nep-ger New Economics Papers
on German Papers
Issue of 2015‒08‒30
814 papers chosen by
Roberto Cruccolini
Ludwig-Maximilians Universität München

  1. Über ökonomische Theorien der forstlichen Nachhaltigkeit: Eine ideengeschichtliche Auseinandersetzung mit Deegens Aufsatz "Die Stellung der Tharandter Theorien der forstlichen Nachhaltigkeit in Hayeks Klassifikation der Formen menschlicher Ordnung" (veröffentlicht in ORDO (2013: 79-97)) By Oesten, Gerhard
  2. Außerhäusliche Aktivitäten als Maß für Mobilität und Teilhabe By Tivig, Thusnelda; Kasch, Sabrina
  3. Experimental evidence on the long term impacts of a youth training program By Ibarrarán, Pablo; Kluve, Jochen; Ripani, Laura; Shady, David Rosas
  4. Schuldenerleichterungen für Griechenland?! Anforderungen, Optionen und Wirkungen By Matthes, Jürgen
  5. Der künftige Bedarf an Wohnungen: Eine Analyse für Deutschland und alle 402 Kreise By Henger, Ralph; Schier, Michael; Voigtländer, Michael
  6. Montanstandorte im RVR-Gebiet: Forschungsstand und Forschungsbedarf By Leisering, Benedikt; Krüger-Charlé, Michael; Becker, David
  7. Ein Staatsinsolvenzverfahren für den Euroraum By Busch, Berthold; Matthes, Jürgen
  8. Die wettbewerbsrechtliche Zulässigkeit von Meistbegünstigungsklauseln auf Buchungsplattformen am Beispiel von HRS By Hamelmann, Lisa; Haucap, Justus; Wey, Christian
  9. Alles grün oder was? Nachhaltigkeitskommunikation heute und morgen By Schmidt, Holger J.; Gelbling, Katharina
  10. Die neue Beweglichkeit: Die Gewerkschaften in der digitalen Arbeitswelt By Eichhorst, Werner; Hinte, Holger; Spermann, Alexander; Zimmermann, Klaus F.
  11. The Joint Labor Supply Decision of Married Couples and the Social Security Pension System By Shinichi Nishiyama
  12. Gesellschaftliche Individualisierung und betriebliche Innovation: Überlegungen zu Gegenstand und Auswirkungen einer überdehnten Instrumentalisierung von Subjektivität in der Arbeitswelt By Martin, Alexander
  13. Der Einfluss der Pflegeverantwortung von Frauen auf das Arbeitsangebot ihrer Partner - eine Untersuchung mit dem SOEP By Judith Kaschowitz
  14. Direct Evidence on Sticky Information from the Revision Behavior of Professional Forecasters By Mitchell, Karlyn; Pearce, Douglas
  15. Which Households Matter Most? Capturing Equity Considerations in Tax Reform via Generalised Social Marginal Welfare Weights By David (David Patrick) Madden; Michael Savage
  16. Nowcasting: estimating developments in the risk of poverty and income distribution in 2013 and 2014 By Rastrigina, Olga; Leventi, Chrysa; Sutherland, Holly
  17. The impact of Syrians refugees on the Turkish labor market By Del Carpio,Ximena Vanessa; Wagner,Mathis Christoph
  18. Who profits from working-time accounts? : empirical evidence on the determinants of working-time accounts on the employers' and employees' side By Zapf, Ines
  19. Qualitative – Attitude Research To Determine the Employee Opinion of a Business Hotel in Istanbul - Turkey By Seymen, Ahmet Ferda
  20. Human Security in Cambodia: Far From Over By Sovachana, Pou; Beban, Alice
  21. It's a knock-out! By Jyh-bang Jou; Tan Lee
  22. The Impact of Naturalizations on Job Mobility and Wages: Evidence from France By Joachim Jarreau
  23. Monetary-Financial Stability under EMU By Lane, Philip R.
  24. Fachkräftemangel in Niedersachsen: Ein aktuelles Problem? By Meyer, Wolgang
  25. Electricity Sector Demand for Natural Gas in the United States By Hartley, Peter R.; Medlock, Kenneth B., III; Rosthal, Jennifer
  26. Reducing inequality and poverty in Portugal By Jens Arnold; Carlos Farinha Rodrigues
  27. Stochastic processes governed by Markovian processes By Lee Dinetan
  28. Corporate Fire Sales By Dinc, Serdar; Erel, Isil; Liao, Rose
  29. Tax Competition and the Efficiency of "Benefit-Related" Business Taxes By Gugle, Elisabeth; Zodrow, George R.
  30. ISCR conference, a participant's perspective By Dougal Tylee
  31. Decline of CFC rules and rise of IP boxes: How the ECJ affects tax competition and economic distortions in Europe By Bräutigam, Rainer; Spengel, Christoph; Streif, Frank
  32. The Coevolution of Beliefs and Networks By Jasmina Arifovic; B. Curtis Eaton; Graeme Walker
  33. The Evolution of U.S. Community Banks and Its Impact on Small Business Lending By Jagtiani, Julapa; Kotliar, Ian; Maingi, Raman Quinn
  34. A Bayesian approach to labour market modelling in dynamic microsimulation By Hans Bækgaard
  35. Uniqueness of Stationary Equilibrium Payoffs in the Baron-Ferejohn Model with Risk Averse Players By Eraslan, Hulya
  36. Problèmes philosophiques posés par l’« économie de la connaissance » By Claude Roche
  37. Fiscal Rules and Discretion in a World Economy By Marina Halac; Pierre Yared
  38. The Granular Nature of Large Institutional Investors By Ben-David, Itzhak; Franzoni, Francesco A.; Moussawi, Rabih; Sedunov, John, III
  39. Is the Glass Half Empty Or Half Full?: Issues in Managing Water Challenges and Policy Instruments By Kalpana Kochhar; Catherine A. Pattillo; Yan Sun; Nujin Suphaphiphat; Andrew Swiston; Robert Tchaidze; Benedict J. Clements; Stefania Fabrizio; Valentina Flamini; Laure Redifer; Harald Finger
  40. Aging in the Social Space By Klimczuk, Andrzej; Tomczyk, Łukasz
  41. The Dynamic Free Rider Problem: A Laboratory Study By Battaglini, Marco; Nunnari, Salvatore; Palfrey, Thomas R
  42. Do hospitals respond to increasing prices by supplying fewer services? By Salm, Martin; Wübker, Ansgar
  43. The predominant role of signal precision in experimental beauty contest By Camille Cornand; Romain Baeriswyl
  44. Firm survival, uncertainty and Financial frictions: Is there a Financial uncertainty accelerator? By Joseph P. Byrne; Marina-Eliza Spaliara; Serafeim Tsoukas
  45. When and Why do Initially High Attaining Poor Children Fall Behind? By Claire Crawford; Lindsey Macmillan; Anna Vignoles
  46. A Model of Optimal Development: Further Results By Prabir C. Bhattacharya
  47. Wealth Effects of Rare Earth Prices and China's Rare Earth Elements Policy By Maximilian Mueller; Denis Schweizer; Volker Seiler
  48. Atypical Forms of Employment in the Public Sector - Are There Any? By Berndt Keller; Hartmut Seifert
  49. Monks, Gents and Industrialists: The Long-Run Impact of the Dissolution of the English Monasteries By Leander Heldring; James A. Robinson; Sebastian Vollmer
  50. Aides d'état aux aéroports regionaux : une analyse biface By Estelle Malavolti; Frédéric Marty
  51. Urban equilibrium By Oliver Robertson
  52. Competitiveness from Innovation, not Inheritance By Jamal Ibrahim Haidar; Karim Ouled Belayachi
  53. Trade Facilitation and Country Size By Mohammad Amin; Jamal Ibrahim Haidar
  54. Financial Networks By H Peyton Young; Paul Glasserman
  55. Can improved biomass cookstoves contribute to REDD+ in low-income countries ? evidence from a controlled cooking test trial with randomized behavioral treatments By Beyene,Abebe D.; Bluffstone,Randall; Dissanayake,Sahan; Gebreegziabher,Zenebe; Martinsson,Peter; Mekonnen,Alemu; Toman,Michael A.
  56. The Comply-or-Explain approach for enforcing governance norms By Subrata Sarkar
  57. Quantitative Wirkungsanalysen zur Berliner Joboffensive : Endbericht zum 5. Mai 2015. Vorgelegt von ISG Institut für Sozialforschung und Gesellschaftspolitik GmbH, Köln By Fertig, Michael
  58. Corporate investment, debt and liquidity choices in the light of financial constraints and hedging needs By Bannier, Christina E.; Schürg, Carolin
  59. Collaboration with and without Coauthorship: Rocket Science Versus Economic Science By William Barnett
  60. Recessions and Recoveries in New Zealand’s Post-Second World War Business Cycles By Hall, Viv B.; McDermott, C. John
  61. "Lust, ein Weltbürger zu sein": Zu Jaspers' Geschichtsphilosophie By Lambrecht, Lars
  62. Micro Processes and Isomorphic Adaptation: Insights from the Struggle for the Soul of Economics at the University of the Holy Spirit By Hamid Bouchikhi; John R. Kimberly
  63. Allemagne : à contre-courant By Sabine Le Bayon
  64. The Relation between Industry and Services in Terms of Productivity and Value Creation By Neil Foster-McGregor; Koenen Johannes; Sandra M. Leitner; Baker Paul; Julia Schricker; Robert Stehrer; Thomas Strobel; Jurgen Vermeulen; Hans-Günther Vieweg; Anastasia Yagafarova
  65. Social Spending, Inequality and Growth in Times of Austerity: Insights from Portugal By Marta C. N. Simões; Adelaide P. S. Duarte; João Sousa Andrade
  66. Welfare systems, governance and social innovation: case study country profiles of Austria, Belgium and Italy By Stijn Oosterlynck; Yuri Kazepov,; Andreas Novy; Pieter Cools; Tatiana Sarius; Florian Wukovitsch
  67. Instability of Equilibria with Imperfect Private Monitoring By Heller, Yuval
  68. Investor sentiment, flight-to-quality, and corporate bond comovement By Bethke, Sebastian; Gehde-Trapp, Monika; Kempf, Alexander
  69. Avoiding food waste by Italian consumers: related beliefs, attitudes, behaviour and the importance of planning and shopping routines By Contò, Francesco; Fiore, Mariantonietta; Conte, Alessandra; Pellegrini, Giustina
  70. Inequality when effort matters By Martin Ravallion
  71. Travel by Mode By Patrick Bonnel; Pascal Pochet
  72. Perception of Waiting Time at Transit Stops and Stations By Yingling Fan; Andrew Guthrie; David Levinson
  73. Cascades in multiplex financial networks with debts of different seniority By Charles D. Brummitt; Teruyoshi Kobayashi
  74. English as a global language By Jacques Melitz
  75. Implied volatility in strict local martingale models By Antoine Jacquier; Martin Keller-Ressel
  76. Super-replication of Game Options in Stochastic Volatility Models By Yan Dolinsky; Ariel Neufeld
  77. The Impact of the 2014 Farm Bill On North Dakota Net Farm Income By Taylor, Richard; Koo, Won W.
  78. By Danish Rational Economic Agents Model, DREAM
  79. Professional and geographical paths: the study of three generations of PhDs By Bastien Bernela
  80. 2012 Update Report to the Study to quantify and analyse the VAT Gap in the EU-27 Member States By Ramboll
  81. How to Raise Revenues by Lowering Fees By Jamal Ibrahim Haidar
  82. The role of governance and government in the resilience of regions: the case of the 2012 earthquake in the Emilia-Romagna region in Italy By Patrizio Bianchi; Sandrine Labory
  83. Tax Competition, Local Infrastructure, and Business Taxation: A Comparison of Different Tax Instruments By Gugle, Elisabeth; Zodrow, George R.
  84. The Differences-in-Differences Approach with overlapping differences - Experimental Verification of Estimation Bias By Hans Bækgaard
  85. The Role of Nuclear Power in Enhancing Japan's Energy Security By Medlock, Kenneth B., III; Hartley, Peter
  86. Longevity, Age-Structure, and Optimal Schooling By Noël Bonneuil; Raouf Boucekkine
  87. Happier workers, higher profits By Alex Bryson; John Forth; Lucy Stokes
  88. Household Formation and Housing Demand Forecasts By Jonas Zangenberg Hansen; Peter Stephensen; Joachim Borg Kristensen
  89. Culture and Institutions By Alesina, Alberto F; Giuliano, Paola
  90. Location Quotient,Coefficient of Specialization and Shift-Share By Juan Tomas Sayago-Gomez; Caleb Stair
  91. 'Women can do what men can do': the causes and consequences of flexibility in gender divisions of labour in Kitwe, Zambia By Alice Evans
  92. Local Foods and Community Health: An Exploratory Analysis By Deller, Steven C.; Brown, Laura; Canto, Amber
  93. Economic Impact of The Pork Industry On South Dakota By Gary Taylor
  94. Legal Forms and Regulation and Coordination Coordination of Economic Activity By Egorova, Maria; Laptev, G.; Krylov, V.; Orlova, E.; Khabarov, S.
  95. Behavioural economics: the implications for competition policy By Annemieke Tuinstra-Karel
  96. Embracing Human Security: New Directions of Japan’s ODA for the 21st Century By Kamidohzono, Sachiko G.; Gómez, Oscar A.; Mine, Yoichi
  97. ANTITRUST VERSUS INDUSTRIAL POLICIES, ENTRY AND WELFARE By Guy Meunier; Jean-Pierre Ponssard; Francisco Ruiz-Alizeda
  98. Evolution of Fairness and Group Formation in Multi-Player Ultimatum Games By NISHIMURA, Takeshi; OKADA, Akira; SHIRATA, Yasuhiro
  99. Evaluation of current arrangements for movements of excise goods released for consumption By Ramboll
  100. Making New Zealand's economic growth more inclusive By David Carey
  101. Do we value mobility? By Yoram Amiel; Michele Bernasconi; Frank Cowell; Valentino Dardanoni
  102. Is FISP Reducing Poverty among Smallholder Farm Households in Zambia? By Mason, Nicole M.; Tembo, Solomon T.
  103. La spesa sanitaria delle Regioni in Italia - Saniregio 3 - 2015 By Fabio Pammolli; Francesco Porcelli; Francesco Vidoli; Guido Borà
  104. Capital cost and control in small-cap companies: size matters By Christina Atanasova; Evan Gatev Daniel; Daniel Shapiro
  105. Efficiency and strategy-proofness in object assignment problems with multi demand preferences By Tomoya Kazumura; Shigehiro Serizawa
  106. Together at Last: The Endogenous Formation of Free Trade Agreements and International R&D Networks By Tran, Tat Thanh; Zikos, Vasileios
  107. Structural Estimation of a Becker-Ehrlich Equilibrium Model of Crime: Allocating Police across Cities to Reduce Crime By Fu, Chao; Wolpin, Kenneth I.
  108. Non-Linearities in the relation between oil price, gold price and stock market returns in Iran: a multivariate regime-switching approach By Mamipour, Siab; Vaezi Jezeie, Fereshteh
  109. Disentangling two causes of biased probability judgment: Cognitive skills and perception of randomness By Duttle, Kai
  110. Famine in Ireland, 1300-1900 By Cormac Ó Gráda
  111. Tax cuts or social investment? Evaluating the opportunity cost of French employment strategy. By Bruno Palier; Clément Carbonnier; Michaël Zemmour
  112. Real Estate Values, Air Pollution and Homeowner Perceptions: A Hedonic Study By Hartley, Peter
  113. On the Sensitivity of Banking Activity to Macroeconomic Shocks: Evidence from CEMAC Sub-region By Christian-Lambert Nguena; Roger Tsafack-Nanfosso
  114. Nonprofit Roles in For-profit Firms: The Institutionalization of Corporate Philanthropy in France By Arthur Gautier; Anne-Claire Pache; Imran Chowdhury
  115. Identifying and characterizing business and acceleration cycles of French jobseekers Identifying and characterizing business and acceleration cycles of French jobseekers By Amélie Charles; Olivier Darné
  116. Justice sociale et avenir de la croissance By Alain Bienaymé
  117. The Pleasures and Pains of Self-Employment: A Panel Data Analysis of Satisfaction with Life, Work, and Leisure By Peter van der Zwan; Jolanda Hessels; Cornelius A. Rietveld
  118. Une charte éthique à l'épreuve du temps : analyse de l'évolution des « Principes d'Action » du groupe Lafarge By Yasmine Saleh
  119. Income and Earnings Mobility in U.S. Tax Data By Larrimore, Jeff; Mortenson, Jacob; Splinter, David
  120. Doubts and Dogmatism in Conflict Behavior By Sidartha Gordon; Alessandro Riboni
  121. Economic Study on Publications on all Physical Means of Support and Electronic Publications in the context of VAT By Ramboll, The Evaluation Partnership and Europe Economics
  122. Discrimination based on place of residence and access to employment By Mathieu Bunel; Yannick L'Horty; Pascale Petit
  123. Testing for Linearity in Regressions with I(1) Processes By Yoichi Arai;
  124. The Future of Long-Term LNG Contracts By Hartley, Peter R.
  125. The long shadows of past insults intergenerational transmission of health over 130 years By Andreella, Claudia; Karlsson, Martin; Nilsson, Therese; Westphal, Matthias
  126. The Labour Market Effects of Academic and Vocational Education over the Life Cycle: Evidence from Two British Cohorts By Brunello, Giorgio; Rocco, Lorenzo
  127. Renewable energy policy: the Italian experience By Teresa Romano
  128. Measuring Recovery: Young Black America Part Four: The Wrong Way to Close the Gender Wage Gap By Cherrie Bucknor
  129. In brief... Oil: the impact on women's work By Stephan E. Maurer; Andrei V. Potlogea
  130. The Effect of Income on Mortality – New Evidence for the Absence of a Causal Link By Alexander Ahammer; G. Thomas Horvath; Rudolf Winter-Ebmer
  131. An interdisciplinary modelling framework for selecting adaptation measures at the river basin scale in a global change scenario By Corentin Girard; Jean-Daniel Rinaudo; Manuel Pulido-Velazquez; Yvan Caballero
  132. Study on the economic effects of the current VAT rules for passenger transport By CPB Netherlands Bureau for Economic Policy Analysis
  133. The Quantity and Quality of Children: A Semi-Parametric Bayesian IV Approach By Sylvia Frühwirth-Schnatter; Martin Halla; Alexandra Posekany; Gerald J. Pruckner; Thomas Schober
  134. The Impact of Team Inspections on Enforcement and Deterrence By Muehlenbachs, Lucija Anna; Staubli, Stefan; Cohen, Mark A.
  135. Are Firms in 'Boring' Industries Worth Less? By Chen, Jia; Hou, Kewei; Stulz, Rene M.
  136. Minimal supersolutions for BSDEs with singular terminal condition and application to optimal position targeting By T Kruse; A Popier
  137. Competition and financial constraints: a two-sided story By Michele Bernini; Alberto Montagnoli
  138. Les PECO resistent By Marion Cochard
  139. A novel initialization of PSO for costly portfolio selection problems By Marco Corazza; Giacomo Di Tollo; Giovanni Fasano; Raffaele Pesenti
  140. How good is local eGovernment By Mairead de Roiste
  141. Corn Use In South Dakota By Henry Brown; Matthew Diersen
  142. Financial Education and Access to Savings Accounts: Complements or Substitutes? Evidence from Ugandan Youth Clubs By Karlan, Dean; Jamison, Julian; Zinman, Jonathan
  143. Human Security in Practice in Thailand By Jumnianpol, Surangrut; Nuangjamnong, Nithi
  144. Price dispersion and inflation rates: evidence from scanner data By Castellari, Elena; Moro, Daniele; Platoni, Silvia; Sckokai, Paolo
  145. Sea Change: The Competing Long-Run Impacts of the Transatlantic Slave Trade and Missionary Activity in Africa By Okoye, Dozie; Pongou, Roland
  146. Disentangling qualitative and quantitative central bank influence By Paul Hubert
  147. Firm's Evaluation of Location Quality: Evidence from East Germany By Alexander Eickelpasch; Georg Hirte; Andreas Stephan
  148. Understanding the HHS Teen Pregnancy Prevention Evidence Review By Lauren Murphy; Jean Knab
  149. "Transit Makes you Short": On Health Impact Assessment of Transportation and the Built Environment By Alireza Ermagun; David Levinson
  150. Impact Evaluation of Investments in the Appalachian Region: A Reappraisal By Juan Tomas Sayago-Gomez; Gianfranco Piras; Donald Lacombe; Randall Jackson
  151. Intrafirm Trade and Vertical Fragmentation in U.S. Multinational Corporations By Natalia Ramondo; Veronica Rappoport; Kim J. Ruhl
  152. Wind Power in the United States: Prospects and Consequences By Hartley, Peter R.
  153. The impact of within-party and between-party ideological dispersion on fiscal outcomes: evidence from Swiss cantonal parliaments By Tjasa Bjedov; Simon Lapointe; Thierry Madiès
  154. Portfolio Management and Stochastic Optimization in Discrete Time: An Application to Intraday Electricity Trading and Water Values for Hydroassets By Simone Farinelli; Luisa Tibiletti
  155. Bargaining with Optimism: A Structural Analysis of Medical Malpractice Litigation By Merlo, Antonio; Tang, Xun
  156. Why Do Risky Sectors Grow Fast? By Jean Imbs; Basile Grassi
  157. Interorganizational linkages in sport industry clusters - types, development, and motives By Anna Gerke
  158. The Effect of Disability and Gender on Returns to the Investment in Education: A Case from Metro Manilla of the Philippines By Lamichhane, Kamal; Watanabe, Takayuki
  159. Directed Technical Change and Capital Deepening: A Reconsideration of Kaldor’s Technical Progress Function By Schlicht, Ekkehart
  160. Why Do Firms Engage in Selective Hedging? Evidence from the Gold Mining Industry By Adam, Tim R.; Fernando, Chitru S.; Salas, Jesus M.
  161. Comptabilité marchande et crédit au XVIIIe siècle : étude d'une relation d'affaires de la maison nantaise Chaurand frères By Yannick Lemarchand
  162. A revision of the US business-cycles chronology 1790-1928 By Amélie Charles; Olivier Darné; Claude Diebolt
  163. A Model of Optimal Development By Prabir C. Bhattacharya
  164. Export promotion and firm entry into and survival in export markets By Lederman,Daniel; Olarreaga,Marcelo; Zavala,Lucas
  165. Currency Valuation and Purchasing Power Parity By Jamal Ibrahim Haidar
  166. "Inefficiency and Self-Determination: Simulation-based Evidence from Meiji Japan" By Eric Weese; Masayoshi Hayashi; Akihiko Takahashi
  167. Policy tradeoffs in an open economy and the role of G-20 in global macroeconomic policy coordination By Rajeswari Sengupta; Abhijit Sen Gupta
  168. In brief... Making a difference in education By Robert Cassen; Sandra McNally; Anna Vignoles
  169. Can active labor market policy be counter-productive? By Gilles Saint-Paul
  170. National Role and Foreign Policy:An Exploratory Study of Greek Elites’ Perceptions towards Turkey By Kostas Ifantis; Dimitrios Triantaphyllou; Andreas Kotelis
  171. Addressing Attrition Bias in Randomized Controlled Trials: Considerations for Systematic Evidence Reviews By John Deke; Emily Sama-Miller; Alan Hershey
  172. Diversification through Trade By Caselli, Francesco; Koren, Miklós; Lisicky, Milan; Tenreyro, Silvana
  173. Intertemporal pro-poorness By Florent Bresson; Jean-Yves Duclos; Flaviana Palmisano
  174. Optimal Growth with Polluting Waste and Recycling By Raouf Boucekkine; Fouad El Ouardighi
  175. Vers une approche collaborative du développement des territoires. Le cas de la Haute-Alsace. By Cécile Perret
  176. A Latin lens on energy markets By Frank Wolak
  177. Should We Go One Step Further?  An Accurate Comparison of One-step and Two-step Procedures in a Generalized Method of Moments Framework By Hwang, Jungbin; Sun, Yixiao
  178. Consumption Smoothing and the Welfare Cost of Uncertainty By Yonas Alem; Jonathan Colmer
  179. Sraffa and ecological economics: review of the literature By Yoann Verger
  180. Analyzing and Reforming Tunisia's Tax System By James Alm
  181. Alternative Approaches to Fee Flexibility: Towards a Third Way in Higher Education Reform in Australia By P. J. Dawkins; J.M. Dixon
  182. The Housing Market Impacts of Shale Gas Development By Muehlenbachs, Lucia Anna; Spiller, Elisheba; Timmins, Christopher
  183. Transmission of vocational skills at the end of career: horizon effect and technological or organisational change By Nathalie Greenan; Pierre-Jean Messe
  184. Measuring Financial Sentiment to Predict Financial Instability: A New Approach based on Text Analysis By Paul Ormerod; Rickard Nyman; David Tuckett
  185. Combining Monetary Policy and Prudential Regulation: an agent-based modeling approach By Michel Alexandre da Silva; Gilberto Tadeu Lima
  186. A Survey on Adaptation to Climate Change By Dinda, Soumyananda
  187. Politiques monétaires : normalisation ou divergence ? By Céline Antonin; Christophe Blot; Christine Rifflart
  188. European Coexistence Bureau. Best Practice Documents for coexistence of genetically modified soybean crops with conventional and organic farming By Ivelin Iliev Rizov; Emilio Rodríguez Cerezo
  189. Measuring hours worked in Germany : contents, data and methodological essentials of the IAB working time measurement concept By Wanger, Susanne; Weigand, Roland; Zapf, Ines
  190. Merging mandatory saving and monetary policy By Alfred Duncan
  191. Evolution du contrôle ex-ante de l'urbanisme commercial en outre-mer et prise en compte de critères économiques : l'enseignement de Saint-Barthélemy By Florent Venayre
  192. Revisiting the greenbook's relative forecasting performance By Paul Hubert
  193. HVDC Transmission and Solar Power in the US Southwest By Hartley, Peter; Medlock, Kenneth, III
  194. Relational contracts and supplier turnover in the global economy By Defever, Fabrice; Fischer, Christian; Suedekum, Jens
  195. The liquidity premium in CDS transaction prices: Do frictions matter? By Gehde-Trapp, Monika; Gündüz, Yalin; Nasev, Julia
  196. Are the world’s poorest being left behind? By Martin Ravallion
  197. Using Public Information to Estimate Self-Employment Earnings of Informal Suppliers By James Alm; Brian Erard
  198. Hierarchy, coercion, and exploitation: An experimental analysis By Nikos Nikiforakis; Jörg Oechssler; Anwar Shah
  199. The impact of private sector internship and training on urban youth in Kenya By Honorati,Maddalena
  201. Public good provision in Indian rural areas : the returns to collective action by microfinance groups By Casini,Paolo; Vandewalle,Lore; Wahhaj,Zaki
  202. Fiscal Policy Effects in a Heterogeneous-Agent OLG Economy with an Aging Population By Shinichi Nishiyama
  203. Viability of an economy with constrained inequality By Krawczyk, Jacek B; Townsend, Wilbur
  204. Social Security’s Financial Outlook: The 2015 Update in Perspective By Alicia H. Munnell
  205. These Little PIIGS Went to Market: Enterprise Policy and Divergent Recovery in European Periphery By Samuel Brazys; Aidan Regan
  206. Financial Openness, Domestic Financial Development and Credit Ratings By Andreasen, Eugenia; Valenzuela, Patricio
  207. In brief... A Global Apollo Programme to tackle climate change By Richard Layard
  208. 'You must not know about me' - On the willingness to share personal data By Simeon Schudy; Verena Utikal
  209. The Impact of Business Regulatory Reforms on Economic Growth By Jamal Ibrahim Haidar
  210. Self Control and Commitment: Can Decreasing the Liquidity of a Savings Account Increase Deposits? By John Beshears; James J. Choi; Christopher Harris; David Laibson; Brigitte C. Madrian; Jung Sakong
  211. Consumer responses to food products produced near the Fukushima nuclear plant By Aruga, Kentaka
  212. Nowcasting prices using Google trends : an application to Central America By Seabold,Skipper; Coppola,Andrea
  213. Defining Country Size: A Descriptive Analysis of Small and Large States By BRITO, JOÃO ANTONIO
  214. Oil Price Forecasts for the Long-Term: Expert Outlooks, Models, or Both? By Jean-Thomas Bernard; Lynda Khalaf; Maral Kichian; Clement Yelou
  215. Lucky Countries? Internal and External Sources of Southeast Asian Growth By Phung, Tracy; Coxhead, Ian; Lian, Chang
  216. Revitalizing Securitization for Small and Medium-Sized Enterprises in Europe By Shekhar Aiyar; A. J. Al-Eyd; Bergljot Barkbu; Andreas Jobst
  217. Un 'New Deal' vert pour relancer l'Europe By Xavier Timbeau
  218. New research evidence on social mobility and educational attainment By Jo Blanden; Claire Crawford; Ellen Greaves; Paul Gregg; John Hills; Lindsey Macmillan; Abigail McKnight; Luke Sibieta; Anna Vignoles
  219. Testimony to the Interoperability Task Force of the Health IT Policy Committee, ONC By Ann S. O'Malley
  220. Beautiful Minds: The Nobel Memorial Prize in Economics By Ghosh, Saibal
  221. Assessment of the application and impact of the optional ‘Reverse Charge Mechanism’ within the EU VAT system By EY
  222. Proportional Transaction Costs in the Robust Control Approach to Option Pricing: The Uniqueness Theorem By Naïma El Farouq; Pierre Bernhard
  223. The path from cause to effect: mastering 'metrics By Joshua D. Angrist; Jörn-Steffen Pischke
  224. Arbres de régression et de classification (CART) By Olivier Lopez; Xavier Milhaud; Pierre-Emmanuel Thérond
  225. Absolute purchasing power parity in industrial countries By Zhang, Zhibai; Bian, Zhicun
  226. Liquidity Risk and Credit Supply during the Financial Crisis: The Case of German Banks By Ali Murad Syed; Abdourahmane Diaw; Mouna Kessentini
  227. Absenteeism, Pension Reforms and Grandmothers By Moscarola, Flavia Coda; Fornero, Elsa; Strom, Steinar
  228. From innovation to diversification: a simple competitive model By Fabio Saracco; Riccardo Di Clemente; Andrea Gabrielli; Luciano Pietronero
  229. Mesurer l’aide publique au développement : pourquoi et comment changer ? By Matthieu Boussichas; Patrick Guillaumont
  230. Stochastic intrinsic kriging for simulation metamodelling By Mehdad, Ehsan; Kleijnen, J.P.C.
  231. How to Define and Analyze Business Model Innovation in Service By Xavier Pavie; Eva Hsu; Hanns Justus Tillman Rödle; Raquel Orozco Tapia
  232. L'allongement du temps de classe : Un plus pour l'apprentissage ? By OCDE
  233. Lyapunov function for a Hawkes process-based limit order book By Frédéric Abergel
  234. Understanding Agricultural Price Range Systems as Trade Restraints: Peru – Agricultural Products (DS457) By Kamal Saggi; Mark Wu
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  470. Racial Discrimination in Local Public Services: A Field Experiment in the US By Giulietti, Corrado; Tonin, Mirco; Vlassopoulos, Michael
  471. The second generation of ecological economics: How far has the apple fallen from the tree? By Gaël Plumecocq
  472. Factoring Sustainable Development into Project Appraisal: A French View By Emile Quinet
  473. Industrial Agglomeration and Use of the Internet By Chia-Lin Chang; Michael McAleer; Yu-Chieh Wu
  474. Housing, Capital Taxation and Bequests in a Simple OLG Model By Gary-Bobo, Robert J.; Nur, Jamil
  475. FX Modelling in Collateralized Markets: foreign measures, basis curves, and pricing formulae By Nicola Moreni; Andrea Pallavicini
  476. Market beliefs about the UK monetary policy life-off horizon: a no-arbitrage shadow rate term structure model approach By Andreasen, Martin M; Meldrum, Andrew
  477. The Taxation of Superstars By Scheuer, Florian; Werning, Iván
  478. The 'Amazon Tax': Empirical Evidence from Amazon and Main Street Retailers By Baugh, Brian; Ben-David, Itzhak; Park, Hoonsuk
  479. La zone euro écartelée : Perspectives 2013-2014 pour l'économie européenne By Céline Antonin; Christophe Blot; Sabine Le Bayon; Danielle Schweisguth
  480. Spotlight on Georgia By Grace Anglin; Adam Swinburn
  481. Finance and Growth at the Firm Level: Evidence from SBA Loans By Brown, J. David; Earle, John S.
  483. Bermudan options by simulation By L. C. G. Rogers
  484. Spotlight on West Virginia By Mynti Hossain; Grace Anglin; Embry Howell; Ashley Palmer; Vanessa Forsberg; Elena Zarabozo
  485. Intragenerational Mobility in Italy: a Non-parametric Estimates By Irene Brunetti; Davide Fiaschi
  486. Loose Knots: Strong versus Weak Commitments to Save for Education in Uganda By Karlan, Dean; Linden, Leigh
  487. To Charge or Not to Charge: Evidence from a Health Products Experiment in Uganda By Fischer, Greg; Karlan, Dean; McConnell, Margaret; Raffler, Pia
  488. Efficient Global Optimization for Black-Box Simulation via Sequential Intrinsic Kriging By Mehdad, Ehsan; Kleijnen, J.P.C.
  489. Unpacking the policy processes for addressing systemic problems: The case of the technological innovation system of offshore wind in Germany By Reichardt, Kristin; Rogge, Karoline S.; Negro, Simona
  490. The ins and outs of Greek unemployment in the Great Depression By Daouli, Joan; Demoussis, Michael; Giannakopoulos, Nicholas; Lambropoulou, Nikolitsa
  491. Incomplete Markets and Aggregate Demand By Iván Werning
  492. Meditating on market mechanisms By Bronwyn Howell
  493. Multilateral Trade Bargaining: A First Look at the GATT Bargaining Records By Kyle Bagwell; Robert W. Staiger; Ali Yurukoglu
  494. The middle-income trap turns ten By Gill,Indermit S.; Kharas,Homi
  495. Spotlight on Colorado By Grace Anglin; Ian Hill; Ashley Palmer; Margo Wilkinson; Arnav Shah
  496. The Role of Heterogeneous Agents in Fuel Markets: Testing Tales of Speculators in Oil Markets By Andreas Fritz; Michael Stein; Christoph Weber
  497. Large Scale Covariance Estimates for Portfolio Selection By Francesco Lautizi
  498. Getting Grey Hairs in the Labour Market: An Alternative Experiment on Age Discrimination By Baert, Stijn; Norga, Jennifer; Thuy, Yannick; Van Hecke, Marieke
  499. Understanding Corporate Governance through Learning Models of Managerial Competence By Hermalin, Benjamin E.; Weisbach, Michael S.
  500. Andamento demografico e sviluppo economico in provincia di Ferrara: una verifica empirica della relazione per alcuni periodi storici By Aurelio Bruzzo
  501. Forecasting the oil price using house prices Mechanism and the Business Cycle By Rainer Schulz; Martin Wersing; ;
  502. The Role of Economic Policy Uncertainty in Forecasting US Inflation Using a VARFIMA Model By Mehmet Balcilar; Rangan Gupta; Charl Jooste
  503. Des méthodes qualitatives dans la recherche en management : Voies principales, tournants et chemins de traverse By Florence Allard-Poesi
  504. Conditional inference trees in dynamic microsimulation - modelling transition probabilities in the SMILE model By Niels Erik Kaaber Rasmussen; Marianne Frank Hansen; Peter Stephensen
  505. Who Believes in Me? The Effect of Student-Teacher Demographic Match on Teacher Expectations By Seth Gershenson; Stephen B. Holt; Nicholas Papageorge
  506. Exploring the Role of ICT-enabled Social Innovation for the Active Inclusion of Young People By Joe Cullen; Clare Cullen; Emma Hamilton; Greg Holloway; Gigliola Paviotti; Veronique Maes
  507. Were There Fire Sales in the RMBS Market? By Merrill, Craig B.; Nadauld, Taylor; Stulz, Rene M.; Sherlund, Shane M.
  508. Conceptual Challenges of Observability for Transaction Sector in Economy By Kuzmin, Evgeny A.; Berdyugina, Oksana N.; Karkh, Dmitri A.
  509. ISCR research agenda for 2014 By Toby Daglish
  510. New Entropy Restrictions and the Quest for Better Specified Asset Pricing Models By Bakshi, Gurdip; Chabi-Yo, Fousseni
  511. Fertility and housing By Creina Day
  512. Female Labor Force Participation in Asia: Lessons from the Nordics By KINOSHITA Yuko; GUO Fang
  513. The impact of foreign firms on industrial productivity : evidence from Japan By Tanaka, Kiyoyasu
  514. Rainfall Forecasts, Weather and Wages over the Agricultural Production Cycle By Roswenzweig, Mark R.; Udry, Christopher
  515. Is Collusion-Proof Procurement Expensive? By Gaurab Aryal; Maria F. Gabrielli
  516. Shadow Banking and Bank Capital Regulation By Guillaume Plantin
  517. Understanding the Variation in the Information Content of Earnings: A Return Decomposition Analysis By Hou, Kewei; Zhang, Yinglei; Zhuang, Zili
  518. LIBOR troubles: anomalous movements detection based on Maximum Entropy By Aurelio F. Bariviera; M. T. Martin; A. Plastino; V. Vampa
  519. Does Introduction of Bureaucratic Competition Reduce Corruption in Public Service Delivery? By Banerjee, Panchali; Mukherjee, Vivekananda
  520. The last food mile concept as a city logistics solution for perishable products By Eléonora MORGANTI; Jesus Gonzalez-Feliu
  521. Decisions to Harvest and Spatial Interactions By Eric N. Kéré; Serge Garcia; Arnaud Dragicevic
  522. Community Level Impacts of Local Food Movements in the US, Canada and Western Europe: Annotated Bibliography By Stickel, Maureen; Deller, Steven
  523. RIO Country Report Malta 2014 By Brian Warrington
  524. Développement humain responsable et aménagement du territoire. Réflexions à partir de deux réserves de biosphère périurbaines en France et au Chili By Pelenc, Jérôme
  525. Deliberation and Security Design in Bankruptcy By Eraslan, Hulya; Mylovanov, Tymofiy; Yilmaz, Bilge
  526. Условия и порядок прохождения муниципальной службы в субьектах Российской Федерации By Muravchenko, Viktor
  527. Comparing Indirect Inference and Likelihood testing: asymptotic and small sample results By Meenagh, David; Minford, Patrick; Wickens, Michael; Xu, Yongdeng
  528. Can Policy Facilitate Partial Retirement? Evidence from Germany By Berg, Peter B.; Hamman, Mary K.; Piszczek, Matthew; Ruhm, Christopher J.
  529. How Much for a Haircut? Illiquidity, Secondary Markets, and the Value of Private Equity By Bollen, Nicolas P. B.; Sensoy, Berk A.
  530. Ouverture commerciale et croissance économique en RD Congo : une analyse en équilibre général calculable By UMBA, Gilles
  531. When Incentives Backfire: Spillover Effects in Food Choice By Angelucci, Manuela; Prina, Silvia; Royer, Heather; Samek, Anya
  532. State Trends in Supplemental Nutrition Assistance Program Eligibility and Participation Among Elderly Individuals, Fiscal Year 2008 to Fiscal Year 2013 By Esa Eslami
  533. Multiproduct Monopoly Made Simple By Mark Armstrong; John Vickers
  534. La curva de Phillips para la economía cubana. Un análisis empírico By Malena Portal Boza; Duniesky Feitó Madrigal;
  535. Parental Incentives and Early Childhood Achievement: A Field Experiment in Chicago Heights By Roland G. Fryer, Jr.; Steven D. Levitt; John A. List
  536. Making Summer Matter: The Impact of Youth Employment on Academic Performance By Amy Ellen Schwartz; Jacob Leos-Urbel; Matthew Wiswall
  537. The Impact of R&D Subsidy on Innovation: a Study of New Zealand Firms By Adam B. Jaffe; Trinh Le
  538. F. A. Hayek and the economic calculus By Bruce Caldwell
  539. How Bad is Involuntary Part-time Work? By Daniel Borowczyk-Martins; Etienne Lalé
  540. Pouvoir politique vs puissance des marchés : deux mondes parallèles ? By Jérôme Sgard
  541. The Convergence Paradox: The Global Evolution of National Innovation Systems By Fulvio Castellacci; Jose Miguel Natera
  542. Is Optimal Monetary Policy Always Optimal? By Davig, Troy; Gürkaynak, Refet S.
  543. A Search Theory of Retail Market Structure By Jidong Zhou; Andrew Rhodes
  544. Structural Analysis of Nonlinear Pricing By Luo, Yao; Perrigne, Isabelle; Vuong, Quang
  545. Information and Price Dispersion: Theory and Evidence By Pennerstorfer, Dieter; Schmidt-Dengler, Philipp; Schutz, Nicolas; Weiss, Christoph; Yontcheva, Biliana
  546. Do Environmental Regulations Increase Bilateral Trade Flows? By Tsurumi, Tetsuya; Managi, Shunsuke; Hibiki, Akira
  547. Censored Fractional Response Model: Estimating Heterogeneous Relative Risk Aversion of European Households By Qizhou Xiong
  548. Continued Existence of Cows Disproves Central Tenets of Capitalism? By Anagol, Santosh; Etang, Alvin; Karlan, Dean
  549. Logistics Pooling for City Supply By Jesus Gonzalez-Feliu; Nicolas Malhéné
  550. Equilibrium Price Dispersion Across and Within Stores By Guido Menzio; Nicholas Trachter
  551. Euro area monetary and fiscal policy tracking design in the time-frequency domain By Crowley, Patrick; Hudgins, David
  552. Intra-regional trade and income inequality: Where do we stand? By Thi Hong Hanh Pham
  553. Bank Risk Taking and Liquidity Creation Following Regulatory Interventions and Capital Support By Berger, Allen N.; Bouwman, Christa H. S.; Kick, Thomas; Schaeck, Klaus
  554. The added worker effect of married women in Greece during the Great Depression By Giannakopoulos, Nicholas
  555. RIO Country Report Spain 2014 By Ana Fernandez Zubieta
  556. Do smaller classes always improve students' long run outcomes? By Torberg Falch; Bjarne Strøm; Astrid Marie Jorde Sandsør
  557. Saving Face and Group Identity By Tor Eriksson; Lei Mao; Marie Claire Villeval
  558. Spotlight on North Carolina By Dana Petersen; Mynti Hossain; Rachel Burton; Christal Ramos
  559. Mobilité quotidienne des actifs résidant en zones urbaines sensibles et accès à l'emploi : Une analyse économétrique à partir de l'Enquête Ménages Déplacements de Lyon By Louafi Bouzouina; Nathalie Havet; Pascal Pochet
  560. Preferences, purchasing power parity, and inequality : analytical framework, propositions, and empirical evidence By Majumder,Amita; Ray,Ranjan; Santra,Sattwik
  561. Do We Need Ultra-High Frequency Data to Forecast Variances? By Georgiana-Denisa Banulescu; Bertrand Candelon; Christophe Hurlin; Sébastien Laurent
  562. Unemployment Fluctuations, Match Quality, and the Wage Cyclicality of New Hires By Christopher Huckfeldt; Antonella Trigari; Mark Gertler
  563. Would You Choose to be Happy? Tradeoffs between Happiness and the Other Dimensions of Life in a Large Population Survey By Matthew D. Adler; Paul Dolan; Georgios Kavetsos
  564. Time Use and Productivity: The Wage Returns to Sleep By Matthew Gibson; Jeffrey Shrader
  565. Cutting the credit line: Evidence from Germany By Goldbach, Stefan; Nitsch, Volker
  566. Estimation and Inference for Distribution Functions and Quantile Functions in Endogenous Treatment Effect Models By Yu-Chin Hsu; Robert P. Lieli; Tsung-Chih Lai
  567. Autocorrelation robust inference using the Daniell kernel with fixed bandwidth By Javier Hualde; Fabrizio Iacone
  568. State at a Glance: Alaska By Grace Anglin; Ian Hill; Ashley Palmer; Margo Wilkinson; Arnav Shah
  569. Country Shocks, Monetary Policy Expectations and ECB Decisions. A Dynamic Non-Linear Approach By Máximo Camacho; Danilo Leiva-León; Gabriel Pérez-Quiros
  570. Wind Farm Portfolio Optimization under Network Capacity Constraints By Hélène Le Cadre; Anthony Papavasiliou; Yves Smeers
  571. Unfair Wage Perceptions and Sleep: Evidence from German Survey Data By Christian Pfeifer
  572. Why FX Risk Management Is Broken – And What Boards Need to Know to Fix It By Jankensgård, Håkan; Alviniussen, Alf; Oxelheim, Lars
  573. New Entry in the Italian High-Speed Rail Market By Fabio CROCCOLO; Alessandro VIOLI
  574. Why Do Banks Practice Regulatory Arbitrage? Evidence from Usage of Trust Preferred Securities By Boyson, Nicole M.; Fahlenbrach, Rudiger; Stulz, Rene M.
