentage point per year

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NBER working paper series ; no. w30549
    Schlagworte: Nutzenfunktion; Messung; Wissenschaftliche Methode; Einkommenseffekt; Verbraucherpreisindex; Haushaltsstatistik; Inflationsrate; Großbritannien; Measurement and Data on National Income and Product Accounts and Wealth; Environmental Accounts; Price Level; Inflation; Deflation
    Umfang: 1 Online-Ressource, illustrations (black and white)
    Bemerkung(en):

    Hardcopy version available to institutional subscribers