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on Macroeconomics |
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Issue of 2024‒04‒29
twenty papers chosen by |
| By: | Christiaan van der Kwaak (University of Groningen) |
| Abstract: | High levels of government debt raise the question to what extent the private sector will be willing to absorb the additional government debt that would finance future fiscal stimuli. One alternative is to money-finance such stimuli by letting the central bank buy the additional bonds and permanently retain these on its balance sheet. In this paper, I investigate the effectiveness of such money-financed fiscal stimuli when the central bank pays interest on reserves, and focus on the case where reserves and bonds are not perfect substitutes. I show for several New Keynesian models that money-financed fiscal stimuli have zero macroeconomic impact with respect to debt-financed stimuli, despite reducing funding costs for the consolidated government. Finally, I investigate the quantitative impact of money-financed fiscal stimuli for an extension where this 'irrelevance result' is broken, and find that the impact is substantially smaller than in the literature. |
| Keywords: | Monetary Policy, Fiscal Policy, Monetary-Fiscal Interactions, Monetary financing |
| JEL: | E32 E52 E62 E63 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:cfm:wpaper:2417&r=mac |
| By: | Billi, Roberto (Monetary Policy Department, Central Bank of Sweden); Galí, Jordi (CREI, UPF and BSE); Nakov, Anton (European Central Bank) |
| Abstract: | We study the optimal monetary policy problem in a New Keynesian economy with a zero lower bound (ZLB) on the nominal interest rate, when the steady state natural rate (r*) becomes permanently negative. We show that the optimal policy aims to approach gradually a new steady state with positive average inflation. Around that steady state, the optimal policy implies well defined (second-best) paths for inflation and output in response to shocks to the natural rate. Under plausible calibrations, the optimal policy implies that the nominal rate remains at its ZLB most of the time. Despite the latter feature, the central bank can implement the optimal outcome as a unique equilibrium by means of an appropriate nonlinear interest rate rule. In order to establish that result, we derive sufficient conditions for local determinacy in a general model with endogenous regime switches. |
| Keywords: | zero lower bound; New Keynesian model; decline in r*; equilibrium determinacy; regime switching models; secular stagnat |
| JEL: | E32 E52 |
| Date: | 2024–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:rbnkwp:0433&r=mac |
| By: | Siddiqi, Hammad |
| Abstract: | Despite scarcity being central to economics, the scarcity of brain’s internal resources has largely been ignored. Neuroscience research increasingly points to the brain evolving as a prediction engine in response to this internal-resource scarcity. The brain meets every situation with subconscious expectations, which are contrasted with information to generate error-signals. Selective processing of such error-signals, in lieu of the entire information-stream, saves brain-resources. We show that applying this predictive-processing framework to asset pricing gives rise to an alpha in CAPM. Several empirically observed phenomena (value, momentum, size, high-alpha-of-low-beta, profitability, investment, and time-specific changes in SML slopes) correspond to either cross-sectional or time-specific variations in this alpha. Additional insights about these phenomena emerge that are consistent with empirical evidence. Hence, potentially, a unified explanation for several asset pricing anomalies emerges as ultimately due to the brain’s optimal response to its own internal resource scarcity, suggesting a synthesis of neoclassical and behavioral finance. |
| Keywords: | Predictive Processing, Asset Pricing, CAPM, SML Slope, Betting-Against-Beta, Size Effect, Value Effect, Momentum Effect |
| JEL: | G11 G12 |
| Date: | 2022–04–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:120526&r=mac |
| By: | Minxian Sun (China Economics and Management Academy, Central University of Finance and Economics); Heng-fu Zou (The World Bank; Institute for Advanced Study, Wuhan University) |