  575. From Local to Global: External Validity in a Fertility Natural Experiment By Rajeev Dehejia; Cristian Pop-Eleches; Cyrus Samii
  576. Does codetermination affect the composition of variable versus fixed parts of executive compensation? By Dyballa, Katharina; Kraft, Kornelius
  577. A proposed design of ANPR System utilizing short range wireless technologies By Iqbal, Razi; Saeed, Dawer
  578. Impacts of policies on market formation and competitiveness: The case of the PV industry in Germany By Breitschopf, Barbara
  579. The Federal Reserve's Discount Window and TAF Programs: "Pushing on a String?" By Berger, Allen N.; Black, Lamont K.; Bouwman, Christa H. S.; Dlugosz, Jennifer
  580. Banks and the World's Major Banking Centers, 2010 By Choi, Sang Rim; Park, Daekeun; Tschoegl, Adrian E.
  581. Dangerous Liaisons: Interests groups and politicians' votes. A Swiss perspective By Stefano Puddu; Martin Péclat
  582. Predicting Stock Returns in the Capital Asset Pricing Model Using Quantile Regression and Belief Functions By K Autchariyapanitkul; S Chanaim; S Sriboonchitta; T Denoeux
  583. Housing Wealth Effects: Cross-sectional Evidence from New Vehicle Registrations By Christian Gillitzer; Jin Cong Wang
  584. Récits sur les besoins de développer un sens de coopération chez les managers. By Kim Vu
  585. A Critique of Modern Money Theory and the Disequilibrium Dynamics of Banking and Government Finance By Tianhao Zhi
  586. Asset sale, debt restructuring, and liquidation By Michi NISHIHARA; Takashi SHIBATA
  587. Relative Income and Life Satisfaction of Turkish Immigrants: The Impact of a Collectivistic Culture By Dumludag, Devrim; Gokdemir, Ozge; Vendrik, Maarten C.M.
  588. Something in the Air: Information Density, News Surprises, and Price Jumps By Fuess, Roland; Grabellus, Markus; Mager, Ferdinand; Stein, Michael
  589. L’Analyse Globale des Risques Quantitative (AGRq) By Sebastien Delmotte; Alain Desroches
  590. Where the Risks Lie: A Survey on Systemic Risk By Sylvain Benoit; Jean-Edouard Colliard; Christophe Hurlin; Christophe Pérignon
  591. Bank Sovereign Bond Holdings, Sovereign Shock Spillovers, and Moral Hazard durning the European Crisis By Beltratti, Andrea; Stulz, Rene M.
  592. Does moving to a system with a more generous public health insurance increase medical care consumption? By Léa Toulemon; Laurent Davezies
  593. Estimation of International Financial Integration: Evidence from European Countries By Nafis, Sadat
  594. Time-Inconsistent Stochastic Linear--Quadratic Control: Characterization and Uniqueness of Equilibrium By Ying Hu; Hanqing Jin; Xun Yu Zhou
  595. What do we know about the mineral resource rent sharing in Africa? By Bertrand Laporte; Celine De Quatrebarbes
  596. Methods of Material Incentives in the Civil Service: The Review, Analysis and Proposals By Yuzhakov, Vladimir; Dobrolyubova, Elena; Ludmila, Tatarinova; Schukina, T.
  597. Domestic demand for tourism in rural areas: Insights from summer stays in three French regions By Bel, François; Lacroix, Anne; Lyser, Sandrine; Rambonilaza, Tina; Turpin, Nadine
  599. La participation du client dans un contexte de self-service technologies : une approche par la valeur perçue By Rémi Mencarelli; Arnaud Riviere
  600. Covariate-augmented unit root tests with mixed-frequency data By Cláudia Duarte
  601. Financial Fragmentation Shocks By Paulo Júlio; Ricardo Mourinho Félix; Gabriela Lopes de Castro; José R. Maria
  602. Examining oral reading fluency among grade 5 rural English Second Language (ESL) learners in South Africa: An analysis of NEEDU 2013. By Kim Draper; Nic Spaull
  603. Policy mix and the impact on PV technologies and industry: The challenge - how to make policies quantifiable? By Breitschopf, Barbara
  604. Comparing Indirect Inference and Likelihood testing: asymptotic and small sample results By Meenagh, David; Minford, Patrick; Wickens, Michael R.; Xu, Yongdeng
  605. Debt Covenant Renegotiation and Investment By Arnold, Marc; Westermann, Ramona
  606. Fundamental accrued capital gains and the measurement of top incomes: An application to Chile By Ramón E. López; Eugenio Figueroa B.; Pablo Gutiérrez C.
  607. Aggregate Consequences of Dynamic Credit Relationships By Verani, Stephane
  608. The intraday interest rate: What's that? By Abbassi, Puriya; Fecht, Falko; Tischer, Johannes
  609. Foreign Language Learning: An Econometric Analysis By Victor Ginsburgh; Jacques Melitz; Farid Toubal
  610. The impact of unconventional monetary policy on firm financing constraints: evidence from the maturity extension program By Foley-Fisher, Nathan; Ramcharan, Rodney; Yu, Edison
  611. Intangible investment and technical efficiency: The case of software-intensive manufacturing firms in Turkey By Fındık, Derya; Tansel, Aysit
  612. A poverty –adaptation –mitigation window within the Green Climate Fund By Sandrine Mathy
  613. Visa Policies, Networks and the Cliff at the Border By Simone BERTOLI; Jesús FERNÁNDEZ-HUERTAS MORAGA
  614. Population ageing and prices in an OLG model with money created by credits By Fedotenkov, Igor
  615. Tail risk in hedge funds: A unique view from portfolio holdings By Agarwal, Vikas; Ruenzi, Stefan; Weigert, Florian
  616. The Similarity of Global Value Chains: A Network-Based Measure By Zhen Zhu; Greg Morrison; Michelangelo Puliga; Alessandro Chessa; Massimo Riccaboni
  617. Tailoring Negligence Standards to Accident Records By Guerra, Alice; Hlobil, Tobias M.
  618. How Much Do Cartel Overcharge? (The "Working Paper" Version) By Marcel Boyer; Rachidi Kotchoni
  619. Chocolate price fluctuations may cause depression: an analysis of price pass-through in the cocoa chain By Catherine Araujo Bonjean; Jean-François Brun
  620. Central Bank Interventions, Demand for Collateral, and Sovereign Borrowing Costs By Luís Fonseca; Matteo Crosignani; Miguel Faria-e-Castro
  621. Estimating the Intergenerational Elasticity and Rank Association in the U.S.: Overcoming the Current Limitations of Tax Data By Mazumder, Bhashkar
  622. Constrained random walk models for euro/Swiss franc exchange rates: theory and empirics By Sandro Claudio Lera; Didier Sornette
  623. Social assistance benefits and European coordination By Wang, Jinxian; Van Vliet, Olaf; Goudswaard, Kees
  624. Competition for Attention By Pedro Bordalo; Andrei Shleifer
  625. Effective Tax Levels Using the Devereux-Griffith Methodology: 2013 report By ZEW
  626. Fairness and Reflexivity in the Cyprus Bail-In By Zenios, Stavros A.
  627. Many a little makes a mickle: Macro portfolio stress test for small and medium-sized German banks By Busch, Ramona; Koziol, Philipp; Mitrovic, Marc
  628. Income Expectations, Limited Liquidity, and Anomalies in Intertemporal Choice By Epper, Thomas
  629. Industrial and innovation policy as drivers of change By David Bailey; Lisa De Propris; Jürgen Janger
  630. Factors Affecting the Interstate Migration of Manufacturing Firms: Much to Do about Nothing? By Deller, Steven; Conroy, Tessa; Tsvetkova, Alexandra
  631. Copula-Based Factor Model for Credit Risk Analysis By Lu, Meng-Jou; Chen, Cathy Yi-Hsuan; Härdle, Karl Wolfgang; Härdle
  632. La professionnalisation des relations de 'care' : le cas du métier de référent de parcours de santé à l'Association Française contre les Myopathies By Kévin André
  633. The Effect of Health Insurance on Workers' Compensation Filing: Evidence from the Affordable Care Act's Age-Based Threshold for Dependent Coverage By Marcus Dillender
  634. The functions of money and the demand for liquidity By Claudio Sardoni
  635. Dynamic Mode Decomposition for Financial Trading Strategies By Jordan Mann; J. Nathan Kutz
  636. Estimating and explaining the efficiency of township hospitals in Shandong province in the context of the drug policy reform By Laurene Petitfour; Xiezhe Huangfu; Martine Audibert; Jacky Mathonnat
  637. Detroit Property Tax Delinquency---Social Contract in Crisis By James Alm; Timothy R. Hodge; Gary Sands; Mark Skidmore
  638. Credit, Indebtedness, and Speculation in the Marxian Paradigm: A Reassessment By Ramirez, Miguel D.
  639. Conditions of Diffusion of Competitiveness Clusters' Technologies: a Brief Theoretical Note By Iritié, B. G. Jean-Jacques
  640. Alpha or beta in the eye of the beholder: What drives hedge fund flows? By Agarwal, Vikas; Green, T. Clifton; Ren, Honglin
  641. Family Spillovers of Long-Term Care Insurance By Norma B. Coe; Gopi Shah Goda; Courtney Harold Van Houtven
  642. Multifamily Housing and Resident Life Satisfaction: Evidence from the European Social Survey By Nessa Winston
  643. Were we really all in it together? The distributional effects of the 2010-2015 UK Coalition government's tax-benefit policy changes: an end-of-term update By De Agostini, Paola; Hills, John; Sutherland, Holly
  644. The Transition from School to Jail: Youth Crime and High School Completion among Black Males By Merlo, Antonio; Wolpin, Kenneth I.
  645. Are Deep Parameters Policy-Invariant? By Saito, Yuta
  646. Inflation Targeting: A Victim of Its Own Success? By Christian Gillitzer; John Simon
  647. Introducing duration dependant emigration in the DREAM population projection model By Marianne Frank Hansen
  648. O Impacto da Reconfiguração Internacional do Mercado Calçadista sobre o Segmento Brasileiro de Couro e Calçados By Synthia Kariny Silva de Santana
  649. Small Businesses' Decisions to Offer Health Insurance to Employees By Catherine McLaughlin Adam Swinburn
  650. Mathematical formulation of REDEM algorithm for National soft landing CO2 trajectories under global carbon budgets By Emmanuel Prados; Patrick Criqui; Constantin Ilasca
  651. Правовое регулирование предмета муниципальной службы By Muravchenko, Viktor
  652. Adaptation de l’heuristique de Clarke & Wright au contexte multi-objectif grâce a la méthode du repère préférentiel de dominance By Okitonyumbe Y.F., Joseph; Ulungu, Berthold E.-L.; Kapiamba Nt., Joel
  653. Asymptotic F and t Tests in an Efficient GMM Setting By Hwang, Jungbin; Sun, Yixiao
  654. The challenge of increasing and diversifying Argentina's exports in Asia: tariff restrictions By Kathia Michalczewsky
  655. Co-residence, Life-Cycle Savings and Inter-generational Support in Urban China By Rosenzweig, Mark R.; Zhang, Junsen
  656. US Supreme Court Unanimously Chooses Substance over Form in Foreign Tax Credit Case: Implications of the PPL Decisions for the Creditability of Cash-Flow Taxes By McLure, Charles E.; Mintz, Jack; Zodrow, George R.
  657. Law on the Market? Evaluating the Securities Market Impact of Supreme Court Decisions By Daniel Martin Katz; Michael J Bommarito II; Tyler Soellinger; James Ming Chen
  658. Does legality matter? The case of tax avoidance and evasion By Blaufus, Kay; Braune, Matthias; Hundsdoerfer, Jochen; Jacob, Martin
  659. Dynamic Agenda Setting By Chen, Ying; Eraslan, Hulya
  660. The pulse of public opinion : using Twitter data to analyze public perception of reform in El Salvador By Seabold,Skipper; Rutherford,Alex; De Backer,Olivia; Coppola,Andrea
  661. Inter-basin transfers as a supply option: the end of an era? By Jean-Daniel Rinaudo; Bernard Barraqué
  662. New Media, Competition and Growth: European Cities After Gutenberg By Jeremiah Dittmar
  663. Grèves et productivité du travail : Application au cas français By Jérémy Tanguy
  664. The transfer of the Austrian dual system of vocational education to transition and developing countries: An analysis from a developmental perspective By Langthaler, Margarita
  665. Uncovering equity market contagion among BRICS countries: an application of the multivariate GARCH model By Bonga-Bonga, Lumengo
  666. Nonparametric Kernel Estimation of the Impact of Tax Policy on the Demand for Private Health Insurance in Australia By Gong, Xiaodong; Gao, Jiti
  667. Innovation, Emissions Policy, and Competitive Advantage in the Diffusion of European Diesel Automobiles By Miravete, Eugenio J; Moral Rincón, Maria J; Thurk, Jeff
  668. Policy areas for increasing productivity in Latvia economics By Zuzana Smidova
  669. Why are bank runs sometimes partial? By Kiema, Ilkka; Jokivuolle, Esa
  670. Inside debt renegotiation: Optimal debt reduction, timing, and the number of rounds By Franck Moraux; Florina Silaghi
  671. Number of Siblings and Educational Choices of Immigrant Children: Evidence from First- and Second-Generation Siblings By Dominique Meurs; Patrick A. Puhani; Friederike von Haaren
  672. What Will You Do If I Say 'I Do'?: The Effect of the Sex Ratio on Time Use within Taiwanese Married Couples By Chang, Simon; Connelly, Rachel; Ma, Ping
  673. Assessing Options to Increase Climate Support By Jane Ellis; Sara Moarif; Yoko Nobuoka; Marte Pellegrino; Jennifer Helgeson
  674. Social Cohesion and Economic Growth: Small States vs Large States By BRITO, JOÃO ANTONIO
  675. Rural electrification and domestic violence in Sub-Saharan Africa By Sievert, Maximiliane
  676. The Intrinsic Instability of Financial Markets By Sabiou Inoua
  677. Evaluating the effectiveness of Common-Factor Portfolios By Carrasco Gutierrez, Carlos Enrique; Issler, João Victor
  678. People and Machines: A Look at the Evolving Relationship Between Capital and Skill In Manufacturing 1860-1930 Using Immigration Shocks By Jeanne Lafortune; José Tessada; Ethan Lewis
  679. Model Risk and the Great Financial Crisis: The Rise of Modern Model Risk Management By Brown, Jeffrey A.; McGourty, Brad; Schuermann, Til
  680. Adolescent girls’ infant and young child nutrition knowledge sources differ among urban and rural samples in Bangladesh By Hoddinott, John; Karachiwalla, Naureen; Ledlie, Natasha; Roy, Shalini
  681. Desinging Guarantee Options in Defined Contributions Pension Plans By Consiglio, Andrea; Tumminello, Michele; Zenios, Stavros A.
  682. The mark?to?market valuation and executive pay package regulations within the 2009 US (Bailout) Emergency Economic Stabilization Act By Jamal Ibrahim Haidar
  683. Financial Knudsen number: breakdown of continuous price dynamics and asymmetric buy and sell structures confirmed by high precision order book information By Yoshihiro Yura; Hideki Takayasu; Didier Sornette; Misako Takayasu
  684. Bank Capital for Operational Risk: A Tale of Fragility and Instability By Ames, Mark; Schuermann, Til; Scott, Hal S.
  685. Blockchains as a Path to a Network of Systems - An Emerging New Trend of the Digital Platforms in Industry and Society By Mattila, Juri; Seppälä, Timo
  686. Why Work More? The Impact of Taxes, and Culture of Leisure on Labor Supply in Europe By Mocan, Naci; Pogorelova, Luiza
  687. Testing macro models by indirect inference: a survey for users By Le, Vo Phuong Mai; Meenagh, David; Minford, Patrick; Wickens, Michael R.; Xu, Yongdeng
  688. Chronic Poverty in Rural Cambodia: Quality of Growth for Whom? By Tsuruga, Ippei
  689. Resources on the Stage: A Firm Level Analysis of the ICT Adoption in Turkey By Derya Findik; Aysit Tansel
  690. Lie Symmetry Analysis of the Black-Scholes-Merton Model for European Options with Stochastic Volatility By A. Paliathanasis; K. Krishnakumar; K. M. Tamizhmani; P. G. L. Leach
  691. Measuring the Impacts of Teachers: Response to Rothstein (2014) By Chetty, Raj; Friedman, John; Rockoff, Jonah
  692. The Role of Shadow Banking in the Monetary Transmission Mechanism and the Business Cycle By Falk Mazelis; ; ;
  693. The Economy of People’s Republic of China from 1953 By Cheremukhin, Anton; Golosov, Mikhail; Guriev, Sergei; Tsyvinski, Aleh
  694. Late-Life Health Effects of Teenage Motherhood By Angelini, V.;; Mierau, J. O.;
  695. Conflicts of Interest and the Realtor Commission Puzzle By Panle Jia Barwick; Parag A. Pathak; Maisy Wong
  696. Risks to the Returns to Medical Innovation: The Case of Myriad Genetics By Jeffrey Clemens; Stan Veuger
  697. Media, Markets and Institutional Change: Evidence from the Protestant Reformation By Jeremiah Dittmar; Skipper Seabold
  698. What is a Complex Innovation System? By J. Sylvan Katz
  699. Muhawalat li-qira'at al-mujtama' al-suri thalathun 'aman ba'da Michel Seurat - naqd oua tahlil al-khitab at-ta'ifi By Akram Kachee; Jérôme Maucourant
  700. A green 'New Deal' to boost Europe By Xavier Timbeau
  701. La stratégie d’entreprise responsable est-elle pertinente dans un pays peu développé et instable ? Approche par les performances des coopératives minières en RD Congo. By José Ngidjima; Vincent Lagarde
  702. Comparative Advantage and Specialization in Bank Lending By Veronica Rappoport; Philipp Schnabl; Daniel Paravisini
  703. Growth, green capital and public policies By Pierre-André Jouvet; Julien Wolfersberger
  704. Institutional Dynamics Under Revenue Volatility and Revenue-Dependent Lobbying Power: A Stochastic Differential Game Approach By Raouf Boucekkine; Fabien Prieur; Benteng Zou
  705. Bonacich Measures as Equilibria in Network Models By Hannu Salonen
  706. Estimation of Fractionally Integrated Panels with Fixed Effects and Cross-Section Dependence By Yunus Emre Ergemen; Carlos Velasco
  707. Publish... and Perish! By Sylvie Chevrier
  708. Forecasting South African Inflation Using Non-Linear Models: A Weighted Loss-Based Evaluation By Pejman Bahramian; Mehmet Balcilar; Rangan Gupta; Patrick T. kanda
  709. The Impact of Immigrants on Public Finances: A Forecast Analysis for Denmark By Marianne Frank Hansen; Marie Louise Schultz-Nielsen; Torben Tranæs
  710. External Equity Financing Shocks, Financial Flows, and Asset Prices By Belo, Frederico; Lin, Xiaoji; Yang, Fan
  711. Global poverty estimates based on 2011 purchasing power parity: Where should the new poverty line be drawn? By Nanak Kakwani; Hyun H. Son
  712. Climate: the key objectives of the Paris 2015 Agreement By Michel Damian; Mehdi Abbas; Pierre Berthaud
  713. Review of logistics service regulations for freight forwarding businesses: what should be addressed for a better logistics regulatory framework ? By Watanuki,Maika
  714. Through the Looking Glass: A WARPed View of Real Exchange Rate History By Douglas L. Campbell
  715. Reputational spillovers: evidence from french architecture By Amélie Boutinot; Shahzad Ansari; Mustapha Belkhouja; Vincent Mangematin
  716. Bank of Japan's Monetary Policy in the 1980s: a View Perceived from Archived and Other Materials By Masanao Itoh; Ryoji Koike; Masato Shizume
  717. Représentations sociales de la monnaie : contraste entre les citoyens et les porteurs de monnaies locales By Ariane Tichit
  718. Improving Efficiency Using Reserve Prices: An Equilibrium Analysis of Core-Selecting Auctions By Ryuji Sano
  719. The contribution patterns of equity-crowdfunding investors: Gender, Risk aversion and Observational learning By Mohammadi, Ali; Shafi, Kourosh
  720. Convergence of Aid Models in Emerging Donors?Learning Processes, Norms and Identities, and Recipients By Kondoh, Hisahiro
  721. Informational lobbying and agenda distortion By Christopher Cotton; Arnaud Dellis
  722. Spatio-temporal persistence of municipal rates of business start-ups in Chile By Mauricio Oyarzo; Gianni Romani; Miguel Atienza; Marcelo Lufin
  723. The break of brand exclusivity in Brazilian credit card acquiring: effects and markup-cost decomposition in a price dispersion setting By Gabriel Garber; Márcio Issao Nakane
  724. Circular economy at the glance of business models - learnings from automotive end-of-life - XXIVth International Conference on Strategic Management By Rémi Beulque; Franck Aggeri
  725. Managerial multitasking in the mutual fund industry By Agarwal, Vikas; Ma, Linlin; Mullally, Kevin
  726. State Government Revenue Recovery from the Great Recession By James Alm; David L. Sjoquist
  727. Identifying Dependence Structure among Equities in Indian Markets using Copulas By Grover, Vaibhav
  728. Perception on Human Security: Indonesian View By Alexandra, Lina A.
  729. Collusion in Multiobject Auctions: An Experimental Evidence By Michala Moravcova
  730. The "Mother of All Puzzles" at Thirty: A Meta-Analysis By Christophe Tavéra; Jean-Christophe Poutineau; Jean-Sébastien Pentecôte; Isabelle Cadoret-David; Arthur Charpentier; Chantal Guéguen; Maryline Huchet-Bourdon; Julien Licheron; Guillaume L'Oeillet; Nathalie Payelle; Sébastien Pommier
  731. House Money and Entrepreneurship By Sari Kerr; William R. Kerr; Ramana Nanda
  732. How Connected is the Global Sovereign Credit Risk Network? By Gorkem Bostanci; Kamil Yilmaz
  733. The Dynamic Effects of Eliminating or Curtailing the Home Mortgage Interest Deduction By Diamond, John W.; Zodrow, George R.
  734. Education in Southeast Asia: Investments, Achievements, and Returns By Phan, Diep; Coxhead, Ian
  735. External and Public Debt Crises By Arellano, Cristina; Atkeson, Andrew; Wright, Mark L. J.
  736. Les disparités sociales de santé perçue au cours de la vie : Le cas de la France (2004-2012) By Bénédicte H. Apouey
  737. Long-Term Water Demand Forecasting By Jean-Daniel Rinaudo
  738. Outsourcing of mutual funds' non-core competencies By Sorhage, Christoph
  739. Savings by and for the Poor: A Research Review and Agenda By Karlan, Dean; Ratan, Aishwarya Lakshmi; Zinman, Jonathan
  740. The Effect of Statutory Sick Pay Regulations on Workers’ Health By Martin Halla; Susanne Pech; Martina Zweimüller
  741. Exchange Rate Regimes and Persistence of Inflation in Thailand By Jiranyakul, Komain
  742. Trip-timing decisions and congestion with household scheduling preferences By André De Palma; Robin Lindsey; Nathalie Picard
  743. An Integrated Investment Appraisal of Cassava Starch Production in Rwanda: The Case of Kinazi Cassava Plant By Alice Nsenkyire; Glenn P. Jenkins; Mikhail Miklyaev; Octave Semwaga
  744. Impacts of foreign exchange auctions on the informal market rate in Myanmar By Kubo, Koji
  745. Innovation in Local Public Services -the Solid Waste Sector from the perspective of Clean Development Mechanism landfill projects By Silvia Cruz; Faïz Gallouj; Sônia Paulino
  746. Journeying Toward Business Models for Sustainability: A Conceptual Model Found Inside the Black Box of Organisational Transformation By Nigel Roome; Céline Louche
  747. An Anatomy of U.S. Personal Bankruptcy under Chapter 13 By Eraslan, Hulya; Kosar, Gizem; Li, Weli; Sarte, Pierre-Daniel
  748. Capital Allocation and Productivity in South Europe By Gopinath, Gita; Kalemli-Ozcan, Sebnem; Karabarbounis, Loukas; Villegas-Sanchez, Carolina
  749. Comparing the Forecasting Ability of Financial Conditions Indices: The Case of South Africa By Mehmet Balcilar; Rangan Gupta; Renee van Eyden; Kirsten Thompson
  750. Political-Security, Economy, and Culture within the Dynamics of Geopolitics and Migration: On Philippine Territory and the Filipino People By John X. LAMBINO
  751. Follow your Heart: Survival chances and costs after Heart Attacks – An instrumental Variable Approach By Alice Sanwald; Thomas Schober
  752. Multivariate Dynamic Copula Models: Parameter Estimation and Forecast Evaluation By Aepli, Matthias D.; Frauendorfer, Karl; Fuess, Roland; Paraschiv, Florentina
  753. Effects of the 2001 Extension of Paid Parental Leave Provisions on Birth Seasonality in Canada By Compton, Janice; Tedds, Lindsay
  754. Thematic report: Macroeconomic models including specifically social and environmental aspects By Kurt Kratena
  755. Hard to Forget: The Long-Lasting Impact of War on Mental Health By Bratti, Massimiliano; Mendola, Mariapia; Miranda, Alfonso
  756. Management Risk and the Cost of Borrowing By Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S.
  757. Forecasting Core Inflation: The Case of South Africa By Franz Ruch; Mehmet Balcilar Author-Name-First Mehmet; Mampho P. Modise; Rangan Gupta
  758. Has structural economic vulnerability decreased in Least Developed Countries? Lessons drawn from retrospective indices By Joel Cariolle; Michaël Goujon; Patrick Guillaumont
  759. Transfer pricing manipulation, tax penalty cost and the impact of foreign profit taxation By Rathke, Alex
  761. Does Uncertainty about Management Affect Firms' Costs of Borrowing? By Pan, Yihui; Wang, Tracy Yue; Weisbach, Michael S.
  762. An Evaluation of The Mellon Mays Undergraduate Fellowship's Effect on PhD Production at Non-UNCF Institutions By Sarah J. Prenovitz; Gary R. Cohen; Ronald G. Ehrenberg; George H. Jakubson
  763. ‘Cast back into the Dark Ages of Medicine’? The Challenge of Antimicrobial Resistance By Cormac Ó Gráda
  764. Towards a General Theory of Deep Downturns By Joseph E. Stiglitz
  765. Structural Reforms and Stabilization Policies in the Euro Area By Alho, Kari E.O.
  766. That's Just - Not Fair: Gender Differences in Notions of Justice By Nicole Becker; Kirsten Häger; Jan Heufer
  767. Spatio-temporal analysis of Romania's rural population access to sanitation services in the context of EU accession By Florin Mihai; Liviu Apostol; Ana-Andreea Ghiurcă; Andrea Lămăşanu
  768. Criação, Destruição e Rotatividade do Emprego Formal no Setor Privado Brasileiro (1997-2012) By Gílson Geraldino Silva Júnior
  769. Combining the capability approach and Max-Neef’s needs approach for a better assessment of multidimensional well-being and inequalities: a case study perspective with vulnerable teenagers of the region of Paris (France) By Pelenc, Jérôme
  770. Private Equity Performance: A Survey By Kaplan, Steven N.; Sensoy, Berk A.
  771. Trade Finance: A Catalyst for Asian Growth By Lopez, Claude
  772. The Incidence of Taxes on Sugar-Sweetened Beverages: The Case of Berkeley, California By John Cawley; David Frisvold
  773. Hedge Funds: A Dynamic Industry In Transition By Mila Getmansky; Peter A. Lee; Andrew W. Lo
  774. Storms and Jobs: The Effect of Hurricanes on Individual's Employment and Eranings over the Long Term By Jeffrey A. Groen; Mark J. Kutzbach; Anne E. Polivka
  775. Dynamic Support of Government in Online Shopping By Hai, Le Chi; Alam Kazmi, Syed Hasnain
  776. Volatility of aggregate volatility and hedge funds returns By Agarwal, Vikas; Arisoy, Y. Eser; Naik, Narayan Y.
  777. Moving Out Of Academic Research: Why Scientists Stop Doing Research? By Geuna, Aldo; Shibayama, Sotaro
  778. Energy Sector Innovation and Growth By Hartley, Peter; Medlock, Kenneth B., III; Temzelides, Ted; Zhang, Xinya
  779. Small Firms' Formalization The Stick Treatment By De Giorgi, Giacomo; Ploenzke, Matthew; Rahman, Aminur
  780. International Stock Return Predictability: Is the Role of U.S. Time-Varying? By Goodness C. Aye; Mehmet Balcilar; Rangan Gupta
  781. Transportes e Metrópoles: aspectos da integração em regiões metropolitanas By Frederico Ferreira Fonseca Pedroso; Vicente Correia Lima Neto
  782. The Role of Time Preferences and Exponential-Growth Bias in Retirement Savings By Gopi Shah Goda; Matthew R. Levy; Colleen Flaherty Manchester; Aaron Sojourner; Joshua Tasoff
  783. Inclusive human development in pre-crisis times of globalisation-driven debts By Asongu, Simplice; Efobi, Uchenna; Beecroft, Ibukun
  784. The interaction of grassroots communities and local authorities in Russia By Shagalov, Igor
  785. Analyzing interdependencies between policy mixes and technological innovation systems: the case of offshore wind in Germany By Kristin Reichardt; Karoline S. Rogge; Simona Negro; Marko Hekkert
  786. Detecting intraday financial market states using temporal clustering By Dieter Hendricks; Tim Gebbie; Diane Wilcox
  787. Quality Uncertainty and the Market for Renewable Energy: Evidence from German Consumers By Rommel, Jens; Sagebiel, Julian; Müller, Jakob R.
  788. How Does Education Improve Cognitive Skills? - Instrumental Time versus Timing of Instruction By Sarah Dahmann
  789. ICT for the Employability and Integration of Immigrants in the European Union: Methodological Final Report of a Survey in three Member States By Francisco Lupiañez; Cristiano Codagnone; Rosa Dalet
  790. Cognitive Skills, Non-Cognitive Skills, and Family Background: Evidence from Sibling Correlations By Anger, Silke; Schnitzlein, Daniel D.
  791. The Equilibrium Real Funds Rate: Past, Present and Future By James D. Hamilton; Ethan S. Harris; Jan Hatzius; Kenneth D. West
  792. Peer-to-Peer Markets By Liran Einav; Chiara Farronato; Jonathan Levin
  793. Risk Spillovers across the Energy and Carbon Markets and Hedging Strategies for Carbon Risk By Mehmet Balcilar; Riza Demirer; Shawkat Hammoudeh; Duc Khuong Nguyen
  794. The Static and Dynamic Effects of Mergers and Acquisitions on Productivity in The period Post-Subprime Crise: An Empirical Application to the Banking Sector in the European Union By HASSEN, TOUMI; FAKHRI, ISSAOUI; BILEL, AMMOURI; WASSIM, TOUILI
  795. Interest Rate Risk and Bank Equity Valuations By English, William B.; Van den Heuvel, Skander J.; Zakrajsek, Egon
  796. Who’s Getting Globalized? The Size and Implications of Intra-national Trade Costs By Atkin, David; Donaldson, Dave
  797. Boosting export performance in Portugal By Jens Arnold
  798. The U.S. Listing Gap By Doidge, Craig; Karolyi, George Andrew; Stulz, Rene M.
  799. Revisiting Herding Behavior in REITs: A RegimeSwitching Approach By Vassilios Babalos; Mehmet Balcilar; Rangan Gupta; Nikolaos Philippas
  800. Do Precious Metal Prices Help in Forecasting South African Inflation? By Mehmet Balcilar; NICO KATZKE; Rangan Gupta
  801. Risk Profiles for Re-profiling the Sovereign Debt of Crisis Countries By Consiglio, Andrea; Zenios, Stavros A.
  802. Greening Economy, Graying Society By Bretschger, Lucas
  803. La gestion des émotions au travail : le cas des policiers d'élite By Hélène Monier
  804. Testing Models of Social Learning on Networks: Evidence from a Lab Experiment in the Field By Arun G. Chandrasekhar; Horacio Larreguy; Juan Pablo Xandri
  805. Impact of Mandatory IFRS Adoption on Conditional Conservatism in Europe By Paul André; Andrei Filip; Luc Paugam
  806. In the Quest of Measuring the Financial Cycle By Miroslav Plasil; Tomas Konecny; Jakub Seidler; Petr Hlavac
  807. Panel Data Hedonics: Rosen's First Stage and Difference-in-Differences as "Sufficient Statistics" By H. Spencer Banzhaf
  808. Achieving Universal Coverage; Lessons from the Experience of Other Countries for National Health Insurance Implementation in Indonesia By Misnaniarti, Misnaniarti; Ayuningtyas, Dumilah
  809. Labor-Force Heterogeneity and Asset Prices: the Importance of Skilled Labor By Frederico Belo; Xiaoji Lin; Jun Li; Xiaofei Zhao
  810. Economie expérimentale et acceptabilité des politiques publiques : une étude de cas (le risque de submersion marine en Languedoc-Roussillon) By Marjorie Tendero
  811. Fertility Convergence By De-Silva, Tiloka; Tenreyro, Silvana
  812. Relationship Between Oil Prices and Stock Prices of Major Oil Companies By Francis Declerck; Jean-Pierre Indjehagopian; Flavien Bellocq
  813. [Standardization, a strategic tool for the Silver Economy] By Gérard-François Dumont
  814. Factors affecting intention to use Islamic personal financing in Pakistan: Evidence from the modified TRA model. By Ali, Muhammad; Syed ali, Raza; Chin-Hong, Puah

  1. By: Oesten, Gerhard
    Abstract: Peter Deegen hat 2013 eine originelle, Neues bietende und gängigen Auffassungen der Forstökonomik widersprechende Arbeit zu Theorien der forstlichen Nachhaltigkeit vorgelegt. Die Arbeit ist der theoretischen Forstökonomik zuzuordnen. Es geht dem Autor darum, verschiedene ökonomische Konzepte forstlicher Nachhaltigkeit mittels der Hayek'schen Theorie der Formen menschlicher Ordnung zu systematisieren und so theoretischer Erklärung zugänglich zu machen. Im vorliegenden Arbeitspapier wird kritisch hinterfragt, ob das Neue und Originelle in der Arbeit auch in der Sache haltbar ist. Hinterfragt werden Deegens Definition von Nachhaltigkeit, seine forstgeschichtlichen Deutungen zu den Arbeiten von Cotta, Preßler und Judeich, sein methodisches Vorgehen (eine Kombination von typologischer Methode und biographischer Methode der Geschichtswissenschaften) sowie seine auf die marktwirtschaftliche Ordnung verkürzte Darstellung der Ordnungstheorie von Hayek. Als Alternative zur an Hayek orientierten typologischen Methode wird ein ideengeschichtliches Vorgehen vorgeschlagen und am Beispiel der Auseinandersetzungen von Boden- und Waldreinertragslehre im 19. Jahrhundert illustriert. Abschließend wird hinterfragt, warum Deegens Modell der "Forstwirtschaft der Preise" der Idee der Nachhaltigkeit nicht genügt und begründet, warum Forstwirtschaft in einer Marktwirtschaft einen sozial und ökologisch verpflichtenden Ordnungsrahmen braucht, damit Nutzung und Schutz der Wälder nachhaltig erfolgen.
    Keywords: Nachhaltigkeit
    Date: 2015
  2. By: Tivig, Thusnelda; Kasch, Sabrina
    Abstract: Die außerhäusliche Mobilität ist ein Indikator der sozialen Teilhabe. Aus früheren Auswer-tungen der Zeitbudgeterhebung des Statistischen Bundesamtes ist bekannt, dass der Umfang der außer Haus verbrachten Zeit mit steigendem Alter sinkt und dass sich ältere Männer durchschnittlich länger außerhalb der Wohnung aufhalten als ältere Frauen. Unsere Studie detailliert die Betrachtung Älterer durch Berücksichtigung von fünf statt bislang drei Altersgruppen und untersucht auf dieser Basis das außerhäusliche Aktivitätsmuster älterer Menschen im Vergleich der Erhebungen 1991/92 und 2001/02 und der Geschlechter. Dadurch wird eine starke Tendenz der Ausdifferenzierung Älterer bei gleichzeitiger Angleichungstendenz im Aktivitätsmuster von älteren Frauen und Männern sichtbar. Die außer Haus verbrachte Zeit verringert sich nach dem 64. Lebensjahr; ein weiterer, starker Abfall ist nach dem 75. Lebensjahr zu beobachten. Auf der Basis des hergeleiteten alterstypischen Aktivitätsmusters wird ein Referenzwertkonzept für die Bewertung der Effektivität von technischen Assistenzsystemen (AS) für den Erhalt sozialer Teilhabe im Alter erstellt. Fernziel ist, Kranken- und Pflegekassen ein darauf basierendes Instrument bereitzustellen, das Entscheidungen über die Finanzierung von AS unterstützt.
    Keywords: Zeitverwendung im Alter,außerhäusliche Mobilität,soziale Teilhabe,technische Assistenzsysteme
    Date: 2015
  3. By: Ibarrarán, Pablo; Kluve, Jochen; Ripani, Laura; Shady, David Rosas
    Abstract: This paper presents the results of a randomized controlled trial on the long-term impacts of a youth training program. The empirical analysis estimates labor market impacts six years after the training - including long-term labor market trajectories of young people - and, to the best of our knowledge, is the first experimental long-term evaluation of a youth training program outside the US. We are able to track a representative sample of more than 3,200 youths at the six-year follow-up. Our empirical findings document significant impacts on the formality of employment, particularly for men, and impacts for both men and women in Santo Domingo, the capital of the Dominican Republic. The long-term analysis shows that these impacts are sustained and growing over time. There are no impacts on average employment, which is consistent with the low unemployment in countries with high informality and no unemployment insurance. Looking at the local labor market context, the analysis suggests that skills training programs work particularly well in more dynamic local contexts, where there is actual demand for the skills provided.
    Abstract: Dieses Papier untersucht die langfristigen Arbeitsmarkteffekte einer Bildungsmaßnahme für benachteiligte Jugendliche und junge Erwachsene in der Dominikanischen Republik. Die empirische Analyse basiert auf einer randomisierten Zuordnung von teilnahmeberechtigten Personen in eine Teilnahme- und Kontrollgruppe, und ist unseres Wissens nach die erste experimentelle Langzeitstudie einer solchen Maßnahme außerhalb der USA. Die Stichprobe enthält Daten zu mehr als 3200 Personen sechs Jahre nach der Zuweisung in Teilnahme- und Kontrollgruppe. Die Ergebnisse zeigen signifikant positive Effekte auf formale Beschäftigung, insbesondere für Männer, sowie auf Arbeitseinkommen für Frauen. Die positiven Wirkungen zeigen sich insbesondere für Personen in der Hauptstadt Santo Domingo, dem dynamischsten lokalen Arbeitsmarkt des Landes, in dem reale Nachfrage für die in der Maßnahme erworbenen Fähigkeiten besteht.
    Keywords: long-term,impact evaluation,Randomized Controlled Trial,Dominican Republic,youth training,labor market outcomes
    JEL: J24 J64 O15 O17
    Date: 2015
  4. By: Matthes, Jürgen
    Abstract: Nachdem die griechische Regierung sehr weitgehenden Reformen zugestimmt hat, scheint es beim dritten Hilfspaket für Griechenland um die Quadratur des Kreises zu gehen. Der IWF soll im Boot gehalten werden, aber eine von ihm eingeforderte Schuldenentlastung für Griechenland darf die europäischen Steuerzahler möglichst nicht belasten und muss so anreizkompatibel gestaltet werden, dass Griechenland nicht vom Reformkurs abweicht und nicht in fiskalischen Schlendrian verfällt. Die hier vorgenommene Schuldentragfähigkeitsanalyse des IW Köln, die bis 2030 zu vergleichbaren Ergebnissen wie die der europäischen Institutionen kommt, zeigt: Durch eine weitgehende Übernahme der griechischen Staatsschulden durch den ESM lässt sich der Schuldendienst so gestalten, dass die genannten Anforderungen erfüllt werden können. Eine Schuldenstreckung verringert Griechenlands laufende Finanzierungsbelastung, ohne die europäischen Steuerzahler zu belasten. [...]
    Date: 2015
  5. By: Henger, Ralph; Schier, Michael; Voigtländer, Michael
    Abstract: Der deutsche Wohnungsmarkt entwickelt sich sehr unterschiedlich. Während die Nachfrage in einigen Städten aufgrund von Zuwanderung aus dem In- und Ausland stark steigt, schrumpfen andere Regionen zum Teil deutlich. Auf Basis der demografischen Entwicklung und des notwendigen Ersatzbedarfs, der sich aus dem natürlichen Abgang im Wohnungsmarkt ergibt, wurde in dieser Studie der Baubedarf für Deutschland und die einzelnen Kreise ermittelt. Insgesamt müssen in Deutschland im Zeitraum 2015 bis 2020 jährlich etwa 266.000 Wohnungen gebaut werden, die aktuelle Bautätigkeit liegt mit etwa 245.000 Wohnungen noch darunter. Im langfristigen Mittel bis 2030 werden jährlich 237.000 Wohnungen benötigt. Entscheidender ist jedoch, dass die Verteilung der Bautätigkeit vielerorts nicht den Bedarfen entspricht. Während in den Großstädten wie Berlin, Hamburg und München die Bautätigkeit deutlich unter den Bedarfen liegt, wird in einigen Kreisen schon jetzt zu viel gebaut. Diese Diskrepanz zwischen Bautätigkeit und Baubedarf erfordert eine größere wirtschaftspolitische Beachtung. Während in den Großstädten mehr Bauflächen bereitgestellt und bestehende Restriktionen überdacht werden müssen, gilt es in den schrumpfenden Kreisen die Wohnungsnachfrage nach innen zu lenken und eine Zersiedelung durch neue Baugebiete zu vermeiden. Hilfreich könnte darüber hinaus eine bessere Vernetzung der Regionen sein, um eine Separierung von Wohn- und Arbeitsstandort leichter zu ermöglichen.
    Date: 2015
  6. By: Leisering, Benedikt; Krüger-Charlé, Michael; Becker, David
    Abstract: Die montanindustrielle Flächennutzung hat die Raum- und Siedlungsstruktur der Metropole Ruhr nachhaltig geprägt und ihre polyzentrische Ausformung befördert. Gegenwärtig gibt es keine systematische Erhebung grundlegender Daten zu Montanflächen und auch keine Kenntnis darüber, welche Flächen in ihrer Gesamtheit überhaupt montanindustriell genutzt wurden. Die vertiefende Kenntnis der Entwicklung und des Zustandes der ehemaligen und (noch) aktuell montanindustriell genutzten Flächen ist ein wichtiger Baustein zur Neuakzentuierung städtischer und regionaler Entwicklungsstrategien in der Metropole Ruhr. Auf dieser Grundlage können Bewertungen und Entscheidungen über Nachnutzungskonzeptionen im Kontext der Flächenentwicklung und den damit einhergehenden sozialen, ökonomischen und siedlungsstrukturellen Transformationsprozessen und Pfadabhängigkeiten erfolgen.
    Date: 2015
  7. By: Busch, Berthold; Matthes, Jürgen
    Abstract: In der Folge der Euro-Schuldenkrise sind vielfältige Reformen im institutionellen Regelwerk der Europäischen Währungsunion erfolgt. Doch nicht zuletzt der Fall Griechenland hat deutlich gemacht, dass im reformierten EWU-Regelwerk noch eine wesentliche Lücke klafft. Diese Studie spricht sich daher, nach eingehender Abwägung von Vor- und Nachteilen, für die Schaffung eines Staatsinsolvenzverfahrens für Euro-länder aus. Eine Schuldenrestrukturierung darf aber nur die Ultima Ratio sein. Um die No-Bailout-Klausel des EU-Vertrags und die Disziplinierungsfunktion der Fi-nanzmärkte zu stärken, muss ein Staatsinsolvenzverfahren glaubwürdig durchgeführt werden können. Dabei sind Ansteckungseffekte auf andere Euroländer zu begrenzen und vor allem Banken im Euroraum weniger verletzbar gegenüber Staatsbankrotten zu machen. Dazu sollten Anforderungen an die Eigenkapitalbasis der Banken weiter erhöht und die Bevorzugung von Staatsanleihen in der Bankenregulierung abgeschafft werden. Zudem muss ein Staatsinsolvenzverfahren möglichst effektiv, schnell, fair und rechtssicher sein, darf aber keine Einladung zu einer zu leichten Entschuldungsmöglichkeit sein. Um diese Anforderungen möglichst gut zu erreichen, unterbreiten die Autoren (unter Rückgriff, Kombination und Abwandlung bestehender Vorschläge) einen konkreten Vorschlag für ein Staatsinsolvenzverfahren. [...]
    Date: 2015
  8. By: Hamelmann, Lisa; Haucap, Justus; Wey, Christian
    Abstract: Auf Plattformmärkten werden vielfach Meistbegünstigungsklauseln eingesetzt, durch welche der Anbieter verpflichtet wird, seine Produkte auf der jeweiligen Plattform zu den günstigsten Konditionen zu offerieren. Kartellrechtlich sind diese Klauseln umstritten. Im Jahr 2013 hat das Bundeskartellamt (BKartA) in dem HRS-Beschluss, welcher jüngst durch das OLG Düsseldorf bestätigt wurde, eine solche Klausel als wettbewerbsbeschränkende Vertikalvereinbarung sowie als Missbrauch einer marktbeherrschenden Stellung eingestuft. Angelehnt an diesen Beschluss beleuchtet der folgende Beitrag die wettbewerbsökonomischen Auswirkungen sowie die wettbewerbsrechtliche Zulässigkeit dieser Klauseln. Dabei wird durch die Verknüpfung juristischer und ökonomischer Betrachtungen eine adäquate Marktabgrenzung in einem - potenziell - zweiseitigen Markt sowie eine deskriptive Wirkungsanalyse vorgenommen und resümiert.
