Abstract：Using household survey data for the U.S. and Australia, we quantify the role of taxes and transfers in providing consumption insurance against income risk. While the two countries differ substantially in their degree of tax and transfer progressivity and the extent to which it reduces the variability of disposable income, we find using a semi-structural model of income, net taxes, and consumption that the overall role of taxes and transfers in affecting the elasticity of consumption with respect to permanent income shocks is similar, with an estimated 5.4 percentage point reduction for the U.S. versus 4.8 for Australia. We interpret this result using a stylized life-cycle model with incomplete markets. Counterfactual analysis for a calibrated version of the structural model shows that, while higher progressivity increases the role of taxes in providing consumption insurance, these effects are partially mitigated by less self-insurance given higher marginal tax rates. The level of wealth relative to income also reduces the effects of progressivity on consumption insurance. Thus, higher wealth-to-income ratios in Australia can explain why, despite higher progressivity, the impact of taxes and transfers on consumption insurance is similar to the U.S.

要旨：　Diagnostic tests for regression discontinuity design face a size-control problem. We document a massive over-rejection of the identifying restriction among empirical studies in the top five economics journals. At least one diagnostic test was rejected for 21 out of 60 studies, whereas less than 5% of the collected 799 tests rejected the null hypotheses. In other words, more than one-third of the studies rejected at least one of their diagnostic tests, whereas their underlying identifying restrictions appear valid. Multiple testing causes this problem because the median number of tests per study was as high as 12. Therefore, we offer unified tests to overcome the size-control problem. Our procedure is based on the new joint asymptotic normality of local polynomial mean and density estimates. In simulation studies, our unified tests outperformed the Bonferroni correction.

＜Workshop on Search and Platform ご案内＞

日時：2024年10月29日（火）8:55-16:50
会場：CIGS会議室もしくは新丸ビルコンファレンススクエア　Room 901
（東京都千代田区丸の内1-5-1 新丸ビル 9F）
https://www.marunouchi.com/page/access/access_shinmaru/

参加費：無料
言語：英語 ≪同時通訳はありません≫

オーガナイザー：渡辺誠（京都大学経済研究所、CIGS 上席研究員）

プログラムのURL：こちらをご参照ください。

＜登録方法＞
参加希望の方は、以下の申込フォームからご登録ください。（締切：10月17日）
https://forms.gle/NGCjz68StjaQUAe87

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南幸子
一般財団法人キヤノングローバル戦略研究所
〒100-6511　東京都千代田区丸の内1-5-1
　　　　　　　　 新丸の内ビルディング11F
TEL:03-6213-0550　FAX:03-3217-1251
minami.sachiko@canon-igs.org

——————————————————————————-

<The Workshop on Search and Platform>
Date：2024, October 29th（Tuesday）8:55-16:50
Location: CIGS meeting room or Shin-Marunouchi Building Room 901, SHIN-MARU CONFERENCE SQUARE, 9th Floor
(1-5-1 Marunouchi, Chiyoda-ku, Tokyo)
https://www.marunouchi.com/en/building/shinmaru/information-access/

Participation Fee：Free
Capacity: 35 participants *The registration will be closed if we receive too many applications.
Organizer: Makoto Watanabe (CIGS senior researcher)

Link：https://drive.google.com/file/d/1iqb9wUNZ6JFcIOyg8zd-anuWSbv_NxkL/view

<How to register>
If you wish to participate in this conference, please register through the following application form. (Application Deadline: October 17)
https://forms.gle/NGCjz68StjaQUAe87

After your registration is complete, you will receive an auto-reply from the form.
If you do not receive the email, please check your spam mail folder.
If you want to change some items after your registration, please email us with the detailed information.

[CIGS Secretariat] (Reception hours: 9:00-17:30 on weekdays)
TEL: +81-3-6213-0550 (Representative)
Mail: minami.sachiko@canon-igs.org

【論文】（10/09更新）

要旨：This paper investigates the elusive role of productivity heterogeneity in new trade models in the trade and environment nexus. We contrast the Eaton-Kortum and the Melitz models with firm heterogeneity to the Armington and Krugman models without heterogeneity. We show that if firms have a constant emission share in terms of sales — as they do in a wide range of trade and environment models — the three models’ emission predictions exactly coincide. Conversely, if firms have a constant emission intensity per quantity — a prominent alternative in the literature — the emission equivalence between the three models breaks. We provide a generalization that nests both constant emission shares in sales and constant quantity emission intensities as special cases. We calibrate the models to global production and trade data and use German firm-level data to estimate the key elasticity of how emission intensity changes with productivity. Our multi-industry quantification demonstrates that the role of firm heterogeneity depends both on the model and the estimated parameters. Moving from the Armington model to the EK model increases the emissions effect on trade, while moving from the Krugman model to the Melitz model decreases the emission effects on trade.