| Abstract: | Property-rights capital stands as a fragile entity, encountering obstacles, regressions, and challenges worldwide. This underscores the necessity to endogenize both property-rights capital accumulation and physical capital accumulation within an integrated dynamic framework. Through this approach, our paper explores the complex interplay between economic variables and institutional capital, with a specific focus on property-rights capital. It emphasizes the necessity of integrating the accumulation of property-rights capital and physical capital within a dynamic framework to fully grasp their interaction. The study reveals that property-rights capital, serving as institutional capital, is deeply interconnected with the accumulation of physical capital, economic growth, and development. Notably, when the cost of new investments in property-rights capital formation rises, it results in decreased long-run property-rights investment, property-rights capital, physical capital, and consumption. Similarly, an increase in the depreciation rate of property-rights capital leads to reductions in long-run property-rights investments, the accumulation of property-rights capital, physical capital, and consumption. Conversely, an increase in the total factor productivity is associated with higher long-run property-rights investments, accumulation of property-rights capital, physical capital, and consumption. |
| Date: | 2024–04–15 |
| URL: | http://d.repec.org/n?u=RePEc:cuf:wpaper:625&r=mac |
| By: | Cedrick Kalemasi Mosengo (University of Kinshasa, the DRC); Christian Zamo Akono (University of Yaoundé 2, Cameroon) |
| Abstract: | The aim of this study is to assess the effect of informal employment on the occurrence of overeducation in developing countries, focusing on the specific case of the DRC. Using employment data, we determine the incidence of overeducation and we isolate the role of informal employment as a determinant of overeducation. To measure overeducation, we mainly use the normative (adequationist) approach. We find an incidence of overeducation in the order of 33.3% in the DRC labor market. The econometric results based on recursive bivariate Probit suggest a positive and significant effect of informal employment. The results found are robust even when using the statistical approach as an alternative measure of overeducation. These findings suggest a set of measures likely to reduce the incidence of overeducation on the labor market. These should focus on the formalization of informal sector employment and policies to improve labor market matches. |
| Keywords: | Skills mismatch, Overeducation, Undereducation, Informal employment |
| JEL: | E26 E24 I21 J24 |
| Date: | 2024–01 |
| URL: | http://d.repec.org/n?u=RePEc:agd:wpaper:24/008&r=mac |
| By: | Arindam Misra |
| Abstract: | The Financial system has witnessed rapid technological changes. The rise of Bitcoin and other crypto assets based on Distributed Ledger Technology mark a fundamental change in the way people transact and transmit value over a decentralized network, spread across geographies. This has created regulatory and tax policy blind spots, as governments and tax administrations take time to understand and provide policy responses to this innovative, revolutionary, and fast-paced technology. Due to the breakneck speed of innovation in blockchain technology and advent of Decentralized Finance, Decentralized Autonomous Organizations and the Metaverse, it is unlikely that the policy interventions and guidance by regulatory authorities or tax administrations would be ahead or in sync with the pace of innovation. This paper tries to explain the principles on which crypto assets function, their underlying technology and relates them to the tax issues and taxable events which arise within this ecosystem. It also provides instances of tax and regulatory policy responses already in effect in various jurisdictions, including the recent changes in reporting standards by the FATF and the OECD. This paper tries to explain the rationale behind existing laws and policies and the challenges in their implementation. It also attempts to present a ballpark estimate of tax potential of this asset class and suggests creation of global public digital infrastructure that can address issues related to pseudonymity and extra-territoriality. The paper analyses both direct and indirect taxation issues related to crypto assets and discusses more recent aspects like proof-of-stake and maximal extractable value in greater detail. |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2403.15074&r=mac |
| By: | Tat-kei Lai (IESEG School of Management, Univ. Lille, CNRS, UMR 9221 - LEM - Lille Economie Management, France); Travis Ng (The Chinese University of Hong Kong, Hong Kong) |
