scholarly journals Estimating Real Income in the United States from 1888 to 1994: Correcting CPI Bias Using Engel Curves

2001 ◽  
Vol 109 (6) ◽  
pp. 1288-1310 ◽  
Author(s):  
Dora L. Costa
Keyword(s):  
United States ◽  
The United States ◽  
Real Income ◽  
Engel Curves

Growing Incomes, Shrinking People—Can Economic Development Be Hazardous to Your Health?

2004 ◽  
Vol 28 (2) ◽  
pp. 249-270
Author(s):  
Michael R. Haines
Keyword(s):  
United States ◽  
Economic Development ◽  
The Netherlands ◽  
The United States ◽  
Real Income ◽  
Food Prices ◽  
Similar Process ◽  
Human Organism ◽  
Rapid Urbanization ◽  
The Impact

This article examines declining adult human stature in the nineteenth century in three countries: the United States, England, and the Netherlands. While this was not unprecedented, these three relatively important nations did experience a deterioration in the biological standard of living at a time when economic development was proceeding at a goodly pace. England and the Netherlands were among the most urbanized countries in Europe at the time, while the United States was still predominantly rural and agrarian. The essay argues that a confluence of circumstances contributed to the worsening of the physical condition of these populations even while real income per capita was growing. Among the factors involved were rapid urbanization without adequate public health and sanitation; a transport revolution and related commercialization, which brought people and goods into much closer contact; the consequent integration of disease environments, both within and across nations; and a growing dependence of the working populations on wage income along with a probable growing inequality in wealth and income, exacerbating the impact of fluctuations in food prices. Technological change had an impact on these events by lowering the relative prices of industrial goods. While the term Malthusian crisis (i.e., a shortage of subsistence followed by a rise in mortality) seems inappropriate in these cases, a similar process may have been taking place. It suggests that such a crisis may not commence with an increase in mortality but rather with an adjustment of the human organism to new nutritional circumstances.

scholarly journals Policy Uncertainty, Trade, and Welfare: Theory and Evidence for China and the United States

2017 ◽  
Vol 107 (9) ◽  
pp. 2731-2783 ◽  
Author(s):  
Kyle Handley ◽  
Nuno Limão
Keyword(s):  
United States ◽  
Economic Activity ◽  
The United States ◽  
Real Income ◽  
Policy Uncertainty ◽  
The Us ◽  
Trade Prices ◽  
Trade War ◽  
The Impact ◽  
Welfare Theory

We examine the impact of policy uncertainty on trade, prices, and real income through firm entry investments in general equilibrium. We estimate and quantify the impact of trade policy on China's export boom to the United States following its 2001 WTO accession. We find the accession reduced the US threat of a trade war, which can account for over one-third of that export growth in the period 2000– 2005. Reduced policy uncertainty lowered US prices and increased its consumers' income by the equivalent of a 13-percentage-point permanent tariff decrease. These findings provide evidence of large effects of policy uncertainty on economic activity and the importance of agreements for reducing it. (JEL D72, F13, F14, O19, P33)

scholarly journals Recovery from Financial Crises: Evidence from 100 Episodes

2014 ◽  
Vol 104 (5) ◽  
pp. 50-55 ◽  
Author(s):  
Carmen M. Reinhart ◽  
Kenneth S. Rogoff
Keyword(s):  
United States ◽  
Business Cycles ◽  
Financial Crises ◽  
The United States ◽  
Banking Crises ◽  
Real Income ◽  
Per Capita Gdp ◽  
Advanced Economies ◽  
Per Capita ◽  
Post War

We examine the evolution of real per capita GDP around 100 systemic banking crises. Part of the costs of these crises owes to the protracted nature of recovery. On average, it takes about 8 years to reach the pre-crisis level of income; the median is about 6.5 years. Five to six years after the onset of crisis, only Germany and the United States (out of 12 systemic cases) have reached their 2007-2008 peaks in real income. Forty-five percent of the episodes recorded double dips. Post-war business cycles are not the relevant comparator for the recent crises in advanced economies.

scholarly journals The Impact of the 2018 Tariffs on Prices and Welfare

2019 ◽  
Vol 33 (4) ◽  
pp. 187-210 ◽  
Author(s):  
Mary Amiti ◽  
Stephen J. Redding ◽  
David E. Weinstein
Keyword(s):  
United States ◽  
The United States ◽  
Real Income ◽  
Trade Policies ◽  
Foreign Countries ◽  
Domestic Prices ◽  
Trade War ◽  
Pass Through ◽  
The Impact ◽  
Trump Administration

We examine conventional approaches to evaluating the economic impact of protectionist trade policies. We illustrate these conventional approaches by applying them to the tariffs introduced by the Trump administration during 2018. In the wake of this increase in trade protection, the United States experienced substantial increases in the prices of intermediates and final goods, dramatic changes to its supply-chain network, reductions in availability of imported varieties, and the complete pass-through of the tariffs into domestic prices of imported goods. Therefore, the full incidence of the tariffs has fallen on domestic consumers and importers so far, and our estimates imply a reduction in aggregate US real income of $1.4 billion per month by the end of 2018. We see similar patterns for foreign countries that have retaliated with their own tariffs against the United States, which suggests that the trade war has also reduced the real income of these other countries.

