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  1. House Prices and Rents in the 21st Century
    Autor*in: Loewenstein, Lara; Willen, Paul
    Erschienen: March 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We study the joint evolution of prices and rents of residential property. After constructing rent and price indices for renter- and owner-occupied properties, we decompose the change in the price of occupant-owned property into (1) changes in rent,... mehr

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    We study the joint evolution of prices and rents of residential property. After constructing rent and price indices for renter- and owner-occupied properties, we decompose the change in the price of occupant-owned property into (1) changes in rent, (2) changes in the relative prices of investor- and occupant-owned properties, and (3) changes in the price-rent ratio. Via a simple model, we link our decomposition to different sources of variation in house prices. We argue that while the 2000s boom was plausibly driven by exuberant expectations, the boom of the 2020s more likely resulted from a preference shock

     
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    Sprache: Englisch
    Medientyp: Buch (Monographie)
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    Schriftenreihe: NBER working paper series ; no. w31013
    Schlagworte: Wohnimmobilien; Immobilienmarkt; Miete; Immobilienpreis; Spekulationsblase; USA; General; Business Fluctuations; Cycles; Household; General; Housing Supply and Markets
    Umfang: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  2. Capital Gains Realizations
    Autor*in: Hines, James R.; Schaffa, Daniel
    Erschienen: March 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Evidence that high tax rates significantly depress capital gains realizations is inconsistent with the implications of neoclassical investment models in unchanging economic environments. Higher tax rates reduce after-tax investment returns, thereby... mehr

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    Universitätsbibliothek Freiburg
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Evidence that high tax rates significantly depress capital gains realizations is inconsistent with the implications of neoclassical investment models in unchanging economic environments. Higher tax rates reduce after-tax investment returns, thereby encouraging investors to sell capital assets earlier. For a given investment horizon, higher tax rates need not reward accumulating unrealized gains over long periods - and even if they do, longer accumulations can lead to earlier realizations. Consequently, the sizeable observed effects of capital gains taxes likely reflect investor anticipations of future tax rate changes, rather than the time value of money

     
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    Schriftenreihe: NBER working paper series ; no. w31059
    Schlagworte: Wertzuwachssteuer; Anlageverhalten; Portfolio Choice; Investment Decisions; Personal Income and Other Nonbusiness Taxes and Subsidies; Household
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  3. Paying Moms to Stay Home
    Short and Long Run Effects on Parents and Children
    Autor*in: Gruber, Jonathan; Kosonen, Tuomas; Huttunen, Kristiina
    Erschienen: February 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We study the impacts of a policy designed to reward mothers who stay at home rather than join the labor force when their children are under age three. We use regional and over time variation to show that the Finnish Home Care Allowance (HCA)... mehr

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    We study the impacts of a policy designed to reward mothers who stay at home rather than join the labor force when their children are under age three. We use regional and over time variation to show that the Finnish Home Care Allowance (HCA) decreases maternal employment in both the short and long term. The effects are large enough for the existence of home care benefit system to explain the higher short-term child penalty in Finland than comparable nations. Home care benefits also negatively affect the early childhood cognitive test results of children, decrease the likelihood of choosing academic high school, and increase youth crimes. We confirm that the mechanism of action is changing work/home care arrangements by studying a day care fee reform that had the opposite effect of raising incentives to work - with corresponding opposite effects on mothers and children compared to HCA. Our findings suggest that shifting child care from the home to the market increases labor force participation and improves child outcomes

     
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    Schriftenreihe: NBER working paper series ; no. w30931
    Schlagworte: Kinderbetreuung; Hausarbeit; Familienleistungsausgleich; Wirkungsanalyse; Weibliche Arbeitskräfte; Soziale Lage; Mütter; Kinder; Finnland; Household; Fertility; Family Planning; Child Care; Children; Youth
    Umfang: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  4. Unconditional Cash Transfers for Families with Children in the U.S
    A Scoping Review
    Autor*in: Shah, Hema; Gennetian, Lisa A.
    Erschienen: February 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Children represent the largest indirect beneficiaries of the U.S. social welfare system. Yet, many questions remain about the direct benefits of cash aid to children. The current understanding of the impacts of cash aid in the U.S. is drawn primarily... mehr