    Abstract: Online platforms have increasingly implemented so-called 'Across-Platform Parity Agreements', restraining the seller to offer his goods to any other retailer / intermediary at more favorable terms and conditions. These clauses raise antitrust concerns; i. a., the German Federal Cartel Office (recently confirmed by the Düsseldorf Court of Appeal) declared the implementation by the online hotel-booking portal HRS as anticompetitive. The justification given was that it would constitute an effected restriction of competition as well as an abuse of a dominant position. While incorporating the (often neglected) economic theory into legal practice, this case study examines the admissibility under competition law and discusses the most controversial issues. In particular, the market definition of the - potentially - two-sided market based on the demand-side oriented market concept is scrutinized. In addition, a descriptive efficiency analysis is performed, considering possible alternatives to attain the positive effects. By applying the 'more-economic approach', both of these factors, which were also decisive for the injunctive relief, are differently assessed to the decision. Consequently, from a competition policy perspective, this law and economics analysis concludes that the prohibition of the implementation of APPA is not justified.
    Date: 2015
  9. By: Schmidt, Holger J.; Gelbling, Katharina
    Abstract: Das Thema Nachhaltigkeit hat in den letzten Jahren an Präsenz gewonnen und ist heutzutage in aller Munde. Auch in der Wirtschaft wird das Thema leidenschaftlich diskutiert, denn allgemein herrscht die Meinung, dass Nachhaltigkeit zu Wettbewerbsvorteilen führen kann. In der Marketingkommunikation z. B. wird davon ausgegangen, eine Positionierung als nachhaltiges Unternehmen wirke image-fördernd. Doch es scheint, dass Werbung mit Bezug zur Nachhaltigkeit bei den Verbrauchern nicht nur positiv ankommt. Insbesondere wird kritisiert, dass Nachhaltigkeit von Unternehmen als verkaufsförderndes Etikett missbraucht wird. Vorwürfe, Werbung mit Bezug zum Thema Nachhaltigkeit sei häufig "green- oder bluewashing", stehen vielfach im Raum. Vor diesem Hintergrund ist es einerseits interessant zu wissen, wie Unternehmen bisher ihre nachhaltigen Aktivitäten kommunizieren. Dieser Frage widmet sich die erste in diesem Beitrag dargestellte Studie. Dabei werden Printanzeigen von Lebensmittelmarken und des Lebensmitteleinzelhandels inhaltsanalytisch ausgewertet. Andererseits ist es von zentralem Interesse, Erfolgsfaktoren der Marketingkommunikation im Kontext von Nachhaltigkeit zu identifizieren. Dieser Aufgabe stellt sich die ebenfalls hier diskutierte zweite Studie, die anhand von Experteninterviews Anforderungen an die Nachhaltigkeitskommunikation von morgen offenlegt.
    Date: 2015
  10. By: Eichhorst, Werner (IZA); Hinte, Holger (IZA); Spermann, Alexander (IZA); Zimmermann, Klaus F. (IZA and University of Bonn)
    Abstract: Die digitale Revolution, insbesondere das mobile Internet, verändert die Arbeitswelt radikal. Das stellt die Gewerkschaften vor neue Herausforderungen. Dennoch können sie erfolgreich bleiben und mehr Mitglieder gewinnen, wenn sie sich in mehreren ihrer zentralen Gestaltungsfelder besser positionieren und etwa die Entwicklung neuer Ansätze in der Aus- und Weiterbildung vorantreiben oder einen neuen, auf gegenseitigem Vertrauen aufbauenden Kompromiss zu Arbeits- und Ruhezeiten erarbeiten. Arbeitsorte jenseits des betrieblichen Arbeitsplatzes sind gelebte Realität. Auch hier lassen sich – inspiriert von Betriebsvereinbarungen zum Vertrauensarbeitsort – tarifvertragliche Lösungen entwickeln. Des Weiteren sollten neue Arbeitsformen wie das über Online-Portale organisierte Crowdworking nicht per se abgelehnt, sondern tarifpolitisch gestaltet werden. Moderne Arbeitsprozesse können von den Gewerkschaften aktiv begleitet werden, ohne dass hart erkämpfte Errungenschaften im Hinblick auf Arbeitsstandards aufgegeben werden müssen. Modelle der betrieblichen Gewinn- und Kapitalbeteiligung können weiterentwickelt werden, um Mitarbeitern zukünftig mehr Anteile am Produktivvermögen zu ermöglichen. Gewerkschaften, die ihre Rolle in der digitalisierten Arbeitswelt konstruktiv annehmen und sich auf die hier benannten sechs Gestaltungsfelder konzentrieren, sind in einer unübersichtlicher werdenden Arbeitswelt weiter wichtig.
    Keywords: Gewerkschaften, Digitalisierung, technischer Fortschritt, Tarifpolitik, Sozialpartnerschaft
    JEL: J21 J24 J51
    Date: 2015–08
  11. By: Shinichi Nishiyama
    Abstract: The current U.S. Social Security program redistributes resources from high-wage workers to low-wage workers through its progressive benefit schedule and from two-earner couples and singles to one-earner couples through its spousal and survivors benefits. This paper extends a standard general-equilibrium overlapping-generations model with uninsurable wage shocks to analyze the effect of the spousal and survivors benefits on the labor supply of married households and the overall economy. The heterogeneousagent model calibrated to the current U.S. economy predicts that, in the long run, removing spousal and survivors benefits would increase the female labor participation rate by 1.4%, the total working hours of women by 1.6–1.7%, and the total output of the economy by 0.5–0.6%. Under the balanced-budget assumption, a phased-in cohort-by-cohort removal of these benefits would make all age cohorts, on average, better off, although the policy change would make a majority of young married households worse off in the short run.
    Keywords: dynamic general equilibrium, heterogeneous agents, overlapping generations, female labor supply
    JEL: D91 E62 H55
    Date: 2015
  12. By: Martin, Alexander
    Abstract: Dieser in Teilen essayistisch gehaltene Aufsatz greift die aktuell geführte Diskussion über die Veränderung der betrieblichen Organisation von Erwerbsarbeit in Zeiten eines "flexiblen Kapitalismus" (Sennett 1998) auf und wirft einen Blick auf zentrale Merkmale, Ursachen und Konsequenzen dieser Entwicklung. Vor dem Hintergrund eines spätestens seit den 1960er Jahren auszumachenden soziostrukturellen und soziokulturellen Gesellschaftswandels einerseits, sowie verschärften ökonomischen Wettbewerbsbedingungen andererseits, wird in diesem Beitrag die veränderte Erzeugung organisationaler Bindung und Kontrolle einer kritischen Analyse unterzogen. Gegenstand und Ausgangspunkt der Überlegungen bildet der durch neoliberale Transformationsbemühungen semantisch als "Befreiungsprojekt" (Dörre 2012, S. 63) aufgeladene Kontroll- und Bindungsmechanismus der Selbstverwirklichung. Aus der nunmehr gegebenen Möglichkeit, neue Arbeits- und Organisationskonzepte als freiwillige Gabe und Zugewinn individueller Handlungsautonomie gegenüber den Beschäftigten darstellen zu können, resultiert eine in der Reziprozität des sozialen Handelns angelegte Verpflichtung zum Arbeiten in eben diesen neuen Strukturen. Betriebliche Bindung und Kontrolle werden somit über die Idee der Reziprozität als subversiv wirkender Integrationsmodus ermöglicht. Die Überlegungen münden in der These, dass die mittels einer überdehnten instrumentalisierten Subjektivierung von Arbeit erzeugte Bindung und Kontrolle die unternehmerische Innovations- und Wettbewerbsfähigkeit langfristig zu vermindern droht. Mit der hier in Anschlag gebrachten Argumentation wird also der dysfunktionale Charakter einer überdehnten "Instrumentalisierung von Subjektivität" (Kocyba 2000) angesprochen. Problematisch scheint in diesem Zusammenhang vor allem die ökonomische Fundierung zu sein, die in letzter Konsequenz zur Homogenisierung sowie Individualisierung und Entsolidarisierung des betrieblichen Handelns führt. Insofern droht der Kontroll- und Bindungsmechanismus nicht nur wirkungslos zu werden, sondern entfaltet gleichsam auch einen negativen Einfluss auf die unternehmerische Innovations- und Wettbewerbsfähigkeit. Der Schwerpunkt des vorliegenden Beitrags liegt auf der Analyse der diese Entwicklung konstituierenden Faktoren und Mechanismen. Insofern wird mit den Ausführungen der Grundstein gelegt, um den Gegenstand der betrieblichen "Instrumentalisierung von Subjektivität" näher bestimmen und verstehen zu können, während hingegen die Darstellung der Auswirkungen dieser Entwicklung noch weitere Ausarbeitung bedarf und hier nur schemenhaft skizziert wird.
    Keywords: Gesellschaftlicher Wandel,Bindung,Kontrolle,Subjektivierung von Arbeit,betriebliches Sozialgefüge,Innovationsfähigkeit
    Date: 2015
  13. By: Judith Kaschowitz
    Abstract: Due to the growing number of people in need of care and the importance of informal caregiving, achieving a work-care balance should be of certain relevance for couples. This work analyses, based on data of the German Socio-Economic Panel, if there are “spill-over” effects from care to work within couples. For the years 2001-2011, it is examined if informal care by women influences the employment of their spouses. Caring is considered as part of the inner family bargaining processes. Previous research shows that caring women reduce their working hours. Taking that into account and considering theoretical arguments of the gender sociology and the new home economics, it is assumed that informal care of women leads to an increase in the employment of their husbands. Descriptive results show that partners of caring women have a higher working time than their counterparts. The regression results show that there is a positive, significant link between informal care done by women and the labor supply of their spouses. Restricting the sample to working men only, the association remains positive but gets insignificant. A possible explanation of this is that the informal care done by women depends on the work performance of their spouses.
    Keywords: Informelle Pflege, Erwerbsarbeit, Paare, Arbeitsteilung, Längsschnittanalyse
    Date: 2015
  14. By: Mitchell, Karlyn; Pearce, Douglas
    Abstract: We provide direct evidence on the sticky information model of Mankiw and Reis (2002) by examining how frequently individual professional forecasters revise their forecasts. We draw interest rate and unemployment rate forecasts from the monthly Wall Street Journal surveys conducted between 2003 and 2013. Consistent with the sticky information model we find that forecasters frequently leave their forecasts unrevised but find evidence that revision frequency increases following larger changes in the information set. We also find revision frequencies became more sensitive to new information after the 2008 financial crisis but only weak evidence that frequent revisers forecast more accurately.
    Keywords: Expectations, Sticky Information, Survey Forecasts
    JEL: E52
    Date: 2015–07
  15. By: David (David Patrick) Madden; Michael Savage
    Abstract: Social marginal welfare weights play an important role in areas of applied public policy analysis such as tax reform. These weights reflect the values of the social planner, or equivalently the underlying social welfare function. A number of recent papers have questioned the "default" Utilitarian-based approach used to derive these weights, and have suggested potential alternatives. However, there are few examples applying these alternative weighting schemes to traditional, nationally representative, datasets, and in particular, few comparisons of how these alternative weighting schemes would affect the distribution of the welfare effects of a specific tax reform in comparison to the Utilitarian-based approach. This paper aims to fill that gap. Using the nationally representative 2009/10 Irish Household Budget Survey, we apply a range of alternatives to Utilitarianism in determining the distribution of social marginal welfare weights, and compare these distributions to that arising from the traditional Utilitarian approach. The alternative weighting schemes we analyse are based upon: the principles of Equal Sacrifice, poverty alleviation, government self-interest and the redistribution of "luck" income. The distribution of welfare weights arising from these approaches are found to differ appreciably from the distribution based upon Utilitarian weights. A simple indirect tax reform model is estimated and applied to the different distributions of welfare weights to investigate the sensitivity of tax reform recommendations to these distributions. Given the importance of social marginal welfare weights in areas of public policy analysis such as optimal labour and commodity tax design, and tax reform evaluation, we believe this detailed examination of the alternatives to Utilitarianism, and their application to a household budget survey dataset, is an important addition to the literature.
    Keywords: Generalised welfare weight; Tax reform; Inequality
    Date: 2015–02
  16. By: Rastrigina, Olga; Leventi, Chrysa; Sutherland, Holly
    Abstract: The at-risk-of-poverty rate is one of the three indicators used for monitoring progress towards the Europe 2020 poverty and social exclusion reduction target. Timeliness of this indicator is crucial for monitoring of the social situation and of the effectiveness of tax and benefit policies. However, partly due to the complexity of EU-SILC data collection, estimates of the number of people at risk of poverty are published with a significant delay. This paper extends and updates previous work on estimating (‘nowcasting’) indicators of poverty risk using the tax-benefit microsimulation model EUROMOD. The model’s routines are enhanced with additional adjustments to the EU-SILC based input data in order to capture changes in the employment characteristics of the population since the data were collected. The nowcasting method is applied to seventeen EU Member States. AROP rates are estimated up to 2014 for ten countries and 2013 for the remaining seven countries. The performance of the method is assessed by comparing the predictions with actual EU-SILC indicators for the years for which the latter are available.
    Date: 2015–08–18
  17. By: Del Carpio,Ximena Vanessa; Wagner,Mathis Christoph
    Abstract: Civil war in Syria has resulted in more than four million refugees fleeing the country, of which 1.8 million have found refuge in Turkey, making it the largest refugee-hosting country worldwide. This paper combines newly available data on the 2014 distribution of Syrian refugees across subregions of Turkey with the Turkish Labour Force Survey, to assess the impact on Turkish labor market conditions. Using a novel instrument, the analysis finds that the refugees, who overwhelmingly do not have work permits, result in the large-scale displacement of informal, low-educated, female Turkish workers, especially in agriculture. While there is net displacement, the inflow of refugees also creates higher-wage formal jobs, allowing for occupational upgrading of Turkish workers. Average Turkish wages have increased primarily as the composition of the employed has changed because of the inflow of refugees.
    Keywords: Labor Markets,Education For All,Population Policies,Street Children,Labor Policies
    Date: 2015–08–24
  18. By: Zapf, Ines (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany])
    Abstract: "This study brings together results of the establishment and the individual level to get a better understanding of the use of working-time accounts in Germany. Using data from the Establishment Panel we first show that industrial relations factors, employment-contract characteristics and individual characteristics determine working-time accounts' use in establishments. Second, we provide the first analysis concerning the determinants of working-time accounts' use among employees and the employees' access to working-time accounts in establishments using working-time accounts. Using data from the German Socio Economic Panel we show that qualified employees more often have access to working-time accounts. Using linked-employer-employee data we show that in establishments using working-time accounts female employees, part-time employees and employees with fixed-term contracts are not disadvantaged regarding the access to working-time accounts." (Author's abstract, IAB-Doku) ((en))
    Keywords: Arbeitszeitkonto, IAB-Betriebspanel, Arbeitszeitflexibilität, Beschäftigungsform, geschlechtsspezifische Faktoren, Personalpolitik, qualifikationsspezifische Faktoren, Teilzeitarbeitnehmer, Betriebsgröße, Wirtschaftszweige
    JEL: J51 J81
    Date: 2015–08–24
  19. By: Seymen, Ahmet Ferda
    Abstract: Qualitative research is concerned with qualitative phenomenon, i.e., phenomena relating to or involving quality or kind. For instance, when we are interested in investigating the reasons for human behavior (i.e., why people think or do certain things), we quite often talk of ‘Motivation Research’, an important type of qualitative research. This type of research aims at discovering the underlying motives and desires, using in depth interviews for the purpose. Other techniques of such research are word association tests, sentence completion tests, story completion tests and similar other projective techniques. Attitude or opinion research i.e., research designed to find out how people feel or what they think about a particular subject or institution is also qualitative research. Qualitative research is especially important in the behavioral sciences where the aim is to discover the underlying motives of human behavior. Through such research we can analyze the various factors which motivate people to behave in a particular manner or which make people like or dislike a particular thing. In this study; main issues identified by employees were: That the functions of the human resources department was none existent within the company. Recruitment, Reward and Reprimand, Career Development, Performance Evaluation System, Lack of proper orientation, on the job trainings and self-improvement courses needed to be developed and implemented in order to raise the declined motivation of employees and the deteriorating relations between the two sides.
    Keywords: Employee Opinion, Business Hotel, Hotel Employee
    JEL: J01 J08
    Date: 2015–03–01
  20. By: Sovachana, Pou; Beban, Alice
    Abstract: The concept of human security is based on the fundamental principles of ‘freedom from fear’ and ‘freedom from want’ through the 1994 Human Development Report of the United Nations Development Programme (UNDP).1 It argues for a shift from a state-centric view of security to one that focuses on the security of every individual. Human Security is about protection and empowerment of the individual. It tackles general threats to human existence and finds ways to overcome these threats, recognizing that the state itself can at times be a threat to its own people. This report aims to understand how the internationally minted notions of human security and insecurity are perceived and interpreted by Cambodian people, and what suggestions people may offer for mitigating threats to human security. We conducted interviews and focus groups with people in diverse sectors including government, academics, civil society, rural and urban communities, media, students, and Buddhist monks. Our research suggests that when we replace the discourse of security in Cambodia with the concept of human security, it opens new conversations toward understanding and responsiveness to human rights and human development.2 We argue that the connected, multi-dimensional insecurities in Cambodia can be revealed through taking a broad approach to human security that recognizes ‘freedom from fear’, ‘freedom from want’, and ‘freedom to live in dignity’ as inter-related in ways that may be contradictory. Currently much of the debate about the referent of security is too focused on either protection or empowerment; the voices of our research participants lead us to suggest that security comes from communication and dialogue between government and communities, and the importance of ‘cooperative leadership’.
    Date: 2015–03–26
  21. By: Jyh-bang Jou; Tan Lee
    Abstract: Stimulating the private sector to invest in government-led research is a ticklish business. Jyh-Bang Jou and Tan (Charlene) Lee investigate.
    Date: 2013–11–01
  22. By: Joachim Jarreau (AMSE - Aix-Marseille School of Economics - EHESS - École des hautes études en sciences sociales - Centre national de la recherche scientifique (CNRS) - Ecole Centrale Marseille (ECM) - AMU - Aix-Marseille Université)
    Abstract: This paper studies the impact of naturalization on the labor market outcomes of foreign-born workers in France. Using a large panel dataset of workers employed in France over 1993-2001, I find that naturalization is associated with a sharp increase in job mobility: immigrants tend to change occupations and employers, in the same year as they naturalize. Turning to wages, I find evidence that naturalization commands a wage premium, which is associated with employment mobility. For workers initially in low-skill occupations, the wage premium is conditional on occupational mobility. For those in middle- or high-skilled occupations, there is also evidence of a wage premium, mostly for foreign women; this premium is associated with moves to a different firm. These results suggest that foreign citizenship constrains workers mobility, and are consistent with the hypothesis of a mismatch of foreign workers to their jobs.
    Date: 2015–02
  23. By: Lane, Philip R.
    Abstract: This paper examines the cyclical behaviour of country-level macro-financial variables under EMU. Monetary union strengthened the covariation pattern between the output cycle and the financial cycle, while macro-financial policies at national and area-wide levels were insufficiently counter-cyclical during the 2003-2007 boom period. We critically examine the policy reform agenda required to improve macro-financial stability.
    Keywords: EMU; financial stability; macroprudential
    JEL: E50 F30 F32
    Date: 2015–08
  24. By: Meyer, Wolgang
    Abstract: Skill shortages are an important issue of the current economic policy debate in Germany. However, it is not always clear whether the term applies to an actual or future problem. This paper investigates the development of skill shortages in Lower Saxony in the period 2008 - 2014 and takes a closer look at the recruitment problems of the firms. Are these problems due to a prolonged scarcity or to temporary circumstances which can be solved by an appropriate personnel management? Using the German Establishment Panel of the Institute for Employment Research (IAB) the empirical analysis reveals that the demand of skilled personnel is cyclical without a clear upward trend. Skill shortages are measured by subjective assessments of the management, quantitative indicators of employment compromises and unfilled qualified vacancies. Especially the latter show, that the recruitment problems are mostly a short-term phenomenon and less often observed over a longer period. To abate skill shortages the firms frequently use vocational training and further education.
    Keywords: skill shortages, need for skilled personnel, recruiting strategies, IAB-Establishment Panel, Lower Saxony
    JEL: D21 D22 J23 J63
    Date: 2015–06
  25. By: Hartley, Peter R. (Rice University); Medlock, Kenneth B., III (Rice Univesrity); Rosthal, Jennifer (Rice University)
    Abstract: We examine determinants of the natural gas share in power generation for the NERC regions in the US. Our results indicate that plant and grid-level fuel-switching, technology in generation, installed capacity and weather all affect the natural gas share of energy input into power generation. Furthermore, we argue that fuel-switching is likely an important demand-side factor in establishing a long run relationship between the prices of petroleum products and natural gas. We estimate two specifications--a translog specification for expenditure share and a double logarithmic transformation of gas-fired capacity utilization--because our analysis calls into question the validity of the translog specification for analyzing fuel shares in the power generation sector.
    Date: 2014
  26. By: Jens Arnold; Carlos Farinha Rodrigues
    Abstract: Portugal has one of the most unequal income distributions in Europe and poverty levels are high. The economic crisis has halted a long-term gradual decline in both inequality and poverty and the number of poor households is rising, with children and youths being particularly affected. Unemployment is one of the principal reasons why household incomes declined. The tax and benefit system alleviates both inequality and poverty significantly. The tax system is markedly progressive, and recent tax reforms have likely increased this progressivity. Transfer payments, especially non-pension benefits, are reducing inequality and poverty in a fairly efficient way. Nonetheless, a number of adjustments could strengthen the equalising role of the benefit system, which is generally biased towards benefits for elderly people, while families with children should receive more support. The education system should provide more support to students at risk of falling behind to reduce grade-repetition and drop-out rates, while further increasing class sizes would be a reasonable way to generate savings without affecting learning progress much. Scaling up vocational courses and adult education, including in the context of active labour market policies, could improve the capacity of many households to generate income and lead to a more equitable income distribution.<P>Réduire les inégalités et la pauvreté au Portugal<BR>Le Portugal est l’un des pays d’Europe où la distribution des revenus est la plus inégalitaire, et les niveaux de pauvreté y sont élevés. La crise économique a mis fin à une baisse progressive de longue durée à la fois des inégalités et de la pauvreté, et le nombre de ménages pauvres s’accroît, les enfants et les jeunes étant particulièrement touchés. Le chômage est l’une des principales raisons du recul des revenus des ménages. Le système de prélèvements et de transferts contribue à soulager fortement les inégalités et la pauvreté. Le système fiscal est fortement progressif, et il est probable que les réformes récentes l’ont rendu encore plus progressif. Les transferts, en particulier les prestations autres que les pensions, réussissent assez bien à réduire les inégalités et la pauvreté. Le système éducatif devrait mieux soutenir les étudiants en risque de décrochage afin de réduire les taux de redoublement et d’abandon, tandis que l’augmentation des effectifs dans les classes serait un moyen raisonnable de générer des économies sans compromettre trop les apprentissages. En développant l’enseignement professionnel et la formation des adultes, notamment dans le contexte de politiques actives du marché du travail, on pourrait offrir à de nombreux ménages la possibilité d’accéder à de meilleurs revenus, ce qui aboutirait à une distribution des revenus plus équitable.
    Keywords: transfers, education, tax, pension, wages, distribution
    Date: 2015–08–21
  27. By: Lee Dinetan (GREMAQ - Groupe de recherche en économie mathématique et quantitative - CNRS - Institut national de la recherche agronomique (INRA) - UT1 - Université Toulouse 1 Capitole - EHESS - École des hautes études en sciences sociales)
    Abstract: We introduce a new class of processes aiming at modelling random fluctuations of an asset value more efficiently than traditional Lévy processes. In this study, we consider that the object value C is a real discrete random process (N → R), whose increments are subject to the present state of a "market", described by a Markovian process M : as the successive market states are not pairwise independent, C's fluctuations are not independent either, so C cannot be assimilated as a Lévy process. We call this structure a C-process : we present methods to analyze it, mainly extending the notion of Lundberg's parameter of a diffusion Lévy process, to take M into account during the computations. Once done, we aim more specifically at controlling C's default time T0 = min ({t ∈ N|C(t) < 0}) : we achieve it through its log-Laplace transform to get some of its properties, like C's default probability.
    Abstract: Nous introduisons une nouvelle classe de processus dont l'objet est de modéliser les fluctuations de la valeur d'un actif plus efficacement que le font les processus habituels Lévy. Dans cette étude, nous considérons que la valeur objet C est un processus aléatoire discret réel (N → R), dont les incréments sont soumis à l'état courant d'un "marché" décrit par un processus Markovien M : les états successifs du marché n'étant pas indépendants deux à deux, les fluctuations de C ne le sont pas non plus, donc C ne peut pas être assimilé à un processus de Lévy. Nous nommons cette structure un C-processus : nous présentons des méthodes pour l'analyser, notamment en étendant la notion d'exposant de Lundberg d'un processus de diffusion de Lévy, en tenant compte de M durant les calculs. Par la suite, nous nous intéresserons plus précisément au contrôle du temps de faillite de C, T0 = min ({t ∈ N|C(t) < 0}) : nous le ferons via sa transformée de log-Laplace afin d'obtenir certaines de ses propriétés, comme la probabilité de faillite de C.
    Date: 2014–12–15
  28. By: Dinc, Serdar (Rutgers University); Erel, Isil (OH State University); Liao, Rose (Rutgers University)
    Abstract: Existing empirical studies estimate the impact of fire sales either without the benefit of market prices from frequent trades, as with aircraft sales, or without observing the prices received by distressed sellers, as with the sales of equity securities by mutual funds facing outflows. We study the corporate sale of minority equity stakes in publicly listed firms where market prices from frequent trades are available and the transaction share prices received by the vendors are reported. We estimate the distressed sale discount based on the four-week premium to be in the range of 15-19% for smaller stakes, with significantly higher discounts for larger stakes sold. Our results are robust to many target-, vendor-, and acquirer-level controls and alternative classifications.
    Date: 2014–09
  29. By: Gugle, Elisabeth (University of Victoria); Zodrow, George R. (Rice University and Centre for Business Taxation, Oxford University)
    Abstract: The conventional wisdom in public finance is that local governments should finance public services, including those provided to businesses, with user charges that function as benefit taxes, and should in particular avoid inefficient source-based taxes on highly mobile capital. However, if user charges are not available or infeasible, several public finance experts have recently suggested that taxes on local production, such as an origin-based VAT, are a desirable alternative in that they serve as relatively efficient "benefit-related" taxes. We examine this contention formally in a model in which business public services must be financed with either a source-based tax on mobile capital, such as a property tax, or a tax on production, such as an origin-based VAT. In general, both a capital tax and a production tax are inefficient. However, consistent with the "benefit-related" view, the production tax is efficient if the production function belongs to the knife-edge case between log sub- and log supermodularity with respect to capital and public services (e.g., a Cobb-Douglas production function), while the capital tax results in underprovision of public services in this case. Similarly, if the production function is log submodular with respect to capital and public services (e.g., a CES production function with substitution elasticity greater than one), a production tax is again less inefficient than a capital tax, although both taxes result in underprovision of the public service. Finally, if the production function is log supermodular (e.g., a CES production function with substitution elasticity smaller than one), a production tax results in overprovision of the public service, while the effects of a capital tax--and thus the relative efficiency properties of the two taxes--are theoretically ambiguous.
    JEL: H11 H21 H41 H42
    Date: 2014–04
  30. By: Dougal Tylee
    Abstract: In August this year Dougal Tylee participated in the ‘Public-Private Partnerships: Building Infrastructure for the Future’ conference in Wellington, which was hosted by the ISCR and sponsored by the NZ Transport Agency (NZTA). He outlines his thoughts from the conference.
    Date: 2013–11–01
  31. By: Bräutigam, Rainer; Spengel, Christoph; Streif, Frank
    Abstract: The European Court of Justice (ECJ) has become an influential player in the field of direct taxation in the European Union in the past twenty years. However, it is unclear whether the ECJ's decisions actually increase tax neutrality and therefore contribute to the achievement of an internal market as stipulated by the European treaties or not. In 2006, the ECJ limited the applicability of specific tax rules in Europe that are intended to prohibit the excessive use of low-tax countries. Our counterfactual scenarios show that this restriction of so-called controlled foreign company (CFC) rules and the related emergence of IP boxes cast doubt on the positive effects the ECJ is assumed to have. Additionally, we show that the abolishment of IP boxes would strengthen tax neutrality in Europe. Overall, further research is needed to relate and harmonise economic and legal concepts of tax neutrality.
    Keywords: European Court of Justice,Tax Neutrality,Effective Tax Rates,Controlled Foreign Company Rules,Intellectual Property Boxes
    JEL: H21 K10
    Date: 2015
  32. By: Jasmina Arifovic; B. Curtis Eaton (University of Calgary); Graeme Walker
    Abstract: Social psychologists have shown that people experience cognitive dissonance when two or more of their cognitions diverge, and that they actively manage the dissonance. With this in mind, we develop a model of social learning in networks to understand the coevolution of beliefs and networks. We focus on beliefs concerning an objective phenomenon. Initial beliefs are based on noisy, private and unbiased information. Because the information is noisy, initial beliefs differ,creating dissonance. In our model, behavior is motivated by a desire to minimize this dissonance. In many circumstances this behavior adversely affects the efficiency of social learning, such that in equilibrium the mean aggregate belief is biased and there is significant variation of beliefs across the population. The parameterizations of our model that result in the most inefficient learning produce a fractionalized network structure in which there are a number of distinct groups: within any group all beliefs are identical; beliefs differ from group to group, sometimes greatly; there is no intergroup interaction. Since dissonance minimizing behavior is apparently a deeply rooted feature of humans, we are led to ask: What policies could improve the situation? Our results suggest that policies that improve the availability of objective information and/or increase the size of networks enhance efficiency of social learning. On the other hand, anything that makes changing networks more attractive as a dissonance minimizing strategy has the opposite effect. 1
    Date: 2015–08–10
  33. By: Jagtiani, Julapa (Federal Reserve Bank of Philadelphia); Kotliar, Ian (?); Maingi, Raman Quinn (?)
    Abstract: There have been increasing concerns about the potential of larger banks acquiring community banks and the declining number of community banks, which would significantly reduce small business lending (SBL) and disrupt relationship lending. This paper examines the roles and characteristics of U.S. community banks in the past decade, covering the recent economic boom and downturn. We analyze risk characteristics (including the confidential ratings assigned by bank regulators) of acquired community banks, compare pre- and post-acquisition performance and stock market reactions to these acquisitions, and investigate how the acquisitions have affected SBL. Contrary to concerns, we find that the overall amount of SBL tends to increase after a large bank acquires a community bank. The ratio of SBL to assets does decline in the large acquiring banks but at a slower rate than the decline seen in surviving community banks. Further, community banks that were merged during the financial crisis were mostly in poor financial condition, had been rated as unsatisfactory by their regulators on all risk aspects, and would have been unlikely to continue lending. We found that community bank targets accepted smaller merger premiums (or even discounts) to be part of a large banking organization. Our results indicate that mergers involving community bank targets over the past decade have enhanced the overall safety and soundness of the banking system without adversely impacting SBL. This implies that a policy that discourages mergers between community banks and large banks is unwarranted and could potentially result in a weaker financial system and have an unintentional dampening effect on the supply of SBL.
    JEL: G21 G28 G34
    Date: 2014–10
  34. By: Hans Bækgaard (Danish Rational Economic Agents Model, DREAM)
    Abstract: The paper presents a novel approach to modelling labour market processes in dynamic microsimulation. The method combines and integrates Bayesian simulation based estimation and simulation of the dependent variables. The approach is applied to a dynamic panel model for hourly wage rates for Danish employees using a large panel data set with 17 years of data for 1995 to 2011. The wage rate model and a parallel model for annual work hours are currently being implemented in SMILE (Simulation Model for Individual Lifecycle Evaluation), a new dynamic microsimulation model for the Danish household sector. The application benefits from the richness of Danish administrative panel data. Nevertheless, the results and the approach have several features that should be of interest to micro-simulators and others. Indeed, the model features both an extraordinarily comprehensive list of dependencies and a rich dynamic structure. Together, these features contribute to ensure that simulations produce realistic cross-sectional distributions and interactions as well as inter-temporal mobility – the key determinants of the quality of a dynamic microsimulation model. In addition to the 'usual' socio-demographic variables (gender, age, ethnicity, experience, education etc.), the dependencies include a more novel set of variables that represent a person’s labour market history, secondary school grade and social heritage (represented by the parent’s education level). The dynamic model structure includes a lagged dependent variable, an auto-correlated error term with a mixed Gaussian distribution for the white noise component, an individual random effect with a mixed Gaussian distribution and permanent effect of a person’s first wage after leaving the education system. The estimation sample is identical to the simulation sample, which allows us to use the same historical detail as well as estimated individual effects – i.e. random effect components – for the simulation of future wage rates. The Bayesian estimation method handles missing observations for the dependent variable – due to either non-employment or temporary non-participation – by treating missing observations as latent variables that are simulated alongside the Bayesian iterations. As a byproduct, the estimations produce model consistent latent wage rates for the unemployed that are useful for labour supply analysis.
    Keywords: labour market, modelling, dynamic microsimulation
    Date: 2013–12
  35. By: Eraslan, Hulya (Rice University)
    Abstract: I study a multilateral sequential bargaining model among risk averse players in which the players may differ in their probability of being selected as the proposer and the rate at which they discount future payoffs. For games in which agreement requires less than unanimous consent, I characterize the set of stationary subgame perfect equilibrium payoffs. With this characterization, I establish the uniqueness of the equilibrium payoffs. For the case where the players have the same discount factor, I show that the payoff to a player is nondecreasing in his probability of being selected as the proposer. For the case where the players have the same probability of being selected as the proposer, I show that the payoff to a player is nondecreasing in his discount factor. This generalizes Eraslan [2002] by allowing the players to be risk averse.
    Date: 2015–05
  36. By: Claude Roche (LIP - Laboratoire d'innovation pédagogique - Université Catholique de Lille)
    Abstract: Notre objet est de caractériser certaines des mutations induites par ce qu’on appelle « l’économie de la connaissance». Nous partons de l’idée que nos économies évoluent fortement car le travail devient massivement intellectuel et cela touche, pensons-nous la nature même des connaissances produites en entreprise, ainsi que le mode de leur gouvernance. Ces mutations sont mal comprises des économistes, pour des raisons méthodologiques. En effet le travail intellectuel est fondamentalement immesurable – son efficacité renvoie à sa seule pertinence - alors que la mesurabilité est un présupposé des principales théories. Nous appuyant sur Kant, nous montrerons qu’il s’agit d’une aporie majeure, qui atteint jusqu’au projet d’une science économique (toute science pour Kant, procède par délimitation préalable de son objet, et donc présuppose la mesurabilité). Contre l’illusion scientifique, nous poserons que cette économie doit être interrogée de deux points de vue spécifiques, épistémologique et managérial : avec deux résultats La mutation de la nature de la connaissance Pour la littérature spécialisée (Foray), la connaissance est un « en-soi » défini extérieurement au monde économique. C’est une erreur, et nous poserons que, du fait de la complexité des objets, y apparaissent des modes spécifiques de connaître : à la fois collectifs et transdisciplinaires (Schmid). Tel est le cas de la conception innovante, du design thinking et du codesign dans le développement duquel nous sommes impliqués. Nous décrirons ces pratiques en détail insistant notamment sur ce que l’ancrage économique fonctionne comme une contrainte d’objectivation. Nous poserons alors l’hypothèse qu’elles peuvent dépasser les apories de la connaissance éclatée considérées comme caractéristiques de la « post-modernité»(Lyotard) Il s’agira alors de qualifier économiquement ces pratiques ; et le ferons de façon réflexive à partir de l’expérience récente du management Une tension entre efficacité opérationnelle et pilotage financier La caractéristique de cette économie est qu’elle génère une tension entre deux logiques de gouvernance de l’entreprise : l’efficacité opérationnelle et la rationalité gestionnaire. Celle-ci domine toujours, mais elle échoue à saisir l’efficacité de la connaissance car ses notions centrales - ressource, capital - sont par essence privatives, là où une connaissance privatisée devient inopérante. Stricto-sensu, elle n’est qu’une ressource répartie (un pseudo-capital pour Llerana). Nous montrerons par contre que le management s’est adapté à cette réalité ; nous le ferons en réinterprétant les doctrines managériales récentes. Nous décrirons alors cette tension par des exemples vécus, montrant qu’elle peut conduire à un dialogue de pilotage, au sens de Lorino, opposant le principe financier à celui de l’efficacité du travail intellectuel. Jusqu’où peut aller ce dialogue ? Jusqu’à intégrer des intérêts extérieurs à l’entreprise ? La logique le voudrait. Car le propre du connaitre est d’englober les enjeux de son contexte. Cela s’observe d’ailleurs dans certains dispositifs « d’open innovation » souvent sensibles aux questions de développement durable (Von Hippel). Nous ne pourrons cependant en juger de façon fiable. Cette contribution n’ayant de sens que de montrer les conditions d’une telle interrogation
    Date: 2014–10–09
  37. By: Marina Halac; Pierre Yared
    Abstract: Governments are present-biased toward spending. Fiscal rules are deficit limits that trade off commitment to not overspend and flexibility to react to shocks. We compare centralized rules — chosen jointly by all countries — to decentralized rules. If governments' present bias is small, centralized rules are tighter than decentralized rules: individual countries do not internalize the redistributive effect of interest rates. However, if the bias is large, centralized rules are slacker: countries do not internalize the disciplining effect of interest rates. Surplus limits and money burning enhance welfare, and inefficiencies arise if some countries adopt stricter rules than imposed centrally.
    JEL: D02 D82 E6 H1 P16
    Date: 2015–08
  38. By: Ben-David, Itzhak (OH State University); Franzoni, Francesco A. (University of Lugano and Swiss Finance Institute); Moussawi, Rabih (University of PA); Sedunov, John, III (Villanova University)
    Abstract: Over last 35 years institutional ownership became concentrated at unprecedented levels; e.g., the stock holdings by the largest ten asset management firms quadrupled from 5.6% to 23.1%. Due to their sheer size, institution-level shocks cannot be diversified away and can spill over to the underlying securities. We document that stock ownership by the largest institutional investors leads to an increase in the volatility of the assets that they hold. Furthermore, stocks held by the largest institutional investors exhibit patterns of price inefficiency. We show that these effects are triggered by institution-level idiosyncratic news and channeled through large trades.
    JEL: G01 G12 G23
    Date: 2015–06
  39. By: Kalpana Kochhar; Catherine A. Pattillo; Yan Sun; Nujin Suphaphiphat; Andrew Swiston; Robert Tchaidze; Benedict J. Clements; Stefania Fabrizio; Valentina Flamini; Laure Redifer; Harald Finger
    Abstract: This paper examines water challenges, a growing global concern with adverse economic and social consequences, and discusses economic policy instruments. Water subsidies provided through public utilities are estimated at about $456 billion or 0.6 percent of global GDP in 2012. The paper suggests that getting economic incentives right, notably by reforming water pricing, can go a long way towards encouraging more efficient water use and supporting needed investment, while enabling policies that protect the poor. It also discusses pricing reform options and emphasizes an integrated and holistic approach to manage water, going beyond the water sector itself. The IMF can play a helpful role in ensuring that macroeconomic policies are conducive to sound water management.
    Keywords: Economic policy;Fund role;Policy instruments;Supply and demand;Subsidies;Water supply;Water resources;Water, externalities, public utilities, water use, water management, water infrastructure
    Date: 2015–06–08
  40. By: Klimczuk, Andrzej; Tomczyk, Łukasz
    Abstract: A publication called Aging in the Social Space is a compilation of studies, which deal with theoretical understanding and empirical solutions, learning about problem spheres, specifying content parallels of social, legal, economic, moral and ethical views on senior issues in society, which are closely related to each other and are interconnected. This publication focus on the case study of Poland. It is supposed to provide a multidimensional view of old age issues and issues related to aging and care for old people in society. We believe that it is natural also to name individual spheres, in which society has some eff ect, either direct or indirect, within issues concerning seniors. Learning about these spheres is the primary prerequisite for successful use of social help to seniors in society.
    Keywords: aging, ageing, older people, gerontology, active ageing, Poland
    JEL: J14 J18 Z18
    Date: 2015
  41. By: Battaglini, Marco; Nunnari, Salvatore; Palfrey, Thomas R
    Abstract: Most public goods are durable and have a significant dynamic component. In this paper, we report the results from a laboratory experiment designed explicitly to study the dynamics of free riding behavior in the accumulation of a durable public good that provides a stream of discounted benefits over a potentially infinite horizon. This dynamic free-rider problem differs from static ones in fundamental ways and implies several economically important predictions that are absent in static frameworks. We consider two cases: economies with reversibility (RIE), where the agents’ voluntary contributions to the public good can be positive or negative; and economies with irreversibility (IIE), where contributions are non negative. For both economies, we characterize the unique Markov perfect equilibrium. The evidence supports the main predictions from the theory: behavior is generally consistent with stationary, forward-looking behavior; both in RIE and IIE the accumulation path is inefficiently slow and the public good under-provided; and RIE induces significantly higher public good contributions than IIE. A number of interesting deviations from the theoretical predictions are observed: both in RIE and in IIE we have over-investment in the early rounds of the game; in RIE over-investment is followed by periods in which negative contributions correct the stock, bringing it back to the predicted steady state; in IIE over-investment tends to decline approaching zero. To test the Markovian assumption, we compare the predictions of the Markov equilibrium with the prediction of the most efficient subgame perfect equilibrium and propose a novel experimental methodology that relies on the comparison between the behavior in the dynamic game and the behavior in a one-period reduced-form version of the dynamic game.
    Keywords: durable public goods; experiments; voluntary contribution mechanism
    JEL: C72 C73 C78 C92 H41
    Date: 2015–08
  42. By: Salm, Martin; Wübker, Ansgar
    Abstract: Medical providers often have a significant influence on treatment decisions which they can use in their own financial interest. Classical models of supplier-induced demand predict that medical providers will supply fewer services if they face increasing prices. We test this prediction based on a reform of hospital financing in Germany. Uniquely, this reform changed the overall level of reimbursement - with increasing prices for some hospitals and decreasing prices for others - without affecting the relative prices for different types of patients. Based on administrative data, we find that hospitals do indeed react to increasing prices by reducing service supply.
    Abstract: Anbieter von medizinischen Leistungen treffen häufig Behandlungsentscheidungen für ihre Patienten und haben die Möglichkeit, bei diesen Entscheidungen ihre eigenen finanziellen Interessen zu berücksichtigen. Klassische Modelle der Theorie der 'angebotsinduzierten Nachfrage' prognostizieren, dass medizinische Anbieter auf höhere Preise reagieren, indem sie weniger Leistungen erbringen. Wir testen diese Vorhersage auf Grundlage einer Reform der Krankenhausfinanzierung in Deutschland. Das Besondere an der Finanzierungsreform in Deutschland ist, dass die Reform die Preise für Krankenhäuser verändert hat - mit steigenden Preisen für einige Krankenhäuser und sinkenden Preisen für andere - ohne dabei die relativen Preise für die Behandlung unterschiedlicher Patientengruppen oder unterschiedlicher Krankheiten zu beeinflussen. Unter Nutzung administrativer Daten finden wir, dass Krankenhäuser tatsächlich weniger Leistungen erbringen, wenn die Preise steigen.
    Keywords: physician-induced demand,hospital care,prospective payment
    JEL: I11 L10 L21
    Date: 2015
  43. By: Camille Cornand (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - CNRS - UCBL - Université Claude Bernard Lyon 1 - UL2 - Université Lumière - Lyon 2 - Université Jean Monnet - Saint-Etienne - PRES Université de Lyon - ENS Lyon - École normale supérieure - Lyon); Romain Baeriswyl (Swiss National Bank - Swiss National Bank)
    Abstract: The weight assigned to public information in Keynesian beauty contest depends on the signal precision and on the degree of strategic complementarities. This experimental study shows that the response of subjects to changes in the signal precision and in the degree of strategic complementarities is qualitatively consistent with theoretical predictions, though quantitatively weaker. The weaker subjects’ response to changes in the signal precision, however, mainly drives the weight observed in the experiment, making strategic complementarities and overreaction an issue of second order.
    Date: 2014
  44. By: Joseph P. Byrne; Marina-Eliza Spaliara; Serafeim Tsoukas
    Abstract: Using a large panel of unquoted UK firms over the period 2000-09, we examine the impact of firm-specific uncertainty on corporate failures. In this context we also distinguish between firms which are likely to be more or less dependent on bank finance as well as public and non-public companies. Our results document a significant effect of uncertainty on firm survival. This link is found to be more potent during the recent financial crisis compared with tranquil periods. We also uncover significant firm-level heterogeneity since the survival chances of bank-dependent and non-public firms are most affected by changes in uncertainty, especially during the recent global financial crisis.