scholarly journals An Empirical Evaluation of Egg Demand in the United States

2021 ◽  
Vol 53 (2) ◽  
pp. 280-300
Author(s):  
Rafael Bakhtavoryan ◽  
Vardges Hovhannisyan ◽  
Stephen Devadoss ◽  
Jose Lopez
Keyword(s):  
United States ◽  
Empirical Evaluation ◽  
Consumer Welfare ◽  
The United States ◽  
Omega 3 ◽  
Engel Curves ◽  
Geographic Coverage ◽  
Disaggregate Data ◽  
Tariff Reductions ◽  
Empirical Framework

AbstractWe adopt an EASI model to estimate demand for omega-3, organic, cage-free, and conventional eggs in the United States. Our empirical framework accounts for demand inter-dependencies among these egg types, while allowing for unrestricted Engel curves, unobserved consumer heterogeneity, and a broader product and geographic coverage. We further address endogeneity of prices and expenditures and left-censoring induced by disaggregate data. Our results indicate that the demand for organic and cage-free eggs is price-elastic, while the demand for omega-3 and conventional eggs is price-inelastic. Additionally, we establish strong substitutability relationships between the eggs. Finally, we measure consumer welfare consequences of rising domestic egg prices brought by Japan’s egg import tariff reductions.

Civilization at the Crossroads - II

1941 ◽  
Vol 3 (4) ◽  
pp. 451-478
Author(s):  
John U. Nef
Keyword(s):  
United States ◽  
Twentieth Century ◽  
Industrial Production ◽  
The United States ◽  
Real Income ◽  
Social Scientists ◽  
Slowing Down ◽  
The World

The last four or five decades have been a period of increasing tension and insecurity throughout the world, especially among the Western peoples. Pessimism, cynicism, and despair have gained the ascendancy over most of Europe; uncertainty and lack of confidence over much of the United States. It would be natural for businessmen and for social scientists, who measure civilization mainly in terms of real income or the volume of industrial production, to attribute this tension and discouragement to the slowing down in the rate of industrial progress, to the material crisis of the twentieth century.

scholarly journals A Simple Measure to Study Multinational Income Inequality

2021 ◽  
Vol 21 (1) ◽  
pp. 27-40
Author(s):  
Gharehgozli Orkideh ◽  
Atal Vidya
Keyword(s):  
United States ◽  
Income Inequality ◽  
Coefficient Of Variation ◽  
The United States ◽  
Real Income ◽  
The Real ◽  
Simple Measure ◽  
Wide Range ◽  
Wage Income

Abstract Using the Big Mac Index, we offer a simple measure to study the real income inequality. We provide a multidimensional real income inequality analysis by exploring the Coefficient of Variation and the Big Mac Affordability of households across all income deciles of 28 countries for the years 2000 to 2013. We look more into a few of the most interesting countries in our analysis in order to have explanations for the wide range of income inequality we observe. We compare Denmark and Mexico as representatives of the “more equal” and “less equal” countries in our analysis, and we find a visible difference in the share of each decile to the top decile of income between the two countries. However, we observe that, although a more equal country, Denmark has been exp eriencing a rise in income inequality while a less equal country (Mexico) has been experiencing a reduction in income inequality. We also focus on the United States and study how it compares to Russia, a country that shows a different direction of income inequality compared to the U.S.A. We find that while the wage income inequality in Russia has been correlated inversely with its growth, in the U.S.A., the overall growth and wage income inequality have been positively correlated.

scholarly journals The Return to Protectionism*

2019 ◽  
Vol 135 (1) ◽  
pp. 1-55 ◽  
Author(s):  
Pablo D Fajgelbaum ◽  
Pinelopi K Goldberg ◽  
Patrick J Kennedy ◽  
Amit K Khandelwal
Keyword(s):  
United States ◽  
The United States ◽  
Real Income ◽  
Income Loss ◽  
Trade Elasticities ◽  
Short Run ◽  
Pass Through ◽  
Jel Code ◽  
Trade Partners ◽  
The U.S

Abstract After decades of supporting free trade, in 2018 the United States raised import tariffs and major trade partners retaliated. We analyze the short-run impact of this return to protectionism on the U.S. economy. Import and retaliatory tariffs caused large declines in imports and exports. Prices of imports targeted by tariffs did not fall, implying complete pass-through of tariffs to duty-inclusive prices. The resulting losses to U.S. consumers and firms that buy imports was $51 billion, or 0.27% of GDP. We embed the estimated trade elasticities in a general-equilibrium model of the U.S. economy. After accounting for tariff revenue and gains to domestic producers, the aggregate real income loss was $7.2 billion, or 0.04% of GDP. Import tariffs favored sectors concentrated in politically competitive counties, and the model implies that tradeable-sector workers in heavily Republican counties were the most negatively affected due to the retaliatory tariffs. JEL Code: F1.

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