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    Children represent the largest indirect beneficiaries of the U.S. social welfare system. Yet, many questions remain about the direct benefits of cash aid to children. The current understanding of the impacts of cash aid in the U.S. is drawn primarily from studies of in-kind benefits, tax credits, and conditional cash aid programs. A corresponding economics literature focuses on the labor supply responses of parents and the role of income, parenting skills, and early education as family investment mechanisms that reduce socioeconomic inequality in children's well-being. In contrast to the U.S., dozens of low- to middle-income nations use direct cash aid--conditional or unconditional--as a central policy strategy, with demonstrated positive effects across a host of economic and health measures and selected aspects of children's health and schooling. This paper reviews the economic research on U.S. safety net programs and cash aid to families with children and what existing studies reveal about its impacts on family investment mechanisms and children's outcomes. We specifically highlight gaps in understanding the impacts of unconditional cash aid on children. We then review nine contemporary unconditional cash transfer programs and discuss their promise and limitations in filling the U.S.-based economic evidence gap about the impact of cash aid on children's development

     
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    Schriftenreihe: NBER working paper series ; no. w30965
    Schlagworte: Familienleistungsausgleich; Wirkungsanalyse; Soziale Lage; Kinder; USA; Household; Government Expenditures and Welfare Programs; State and Local Government: Health; Education; Welfare; Public Pensions; Welfare, Well-Being, and Poverty; Government Policy; Provision and Effects of Welfare Programs; Fertility; Family Planning; Child Care; Children; Youth; Public Policy
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  5. Non-standard preferences in asset pricing and household finance
    Autor*in: Goossens, Jorgo
    Erschienen: [2023]
    Verlag:  Tilburg University, Tilburg

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    Medientyp: Dissertation
    Format: Online
    ISBN: 9789056687007
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    Schriftenreihe: [Dissertation series] / [Center for Economic Research, Tilburg University] ; [nr. 698 (2023)]
    Schlagworte: Household Finance; Asset Pricing; Asset Prices; Risk Preferences; Annuitization; Present Bias; Trading Behavior; Time Preference; Micro Data; Time-Varying; Financial Markets; Household
    Umfang: 1 Online-Ressource (circa 265 Seiten), Illustrationen
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    Dissertation, Tilburg University, 2023
  6. Tax Design, Information, and Elasticities
    Evidence From the French Wealth Tax
    Autor*in: Garbinti, Bertrand; Goupille-Lebret, Jonathan; Muñoz, Mathilde; Stantcheva, Stefanie; Zucman, Gabriel
    Erschienen: June 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    We study a French wealth tax reform that starkly reduced the information some taxpayers must report to the tax authority. Using a new dynamic bunching approach we estimate the average response to the reform, the share of compliers, and the local... mehr

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    We study a French wealth tax reform that starkly reduced the information some taxpayers must report to the tax authority. Using a new dynamic bunching approach we estimate the average response to the reform, the share of compliers, and the local average treatment effect. The annual wealth growth rate of treated taxpayers falls by 0.5 percentage points after the reform. This decline is likely due to increased evasion, as suggested by the sharp responses in self-reported wealth but not in third-party-reported incomes. The wealth tax base becomes more elastic post reform, illustrating the key role of information policy choices for tax base elasticities

     
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    Schriftenreihe: NBER working paper series ; no. w31333
    Schlagworte: Vermögensteuer; Elastizität; Steuerreform; Steuerwirkung; Steuervermeidung; Frankreich; Tax Evasion and Avoidance; Household
    Umfang: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  7. Nonlinear Budget Set Regressions for the Random Utility Model
    Autor*in: Blomquist, Nils Sören; Kumar, Anil; Liang, Che-yuan; Newey, Whitney K.
    Erschienen: April 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    This paper is about the nonparametric regression of a choice variable on a nonlinear budget set under utility maximization with general heterogeneity, i.e. in the random utility model (RUM). We show that utility maximization and convex budget sets... mehr

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    This paper is about the nonparametric regression of a choice variable on a nonlinear budget set under utility maximization with general heterogeneity, i.e. in the random utility model (RUM). We show that utility maximization and convex budget sets make this regression three dimensional with a more parsimonious specification than previously derived. We show that nonconvexities in the budget set will have little effect on these results in important cases. We characterize all the restrictions of utility maximization on the budget set regression and show how to check these restrictions in applications. We formulate budget set effects that can be identified by this regression and give automatic debiased machine learners of these effects. We consider use of control functions to allow for endogeneity. Throughout we take as the main example the effect of taxes on taxable income including accounting for productivity growth. In an application to Swedish data we find the taxable income elasticity of a change in the slope of each segment to be .52, that the regression satisfies the restrictions of utility maximization at the values chosen for over 95% of observations, and that a productivity growth rate we estimate is close to other estimates