    JEL: E44 F32 F34 G32
    Date: 2015
  45. By: Claire Crawford; Lindsey Macmillan; Anna Vignoles
    Keywords: attainment, social mobility, education, secondary, primary
    Date: 2015–07
  46. By: Prabir C. Bhattacharya
    Abstract: This paper reports additional results to those presented in an accompanying paper that set out a framework for thinking about optimal development of a developing economy with an informal sector.
    JEL: C02 C61 E27 O11 O17
    Date: 2015
  47. By: Maximilian Mueller (WHUÐOtto Beisheim School of Management); Denis Schweizer (Concordia University); Volker Seiler (University of Paderborn)
    Abstract: Rare earth elements (REEs) have become increasingly important because of their relative scarcity and worldwide increasing demand, as well as China's quasi-monopoly of this market. REEs are virtually not substitutable, and they are essential for a variety of high-tech products and modern key technologies. This has raised serious concerns that China will misuse its dominant position to set export quotas in order to maximize its own profits at the expense of other rare earth user industries (wealth transfer motive). In fact, export restrictions on REEs were the catalyst for the U.S. to lodge a formal complaint against China in 2012 at the WTO. This paper analyzes possible wealth transfer effects by focusing on export quota announcements (so-called MOFCOM announcements) by China, and the share price reactions of Chinese REE suppliers, U.S. REE users, and the rest of the world REE refiners. Overall, we find limited support for the view of a wealth transfer in connection with MOFCOM announcements only when disentangling events prior to and post the initiation of the WTO trial, consistent with the trial triggering changes to ChinaÕs REE policy and recent announcement to abolish quotas. We do find, however, that extreme REE price movements have a first order effect on all companies in the REE industry consistent with recent market trends to enable hedging against REE price volatility.
    Keywords: Announcement Effects, Event Study, Rare Earths Elements, WTO
    JEL: F13 F52 G14 Q31 Q34 Q37 Q38
    Date: 2015–02
  48. By: Berndt Keller; Hartmut Seifert
    Abstract: The paper deals with various forms of atypical employment in the public sector that are widely neglected in existing research; its specific focus is on their development, scope, distribution and structural features. In the first part we break down the purely statistical category and differentiate between the disparate forms (part-time, marginal employment or minijobs, midijobs, fixed-term, agency work). In the second part we address the question if these forms are not only atypical, but also have to be classified as precarious. We distinguish various risks operative in the short, medium and long term (income, stability of employment and employability, pensions). Finally, we differentiate between employment in the private as well as the public sector and draw parallels and indicate specific differences in their development and situation. Our basic finding is that atypical forms of employment are also widespread in the public sector but are all in all less precarious than in the private sector. The distribution of individual forms shows major differences between both sectors whereas the overall percentages are similar.
    Date: 2015
  49. By: Leander Heldring; James A. Robinson; Sebastian Vollmer
    Abstract: We examine the long-run economic impact of the Dissolution of the English monasteries in 1535, which is plausibly linked to the commercialization of agriculture and the location of the Industrial Revolution. Using monastic income at the parish level as our explanatory variable, we show that parishes which the Dissolution impacted more had more textile mills and employed a greater share of population outside agriculture, had more gentry and agricultural patent holders, and were more likely to be enclosed. Our results extend Tawney’s famous ‘rise of the gentry’ thesis by linking social change to the Industrial Revolution.
    JEL: N43 N63 N93 O14 Q15
    Date: 2015–08
  50. By: Estelle Malavolti (TSE - Toulouse School of Economics - Toulouse School of Economics, LEEA - ENAC - Laboratoire d'Economie et d'Econométrie de l'Aérien - PRES Université de Toulouse - Ecole Nationale de l'Aviation Civile); Frédéric Marty (OFCE - Observatoire Français des Conjonctures économiques - Institut d'Études Politiques [IEP] - Paris - Fondation Nationale des Sciences Politiques [FNSP])
    Abstract: Un abondant contentieux concurrentiel a été suscité par des conventions liant des aéroports secondaires et des compagnies aériennes à bas coût. Ces dernières ont en effet été passées au crible de l’encadrement européen des aides publiques car elles risquaient de donner lieu tant à des distorsions de concurrence entre opérateurs qu’à des phénomènes de concurrence fiscales entre des infrastructures souvent en situation de surcapacités et entretenant des rapports de substituabilité. La Commission a modifié les lignes directrices en 2014 en ouvrant la possibilité d’aides à l’exploitation mais pour une durée limitée. Cette avancée semble s’inscrire en contradiction avec les principes de base de l’encadrement des aides publiques. Notre contribution montre néanmoins, à l’aide d’un modèle économique, que de tels dispositifs peuvent faire sens dès lors que la relation n’est pas conçue comme une chaîne verticale, induisant une dépendance économique de l’aéroport secondaire vis-à-vis de la compagnie aérienne mais comme s’intégrant dans un marché biface dans lequel il fait sens économiquement de subventionner des flux de passager sur l’une des faces pour maximiser d’autres revenus commerciaux (boutiques, parkings) sur l’autre face. Ce faisant, une aide publique à l’exploitation peut être justifiée économiquement et n’a pas obligatoirement à être transitoire. Ainsi, un soutien à une desserte (par exemple sous forme de réduction des redevances aéroportuaires) pourrait s’intégrer dans une logique d’investisseur privé en économie de marché.
    Date: 2015–02–10
  51. By: Oliver Robertson
    Abstract: When central and local governments are called upon to evaluate the costs and benefits of large infrastructure investment projects, they must rely upon models that simplify the complex, dynamic and adaptive realities of the economic, social and political systems into which the infrastructure will be deployed. Oliver Robertson explores the merits of different modelling approaches used to evaluate large-scale transportation investments.
    Date: 2014–03–01
  52. By: Jamal Ibrahim Haidar; Karim Ouled Belayachi
  53. By: Mohammad Amin; Jamal Ibrahim Haidar
    Abstract: It is argued that compared with large countries, small countries rely more on trade and therefore are more likely to adopt liberal trading policies. The present paper extends this idea beyond the conventional trade openness measures by analyzing the relationship between country size and the number of documents required to export and import, a measure of trade facilitation. Three important results follow. First, trade facilitation does improve as country size becomes smaller; that is, small countries perform better than large countries in terms of trade facilitation. Second, the relationship between country size and trade facilitation is nonlinear, much stronger for the relatively small than the large countries. Third, contrary to what existing studies might suggest, the relationship between country size and trade facilitation does not appear to be driven by the fact that small countries trade more as a proportion of their gross domestic product than the large countries.
  54. By: H Peyton Young; Paul Glasserman
    Date: 2015–08–11
  55. By: Beyene,Abebe D.; Bluffstone,Randall; Dissanayake,Sahan; Gebreegziabher,Zenebe; Martinsson,Peter; Mekonnen,Alemu; Toman,Michael A.
    Abstract: This paper provides field experiment?based evidence on the potential additional forest carbon sequestration that cleaner and more fuel-efficient cookstoves might generate. The paper focuses on the Mirt (meaning ?best?) cookstove, which is used to bake injera, the staple food in Ethiopia. The analysis finds that the technology generates per-meal fuel savings of 22 to 31 percent compared with a traditional three-stone stove with little or no increase in cooking time. Because approximately 88 percent of harvests from Ethiopian forests are unsustainable, these findings suggest that the Mirt stove, and potentially improved cookstoves more generally, can contribute to reduced forest degradation. These savings may be creditable under the United Nations Collaborative Program on Reducing Emissions from Deforestation and Forest Degradation in Developing Countries. Because of the highly specific nature of the Mirt stove and the lack of refrigeration in rural Ethiopia, rebound effects are unlikely, but this analysis was unable completely to rule out such leakage. The conclusions are therefore indicative, pending evidence on the frequency of Mirt stove use in the field. The effects of six randomized behavioral treatments on fuelwood and cooking time outcomes were also evaluated, but limited effects were found.
    Keywords: Urban Environment,Energy Production and Transportation,Renewable Energy,Climate Change Mitigation and Green House Gases,Environmental Economics&Policies
    Date: 2015–08–17
  56. By: Subrata Sarkar (Indira Gandhi Institute of Development Research)
    Abstract: In recent years the comply-or-explain approach for enforcing corporate governance norms has gained ground in regulatory parlance. The comply-or-explain approach has the advantage of tailoring governance norms to specific characteristics of individual companies which is believed to lead to more efficient corporate governance outcomes compared to the "one size fits all" approach that is often argued to be inherent in the comply-or-else approach. Yet, the effectiveness of the comply-or-explain approach presupposes the existence of many institutional conditions like ownership and control structure of companies, responsibility and transparency of their financial operations, efficiency of stock markets, and ability and incentives of shareholders to assess corporate behavior, all of which could take a long time to evolve and could be challenging especially for emerging economies. This article critically examines the relative advantages of the comply-or-explain approach vis-…-vis the more traditional comply-or-else approach and identifies the specific institutional conditions which are required for its success in achieving effective governance of companies.
    Keywords: Corporate governance, strategic behavior, governance norms, enforcement, convergence
    JEL: D22 D82 G34 G38
    Date: 2015–08
  57. By: Fertig, Michael
    Abstract: "The pilot project 'Berliner Joboffensive' (BJO) aimed at increasing the number of labor market integrations of individuals receiving meanstested unemployment benefits II (also known as Hartz IV) by intensified counseling and assistance. To this end, the caseload of 650 caseworkers in twelve Jobcenters in Berlin was reduced to 100 jobseekers per caseworker. Furthermore, these jobseekers were considered to be relatively close to the labor market and should have received intensive and individualized help to find an appropriate job on the (first) labor market quickly. The Federal Employment Office commissioned the ISG-Institute to identify the causal effects of the BJO. To this end, a conditional difference-in-difference approach was established to assess effectiveness and efficiency of the BJO. The report at hand summarizes the results." (Author's abstract, IAB-Doku) ((en))
    Keywords: Beschäftigungsförderung - Modellversuch, arbeitsmarktpolitische Maßnahme - Erfolgskontrolle, Arbeitslosengeld II-Empfänger, berufliche Reintegration, Langzeitarbeitslose, Case Management, Jobcenter, Arbeitsvermittlung, Beschäftigungseffekte, matching - Effizienz, Integrierte Erwerbsbiografien, IAB-Leistungsempfängerhistorik, Beschäftigungsdauer, Grundsicherung nach SGB II - Zu- und Abgänge, Berlin, Bundesrepublik Deutschland
    Date: 2015–07–28
  58. By: Bannier, Christina E.; Schürg, Carolin
    Abstract: We examine firms' simultaneous choice of investment, debt financing and liquidity in a large sample of US corporates between 1980 and 2014. We partition the sample according to the firms' financial constraints and their needs to hedge against future shortfalls in operating income. In contrast to earlier work, our joint estimation approach shows that cash flows affect the corporate decisions of unconstrained firms more strongly than those of constrained firms. Investment-cash flow sensitivities are particularly intense for unconstrained firms with high hedging needs. Investment opportunities (as proxied by Q), however, play a larger role for constrained firms with the effects being strongest in case of low hedging needs. Interestingly, constrained firms with low hedging needs are found to employ more debt to finance their investment opportunities and build up significant cash holdings at the same time. Our results hence indicate overinvestment behavior for unconstrained firms but no underinvestment for constrained firms if they have low hedging needs.
    Keywords: cash flow sensitivity,investment,debt issuance,cash holdings
    JEL: G31 G32
    Date: 2015
  59. By: William Barnett (Department of Economics, The University of Kansas; Center for Financial Stability, New York City; IC2 Institute, University of Texas at Austin)
    Date: 2015–06
  60. By: Hall, Viv B.; McDermott, C. John
    Abstract: We compute classical real GDP business cycles and growth cycles, contrast classical recessions with ‘technical’ recessions, and assess the sensitivity of our peaks and troughs to data revisions. Using this information we find that, on average, real GDP and employment cycles have had an 89% association. Other key findings are (i) New Zealand’s average pattern of recovery has differed from that for U.S. NBER cycles, but their most recent recession and recovery paths have been unusually similar; (ii) the strength of New Zealand's business cycle recoveries has been independent of the depth, duration, or severity of the preceding recession; and (iii) investment is an important component of expansions, and in the current cycle it has been residential investment and plant and equipment investment that have been unusually slow to recover their levels at prior business cycle peaks.
    Keywords: Classical business cycles, Growth cycles, Employment cycles, Recessions, Economic recoveries,
    Date: 2015
  61. By: Lambrecht, Lars
    Date: 2015
  62. By: Hamid Bouchikhi (Accounting / Management Control Department - Essec Business School); John R. Kimberly (University of Pennsylvania [Philadelphia])
    Abstract: As of July 1, 2010, the College of Humanities and Social Sciences at the University of the Holy Spirit (UHS) has a single Department of Economics. However, in the seven prior years, there were two economics departments, one that was resolutely mainstream and the other that was just as resolutely heterodox. What accounts for this unusual organizational arrangement? We show that this arrangement was part of a protracted conflict about the kind of economics that befits the Catholic identity of UHS that resulted, ultimately, in a full embrace of mainstream economics in July 2010. We draw on and amend Oliver's (1991) typology of organizational responses to institutional processes and investigate why and how UHS went from deliberate avoidance to full acquiescence to mainstream economics. Our analysis suggests that while organizations may be compelled to adapt to dominant norms, as institutional theorists contend, the process of adaptation involves a variety of conflicting moves and counter moves that engage identity and power and that require forceful leadership to resolve.
    Date: 2014
  63. By: Sabine Le Bayon (OFCE - OFCE - Sciences Po)
    Abstract: Malgré la reprise de la croissance au cours de l'année 2013, le PIB allemand n'a progressé que de 0,5 % en moyenne sur l'ensemble de l'année (contre -0,4 % dans la zone euro). L'acquis de croissance début 2013 était négatif (-0,3 point de pourcentage) et le mauvais premier trimestre a pesé sur la performance annuelle. Au second semestre, alors que la consommation des ménages a décéléré - et s'est même contractée en fin d'année - l'investissement tant en construction que productif et les exportations ont progressé plus vigoureusement. Nous inscrivons en prévision un rebond de la croissance, avec respectivement 1,8 % en 2014 et 1,7 % en 2015. D'une part, l'impulsion budgétaire sera légèrement positive (0,3 point en 2014, puis 0,1 point en 2015) et l'Allemagne pâtira moins de la restriction budgétaire de ses partenaires (avec un effet sur sa croissance de -0,5 point en 2014 puis -0,4 point en 2015). D'autre part, la bonne situation financière des agents et les conditions de financement particulièrement favorables amplifieraient le rebond de l'investissement (tant productif qu'en construction), attendu à cette phase du cycle. n
    Date: 2014–04
  64. By: Neil Foster-McGregor (The Vienna Institute for International Economic Studies, wiiw); Koenen Johannes; Sandra M. Leitner (The Vienna Institute for International Economic Studies, wiiw); Baker Paul; Julia Schricker; Robert Stehrer (The Vienna Institute for International Economic Studies, wiiw); Thomas Strobel; Jurgen Vermeulen; Hans-Günther Vieweg; Anastasia Yagafarova
    Abstract: Summary The share of manufacturing in GDP is declining, whereas the share of services – and business-related services in particular – is rising in almost all advanced economies. However, as these industries are mutually dependent in various ways this study focuses on the manufacturing sector as a user of activities provided by the services industries and – in particular – the way the latter contributes to productivity and value creation in the former. To the extent that this is the case, manufacturing industries benefit from a vibrant business-services industry and themselves play an important ‘carrier function’ of services – issues which are addressed by considering manufacturing activities in a value chain approach. As a consequence, EU Member States facing a declining share of manufacturing might still be part of the manufacturing value chain via the provision of services whereas other countries benefit from services provided by other countries. The role of cross-border flows of services and the patterns of outsourcing and offshoring of such activities across Europe is therefore gaining importance. It is argued that a differentiated pattern of specialisation emerged within Europe with a set of countries keeping a stronghold in manufacturing industries and others are specialising in the provision of related services, whereas some countries have faced a decline in their manufacturing shares, but have not succeeded in increasing their specialisation in business services either. The first four sections of the study present selected quantitative indicators concerning the ‘manufacturing value chains’, discuss the relative importance of the manufacturing–services interaction and its cross-border dimensions, and point towards differences across countries, industries and services activities, and the respective changes over time. Further, impacts of these interactions on manufacturing performance are addressed econometrically. The following two sections highlight important dimensions of services use in manufacturing and issues related to services trade and potential barriers in that respect for selected industries and countries, incorporating both quantitative and qualitative insights.
    Keywords: manufacturing-service interaction, EU-wide specialisation, manufacturing value chains, industry studies
    JEL: F10 L6 L8 O14 R15
    Date: 2015–07
  65. By: Marta C. N. Simões (Faculty of Economics, University of Coimbra, and GEMF, Portugal); Adelaide P. S. Duarte (Faculty of Economics, University of Coimbra, and GEMF, Portugal); João Sousa Andrade (Faculty of Economics, University of Coimbra, and GEMF, Portugal)
    Abstract: This paper discusses the possibility that the austerity measures implemented in Portugal, that translate into a reduction of the respective welfare state, can not only hamper short term economic recovery but also compromise long-run macroeconomic performance, based on their impact on income inequality. We estimate a near-VAR model with social spending, inequality and output and perform impulse response analysis over the period 1980-2013 to investigate whether the recent expansion of the Portuguese welfare state constituted an obstacle or an opportunity for this country’s macroeconomic performance. Our results point to social spending as an expansionary fiscal policy instrument that can alleviate the downturn in output in the short-term. The long-term role of social spending is less clear due to its ambiguous effect on overall income inequality. We conclude that more important than the insufficient increase in social benefits due to fiscal consolidation efforts seems to be the need to carefully target social support so that there is no equity-efficiency trade-off.
    Keywords: social spending, inequality, economic growth, Portugal, VAR.
    JEL: H53 O40 O52 P16
    Date: 2015–07
  66. By: Stijn Oosterlynck; Yuri Kazepov,; Andreas Novy; Pieter Cools; Tatiana Sarius; Florian Wukovitsch
    Abstract: This paper presents stylized profiles of the welfare regimes of Austria, Italy and Belgium. It gives a brief overview of the demographic condition and socioeconomic dynamics (especially poverty) of the respective countries, its social policies and expenditures, the situation and policies with regard to labour market and activation, education and the position of ethnic minorities and housing. We combine this with descriptions of the vertical and horizontal governance system of its welfare regime. Finally, on the basis of the all this, we reflect on how a range of governance challenges for socially innovative initiatives, related to the need to coordinate a multiplicity of actors and instruments and work across various spatial scales, express themselves in each of these three welfare regimes. The main aim of this paper is to act as a background document to facilitate the comparison between case studies of socially innovative initiatives and assess how the type of welfare regime and its horizontal and vertical governance system shape the forms of social innovation that emerge in particular countries.
    Keywords: social innovation, welfare regime, governance, housing, labour market activation, education, ethnic minorities
    JEL: I H77 P16
    Date: 2015–07
  67. By: Heller, Yuval
    Abstract: Various papers have presented folk-theorem results that yield efficiency in the repeated Prisoner's Dilemma with imperfect private monitoring. I present a mild equilibrium refinement that requires robustness against small perturbations in the behavior of potential opponents, and I show that only defection satisfies this mild refinement among all the equilibria in the existing literature, unless one assumes either (1) communication among the players, or (2) sufficient correlation between the private signals (conditional on the action-profile).
    Keywords: Belief-free equilibrium, evolutionary stability, imperfect private monitoring, repeated Prisoner's Dilemma, communication.
    JEL: C73 D82
    Date: 2015–08–08
  68. By: Bethke, Sebastian; Gehde-Trapp, Monika; Kempf, Alexander
    Abstract: We examine the dynamics of bond correlation using a broad sample of US corporate bonds, and document that bond correlation varies heavily over time. We attribute this variation in bond correlation to variation in risk factor correlation reflecting time-varying flight-to-quality behavior of investors. We show that risk factor correlation increases when investor sentiment decreases, i.e., corporate bond investors exhibit stronger flight-to-quality when their sentiment is low. Thus, low investor sentiment leads to flightto- quality behavior and, ultimately, high bond correlation.
    Keywords: bond correlation,risk factor correlation,flight-to-quality,investor sentiment
    JEL: G11 G12
    Date: 2015
  69. By: Contò, Francesco; Fiore, Mariantonietta; Conte, Alessandra; Pellegrini, Giustina
    Abstract: Over the last decades, food waste has generated an immense amounts across the food life cycle, determining serious environmental, social and economic issues. Reducing the amount of food waste is a key element in developing a sustainable food system.The purpose of this study is to investigate the correlation between food waste and belief, attitudes and behaviours at the household level so exploring its possible drivers among Italian consumers: how people could reduce or avoid the amount of food waste is the main step for addressing the consumer behaviour and for planning shopping routines. In effect avoidable food waste represents the majority of food waste generated at the household level. The disposal of food is the final step in the food provisioning process (Munro, 1995) entailing a series of food-related behaviours from purchasing food to preparing and eating it (Jensen et al., 2012). The Theory of Planned Behavior (Ajzen,1991) helps to understanding how the people actions can be modified linking beliefs and behaviour; this theory is our starting point to predict household decisions in order to avoid, to minimize or to recycle waste (Biswa et al., 2000; Knussen et al., 2004) as well as to improve food-related behaviours (Conner & Armitage, 2002). To this end, an on-line survey was carried out via social networks and e-mail. A focus group and a pilot test with 12 Italian consumers were conducted to support the questionnaire design. 256 were respondents. Results are in line with the studies on this research topics. The current study focuses on Italian consumers, but the basic concepts in our framework should be replicable and so applicable to any society. The policy implications are related to the crucial importance that new models to address behaviour consumer have to be identified in order to change eating habits and attitudes.
    Keywords: Food Waste, Shopping routines, Consumer behaviour, Theory of Planned Behaviour., Agricultural and Food Policy, Q10, Q18, D12.,
    Date: 2015–06
  70. By: Martin Ravallion (Georgetown University and NBER, U.S.A.)
    Abstract: It is sometimes argued that poorer people choose to work less, implying less welfare inequality than suggested by observed incomes. Social policies have also acknowledged that efforts differ, and that people respond to incentives. Prevailing measures of inequality (in outcomes or opportunities) do not, however, measure incomes consistently with personal choices of effort. The direction of bias is unclear given the heterogeneity in efforts and preferences. Data on the labor supplies of single American adults suggest that adjusting for effort imposing common preferences attenuates inequality, although the effect is small. Allowing for preference heterogeneity consistently with behavior suggests higher inequality.
    Keywords: income, welfare, inequality, poverty, effort, labor supply.
    JEL: D31 D63
    Date: 2015–07
  71. By: Patrick Bonnel (LET - Laboratoire d'économie des transports - CNRS - UL2 - Université Lumière - Lyon 2 - École Nationale des Travaux Publics de l'État [ENTPE]); Pascal Pochet (LET - Laboratoire d'économie des transports - CNRS - UL2 - Université Lumière - Lyon 2 - École Nationale des Travaux Publics de l'État [ENTPE])
    Abstract: The analysis of transport mode use is essential to understand and/or forecast travel behavior, and therefore to respond to planning needs. Given the strong economic, social, and environmental stakes related to transport mode use, especially car use, a considerable number of empirical or theoretical works can be found in the last decades. This knowledge is more and more used in order to propose new transport policies emphasizing the need to increase the use of more s.ustainable, safer and more healthful transport modes
    Date: 2014–08
  72. By: Yingling Fan; Andrew Guthrie; David Levinson (Nexus (Networks, Economics, and Urban Systems) Research Group, Department of Civil Engineering, University of Minnesota)
    Abstract: Waiting and transferring in transit travel are often perceived negatively and can be significant obstacles to mode shifts between automobile to transit. High-amenity stations, transit centers served by multiple routes and multimodal hubs are becoming increasingly popular as strategies for mitigating transit users' aversion to waiting and transferring. However, beyond recent evidence that realtime departure information reduces perceived waiting time, there is limited empirical evidence as to which other specific station and stop amenities can effectively influence user perceptions of waiting time. To address this knowledge gap, the authors conducted a passenger survey and video-recorded waiting passengers at different types of transit stops and stations to investigate the impacts of various station characteristics on transit users' perceptions of waiting and transferring time, controlling for weather and time of day. The authors employ regression analysis to explain the variation in riders' waiting time estimates as a function of their objectively observed waiting times, as well as station and stop amenities, while controlling for weather, time of day, self-reported and observed socio-demographic characteristics and trip characteristics. Based on the results, waits at stops with no amenities are perceived as twice as long or longer than they actually are. Benches, shelters and realtime departure information signs significantly reduce perceived waiting times. A complete package of all three nearly erases the time perception penalty of waiting. Women waiting in surroundings perceived to be insecure report waits as dramatically longer than they really are, and longer than do men and/or respondents in surroundings perceived to be secure. However, the provision of stop amenities significantly reduces this disparity. The authors recommend a focus on providing basic stop amenities as broadly as possible, continued exploration of methods for communicating arrival information and a particular focus on stops in less safe areas for improvements.
    Keywords: transit; waiting time; perception; realtime information; security; gender
    JEL: R41 C93
    Date: 2015
  73. By: Charles D. Brummitt (Center for the Management of Systemic Risk, Columbia University); Teruyoshi Kobayashi (Graduate School of Economics, Kobe University)
    Date: 2015–01
  74. By: Jacques Melitz
    Abstract: How far has English already spread? How much further can we expect it to go? In response to the first question, this chapter tries to identify the areas of life where English already serves as a lingua franca in the world (more or less) and those where the language faces sharp competition and does not threaten to marginalize the other major languages. The former areas of life are international safety, the internal business of international organizations, internal communication within the international news industry, international sports and science. The latter areas are the press, television, the internet, publishing and international trade. As to the second question, about the future prospects of English, the chapter argues that the advance of English will depend heavily on the motives to learn the other major languages in the world as well. Based on the empirical evidence, the same model applies to the incentives to learn English and these other languages. On the important topic of welfare, the cultural market is the single one where it is arguable that the progress of English has gone too far. English dominance in the song, the cinema and the best-seller is indeed extraordinary and difficult to reconcile with the evidence popular attachments to home languages, which is otherwise strong and apparent.
    Date: 2015
  75. By: Antoine Jacquier; Martin Keller-Ressel
    Abstract: We consider implied volatilities in asset pricing models, where the discounted underlying is a strict local martingale under the pricing measure. Our main result gives an asymptotic expansion of the right wing of the implied volatility smile and shows that the strict local martingale property can be determined from this expansion. This result complements the well-known asymptotic results of Lee and Benaim-Friz, which apply only to true martingales. This also shows that `price bubbles' in the sense of strict local martingale behaviour can in principle be detected by an analysis of implied volatility. Finally we relate our results to left-wing expansions of implied volatilities in models with mass at zero by a duality method based on an absolutely continuous measure change.
    Date: 2015–08
  76. By: Yan Dolinsky; Ariel Neufeld
    Abstract: We study the problem of super-replication of game options in general stochastic volatility models which include e.g. the Heston model, the Hull-White model and the Scott model. For simplicity, we consider models with one risky asset. We show that the super-replication price is the cheapest cost of a trivial super-replication strategy. Furthermore, we calculate explicitly the super-replication price and the corresponding optimal hedge. The super-replication price can be seen as the game variant of a concave envelope. Our approach is purely probabilistic.
    Date: 2015–08
  77. By: Taylor, Richard; Koo, Won W.
    Keywords: Agribusiness, Agricultural and Food Policy, Agricultural Finance,
    Date: 2014–03
  78. By: Danish Rational Economic Agents Model, DREAM (Danish Rational Economic Agents Model, DREAM)
    Date: 2015–02
  79. By: Bastien Bernela (CRIEF - Centre de Recherche sur l'Intégration Economique et Financière - Université de Poitiers)
    Abstract: Access of young PhDs to scientific position is a recurrent concern in recent empirical works. The issue of spatial mobility of researchers is also often discussed, but rarely both simultaneously. We propose a joint analysis of the determinants of occupational and geographical PhDs paths by using three Céreq generation surveys (2001, 2004, 2007). Descriptive statistics and estimation of a bivariate probit highlight the strengthening of PhDs geographical mobility, and the growing importance of publications for access to academic employment.
    Abstract: L’accès à l’emploi scientifique des jeunes docteurs est une préoccupation récurrente dans les travaux empiriques récents. Si la question de la mobilité spatiale des chercheurs fait également débat, ce sont souvent deux problématiques indépendantes. Nous proposons une analyse conjointe des déterminants des trajectoires professionnelle et géographique des docteurs à partir des données de trois enquêtes génération (2001, 2004, 2007) du Céreq. Un ensemble de statistiques et l’estimation d’un probit bivarié mettent notamment en évidence un renforcement des mobilités géographiques des docteurs, ainsi que l’importance croissante des publications pour l’accès à l’emploi académique.
    Date: 2014–11–20
  80. By: Ramboll
    Abstract: This report provides estimates of the VAT Gap for 26 EU Member States for 2012, as well as revised estimates for the period 2009-2011. It is a follow-up to the "Study to quantify and analyse the VAT Gap in the EU-27 Member States", published in September 2013. See the press release (IP/14/1187) and the frequently asked questions (MEMO/14/602).
    Keywords: European Union, VAT gap
    Date: 2014–09
  81. By: Jamal Ibrahim Haidar
  82. By: Patrizio Bianchi (Università di Ferrara - Facolta di Economia); Sandrine Labory (Università di Ferrara - Facolta di Economia)
    Abstract: Resilience means the capacity of a territory to react to, reconstruct, adapt and learn from a shock. The shock can be an economic crisis like the financial crisis started in 2008, or a sudden and unexpected event such as a natural disaster. The earthquakes that affected the Emilia-Romagna region in Italy in May 2012 are a case in point. On the 20th and the 29th of May of that year two earthquakes of medium intensity affected the region, with limited impact on the health of people but dramatic impact on buildings, houses, schools and industrial plants. The literature has stressed the importance of factors such as the magnitude of the natural disaster, the amount of available resources, tangible and intangible capital and endowments in favouring the resilience of places to disasters. The recovery governance has also been shown to be important, in particular democratic participation in the recovery process. We highlight through the analysis of the Emilia Romagna case that recovery governance is indeed a key aspect, and in particular the capacity of the government to rapidly set priorities and favour the cohesion of local communities. For this purpose, we argue that a key level of the recovery governance process is the meso-level of governance, namely the regional one.
    Date: 2014–06–23
  83. By: Gugle, Elisabeth (University of Victoria); Zodrow, George R. (Rice University and Centre for Business Taxation, Oxford University)
    Abstract: Most of the tax competition literature focuses on the provision of local public services to households. However, a number of papers, dating back to Zodrow and Mieszkowski (1986), analyze tax competition when capital taxes are used to finance local public services provided to businesses, examining the conditions under which such services are provided efficiently, under-provided, or overprovided. In addition, several prominent observers have noted that "benefit-related" business taxation is desirable on both efficiency and equity grounds and argued that such taxation should take the form of a tax based on production, such as an origin-based value-added tax. We evaluate this contention in this paper, comparing within the context of a standard model of interjurisdictional competition the relative efficiency properties of these alternative business taxes. Our simulation results suggest that under many circumstances it is more efficient to finance business public services with an origin-based production tax rather than a source-based capital tax. We also relate our results to others found in the existing literature on capital tax competition when public services are provided to businesses.
    JEL: H11 H21 H41 H42
    Date: 2014
  84. By: Hans Bækgaard
    Date: 2014–05
  85. By: Medlock, Kenneth B., III (Rice University); Hartley, Peter (Rice University)
    Date: 2014
  86. By: Noël Bonneuil (EHESS - École des hautes études en sciences sociales, INED - Institut national d'études démographiques); Raouf Boucekkine (AMSE - Aix-Marseille School of Economics - EHESS - École des hautes études en sciences sociales - Centre national de la recherche scientifique (CNRS) - Ecole Centrale Marseille (ECM) - AMU - Aix-Marseille Université, IUF - Institut Universitaire de France - M.E.N.E.S.R. - Ministère de l'Éducation nationale, de l’Enseignement supérieur et de la Recherche)
    Abstract: The mechanism stating that longer life implies larger investment in human capital, is premised on the view that individual decision-making governs the relationship between longevity and education. This relationship is revisited here from the perspective of optimal period school life expectancy, obtained from the utility maximization of the whole population characterized by its age structure and its age-specific fertility and mortality. Realistic life tables such as model life tables are mandatory, because the age distribution of mortality matters, notably at infant and juvenile ages. Optimal period school life expectancy varies with life expectancy and mortality. Applications to stable population models and then to French historical data from 1806 to nowadays show that the population age structure has indeed modified the relationship between longevity and optimal schooling
    Date: 2015–02
  87. By: Alex Bryson; John Forth; Lucy Stokes
    Abstract: Alex Bryson and colleagues find that UK employees' job satisfaction is positively associated with workplace financial performance.
    Keywords: Subjective well being, job satisfaction, job-related affect, workplace performance
    JEL: J28
    Date: 2015–07
  88. By: Jonas Zangenberg Hansen (Danish Rational Economic Agents Model, DREAM); Peter Stephensen (Danish Rational Economic Agents Model, DREAM); Joachim Borg Kristensen
    Keywords: household formation, housing demand, denmark, microsimulation
    Date: 2013–12
  89. By: Alesina, Alberto F; Giuliano, Paola
    Abstract: A growing body of empirical work measuring different types of cultural traits has shown that culture matters for a variety of economic outcomes. This paper focuses on one specific aspect of the relevance of culture: its relationship to institutions. We review work with a theoretical, empirical, and historical bent to assess the presence of a two-way causal effect between culture and institutions.
    Keywords: culture; institutions
    JEL: P16 Z1
    Date: 2015–08
  90. By: Juan Tomas Sayago-Gomez (Regional Research Institute, West Virginia University); Caleb Stair (Regional Research Institute, West Virginia Univers)
    Abstract: This technical document describes the foundations for three different regional economic functions implemented in MATLAB and R. These functions are Location Quotients, Coefficients of Localization, and Shift-Share Analysis.
    Keywords: location quotient, coefficient of specialization, shift share methodology
    JEL: C6 C63 C65 R10 R58
    Date: 2015–07–28
  91. By: Alice Evans
    Abstract: Economic insecurity has catalysed growing flexibility in gender divisions of labour in Kitwe, Zambia. People's resulting exposure to, as well as collective reflection about, a critical mass of women performing work that was previously presumed to be beyond their capabilities, and valorised because of its association with masculinity, appears to erode gender stereotypes relating to competence and status. It is this weakening of gender beliefs, rather than women's increased access to resources per se, that appears to have directly undermined gender-status inequalities. This article's portrayal of growing gender egalitarianism contrasts with (though does not dispute the empirical claims of) earlier accounts of economic crisis in Zambia, which emphasised women's increased burdens. Some domains, such as unpaid care work, continue to be marked by persistent inequalities; however, drawing on ethnographic research (comprising life history narratives, group interviews and observation), it is argued that this is not necessarily an indicator of women's low status generally.
    JEL: R14 J01
    Date: 2014
  92. By: Deller, Steven C. (University of WI); Brown, Laura (University of WI); Canto, Amber (University of WI)
    Abstract: In this exploratory analysis we look for patterns in the relationship between local foods and community health using U.S. nonmetropolitan counties. We take an ecological approach using 2007 Census of Agriculture and "County Health Rankings & Roadmaps" data collected by the University of Wisconsin Population Health Institute program at the U.S. county level. In addition to the central question (are higher concentrations of characteristics of local food systems associated with healthier communities) we address the question of health modeling uncertainty by use a Spatial Bayesian Model Averaging (SBMA). As expected, our findings indicate that higher levels of activities associated with local foods are generally associated with higher levels of community health. Two problems with the analysis are (1) challenges around definitions and measurement of local foods and (2) direction of causation is unclear.
    Date: 2014–02
  93. By: Gary Taylor (Deparment of Economics South Dakota State University)
    Date: 2015–04–17
  94. By: Egorova, Maria (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Laptev, G. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Krylov, V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Orlova, E. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Khabarov, S. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: The work justifies new original theoretical concept of a private management; concludes the possibility of applying the method of legal subordination of private relations; criteria of systematization of legal forms that mediate the processes of market coordination of economic activity are formed; It analyzes the main legal models on which the coordination of economic activities in the economic turnover is based; studied in detail the mechanisms of legal regulation of each of the legal basis of coordination of economic activity; identified shortcomings of the current legislation in this area and identified the main vectors of its possible improvement.
    Keywords: private management, private relations, legal forms
    Date: 2015–08
  95. By: Annemieke Tuinstra-Karel
    Abstract: Behavioural economics, the interdisciplinary field of research that studies the impact of psychological factors on economic decision making, is a trending topic in policy circles. Annemieke Tuinstra-Karel discusses the implications for competition policy, based on a recent investigation by the Netherlands Authority for Consumers and Markets.
    Date: 2014–09–01
  96. By: Kamidohzono, Sachiko G.; Gómez, Oscar A.; Mine, Yoichi
    Abstract: In today’s world, communities and individuals are exposed to old and new threats such as civil wars, terrorism, natural disasters, infectious diseases, economic downturns, climate change and famines. Human security is an idea and an approach developed to address the pressing needs and moral imperatives arising from those insecurities faced by all humankind. The idea urges to secure fundamental freedoms for everyone, i.e., freedom from fear, freedom from want, and freedom to live in dignity, by combining top-down protection and bottom-up empowerment. While the importance of such an idea has been increasingly discussed since its emergence in the mid-1990s, the ways to operationalize it in practice remain a contested matter. In particular, the practice of Japan’s ODA has received less attention despite Japan being the only government fully committed to the promotion of human security, with ODA as its major tool since 2003. Aiming to inform practice in coming decades, this paper explores the ways how to operationalize the idea, by following the recent history of Japan’s ODA activities related to human security. After briefly recounting the connection between Japan’s ODA and the idea of human security at the policy level, we trace the evolution of its practice, mainly focusing on bilateral contributions by JICA, in the four emblematic areas linked to human security: natural disasters, climate change, infectious diseases and violent conflict. Our examination reveals that Japan’s ODA practice has, in general, been evolving in a way that resonates with the idea of human security. In order to consolidate this trend and to further operationalize human security, however, there still remains much to be done. We have identified three significant directions that can be taken to further operationalize human security: emphasizing prevention, realizing seamless assistance, and caring for the most vulnerable.
    Keywords: human security practice , natural disasters , climate change , infectious diseases , violent conflict
    Date: 2015–03–26
  97. By: Guy Meunier (INRA - Institut national de la recherche agronomique (INRA), Department of Economics, Ecole Polytechnique - CNRS - Polytechnique - X); Jean-Pierre Ponssard (CNRS, Department of Economics, Ecole Polytechnique - CNRS - Polytechnique - X); Francisco Ruiz-Alizeda (Department of Economics, Ecole Polytechnique - CNRS - Polytechnique - X)
    Abstract: In industries with large sunk costs, the investment strategy of competing firms depends on the regulatory context. We consider ex-ante industrial policies in which the sunk cost may be either taxed or subsidized, and antitrust policies which could be either pro-competitive (leading to divestiture in case of high ex-post protability) or lenient (allowing mergers in case of low ex-post protability). Through a simple entry game we completely characterize the impact of these policies and examine their associated dynamic trade-offs between the timing of the investment, the ex-post benefits for the consumers, and the possible duplication of fixed costs. We find that merger policies are dominated by ex-ante industrial policies, whereas the latter are dominated by divestiture policies only under very special circumstances.
    Date: 2015–02–16
  98. By: NISHIMURA, Takeshi; OKADA, Akira; SHIRATA, Yasuhiro
    Abstract: Group formation is a fundamental activity in human society. Humans often exclude others from a group and divide the group benefit in a fair way only among group members. Such an allocation is called in-group fair. Does natural selection favor an in-group fair allocation? We investigate the evolution of fairness and group formation in a three-person Ultimatum Game (UG) in which the group value depends on its size. In a stochastic model of the frequency-dependent Moran process, natural selection favors the formation of a two-person subgroup in the low mutation limit if its group value exceeds a high proportion (0.7) of that of the largest group. Stochastic evolutionary game theory provides theoretical support to explain the behavior of human subjects in economic experiments of a three-person UG.
    Date: 2015–08
  99. By: Ramboll
    Abstract: This Study evaluates the current arrangements for movements of excise goods that have been released for consumption (Chapter V of Council Directive 2008/118/EC) and proposes some careful recommendations in order to improve this type of trade. The Study covers intra-EU movements of excisable consignments between traders and distance selling of excise goods to private individuals. Personal purchases by travellers for their own use and transported by the traveller himself, in accordance with Article 32 of the Directive, are excluded from the scope of the study. The Study was prepared on the basis of data collected throughout written questionnaires, on line surveys and interviews with selected Member States administrations, economic operators and consumer organisations.
    Keywords: European Union, Community directive, tax on consumption, trade policy, distance selling, indirect tax, report
    Date: 2015–04
  100. By: David Carey
    Abstract: New Zealand generally performs well in terms of economic and social inclusion. It has high employment rates, and education and health-care systems work well for most. However, some New Zealanders are stuck on low incomes and face material deprivation and multiple barriers to economic and social participation. The ranks of those falling behind increased in the wake of the economic reforms in the late 1980s and early 1990s, which succeeded in halting the decline in GDP per capita relative to the OECD average but contributed to large increases in income inequality and poverty that have only been partially reversed since then. These developments have been aggravated by the rising burden of housing costs on low-income households. Māori, Pasifika and low-income households have also experienced slower rates of improvement in many health and education results. NZ governments have made improving outcomes for disadvantaged groups a top priority in recent years. Reforms are being made to facilitate the transition of welfare beneficiaries into work, increase the supply of affordable and social housing and enhance health and education outcomes for disadvantaged groups. These reforms go in the right direction and, in many cases, would be more effective still if complemented by other reforms.<P>Rendre la croissance économique plus inclusive en Nouvelle-Zélande<BR>Dans l’ensemble, la Nouvelle-Zélande obtient de bons résultats en matière d’intégration économique et sociale. Le taux d’emploi est élevé et, globalement, les systèmes d’éducation et de santé fonctionnent correctement. Cependant, la situation reste inchangée pour certains Néo-zélandais à faible revenu qui demeurent confrontés à des difficultés matérielles et à de nombreux obstacles à une pleine participation à la vie économique et sociale. Le nombre de foyers ayant perdu du terrain a augmenté à la suite des réformes économiques de la fin des années 80 et du début des années 90, qui ont certes permis d’arrêter le déclin du PIB par habitant par rapport à la moyenne de l’OCDE, mais au prix d’un creusement marqué des inégalités de revenu et d’une hausse de la pauvreté qui n’ont pas été entièrement corrigés depuis. Dans ce contexte, l’augmentation de la charge des coûts du logement pour les ménages à faible revenu a constitué un facteur aggravant. En outre, les ménages néo-zélandais défavorisés – les pauvres, les Maoris et les Insulaires du Pacifique – ont connu des progrès plus maigres à bien des égards en matière de santé et d’éducation. Ces dernières années, l’amélioration de la situation des groupes défavorisés figurait en tête des priorités des gouvernements néo-zélandais. Des réformes ont été menées à bien pour faciliter la transition vers le monde du travail des bénéficiaires de prestations sociales, pour accroître l’offre de logements sociaux abordables, pour améliorer les retombées positives, en matière de santé et d’éducation, pour les populations défavorisées. Ces réformes, qui vont dans la bonne direction, auraient bien souvent une efficacité plus grande si des réformes complémentaires venaient les compléter.
    Keywords: education, housing, income inequality, poverty, health outcomes
    JEL: I14 I18 I24 I28 I32 I38
    Date: 2015–08–21
  101. By: Yoram Amiel; Michele Bernasconi; Frank Cowell; Valentino Dardanoni
    Abstract: Is there a trade-off between people’s preference for income equality and income mobility? Testing for the existence of such a trade-off is difficult because mobility is a multifaceted concept. We analyse results from a questionnaire experiment based on simple precise concepts of income inequality and income mobility. We find no direct trade-off in preference between mobility and equality, but an indirect trade-off, applying when more income mobility can only be obtained at the expense of some income inequality. Mobility preference—but not equality preference—appears to be driven by personal experience of mobility.
    JEL: N0
    Date: 2014–08–23
  102. By: Mason, Nicole M.; Tembo, Solomon T.
    Keywords: Agricultural and Food Policy, Food Security and Poverty, International Development,
    Date: 2015–05
  103. By: Fabio Pammolli (IMT Lucca Institute for Advanced Studies and CERM Foundation - Competitività, Regole, Mercati); Francesco Porcelli (Department of Economics Business School University of Exeters and CERM Foundation - Competitività, Regole, Mercati); Francesco Vidoli (Dipartimento di Istituzioni Pubbliche Economia e Società Università degli Studi di Roma 3 and CERM Foundation - Competitività, Regole, Mercati); Guido Borà (Dipartimento di Scienze Politiche e Cognitive Università degli Studi di Siena and CERM Foundation - Competitività, Regole, Mercati)
    Abstract: Il nuovo rapporto SaniRegio fornisce, in linea con le edizioni precedenti, il calcolo della spesa sanitaria corrente standard delle singole Regioni attraverso la stima di una funzione di spesa in cui la distribuzione della popolazione per fasce di età rappresenta il driver principale del fabbisogno standard. Il modello predisposto per SaniRegio3, completamente rivisto rispetto alla prima versione, nonostante presenti gli stessi obiettivi e utilizzi, in gran parte, la stessa base dati delle versioni precedenti, risulta notevolmente ampliato nel ventaglio dei risultati e delle tecniche econometriche impiegate. In SaniRegio3, in particolare, accanto all'analisi della spesa, si considerano per la prima volta in modo esplicito e dettagliato i livelli delle prestazioni erogate (standard e storico), gli input impiegati e quindi il livello di spesa efficiente di ogni sistema regionale. Si è introdotto, inoltre, come nuovo concetto, l'output-gap, ovvero la differenza tra l'output storico e l'output standard misurato con riferimento alla struttura della popolazione residente. Le regioni con output-gap positivo sono quelle che, diversamente dalle regioni con output-gap negativo, riescono a soddisfare meglio la domanda del proprio territorio. Accanto all'output-gap, poi, è stato possibile misurare il livello di spesa attribuibile all'offerta di servizi erogati sopra o sotto lo standard.
