Catálogo de publicaciones - revistas

<jats:p> This article surveys the development of nonparametric models and methods for estimation of choice models with nonlinear budget sets. The discussion focuses on the budget set regression, that is, the conditional expectation of a choice variable given the budget set. Utility maximization in a nonparametric model with general heterogeneity reduces the curse of dimensionality in this regression. Empirical results using this regression are different from maximum likelihood and give informative inference. The article also considers the information provided by kink probabilities for nonparametric utility with general heterogeneity. Instrumental variable estimation and the evidence it provides of heterogeneity in preferences are also discussed. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> This article provides an overview of the methods used for algorithmic text analysis in economics, with a focus on three key contributions. First, we introduce methods for representing documents as high-dimensional count vectors over vocabulary terms, for representing words as vectors, and for representing word sequences as embedding vectors. Second, we define four core empirical tasks that encompass most text-as-data research in economics and enumerate the various approaches that have been taken so far to accomplish these tasks. Finally, we flag limitations in the current literature, with a focus on the challenge of validating algorithmic output. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> Climate change poses an existential threat. Theoretical and empirical research suggest that carbon pricing and green R&amp;D support are the right tools, but their implementation can be improved. Other policies, such as standards, bans, and targeted subsidies, also all have a role to play, but they have often been incoherent, and their implementation is delicate. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> Gender differences in negotiation are seen as contributing to the persistent gender gaps in labor market outcomes. We review the literature on interventions aiming to mute differences in negotiation and assess their effectiveness in reducing the gender pay gap. We present research on initiatives that aspire to increase how often and how women negotiate, as well as institutional changes that ban negotiations, ban requests for employee salary history, and improve wage transparency. Along with exploring the effectiveness of these initiatives, we point to unintended consequences that warrant caution at implementation. The review makes clear that initial efforts to push women to negotiate more like men have shifted to alter instead the conditions of the negotiation. This shift results not only from wanting to consider policies that “fix the institutions” rather than “fixing the women,” but also from evidence that these interventions are more successful in securing pay equity. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> We review theoretical and empirical work on the economic effects of the United States and China trade relations during the past 20 years. We first discuss the origins of the China shock and its measurement and present methods used to study its economic effects on different outcomes. We then focus on the recent US–China trade war. We review methods used to evaluate its effects, describe its economic effects, and analyze whether this increase in trade protectionism reverted the effects of the China shock. The main lessons learned in this review are that ( a) the aggregate gains from US–China trade created winners and losers; ( b) China's trade expansion seems not to be the main cause of the decline in US manufacturing employment during the same period; and ( c) the recent trade war generated welfare losses, had small employment effects, and was ineffective in reversing the distributional effects due to the China shock. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> Over the last two decades, the unprecedented increase in non-bank financial intermediation, particularly the rise of open-end mutual funds and exchange-traded funds, accounts for nearly half of the external financing flows to emerging markets, exceeding cross-border lending by global banks. Evidence suggests that investment fund flows enhance risk sharing across borders and provide emerging markets access to more diverse forms of financing. However, a growing body of evidence also indicates that investment funds are inherently more vulnerable to liquidity and redemption risks during periods of global financial market stress, increasing the volatility of capital flows to emerging markets. Benchmark-driven investments, namely passive funds, appear particularly sensitive to global risk shocks, such as tightening US dollar funding conditions, compared to their active fund counterparts. The procyclicality of investment fund flows to emerging markets during times of global stress poses financial stability concerns, with implications for the role of macroprudential policy. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> This review discusses the unique features of Austrian economics and some of the recent contributions of this school of thought. We organize these contributions in different research “buckets” in the hope that this will be a useful guide to readers while demonstrating the ongoing relevance of the contemporary Austrian school of economics for advancing scientific discourse. The research buckets discussed include robust political economy, macroeconomics, monetary economics, entrepreneurship and the market process, development economics, behavioral economics, governance, social economy, collective action challenges related to natural disaster recovery and infectious disease, and war and defense. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> Surveys are an essential approach for eliciting otherwise invisible factors such as perceptions, knowledge and beliefs, attitudes, and reasoning. These factors are critical determinants of social, economic, and political outcomes. Surveys are not merely a research tool. They are also not only a way of collecting data. Instead, they involve creating the process that will generate the data. This allows the researcher to create their own identifying and controlled variation. Thanks to the rise of mobile technologies and platforms, surveys offer valuable opportunities either to study broadly representative samples or to focus on specific groups. This article offers guidance on the complete survey process, from the design of the questions and experiments to the recruitment of respondents and the collection of data to the analysis of survey responses. It covers issues related to the sampling process, selection and attrition, attention and carelessness, survey question design and measurement, response biases, and survey experiments. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> There has been increasing attention to privacy in the media and in regulatory discussions. This is a consequence of the increased usefulness of digital data. The literature has emphasized the benefits and costs of digital data flows to consumers and firms. The benefits arise in the form of data-driven innovation, higher-quality products and services that match consumer needs, and increased profits. The costs relate to the intrinsic and instrumental values of privacy. Under standard economic assumptions, this framing of a cost-benefit trade-off might suggest little role for regulation beyond ensuring consumers are appropriately informed in a robust competitive environment. The empirical literature thus far has focused on this direct cost-benefit assessment, examining how privacy regulations have affected various market outcomes. However, an increasing body of theory work emphasizes externalities related to data flows. These externalities, both positive and negative, suggest benefits to the targeted regulation of digital privacy. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>

<jats:p> We attempt to provide a systemic view of the process of regulating collusion, including detection and prosecution as well as bargaining between firms and regulators via consent orders, the production of evidence, and containment measures that may be taken if collusion cannot be addressed with more direct means. In addition, we try to do justice to the peculiarities of the legal system: Modeling the courts as they are, rather than as economists think they should be, is essential for economic analysis to improve the way collusion is regulated. </jats:p><jats:p> Expected final online publication date for the Annual Review of Economics, Volume 15 is August 2023. Please see http://www.annualreviews.org/page/journal/pubdates for revised estimates. </jats:p>