     
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    Schriftenreihe: NBER working paper series ; no. w31194
    Schlagworte: Privater Haushalt; Nutzenmaximierung; Arbeitsangebotsverhalten; Haushaltseinkommen; Nichtparametrisches Verfahren; Regressionsanalyse; Schweden; Semiparametric and Nonparametric Methods: General; Truncated and Censored Models; Switching Regression Models; Threshold Regression Models; Household; Time Allocation and Labor Supply
    Umfang: 1 Online-Ressource, illustrations (black and white)
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    Hardcopy version available to institutional subscribers
  8. Special Economic Zones and household welfare
    new evidence from Ghana
    Autor*in: Ackah, Charles; Osei, Robert Darko; Owusu, Nana Y. A.; Acheampong, Vera
    Erschienen: [2023]
    Verlag:  Kiel Centre for Globalization, [Kiel]

    The study evaluates the impact of Special Economic Zones (SEZs) on household welfare (per capita consumption expenditure (PCE) and poverty status) in Ghana using the Ghana Socioeconomic Panel Survey Dataset. SEZs spillover effect on household welfare... mehr

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    The study evaluates the impact of Special Economic Zones (SEZs) on household welfare (per capita consumption expenditure (PCE) and poverty status) in Ghana using the Ghana Socioeconomic Panel Survey Dataset. SEZs spillover effect on household welfare within a binary treatment condition may lead to finding inadequacy for policy. Therefore, in this study, a paired Propensity Score Matching (PSM) and an Augment Inverse Probability Weighing (AIPW) for multivalued treatment effect (MTE) models were used to correct the potential selection bias and to estimate the effect of SEZs on household poverty. Households located within 30km radius near SEZs seems to have an improved PCE and reduced poverty compared with households farther away. The results on the poverty effect using different household characteristics provide a strong basis for a deeper understanding of the heterogeneous state of SEZs and poverty in Ghana. While data limitations prevented the study from drawing conclusions on the direct channels at work, it was able to investigate the indirect channels, which suggests that SEZs in Ghana may induce employment restructuring effects for individuals in paid employment or farming, albeit for different reasons, which can have important implications for the SEZ-employment-poverty relationship.

     
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    Weitere Identifier:
    hdl: 10419/272265
    Schriftenreihe: KCG working paper ; no. 25 (May 2023)
    Schlagworte: Special Economic Zones; Household; Poverty; Propensity Score Matching; Ghana
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  9. The Luxembourg household finance and consumption survey
    results from the fourth wave in 2021
    Autor*in: Mathä, Thomas; Pulina, Giuseppe; Montes-Viñas, Ana; Ziegelmeyer, Michael
    Erschienen: November 2023
    Verlag:  Banque centrale du Luxembourg, Luxembourg

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    Schriftenreihe: Working paper / Banque centrale du Luxembourg ; no 176
    Schlagworte: Household; survey; wealth; income; assets; debts; COVID-19
    Umfang: 1 Online-Ressource (circa 134 Seiten), Illustrationen
  10. Fiscal Federalism and the Role of the Income Tax
    Autor*in: Gordon, Roger H.
    Erschienen: October 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    This paper rethinks the design of the income tax by assuming that the objective of the tax is not to redistribute from rich to poor but instead to provide some insurance to individuals against the uncertainties they face in their future earnings, a... mehr

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    Universitätsbibliothek Freiburg
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    This paper rethinks the design of the income tax by assuming that the objective of the tax is not to redistribute from rich to poor but instead to provide some insurance to individuals against the uncertainties they face in their future earnings, a motivation for the tax proposed in Buchanan (1976). The income tax provides insurance by collecting money on net from individuals to the extent they end up doing well to finance net transfers to them when they end up doing badly. Individuals differ in the amount of future risks they face. These heterogeneous tastes for insurance provide a rationale for states to offer heterogeneous tax/transfer programs, each state attracting a different clientele in the population. Given the ease of household migration, state tax policies generate fiscal externalities to other states. The paper explores as well possible Federal interventions to improve on the equilibrium choices states make for their tax policies

