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PREQER Digest PREQER 顶刊速递

2026-06-04 Labor Economics & China Recent Articles 近期论文
Papers 论文数量 3 curated recent articles 近期精选论文
Source Window 检索区间 2026-05-28 since the last review cutoff 自上次筛选截止以来
Journals 涵盖期刊 3 EJ, JPE, RES EJ、JPE、RES

Digest Summary 摘要

This week's PREQER digest collects three papers from RES, JPE, and EJ that together span macro-labor, health-human capital, and behavioral-genetic dimensions. Doerr, Drechsel & Lee uncover a novel macroeconomic channel linking inequality to job creation: as top income shares rise, high-income households shift savings from bank deposits toward stocks and bonds, raising financing costs for bank-dependent firms and suppressing their job creation. Their calibrated general equilibrium model attributes 13% of the decline in small firms' employment share since 1980 to this mechanism, and shows that ignoring this link understates the welfare gains from redistribution. Capatina & Keane build a rich life-cycle model of labor supply and human capital with health shocks and insurance choices. Their policy simulations reveal a striking asymmetry: providing public insurance to those without employer-sponsored coverage substantially improves health and life expectancy, creates positive labor supply incentives for low-skill workers, and reduces social insurance costs — with modest net cost and universal ex-ante welfare gains. In contrast, expanding Medicaid access generates perverse labor supply effects, does little to improve health, and makes nearly all agents worse off. Li, Yi & Zhang use China's send-down movement and a twins design to examine nature-nurture interplay in savings. They find that environmental adversity more than triples the genetic contribution to savings (from 15% to 53% of variance), challenging conventional fixed-effects models that treat genetic endowments as linearly additive and demonstrating that policy effects hinge on interactions with innate traits. 本周PREQER速递收录了三篇分别来自RES、JPE和EJ的论文，涵盖了宏观劳动、健康人力资本和行为遗传学三个维度。Doerr、Drechsel与Lee揭示了不平等影响就业创造的新宏观渠道：随着最高收入份额上升，高收入家庭将储蓄从银行存款转向股票和债券，提高了依赖银行融资的企业的融资成本，抑制了其就业创造。他们的校准一般均衡模型将1980年以来小企业就业份额下降的13%归因于这一机制，并表明忽视这一联系会低估再分配的福利收益。Capatina与Keane构建了包含健康冲击和保险选择的生命周期劳动供给与人力资本模型。其政策模拟揭示了一个显著的不对称性：向没有雇主保险的个体提供公共保险显著改善了健康和预期寿命，为低技能工人创造了正向劳动供给激励，并减少了社会保险成本——净成本适中且实现了事前福利的普遍改善。相比之下，扩大Medicaid准入却产生了扭曲的劳动供给效应，对健康改善甚微，并使几乎所有个体的福利恶化。李文超、易君健与张俊森利用中国的下乡运动和双胞胎设计考察了储蓄行为中先天与后天的交互作用。他们发现环境逆境使遗传对储蓄的贡献增加了两倍以上（方差份额从15%升至53%），挑战了传统上将遗传禀赋视为线性可加的固定效应模型，并表明政策效果取决于与先天特质的交互作用。