    Keywords: ssr, federalismo, spesa sanitaria, piani di rientro, riparto fsn, proiezioni, regioni, sostenibilità, demografia, efficientamento spesa
    JEL: D60 D61 H50 H51 H70 H75 H77 I10 I11 I18 I30 I31 I38
    Date: 2015–08
  104. By: Christina Atanasova; Evan Gatev Daniel; Daniel Shapiro
    Abstract: Small companies have important economic significance as the most dynamic, innovative and risk-taking sector of the economy. So why do small-cap companies offer only limited corporate governance provisions? Christina Atanasova, Evan Gatev, and Daniel Shapiro find that small companies are incentivised to improve governance by being offered the carrot of easier access to equity financing.
    Date: 2014–09–01
  105. By: Tomoya Kazumura; Shigehiro Serizawa
    Abstract: Consider the problem of allocating objects to agents and how much they should pay. Each agent has a preference relation over pairs of a set of objects and a payment. Preferences are not necessarily quasi-linear. Non-quasi-linear preferences describe environments where payments influence agents' abilities to utilize objects. This paper is to investigate the possibility of designing efficient and strategy-proof rules in such environments. A preference relation is single demand if an agent wishes to receive at most one object; it is multi demand if whenever an agent receives one object, an additional object makes him better off. We show that if a domain contains all the single demand preferences and at least one multi demand preference relation, and there are more agents than objects, then no rule satisfies efficiency, strategy-proofness, individual rationality, and no subsidy for losers on the domain.
    Date: 2015–08
  106. By: Tran, Tat Thanh; Zikos, Vasileios
    Abstract: We study how free trade agreements between countries and international R&D networks between firms emerge endogenously. The government of each country can initiate bilateral free trade agreements to abolish the import tariffs of other countries. Firms can decide whether and with whom to form R&D collaborations. We build a new model of double-layer networks where the network of free trade agreements is formed in the first layer, and the R&D network is formed in the second layer. Consistently with the stylized facts, we find that free trade agreements can promote international R&D collaboration between firms. Private incentives to form free trade agreements are aligned with societal ones. For R&D networks, by contrast, we identify a conflict between private and social incentives.
    Keywords: Free trade agreements, R&D collaboration, tariffs, innovation.
    JEL: D85 F10 L13 L20 O31
    Date: 2014–11–20
  107. By: Fu, Chao (University of WI); Wolpin, Kenneth I. (Rice University and University of PA)
    Abstract: We develop a model of crime in which the number of police, the crime rate, the arrest rate, the employment rate and the wage rate are joint outcomes of a subgame perfect Nash equilibrium. The local government chooses the size of its police force and citizens choose among work, home and crime alternatives. We estimate the model using MSA-level data. We use the estimated model to examine the effects on crime of targeted federal transfers to local governments to increase police. We find that knowledge about unobserved MSA-specific attributes is critical for the optimal allocation of police across MSA's.
    Date: 2014–08
  108. By: Mamipour, Siab; Vaezi Jezeie, Fereshteh
    Abstract: Iran Stock Exchange is the most important component of Iran capital market and more attention has been paid to it in recent years. Many factors affect the Iran stock exchange. In this paper, the effects of oil price and gold price on stock market index are investigated and a three regime Markov Switching Vector Error Correction model is used to examine the nonlinear properties model during the period January 2003 to December 2014. The results of the study shows that the relationships between variables can be analyzed in three different status, so that the three regimes, respectively, represents the “great depression”, “mild depression” and “expansion” period. The results of the model show that the impact of oil price on stock returns is negative and significant in all three regimes; this means that with rising oil price, stock market returns are reduced. But the relationship between gold price and stock market returns varies during the period, according to market conditions. It means that positive shock inflicted on the price of gold in the short-run (10 months) leads to reduce the stock returns and in the medium-term and long-run, it leads to increase the stock returns.
    Keywords: Stock Market Price, Oil Price, Gold Price, Markov Switching-Vector Error Correction Model (MS-VECM)
    JEL: C32 E32 E37 G17
    Date: 2015–06–10
  109. By: Duttle, Kai
    Abstract: This experimental study investigates the interaction of two influential factors of biased probability judgments. Results provide new insights on the preconditions for an application of either the gambler's fallacy or its exact opponent, the hot hand fallacy. The first factor is cognitive ability, measured in a cognitive reflection test. The second one is the level of perceived randomness in the observed outcomes. Probability judgments are found to vary significantly across salience of randomness treatments as well as across subgroups with high or low cognitive abilities. Like in previous research, subjects with higher cognitive skills are more likely to engage the gambler's fallacy, yet only if perception of sequential randomness is low. In a setting where randomness is very salient the exact opposite can be observed. Similarly surprising insights are revealed when controlling for cognitive abilities in the analysis of salience treatments. Past results are only confirmed for a subgroup with lower cognitive skills, while their peers' beliefs are completely opposite.
    Abstract: Diese experimentelle Studie untersucht die Interaktion zweier Einflussfaktoren auf fehlerhafte Wahrscheinlichkeitsschätzungen. Die Ergebnisse geben Einblick in die Voraussetzungen für eine Verhaltensanwendung der sogenannten Gambler's Fallacy einerseits, oder aber dem genauen Gegenstück, der Hot Hand Fallacy. Der erste Faktor ist die kognitive Fähigkeit, welche in einem Cognitive Reflection Test gemessen wird. Der zweite ist das Ausmaß der wahrgenommenen Zufälligkeit in den beobachteten Ausgängen. Wahrscheinlichkeitsschätzungen variieren signifikant sowohl über die Zufallswahrnehmungs-Treatments als auch über Gruppen mit guten respektive schlechteren kognitiven Fähigkeiten. Wie in früheren Studien wenden Teilnehmer mit hohen kognitiven Fähigkeiten eher die Gambler's Fallacy an, jedoch ausschließlich bei geringer Wahrnehmung sequentieller Zufälligkeit. Ist diese jedoch sehr offensichtlich, kann das genau gegenteilige Verhalten beobachtet werden. Ähnlich überraschende Ergebnisse bringt eine Analyse der Auswirkungen von Variationen in der Zufallswahrnehmung bei gleichzeitiger Kontrolle des Einflusses kognitiver Fähigkeiten. Ergebnisse bisheriger Forschung können lediglich für eine Gruppe mit schlechteren Fähigkeiten repliziert werden. Die Schätzungen der Teilnehmer mit besseren Fähigkeiten sind komplett gegensätzlich.
    Keywords: law of small numbers,gambler's fallacy,hot hand effect,cognitive reflection test
    JEL: C91 D84 J24
    Date: 2015
  110. By: Cormac Ó Gráda
    Abstract: This paper describes the history of famine in Ireland between c. 1300 and c. 1900. Inevitably, most of its focus is on the two ‘great’ famines of the early 1740s and 1846-52.
    Keywords: Famine; Economic history; Ireland
    JEL: N N5 O1
    Date: 2015–05
  111. By: Bruno Palier (CEE - Centre d'études européennes de Sciences Po - Sciences Po); Clément Carbonnier (THEMA - Théorie économique, modélisation et applications - Université de Cergy Pontoise - CNRS); Michaël Zemmour (CLERSE - Centre lillois d'études et de recherches sociologiques et économiques - CNRS - Université Lille 1 - Sciences et technologies)
    Abstract: Tax expenditures are widely used by French governments as em-ployment and social policies. Such programmes together amounted to more than 1.3 points of GDP in 2011. Thanks to a systematic review of academic policy evaluations, we assess the efficiency of the different parts of such policies, showing that at least €6 billion is used for policies whose cost is greater than €62,500 per year and job created, and €0.5 billion for policies whose cost is greater than €160,000 per year and job created. We examine the replacement of these tax expenditures by direct public funding for (publicly or pri-vately delivered) "quality" jobs addressing specific social needs. We discuss the conditions under which at least comparable employment performances could be achieved (factoring in the crowding out of privately funded jobs and the properties of created jobs in terms of the service provided or the characteristics of suppliers and consum-ers) as well as any positive economic and social externalities.
    Date: 2014–07
  112. By: Hartley, Peter (Rice University)
    Date: 2014
  113. By: Christian-Lambert Nguena (REMA - REMA - REMA (Research in Applied Micro and Macro Economy) - REMA - Recherche); Roger Tsafack-Nanfosso (REMA - REMA - REMA (Research in Applied Micro and Macro Economy) - REMA - Recherche)
    Abstract: This paper qualitatively and quantitatively assesses the degree of resilience in the financial intermediary sector of the Economic and Monetary Community of Central African States (CEMAC) to macroeconomic shocks and discusses the relevant policy implications. Using GMM and a battery of estimations techniques, the panel-based investigations broadly show that the sub-region is vulnerable to macroeconomic shocks. Lower bank provisions result on the one hand from shortages or decreases in long-term financing, real exchange, GDP per capita growth rate and on the other hand from increases of interest rates. Whereas the change in interest rate increases net income commission, the effect is negative from lower levels of short-term financing. The incidence of changes in interest rates on the interest rate margin of banks is ambiguous. The findings broadly confirm the need to incorporate macroeconomic shocks in financial policy decision making. The paper contributes at the same to the knowledge on stock management in monetary zones and the need to: (1) timely intervene to mitigate potential shocks and; (2) increase control to sustain the credibility of the banking system.
    Date: 2014–02–28
  114. By: Arthur Gautier (Chaire entrepreneuriat social - Essec Business School); Anne-Claire Pache (Public and Private Policy Department - Essec Business School); Imran Chowdhury (Lubin School of Business - Pace University)
    Abstract: In this research project we aim to understand the role of institutional entrepreneurship across multiple levels - field, organization, and micro levels - in the institutionalization of a new professional role within organizations. Specifically, we study the rise of the "corporate philanthropy manager," a position inspired by nonprofit values and goals which developed within large French corporations during the period 1979 to 2011. The process of creating, maintaining and legitimizing this new role - philanthropy as a new business function - is the central focus of our study, and we explore how elements of the nonprofit and for-profit worlds came together in this new role, as well as the role of various actors across multiple levels in influencing this combination.
    Date: 2013–12–06
  115. By: Amélie Charles (Audencia Recherche - Audencia); Olivier Darné (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - UN - Université de Nantes)
    Abstract: This paper examines the French jobseeker cycles from January 1997 to March 2015. First, we propose monthly turning point chronologies for the French jobseeker business and acceleration cycles through the non-parametric dating algorithm proposed by Bry and Boschan (1971) and the dating strategy suggested by Proietti (2005). Second, we analyze the main characteristics of these cycles, namely length, depth and shape, that are approximated by their measures of duration, amplitude, and excess, respectively. The chronologies indicate that the jobseekers series is currently in a long expansion phase of the business cycle since February 2008, and in a slowdown phase of the acceleration cycle since September 2014. We observe evidence of asymmetries across the phases of the business cycle in terms of duration and amplitude whereas these measures are rather symmetric for the phases of the acceleration cycle.
    Date: 2015–06–04
  116. By: Alain Bienaymé (LEDa - Laboratoire d'Economie de Dauphine - Université Paris IX - Paris Dauphine)
    Abstract: La conception de la justice qui prévaut dans les sociétés évolue notamment en fonction de leur niveau de développement et de leur potentiel de croissance. Jusqu’à une époque récente, quand le monde vivait dans l’insouciance des prédations que l’activité économique inflige aux ressources naturelles de la planète, une première conception de la justice dite « commutative » domina, jusque vers la fin du 19° siècle. Dans un contexte de pénurie quasi – générale que symbolise l’expression « tu gagneras ton pain à la sueur de ton front », la liberté d’échanger semblait procurer plus de satisfactions immédiates que les progrès de la production. La logique du donnant – donnant s’illustre dans la formule : « à chacun selon son apport ». Puis, à mesure que les nations s’enrichirent, les injustices ressenties devant une abondance mal répartie, les disparités de revenus, l’inégalité des fortunes ont contribué à faire naître une conception de la justice distributive que résume cette fois la formule : « à chacun selon ses besoins ». La partie de la population qui contribue directement à la production ayant radicalement diminué depuis le 19° siècle, les pouvoirs publics interviennent comme un puissant complément des familles pour venir en aide aux catégories sociales plus faibles. Les transferts de ressources opérés par la voie budgétaire redistribuent plus ou moins largement les revenus primaires en fonction de critères essentiellement politiques. À la suite d’A. Sen, l’analyse de la justice sociale s’est élargie en amont et en aval des revenus monétaires, pour intégrer les « capabilités » qui déterminent l’éventail des choix offerts aux citoyens dans leur vie économique, culturelle, sociale et politique. Cette approche s’impose d’autant plus que notre monde entre dans une époque nouvelle. Il doit faire face à la raréfaction des ressources épuisables, à l’altération des fonctions que l’air, l’eau et la diversité des espèces accomplissent. Ce qui remet certes en cause nos modes de croissance à marches forcées, notre obsession de la croissance et du productivisme. Et toute la difficulté sera de concilier l’aspiration légitime des consommateurs des économies émergentes à rattraper le niveau de vie des économies avancées avec une culture de la sobriété et avec un progrès technique destructeur de nombreux emplois. On tente de définir deux scénarios pour mieux identifier les défis à surmonter, les orientations à prendre dans un esprit de justice sociale sans lequel l’activité économique mondiale de l’avenir ne saurait améliorer le bien-être individuel et collectif de nos sociétés. L’histoire longue livre des leçons utiles pour comprendre la diversité des situations auxquelles les 200 nations du monde sont confrontées aujourd’hui.
    Date: 2015–01
  117. By: Peter van der Zwan (Erasmus University Rotterdam, the Netherlands); Jolanda Hessels (Erasmus University Rotterdam, the Netherlands); Cornelius A. Rietveld (Erasmus University Rotterdam, the Netherlands)
    Abstract: We investigate how a transition from paid employment to self-employment in the labor market influences life satisfaction. Furthermore, we consider the dynamics of work and leisure satisfaction because the balance between work and leisure is an important element of life satisfaction. Fixed-effects regressions using German Socio-Economic Panel data (1984-2012) reveal that switching to self-employment benefits life and work satisfaction. The effects on life satisfaction are weak and temporary, but they are pronounced and relatively persistent for work satisfaction. However, the gain in work satisfaction is outweighed by a decrease in leisure satisfaction, thus placing work-life balance under severe pressure.
    Keywords: Self-employment; Entrepreneurship; Life satisfaction; Work satisfaction; Work-life balance
    JEL: I31 J24 J28 J31 L26
    Date: 2015–08–18
  118. By: Yasmine Saleh (Gestion et Société - Gestion et Société, LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - UN - Université de Nantes)
    Abstract: Depuis une trentaine d’années, la prolifération des chartes éthiques dans les entreprises françaises parait comme une tendance aussi bien générale que contestée. En nous basant sur la charte éthique du groupe Lafarge, appelée les « Principes d’Action », nous proposons une étude historique de ce document en nous intéressant au contexte de sa genèse ainsi qu’à son évolution dans le temps à travers ses rééditions successives (six rééditions en vingt-cinq ans). Sur le plan théorique, nous considérons la charte éthique comme instrument de gestion selon les trois dimensions d’Aggéri et Labatut (2010) : dimension matérielle, dimension politique et dimension intellectuelle. Sur le plan méthodologique, nous avons eu recours à une analyse documentaire ainsi qu’à un suivi des évolutions du contenu de la charte par simple technique de codages et décodages. Ce retour aux sources permet d’apporter une nouvelle perspective aux chartes éthiques susceptible de les repenser, aussi bien dans la littérature que dans les entreprises. La participation de l’ensemble des directeurs et des cadres dans la rédaction d’une charte éthique destinée à rester en interne comme instrument d’apprentissage selon un registre explicatif, personnalisé et contextualisé semble présenter une issue de secours afin de permettre aux entreprises, si elles le souhaitent, de préserver réellement ses « valeurs, principes et croyances ».
    Date: 2015–02–24
  119. By: Larrimore, Jeff (Board of Governors of the Federal Reserve System (U.S.)); Mortenson, Jacob (Georgetown University); Splinter, David (Joint Committee on Taxation)
    Abstract: We use a large panel of federal income tax data to investigate intragenerational income mobility in the United States. We have two primary objectives. First, we explore the determinants of two-year changes in individual labor earnings and family incomes, such as job or industry changes, marriage, divorce, and geographic mobility. Second, we evaluate how federal income taxes stabilize or destabilize post-tax income changes relative to pre-tax changes. We find a relatively high degree of income mobility, with almost half of workers exhibiting earnings increases or decreases of at least 25 percent, and two-fifths of tax units experiencing income changes of this magnitude. Male and female labor income mobility patterns are remarkably similar, though marriage is associated with earnings gains among men, but is associated with modest earnings declines among women. We also observe that large income gains are most likely among families that add workers - either through marriage or through a second family member entering the workforce.
    Keywords: Administrative data; income mobility; post-tax income
    JEL: D31 H24
    Date: 2015–07–30
  120. By: Sidartha Gordon (ECON - Département d'économie - Sciences Po); Alessandro Riboni (Department of Economics, Ecole Polytechnique - CNRS - Polytechnique - X)
    Abstract: Conflicts are likely less violent if individuals entertain the possibility that the opponent may be right. Why is it so difficult to observe this attitude? In this paper, we consider a game of conflict where two opponents fight in order to impose their preferred policy. Before entering the conflict, one opponent (the agent) trusts the information received by his principal. The principal wants to a↵ect the agent's e↵ort, but he also cares that the agent selects the correct policy and that he has the right incentives to acquire information.We find conditions under which the principal induces hawkish attitudes in the agent. As a result, the agent has no doubts about the optimality of his preferred policy, conflicts are violent and bad decisions are sometimes made. Under some other conditions, the agent adopts dovish attitudes of systematic doubt and conflicts are less violent.
    Date: 2014–04
  121. By: Ramboll, The Evaluation Partnership and Europe Economics
    Abstract: The present study is motivated by the Commission’s assessment of the current VAT rates structure and by the need to understand: the extent to which publications delivered on physical means of support and in electronic format should be considered as substitutable products; the impact their current VAT rate differentiation has on the market; and the potential impact of any changes in VAT in order to reduce such rate differentials.
    Keywords: European Union, taxation, electronic publications, VAT reduced rate
    Date: 2015–03
  122. By: Mathieu Bunel (LEDi - Laboratoire d'Economie de Dijon - UB - Université de Bourgogne - CNRS, TEPP - Travail, Emploi et Politiques Publiques - UPEM - Université Paris-Est Marne-la-Vallée - CNRS); Yannick L'Horty (ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12, TEPP - Travail, Emploi et Politiques Publiques - UPEM - Université Paris-Est Marne-la-Vallée - CNRS); Pascale Petit (ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12, TEPP - Travail, Emploi et Politiques Publiques - UPEM - Université Paris-Est Marne-la-Vallée - CNRS)
    Abstract: This study’s novelty lies in the experimental measuring of place of residence effects derived from a multi-level protocol that allows one to discern the effects at different levels of spatial aggregation: large administrative units (the "département" in France), municipalities, and neighbourhoods. This protocol was applied to two administrative units (Seine-Saint-Denis and 3 the city of Paris) in the Paris region, which are geographically close but quite different in terms of socio-economic status, in order to compare the effects associated with three types of neighbourhoods: favoured areas, intermediate reputation areas , and disadvantaged areas.
    Date: 2014–06
  123. By: Yoichi Arai (GRIPS);
    Abstract: We propose a generalized version of the RESET test for linearity in regressions with I(1) processes against various nonlinear alternatives and no cointegration. The proposed test statistic for linearity is given by the Wald statistic and its limiting distribution under the null hypothesis is shown to be a X^2 distribution with a "leads and lags" estimation technique. We show that the test is consistent against a class of nonlinear alternatives and no cointegration. Finite-sample simulations show that the empirical size is close to the nominal one and the test succeeds in detecting both nonlinearity and no cointegration.
    Date: 2015–08
  124. By: Hartley, Peter R. (Rice University and University of Western Australia)
    Abstract: Long-term contracts between exporters and importers of LNG increase the debt capacity of large, long-lived, capital investments by reducing cash flow variability. However, long-term contracts also may limit the ability of the contracting parties to take advantage of profitable ephemeral trading opportunities. After developing a model that illustrates these trade-offs, we argue that increased LNG market liquidity is likely to encourage much greater volume and destination flexibility in contracts and increased reliance on short-term and spot market trades. These changes would, in turn, reinforce the initial increase in market liquidity.
    Date: 2014
  125. By: Andreella, Claudia; Karlsson, Martin; Nilsson, Therese; Westphal, Matthias
    Abstract: This paper investigates the intergenerational transmission of health in the very long run. Using a unique purpose-built administrative dataset on individuals born in Sweden between 1930-34 and their parents, we study the intergenerational transmission (IGT) of health and the impact of previous generations' health shocks on socioeconomic outcomes. Our results provide strong evidence in favour of IGT of health, in particular for males. In contrast to the existing literature that focuses on early life health outcomes, our paper shows that the effect on later-life mortality might be even more relevant. However, the story appears to be complex and multi-faceted: the IGT exhibits an inverted socioeconomic gradient, and the impact on socioeconomic outcomes is often very different from the effect on health.
    Abstract: In diesem Paper wird die Übertragung von Gesundheit zwischen Generationen untersucht, mit Berücksichtigung ihrer möglichen Auswirkungen über den gesamten Lebensverlauf. Im Gegensatz zur bisherigen Literatur, die sich auf die Auswirkungen in den ersten Lebensjahren konzentriert, zeigt dieses Paper, dass die langfristigen Effekte gegebenenfalls noch wichtiger sind. Als Datenbasis dient eine auf diesen Zweck abgestimmte Erhebung administrativer Einträge aus schwedischen Gemeinderegistern bestehend aus den Geburtskohorten 1930-34, die die Kindergeneration bilden. Hiermit analysieren wir die Übertragbarkeit von Gesundheit über zwei Generationen, denn die Daten erlauben es, auch die Elterngeneration zu identifizieren. Um diese Übertragbarkeit von anderen Störgrößen zu isolieren, werden Gesundheitsschocks der Müttergeneration benutzt. Untersucht wird der Einfluss dieser Schocks auf verschiedene Ergebnisgrößen der Kindergeneration: einerseits auf Mortalität und ihre Ursachen über den nahezu gesamten Lebensverlauf, andererseits auf Bildung und das Arbeitsangebot als sozioökonomische Größen. Die Ergebnisse weisen eindeutig nach, dass intergenerationale Übertragbarkeit vorliegt; dies gilt insbesondere und verstärkt für Männer. Allerdings deuten die Resultate auch darauf hin, dass die Übertragungskanäle über sozioökonomische Gruppen hinweg komplex und vielschichtig sind und auch mit Unterschieden im Gesundheits- und Ernährungsverhalten interagieren könnten.
    Keywords: early environment,intergenerational transmission,Barker hypothesis,maternal health,infant health,socioeconomic status
    JEL: I12 J13
    Date: 2015
  126. By: Brunello, Giorgio (University of Padova); Rocco, Lorenzo (University of Padova)
    Abstract: Several commentators have argued that vocational education provides a smoother school to work transition than academic education. In the long - run, however, the skills it provides depreciate faster and individuals with this type of education are less capable of adapting to technical change. Because of this, its short – term advantages trade off with expected long-term disadvantages in terms of employment, wages or both. Using two UK cohort studies, that allow us to follow individuals for at least 16 years in the labour market, we investigate whether this view has empirical support. For employment, our results indicate that the initial advantage associated to vocational education declines over time, without turning however into a disadvantage at later ages. For real net wages, the picture is more nuanced, with results that vary by cohort and educational level. Overall, our evidence suggests that vocational education is associated to lower expected long-term utility only for the younger cohort with higher (post-secondary) education. We further distinguish between dominant and non-dominant vocational education to account for the different bundles of skills held by individuals, and find that those with a more balanced bundle tend to have higher expected long-term earnings.
    Keywords: vocational, academic education, UK
    JEL: J31
    Date: 2015–08
  127. By: Teresa Romano
    Abstract: Since worldwide concerns about climate change were made official by the Kyoto Protocol at the end of 1997, renewable energy sources (RES) have been receiving increasingly more attention by policy makers. Teresa Romano investigates.
    Date: 2014–09–01
  128. By: Cherrie Bucknor
    Abstract: Young blacks in America have had significant improvements in educational attainment since the early 1980s. They are completing high school and college at higher rates than in the past, which has helped to mitigate some of the negative employment effects of past recessions. However, wages for young blacks have declined since the late 1970s, with rates for black men in particular decreasing significantly—even for those with college degrees. The wage data also continue to show that young blacks have been hit harder than whites during the recent recession and incomplete recovery.
    Keywords: black, wages, education, pay, wages, wage growth, inequality, whites
    JEL: J J1 J15 J11
    Date: 2015–08
  129. By: Stephan E. Maurer; Andrei V. Potlogea
    Abstract: Stephan Maurer and Andrei Potlogea explore whether oil-dominated economies are naturally biased against women's labour market participation.
    Keywords: Oil, structural transformation, female labor force, participation, gender pay gap
    JEL: R1 N5 O1 J1
    Date: 2015–07
  130. By: Alexander Ahammer; G. Thomas Horvath; Rudolf Winter-Ebmer
    Abstract: We analyze the effect of income on mortality in Austria using administrative social security data. To tackle potential endogeneity concerns arising in this context, we estimate time-invariant firm-specific wage components and use them as instruments for actual wages. While we do find quantitatively small yet statistically significant effects in our naïve least squares estimations, IV regressions reveal a robust zero-effect of income on ten-year death rates for prime-age workers, both in terms of coefficient magnitude and statistical significance. These results are robust to a number of different sample specifications and both linear and non-linear estimation methods.
    Keywords: Income, mortality, wage decomposition.
    JEL: J14 J31 I10
    Date: 2015–07
  131. By: Corentin Girard (UPV - Universitat Politecnica de Valencia [Espagne] - Universitat Politécnica de Valencia); Jean-Daniel Rinaudo (BRGM - Bureau de Recherches Géologiques et Minières); Manuel Pulido-Velazquez (UPV - Universitat Politecnica de Valencia [Espagne] - Universitat Politécnica de Valencia); Yvan Caballero (BRGM - Bureau de Recherches Géologiques et Minières)
    Abstract: Shaping global change adaptation strategy in water resource systems requires an interdisciplinary approach to deal with the multiple dimensions of the problem. The modelling framework presented integrates climate, economic, agronomic and hydrological scenarios to design a programme of adaptation measures at the river basin scale. Future demand scenarios, combined with a down-scaled climate scenario, provide the basis to estimate the demand and water resources in 2030. A least-cost river basin optimisation model is then applied to select adaptation measures ensuring that environmental and supply management goals are achieved. In the Orb river basin (France), the least-cost portfolio selected suggests mixing demand and supply side measures to adapt to global change. Trade-offs among the cost of the programme of measures, the deficit in agricultural water supply and the level of environmental flows are investigated. The challenges to implement such interdisciplinary approaches in the definition of adaptation strategies are finally discussed.
    Date: 2014–02–21
  132. By: CPB Netherlands Bureau for Economic Policy Analysis
    Abstract: The objective of this study is to provide an economic assessment of the impact of the current VAT regimes and the likely effects of alternative VAT regimes in order to assist the Commission in making policy choices.
    Keywords: European Union, taxation, transport
    Date: 2015–03
  133. By: Sylvia Frühwirth-Schnatter; Martin Halla; Alexandra Posekany; Gerald J. Pruckner; Thomas Schober
    Abstract: Prior empirical research on the theoretically proposed interaction between the quantity and the quality of children builds on exogenous variation in family size due to twin births and focuses on human capital outcomes. The typical finding can be described as a statistically nonsignificant two-stage least squares (2SLS) estimate, with substantial standard errors. We regard these conclusions of no empirical support for the quantity-quality trade-off as premature and, therefore, extend the empirical approach in two ways. First, we add health as an additional outcome dimension. Second, we apply a semi-parametric Bayesian IV approach for econometric inference. Our estimation results substantiate the finding of a zero effect: we provide estimates with an increased precision by a factor of approximately twenty-three, for a broader set of outcomes.
    Keywords: Quantity-quality model of fertility, family size, human capital, health, semi-parametric Bayesian IV approach.
    JEL: J13 C26 C11 I20 J20 I10
    Date: 2014–03
  134. By: Muehlenbachs, Lucija Anna (Resources for the Future); Staubli, Stefan; Cohen, Mark A.
    Abstract: This paper provides new insights into the productivity of teams. Government enforcement agencies often send teams of inspectors instead of a sole inspector to a regulated facility. Yet, determining the impact of teams is problematic due to endogeneity (e.g., the enforcement agency might naturally send larger teams when they expect a more violations). Exploiting exogenous variation in the number of inspectors that are sent to offshore oil and gas platforms in the Gulf of Mexico, we show that adding an inspector to a team increases the number of sanctions issued as well as the severity of the sanctions.Classification-JEL: Q58, K42
    Keywords: inspections, enforcement, deterrence, offshore oil
    Date: 2013–11–08
  135. By: Chen, Jia (Peking University); Hou, Kewei (OH State University); Stulz, Rene M. (OH State University and ECGI, Brussels)
    Abstract: Using theories from the behavioral finance literature to predict that investors are attracted to industries with more salient outcomes and that therefore firms in such industries have higher valuations, we find that firms in industries that have high industry-level dispersion of profitability have on average higher market-to-book ratios than firms in low dispersion industries. This positive relation between market-to-book ratios and industry profitability dispersion is economically large and statistically significant and is robust to controlling for variables used to explain firm-level valuation ratios in the literature. Consistent with the mispricing explanation of this finding, we show that firms in less boring industries have a lower implied cost of equity and lower realized returns. We explore alternative explanations for our finding, but find that these alternative explanations cannot explain our results.
    JEL: G12 G14 G31 G32
    Date: 2015–01
  136. By: T Kruse (Laboratoire de Mathématiques et Modélisation d'Evry - Université d'Evry); A Popier (LMM - Laboratoire Manceau de Mathématiques - UM - Université du Maine)
    Abstract: We study the existence of a minimal supersolution for backward stochastic differential equations when the terminal data can take the value +∞ with positive probability. We deal with equations on a general filtered probability space and with generators satisfying a general monotonicity assumption. With this minimal supersolution we then solve an optimal stochastic control problem related to portfolio liquidation problems. We generalize the existing results in three directions: firstly there is no assumption on the underlying filtration (except completeness and quasi-left continuity), secondly we relax the terminal liquidation constraint and finally the time horizon can be random.
    Date: 2015–04–04
  137. By: Michele Bernini (National Institute of Economic and Social Research, London, UK); Alberto Montagnoli (Department of Economics, University of Sheffield)
    Keywords: Financial constraints; Credit rationing; Competition; Transition
    JEL: D22 E22 G1 P20 A
    Date: 2015–08
  138. By: Marion Cochard (OFCE - OFCE - Sciences Po)
    Abstract: Après une année 2012 en fort ralentissement, les pays d'Europe centrale et orientale ont connu un léger rebond de croissance au premier semestre 2013. Dans le sillage de la zone euro, de l'Allemagne en particulier, les économies de la zone bénéficient d'un regain de demande de l'extérieur et multiplient les signes de reprise. L'amélioration des perspectives de la zone euro à l'horizon de la prévision, de même qu'un assouplissement de la politique budgétaire, devraient sortir progressivement la zone de l'ornière au cours de l'année 2013. Le véritable rebond de croissance devrait se faire sentir à partir de 2014, avec une croissance économique moyenne de la zone à 2,4 %, contre 0,9 % en 2013. L'économie russe, quant à elle, voit sa croissance ralentir depuis la mi-2012, entravée par un risque de surchauffe. Compte tenu de nos prévisions de prix des matières premières, les perspectives de croissance de la Russie baissent à 2,9 % pour 2014 (...).
    Date: 2013–10
  139. By: Marco Corazza (Dept. of Economics, Università Ca' Foscari Venice); Giacomo Di Tollo (Dept. of Management, Università Ca' Foscari Venice); Giovanni Fasano (Dept. of Management, Università Ca' Foscari Venice); Raffaele Pesenti (Dept. of Management, Università Ca' Foscari Venice)
    Abstract: In this paper we propose an efficient initialization of a deterministic Particle Swarm Optimization (PSO) scheme. PSO has showed to be promising for solving several unconstrained global optimization problems from real applications, where derivatives are unavailable and the evaluation of the objective function tends to be costly. Here we provide a theoretical framework which motivates the use of a deterministic version of PSO, in place of the standard stochastic iteration currently adopted in the literature. Then, in order to test our proposal, we include a numerical experience using a realistic complex portfolio selection problem. This numerical experience includes the application of PSO to a parameter dependent unconstrained reformulation of the considered portfolio selection problem. The parameters are either adaptively updated as in an exact penalty framework, or they are tuned by the code REVAC. We show that in both these settings our PSO initialization is preferable with respect to the standard proposal from the literature.
    Keywords: Deterministic PSO, Global Optimization, Portfolio Selection Problems, Exact Penalty functions.
    JEL: G11 C44 C61
    Date: 2015–07
  140. By: Mairead de Roiste
    Abstract: Mairéad de Róiste proposes new ways of assessing the usability of local government websites.
    Date: 2014–09–01
  141. By: Henry Brown (Deparment of Economics South Dakota State University); Matthew Diersen (Deparment of Economics South Dakota State University)
    Date: 2015–03–13
  142. By: Karlan, Dean (Yale University and Innovations for Poverty Action); Jamison, Julian (US Consumer Financial Protection Bureau and Innovations for Poverty Action); Zinman, Jonathan (Dartmouch College and Innovations for Poverty Action)
    Abstract: Evidence on the effectiveness of financial education and formal savings account access is lacking, particularly for youth. We randomly assign 250 youth clubs to receive either financial education, access to a cheap group account, or both. The financial education treatments increase financial literacy; the account-only treatment does not. Administrative data shows the education plus account treatment increases bank savings relative to account-only. But survey-measured total savings shows roughly equal increases across all treatment arms. Earned income also increases in all treatment arms. We find little evidence that education and account access are strong complements, and some evidence they are substitutes.
    JEL: D12 D91 O12
    Date: 2014–05
  143. By: Jumnianpol, Surangrut; Nuangjamnong, Nithi
    Abstract: The paper aims to examine the discursive practice of human security in Thailand both in terms of concept and operationalization. It particularly focuses on the questions of why and how Thai policymakers have imported and embraced the concept of human security in the Thai polity, as well as how they perceive values and challenges related to human security issues. By reviewing the literature and interviewing nine key informants from the government, non-government, and academic sectors, the paper contends that the positions of the Thai state on human security issues are Janus-faced. While seemingly mainstreaming human security issues, both by promoting the discourse abroad and by establishing a human security ministry, there is also a flipside to the process. Apart from the reductionist view of human security simply as social security for vulnerable groups the concept of “human security” is always secondary to ‘state’ or ‘national’ security. As a result, the Thai style of human security contains only a loose substance of the original and human security is still in the dark shadow of state security. Finally, the paper reveals that the discrepancy between the ideals and practices of human security in Thailand is ascribable to the vagueness of the concept in the eyes of policy stakeholders, the gap between policy architects and policy implementers, and the de-politicization of the concept.
    Date: 2015–03–30
  144. By: Castellari, Elena; Moro, Daniele; Platoni, Silvia; Sckokai, Paolo
    Abstract: In this paper we investigate the relationship between price dispersion and inflation; we use weekly retail scanner data from 2009 to 2011 to measure price dispersion and inflation for several dairy products. We implement a linear model to investigate the linkage between price dispersion and consumer price indexes. As in the previous literature, we obtain mixed results with respect to the relationship between price dispersion and inflation, and further investigation and theoretical refinement are needed to identify a common pattern.
    Keywords: price dispersion, consumer price indexes, food inflation, scanner data, dairy products, Agribusiness, Agricultural and Food Policy, L11, L66,
    Date: 2015–06
  145. By: Okoye, Dozie; Pongou, Roland
    Abstract: This paper contributes to the debate on the effect of European contact on African societies by comparing the long-run economic impacts of the transatlantic slave trade and historical missionary activity. Recognizing that early missionary activity in Africa was unintentionally aided by the preceding slave trade, it proposes an analytical framework in which the effect of the slave trade was partially mediated by missions. Using unique data from Nigeria, we analyze the causal effects of these shocks on schooling attainment, and consequent effects on literacy rates and self-employment. We �find a total negative effect of the transatlantic slave trade on schooling; its negative direct effect outweighs its positive indirect effect through missionary activity. Missionary activity, on the other hand, has a strong positive direct effect which outweighs the total negative effect of the slave trade. Furthermore, individuals whose ancestors were historically exposed to greater missionary activity are more likely to be literate and less likely to be self-employed, consistent with the positive effect of missionary activity on schooling. In contrast, exposure to the slave trade is associated with lower literacy rates and a greater likelihood of being self-employed. Analyzing the mechanisms, we provide evidence suggesting that the persistent effects of these historical shocks are due to intergenerational factors and higher schooling infrastructure in areas that were less exposed to the slave trade or more exposed to missionary activity. Consistent with a simple theory, these persistent effects are larger for women, younger cohorts, rural residents, and migrants. Religion does not appear to be especially important, and the �findings rule out an explanation based on simple changes in tastes for schooling.
    Keywords: European contact, Africa, Slave Trade, Missions, Development, Education, Nigeria
    JEL: I20 N30 N37 N47 O10 O15 Z12
    Date: 2015–08–10
  146. By: Paul Hubert (OFCE - OFCE - Sciences Po)
    Abstract: We aim at investigating how two different types of central bank communication affect the private inflation expectations formation process. The effects of ECB inflation projections and Governing Council members’ speeches on private inflation forecasts are identified through an Instrumental-Variables estimation using a Principal Component Analysis to generate valid instruments. We find that ECB projections have an effect on private current-year forecasts, while ECB speeches and the ECB rate impact next-year forecasts. When both communication types are interacted and go in the same direction, the inflation outlook signal tends to outweigh the policy path signal conveyed to private agents (and vice-versa).
    Date: 2014–12
  147. By: Alexander Eickelpasch; Georg Hirte; Andreas Stephan
    Abstract: Our study provides evidence for firms' evaluation of location quality. We use a 2004 survey of 6,000 East German firms that contained questions on the importance and assessment of 15 different location factors ranging from closeness to customers and suppliers, transport infrastructure, and proximity to research institutions and universities, as well as questions about the local financial institutions and region's “image”. The results show (1) a great deal of heterogeneity in terms of which firm- or regional-level characteristics are important in the evaluation of a specific location factor, (2) that the model's explanatory power is, overall, low and thus neither location characteristics nor internal factors are fully reflected in the perceptions, (3) that a firm's business situation and whether a location factor is considered important have explanatory power for perception. One policy-relevant conclusion that we derive from these findings is that location policy should consider firms' perception of a specific location in addition to improving the actual attributes of that location.
    Keywords: Location Factors, Multi-Equation System, Perception Bias, Survey Data
    JEL: R3 R12 L2
    Date: 2015
  148. By: Lauren Murphy; Jean Knab
    Abstract: This brief for researchers planning or implementing an evaluation of a teen pregnancy prevention program provides an overview of the HHS Teen Pregnancy Prevention Evidence Review.
    Keywords: Systematic Review, Pregnancy Prevention, Study Quality
    JEL: I
    Date: 2015–06–30
  149. By: Alireza Ermagun; David Levinson (Nexus (Networks, Economics, and Urban Systems) Research Group, Department of Civil Engineering, University of Minnesota)
    Abstract: The current research provides a test framework to understand whether and to what extent increasing public transit use and accessibility by transit affect health. To this end, the effect of transit mode share and accessibility by transit on general health, body mass index, and height are investigated, while controlling for socioeconomic, demographic, and physical activity factors. The coefficient-p-value-sample-size chart is created and effect size analysis are conducted to explore whether the transit use is practically significant. Building on the results of the analysis, we found that the transit mode share and accessibility by transit are not practically significant, and the power of large-sample misrepresents the effect of transit on public health. The results, also, highlight the importance of data and variable selection by portraying a significant correlation between transit use and height in a multivariate regression analysis. What becomes clear from this study is that in spite of the mushrooming interdisciplinary studies in the nexus of transportation and health arena, researchers often propose short- and long-term policies blindly, while failing to report the inherent explanatory power of variables. We show that there is a thin line between false positive and true negative results. From the weakness of p-values perspective, further, we strove to alert both researchers and practitioners to the dangerous pitfall deriving from the power of large- samples. Building the results on just significance and sign of the parameter of interest is worthless, unless the magnitude of effect size is carefully quantified post analysis.
    Keywords: Public transit; BRFSS data; ACS data; Accessibility to jobs; p-hacking
    JEL: D12 I12 B23 C13 C18 R41 R42
    Date: 2015
  150. By: Juan Tomas Sayago-Gomez (Regional Research Institute, West Virginia University); Gianfranco Piras (School of Business and Economics, Catholic University of America); Donald Lacombe (Regional Research Institute, West Virginia University); Randall Jackson (Regional Research Institute, West Virginia University)
    Abstract: We evaluate the impact of the Appalachian Regional Commission’s investments on its members counties over almost fifty years. We apply different propensity score methods to find the most appropriate matching and to identify the effect of policy implementation in the most accurate way possible. The general evidence is that counties that received ARC funding had higher per-capita income growth compared to the control counties. Per-capita income growth rate in ARC counties grew an average of 5.5 percent over the entire study time period compared to the control counties. Employment grew significantly faster in ARC counties compared to the control counties for most of the study period. The average difference in growth rates between the counties that obtained ARC investments and those matched counties that did not receive ARC investments was approximately 4.2 percent.
    Keywords: Quasi Experimental Methods, Matching Algorithms, Appalachian Regional Commission, Regional Economic Development
    JEL: O1 O18 C00 C01
    Date: 2015–08–13
  151. By: Natalia Ramondo; Veronica Rappoport; Kim J. Ruhl
    Abstract: Using firm-level data, we document two new facts regarding intrafirm trade and the activities of the foreign affiliates of U.S. multinational corporations. First, intrafirm trade is concentrated among a small number of large affiliates within large multinational corporations; the median affiliate ships nothing to the rest of the corporation. Second, we find that the input-output coefficient linking the parent’s and affiliate’s industries of operation—a characteristic commonly associated with production fragmentation— is not related to a corresponding intrafirm flow of goods.
    JEL: F0
    Date: 2015–08
  152. By: Hartley, Peter R. (Rice University)
    Date: 2014
  153. By: Tjasa Bjedov (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - CNRS - UCBL - Université Claude Bernard Lyon 1 - UL2 - Université Lumière - Lyon 2 - Université Jean Monnet - Saint-Etienne - PRES Université de Lyon - ENS Lyon - École normale supérieure - Lyon, Université de Fribourg, Faculté des sciences économiques et sociales - Université de Fribourg); Simon Lapointe (Université de Fribourg, Faculté des sciences économiques et sociales - Université de Fribourg); Thierry Madiès (Université de Fribourg, Faculté des sciences économiques et sociales - Université de Fribourg)
    Abstract: The impact of the fragmentation of executive and legislative bodies on the level and composition of government expenditure is a political feature that attracted considerable attention from economists. However, previous authors have abstracted from two important concepts : ideology and intra-party politics. In this paper, we explicitly account for these two phenomenons, and make two main contributions. First, we show that both intra-party and interparty ideological dispersion matters in the level of public spending. Therefore, it is incorrect to consider parties as monolithic entities. We also show that ideological dispersion matters especially for current expenditures, and not so much for investment expenditures. To do so, we construct a panel database (2003 to 2011) including data from a survey that quantifies the policy preferences of individual party members that were candidates to federal elections in Switzerland.
    Date: 2014
  154. By: Simone Farinelli; Luisa Tibiletti
    Abstract: Hydro storage system optimization is becoming one of the most challenging task in Energy Finance. Following the Blomvall and Lindberg (2002) interior point model, we set up a stochastic multiperiod optimization procedure by means of a "bushy" recombining tree that provides fast computational results. Inequality constraints are packed into the objective function by the logarithmic barrier approach and the utility function is approximated by its second order Taylor polynomial. The optimal solution for the original problem is obtained as a diagonal sequence where the first diagonal dimension is the parameter controlling the logarithmic penalty and the second is the parameter for the Newton step in the construction of the approximated solution. Optimimal intraday electricity trading and water values for hydroassets are computed. The algorithm is implemented in Mathematica.