| Abstract: | Policies that restrict outsiders are common. Some justifications include protecting insiders from high price and leaving more of the concerned products to insiders. Sometimes these policies fail to work because outsiders can get around the restrictions. In a model in which a policy of restricting outsiders is anticipated, we find that if the policy works, it only sometimes lowers the price. When the price does decrease, the product quality decreases too. Not every insider would benefit equally; those insiders who likely suffer are identified. While restricting outsiders may or may not reduce insiders’ consumer surplus, outsiders and the producer are always worse off. They therefore would find ways to get around the restrictions. Evaluating these policies must (a) take into account the possibility that they might not work at all, (b) check their effects beyond just price if they do work. |
| Keywords: | Product quality; Customer restrictions; Vertical restraints; Foreign restrictions; Discrimination |
| JEL: | K25 K29 L25 L51 R38 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:ies:wpaper:e202410&r=mac |
| By: | Aurélien Acquier (ESCP-EAP - ESCP-EAP - Ecole Supérieure de Commerce de Paris); Julie Mayer (IGR-IAE Rennes - Institut de Gestion de Rennes - Institut d'Administration des Entreprises - Rennes - UR - Université de Rennes); Bertrand Valiorgue (EM - EMLyon Business School) |
| Abstract: | À l'heure de l'accélération des déstabilisations globales des écosystèmes naturels, les sciences de gestion sont directement interpellées et elles n'ont pas pleinement pris la mesure des phénomènes en cours. En préambule des dix articles de ce dossier spécial, dédié aux bouleversements organisationnels et gestionnaires induits par l'Anthropocène et le franchissement des limites planétaires, cette introduction dresse un constat et un agenda de recherche. Nous identifions quatre points de bascule disciplinaires majeurs, dessinant de nouvelles frontières pour les sciences de gestion : la raréfaction des ressources naturelles, la non-linérarité et l'irréversibilité des risques, la conception naturaliste de l'action collective, et l'identité des enseignants chercheurs. |
| Keywords: | Anthropocène, Limites planétaires, Organocène, Sciences de gestion, Points de bascule, Nouvelles frontières |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04504417&r=mac |
| By: | Mario Bossler; Ying Liang; Thorsten Schank |
| Abstract: | In 2015, Germany introduced a national minimum wage. While the literature agrees on at most limited negative effects on the overall employment level, we go into detail and analyze the impact on the working hours dimension and on the subset of minijobs. Using data from the German Structure of Earnings Survey in 2010, 2014, and 2018, we find empirical evidence that the minimum wage significantly reduces inequality in hourly and monthly wages. While various theoretical mechanisms suggest a reduction in working hours, these remain unchanged on average. However, minijobbers experience a notable reduction in working hours which can be linked to the specific institutional framework. Regarding employment, the results show no effects for regular jobs, but there is a noteworthy decline in minijobs, driven by transitions to regular employment and non-employment. The transitions in non-employment imply a wage elasticity of employment of $-0.1$ for minijobs. Our findings highlight that the institutional setting leads to heterogeneous effects of the minimum wage. |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2403.17206&r=mac |
| By: | Ebert, Cara; Steinert, Janina |
| Abstract: | We study the impact of the COVID-19 pandemic on domestic violence against women in Germany in 2020. The analysis draws on three data sources: (1) longitudinal administrative data on the volume of help requests to helplines, shelters and counselling services, (2) cross-sectional survey data collected during the first wave of the pandemic, and (3) a qualitative online survey with counsellors and domestic violence experts. The number of violence-related requests at helplines increased significantly by 29% with the first physical distancing measures, whereas ambulatory care services such as shelters experienced a 19% increase in help requests only after physical distancing restrictions were lifted. Our results indicate that individuals substituted help services away from ambulatory care towards helplines. We do not observe exacerbated violence in states with greater mobility reductions, lower daycare capacity for childcare or higher COVID-19 infection numbers. Our findings highlight the importance of providing easily accessible online counselling offers for survivors of violence and governmental financial relief packages. |