     
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    Schriftenreihe: NBER working paper series ; no. w31755
    Schlagworte: Einkommensteuer; Optimale Besteuerung; Finanzbeziehungen; Umverteilung; Efficiency; Optimal Taxation; Personal Income and Other Nonbusiness Taxes and Subsidies; Household; State and Local Taxation, Subsidies, and Revenue
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  11. Is There Really an Inflation Tax? Not For the Middle Class and the Ultra-Wealthy
    Autor*in: Wolff, Edward N.
    Erschienen: October 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    One hallmark of U.S. monetary policy since the early 1980s has been moderation in inflation (at least, until recently). How has this affected household well-being? The paper first develops a new model to address this issue. The inflation tax on... mehr

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    Universitätsbibliothek Freiburg
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    One hallmark of U.S. monetary policy since the early 1980s has been moderation in inflation (at least, until recently). How has this affected household well-being? The paper first develops a new model to address this issue. The inflation tax on income is defined as the difference between the nominal and real growth in income. This term is always negative (as long as inflation is positive). The inflation gain on household wealth is the revaluation resulting from asset price changes directly linked to inflation. This term can be positive or negative. The net inflation gain is the difference between the two, which can also be positive or negative. The empirical analysis covers years 1983 to 2019 on the basis of the Federal Reserve Board's Survey of Consumer Finances (SCF) and historical inflation rates. It also looks at the sensitivity of the results to alternative inflation rates, and considers the effects of inflation on real wealth growth, wealth inequality, and the racial wealth gap. The results show that inflation boosted the real income of the middle wealth quintile by a staggering two thirds. In contrast, the bottom two wealth quintiles got clobbered by inflation, losing almost half of their real income. Inflation also boosted mean and especially median real wealth growth, reduced wealth inequality, and lowered the racial and ethnic wealth gap. Both the income and wealth results are magnified at higher (simulated) rates of inflation

     
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    Schriftenreihe: NBER working paper series ; no. w31775
    Schlagworte: Inflation; Geldpolitik; Privater Haushalt; Haushaltseinkommen; Privatvermögen; Vermögensverteilung; Verbraucherpreisindex; Personal Income, Wealth, and Their Distributions; Household; Economics of Minorities, Races, Indigenous Peoples, and Immigrants; Non-labor Discrimination
    Umfang: 1 Online-Ressource, illustrations (black and white)
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  12. The Outlook for Women's Employment and Labor Force Participation
    Autor*in: Albanesi, Stefania
    Erschienen: November 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    Employment and participation rates for US prime age women rose steadily during the second half of the 20th century. In the last 30 years, however, those rates stagnated, even as employment and participation rates for women in other industrialized... mehr

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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Employment and participation rates for US prime age women rose steadily during the second half of the 20th century. In the last 30 years, however, those rates stagnated, even as employment and participation rates for women in other industrialized countries continued to rise. I discuss the role of changes in the earnings structure and persistent institutional barriers, such as limited investment in family policies, that may be holding back employment among American women today. The COVID-19 pandemic reduced employment more for women than for men and raised the barriers to female participation due to the increase in childcare responsibilities during this period. Yet, the diffusion of remote and hybrid work arrangements in its aftermath may be beneficial for women's participation in the long run, even if both men's and women's post-pandemic employment growth so far are strongly associated with access to remote work options

     
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  13. How Much Are the Poor Losing From Tax Competition?
    Autor*in: Muñoz, Mathilde
    Erschienen: November 2023
    Verlag:  National Bureau of Economic Research, Cambridge, Mass

    This paper quantifies the unequal welfare effects of tax competition. I derive the optimal tax and transfer schedules in a free mobility union composed of countries that can either compete or set a uniform federal tax rate. In the absence of fiscal... mehr

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    This paper quantifies the unequal welfare effects of tax competition. I derive the optimal tax and transfer schedules in a free mobility union composed of countries that can either compete or set a uniform federal tax rate. In the absence of fiscal coordination, governments internalize that any decentralized tax reform can lead to the out-migration of taxpayers at the top of the income distribution while increasing the in-migration of transfer recipients. As a result, the optimal level of redistribution is always lower in the tax competition equilibrium. Numerical calibrations show that being in a competition union rather than in a federal union decreases poorer individuals' welfare by up to -20 percent. In contrast, the rich experience higher welfare in the tax competition equilibrium due to lower tax rates

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: NBER working paper series ; no. w31920
    Schlagworte: Steuerwettbewerb; Föderalismus; Steuerreform; Steuerpolitik; Verteilungswirkung; Wohlfahrtsanalyse; USA; Household; Interjurisdictional Differentials and Their Effects
    Umfang: 1 Online-Ressource, illustrations (black and white)
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