    Date: 2015–08
  155. By: Merlo, Antonio (Rice University); Tang, Xun (Rice University)
    Abstract: We study identification and estimation of a structural model of bargaining with optimism where players have heterogeneous beliefs about the final resolution of a dispute if they fail to reach an agreement. We show the distribution of the players' beliefs and the stochastic bargaining surplus are nonparametrically identified from the probability of reaching an agreement and the distribution of transfers in the final resolution of the dispute. We use a Maximum Simulated Likelihood approach to estimate the beliefs of doctors and patients in medical malpractice disputes in Florida during the 1980s and 1990s. We find strong evidence that beliefs for both parties vary with the severity of the injury and the qualification of the doctor named in the lawsuit, even though these characteristics are statistically insignificant in explaining whether the court rules in favor of the plaintiff or of the defendant. We also quantify the reduction in settlement amounts that would result from the introduction of a (counterfactual) policy that imposes caps on the total compensation for plaintiffs.
    Date: 2015–08
  156. By: Jean Imbs (Paris School of Economics); Basile Grassi (University of Oxford)
    Abstract: Why do risky sectors grow fast? Because they have good ideas. In an idea flow growth model that nests the granular hypothesis (Gabaix 2011), we show that the fatness of the firm size distribution is positively related to both growth and volatility. A fat tailed distribution enhances the diffusion of ideas and increases growth in the long run. At the same time, a fat tail reduces the extent to which firm-level disturbances average out, and thus increases volatility. We show these correlations find support in US firm-level data: on average, sectors with fat tails grow fast and display high volatility. Interestingly, the relation between sector-level tail and volatility also holds in the short run, within sector. In the US, the dispersion in estimated tails can explain about 40% of the link between growth and volatility.
    Date: 2015
  157. By: Anna Gerke (Audencia Recherche - Audencia)
    Abstract: This article addresses three main questions: what kind of interorganizational linkages exist in sport industry clusters, how do they develop over time, and what are the motivations for creating or joining them. Different types of interorganizational linkages are identified according to the number of partners involved, the formalized nature of linkages, and the type of organizations involved. A multiple case study approach is adopted. The empirical context are two sport industry clusters in sailing (France and New Zealand). Results show that interorganizational relationships tend to be formalized, while interorganizational networks tend to be informal. A circular development process of different types of linkages was detected. Reciprocity is the most prevalent motive for the development of all types of linkages.
    Date: 2015–06–17
  158. By: Lamichhane, Kamal; Watanabe, Takayuki
    Abstract: In this paper, we investigate the effect of gender on returns to the investment in education for men and women with disabilities in Metro Manila of the Philippines. By using a unique dataset of persons with hearing, physical and visual impairments, we employ three methodological strategies on earning functions, including continuous and discontinuous functions and quantile regression to reveal the effects of gender within disabilities. Our estimation suggests that women with disabilities face several disadvantages in the labor markets of the Philippines where gender equality in general is observed for women without disabilities. After controlling for a sample selection to account for endogenous labor participation, as well as endogeneity of schooling decisions, the estimated rate of returns to education is very high, ranging from 24.9 to 38.4%. However, when classifying each disability dummy variable for each gender, the effect of double disadvantage (gender and disability) is observable. Additionally, checking the possibility of nonlinear schooling returns, we also find that the effect of disability for women is more severe than for their male counterparts. From these findings, we cannot reject the possibility that obtaining a diploma serves signaling as their ability level for women with disabilities.
    Keywords: disability , gender , returns to education , labor market participation , earning functions , Philippines
    Date: 2015–04–01
  159. By: Schlicht, Ekkehart
    Abstract: This note proposes a growth model that is derived from the standard Solow growth model by replacing the neoclassical production function with Kaldor’s technical progress function while maintaining a marginalist theory of factor prices in the spirit suggested by von Weizsäcker (1966, 1966b). The hybrid model so obtained accounts for balanced growth in a way that appears less arbitrary than the Solow model, especially because it directly accounts for Harrod neutral technical change, without any need for further assumptions.
    Keywords: directed technical change; directed technological change; bias in innovation; technical progress function; neoclassical production function; Harrod neutrality; Hicks neutrality; Cambridge theory of distribution; marginal productivity theory; Kaldor; Kennedy; von Weizsäcker; Solow model
    JEL: O30 O40 E12 E13 E25 B59 B31
    Date: 2015–06–19
  160. By: Adam, Tim R. (Humboldt University of Berlin); Fernando, Chitru S. (University of OK); Salas, Jesus M. (Lehigh University)
    Abstract: The widespread practice of managers speculating by incorporating their market views into firms' hedging programs ("selective hedging") remains a puzzle. Using a 10-year sample of North American gold mining firms, we find no evidence that selective hedging is more prevalent among firms that are believed to possess an information advantage. In contrast, we find strong evidence that selective hedging is more prevalent among financially constrained firms, suggesting that this practice is driven by asset substitution motives. We detect weak relationships between selective hedging and some corporate governance measures but find no evidence of a link between selective hedging and managerial compensation.
    JEL: G11 G14 G32 G39
    Date: 2015–06
  161. By: Yannick Lemarchand (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - UN - Université de Nantes)
    Abstract: L’analyse d’une relation d’affaires, de plus d’une dizaine d’années, entre deux grandes maisons de négoce de Nantes et de Bordeaux, à partir du compte courant ouvert à la seconde par la première, permet d’appréhender de manière approfondie le rôle joué par la comptabilité dans les pratiques du crédit marchand et dans l’articulation monnaie scripturale – monnaie fiduciaire. La comptabilité est l’un des artefacts essentiels à la mise œuvre du crédit. Inscription du crédit et moyen de preuve de son existence, elle est aussi instrument de crédit et moyen de paiement. Le compte courant ouvert à un partenaire rend compte de façon continue du crédit accordé à (ou par) ce partenaire et des compensations qui s’opèrent au fur et à mesure des livraisons réciproques. Il est de ce fait le siège du règlement scriptural, le jeu d’écritures réalisant le paiement d’une dette par une créance. Mais la comptabilité permet aussi d’assurer le suivi des titres de crédit émis ou reçus : la monnaie fiduciaire ; le tout en liaison avec les diverses opérations réalisées. Cette étude micro-historique en livre une illustration qui, au-delà des caractéristiques propres à cette relation — nature et rythmes des échanges et donc du crédit —, conduit à des observations de portée plus générale relativement au crédit marchand. Elle met également en lumière le rôle de la comptabilité dans la construction et la pérennisation de la relation de crédit : l’artefact comptable n’est pas que le témoin passif de cette relation, il en est acteur par le biais des rituels de redditions de comptes. Née de la pratique du crédit marchand, la comptabilité a directement participé à son expansion.
    Date: 2015–02–13
  162. By: Amélie Charles (Audencia Recherche - Audencia); Olivier Darné (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - UN - Université de Nantes); Claude Diebolt (BETA - Bureau d'économie théorique et appliquée - CNRS - Université Nancy II - Université de Strasbourg)
    Abstract: This article extends earlier efforts at redating the US business cycles for the 1790-1928 period using the real Gross Domestic Product (GDP) constructed by Johnson and Williamson (2008). The resulting chronology alters more than 50% percent of the peaks and troughs identified by the NBER and Davis (2006)'s chronologies, especially during the antebellum period, and removes those cycles long considered the most questionable, as growth or industrial cycles. An important result of the new chronology is the lack of discernible differences in the frequency and duration of US business cycles among the antebellum and postbellum periods. We also find that the average frequency and duration of contractions are less important than those of expansions.
    Date: 2014
  163. By: Prabir C. Bhattacharya
    Abstract: The paper addresses the question of optimal development of a developing economy. The framework presented, it is believed, can be of help in thinking about policies relating, inter alia, to population growth, inter-sectoral migration, agriculture-industry relationship, wages in different sectors, and income distribution in an inter-connected way in the context of optimal development of an economy with an informal sector.
    JEL: C02 C61 O11 O17
    Date: 2015
  164. By: Lederman,Daniel; Olarreaga,Marcelo; Zavala,Lucas
    Abstract: Surveys of export promotion agencies suggest that that they tend to focus on helping firms become exporters as a means to stimulate aggregate export growth. But the existing empirical evidence has paid little attention to the role of export promotion agencies in helping entry into exporting. This paper fills this gap with a panel of exporting and non-exporting firms from seven Latin American countries during the period 2006-2010. The results suggest that export promotion encourages exports mainly by helping firms enter into and survive in export markets. The impact on the intensive margin of exporting firms is not robust. This finding is consistent with export promotion helping reduce fixed rather than variable costs of exporting, which is to be expected if export promotion agencies help correct for market failures associated with information externalities.
    Keywords: E-Business,Tax Law,Export Competitiveness,Microfinance,Airports and Air Services
    Date: 2015–08–19
  165. By: Jamal Ibrahim Haidar
    Abstract: This paper aims to highlight key limitations of The Economist magazine?s Big Mac Index (BMI). The Economist markets the BMI as a tool to determine valuation of currencies. This paper shows that the BMI is a misleading measure of currency valuation for economies whose markets are structurally different from the benchmark currency countries.
  166. By: Eric Weese (Department of Economics, Yale University); Masayoshi Hayashi (Faculty of Economics, The University of Tokyo); Akihiko Takahashi (College of Economics, Aoyama Gakuin University)
    Abstract: Does the exercise of the right of self-determination lead to inefficiency? This paper considers a set of centrally planned municipal mergers during the Meiji period, with data from Gifu prefecture. The observed merger pattern can be explained as a social optimum based on a very simple individual utility function. If individual villages had been allowed to choose their merger partners, counterfactual simulations show that the core is always non-empty, but core partitions contain about 80% more (postmerger) municipalities than the social optimum. Simulations are possible because core partitions can be calculated using repeated application of a mixed integer program.
    Date: 2015–08
  167. By: Rajeswari Sengupta (Indira Gandhi Institute of Development Research); Abhijit Sen Gupta (Asian Development Bank)
    Abstract: In this paper we investigate the different nuances of India's capital account management through empirical analyses as well as descriptive discussions. In particular we study the evolution of the capital control regime in India since 1991, and explore the rationale behind liberalizing certain flows restricting others and the means employed to do so. Increased integration with global financial markets has amplified the complexity of macroeconomic management in India. We analyze the trade-offs faced by Indian policy makers between exchange rate stability, monetary autnomy and capital account opnenness, within the framework of the well-known Impossible Trinity or Trilemma and find that over time India has adopted an intermediate regime balancing the different policy objectives while at the same time accumulating massive international reserves. We also calculate the exchange market pressure (EMP) index in India, and track its evolution over the last couple of decades. We evaluate the extent to which the EMP index has been influenced by major macroeconomic factors and find that a deteriorating trade balance and decline in portfolio equity inflows are associated with a higher EMP while positive changes in stock market returns lower the EMP.
    Keywords: Capital controls, Macroeconomic trilemma, Financial integration, Foreign exchange intervention, Sterilization, Exchange market pressure, Reserve adequacy
    JEL: E4 E5 F3 F4
    Date: 2015–08
  168. By: Robert Cassen; Sandra McNally; Anna Vignoles
    Abstract: A new book by Sandra McNally and colleagues surveys the evidence on which policies and practices are working in UK schools.
    Keywords: education, school resources, education funding, government policy
    Date: 2015–07
  169. By: Gilles Saint-Paul (New York University Abu Dhabi - Abu Dhabi, PSE - Paris-Jourdan Sciences Economiques - CNRS - Institut national de la recherche agronomique (INRA) - EHESS - École des hautes études en sciences sociales - ENS Paris - École normale supérieure - Paris - École des Ponts ParisTech (ENPC), EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics)
    Abstract: We study active labor market policies (ALMP) in a matching model. ALMPs are modelled as a subsidy to job search. Workers di¤er in their productivity, and search takes place along an extensive margin. An additional job seeker a¤ects the quality of unemployed workers. As a result, the Hosios conditions are no longer valid. To replicate the optimum the worker share in bargaining must exceed the Hosios level, and one must impose a tax on job search activity. The coalition in favor of ALMP is also studied.
    Date: 2014–11
  170. By: Kostas Ifantis; Dimitrios Triantaphyllou; Andreas Kotelis
    Abstract: This study is based on the findings of a National Bank of Greece research funding awarded to Kostas Ifantis and Dimitris Triantaphyllou by the Hellenic Observatory of the London School of Economics and Political Science (Research Tender 3-NBG3-2013). The full report including the survey questions and their evaluation can be found on the Hellenic Observatory’s website at this link: esearch/hellenicObservatory/pdf/Ifantis- Triantafylloy-(PROJECT-REPORT).pdf.
    Date: 2015–08
  171. By: John Deke; Emily Sama-Miller; Alan Hershey
    Keywords: RCT, Randomized Controlled Trials, Systematic Evidence Reviews, HomVee, Home Visiting
    JEL: I
    Date: 2015–07–30
  172. By: Caselli, Francesco; Koren, Miklós; Lisicky, Milan; Tenreyro, Silvana
    Abstract: A widely held view is that openness to international trade leads to higher GDP volatility, as trade increases specialization and hence exposure to sector-specific shocks. We revisit the common wisdom and argue that when country-wide shocks are important, openness to international trade can lower GDP volatility by reducing exposure to domestic shocks and allowing countries to diversify the sources of demand and supply across countries. Using a quantitative model of trade, we assess the importance of the two mechanisms (sectoral specialization and cross-country diversification) and provide a new answer to the question of whether and how international trade affects economic volatility.
    Keywords: diversification; trade; volatility
    Date: 2015–08
  173. By: Florent Bresson (CERDI, Université d’Auvergne and CNRS, France); Jean-Yves Duclos (CIRPEE, Université Laval and FERDI, Canada); Flaviana Palmisano (Université du Luxembourg)
    Abstract: A long-lasting scientific and policy debate queries the impact of growth on distribution. A specific branch of the micro-oriented literature, known as ‘pro-poor growth’, seeks in particular to understand the impact of growth on poverty. Much of that literature supposes that the distributional impact should be measured in an anonymous fashion. The income dynamics and mobility impacts of growth are thus ignored. The paper extends this framework in two important manners. First, the paper uses an ‘intertemporal pro-poorness’ formulation that accounts separately for anonymous and mobility growth impacts. Second, the paper’s treatment of mobility encompasses both the benefit of “mobility as equalizer” and the variability cost of poverty transiency. Several decompositions are proposed to measure the importance of each of these impacts of growth on the pro-poorness of distributional changes. The framework is applied to panel data on 23 European countries drawn from the ‘European Union Statistics on Income and Living Conditions’ (EU-SILC) survey.
    Keywords: pro-poorness, income mobility, growth, poverty dynamics.
    JEL: D31 D63 I32
    Date: 2015–07
  174. By: Raouf Boucekkine (AMSE - Aix-Marseille School of Economics - EHESS - École des hautes études en sciences sociales - Centre national de la recherche scientifique (CNRS) - Ecole Centrale Marseille (ECM) - AMU - Aix-Marseille Université, IUF - Institut Universitaire de France - M.E.N.E.S.R. - Ministère de l'Éducation nationale, de l’Enseignement supérieur et de la Recherche); Fouad El Ouardighi (ESSEC Business School - Essec Business School)
    Abstract: We study an optimal AK-like model of capital accumulation and growth in the presence of a negative environmental externality in the tradition of Stokey (1998). Both production and consumption activities generate polluting waste. The economy exerts a recycling effort to reduce the stock of waste. Recycling also generates income, which is fully devoted to capital accumulation. The whole problem amounts to choosing the optimal control paths for consumption and recycling to maximize a social welfare function that notably includes the waste stock and disutility from the recycling effort. We provide a mathematical analysis of both the asymptotic behavior of the optimal trajectories and the shape of transition dynamics. Numerical exercises are performed to illustrate the analysis and to highlight some of the economic implications of the model.
    Date: 2015–03
  175. By: Cécile Perret (IREGE - Institut de Recherche en Gestion et en Economie - Université de Savoie)
    Abstract: Cet article, illustré par le cas de la Haute-Alsace, envisage le territoire de trois façons : comme un espace de coopération et d'innovation, sous l'angle d'un construit social à la fois support identitaire aux pratiques d'acteurs et producteur d'identité et, enfin, comme un espace de rétroaction. Ces trois façons d'envisager le territoire permettent de mettre en évidence l'émergence d'une approche collaborative du territoire qui s'appuie sur des valeurs et des pratiques sous-tendues par l'histoire de l'Alsace pour fédérer l'ensemble des citoyens autour du projet régional.
    Date: 2015–08–21
  176. By: Frank Wolak
    Abstract: Stanford University’s Frank Wolak looks at the pros and cons of Latin-American-style cost-based dispatch and pricing on short-term energy and operating reserve markets.
    Date: 2013–11–01
  177. By: Hwang, Jungbin; Sun, Yixiao
    Abstract: According to the conventional asymptotic theory, the two-step Generalized Method of Moments (GMM) estimator and test perform as least as well as the one-step estimator and test in large samples. The conventional asymptotic theory, as elegant and convenient as it is, completely ignores the estimation uncertainty in the weighting matrix, and as a result it may not reflect finite sample situations well. In this paper, we employ the fixed-smoothing asymptotic theory that accounts for the estimation uncertainty, and compare the performance of the one-step and two-step procedures in this more accurate asymptotic framework. We show the two-step procedure outperforms the one-step procedure only when the benefit of using the optimal weighting matrix outweighs the cost of estimating it. This qualitative message applies to both the asymptotic variance comparison and power comparison of the associated tests. A Monte Carlo study lends support to our asymptotic results.
    Keywords: Social and Behavioral Sciences, Asymptotic Efficiency, Asymptotic Mixed Normality, Fixed-smoothing Asymptotics, Heteroskedasticity and Autocorrelation Robust, Increasing-smoothing Asymptotics, Nonstandard Asymptotics, Two-step GMM Estimation
    Date: 2015–08–18
  178. By: Yonas Alem; Jonathan Colmer
    Abstract: When agents are unable to smooth consumption and have distorted beliefs about the likelihood of future income realisations, uncertainty about future states of the world has a direct effect on individual welfare. However, separating the effects of uncertainty from realised events and identifying the welfare effects of uncertainty both present a number of empirical challenges. Combining individual-level panel data from rural and urban Ethiopia with high-resolution meteorological data, we estimate the empirical relevance of uncertainty on objective consumption and subjective well-being. While negative income shocks affect both objective consumption measures and subjective well-being, greater income uncertainty only has an effect on subjective well-being. A one standard deviation change in income uncertainty is equivalent to a one standard deviation change in realised consumption. These results indicate that the welfare gains from further consumption smoothing are substantially greater than estimates based solely on consumption fluctuations.
    Keywords: Uncertainty, Consumption Smoothing, Subjective Well-Being
    JEL: D8 O12 I3
    Date: 2015–08
  179. By: Yoann Verger (REEDS - REEDS - Centre international de Recherches en Economie écologique, Eco-innovation et ingénierie du Développement Soutenable - UVSQ - Université Versailles Saint-Quentin-en-Yvelines)
    Abstract: References to Sraffa and to the neo-Ricardian school is something quite customary in ecological economics. By looking at contributions in this area since the beginning of ecological economics and at contributions on environmental problem from the neo-Ricardian school, we see that a connection between both school still has to be made. This connection should be articulated around the initial aim of Sraffa: to develop a new paradigm, competing against the neoclassical one. Only then it will be possible to develop a real eco-Sraffian approach able to pursue the analysis of the sustainability of the economic system. This review of the literature is divided in three sections. Section 1 describes the part of the literature engaged in the “valuation of nature” debate; section 2 the works of researchers trying to develop a neo-Ricardian approach of ecological conflicts; and section 3 several works trying to use the neo-Ricardian knowledge in the analysis of physical interdependence between processes, in particular for the assessment of CO2 emissions. In each of these last sections, works are presented in a (more or less) chronological way.
    Date: 2015–07–31
  180. By: James Alm (Department of Economics, Tulane University)
    Abstract: Tunisia's tax system has undergone significant structural reforms over the last several decades. Even so, its structure exhibits some major flaws, shortcomings that spill over to and affect the performance of the overall Tunisian economy. Further, the tax system continues to underperform in some fundamental ways, ways that also affect the rest of the economy. Finally, the structure of the Tunisian tax system has some notable shortcomings. This paper discusses these issues. It presents details of the main taxes, it analyzes several main features of this tax system, and it suggests various specific tax reforms that can be introduced both in the short term and in the longer term.
    Keywords: Tunisia, tax reform
    JEL: H20 H24 H25 H87
    Date: 2015–08
  181. By: P. J. Dawkins; J.M. Dixon
    Abstract: A major issue for the future of tertiary education is to ensure that Australia continues to expand its investment in skills and capabilities, to enable a future of prosperity which is available to all. This has been the aim of the demand-driven system of higher education. The Federal Government's current proposals for higher education reform include the expansion of the demand-driven system, by bringing sub-degree higher education programs into the subsided system and by bringing non-university higher education providers into the system. At the same time the government has been seeking to achieve budget restraint and as a result proposed to cut the amount of funding per student by an average of 20 per cent, although there is considerable variation across the disciplines. The government has also proposed to uncap fees, so that universities could at least recoup the lost funds due to the cuts in subsidies. The government's proposal for full-fee deregulation in higher education has stalled in the Senate. It has been subjected to criticism from the cross-benchers and from a number of expert commentators that there are serious risks with the proposal including the risk of excessive student fees and excessive debts. We argue that what is required is not full deregulation of fees, or a return to a more regulated model with tight fee regulation and a possible reversion to more regulation of student numbers as well. What is required is a third way; incorporating some degree of price flexibility, and an enhanced equity package, while retaining the demand driven model. This paper, therefore, is concerned with exploring alternative ways of sustaining the demand driven system by allowing some degree of flexibility in student fees, while avoiding excessive fee rises and allowing for some degree of price competition. Consideration is also given to ways in which the equity aspects of the package could be enhanced. Dawkins (2014) argued that three alternative methods should be explored to achieve a degree of fee flexibility: fee caps, loan caps and a "taper model"; whereby government tuition subsidies are reduced according to a taper-rate schedule, when they raise fees above a threshold level. The latter concept is one that is also being proposed by Bruce Chapman (Chapman 2015). Our analysis and consideration of the policy challenge leads us to the conclusion that the most promising way forward is a two-part package incorporating (a) a taper model whereby tuition subsidies are reduced according a progressive taper rate schedule, when fees rise above a threshold level, and (b) an enhanced Higher Education Participation Program (HEPP), incorporating scholarships for all low socioeconomic status background students across the system, and additional support for interventions for reducing the attrition rates of at-risk students. Data has been provided by the Commonwealth Department of Education and Training to assist with this research and the modelling has been undertaken at the Centre of Policy Studies at Victoria University.
    Keywords: higher education, taper scheme, government budget, education subsidies, HECS, deregulation
    JEL: I22 I23 I28 H52
    Date: 2015–03
  182. By: Muehlenbachs, Lucia Anna (Resources for the Future); Spiller, Elisheba; Timmins, Christopher
    Abstract: Using data from Pennsylvania and an array of empirical techniques to control for confounding factors, we recover hedonic estimates of property value impacts from nearby shale gas development that vary with water source, well productivity, and visibility. Results indicate large negative impacts on nearby groundwaterdependent homes, while piped-water-dependent homes exhibit smaller positive impacts, suggesting benefits from lease payments. Results have implications for the debate over regulation of shale gas development.
    Keywords: shale gas, groundwater, property values, hedonic models, nearest neighbor matching, differences-in-differences, triple differences
    JEL: Q32 Q33 Q50 Q53
    Date: 2013–12–09
  183. By: Nathalie Greenan (CEE - Centre d'études de l'emploi - M.E.N.E.S.R. - Ministère de l'Éducation nationale, de l’Enseignement supérieur et de la Recherche - Ministère du Travail, de l'Emploi et de la Santé, TEPP - Travail, Emploi et Politiques Publiques - UPEM - Université Paris-Est Marne-la-Vallée - CNRS); Pierre-Jean Messe (CEE - Centre d'études de l'emploi - M.E.N.E.S.R. - Ministère de l'Éducation nationale, de l’Enseignement supérieur et de la Recherche - Ministère du Travail, de l'Emploi et de la Santé, TEPP - Travail, Emploi et Politiques Publiques - UPEM - Université Paris-Est Marne-la-Vallée - CNRS, GAINS - Groupe d'Analyse des Itinéraires et des Niveaux Salariaux - UM - Université du Maine)
    Abstract: The main contribution of this paper is to study empirically how the horizon effect and the technological or organisational changes interact to explain the probability of being an internal trainer at the end of career. We use data from a French matched employer-employee survey on Organisational Changes and Computerisation (COI) conducted in 2006. It contains information both on employees’ knowledge transmission practices and employers’ technological or organisational changes. We find that the shorter the horizon of a worker aged 50 and over, the higher is her probability of being an internal trainer, but only in firms that did not experience any changes. In changing firms, we find the same effect provided that the older worker benefited from a training session to update her skills.
    Date: 2014–10
  184. By: Paul Ormerod; Rickard Nyman; David Tuckett
    Abstract: Following the financial crisis of the late 2000s, policy makers have shown considerable interest in monitoring financial stability. Several central banks now publish indices of financial stress, which are essentially based upon market related data. In this paper, we examine the potential for improving the indices by deriving information about emotion shifts in the economy. We report on a new approach, based on the content analysis of very large text databases, and termed directed algorithmic text analysis. The algorithm identifies, very rapidly, shifts through time in the relations between two core emotional groups. The method is robust. The same word-list is used to identify the two emotion groups across different studies. Membership of the words in the lists has been validated in psychological experiments. The words consist of everyday English words with no specific economic meaning. Initial results show promise. An emotion index capturing shifts between the two emotion groups in texts potentially referring to the whole US economy improves the one-quarter ahead consensus forecasts for real GDP growth. More specifically, the same indices are shown to Granger cause both the Cleveland and St Louis Federal Reserve Indices of Financial Stress.
    Date: 2015–06
  185. By: Michel Alexandre da Silva; Gilberto Tadeu Lima
    Abstract: The aim of this paper is to study the interaction between monetary policy and prudential regulation in an agent-based modeling framework. In the model proposed here, firms borrow funds from the banking system in an economy regulated by a central bank. The central bank is responsible for carrying out monetary policy, by setting the interest rate, and prudential regulation, by establishing the banking capital requirement. Different combinations of interest rate and capital requirement rules are evaluated regarding both macroeconomic and financial stability. Several relevant policy implications are drawn from this analysis. First, the implementation of a cyclical capital component as proposed in Basel III, while successful in reducing financial instability when applied alone, loses its efficacy when combined with some interest rate rules. Second, interest rate smoothing is more effective than the other interest rate rules assessed, as it outperforms them concerning financial stability and performs as well as them regarding macroeconomic stability. Finally, there is no long-run tradeoff between monetary and financial stability regarding the sensitiveness of the cyclical capital component to the credit-to-output ratio, as well as the smoothing interest rate parameter
    Date: 2015–08
  186. By: Dinda, Soumyananda
    Abstract: In this 21st century, human civilization faces the toughest challenge to tackle the climate change for sustainable development. Civil society should adopt the climate change and reduce vulnerability for non-declining welfare. This paper reviews major papers on adaptation to climate change and provides an overview on the climate change and developing adaptive mechanism across the globe. Following major important articles this study provides clarity of the concept of adaptation, types of adaptation, measurement of adaptation, determinants of adaptive capacity, and also highlights on limitations and its possible future directions. Finally it concludes.
    Keywords: Adaptation, Climate Change, Adaptive Capacity, Risk, Sustainable Development, Vulnerability
    JEL: O2 Q2 Q5
    Date: 2015–01–11
  187. By: Céline Antonin (OFCE - OFCE - Sciences Po); Christophe Blot (OFCE - OFCE - Sciences Po); Christine Rifflart (OFCE - OFCE - Sciences Po)
    Abstract: Si les grandes banques centrales n'ont eu de cesse depuis 2008 de développer des outils non-conventionnels pour stimuler l'activité économique et soutenir les marchés financiers, la justification du maintien de ces politiques s'est émoussée dans le courant de l'année 2013. Aux États-Unis et au Royaume-Uni, le taux de chômage a atteint le seuil que les banques centrales avaient défini pour justifier la poursuite de leurs achats de titres publics. Dans la zone euro, la normalisation du fonctionnement du marché interbancaire s'accompagne d'une moindre demande de liquidités des banques auprès de la BCE. L'heure est donc à la sortie progressive du quantitative easing. L'actif du bilan de la Réserve fédérale augmente de moins en moins vite depuis janvier 2014. Celui de la Banque d'Angleterre stagne depuis un an. Quant à la BCE, il s'est retourné à la suite notamment du remboursement des anciens prêts accordés aux banques. Cette normalisation des outils ne signifie surtout pas la fin des politiques monétaires accommodantes. La croissance reste insuffisante pour réduire les écarts de production et surtout, le risque particulièrement aigu dans la zone euro de laisser s'installer des tendances déflationnistes, nécessite que les banques centrales continuent à stimuler les économies. En effet, en renchérissant les taux réels, l'entrée dans la déflation rendrait la politique monétaire encore plus inopérante. C'est donc le message que les banques centrales veulent faire passer, notamment la BCE qui n'exclut pas, si besoin était, la mise en place d'un nouveau programme d'assouplissement quantitatif. Aussi aucun resserrement des taux directeurs n'est prévu à l'horizon de notre prévision. Les taux longs n'ont que peu réagi à cette inflexion de tendance. Néanmoins, malgré les bas taux d'intérêt et les conditions de crédits particulièrement attractives, la demande n'est pas au rendez-vous. L'heure est encore au désendettement tant du côté des entreprises dans la zone euro que des ménages aux États-Unis. Les politiques monétaires peinent à mordre sur l'activité, d'où la nécessité pour elles de rester actives.
    Date: 2014–04
  188. By: Ivelin Iliev Rizov (European Commission – JRC - IPTS); Emilio Rodríguez Cerezo (European Commission – JRC - IPTS)
    Abstract: The present technical report deals with coexistence issues of genetically modified (GM) soybean cultivation with non-GM soybean and honey production in the EU. The Technical Working Group (TWG) for Soybean of the European Coexistence Bureau (ECoB) analysed the possible sources for potential GM cross-pollination and admixture and agreed on the best practices for coexistence. The terms of reference for this review are presented in Section 1. The scope of the Best Practice Document is coexistence in soybean crop production in the EU. It includes the coexistence between GM soybean cultivation and honey production but excludes coexistence in seed production. The ECoB TWG for Soybean conducted two meetings, one in May 2013 and one in February 2014 examining the state-of-art knowledge from scientific literature, research projects and reports, as well as empirical evidence provided by already existing segregation systems in soybean production. The information reviewed amounts to a total of 123 references listed in this report. The report summarises the review of available information on adventitious GM presence in soybean crop production covering seed impurities, cultivation, outcrossing to non-GM soybeans, and volunteers. The process management during sowing, harvesting, transportation, drying and storage on farm is also reviewed. Additionally the report analyses existing studies dealing with the presence of soybean pollen in honey. Finally, the TWG for Soybean reviewed the state of the art for the detection and identification of traces of GM soybean material in non-GM soybean harvests and honey. Based on this review, the members of the TWG Soybean submitted proposals for best management practices, which form the basis of the agreed consensus recommendations presented in Section 8.
    Keywords: Inovation, Biotechnology, Coexistence, Genetically Modified Organism (GMOs), Soybean, Best agricultural practices, Agronomy, Policy support, Standatization, Compititivness.
    Date: 2014–07
  189. By: Wanger, Susanne (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]); Weigand, Roland (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany]); Zapf, Ines (Institut für Arbeitsmarkt- und Berufsforschung (IAB), Nürnberg [Institute for Employment Research, Nuremberg, Germany])
    Abstract: "This article presents the IAB working time measurement concept, which determines the hours worked in Germany and their individual components. These statistics are essential for a proper analysis of aggregate labour market trends and cyclical fluctuations. We outline the conceptual and methodological framework of the measurement, which evolves further due to its integration in the system of national accounts and due to innovations to the statistical procedures applied. An overview of single components and their data sources is given, while the resulting time series of hours worked and the volume of work are depicted according to their long run trends, cyclical variation and reaction in the 2008/09 financial and economic crisis." (Author's abstract, IAB-Doku) ((en))
    Keywords: IAB-Arbeitszeitrechnung - Methode, Arbeitszeit, Arbeitsvolumen
    JEL: C82 E01 J2
    Date: 2015–08–17
  190. By: Alfred Duncan
    Abstract: Alfred Duncan investigates the Labour Party’s Variable Savings Rate policy, where KiwiSaver contributions would become compulsory, and contribution rates adjusted by the Reserve Bank in conjunction with changes in the Official Cash Rate to achieve Monetary Policy objectives.
    Date: 2014–09–01
  191. By: Florent Venayre (GDI - Gouvernance et Développement Insulaire - Université de la Polynésie Française, LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - CNRS - Institut national de la recherche agronomique (INRA) - UM1 - Université Montpellier 1 - Centre international de hautes études agronomiques méditerranéennes [CIHEAM])
    Abstract: La réalisation de nouvelles surfaces commerciales au-delà de certains seuils de superficie est depuis longtemps – et bien que la pertinence en soit discutée – soumise à accord préalable des commissions d'urbanisme. Ce processus, basé sur des critères d'aménagement ou d'environnement, ignore traditionnellement les questions économiques, et notamment celle de la création ou du renforcement de positions dominantes locales dans le secteur de la distribution. Toutefois, une récente évolution vers la prise en considération de critères économiques existe depuis novembre 2012 en outre-mer, avec la création de l'article L. 752-6-1 du Code de commerce. Cet article, qui vient de faire l'objet de sa première application pour l'île de Saint-Barthélemy, conduit à d'intéressantes interrogations quant à l'avenir du contrôle ex-ante des opérations d'urbanisme commercial.
    Date: 2014
  192. By: Paul Hubert (OFCE - OFCE - Sciences Po)
    Abstract: Since Romer and Romer (2000), a large literature has dealt with the relative forecasting performance of Greenbook macroeconomic forecasts of the Federal Reserve. This paper empirically reviews the existing results by comparing the different methods, data and samples used previously. The sample period is extended compared to previous studies and both real-time and final data are considered. We confirm that the Fed has a superior forecasting performance on inflation but not on output. In addition, we show that the longer the horizon, the more pronounced the advantage of Fed on inflation and that this superi- ority seems to decrease but remains prominent in the more recent period. The second objective of this paper is to underline the potential sources of this supe- riority. It appears that it may stem from better information rather than from a better model of the economy.
    Date: 2014–10
  193. By: Hartley, Peter (Rice University); Medlock, Kenneth, III (Rice University)
    Abstract: In this paper, we examine the economic viability of two new energy technologies when implemented in the US Southwest. The first technology of interest is a long distance high voltage direct current (HVDC) transmission link between Texas and Southern California that is constructed using a so-called "nanowire" technology. The second technology is grid-connected photovoltaic solar power. We investigate the potential value of these technologies by examining how profitable they would likely have been if they had been available in 2003.
    Date: 2014
  194. By: Defever, Fabrice; Fischer, Christian; Suedekum, Jens
    Abstract: Headquarters and their specialized component suppliers have a vital interest in establishing long-term collaborations. When formal contracts are not enforceable, such efficiency-enhancing cooperations can be established via informal agreements, but relational contracts have been largely ignored in the literature on the international organization of value chains. In this paper, we develop a dynamic property rights model of global sourcing. A domestic headquarter collaborates with a foreign input supplier and makes two decisions in every period: i) whether to engage in a costly search for a better partner, and ii) whether to make a non-binding offer to overcome hold-up problems. Our key result is that the possibility to switch partners crucially affects the contractual nature of buyer-supplier relationships. In particular, some patient firms do not immediately establish a relational contract, but only when they decide to stop searching and thus launch a long-term collaboration with their supplier. From our model, we develop an instrumental variable estimation strategy that we apply using transaction-level data of fresh Chinese exporters to the US. We obtain empirical evidence in line with the theoretical prediction of a positive causal effect of match durations on relational contracting.
    Keywords: firm organization,input sourcing,relational contracts,supplier search,processing trade,China
    JEL: D23 L23 F23
    Date: 2015
  195. By: Gehde-Trapp, Monika; Gündüz, Yalin; Nasev, Julia
    Abstract: Based on individual CDS transactions cleared by the Depository Trust & Clearing Corporation, we show that illiquidity strongly affects credit default swap premiums. We identify the following effects: First, transaction direction affects prices, as buy (sell) orders lead to premium increases (decreases). Second, larger transactions have a higher price impact. This finding stands in stark contrast to corporate bond markets. Third, traders charge higher premiums as a price for liquidity provision, not as compensation for asymmetric information. Fourth, buyside investors pay significantly higher prices than dealers for demanding liquidity. Last, inventory risk seems to matter little in explaining liquidity premiums.
    Keywords: CDS,illiquidity,temporary price impact,market power,immediacy,DTCC
    JEL: G12 G14
    Date: 2015
  196. By: Martin Ravallion (Georgetown University and NBER, U.S.A.)
    Abstract: Traditional assessments of economic growth and progress against poverty put little or no weight on increasing the standard of living of the poorest—raising the floor for permanent consumption above the biological minimum. Yet raising the floor is often emphasized by policy makers, moral philosophers and social choice theorists. To address this deficiency, the paper defines and measures the expected value of the floor as a weighted mean of observed consumptions for the poorest stratum. Using data for the developing world over 1981-2011, the estimated floor is about half the \$1.25 a day poverty line. Economic growth and social policies have delivered only modest progress in raising the floor, despite progress in reducing the number living near the floor.
    Keywords: Poverty, consumption floor, Rawls, growth, safety-nets.
    JEL: I32 I38 O15
    Date: 2015–07
  197. By: James Alm (Department of Economics, Tulane University); Brian Erard (B. Erard & Associates)
    Abstract: An enduring problem in the analysis of tax evasion is the difficulty of its measurement. An especially troublesome component of tax evasion arises from informal suppliers, such as self- employed domestic workers, street-side vendors, and moonlighting tradesmen. We develop in this paper a new approach for estimating self-employment earnings of informal suppliers. Our methodology involves using national survey results on self-employment earnings within a carefully selected set of industry categories where informal activities are believed to be concentrated. Then, by comparing these national survey results on self-employment earnings to Internal Revenue Service statistics on the amounts actually reported for tax purposes, it is possible to estimate the extent of noncompliance within the selected industry categories. Our methodology relies on survey respondents being reasonably forthcoming about their earnings, which we are able to confirm through some validation exercises.
    Keywords: tax evasion, informal suppliers
    JEL: H26 C81
    Date: 2015–08
  198. By: Nikos Nikiforakis (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - CNRS - UCBL - Université Claude Bernard Lyon 1 - UL2 - Université Lumière - Lyon 2 - Université Jean Monnet - Saint-Etienne - PRES Université de Lyon - ENS Lyon - École normale supérieure - Lyon); Jörg Oechssler (Faculty of Economics and Social Sciences, University of Heidelberg - Universität Heidelberg (GERMANY)); Anwar Shah (Quaid-i-Azam University Islamabad)
    Abstract: The power to coerce workers is important for the e¢ cient operation of hierarchically structured organizations. However, this power can also be used by managers to exploit their subordinates for their own benefit. We examine the relationship between the power to coerce and exploitation in a laboratory experiment where a senior and a junior player interact repeatedly for a finite number of periods. We find that senior players try repeatedly to use their power to exploit junior workers. These attempts are successful only when junior workers have incomplete information about how their e¤ort impacts on the earnings of senior players, but not when they have complete information. Evidence from an incentive-compatible questionnaire indicates that the social acceptability of exploitation depends on whether the junior worker can detect she is being exploited. We also show how a history of exploitation affects future interactions.
    Date: 2014
  199. By: Honorati,Maddalena
    Abstract: This study uses a randomized experiment to evaluate the impacts of the training and internship program piloted in Nairobi, Mombasa and Kisumu counties by the Kenya Private Sector Alliance and the Government of Kenya with support from the World Bank?s Kenya Youth Empowerment Project. The program provided three months of classroom-based technical training coupled with three months of internships in private firms to vulnerable youths between ages 15 and 29 years, with vulnerable being defined as those out of school and/or with no permanent job. The analysis in this paper is based on survey data collected before the program started (July 2012) and 15 months after the program ended (July 2014). The results of the impact evaluation show that the program has been successful in placing youths in paid jobs and has contributed to an increase of 15 percent in current employment among male participants. The evaluation also found that the program has had positive effects on wage earnings, especially those of females and among older males, with wages increasing by about K Sh 5,000 for males and by K Sh 7,500 for females. With a total unit cost of K Sh 97,000 per beneficiary, an estimated K Sh 6,768 monthly wage for males and K Sh 9,623 monthly wage for females, the program?s benefits exceeded the costs for males and females. The program also encouraged youths to participate in either (certified) skills training or an internship program, and helped to increase the probability of participants? opening a bank account and accumulating savings (for females).
    Keywords: Labor Markets,Education For All,Labor Policies,Access&Equity in Basic Education,Primary Education
    Date: 2015–08–27
  200. By: Pierre Picard (Department of Economics, Ecole Polytechnique - CNRS - Polytechnique - X); Kili WANG (Tamkang University)
    Abstract: We analyze, from theoretical and empirical standpoints, how insurance distribution channels may a§ect fraud when policyholders and service providers collude. The empirical analysis focuses on the Taiwan automobile insurance market. Striking forms of claims manipulation exist in this market: opportunistic policyholders tend to manipulate claim dates to reduce the burden of deductibles and to take advantage of the bonus-malus mechanism. We focus our attention on the role of dealer-owned agents (DOAs), since they have informational and bargaining advantages when faced with insurers and may be tempted to encourage collusion between their car repairers and policyholders. We develop an optimal contract model with claim auditing, where contracts are sold either through DOAs or through standard independent agents, and where policyholders and car repairers may collude to manipulate claims. We also use a database from the largest Taiwanese insurance company to test for the relevance of theoretical predictions. In particular, we verify that fraud occurs through the postponing of claims to the end of the policy year, possibly by Öling one single claim for several events, and we show that the fraud rate is larger among policyholders who purchase insurance through the DOA channel than among other policyholders.
    Date: 2015–04–09
  201. By: Casini,Paolo; Vandewalle,Lore; Wahhaj,Zaki
    Abstract: Self-help groups (SHGs) are the most common form of microfinance in India. The authors provide evidence that SHGs, composed of women only, undertake collective actions for the provision of public goods within village communities. Using a theoretical model, this paper shows that an elected official, whose aim is to maximize re-election chances, exerts higher effort in providing public goods when private citizens undertake collective action and coordinate their voluntary contributions towards the same goods. This effect occurs although government and private contributions are assumed to be substitutes in the technology of providing public goods. Using first-hand data on SHGs in India, the paper tests the prediction of the model and shows that, in response to collective action by SHGs, local authorities tackle a larger variety of public issues, and are more likely to tackle issues of interest to SHGs. The findings highlight how the social behavior of SHGs can influence the governance of rural Indian communities.
    Keywords: Economic Theory&Research,Corporate Law,Debt Markets,Civil Society,Political Economy
    Date: 2015–08–19
  202. By: Shinichi Nishiyama
    Abstract: This paper incorporates the aging population projected by the U.S. Social Security Administration to a heterogeneous-agent OLG model with idiosyncratic wage shocks and analyzes its effects on individual households, the government budget, and the overall economy. The fiscal gap caused by the demographic change is 2.94% of GDP under the intermediate projection. The effect of the aging population is large by itself and depends significantly on how the government finances the cost of the demographic change. There is a strong trade-off between efficiency and equity, and this paper quantitatively assesses the pros and cons of stylized fiscal reform plans.
    Keywords: dynamic general equilibrium, heterogeneous agents, overlapping generations, aging population, fiscal policy
    JEL: D91 E62 H31
    Date: 2015
  203. By: Krawczyk, Jacek B; Townsend, Wilbur
    Abstract: Governments want to prevent high inequality while maintaining economic effi ciency. This paper investigates how an economy can satisfy both these constraints. We use the relative factor share as a proxy for inequality and so can use a representative agent model to understand how inequality evolves. Our representative agent model includes capital, consumption and debt which, like the relative factor share, are influenced by tax rates. Whether the model's evolutions can be constrained is understood as a problem of viability theory, and so we compute the viability kernels corresponding to our constraints. These kernels explain both how policy makers should act and why they act as they currently do. For example, we show that substantial government debt will require policy makers to reduce inequality. More importantly, we demonstrate that viability theory is a meaningful, interesting approach to understanding the tradeoff between inequality and efficiency.
    Keywords: Factor income, Inequality, Viability theory,
    Date: 2015
  204. By: Alicia H. Munnell
    Abstract: The timing of the release of the Social Security Trustees Report is becoming more unpredictable. It used to come out in the spring, but in the last two years it has been released in late July. It is hard to know whether the delay reflects internal controversy or simply the inability to get six people (the Social Security Commissioner, the Secretaries of Treasury, of Health and Human Services, and of Labor, and two public trustees) in a room at the same time to sign the document. One logical reason for the delay this year is the time required to incorporate the important Medicare legislation passed in April and the desire to release the Social Security and Medicare reports at the same time. While the release date has become more unpre­dictable, the message has not. The program faces a 75-year deficit, the Old-Age, Survivors and Dis­ability Insurance (OASDI) program trust funds are scheduled for exhaustion in the early 2030s, and the Disability Insurance trust fund will run out of money next year. The specifics for 2015 show a little improvement: the 75-year deficit declined from 2.88 percent in 2014 to 2.68 percent in 2015 and the date of trust fund exhaustion moved from 2033 to 2034. But the story remains unchanged: the trust funds are going to run out of money, forcing substantial benefit cuts. Congress needs to act both to restore confi­dence in the nation’s major social insurance program and to give people time to adjust to needed changes. This brief updates the numbers and puts the current report in perspective. It also discusses the projected exhaustion of the Disability Insurance Trust Fund in 2016 and replacement rate data that remain missing from the Trustees Report.