| Abstract: | Wir untersuchen die Auswirkungen der COVID-19-Pandemie auf die häusliche Gewalt gegen Frauen in Deutschland im Jahr 2020. Die Analyse stützt sich auf drei Datenquellen: (1) administrative Längsschnittdaten zum Umfang der Hilfeanfragen bei Hotlines, Frauenhäusern und Beratungsdiensten, (2) Querschnittsdaten, die während der ersten Welle der Pandemie erhoben wurden, und (3) eine qualitative Online-Befragung von Fachpersonal für häuslicher Gewalt. Die Zahl der Hilfeanfragen bei Hotlines stieg mit den ersten Socialdistancing-Maßnahmen signifikant um 29 %, während ambulante Dienste wie Notunterkünfte erst nach Aufhebung der Socialdistancing-Maßnahmen einen Anstieg der Hilfeanfragen um 19 % verzeichneten. Unsere Ergebnisse deuten darauf hin, dass Betroffene ambulante Hilfestellen durch Hotlines ersetzt haben. Wir beobachten keinen größeren Zuwachs an Gewalt in Staaten mit größeren Mobilitätseinschränkungen, geringeren Kinderbetreuungskapazitäten oder höheren COVID-19-Infektionszahlen. Unsere Ergebnisse unterstreichen die Bedeutung von leicht zugänglichen Telefon- oder Online-Hilfsangeboten und von finanziellen Entlastungsangeboten der Regierung. |
| Keywords: | COVID-19, lockdown, violence against women, event study |
| JEL: | J12 J16 J18 I18 |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:287763&r=mac |
| By: | - |
| Abstract: | La XXXII Asamblea General de MINURVI, Foro de Ministros y Autoridades Máximas de Vivienda y Urbanismo de América Latina y el Caribe, inunda a sus participantes con un profundo sentido de responsabilidad y anticipación. El Foro no se remonta a unos pocos años, sino a décadas de esfuerzo, visión y determinación. Por ello, ONU-Hábitat agradece a esta Asamblea por el enorme apoyo que brinda a nivel mundial y regional. MINURVI, nacida de las aspiraciones compartidas de América Latina y el Caribe, ha sido la portadora de la antorcha del desarrollo urbano sostenible desde su creación en 1992. Este consorcio que representa 33 países es un testimonio del poder de unidad y colaboración. Juntos los países han superado desafíos, celebrado hitos y han establecido puntos de referencia para el mundo. El liderazgo del Comité Ejecutivo de MINURVI, caracterizado por la previsión y la inclusión, ha sido fundamental para guiar a esta institución a través de fases transformadoras. Además, los incansables esfuerzos de todos los países miembros han sido la base y cimientos de los logros de MINURVI. Esta región, un mosaico de culturas, tradiciones e historias, se encuentra en un momento crucial. Los desafíos urbanos que enfrenta son multifacéticos, desde garantizar viviendas e infraestructuras asequibles, hasta abordar las preocupaciones apremiantes del cambio climático. Al trazar el próximo rumbo hacia el futuro, es imperativo que los países aprovechen la sabiduría colectiva de experiencias, innovaciones y aprendizajes pasados, sabiendo que América Latina y el Caribe ha contribuido ampliamente a la base de datos global de mejores prácticas para la implementación de la Nueva Agenda Urbana. |
| Date: | 2024–03–25 |
| URL: | http://d.repec.org/n?u=RePEc:ecr:col043:69085&r=mac |
| By: | Miguel Ángel Borrella-Mas (Universidad de Navarra); Jaime Millán-Quijano (Universidad de Navarra & CEMR); Anastasia Terskaya (Universitat de Barcelona & IEB) |
| Abstract: | We implemented a randomized control trial in Georgia to study how labels and food vouchers affect household expenditure among low-income recipients of unconditional cash transfers. Households were randomly assigned to receive only an unconditional cash transfer, a label indicating an amount intended for children’s expenses in addition to the transfer, or a portion of the transfer as a food voucher usable exclusively at designated stores. We find that labelling increases the share of expenditure on children. Meanwhile, food vouchers reduce total consumption, this being likely due to the increased cost associated with shopping at voucher-accepting shops. |
| Keywords: | Cash transfers, Labeling effect, Food vouchers, Randomized control trial |
| JEL: | D04 I24 I38 O12 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ieb:wpaper:doc2023-09&r=mac |
| By: | Steve Agnew (University of Canterbury); Tom Coupé (University of Canterbury); Cassia Hingston |
| Abstract: | The sample used for this study followed an entire cohort of over 40, 000 students through their compulsory education in New Zealand. A previously developed econometric model explaining higher rates of school exclusions for Pacific learners (an ethnic group over-represented in lower SES, higher rates of SEN, and greater rates of school exclusion) is applied to a large cohort of indigenous Māori and Pākehā learners in this study. Significant variables in the model that predict Pākehā learner school exclusion are very similar to those predicting Māori learner school exclusion. However, after accounting for variables identified in the literature as correlated with school exclusion, Māori learners are still more likely to be excluded, are more likely to be excluded more often, and are more likely to be excluded earlier than their Pākehā peers. One possible explanation of this result is that the Pygmalion Effect of teachers having lower expectations of Māori students (Blank et al, 2016) may also contribute to higher rates of school exclusion. Māori students have previously reported lower rates of belonging at school. One implication of this may be the need for a cheaper, faster way for families or advocates to appeal the decision made to exclude a learner by local principals or Boards of Trustees. This is in contrast to the current system of recourse through the court system, which can be an expensive and time-consuming process. |
