Economics

목차 [특집 편] 지난 15년, 한국 부자의 발자취 01 부의 관리 환경 변화 02 한국 부자 수와 자산의 변화 03 부에 대한 인식 04 부의 축적 기반 05 부 축적의 노하우 06 부자의 자산관리 철학 요약 Key Findings [2025년] Ⅰ. 한국 부자 현황 01 부자 수와 금융자산 규모 02 부자의 부동산자산 규모 요약 Key Findings Ⅱ. 한국 부자의 투자 행태 01 부자의 자산 포트폴리오 02 부자의 투자 성향 03 부자의 투자 성과 04 부자의 주식 투자 현황 요약 Key Findings Ⅲ. 한국 부자의 미래 투자 전략 01 부자의 최근 자산관리 관심사 02 부자의 미..

• 지상 테이터센터의 한계 • 데이터센터의 공간 확장 • 글로벌 기업들의 참여 • 전망 및 시사점

This paper provides direct evidence that members of a disfavored group adjust their economic behavior in response to prejudice. We exploit plausibly exogenous, localized increases in anti-Arab and anti-Muslim sentiment generated by combat fatalities of U.S. service members from a given state during the wars in Iraq and Afghanistan between 2001 and 2014. Linking detailed records on military fatalities with survey data, we estimate the causal effect of these shocks on the labor supply of Arab and Muslim men residing in the affected states. Following a home-state fatality, Arab and Muslim men reduce their weekly hours of work by approximately one percent relative to the baseline sample mean. Th..

We evaluate the effect of California's 11 percent excise tax on firearms, introduced in July 2024, on retail prices. Using price quotes for 48 popular firearms from over 2,200 licensed dealers, we compare California prices to those in other states and to pre-tax trends. We find that prices in California increase by about 10% in response to the 11% tax. Results are consistent across gun types and show no evidence of border spillovers. These findings indicate that firearm excise taxes can effectively raise consumer prices.

We evaluate approaches to estimating demand elasticities in dynamic asset markets, both theoretically and empirically. We establish strict, necessary conditions that the dynamics of instrumented asset price variation must satisfy for valid identification. We illustrate these insights in a general equilibrium model of dynamic trade and derive the magnitude of biases that arise when these conditions are violated. Estimates based on static IO models are severely biased when the instrumented price variation is persistent or predictable. Empirically, we show that commonly used instruments yield elasticity estimates that are off by orders of magnitude, or even have the wrong sign. In contrast to s..

Take-up of means-tested transfer programs in the United States remains incomplete despite their substantial value to eligible households. We contribute to the literature on determinants of program participation by providing the first causal estimates of how proximity to Supplemental Nutrition Assistance Program (SNAP) offices affects program participation. Using administrative data on SNAP receipt in a single state linked to geocoded office locations, we exploit quasi-experimental variation from frequent office openings and closings. Event study estimates show that SNAP participation in a census tract decreases following the closure of an office by 7–9 percent over two years, with suggesti..

How has aggregate income and welfare in the United States been affected by globalization and rapid productivity growth in emerging economies? We use the class of constant elasticity trade models to provide quantitative evidence on these questions. We find that reductions in worldwide trade frictions over the period from 1960-2020 reduced the share of the United States in global GDP but raised its aggregate welfare. Similarly, productivity growth in Japan and China led to a decline in the relative income of the United States, but brought aggregate welfare gains from the resulting expansion in global production possibilities. Trade integration and foreign productivity growth have relatively mo..