    Date: 2015–07
  205. By: Samuel Brazys (School of Politics and International Relations and Geary Institute for Public Policy, University College Dublin); Aidan Regan (School of Politics and International Relations, University College Dublin)
    Abstract: The 2008 financial crisis hit few places harder than the European periphery, where five states, Portugal, Italy, Ireland, Greece and Spain, came to be collectively known as the ‘PIIGS’. Yet while the PIIGS experienced a similar adjustment to the crisis, the recoveries have shown significant divergence. Ireland, in particular, has stood out as a beacon of growth, not only in the PIIGS but in all of Europe. We challenge the prevailing narrative that Ireland’s exemplary performance is due to its early and ardent adaptation of fiscal ‘austerity’ measures. Instead we argue that Ireland’s path dependent, state-led, ‘enterprise policy’ situated Ireland to be a recipient of foreign direct investment driven by the low borrowing costs, brought on by the United States’ Quantitative Easing (QE) programs. Using quantitative and qualitative investigation we find evidence that the latent enterprise policy mechanism – operationalized via the impact of QE on investment projects into Ireland (vis-à-vis the other PIIGS) - rather than increased wage competitiveness via austerity, accounts for Ireland’s recovery from the crisis.
    Keywords: Austerity, Crisis, Debt, Ireland, PIIGS, Enterprise Policy
    Date: 2015–08–25
  206. By: Andreasen, Eugenia (University of Santiago of Chile); Valenzuela, Patricio (University of Chile)
    Abstract: This paper shows that financial openness significantly affects corporate and sovereign credit ratings, and that the magnitude of this effect depends on the level of development of the domestic financial market. Issuers located in less financially developed economies stand to benefit the most from opening up their capital accounts, whereas the impact of this effect decreases as the level of development of the domestic capital market improves.
    JEL: F34 G15 G38
    Date: 2015–06
  207. By: Richard Layard
    Abstract: Leading thinkers across the worlds of science, public service and academia have launched a new global programme to combat climate change. Richard Layard outlines their proposal for big public investment in research that will dramatically reduce the costs of clean energy.
    Keywords: climate change, clean energy, government policy, renewables, R&D
    Date: 2015–07
  208. By: Simeon Schudy; Verena Utikal
    Abstract: Although understanding preferences for privacy is of great importance to economists, businesses and politicians little is known about the factors that shape the individual willingness to share personal data. This article provides three experimental studies with a total of 470 participants that help characterizing individual preferences for sharing personal data varying the characteristics of potential recipients. We find that participants’ willingness to share personal data with anonymous recipients decreases with the number of recipients. However, social distance to the recipients and the extent of personal data a single recipient receives do not decrease the willingness to share personal data. Further, we provide a methodological insight by showing that verification of personal data is essential when eliciting privacy preferences.
    Keywords: preferences elicitation, data privacy, informational privacy, experiment
    Date: 2015
  209. By: Jamal Ibrahim Haidar
    Abstract: I investigate the link between business regulatory reforms and economic growth in 172 countries. I create a 5 year dataset on business regulatory reforms from the World Bank?s Doing Business reports. Then, I test the hypothesis that business regulatory reforms increase economic growth, using data on micro-economic reforms. These data do not suffer the endogeneity issues associated with other datasets on changes in economic institutions. The results provide a robust support for the claim that business regulatory reforms are good for economic growth. The paper establishes that, on average, each business regulatory reform is associated with a 0.15% increase in growth rate of GDP.
  210. By: John Beshears; James J. Choi; Christopher Harris; David Laibson; Brigitte C. Madrian; Jung Sakong
    Abstract: If individuals have self-control problems, they may take up commitment contracts that restrict their spending. We experimentally investigate how contract design affects the demand for commitment contracts. Each participant divides money between a liquid account, which permits unrestricted withdrawals, and a commitment account with withdrawal restrictions that are randomized across participants. When the two accounts pay the same interest rate, the most illiquid commitment account attracts more money than any of the other commitment accounts. We show theoretically that this pattern is consistent with the presence of sophisticated present-biased agents, who prefer more illiquid commitment accounts even if they are subject to uninsurable marginal utility shocks drawn from a broad class of distributions. When the commitment account pays a higher interest rate than the liquid account, the relationship between illiquidity and deposits is flat, suggesting that agents without present bias and/or naïve present-biased agents are also present in our sample.
    JEL: D03 D14 D91
    Date: 2015–08
  211. By: Aruga, Kentaka
    Abstract: The study examines the consumer survey data collected for the seven agricultural products (rice, apple, cucumber, beef, pork, egg, and shiitake mushrooms) of regions near the Fukushima Daiichi nuclear power plant (FDNP) to find out what factors and attributes of consumers affect their purchasing behavior by using the contingent valuation method. In most of the agricultural products, we found that consumers who put high priority on food safety issue, think the risk of radiation contamination became high after the Fukushima nuclear incident, live distanced from the FDNP, and live with children under the age of 15 require a higher discount rate to accept agricultural products of regions near the FDNP. On the other hand, our study indicated that consumers who trust the current safety standard for radioactive material concentrations in food, knowledgeable about radiation and radioactive materials, have high environmental consciousness, and aged are more likely to accept buying products of regions near the FDNP.
    Keywords: radioactive contamination, willingness to accept, CVM survey
    JEL: D12 Q13
    Date: 2015–08–17
  212. By: Seabold,Skipper; Coppola,Andrea
    Abstract: The objective of this study is to assess the possibility of using Internet search keyword data for forecasting price series in Central America, focusing on Costa Rica, El Salvador, and Honduras. The Internet search data comes from Google Trends. The paper introduces these data and discusses some of the challenges inherent in working with it in the context of developing countries. A new index is introduced for consumer search behavior for these countries using Google Trends data covering a two-week period during a single month. For each country, the study estimates one-step-ahead forecasts for several dozen price series for food and consumer goods categories. The study finds that the addition of the Internet search index improves forecasting over benchmark models in about 20 percent of the series. The paper discusses the reasons for the varied success and potential avenues for future research.
    Keywords: E-Business,Economic Theory&Research,Statistical&Mathematical Sciences,Information and Communication Technologies
    Date: 2015–08–19
    Abstract: This paper defines the size of 215 countries using population and land area dimension. The statistical technique of cluster analysis was used to identify the groups of states that share the same characteristics of population and land area, and 83 countries were classified as small. From the descriptive analysis small size does not imply lower economic development/performance compared to large states. However, the economies of small states are more vulnerable. Proximity to developed markets, degree of economic freedom and openness to foreign markets were identified as the main factors explaining differences in economic performance among small states.
    Keywords: Country Size, Small States, Cluster Analysis and Economic Growth
    JEL: O40 O50 O57
    Date: 2015–02
  214. By: Jean-Thomas Bernard; Lynda Khalaf; Maral Kichian; Clement Yelou
    Abstract: Expert outlooks on the future path of oil prices are often relied on by industry participants and policymaking bodies for their forecasting needs. Yet little attention has been paid to the extent to which these area accurate. Using the regular publications by the Energy Information Administration (EIA), we examine the accuracy of annual recursive oil price forecasts generated by the National Energy Modeling System model of the Agency for forecast horizons of up to 15 years. Our results reveal that the EIA model is quite successful at beating the benchmark random walk model, but only at either end of the forecast horizons. We also show that, for the longer horizons, simple econometric forecasting models often produce similar if not better accuracy than the EIA model. Among these, time-varying specifications generally also exhibit stability in their forecast performance. Finally, while combining forecasts does not change the overall patterns, some additional accuracy gains are obtained at intermediate horizons, and in some cases forecast performance stability is also achieved.
    Keywords: Oil price, expert outlooks, long run forecasting, forecast combinations
    JEL: Q47 C20
    Date: 2015
  215. By: Phung, Tracy (University of WI); Coxhead, Ian (University of WI); Lian, Chang (University of WI)
    Abstract: For several decades, the economies of Southeast Asia have experienced average per capita GDP growth rates second only to China, and much higher than any other major world region. In this study we examine the sources of this growth. We ask whether countries of this region follow a common growth path relative to the rest of the developing world. We pay particular attention to two prominent features of virtually every Asian regional growth narrative--openness to international trade and factor flows, and spillovers from growth booms in large regional economies like Japan and China--which have not received adequate attention in previous quantitative growth analyses. Our results show that rapid income growth in Northeast Asia had significant spillover effects on Southeast Asian growth, and that these effects were significantly larger than for other developing regions. But within the region, growth outcomes have been differentiated in part by the degree of openness to international trade and factor flows. Thus, while the good luck of geographic proximity to the booming economies of Northeast Asia has been important, good policies also matter.
    Date: 2014–07
  216. By: Shekhar Aiyar; A. J. Al-Eyd; Bergljot Barkbu; Andreas Jobst
    Abstract: Small and medium-sized enterprises (SMEs) account for a disproportionate share of output and employment in Europe but are still highly dependent on bank finance, which dried up or became prohibitively expensive during the crisis. Broader access to alternative, long-term finance through securitization would limit their exposure to banking sector difficulties and thus help revive credit. The SDN examines the various impediments to the development of a well-functioning and liquid securitization market in Europe and proposes a comprehensive multi-faceted strategy to support its development through regulatory reforms and infrastructure development together with targeted and time-bound official sector support. This would require (i) greater regulatory differentiation between securities of different quality and underlying asset structures; (ii) harmonized national enforcement and insolvency frameworks and standardized reporting requirements; and (iii) greater capacity of EU authorities to support new issuance. These measures would be underpinned by a pan-European definition of high-quality securitization (HQS) comprising simple, transparent and efficient asset structures receiving preferential regulatory treatment.
    Keywords: Financial intermediation;Structured finance, macro-financial linkages, SME finance, market, finance, markets, investment, debt, Financial Markets and the Macroeconomy, General,
    Date: 2015–05–07
  217. By: Xavier Timbeau (OFCE - OFCE - Sciences Po)
    Abstract: Pour sortir de la Grande Récession et enclencher la transition vers l'économie à bas carbone, nous proposons ici un plan d'investissement public et privé dans la transition énergétique de l'ordre de 2 points de PIB européen par an. La clef de ce plan repose sur la possibilité de reconsidérer les critères de finances publiques en n'utilisant non pas la dette publique brute (en point de PIB) comme objectif de la stabilité, mais au contraire, en reposant sur un concept de dette publique nette des actifs publics créés. Un organe tiers (par exemple la Commission européenne) pourrait évaluer ex post et ex ante la valeur des investissements réalisée, incitant à des politiques cohérentes et efficaces de dépense publique.
    Date: 2014–05
  218. By: Jo Blanden; Claire Crawford; Ellen Greaves; Paul Gregg; John Hills; Lindsey Macmillan; Abigail McKnight; Luke Sibieta; Anna Vignoles
    Abstract: Coalition Deputy Prime Minister, Nick Clegg, argued that 'the over-riding priority for our social policy is improving social mobility'. Research summarised here sheds light on how things have been changing as children move through education and on other key drivers of differences in life chances.
    Keywords: social mobility, education, attainment
    Date: 2015–07
  219. By: Ann S. O'Malley
    Abstract: Challenges to health information exchange are pervasive; they are not just a market-specific phenomenon.
    Keywords: Testimony, Interoperability Task Force, Health IT Policy Committee, ONC
    JEL: I
    Date: 2015–08–14
  220. By: Ghosh, Saibal
    Abstract: This is the time of the year when the decisions relating to the Nobel memorial prize in economics are announced. The study lists the earlier recipients and highlights certain interesting facets that could act as a guide for selecting potential recipients.
    Keywords: Nobel prize; Economics; Microeconomics; Macroeconomics
    JEL: A10 B31
    Date: 2014
  221. By: EY
    Abstract: This Study identifies the Member States that make use of the options to apply a RCM and evaluates the economic importance of the RCM, the cash-flow impacts of the RCM and the administrative burden on business of applying the RCM. See the summary(530 kB)
    Keywords: European Union, taxation, Reverse Charge Mechanism, VAT
    Date: 2014–11
  222. By: Naïma El Farouq (LIMOS - Laboratoire d'Informatique, de Modélisation et d'optimisation des Systèmes - CNRS - Université d'Auvergne - Clermont-Ferrand I - UBP - Université Blaise Pascal - Clermont-Ferrand 2 - Institut Français de Mécanique Avancée); Pierre Bernhard (BIOCORE - Biological control of artificial ecosystems - LOV - Laboratoire d'océanographie de Villefranche - UPMC - Université Pierre et Marie Curie - Paris 6 - INSU - CNRS - CRISAM - Inria Sophia Antipolis - Méditerranée - INRIA - Institut national de la recherche agronomique (INRA))
    Abstract: We prove the missing uniqueness theorem for the viscosity solution of a quasi-variational inequality related to a minimax impulse control problem modeling the option pricing with proportional transactions costs. This result makes our robust control approach of option pricing in the interval market model essentially complete.
    Date: 2015
  223. By: Joshua D. Angrist; Jörn-Steffen Pischke
    Abstract: How should researchers interested in social and economic policy untangle cause and effect? A new book by Joshua Angrist and Jörn Steffen Pischke shows how the five core econometric tools -randomised trials, regression, instrumental variables, regression discontinuity designs and differences-in-differences - accomplish this. These tools lie at the heart of CEP research.
    Keywords: applied econometrics, research design, natural experiment, quasi-experiment, structural models
    JEL: C01
    Date: 2015–07
  224. By: Olivier Lopez (Laboratoire de Finance et d'Assurance - CREST-INSEE - Centre de Recherche en Economie et en Statistique - Institut national de la statistique et des études économiques (INSEE)); Xavier Milhaud (Laboratoire de Finance et d'Assurance - CREST-INSEE - Centre de Recherche en Economie et en Statistique - Institut national de la statistique et des études économiques (INSEE)); Pierre-Emmanuel Thérond (SAF - Laboratoire de Sciences Actuarielle et Financière - UCBL - Université Claude Bernard Lyon 1, Galea & Associés)
    Abstract: Ces outils fournissent de nouvelles méthodes pour répondre aux problématiques des assureurs, notamment pour l'analyse des comportements des assurés et des prospects. Ils permettent de construire des classes de risques.
    Date: 2015–01
  225. By: Zhang, Zhibai; Bian, Zhicun
    Abstract: Different from popular studies that focus on relative purchasing power parity, we study absolute purchasing power parity (APPP) in 21 main industrial countries. Three databases are used. Both the whole period and the sub-period are analyzed. The empirical proof shows that the phenomenon that APPP holds is common, and the phenomenon that APPP does not hold is also common. In addition, some country pairs and the pooled country data indicate that the nearer the GDPPs of two countries are, the more valid APPP between the two countries is.
    Keywords: Absolute purchasing power parity; Real exchange rate; Coefficient restriction test
    JEL: F3
    Date: 2015–08
  226. By: Ali Murad Syed (LED - Laboratoire D'Economie Dionysien - LED - Université Paris 8); Abdourahmane Diaw (LED - Laboratoire D'Economie Dionysien - LED - Université Paris 8); Mouna Kessentini (LED - Laboratoire D'Economie Dionysien - LED - Université Paris 8)
    Abstract: This study provides the evidence of the performance of SRI funds in the UK and in France both before and during the financial crisis. We find that in the pre-crisis (2004-2007) period all French and UK funds outperformed the market. According to the modified Sharpe ratio, French and UK funds also outperformed during the crisis period (2007-2009) when compared with relative market benchmarks. This result is not confirmed by the Jensen alpha or the Treynor ratio, but these instruments did not indicate significant underperformance. Overall, our results show that while there is no significant difference in financial performance between SRI funds and non-SRI funds.
    Date: 2015–08–17
  227. By: Moscarola, Flavia Coda (University of Turin); Fornero, Elsa (University of Turin); Strom, Steinar (University of Oslo)
    Abstract: Both economic and epidemiological literature have shown that perceived high strain at work and lack of social infrastructures are good predictors of sick-leave. The latter is particularly relevant in (Mediterranean) countries where facilities for children and LTC services are relatively scarce and women are frequently asked to fill the gap. The Italian 2011 pension reform, approved under the threat of a financial crisis, significantly restricted age and seniority requirements for retirement, especially for women in private employment, who still enjoyed a much more favorable treatment than men and women in public service. We investigate whether older Italian women (still in employment) reacted to the postponement of retirement by increasing their recourse to sick-leave. The empirical analysis, based on a noteworthy administrative data set provided by the Italian Social Security Agency, offers unequivocal evidence that this has indeed been the case, in particular for grandmothers. This result lends itself to interesting policy considerations.
    Keywords: pension reform, sick-leave, child-care
    JEL: J26 J13 C33
    Date: 2015–08
  228. By: Fabio Saracco; Riccardo Di Clemente; Andrea Gabrielli; Luciano Pietronero
    Abstract: Few attempts have been proposed in order to describe the statistical features and historical evolution of the export bipartite matrix countries/products. An important standpoint is the introduction of a products network, namely a hierarchical forest of products that models the formation and the evolution of commodities. In the present article, we propose a simple dynamical model where countries compete with each other to acquire the ability to produce and export new products. Countries will have two possibilities to expand their export: innovating, i.e. introducing new goods, namely new nodes in the product networks, or copying the productive process of others, i.e. occupying a node already present in the same network. In this way, the topology of the products network and the country-product matrix evolve simultaneously, driven by the countries push toward innovation.
    Date: 2015–08
  229. By: Matthieu Boussichas (FERDI - Fondation pour les Etudes et Recherches sur le Développement International - FERDI); Patrick Guillaumont (FERDI - Fondation pour les Etudes et Recherches sur le Développement International - FERDI, CERDI - Centre d'études et de recherches sur le developpement international - CNRS - Université d'Auvergne - Clermont-Ferrand I)
    Abstract: Le concept d’aide publique au développement (APD) a 45 ans d’existence et a subi autant d’années de critiques, lesquelles ont été croissantes (voir en particulier Severino & Ray, 2011). Le débat a été publiquement ouvert par l’OCDE lors de la réunion à haut niveau du Comité d’aide au développement (CAD) en décembre 2012. Une nouvelle mesure de l’aide au développement devrait être proposée par le CAD lors d’une réunion de haut niveau en décembre 2014.
    Date: 2014–08
  230. By: Mehdad, Ehsan (Tilburg University, Center For Economic Research); Kleijnen, J.P.C. (Tilburg University, Center For Economic Research)
    Abstract: Kriging provides metamodels for deterministic and random simulation models. Actually, there are several types of Kriging; the classic type is so-called universal Kriging, which includes ordinary Kriging. These classic types require estimation of the trend in the input-output data of the underlying simulation model; this estimation deteriorates the Kriging metamodel. We therefore consider so-called intrinsic Kriging originating in geostatistics, and derive intrinsic Kriging for deterministic and random simulations. Moreover, for random simulations we derive experimental designs that specify the number of replications that varies with the input combination of the simulation model. To compare the performance<br/>of intrinsic Kriging and classic Kriging, we use several numerical experiments with deterministic simulations and random simulations. These experiments show that intrinsic Kriging gives better metamodels, in most experiments.
    Keywords: simulation; gaussian process; Kriging; intrinsic random functions; metamodel
    JEL: C0 C1 C9 C15 C44
    Date: 2015
  231. By: Xavier Pavie (PhD Program - Essec Business School); Eva Hsu (The Chinese University of Hong Kong - The Chinese University of Hong Kong); Hanns Justus Tillman Rödle (School of Business, Economics and Law - University of Gothenburg - (SWEDEN)); Raquel Orozco Tapia (Universidad Argentina de la empresa of Buenos Aires - Universidad Argentina de la empresa of Buenos Aires)
    Abstract: This research deals with the process of business model innovation in services. Definitions and explanations of both general innovation terminologies as well as specific service related once will be given and discussed. Moreover, reasons and implementation strategies will be identified and discussed. Last but not least a case will be elaborated how innovative companies in products can become innovative in services.
    Date: 2013–12–20
  232. By: OCDE
    Abstract: Quel que soit le type d’établissement fréquenté (public ou privé, favorisé ou défavorisé), en 2012, les élèves de 15 ans ont passé plus de temps en cours de mathématiques que leurs homologues en 2003. Le temps moyen passé en cours de mathématiques varie de plus du simple au double entre les pays et économies à l’étude. En moyenne, plus les élèves passent de temps en cours de mathématiques, meilleurs sont leurs résultats dans cette matière ; toutefois, le fait de donner aux élèves davantage de travail en classe ne suffit souvent pas à améliorer leurs résultats d’apprentissage.
    Date: 2015–08–25
  233. By: Frédéric Abergel (MAS - Mathématiques Appliquées aux Systèmes - EA 4037 - Ecole Centrale Paris, FiQuant-Chaire de finance quantitative - MAS - Mathématiques Appliquées aux Systèmes - EA 4037 - Ecole Centrale Paris)
    Abstract: Document rendu obsolète par la mise en ligne de la dernière version de "Long time behaviour of a Hawkes process-based limit order book"
    Date: 2015–02–05
  234. By: Kamal Saggi (Vanderbilt University); Mark Wu (Harvard University)
    Abstract: An agricultural price range system (PRS) aims to stabilize local prices in an open economy via the use of import duties that vary with international prices. The policy is inherently distortionary and welfare-reducing for a small open economy, at least according to the canonical economic model. We offer an explanation for why a government concerned with national welfare may nevertheless implement such a policy when faced with risk aversion and imperfect insurance markets. We also highlight open questions arising out of the Peru – Agricultural Products dispute for the WTO's Appellate Body to address in order to clarify how a PRS consistent with WTO rules could be designed. Finally, we discuss the possibility that a WTO member might resort to a free trade agreement (FTA) to preserve its flexibility to implement a PRS and how an FTA provision of this sort ought to be treated in WTO litigation.
    Keywords: Price range systems, variable duties, WTO, dispute, welfare
    JEL: F1 K0
    Date: 2015–08–18
  235. By: Luminita Postelnicu; Niels Hermes
    Abstract: This paper investigates the relationship between the extent to which informal institutions are developed at the country-level and the financial and social performance of MFIs, using data from institutions active in 100 countries. Based on the theoretical literature discussing the economic role of informal institutions such as trust, beliefs, norms and values we hypothesize that microfinance is more successful, both in terms of their financial and social aims, in countries with stronger informal institutions. We test this hypothesis using various direct and indirect measures of informal institutions and link them to measures of financial and social performance of MFIs. Our empirical results are generally supportive to our hypothesis.
    Keywords: Microfinance; social capital; trust; norms; values; culture; financial performance; social performance
    Date: 2015–08–20
  236. By: Berardi, Simone; Tedeschi, Gabriele
    Abstract: This paper aims to shed light on the emergence of systemic risk in credit systems. By developing an interbank market with heterogeneous financial institutions granting loans on different network structures, we investigate what market architecture is more resilient to liquidity shocks and how the risk spreads over the modeled system. In our model, credit linkages evolve endogenously via a fitness measure based on different banks strategies. Each financial institution, in fact, applies a strategy based on a low interest rate, a high supply of liquidity or a combination of them. Interestingly, the choice of the strategy in uences both the banks' performance and the network topology. In this way, we are able to identify the most effective tactics adapt to contain contagion and the corresponding network topology. Our analysis shows that, when financial institutions combine the two strategies, the interbank network does not condense and this generates the most efficient scenario in case of shocks.
    Keywords: interbank market,dynamic network,fitness model,network resilience,bank strategy
    JEL: G01 G02 D85
    Date: 2015
  237. By: Murasawa, Yasutomo
    Abstract: The consumption Euler equation implies that the output growth rate and the real interest rate are of the same order of integration; i.e., if the real interest rate is I(1), then so is the output growth rate and hence log output is I(2). To estimate the natural rates and gaps of macroeconomic variables jointly, this paper develops the multivariate Beveridge--Nelson decomposition with I(1) and I(2) series. The paper applies the method to Japanese data during 1980Q1--2013Q3 to estimate the natural rates and gaps of output, inflation, interest, and unemployment jointly.
    Keywords: gap; natural rate; trend--cycle decomposition; unit root
    JEL: C32 C82 E32
    Date: 2015–08–28
  238. By: Gilles Umba (UNIKIN - Université de Kinshasa)
    Abstract: Ce papier analyse les effets de l'ouverture commerciale sur la croissance économique en République Démocratique du Congo. Les analyses empiriques menées ont été divergentes sur les effets réels de pareilles mesures sur le comportement des variables macroéconomiques d'un pays. La plupart voient un des pareilles politiques un catalyseur de croissance alors que d'autre les perçoivent comme nuisible à la production et la compétitivité. En vue de saisir les différents effets de l'ouverture commerciale, ce travail envisage une analyse en équilibre général dynamique simple en simulant un abaissement progressif des barrières tarifaires de 2015 à 2029. Les simulations menées révèlent cependant un effet net négatif sur la croissance économique des effets de l'ouverture commerciale. Toutefois, cet impact négatif pourrait se résorber par la poursuite des réformes structurelles visant à améliorer la compétitivité et à diversifier l'économie.
    Date: 2015–08–12
  239. By: Agerton, Mark (James A Baker III Institute for Public Policy, Rice University); Hartley, Peter (James A Baker III Institute for Public Policy, Rice University); Medlock, Kenneth B., III (James A Baker III Institute for Public Policy, Rice University); Temzelidea, Ted (James A Baker III Institute for Public Policy, Rice University)
    Abstract: Technological progress in the exploration and production of oil and gas during the 2000s has led to a boom in upstream investment and has increased the domestic supply of fossil fuels. It is unknown, however, how many jobs this boom has created. We use time-series methods at the national level and dynamic panel methods at the state-level to understand how the increase in exploration and production activity has impacted employment. We find robust statistical support for the hypothesis that changes in drilling for oil and gas as captured by rig-counts do, in fact, have an economically meaningful and positive impact on employment. The strongest impact is contemporaneous, though months later in the year also experience statistically and economically meaningful growth. Once dynamic effects are accounted for, we estimate that an additional rig-count results in the creation of 37 jobs immediately and 224 jobs in the long run, though our robustness checks suggest that these multipliers could be bigger.
    Date: 2014–07
  240. By: Bahman Angoshtari; Erhan Bayraktar; Virginia R. Young
    Abstract: We determine the optimal amount to invest in a Black-Scholes financial market for an individual who consumes at a rate equal to a constant proportion of her wealth and who wishes to minimize the expected time that her wealth spends in drawdown during her lifetime. Drawdown occurs when wealth is less than some fixed proportion of maximum wealth. We compare the optimal investment strategy with those for three related goal-seeking problems and learn that the individual is myopic in her investing behavior, as expected from other goal-seeking research.
    Date: 2015–08
  241. By: Douzounet MALLAYE (Université N'Djaména Tchad - Université N'Djaména); Urbain Thierry YOGO (CERDI - Centre d'études et de recherches sur le developpement international - CNRS - Université d'Auvergne - Clermont-Ferrand I)
    Abstract: Since 2000, Official Development Assistance has played a crucial role in efforts related to the achievement of MDGs. This is especially the case in Sub-Saharan Africa (SSA) which is the world’s largest recipient of foreign aid. This paper assesses the effectiveness of aid and its efficient use in achieving universal primary education in Sub-Saharan Africa. The impact of aid is assessed for a sample of 35 SSA countries over the decade 2000-2010. The results suggest that higher aid to education significantly increases primary completion rate. This result is robust to the use of various methods of estimation, the inclusion of instrument to account for the endogeneity of aid and the set of control variables included in regressions. In addition, this paper shows that there is strong heterogeneity in the efficient use of aid across countries in SSA.
    Date: 2015–01–07
  242. By: Lili Yan ING (Economic Research Institute for ASEAN and East Asia and University of Indonesia); Chandra Tri PUTRA (The Australian National University)
    Abstract: The paper argues that reductions in input tariffs will increase value added via product variety and quality. Using Indonesia’s firm and product level data from 2000 to 2010, the findings show that a reduction of one percent in input tariffs will increase value added by 0.2 percent, not only via its interaction with importing firms, but also with exporting firms that use imported products as their inputs. A onepercent reduction in input tariffs will increase product variety and quality by 3.5 percent and 1.5 percent, respectively. Exporting firms tend to have a higher value added than the average of all firms, and they also tend to have increased variety and higher quality of products. Foreign firms also tend to have a relatively higher value added than the general average, but they do not necessarily have increased product variety and higher quality.
    Keywords: : Indonesia, tariff, imported input, product variety, product quality
    JEL: F12 F13 L16 O14 O19 O24
    Date: 2015–08
  243. By: Matthew Gibson (Williams College); Maria Carnovale (Duke University)
    Abstract: Exploiting the natural experiment created by an unanticipated court injunction, we evaluate driver responses to road pricing. We find evidence of intertemporal substitution toward unpriced times and spatial substitution toward unpriced roads. The effect on traffic volume varies with public transit availability. Net of these responses, Milan's pricing policy reduces air pollution substantially, generating large welfare gains. In addition, we use long-run policy changes to estimate price elasticities.
    Keywords: road pricing, traffic policy, air pollution
    Date: 2015–05
  244. By: Bronwyn Howell
    Abstract: The processes for assessing acceptable increases in patient fees paid to New Zealand primary health care practices are inconsistent with the government’s subsidy policy intentions. Bronwyn Howell explains why.
    Date: 2013–11–01
  245. By: Gilles Grolleau (LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - CNRS - Institut national de la recherche agronomique (INRA) - UM1 - Université Montpellier 1 - Centre international de hautes études agronomiques méditerranéennes [CIHEAM], ESC Dijon Bourgogne - ESC Dijon Bourgogne, Unité MIAJ - INRA - Mathématiques et Informatique Appliquées - Institut national de la recherche agronomique (INRA)); Guillermo Mateu (ESC Dijon Bourgogne - ESC Dijon Bourgogne); Angela Sutan (ESC Dijon Bourgogne - ESC Dijon Bourgogne, LAMETA - Laboratoire Montpelliérain d'Économie Théorique et Appliquée - CNRS - Institut national de la recherche agronomique (INRA) - UM1 - Université Montpellier 1 - Centre international de hautes études agronomiques méditerranéennes [CIHEAM]); Radu Vranceanu (Economics Department - Essec Business School)
    Abstract: This paper builds an experiment to investigate whether asking people to state how much they will donate to a charity (to pledge) can increase their actual donation. Individuals’ endowment is either certain or a random variable. We study different types of pledges, namely private, public and irrevocable ones, which differ in individual cost of not keeping a promise. Public pledges appear to be associated to lower donation levels. Irrevocable pledges ensure an amount of donations equal to donations in absence of pledges. Moreover, a significant number of individuals keep their promises, in presence of either private or public pledges. A higher risk attached to the endowment increases donations.
    Date: 2015–06–18
  246. By: Claire Edey Gamassou (IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - UPEM - Université Paris-Est Marne-la-Vallée)
    Abstract: In this article, including a state of the art on Public Service Motivation (PSM) and its relationships to Affective Organizational Commitment (AOC), the interface of PSM with Organizational Behavior constructs is analyzed.
    Date: 2014–04–25
  247. By: Alexandros Rigos; Heinrich H. Nax
    Abstract: Assortative mechanisms can overcome tragedies of the commons that otherwise result in dilemma situations. Assortativity criteria include genetics (e.g. kin selection), preferences (e.g. homophily), locations (e.g. spatial interaction) and actions (e.g. meritocracy), usually presuming an exogenously fixed matching mechanism. Here, we endogenize the matching process with the aim of investigating how assortativity itself, jointly with cooperation, is driven by evolution. Our main finding is that only full-or-null assortativities turn out to be long-run stable, their relative stabilities depending on the exact incentive structure of the underlying social dilemma. The resulting social loss is evaluated for general classes of dilemma games, thus quantifying to what extent tragedy of the commons may be endogenously overcome.
    Keywords: cooperation, (co-)evolution, assortativity, democratic consensus
    Date: 2015–08
  248. By: Matthew S. Rutledge; Steven A. Sass; Jorge D. Ramos-Mercado
    Abstract: Changing jobs after age 50 has become increasingly common. To assess the employment opportunities available to these job-changers, this study examines how the range of occupations in which they find jobs narrows as they age and whether this pattern differs by socioeconomic status, using education as a proxy. The results indicate that workers in their early 50s who change jobs find employment in a reasonably similar set of occupations as do prime-age workers but that the opportunities increasingly narrow as they enter their late 50s and early 60s. These results vary by educational attainment. Interestingly, while job opportunities narrow as workers age, the number of opportunities available to older workers at any given age has improved significantly between the late 1990s and early 2010s – though the gains have gone primarily to better-educated older workers. Consistent with previous research, the study also finds: 1) employer policies that emphasize employee training, respect for seniority, and “hiring from within” create barriers to the hiring of older job-seekers; 2) older workers are less likely to be hired in jobs requiring strong cognitive skills; but 3) physical demands and adverse working conditions are not serious impediments.
    Date: 2015–08
  249. By: Baggio, Rodolfo; Moretti, Vincenzo
    Abstract: We discuss here how beauty can be considered a determinant for economic and social growth and what is its importance. We do this by following a line which links beauty with creativity and innovation; commonly reputed the main engines of development, especially in a globalized and highly technological and competitive world, in which many traditional differences in terms of space, time, size, and economic power have dramatically changed.
    Keywords: innovation, creativity, beauty, economic and social growth, work well done
    JEL: O1 O3 O44
    Date: 2015–08–19
  250. By: Laurent Vilanova (COACTIS - UL2 - Université Lumière - Lyon 2 - Université Jean Monnet - Saint-Etienne); Nadège Marchand (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - CNRS - UCBL - Université Claude Bernard Lyon 1 - UL2 - Université Lumière - Lyon 2 - Université Jean Monnet - Saint-Etienne - PRES Université de Lyon - ENS Lyon - École normale supérieure - Lyon); Walid Hichri (GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - CNRS - UCBL - Université Claude Bernard Lyon 1 - UL2 - Université Lumière - Lyon 2 - Université Jean Monnet - Saint-Etienne - PRES Université de Lyon - ENS Lyon - École normale supérieure - Lyon)
    Abstract: We test in the laboratory how entrepreneurs' skill perceptions influence the design of financing and advising contracts. Our theoretical framework proposes that selfconfident entrepreneurs prefer issuing debt whereas low self-confident ones prefer equity which induces strong investor assistance. The prevalence of overconfidence makes investors more reluctant to accept debt offers and constrains self-confident entrepreneurs to finance through mixed securities. Experimental results show that self-confident entrepreneurs issue more debt-like securities and receive less assistance. We also show that entrepreneurs learn not to offer pure debt and that initial ignorance of their own skills reinforces entrepreneurs' ability to learn through risky choices.
    Date: 2015
  251. By: Philippe Lorino (Accounting / Management Control Department - Essec Business School)
    Abstract: This paper studies the curious odyssey of "Lean Management"... Under this label, managerial ideas and practices have undergone, first a decisive step towards process thinking, and then a striking return to planning and variance control habits. The study of this historical shift can give us clues about obstacles to process thinking in the managerial world. The paper will first recall the key ideas originally highlighted by the pioneers of "lean management", based on the Toyota Production System (TPS), and their distinctly processual orientation. Then it will review the practices today labelled as "Lean Management" and the surprising historical reversal they reveal. Finally it will review some of the potential reasons why such a reversal took place, with a particular focus on the treatment of time and the notions of slack and wasted time.
    Abstract: Ce texte étudie la curieuse odyssée du "Lean Management"... Sous cette appellation, les théories et les pratiques managériales ont connu tout d'abord un virage décisif vers une vision processuelle et dynamique des organisations, puis un retour en arrière frappant vers les visions planificatrices et le contrôle par écarts. L'étude de ce renversement historique peut nous donner des clés de réflexion sur les obstacles à la vision processuelle des organisations dans le monde managérial. Le texte rappelle d'abord les idées clés mises initialement en avant par les pionniers du "lean management", fondées sur le Toyota Production System (TPS), et sur leur orientation clairement processuelle. Puis il analyse les pratiques aujourd'hui désignées comme "Lean Management" et le renversement historique surprenant qu'elles manifestent. Enfin il tentera d'identifier quelques-unes des raisons qui peuvent potentiellement expliquer ce renversement, en insistant particulièrement sur le traitement du temps et les notions de "slack" et de "gaspillage".
    Date: 2014
  252. By: Zvika Afik (BGU); Ohad Arad (BGU); Koresh Galil (BGU)
    Keywords: Credit risk; Default prediction; Merton model; Bankruptcy prediction, Default barrier; Assets volatility; Down and out option
    JEL: G17 G33 G13
    Date: 2015
  253. By: Vaibhav Srivastava; Samuel F. Feng; Jonathan D. Cohen; Naomi Ehrich Leonard; Amitai Shenhav
    Abstract: In this work, we use Martingale theory to derive formulas for the expected decision time, error rates, and first passage times associated with a multistage drift diffusion model, or a Wiener diffusion model with piecewise constant time-varying drift rates and decision boundaries. The model we study is a generalization of that considered in Ratcliff (1980). The derivation relies on using the optional stopping theorem for properly chosen Martingales, thus obtaining formulae which may be used to compute performance metrics for a particular stage of the stochastic decision process. We also explicitly solve the case of a two stage diffusion model, and provide numerical demonstrations of the computations suggested by our analysis. Finally we present calculations that allow our techniques to approximate time-varying Ornstein-Uhlenbeck processes. By presenting these explicit formulae, we aim to foster the development of refined numerical methods and analytical techniques for studying diffusion decision processes with time-varying drift rates and thresholds.
    Date: 2015–08
  254. By: Emna Trabelsi (ISG - Institut Supérieur de Gestion de Tunis [Tunis] - Université de Tunis [Tunis])
    Abstract: This paper outlines the implications of central bank transparency coupled with economic globalization on the effectiveness of monetary policy at achieving low and stable inflation, through an empirical analysis on a sample of 34 OECD central banks. Our results are threefold: (i) There is a dampening and highly significant negative impact of economic globalization (measured by the composite index of Dreher et al., 2008) on inflation (ii) An appropriate and efficient U shape test proposed by Lind and Mehlum (2010), indicates a robust optimal intermediate degree of transparency, but suggests new evidence as to its level differently from van der Cruijsen et al. (2010). Indeed, the optimal level is higher and seems to vary according to the set of controls included in the regression. The estimations were run using a bias corrected Least Square Dummy variable (hereafter, LSDVC), developed by Bruno (2005) for short dynamic panels with fixed effects, and extended to accommodate unbalanced data. Alternative results using Generalized Method of Moments (hereafter GMM) estimators: (Arellano and Bond, 1991, hereafter AB; Blundell and Bond, 1998, hereafter BB) are also provided. (iii) We find, overall, that LSDVC and BB estimators exhibit satisfactory fit, while AB estimator doesn't confirm the hypothesis of a quadratic relationship between transparency and inflation.
    Date: 2015–05–28
  255. By: Crowley, Patrick (Texas A&M University - Corpus Christi); Trombley, Christopher (Texas A&M University - Corpus Christi)
    Abstract: Within currency unions, the conventional wisdom is that there should be a high degree of macroeconomic synchronicity between the constituent parts of the union. But this conjecture has never been formally tested by comparing sample of monetary unions with a control sample of countries that do not belong to a monetary union. In this paper we take euro area data, US State macro data, Canadian provincial data and Australian state data — namely real Gross Domestic Product (GDP) growth, the GDP deflator growth and unemployment rate data — and use techniques relating to recurrence plots to measure the degree of synchronicity in dynamics over time using a dissimilarity measure. The results show that for the most part monetary unions are more synchronous than non-monetary unions, but that this is not always the case and particularly in the case of real GDP growth. Furthermore, Australia is by far the most synchronous monetary union in our sample.
    Keywords: business cycles; growth cycles; frequency domain; optimal currency area; macroeconomic synchronization; monetary policy; single currency
    JEL: C49 E32 F44
    Date: 2015–07–31
  256. By: Demostenes N. Tambakis
    Abstract: I study the long run determinacy tradeoff - recurrent episodes of passive monetary policy are (in)determinate if their expected duration is long (brief ) - when passive pol- icy is at the zero bound. On-going regime change implies qualitatively different shock transmission from the standard New Keynesian model. For U.S. baseline parameter values, I find temporary fiscal stimulus is effective, while adverse supply shocks can be expansionary if the central bank's active policy stance is weak and/or if the liquidity trap's average duration exceeds 3 quarters.
    Keywords: Zero bound; Monetary policy; Regime-switching; Determinacy
    JEL: E31 E52 E58 E61
    Date: 2015–07–19
  257. By: Bublitz, Elisabeth; Nielsen, Kristian; Noseleit, Florian; Timmermans, Bram
    Abstract: Contrary to employees, there is no clear evidence that entrepreneurs' education positively effects income. In this study we propose that entrepreneurs can benefit from their education as a signal during the recruitment process of employees. This process is then assumed to follow a matching of equals among equals. Using rich data from Germany and Denmark we fully confirm a matching on qualification levels for high-skilled employees, partially for medium-skilled employees but not for low-skilled employees, suggesting that as skill levels of employees decrease it becomes equally probable that they work for different founders. Founder qualification is the most reliable predictor of recruitment choices over time. Our findings are robust to numerous control variables as well as across industries and firm age.
    Keywords: returns to education,labor demand of small firms,human capital,matching,signaling
    JEL: J23 J24 J21
    Date: 2015
  258. By: Severin Borenstein; Lucas W. Davis
    Abstract: Since 2006, U.S. households have received more than $18 billion in federal income tax credits for weatherizing their homes, installing solar panels, buying hybrid and electric vehicles, and other "clean energy" investments. We use tax return data to examine the socioeconomic characteristics of program recipients. We find that these tax expenditures have gone predominantly to higher-income Americans. The bottom three income quintiles have received about 10% of all credits, while the top quintile has received about 60%. The most extreme is the program aimed at electric vehicles, where we find that the top income quintile has received about 90% of all credits. By comparing to previous work on the distributional consequences of pricing greenhouse gas emissions, we conclude that tax credits are likely to be much less attractive on distributional grounds than market mechanisms to reduce GHGs.
    JEL: D30 H23 H24 H50 Q41 Q48
    Date: 2015–07
  259. By: Konrad Hurren
    Abstract: The pricing of television is taken as given in New Zealand. But internationally, regulators and competition authorities have begun to think about the effects that different pricing structures have on viewers and competition in television markets. Konrad Hurren outlines a pricing structure known as bundling, explains why firms use it, and ponders what it means for television viewers and content providers.
    Date: 2013–11–01
  260. By: Simeon Schudy; Verena Utikal
    Abstract: Privacy regulations can affect the willingness to collect personal health data that may be disclosed to insurers. Perfect privacy cannot always be guaranteed. Consequently, people may refrain from collecting personal health data. This paper provides a theoretical and experimental analysis of the importance of privacy regulations for information acquisition and disclosure behavior. We contrast three institutional settings in a simple game of persuasion: Disclosure Duty of collected data, Perfect Privacy and Imperfect Privacy. Under Perfect Privacy there exists a unique proper equilibrium with complete information acquisition. For Disclosure Duty no information acquisition is predicted. Imperfect Privacy can result in multiple equilibria. Our laboratory experiment confirms the qualitative differences on information acquisition for Perfect Privacy and Disclosure Duty. Behavior under Imperfect Privacy turns out to be very similar to Perfect Privacy: Imperfect Privacy does not stop people from collecting personal information. We discuss possible reasons for the observed behavior.
    Keywords: data privacy, endogenous information acquisition, health, experiment, unraveling
    Date: 2015
  261. By: Renaud Bourlès (AMSE - Aix-Marseille School of Economics - EHESS - École des hautes études en sciences sociales - Centre national de la recherche scientifique (CNRS) - Ecole Centrale Marseille (ECM) - AMU - Aix-Marseille Université); Anastasia Cozarenco (CERMi - Centre for European Research in Microfinance, ULB - Université Libre de Bruxelles [Bruxelles] - ULB - Université Libre de Bruxelles, SBS-EM, Centre Emile Bernheim - SBS-EM - Université Libre de Bruxelles (ULB)); Dominique Henriet (AMSE - Aix-Marseille School of Economics - EHESS - École des hautes études en sciences sociales - Centre national de la recherche scientifique (CNRS) - Ecole Centrale Marseille (ECM) - AMU - Aix-Marseille Université); Xavier Joutard (UL2 - Université Lumière - Lyon 2, GATE - GATE Lyon Saint-Étienne - Groupe d'analyse et de théorie économique - ENS Lyon - École normale supérieure - Lyon - UL2 - Université Lumière - Lyon 2 - UCBL - Université Claude Bernard Lyon 1 - Université Jean Monnet - Saint-Etienne - PRES Université de Lyon - CNRS)
    Abstract: The microcredit market, where inexperienced micro-borrowers meet experienced microfinance institutions (MFIs), is subject to reversed asymmetric information. Thus, MFIs' choices can shape borrowers' beliefs and their behavior. We analyze how this mechanism may influence microfinance institution decisions to allocate business training. By means of a theoretical model, we show that superior information can lead the MFI not to train (or to train less) riskier borrowers. We then investigate whether this mechanism is empirically relevant, using data from a French MFI. Confirming our theoretical reasoning, we find a non-monotonic relationship between the MFI's decision to train and the risk that micro-borrowers represent.