| Keywords: | School exclusion; ethnicity, Māori, indigenous people |
| JEL: | I21 I24 I28 J15 |
| Date: | 2024–03–01 |
| URL: | http://d.repec.org/n?u=RePEc:cbt:econwp:24/03&r=mac |
| By: | Isil Erel; Thomas Flanagan; Michael S. Weisbach |
| Abstract: | Private debt funds are the fastest growing segment of the private capital market. We evaluate their risk-adjusted returns, applying a cash-flow based method to form a replicating portfolio that mimics their risk profiles. Using both equity and debt benchmarks to measure risk, a typical private debt fund produces an insignificant abnormal return to its investors. However, gross-of-fee abnormal returns are positive, and using only debt benchmarks also leads to positive abnormal returns as funds contain equity risks. The rates at which private debt funds lend appear to be high enough to offset the funds’ fees and risks, but not high enough to exceed both their fees and investors' risk-adjusted rates of return. |
| JEL: | G12 G21 G23 |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:32278&r=mac |
| By: | Weltersbach, Marc Simon; Lewin, Wolf-Christian; Haase, Kevin; Eckardt, Josefa; Strehlow, Harry Vincent |
| Abstract: | Following the advice of the 2014 evaluation of the Thünen Institute by the German Science and Humanities Council, the Thünen Institute has started to encourage its working groups to be evaluated by external experts as part of its quality management. The Marine Recreational Fisheries Working Group of the Thünen Institute of Baltic Sea Fisheries was selected to undergo this evaluation process. Two external scientific experts on recreational fisheries, Dr. Kieran Hyder (CEFAS, UK) and Prof. Dr. Warren Potts (Rhodes University, SA) were requested to evaluate the working group based on the following terms of references: (i) Quality assessment and technical evaluation of the recreational fisheries survey and monitoring programme run by the working group; (ii) Evaluation of the scientific excellence in terms of methods used, technical expertise of the staff and scientific and popular science outputs; (iii) Evaluation of research priorities with focus on their effectiveness and usefulness for the advisory competence of the Thünen institute; (iv) Evaluation of national and international research collaborations and participation in national and international scientific committees and advisory boards. The evaluation was conducted as a face-to-face workshop at the Thünen Institute of Baltic Sea Fisheries in Rostock, Germany in November 2022. This report served to familiarize the evaluators with the Thünen Institute and the work of the Marine Recreational Fisheries Working Group in the past 20 years. It contains detailed information on the genesis and development of the working group, the research and monitoring activities, the technical expertise of the group members, the scientific and popular science results, the advisory competencies and the national and international networking of the group. The evaluation was concluded with a summary statement by the two evaluators (see Appendix 2), which includes an assessment of the current work and recommendations for future areas of development. |
| Abstract: | Auf Grundlage einer Empfehlung des Deutschen Wissenschaftsrats nach der Evaluierung des Thünen-Instituts im Jahr 2014 hat das Thünen-Institut damit begonnen, seine Arbeitsgruppen im Rahmen des Qualitätsmanagements durch externe Fachleute evaluieren zu lassen. Die Arbeitsgruppe (AG) "Marine Freizeitfischerei" des Thünen-Instituts für Ostseefischerei wurde ausgewählt, um sich diesem Evaluierungsprozess zu unterziehen. Zwei externe wissenschaftliche Fachleute für Freizeitfischereiforschung, Dr. Kieran Hyder (CEFAS, UK) und Prof. Dr. Warren Potts (Rhodes University, SA), wurden gebeten, die Arbeitsgruppe auf der Grundlage der folgenden Vorgaben zu evaluieren: (i) Qualitätsbewertung und fachliche Evaluierung des von der Arbeitsgruppe durchgeführten Survey- und Monitoringprogramms für die marine Freizeitfischerei in Deutschland; (ii) Bewertung der wissenschaftlichen Exzellenz in