Calendrier du 07 avril 2022
PEPES (Paris Empirical Political Economics) Working Group
Du 07/04/2022 de 17:00 à 18:30
On line
RUBIN Jared (Chapman University)
Ideology and Economic Change: The Path to the Modern Economy in China and Japan
écrit avec with Debin Ma (Oxford)
What explains economic changes, or lack-thereof, in China over the tumultuous century 1850-1950? Why was Japan’s economy able to pull far ahead of China in this period, despite starting without an advantage? This paper highlights the critical role of ideology and ideological change induced as a response to Western impact following Qing China’s forced opening during the mid-19th century. We argue that Imperial Qing’s highly centralized and absolutist political regimes and traditional dominance in a China-centered world order encouraged resistance to new intellectual resources and a failure to recognize the impending crisis in the new world order. This contrasted with Japan’s decentralized daimyo system under the Tokugawa shogunate, which encouraged (though unintentionally) ideological competition between various sources of power. By laying out the quantitative profile of Chinese and Japanese economic change during 1850-1950 and reviewing the main historiography, this paper builds a new analytical framework linking ideology with economic change. It delineates three phases of economic changes in light of the specific timing of intellectual and ideological transformation during this period and embeds our narrative with two specific cases of commercial and financial developments
Macroeconomics Seminar
Du 07/04/2022 de 16:00 à 17:15
PSE- 48 boulevard Jourdan, 75014 Paris, salle R1-14
IOVINO Luigi (Bocconi University)
Corporate Taxation and Carbon Emissions
écrit avec Thorsten Martin and Julien Sauvagnat
We study the relationship between corporate taxation and carbon emissions in the U.S. We find that dirty firms pay lower profit taxes – the opposite of what optimal taxation of negative externalities prescribes. This relationship is driven by dirty firms benefiting disproportionately more from the tax shield of debt due to their higher leverage. In turn, we show that the higher leverage of dirty firms is explained by their higher asset tangibility. We embed our estimates into a general equilibrium framework and show that eliminating the tax-advantage of debt reduces carbon emissions by about 3.9%, while aggregate output falls by roughly 2.2%.
TOM (Théorie, Organisation et Marchés) Lunch Seminar
Du 07/04/2022 de 12:30 à 13:30
Salle R1.14, Campus Jourdan 75014 Paris
PAHLKE Marieke (PSE)
Partial Feedbacks and Ambiguity Aversion in Normal-Form Games
We investigate players' behavior in normal form games when receiving partial feedback about the strategies of others. In our setting, we allow for strategic uncertainty and assume players are ambiguity averse. We characterize conditions for the existence of maxmin self-confirming equilibria under full and partial feedback. These insights can be used to investigate how to optimally design players' information feedback.
In this talk, I will present some general results and two applications, one to games with negative externalities (e.g., Cournot competition) and one to public good games.
brown bag Travail et Économie Publique
Du 07/04/2022 de 12:30 à 13:30
PSE- 48 boulevard Jourdan, 74014 Paris, salle R1-09
GRAVOUEILLE Maxime (pse)
Anatomy of Income Inequality and Income Dynamics in France
écrit avec Philippe Aghion (Collège de France, INSEAD, LSE, PSE), Vlad Ciornohuz (UCL), Stefanie Stantcheva (Harvard University)
This paper proposes a systematic analysis of income inequality and income mobility in France over the period 2006-2017 using individual and household tax data. We find that pre-tax income inequality is high in the short-run, but tempered by income mobility in the long run. Next, using nonparametric methods, we show that the distribution of income growth exhibits substantial deviations from log-normality and varies significantly across individuals with different initial income and age. Finally, we show that the nature and magnitude of these deviations vary with the composition of pretax income, in particular with the relative importance of capital versus labor income.