    Date: 2015–07
  262. By: Céline Antonin (OFCE - OFCE - Sciences Po)
    Abstract: Le deuxième semestre 2013 est marqué par la stabilité des prix autour de 110 dollars le baril de Brent. Ce maintien à des niveaux élevés s'explique par la faiblesse de l'offre par rapport à la demande, sous l'effet de ruptures d'approvisionnement (Libye, Nigéria) et d'un climat politique tendu au Proche-Orient, dans un marché surtout déterminé par les fondamentaux. Dans notre scénario central, nous faisons l'hypothèse d'une reprise progressive de la production en Libye dès 2014, de la levée des sanctions en Iran à partir de fin 2014/début 2015, et excluons une baisse de l'offre de la Russie malgré le bras de fer autour de l'Ukraine. Les prix du Brent baisseraient au cours de l'année 2014 avec la baisse des tensions sur l'offre pour atteindre 100 dollars en fin d'année. En 2015, les prix se maintiendraient autour de 100 dollars le baril, car le retour d'une croissance plus dynamique dans les pays développés devrait être compensé par une hausse de la production des pays non-membres de l'OPEP et par la présence de stocks abondants. La persistance de tensions politiques en Afrique et au Proche-Orient, la volonté de l'Arabie Saoudite de maintenir les cours entre 100 et 110 dollars, la demande toujours dynamique en provenance des pays non OCDE et le coût d'extraction des nouveaux gisements non conventionnels devraient néanmoins entraîner la résistance des cours en les maintenant au-dessus des 100 dollars.
    Date: 2014–04
  263. By: Prabir C. Bhattacharya; Vibhor Saxena
    Abstract: This paper studies the socio-economic determinants of access to cleaner cooking fuels and electricity by households in seven north Indian states in a multivariate framework. Together these states account for about 40 per cent of India’s population. We investigate, in particular, the role of any possible discrimination against the three major disadvantaged groups in the country – viz., the scheduled castes, scheduled tribes, and Muslims – in their accessing these goods. The results of our analysis suggest that discrimination against these groups, particularly against the Muslim households, does play an important role in their poorer access to both cleaner cooking fuels and electricity. The paper concludes with some policy suggestions.
    JEL: O13 Q40
    Date: 2015
  264. By: Zimmermann, Christian (Federal Reserve Bank of St. Louis)
    Abstract: There is very little replication of research in economics, particularly compared with other sciences. This paper argues that there is a dire need for studies that replicate research, that their scarcity is due to poor or negative rewards for replicators, and that this could be improved with a journal that exclusively publishes replication studies. I then discuss how such a journal could be organized, in particular in the face of some negative rewards some replication studies may elicit.
    JEL: A1 B4
    Date: 2015–08–07
  265. By: Ward, Shannon (University of Melbourne); Williams, Jenny (University of Melbourne); van Ours, Jan C. (Tilburg University)
    Abstract: In this paper we investigate the effects of delinquency and arrest on school leaving using information on males from the National Longitudinal Survey of Youth 1997. We use a multivariate mixed proportional hazard framework in order to account for common unobserved confounders and reverse causality. Our key finding is that delinquency as well as arrest leads to early school leaving. Further investigation reveals that the effect of delinquency is largely driven by income generating crimes, and the effect of both income generating crime and arrest are greater when onset occurs at younger ages. These findings are consistent with a criminal capital accumulation mechanism. On the basis of our sample, we show that taking into account the proportion of young men affected by delinquency and arrest, that the overall reduction in education due to delinquency is at least as large as the reduction due to arrest. This highlights the need for crime prevention efforts to extend beyond youth who come into contact with the justice system.
    Keywords: duration models, delinquency, arrest, education
    JEL: C4 I2 K4 D0
    Date: 2015–08
  266. By: James Alm (Department of Economics, Tulane University); Mir Ahmad Khan (Federal Board of Revenue, Government of Pakistan)
    Keywords: corporate income tax, effective tax rate, tax reform
    JEL: H20 H25 H32 H87
    Date: 2015–08
  267. By: Akay, Alpaslan (Department of Economics, School of Business, Economics and Law, Göteborg University); Bargain, Olivier B. (Aix-Marseille Université and IZA); Giulietti, Corrado (IZA); Robalinod , Juan D. (Cornell University); Zimmermann, Klaus F. (IZA and Bonn University)
    Abstract: The paper investigates the impact of remittances on the relative concerns of households in rural China. Using the Rural to Urban Migration in China (RUMiC) dataset we estimate a series of well-being functions to simultaneously explore the relative concerns with respect to income and remittances. Our results show that although rural households experience substantial utility loss due to income comparisons, they gain utility by comparing their remittances with those received by their reference group. In other words, we find evidence of a “status-effect” with respect to income and of a “signal-effect” with respect to remittances. The magnitudes of these two opposite effects are very similar, implying that the utility reduction due to relative income is compensated by the utility gain due to relative remittances. This finding is robust to various specifications, controlling for the endogeneity of remittances and selective migration, as well as a measure of current migrants’ net remittances calculated using counterfactual income and expenditures.
    Keywords: positional concerns; remittances; subjective well-being
    JEL: C90 D63
    Date: 2015–08
  268. By: Kwenda, Prudence (University of the Witwatersrand, Johannesburg); Benhura, Miracle (University of the Witwatersrand, Johannesburg)
    Abstract: The present study examines the public-private sector wage gap in South Africa using individual cross section data for 2000-7. Results from unconditional quantile regressions and generalised Oaxaca-Blinder type decompositions show that the wage gap is inverted-U shaped across the wage distribution. The 'composition' effect is more important than the 'price' effect at the bottom of the distribution while the opposite applies at the top. Key factors underpinning the 'composition' effect are unionisation, industry of employment and education, while those associated with the 'price' effect are education, race and occupation.
    Keywords: public sector, wage gap, recentered influence function, decomposition
    JEL: C21 J31 J45
    Date: 2015–08
  269. By: Florence Allard-Poesi (IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - UPEM - Université Paris-Est Marne-la-Vallée); Yvonne Giordano (GREDEG - GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS - UNS - Université Nice Sophia Antipolis)
    Abstract: This research aims to understand how leaders co-perform distributed leadership. Following Spillane's (2006) definition of distributed leadership as located " in-between " leaders, we analyze the interactions in-depth (through e-mail and phone calls) between the forecasters (the " earth ") and the team leaders during the summit attempts (the " sky ") of two commercial expeditions: one to Broad Peak, and one to Mt. Everest via the northern ridge. Our research contributes to the understanding of the construction of distributed leadership. First, it describes the discursive practices through which team leaders and forecasters co-perform distributed leadership. Second, it shows that while facing relatively similar natural, technological, task-related and human conditions, leaders co-construct two different forms of distributed leadership: coordinated distribution (Spillane, or sequential, Thompson, 1967) and collaborated distribution (or reciprocal). Finally, it underlines that different leadership configurations may result in similar, favorable outcomes, thereby inviting us to take distance with a determinist concept of leadership.
    Date: 2014–05–26
  270. By: Henri Sterdyniak (OFCE - OFCE - Sciences Po); Vincent Touze (OFCE - OFCE - Sciences Po)
    Abstract: La hausse des prélèvements obligatoires en France soulève de nombreuses interrogations sur le bien fondé de notre système fiscal. De nombreuses propositions de réformes fiscales ont été faites. Pour les discuter, l’OFCE a organisé le 20 mai 2014 une conférence de consensus sur la fiscalité des ménages et des entreprises. Cet article en publie le compte-rendu. Le premier débat a porté sur la fiscalité des entreprises qui devrait sans doute être rendue moins lourde et moins compliquée. Le deuxième sur la fiscalité écologique s’accorde sur l’objectif d’une montée en puissance rapide et programmée. Le troisième sur la fiscalité des ménages montre que la complexité actuelle permet une progressi­vité importante, ce qui rend difficile les réformes simplificatrices. Enfin, le dernier débat explore les enjeux de la fiscalité des revenus du capital dont le caractère redistributif doit être maintenu, ce qui réduit considérablement les possibilités d’ajustement.
    Date: 2015–06
  271. By: Shuaizhang Feng; Yingyao Hu; Robert Moffitt
    Abstract: Unemployment rates in countries across the world are typically positively correlated with GDP. China is an unusual outlier from the pattern, with abnormally low, and suspiciously stable, unemployment rates according to its official statistics. This paper calculates, for the first time, China’s unemployment rate from 1988 to 2009 using a more reliable, nationally representative household survey in China. The unemployment rates we calculate differ dramatically from those supplied in official data and are much more consistent with what is known about China’s labor market and how it has changed over time in response to structural changes and other significant events. The rate averaged 3.9% in 1988-1995, when the labor market was highly regulated and dominated by state-owned enterprises, but rose sharply during the period of mass layoff from 1995- 2002, reaching an average of 10.9% in the subperiod from 2002 to 2009. We can also calculate labor force participation rates, which are not available in official statistics at all. We find that they declined throughout the whole period, particularly in 1995-2002 when the unemployment rate increased most significantly. We also report results for different demographic groups, different regions, and different cohorts.
    JEL: J64 O15 O53
    Date: 2015–08
  272. By: Andrew E. Clark (EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics, PSE - Paris-Jourdan Sciences Economiques - CNRS - Institut national de la recherche agronomique (INRA) - EHESS - École des hautes études en sciences sociales - ENS Paris - École normale supérieure - Paris - École des Ponts ParisTech (ENPC)); Sarah Flèche (Centre for Economic Performance - LSE - London School of Economics); Claudia Senik (EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics, PSE - Paris-Jourdan Sciences Economiques - CNRS - Institut national de la recherche agronomique (INRA) - EHESS - École des hautes études en sciences sociales - ENS Paris - École normale supérieure - Paris - École des Ponts ParisTech (ENPC), UP4 - Université Paris-Sorbonne)
    Abstract: In spite of the great U-turn that saw income inequality rise in Western countries in the 1980s, happiness inequality has fallen in countries that have experienced income growth (but not in those that did not). Modern growth has reduced the share of both the “very unhappy” and the “perfectly happy”. Lower happiness inequality is found both between and within countries, and between and within individuals. Our cross-country regression results argue that the extension of various public goods helps to explain this greater happiness homogeneity. This new stylised fact arguably comes as a bonus to the Easterlin paradox, offering a somewhat brighter perspective for developing countries.
    Date: 2014–11
  273. By: Petar Sorić (Faculty of Economics and Business, University of Zagreb); Ivana Lolić (Faculty of Economics and Business, University of Zagreb); Mirjana Čižmešija (Faculty of Economics and Business, University of Zagreb)
    Abstract: In the last five decades the European Economic Sentiment Indicator (ESI) has positioned itself as a high-quality leading indicator of overall economic activity. Relying on data from five distinct business and consumer survey sectors (industry, retail trade, services, construction and the consumer sector), ESI is conceptualized as a weighted average of the chosen 15 response balances. However, the official methodology of calculating ESI is quite flawed because of the arbitrarily chosen balance response weights. This paper proposes two alternative methods for obtaining novel weights aimed at enhancing ESI's forecasting power. Specifically, the weights are determined by minimizing the root mean square error in simple GDP forecasting regression equations; and by maximizing the correlation coefficient between ESI and GDP growth for various lead lengths (up to 12 months). Both employed methods seem to considerably increase ESI's forecasting accuracy in 26 individual European Union countries. The obtained results are quite robust across specifications.
    Keywords: Business and Consumer Surveys, Economic Sentiment Indicator, Nonlinear Optimization with Constraints, Leading Indicator
    JEL: C53 C61 E32 E37
    Date: 2015–08–18
  274. By: Tang, Jenny (Federal Reserve Bank of Boston)
    Abstract: A growing body of evidence supports the view that monetary policy actions communicate information about the state of the economy to an imperfectly informed public. Therefore, it is important for policymakers to understand the implications of this signaling channel for optimal policy as well as for the value of central bank communication. This paper studies, both theoretically and empirically, a setting where such a monetary policy signaling channel arises because the policymaker has more information about economic fundamentals than private agents have. In this environment, policy actions taken in response to fundamentals provide a signal to rational private agents about those fundamentals.
    JEL: E52
    Date: 2013–10–13
  275. By: Miriam Rinawi (Department of Business Administration, University of Zurich); Uschi Backes-Gellner (Department of Business Administration, University of Zurich)
    Abstract: In the discussion on the impact of technology on wages, the impact of changes in skills remains under-investigated. Using RIF regression-based decompositions, we find that changes in the skill composition decrease wage inequality, whereas changing skill prices largely increase wage inequality. Both changes account for about one third of the changes of the wage distribution.
    Keywords: return to skills, skill-biased technical change, wage inequality, decomposition analysis, RIF regression
    JEL: J00 J31 J40
    Date: 2015–02
  276. By: Céline Meslier (LAPE - Laboratoire d'Analyse et de Prospective Economique - unilim - Université de Limoges - Institut Sciences de l'Homme et de la Société); Donald P. Morgan (Federal Reserve Bank of New-York - Federal Reserve Bank of New-York); Katherine Samolyk (Consumer Financial Protection Bureau - Consumer Financial Protection Bureau); Amine Tarazi (LAPE - Laboratoire d'Analyse et de Prospective Economique - unilim - Université de Limoges - Institut Sciences de l'Homme et de la Société)
    Abstract: We estimate the benefits of intrastate and interstate geographic diversification for bank risk and return, and assess whether such benefits could be shaped by differences in bank size and disparities in economic conditions within states or across U.S. states. For small banks, only intrastate diversification is beneficial in terms of risk-adjusted returns but for very large institutions both intrastate and interstate expansions are rewarding. However, in all cases the relationship is hump-shaped for both intrastate and interstate diversification indicating limits for banks of all size. Moreover, we also find geographic expansion to reduce bank risk. Our results indicate that both small banks and very large banks could still benefit in terms of risk-adjusted returns from further geographic diversification. Disparities in economic conditions as measured by the dispersion in unemployment rates either across counties or states impact the benefits of diversification. At initially low levels of intrastate diversification, expanding in new markets allows small banks to further reduce their risk in the presence of higher economic disparities. However, when they get more diversified, this effect is reduced.
    Date: 2015–05–26
  277. By: David J. Deming
    Abstract: The slow growth of high-paying jobs in the U.S. since 2000 and rapid advances in computer technology have sparked fears that human labor will eventually be rendered obsolete. Yet while computers perform cognitive tasks of rapidly increasing complexity, simple human interaction has proven difficult to automate. In this paper, I show that the labor market increasingly rewards social skills. Since 1980, jobs with high social skill requirements have experienced greater relative growth throughout the wage distribution. Moreover, employment and wage growth has been strongest in jobs that require high levels of both cognitive skill and social skill. To understand these patterns, I develop a model of team production where workers “trade tasks” to exploit their comparative advantage. In the model, social skills reduce coordination costs, allowing workers to specialize and trade more efficiently. The model generates predictions about sorting and the relative returns to skill across occupations, which I test and confirm using data from the NLSY79. The female advantage in social skills may have played some role in the narrowing of gender gaps in labor market outcomes since 1980.
    JEL: J24 J31
    Date: 2015–08
  278. By: Tisdell, Clem
    Abstract: Marine ecosystems, and the services they provide, are predicted to alter considerably as a result of climate change. This paper outlines important expected alterations in these ecosystems, considers their economic consequences, and examines economic policies that may be adopted in response to these changes. In doing so, it focuses on two main cases, namely findings about the impact of ocean acidification (and climate change generally) on the Norwegian fisheries and predictions about alterations in coral reef systems. A number of theoretical issues are raised. These include the possibility that if economic impact analysis is used to measure economic value, the global economic value of coral reefs could rise as their area is reduced. This, however, is not necessarily an appropriate measure of economic value, even though it is often used for this purpose. Also the importance of taking into account the opportunity costs involved in conserving marine ecosystems is stressed. Furthermore, several dynamic aspects of variations in marine ecosystems are shown to be important for valuation purposes as well as for economic policy. Both the economics of mitigation and adjustment policies are discussed. Optimal economic policies for responding to climate change are shown to be sensitive to the dynamics of ecosystem change and are likely to vary regionally.
    Keywords: climate change, climate adjustment strategies, climate mitigation strategies, coral reefs, economic valuation, ecosystem services, marine ecosystems., Environmental Economics and Policy, Q51, Q54, Q57, Q58,
    Date: 2015–08
  279. By: Jérôme Creel (OFCE - OFCE - Sciences Po); Paul Hubert (OFCE - OFCE - Sciences Po); Fabien Labondance (OFCE - OFCE - Sciences Po)
    Abstract: This paper aims to quantify the link between financialisation and financial instability, controlling for the financial and macroeconomic environment. Our main identification assumption is to represent these two concepts as a system of simultaneous joint data generating processes whose error terms are correlated. Based on panel data for EU countries from 1998, we test the null hypotheses that financialisation positively affects financial instability -a vulnerability effect- and that financial instability has a negative effect on financialisation -a trauma effect-, using Seemingly Unrelated Regressions and 3SLS. We find a positive causal effect of credit/GDP on non-performing loans - a vulnerability effect- in the EU as a whole, in the Eurozone, in the core of the EU but not at its periphery, and a negative effect of non-performing loans on credit/GDP - a trauma effect - in all samples. Even when relaxing our identification assumption, both opposite effects hold.
    Date: 2015–05
  280. By: Korchmina, Elena (Russian Presidential Academy of National Economy and Public Administration (RANEPA), National Research University Higher School of Economics); Lavrinovich, Maya (National Research University Higher School of Economics); Fedyukin, Igor (National Research University Higher School of Economics)
    Abstract: This paper analyzes legal norms and administrative practices typical for collecting the poll tax that was established in Russia by Peter I and formed the basis of state income during the eighteenth century. The research, based on various archival collections, compares the work of state apparatus in Russia’s countryside and cities.
    Date: 2015–07
  281. By: Zharkov, V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Malakhov, V. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Simon, Mark (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Zhuk, A. (Russian Presidential Academy of National Economy and Public Administration (RANEPA)); Letnyakov, D. (Russian Presidential Academy of National Economy and Public Administration (RANEPA))
    Abstract: This work was the study of the theoretical and practical aspects of contemporary world politics. With the help of modern international relations theory relevant it addresses key policy issues that currently faced by most countries of the former Soviet Union both in internal and external dimensions. The study identifies particular national and state-building in post-Soviet countries, and mechanisms of action of domestic factors on the foreign policies of posts. Particular attention is paid to the political and expert discourse of newly built Eurasian Economic Union. On a conceptual level, it analyzes the mechanisms of formation macrogroup identities in these countries.
    Keywords: post-Soviet space, political process, macrogroup identities
    Date: 2015–06
  282. By: Nikos Bozionelos (Audencia Recherche - Audencia); Marianne Affanassieva (HUBS - Hull University Business School - Hull University)
    Abstract: The article focuses on whether the gender composition of the board of directors influences the decisions made by the board when they acquire firms. Acquisition decisions have long-term consequences and provide therefore a very good frame to investigate decision behavior of the board of directors. The idea is that the greater the proportion of women in a board the less likely will be for the board to bid to acquire other firms, and the less the premium (amount of money) it would offer to pay for acquiring other firms. The reason behind such behavior is the lower overconfidence of women in comparison to men. Overconfident individuals believe that they hold accurate views about the future and that the future will be favorable to them. Women are less overconfident than men. Data from all 1500 firms included in the Standard&Poors index over a 12-year period confirmed the idea. In essence this means that boards of directors with more women in them are wiser. They are less likely to bid for other firms and when then acquire such firms they are more likely to pay a realistic price (and not overpay). The study, therefore, provides a strong argument for increasing gender diversity in boards of directors.
    Date: 2015
  283. By: Shinya Fujita
    Abstract: Kaleckian models, which study the relation between functional income distribution and demand formation, have focused on how macro-level distribution affects macro-level performance. In the real economy, however, labour–management negotiations are held at the industry level and thus the relation between sectoral distribution and sectoral/macroeconomic performance should be considered. This study presents a two-sector Kaleckian model with intermediate inputs and investigates how a distributive change in one sector affects sectoral/macroeconomic capacity utilization and capital accumulation. The results of the presented comparative static analysis and traverse analysis demonstrate that one sector’s change in the mark-up rate shifts each sector’s rate of capacity utilization in the opposite direction, while the impact of one sector’s change in the mark-up rate on performance differs by sector. The analyses also demonstrate that the effect of a change in the mark-up rate on capital accumulation depends on the firm’s animal spirits.
    Keywords: Two-sector model, Mark-up pricing, Traverse analysis
    JEL: E12 E22 O41
    Date: 2015–08
  284. By: Landerso, Rasmus (Rockwool Foundation Research Unit); Nielsen, Helena Skyt (Aarhus University); Simonsen, Marianne (Aarhus University)
    Abstract: This paper uses register-based data to investigate the effects of school starting age on crime. Through this, we provide insights into the determinants of crime-age profiles. We exploit that Danish children typically start first grade in the calendar year they turn seven, which gives rise to a discontinuity in school starting age for children born around New Year. Our analysis speaks against a simple invariant crime-age profile as is popular in criminology: we find that higher school starting age lowers the propensity to commit crime at young ages. We also find effects on the number of crimes committed for boys.
    Keywords: criminal charges, school start, old-for-grade, violence, property crime
    JEL: I21 K42
    Date: 2015–08
  285. By: François Meyssonnier (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - UN - Université de Nantes)
    Abstract: Une étude comparative des dispositifs de pilotage de la performance dans huit startups appartenant au même écosystème montre que ces entreprises recourent d’abord au suivi de trésorerie et au compte de résultat de la comptabilité générale puis aux tableaux de bord de production ou commercial et seulement ensuite aux outils classiques du contrôle de gestion que sont les calculs de coûts, le système budgétaire et le tableau de bord de pilotage global. En environnement innovant et incertain, l’introduction du contrôle de gestion n’est pas toujours nécessaire quand l’entreprise est très petite, quand elle est plus proche de sa base scientifique que des marchés (par exemple dans le cas des biotechs) et en raison du système français d’aides publiques qui rend moins urgent l’intervention du capital risque. Quand l’appropriation du contrôle de gestion est en cours, elle est souvent ralentie par la focalisation compréhensible des dirigeants sur les objectifs techniques et commerciaux et par leur culture principalement scientifique. Enfin les dispositifs de pilotage mis en oeuvre restent réduits à un usage psycho-cognitif pour l’aide à la décision du dirigeant en phase d’exploration ou sont plus développés en phase d’exploitation mais alors généralement avec un responsable du contrôle de gestion cantonné à un rôle de garde-fou et un fonctionnement interactif. Dix propositions résument les enseignements de cette recherche
    Date: 2015–04–29
  286. By: Jesus Gonzalez-Feliu (LET - Laboratoire d'économie des transports - CNRS - UL2 - Université Lumière - Lyon 2 - École Nationale des Travaux Publics de l'État [ENTPE]); Josep-Maria Salanova Grau (Hellenic Institute or Transport - Center of Research and Technologie Hellas)
    Abstract: This paper proposes a comparison between genetic and semi-greedy algorithms for a collaborative VRP in city logistics. In order to compare the performance of both algorithms on real-size test cases, we develop a cluster-first route second algorithm. The clustering phase is made by a seep algorithm, which defines the number of used vehicles and assigns a set of customers to it. Then, for each vehicle, we build a min-cost route by two methods. The first is a semi-greedy algorithm. The second is a genetic algorithm. We test both approaches on real-size instances Computational results are presented and discussed.
    Abstract: Cet article propose une comparaison entre algorithmes génétiques et semi-greedy pour un problème de tournées de véhicules collaboratif en logistique urbaine. Pour comparer les deux algorithmes, nous proposons des algorithmes séquentiels basés sur la même phase initiale, puis les tournées sont construites par des procédures différentes. La première est de type sem-greedy ; la deuxième un algorithme génétique. Des résultats sont presents et discutés.
    Date: 2015
  287. By: Agarwal, Sumit (National University of Singapore); Amromin, Gene (Federal Reserve Bank of Chicago); Ben-David, Itzhak (OH State University); Chomsisengphet, Souphala (US Office of the Comptroller of the Currency); Zhang, Yan (US Office of the Comptroller of the Currency)
    Abstract: Loss mitigation actions (e.g., liquidation or renegotiation) for delinquent mortgages might be hampered by the conflicting goals of claim holders with different levels of seniority. Although similar agency problems arise in corporate bankruptcies, the mortgage market is unique because in a large share of cases junior claimants, in their role as servicers, exercise operational control over loss mitigation actions on mortgages owned by senior claimants. We show that servicers are less likely to act on the first lien mortgage owned by investors when they themselves own the second lien claim secured by the same property. When they do act, such servicers' choices are skewed towards actions that maximize the value of their junior claims, favoring modification over liquidation and short sales and deeds-in-lieu over foreclosures. We also show that such servicers find it more difficult to avoid taking actions on second lien loans when first liens are modified and that they do not modify their second lien loans on more concessionary terms. We show that these actions transfer wealth from first to second liens and moderately increase borrower welfare.
    JEL: G21
    Date: 2014–02
  288. By: Birru, Justin (OH State University)
    Abstract: This paper provides evidence that the 52-week high serves as a psychological barrier, inducing expectational errors and underreaction to news. Two clear predictions emerge and are confirmed in the data. First, nearness to a 52-week high induces expectational errors; evidence from earnings surprises and analyst price targets indicate that investor and analyst expectations are biased in a downward direction for stocks near a 52-week high and biased in an upward direction for stocks trading far from a 52-week high. Second, nearness to a 52-week high induces underreaction to news. Among positive earnings surprise stocks, post-announcement drift exists only for those stocks near a 52-week high. The evidence suggests that in contrast to currently offered preference-based explanations, a belief-based explanation may better explain the previously documented 52-week high anomalies.
    JEL: G11 G12 G14
    Date: 2015–01
  289. By: Yann Rébillé; Lionel Richefort
    Abstract: We model a bipartite network in which links connect agents with public goods. Agents play a voluntary contribution game in which they decide how much to contribute to each public good they are connected to. We show that the problem of finding a Nash equilibrium can be posed as a non-linear complementarity one. The existence of an equilibrium point is established for a wide class of individual preferences. We then find a simple sufficient condition, on network structure only, that guarantees the uniqueness of the equilibria, and provide an easy procedure for building networks that respects this condition.
    Date: 2014–10–15
  290. By: Rodrigo De-Losso; Joelson Oliveira Sampaio, Luciana Grosso Cunha
    Abstract: One issue that affects the economic and social development of a country is the ability of the judiciary to present itself as a legitimate instance in resolving conflicts that arise in the social, business and economic development. One way to measure this is through legitimacy of the motivations that lead citizens to trust or not in the Judiciary. We created the Brazilian Confidence in Justice Index (BCJI) as a validation argument for our confidence measure. The BCJI is a measure of perception, which shows the opinion of the population about Brazil’s judiciary. Our results indicate that race and gender are important predictors once controlled for other characteristics of respondents. Blacks have a slightly lower level of confidence in the judiciary than whites. Women also present less confidence than men. We also show that people with low income have lower levels of trust. Our findings also have other important implications for confidence in the judicial system. We show that there is a positive and strong relationship between confidence in the judicial system and propensity to seek the judiciary.
    Keywords: Trust in the judicial system; Institutions; Judiciary
    JEL: G12
    Date: 2015–08–11
  291. By: Marco Buso (UNIVERSITA DI PADOVA); Frédéric Marty (GREDEG - GREDEG - Groupe de Recherche en Droit, Economie et Gestion - CNRS - UNS - Université Nice Sophia Antipolis); Tran-Phuong Tra (IAE Paris - Institut d'Administration des Entreprises - Paris - UP1 - Université Panthéon-Sorbonne)
    Abstract: In this paper, we examine whether budget-constrained public authorities are more likely to use a PPP (Public Private Partnership) than traditional procurement methods. Then, we study the possible mechanisms underlying this choice. Our empirical test focuse s on France and consists of a two-stage approach. First, we examine the impact of budget constraints on the use of PPPs and find a positive relationship. Second, to better delineate the debt hiding effect, we exploit the 2011 changes to the ability to underwrite PPP debts. We find that debt hiding is a relevant, but not a sufficient element to explain budget-constrained governments’ attitudes towards PPP
    Date: 2014–12–04
  292. By: Mehmet Balcilar (Department of Economics, Eastern Mediterranean University, Famagusta, Northern Cyprus , via Mersin 10, Turkey); Rangan Gupta (Department of Economics, University of Pretoria); Charl Jooste (Department of Economics, University of Pretoria)
    Abstract: We try and detect whether there exists a threshold level of inflation for the US economy over 1801-2013, beyond which it has a negative effect on economic growth. We use a combination of nonparametric (NP) and instrumental variable semiparametric (SNP-IV) methods to obtain inflation thresholds for the United States. The results suggest that the relationship between growth and inflation is hump shaped—that higher levels of inflation reduce growth more. Our results consistently show that inflation above two per cent negatively affects growth.
    Keywords: Inflation; growth; nonparametric; semiparametric
    JEL: E31 O49 C14
    Date: 2014
  293. By: Hartley, Peter R. (Rice University and University of Western Australia); Medlock, Kenneth B., III (Rice University)
    Abstract: It is often claimed that scarce financing prevents promising new energy technologies from attaining commercial viability. We examine this issue using a dynamic intertemporal model of the displacement of fossil fuel energy technologies by non-fossil alternatives. Our model highlights the fact that since capital used to produce energy services from fossil fuels is a sunk cost, it will continue to be used so long as the price of energy covers merely short-run operating costs. Until fossil fuels are abandoned, the price of energy is insufficient to cover even the operating costs of renewable energy production, let alone provide a competitive return on the capital employed. The full long-run costs of renewable energy production are not covered until some time after fossil fuels are abandoned.
    Date: 2014–08
  294. By: Steigleder, Quinn (Department of Economics, Colgate University); Sparber, Chad (Department of Economics, Colgate University)
    Abstract: Native and foreign-born workers with a high school degree or less educational attainment provide unique occupational skills to the US labor force. This regularity might be driven, in part, by limited access to occupations for immigrants lacking legal rights to work in the US. This paper exploits exogenous policy change induced by the 1986 Immigration Reform and Control Act (IRCA) to perform triple-difference estimation examining whether legal status causes immigrants to work in occupations that use skills more similar to those of native-born workers. We find that legal status decreases the manual skill intensity of Mexican immigrants by two percentiles. It increases communication skill intensity by an equivalent amount. This effect reduces the skill gap between Mexican-born and native-born American workers by 13%.
    Keywords: Immigration, Occupational Skills, Natural Experiment
    JEL: F22 J24 J61 J31
    Date: 2015–07–31
  295. By: Grace Anglin; Kelly Devers; Rebecca Peters; Vanessa Forsberg; Emily Lawton
    Abstract: This brief highlights the major strategies, lessons learned, and outcomes from Vermont’s experience during the first 5 years of the quality demonstration funded by the Centers for Medicare & Medicaid Services (CMS) through the Children’s Health Insurance Program Reauthorization Act of 2009 (CHIPRA).
    Keywords: Vermont, CHIPRA, Quality Demonstration Grant Program
    JEL: I
    Date: 2015–07–30
  296. By: Cobb-Clark, Deborah A. (University of Melbourne); Zhu, Anna (University of Melbourne)
    Abstract: This paper analyzes the long-term consequences of children experiencing homelessness. Our primary goal is to assess the importance of the potential pathways linking childhood homelessness to adult employment. We use novel panel data that link survey and administrative data for a sample of disadvantaged adults who are homeless or at risk of homelessness. We find that those experiencing homelessness for the first time as children are less likely to be employed than those who were never homeless as a child. For women, this relationship is largely explained by the lower educational attainment and higher welfare receipt (both in general and in the form of mental illness-related disability payments) of those experiencing childhood homelessness. Higher rates of high-school incompletion and incarceration explain some of the link between childhood homelessness and men's employment, however, childhood homelessness continues to have a substantial direct effect on male employment rates.
    Keywords: employment, homelessness, welfare receipt, education, incarceration
    JEL: J1 J2 I2
    Date: 2015–08
  297. By: Mathias Lé (ACPR - Autorité de Contrôle Prudentiel et de Résolution - Autorité de Contrôle Prudentiel et de Résolution, PSE - Paris-Jourdan Sciences Economiques - CNRS - Institut national de la recherche agronomique (INRA) - EHESS - École des hautes études en sciences sociales - ENS Paris - École normale supérieure - Paris - École des Ponts ParisTech (ENPC), EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics)
    Abstract: This paper empirically investigates the bank leverage adjustments after deposit insurance adoption. Banks are found to increase significantly their leverage after the introduction of deposit insurance. However, the banks’ responses appear to be heterogenous. The magnitude of the change in bank leverage decreases with (i) the size, (ii) the systemicity and (iii) the initial capitalisation of banks so that the most systemic and the most highly leveraged banks are unresponsive to deposit insurance. As a result, implementing a deposit insurance scheme could have important competitive effects.
    Date: 2014–10–16
  298. By: Julie Le Gallo (UMR CRESE - Université de Franche-Comté); Yannick L'Horty (TEPP - Travail, Emploi et Politiques Publiques - UPEM - Université Paris-Est Marne-la-Vallée - CNRS, ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12); Pascale Petit (TEPP - Travail, Emploi et Politiques Publiques - UPEM - Université Paris-Est Marne-la-Vallée - CNRS, ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12)
    Abstract: We assess the impact of lowering the cost of learning to drive in France by randomly assigning candidates to either of two groups of 18 to 25 years olds. Young people in the “test group” were given a €1000 voucher to pay for their driving lessons and were suported by a welfare centre throughout the time they were learning. Young people in the “control group” retained all the other welfare benefits for the underprivileged. The vouchers were given to 10 000 young people most of whom were not in education, employment or training. We investigate three types of outcome covering driving, housing and employment status. We analyse the specific role of local support in passing the driving test and we specifically take into account the possibility of spillover effects between treated and untreated individuals.
    Date: 2014
  299. By: Grégory Ponthière (ERUDITE - Equipe de Recherche sur l’Utilisation des Données Individuelles en lien avec la Théorie Economique - UPEM - Université Paris-Est Marne-la-Vallée - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12, PSE - Paris-Jourdan Sciences Economiques - CNRS - Institut national de la recherche agronomique (INRA) - EHESS - École des hautes études en sciences sociales - ENS Paris - École normale supérieure - Paris - École des Ponts ParisTech (ENPC), EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics)
    Abstract: Nous étudions la compensation des personnes décédées prématurément dans une économie où la production génère de la pollution, et où la pollution réduit, au-delà d’un certain seuil, les chances de survie. Pour ce faire, nous caractérisons l’optimum égalitarien ex post et nous le comparons à l’équilibre de laissez-faire et à l’optimum utilitariste. Lorsque le seuil de pollution au-dessus duquel une mortalité prématurée apparait est élevé, l’optimum égalitarien ex post requiert une pollution égale à ce seuil, et inférieure à celles prévalant au laissez-faire et à l’optimum utilitariste.Mais lorsque le seuil critique de pollution est faible, le niveau de pollution associé à l’optimum égalitarien ex post est égal à celui qui prévaut au laissez-faire, et supérieur à celui associé à l’optimum utilitariste.
    Date: 2014–12
  300. By: Leonardi, Marco (University of California, Berkeley); Pellizzari, Michele (University of Geneva); Tabasso, Domenico (University of Geneva)
    Abstract: We study the distributional effect of a wage indexation mechanism - the Scala Mobile (SM) - that heavily compressed the distribution of Italian wages during the 1970s and 1980s. The SM imposed large real wage increases at the bottom of the distribution and was essentially irrelevant for high-wage workers. We document that this mechanism triggered a strong redistribution within the firm. Skilled workers received lower wage adjustments when employed at firms with many unskilled workers and they tended to move towards more skill-intensive firms. We rationalize these findings with a simplified model of intra-firm bargaining with on-the- job search.
    Keywords: labor market institutions, wage indexation, inequality, intra-firm bargaining
    JEL: J01 J31 J50
    Date: 2015–08
  301. By: Amina Béji-Bécheur (IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - UPEM - Université Paris-Est Marne-la-Vallée); Nacima Ourahhmoune (NEOMA - Neoma Business School); Nil Özçağlar-Toulouse (LSMRC - Lille School of Management Research Center - Université Lille II - Droit et santé)
    Abstract: This article reflects on consumer representations of a typical southern Mediterranean dish that has remained a centerpiece of cultural encounters ever since it was developed in North Africa: couscous. France – a country whose own cuisine is world-renowned, yet which regularly ranks couscous as one of its top three favorite national dishes, and which hosts the largest North African population in Europe – seemed a fertile site for an investigation of the polysemic meanings attached to couscous, a nomad product embedded in socio-historical interrelationships on both shores of the Mediterranean. We found that consumers appropriate and adapt the product in ways that demonstrate some of the major features of Mediterranean relationships, with food as a vehicle for creative personal narratives. We emphasize the diversity of representations of couscous that help dissolve the usual northern/southern Mediterranean binaries in order to achieve a complex understanding of Mediterranean consumer behaviors.
    Date: 2014
  302. By: Raouf Boucekkine (AMSE - Aix-Marseille School of Economics - EHESS - École des hautes études en sciences sociales - Centre national de la recherche scientifique (CNRS) - Ecole Centrale Marseille (ECM) - AMU - Aix-Marseille Université); Bruno De Oliveira Cruz (IPEA - Instituto de Pesquisa Economica Aplicada)
    Abstract: This paper presents a non-technical overview of the recent investment literature with a special emphasis on the connection between technological progress and the investment decision. First of all, we acknowledge that some dramatic advances have been made in the 1990s in understanding and modelling non-convex capital adjustment schemes and irreversibility. Nonetheless, this new literature has not always satisfactorily accounted for the investment-specific (or embodied) nature of technical progress. We argue that the recent technological trends towards more embodiment have had a heavy impact on the way the investment decision is taken and is to be taken. This is turn should imply the reconsideration of many empirical results, and a more careful modelling strategy taking into account the price variables and scrupulously choosing the most appropriate level of (dis)aggregation.
    Date: 2015–04
  303. By: Charles Baden-Fuller (Cass Business School - Cass Business School); Vincent Mangematin (MTS - Management Technologique et Strategique - Grenoble École de Management (GEM))
    Abstract: The business model topic has generated a lot of discussion since the phrase first gained currency in academic articles the late 1990s (Zott, Amit & Massa, 2011). This growing attention culminated in the 2010 Long Range Planning Special Issue that brought the field’s leading scholars together to answer questions about what the business model was and what was its purpose. A key point that emerged was that a business model is more than a statement of how “value is created and captured”; it is a ‘model’ - and, like many other kinds of models - can appear in many guises and serve many purposes. These include being a ‘manipulable device’ that can be used to help academics or managers understand the linkages between value creation and value capture more clearly; as well as being an artefact that can be used to convey knowledge about a business and its status to others (see for instance, Morgan and Morrison, 1999; Teece, 2010, Baden-Fuller & Morgan, 2010).
    Date: 2015
  304. By: Loucao, Sebastian (RWTH Aachen University)
    Abstract: In this paper, we investigate the externalities related to hydraulic fracturing (‘hydrofracking’) in Germany, based on a detailed analysis of hydrofracking risks and potentials, and a stylized social welfare analysis related to adverse impacts of unconventional gas production on both surface and ground water resources and water supply. Natural gas is extracted by a profit-maximizing monopolist. Society faces several kinds of negative externalities, including additional water purification costs. The results of our sensitivity analysis show that the maximized welfare is in any case higher than the welfare resulting from the profit-maximizing quantities, as is predicted by our model. Also, the regulator always has to pay a subsidy in order to maximize welfare, which shows that the monopolist has an incentive to exercise his market power in order to keep the prices up for profit maximization. The monopolist’s profits are always non-negative, whereas the welfare-maximizing shale gas production generally reduces his profits. As profits do not drop below zero, however, there is no need to employ a second-best approach. We conclude that increasing costs and/or an increasing price sensitivity will lead to reduced profits and to reduced social welfare, while for an increasing choke price it is the other way around.
    Keywords: Natural gas; Fracking; Externalities; Water supply; Germany
    JEL: L71 Q31 Q34 Q42 Q53 Q58
    Date: 2014–04
  305. By: Hubert Stahn (AMSE - Aix-Marseille School of Economics - EHESS - École des hautes études en sciences sociales - Centre national de la recherche scientifique (CNRS) - Ecole Centrale Marseille (ECM) - AMU - Aix-Marseille Université); Agnes Tomini (AMSE - Aix-Marseille School of Economics - EHESS - École des hautes études en sciences sociales - Centre national de la recherche scientifique (CNRS) - Ecole Centrale Marseille (ECM) - AMU - Aix-Marseille Université)
    Abstract: Rainwater harvesting, consisting in collecting runoff from precipitation, has been widely developed to stop groundwater declines and even raise water tables. However this expected environmental effect is not self-evident. We show in a simple setting that the success of this conjunctive use depends on whether the runoff rate is above a threshold value. Moreover, the bigger the storage capacity, the higher the runoff rate must be to obtain an environmentally efficient system. We also extend the model to include other hydrological parameters and ecological damages, which respectively increase and decrease the environmental efficiency of rainwater harvesting.
    Date: 2014–11
  306. By: Camille Terrier (PSE - Paris-Jourdan Sciences Economiques - CNRS - Institut national de la recherche agronomique (INRA) - EHESS - École des hautes études en sciences sociales - ENS Paris - École normale supérieure - Paris - École des Ponts ParisTech (ENPC), EEP-PSE - Ecole d'Économie de Paris - Paris School of Economics)
    Abstract: This paper tests whether we observe sex-discrimination in teachers' grades, and whether such biases affect pupils' achievement during the school year. I use a unique dataset containing standardized tests, teachers' attributed grades, and pupil's behavior, all three at different periods in time. Based on double-differences, the identification of the gender bias in teachers' grades suggests that (i) girls benefit from a substantive positive discrimination in math but not in French, (ii) girls' better behavior than boys, and their initial lower achievement in math do not explain much of this gender bias. Then, I use the heterogeneity in teachers' discriminatory behavior to show that classes in which teachers present a high degree of discrimination in favor of girls at the beginning of the year are also classes in which girls tend to progress more over the school year compared to boys.
    Date: 2014–11
  307. By: Markku Lanne (University of Helsinki and CREATES); Henri Nyberg (University of Helsinki and University of Turku)
    Abstract: We explore the differences between the causal and noncausal vector autoregressive (VAR) models in capturing the real activity-stock return-relationship. Unlike the conventional linear VAR model, the noncausal VAR model is capable of accommodating various nonlinear characteristics of the data. In quarterly U.S. data, we find strong evidence in favor of noncausality, and the best causal and noncausal VAR models imply quite different dynamics. In particular, the linear VAR model appears to underestimate the importance of the stock return shock for the real activity, and the real activity shock for the stock return.
    Keywords: Noncausal VAR model, non-Gaussianity, generalized forecast error variance decomposition, business cycles, fundamentals.
    JEL: C32 C58 E17 E44
    Date: 2015–08–18
  308. By: Beaman, Lori (Northwestern University and Innovations for Poverty Action); Karlan, Dean (Yale University and Innovations for Poverty Action); Thuysbaert, Bram (Ghent University and Innovations for Poverty Action)
    Abstract: High transaction and contracting costs are often thought to create credit and savings market failures in developing countries. The microfinance movement grew largely out of business process innovations and subsidies that reduced these costs. We examine an alternative approach, one that infuses no external capital and introduces no change to formal contracts: an improved "technology" for managing informal, collaborative village-based savings groups. Such groups allow, in theory, for more efficient and lower-cost loans and informal savings, and in practice have been scaled up by international non-profit organizations to millions of members. Individuals save together and then lend the accumulated funds back out to themselves. In a randomized evaluation in Mali, we find improvements in food security, consumption smoothing, and buffer stock savings. Although we do find suggestive evidence of higher agricultural output, we do not find overall higher income or expenditure. We also do not find downstream impacts on health, education, social capital, and female decision-making power. Could this have happened before, without any external intervention? Yes. That is what makes the result striking, that indeed there were no resources provided nor legal institutional changes, yet the NGO-guided, improved informal processes led to important changes for households.
    JEL: D12 D91 O12
    Date: 2014–10
  309. By: Plamen Nemov (BI Norwegian Business School)
    Abstract: Online appendix for the Review of Economic Dynamics article
    Date: 2015
  310. By: Fotis, Panagiotis; Polemis, Michael; Eleftheriou, Konstantinos
    Abstract: The aim of this paper is to derive the formula of Gross Upward Pricing Pressure Index (GUPPI), used on duopoly markets with differentiated products, when we allow for unilateral equity stakes (expressed as a function of victim's market share) to be endogenously determined. The results show that the unilateral effects of partial acquisitions, as they are measured by GUPPI when the percentage of equity stakes of the acquirer in the target firm is considered endogenous, may be higher than in the case where the said percentage is exogenously determined.
    Keywords: Differentiated Product Markets; GUPPI; Logit Demand; Endogenous Partial Acquisitions
    JEL: G3 L13 L16