Bezug auf die angewandten Methoden, die fachliche Kompetenz der Mitarbeitenden und die wissenschaftlichen und populärwissenschaftlichen Produkte; (iii) Evaluierung von Forschungsschwerpunkten mit Fokus auf deren Effektivität und Nützlichkeit hinsichtlich der Beratungskompetenz des Thünen-Instituts; (iv) Bewertung der nationalen und internationalen Forschungskooperationen und der Mitarbeit in nationalen und internationalen wissenschaftlichen Gremien und Beiräten. Die Evaluation wurde in Form eines Workshops am Thünen-Institut für Ostseefischerei in Rostock im November 2022 durchgeführt. Dieser Bericht diente dazu, die Gutachter mit dem Thünen-Institut und der Arbeit der AG "Marine Freizeitfischerei" in den vergangenen 20 Jahren vertraut zu machen. Er enthält detaillierte Informationen über die Entstehung und Entwicklung der AG, die Forschungs- und Monitoringaktivitäten, die fachliche Expertise der Gruppenmitglieder, die wissenschaftlichen und populärwissenschaftlichen Ergebnisse, die Beratungskompetenzen sowie die nationale und internationale Vernetzung der Gruppe. Die Evaluation wurde mit einer zusammenfassenden Beurteilung der beiden Gutachter abgeschlossen (siehe Appendix 2), die eine Bewertung der aktuellen Arbeiten und Empfehlungen für künftige Entwicklungsbereiche enthält. |
| Keywords: | angling, cod, evaluation, marine recreational fisheries working group, recreational fishing, research, survey methods, Thünen Institute of Baltic Sea Fisheries, Angeln, Dorsch, Evaluation, Forschung, Marine Freizeitfischerei, Survey-Methoden, Thünen-Institut für Ostseefischerei |
| Date: | 2024 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:jhtiwp:289439&r=mac |
| By: | Babel Raïssa Guemdjo Kamdem (Advanced School of Economics and Commerce, University of Douala); Jules Sadefo Kamdem (MRM - Montpellier Research in Management - UPVD - Université de Perpignan Via Domitia - UM - Université de Montpellier); Carlos Ogouyandjou (IMSP - Institut de Mathématiques et de Sciences Physiques - UAC - Université d’Abomey-Calavi = University of Abomey Calavi) |
| Abstract: | An extended interval is a range A = [A, A] where A may be bigger than A. This is not really natural, but is what has been used as the definition of an extended interval so far. In the present work we introduce a new, natural, and very intuitive way to see an extended interval. From now on, an extended interval is a subset of the Cartesian product R × Z2, where Z2 = {0, 1} is the set of directions; the direction 0 is for increasing intervals, and the direction 1 for decreasing ones. For instance, [3, 6] × {1} is the decreasing version of [6, 3]. Thereafter, we introduce on the set of extended intervals a family of metrics dγ, depending on a function γ(t), and show that there exists a unique metric dγ for which γ(t)dt is what we have called an "adapted measure". This unique metric has very good properties, is simple to compute, and has been implemented in the software R. Furthermore, we use this metric to define variability for random extended intervals. We further study extended interval-valued ARMA time series and prove the Wold decomposition theorem for stationary extended interval-valued times series. |
| Keywords: | Random set, Random extended interval, Distance, Measure, Time series |
| Date: | 2024–03–13 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04506343&r=mac |
| By: | van Heur, Bas |
| Abstract: | Although still a niche within established disciplines, research on urban vacancy has boomed in recent decades, with different research communities investigating different dimensions of vacancy. However, these communities rarely communicate with each other, leading to parallel debates, different conceptual vocabularies and diverging empirical foci. This becomes particularly problematic in the current era, which is best characterized not simply as an ’urban age’, but as one in which city regions find themselves at the heart of economic, ecological and societal crises that are reshaping our world. Vacant spaces can be understood as symptoms of these crises, but also as actually existing and potential sites for experimentation, prefiguring new and more sustainable ways of urban living. To develop this perspective conceptually and empirically, the current paper offers a synthetic review of the existing literature, with a specific focus on the European context. Cutting across different research domains, the paper concludes by proposing an interdisciplinary research agenda on urban vacancy. |
| Date: | 2024–03–26 |
| URL: | http://d.repec.org/n?u=RePEc:osf:socarx:3kmtx&r=mac |
| By: | Gilles Paché (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon) |
