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Dynamic Capital Tax Competition under the Source Principle

By Till Gross, Paul Klein, and Miltiadis Makris

American Economic Journal: Macroeconomics, July 2022

We explore the short- and long-run implications of tax competition between jurisdictions, where governments can only tax capital at source. We do this in the context of a neoclassical growth model under commitment and capital mobility. We provide a new th...

www.aeaweb.org/articles?id=10.1257/mac.20190340

The Decline of the Labor Share: New Empirical Evidence

By Drago Bergholt, Francesco Furlanetto, and Nicolò Maffei-Faccioli

American Economic Journal: Macroeconomics, July 2022

We use time series techniques to estimate the importance of four main explanations for the decline of the US labor income share: rising firm markups, falling bargaining power of workers, higher investment-specific technology growth, and more automated pro...

www.aeaweb.org/articles?id=10.1257/mac.20190365

The Propagation of Demand Shocks through Housing Markets

By Elliot Anenberg and Daniel Ringo

American Economic Journal: Macroeconomics, July 2022

Housing demand stimulus produces a multiplier effect by freeing up owners attempting to sell their current home, allowing them to reenter the market as buyers. Exploiting a shock to first-time home buyer demand caused by a cut in mortgage insurance premiu...

www.aeaweb.org/articles?id=10.1257/mac.20200037

The Neo-Fisher Effect: Econometric Evidence from Empirical and Optimizing Models

By Martín Uribe

American Economic Journal: Macroeconomics, July 2022

This paper assesses the presence and importance of the neo-Fisher effect in postwar data. It formulates and estimates an empirical and a New Keynesian model driven by stationary and nonstationary monetary and real shocks. In accordance with conventional w...

www.aeaweb.org/articles?id=10.1257/mac.20200060

Cournot Fire Sales

By Thomas M. Eisenbach and Gregory Phelan

American Economic Journal: Macroeconomics, July 2022

In standard Walrasian macro-finance models, pecuniary externalities due to fire sales lead to excessive borrowing and insufficient liquidity holdings. We investigate whether imperfect competition (Cournot) improves welfare through internalizing the extern...

www.aeaweb.org/articles?id=10.1257/mac.20200283

Hours, Occupations, and Gender Differences in Labor Market Outcomes

By Andrés Erosa, Luisa Fuster, Gueorgui Kambourov, and Richard Rogerson

American Economic Journal: Macroeconomics, July 2022

Goldin (2014) offers a narrative in which gender differences in home production responsibilities create gender gaps in labor market outcomes. We carry out a model-based quantitative assessment of this narrative and find that it can account for a significa...

www.aeaweb.org/articles?id=10.1257/mac.20200318

Dynamics of Markups, Concentration, and Product Span

By Elhanan Helpman and Benjamin Niswonger

American Economic Journal: Macroeconomics, July 2022

We develop a model with a finite number of multiproduct firms together with a continuum of single-product firms and study the dynamics that arise from product innovation. Consistent with the available evidence, the model predicts rising markups and concen...

www.aeaweb.org/articles?id=10.1257/mac.20200378

Optimal Taxation with Endogenous Default under Incomplete Markets

By Demian Pouzo and Ignacio Presno

American Economic Journal: Macroeconomics, July 2022

How are the optimal tax and debt policies affected if the government can default on its debt? We address this question from a normative perspective in an economy with noncontingent government debt, domestic default, and labor taxes. On one hand, default p...

www.aeaweb.org/articles?id=10.1257/mac.20160101