Search scope 检索范围

QJE JPE family RES Econometrica REStat EJ

Recent Papers 近期论文

Income Inequality and Job Creation

Sebastian Doerr, Thomas Drechsel, Donggyu Lee
Journal: Review of Economic Studies Date: 2026-06-03 Topics: Labor Economics Forthcoming
We propose a novel channel through which rising income inequality affects job creation and macroeconomic outcomes. High-income households save relatively more in stocks and bonds but less in bank deposits. A rising top income share thereby increases the relative financing cost for bank-dependent firms, which in turn create fewer jobs compared to other firms. Exploiting variation in top income shares across US states and an instrumental variable strategy, we provide evidence for this channel. We then build a general equilibrium macroeconomic model with heterogeneous households and heterogeneous firms and calibrate it to our empirical estimates. The model shows that the secular rise in top incomes accounts for 13% of the decline in the employment share of small firms since 1980. Through the new channel, rising inequality also reduces the labor share and aggregate output. Model experiments show that ignoring the link between inequality and job creation understates welfare effects of income redistribution.
我们提出了一种新的渠道，通过该渠道收入不平等的加剧会影响就业创造和宏观经济成果。高收入家庭的股票和债券储蓄相对较多，但银行存款较少。因此，最高收入份额的上升增加了依赖银行融资的企业的相对融资成本，导致这些企业与其他企业相比创造的就业机会更少。利用美国各州最高收入份额的差异和工具变量策略，我们为这一渠道提供了证据。随后，我们构建了一个包含异质家庭和异质企业的一般均衡宏观经济模型，并根据经验估计进行校准。模型显示，顶层收入的长期增长解释了1980年以来小企业就业份额下降的13%。通过这一新渠道，不平等加剧还降低了劳动份额和总产出。模型实验表明，忽视不平等与就业创造之间的联系会低估收入再分配的福利效应。

Health Shocks, Health Insurance, Human Capital, and the Dynamics of Earnings and Health

Elena Capatina, Michael Keane
Journal: Journal of Political Economy Date: 2026-06-01 Topics: Labor Economics Published
We develop a life-cycle model of labor supply and human capital formation that incorporates health shocks, health insurance, and medical treatment decisions. We use the model to study effects of health shocks on health, labor supply, earnings, and earnings inequality. We also simulate provision of public insurance to agents who lack employer-sponsored insurance. While this increases medical spending substantially, it creates positive labor supply incentives for low-skill workers while reducing costs of social insurance, Medicaid, and free care. The net program cost is modest, and all model agents are ex ante better off in a balanced budget simulation.
我们构建了一个包含健康冲击、医疗保险和医疗决策的生命周期劳动供给与人力资本形成模型。利用该模型，我们研究了健康冲击对健康、劳动供给、收入以及收入不平等的影响。我们还模拟了向缺乏雇主提供医疗保险的个体提供公共保险的情形。虽然这大幅增加了医疗支出，但它为低技能工人创造了正向的劳动供给激励，同时减少了社会保险、医疗补助和免费医疗的成本。净项目成本较为温和，且在平衡预算模拟中，所有模型个体的事前福利均得到改善。

How Nurture Activates Nature in Determining Savings Behavior: Evidence from China's Send-Down Movement and Twins Data

Wenchao Li, Junjian Yi, Junsen Zhang
Journal: Economic Journal Date: 2026-05-29 Topics: China Forthcoming
Savings behavior is governed by innate predispositions (nature) and environmental conditions (nurture); yet prior research largely examines these forces in isolation. Leveraging China's send-down movement—a policy shock that exposed urban youths to adversity—and a twins design exploiting genetic differences between monozygotic and dizygotic pairs, we identify nature-nurture interplay. Applying extended twin-based variance components models to representative data, we find that adversity more than triples genetic influence on savings, increasing its variance share from 15.2 percent among the unexposed to 53.4 percent among the exposed. Results challenge conventional fixed-effects models which assume time-invariant unobserved traits (e.g., genetic endowments) exert linearly additive effects, and demonstrate policy effectiveness hinges on interactions with such traits.
储蓄行为受先天倾向（天性）和环境条件（后天教养）支配；然而以往的研究大多孤立地考察这两种力量。利用中国的下乡运动——一项让城市青年遭受逆境的政策冲击——以及利用同卵和异卵双胞胎基因差异的双胞胎设计，我们识别了天性与教养的相互作用。将扩展的基于双胞胎的方差分量模型应用于代表性数据，我们发现逆境使遗传对储蓄的影响增加了两倍以上，其方差份额从未暴露人群的15.2%上升到暴露人群的53.4%。结果挑战了传统固定效应模型中假设时不变未观测特征（如遗传禀赋）具有线性可加效应的假设，并表明政策有效性取决于与这些特征的交互作用。