| Abstract: | More than just a cruise ship of impressive dimensions, the Icon of the Seas, commissioned in January 2024 by Royal Caribbean, is the symbol of a well-known experiential approach widely studied in marketing: retailtainment. This ship takes the fundamentals of the North American mall model and gives it a "new lease of life." This article uses the archetypal case of the Icon of the Seas to examine the possible reinvention of a model considered to be in decline, particularly with the proliferation of dead malls around the world. The author draws on the constituent elements of retailtainment to introduce the original notion of the "floating mall." Beyond the nesting of commercial and recreational activities, the loss of all spatiotemporal reference points is one of the characteristics of the "floating mall, " allowing it to be an equivalent of the traditional mall. |
| Abstract: | Plus qu'un navire de croisière aux dimensions impressionnantes, l'Icon of the Seas, mis en service en janvier 2024 par Royal Caribbean, est le symbole d'une approche expérientielle très connue et largement étudiée en marketing : le retailtainment. Ce navire reprend en effet à son compte les fondamentaux du modèle des malls nord-américains, en lui offrant une « nouvelle jeunesse ». L'article s'appuie sur le cas archétypal de l'Icon of the Seas pour s'interroger sur la possible réinvention d'un modèle considéré comme en déclin, tout particulièrement avec la prolifération des dead malls à travers le monde. L'auteur mobilise pour cela les éléments constitutifs du retailtainment afin d'introduire la notion originale de « mall flottant ». Par-delà l'enchevêtrement entre activités commerciales et activités récréatives, la perte de tout repère spatio-temporel constitue l'une des caractéristiques du « mall flottant », ce qui permet de l'assimiler au mall traditionnel. |
| Keywords: | Distorsion temporelle, Mall, Marketing expérientiel, Navires de croisière |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04516173&r=mac |
| By: | Yun-Shi Dai; Peng-Fei Dai; Wei-Xing Zhou |
| Abstract: | The current international landscape is turbulent and unstable, with frequent outbreaks of geopolitical conflicts worldwide. Geopolitical risk has emerged as a significant threat to regional and global peace, stability, and economic prosperity, causing serious disruptions to the global food system and food security. Focusing on the international food market, this paper builds different dimensions of geopolitical risk measures based on the random matrix theory and constructs single- and two-factor GJR-GARCH-MIDAS models with fixed time span and rolling window, respectively, to investigate the impact of geopolitical risk on food market volatility. The findings indicate that modeling based on rolling window performs better in describing the overall volatility of the wheat, maize, soybean, and rice markets, and the two-factor models generally exhibit stronger explanatory power in most cases. In terms of short-term fluctuations, all four staple food markets demonstrate obvious volatility clustering and high volatility persistence, without significant asymmetry. Regarding long-term volatility, the realized volatility of wheat, maize, and soybean significantly exacerbates their long-run market volatility. Additionally, geopolitical risks of different dimensions show varying directions and degrees of effects in explaining the long-term market volatility of the four staple food commodities. This study contributes to the understanding of the macro-drivers of food market fluctuations, provides useful information for investment using agricultural futures, and offers valuable insights into maintaining the stable operation of food markets and safeguarding global food security. |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2404.01641&r=mac |
| By: | Panteleimon Kruglov; Charles Shaw |
| Abstract: | This study explores the relationship between R&D intensity, as a measure of innovation, and financial performance among S&P 500 companies over 100 quarters from 1998 to 2023, including multiple crisis periods. It challenges the conventional wisdom that larger companies are more prone to innovate, using a comprehensive dataset across various industries. The analysis reveals diverse associations between innovation and key financial indicators such as firm size, assets, EBITDA, and tangibility. Our findings underscore the importance of innovation in enhancing firm competitiveness and market positioning, highlighting the effectiveness of countercyclical innovation policies. This research contributes to the debate on the role of R&D investments in driving firm value, offering new insights for both academic and policy discussions. |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2403.10982&r=mac |