nep-ger New Economics Papers
on German Papers
Issue of 2016‒07‒16
627 papers chosen by
Roberto Cruccolini
Ludwig-Maximilians Universität München

  1. Gutachten zum Serious Doubts Letter der Europäischen Kommission zur Vectoring-Entscheidung der Bundesnetzagentur By Haucap, Justus; Heimeshoff, Ulrich; Lange, Mirjam
  2. Digitalisierung und Arbeitsmarkt: Aktuelle Entwicklungen und sozialpolitische Herausforderungen By Eichhorst, Werner; Hinte, Holger; Rinne, Ulf; Tobsch, Verena
  3. Veränderungen der Erwerbsanreize durch das Elterngeld Plus für Mütter und Väter By Johannes Geyer; Alexandra Krause
  4. Bescheidener Aufschwung im Osten – Bremsklotz EU-Fiskalregeln By Mario Holzner
  5. Aggregate Consequences of Dynamic Credit Relationships By Stephane Verani
  6. Vorgehensweise der EU-Kommission bei der Bewertung von Direktzahlungen By Koester, Ulrich; Loy, Jens-Peter
  7. The methodology of the EU Commission to evaluate the impact of direct payments By Koester, Ulrich; Loy, Jens-Peter
  8. Interregionale Effekte des Wirtschaftswachstums in der Ukraine und Polen By Levoshko, Tamila
  9. Mittelstandspolitik im Wandel By Welter, Friederike; Levering, Britta; May-Strobl, Eva
  10. Current Emotion Research in Economics By Klaus Wälde; Agnes Moors
  11. Auflösung der Förderschulen: Die UN-Behindertenkonvention verlangt die Inklusion von Kindern mit Behinderung an Regelschulen By Wrase, Michael
  12. Fortalecimiento de la cadena de valor de los snacks nutritivos con base en fruta deshidratada en El Salvador By Romero, Indira; Díaz, Verónica; Aguirre M., Alejandro
  13. Herausforderung Climate Engineering: Bewertung neuer Optionen für den Klimaschutz By Klepper, Gernot; Dovern, Jonas; Rickels, Wilfried; Barben, Daniel; Goeschl, Timo; Harnisch, Sebastian; Heyen, Daniel; Janich, Nina; Maas, Achim; Matzner, Nils; Scheffran, Jürgen; Uther, Stephanie
  14. Social Security’s Financial Outlook: The 2016 Update in Perspective By Alicia H. Munnell
  15. Are there differences in how advantaged and disadvantaged students use the Internet? By OECD
  16. Factores asociados a la exclusión educativa y laboral de los adolescentes colombianos By Jenny Carolina Hernández Cardozo; Adriana Carolina Silva Arias; Jaime Andrés Sarmiento Espinel
  17. Observing and shaping the market: the dilemma of central banks By Romain Baeriswyl; Camille Cornand; Bruno Ziliotto
  18. Energieeffizienz & Rebound-Effekte im Kontext der Energiewende By Haack, Frederik; Nagel, Manuel; Richters, Oliver; Schäfer, Ernst; Wunderlich, Sebastian
  19. Semiparametric estimation of CES demand system with observed and unobserved product characteristics By Joonhwi Joo; Ali Hortacsu
  20. How Do Lead Banks Use Their Private Information about Loan Quality in the Syndicated Loan Market? By Balasubramanyan, Lakshmi; Berger, Allen N.; Koepke, Matthew; Bouwman, Christa H. S.
  21. Channelizing Afghanistan to Pakistan Informal Trade into Formal Channels By Adil Khan Miankhel
  22. Channelizing Afghanistan to Pakistan Informal Trade into Formal Channels By Adil Khan Miankhel
  23. Elektronische Forschungsplattformen (EFP) für Verbundprojekte: Bedarfs-, Angebots- und Erfahrungsanalyse E-Club-Projekt 2015/2016 By Bier, Solveig; Gersch, Martin; Wessel, Lauri; Tolksdorf, Robert; Knoll, Nina
  24. Kurzkommentar zum Volksentscheid im Vereinigten Königreich am 23. Juni 2016 By Siekmann, Helmut
  25. Economia Pluralista para Enfrentar Crisis Contemporanea By Parada, Jairo
  26. A Heterodox Theory of the Business Enterprise By Jo, Tae-Hee
  27. Bayesian Expectancy Invalidates Double-Blind Randomized Controlled Medical Trials By Chemla, Gilles; Hennessy, Christopher
  28. Der deutsche Taximarkt - das letzte (Kollektiv-) Monopol im Sturm der „neuen Zeit“ By Annika Pape; Thomas Wein
  29. Recursive utility optimization with concave coefficients By Shaolin Ji; Xiaomin Shi
  30. Liquidity Transformation in Asset Management: Evidence from the Cash Holdings of Mutual Funds By Sergey Chernenko; Adi Sunderam
  31. Learning from the Swiss corporate governance exception By Massimiliano Vatiero
  32. Thinking about the performance of the World Trade Organization: A discussion across disciplines By Manfred Elsig; Bernard M. Hoekman; Joost Pauwelyn
  33. Do Political Connections Reduce Job Creation? Evidence from Lebanon By Diwan, Ishac; Jamal Ibrahim Haidar
  34. Do giant oilfield discoveries fuel internal armed conflicts? By Yu-Hsiang Lei; Guy Michaels
  35. Gender Biases in Student Evaluations of Teachers By Anne Boring
  36. Trade in Environmental Goods: A Review of the WTO Appellate Body’s Ruling in US — Countervailing Measures (China) By Rachel Brewster; Claire Brunel; Anna Maria Mayda
  37. The effect of credit and rating events on credit default swap and equity markets By Kiesel, Florian
  38. Profile of Female Sterilization in Brazil, 2001--2006 By Amaral, Ernesto F. L.
  39. Protectionism in a liquidity trap By Lechthaler, Wolfgang
  40. Economía pluralista para enfrentar la crisis contemporánea By Jairo Parada Corrales
  41. Do Investors Listen to Fiscal Policy? – Study case Bucharest Stock Exchange By Stoian, Andreea; Iorgulescu, Filip
  42. Unprofitable horizontal mergers, external effects, and welfare By Budzinski, Oliver; Kretschmer, Jürgen-Peter
  43. Large Vector Autoregressions with Stochastic Volatility and Flexible Priors By Clark, Todd E.; Carriero, Andrea; Marcellino, Massimiliano
  44. Is Amazon the next Google? By Budzinski, Oliver; Köhler, Karoline Henrike
  45. Outside Options and Wages: What Can We Learn from Subjective Assessments? By Marta Lachowska
  46. Les nouvelles opportunités de l'économie alimentaire Ouest-africaine By OCDE
  47. Towards a Requisite Regulatory Management System: Philippines By Gilberto M. Llanto
  48. Removing Disability Insurance Coverage: The Effects on Work Incentive and Occupation Choice By Atsuko Tanaka; Ha Nguyen; Hsuan-Chih (Luke) Lin
  49. Dynamic Financial Contracting with Persistent Private Information By R. Vijay Krishna; Shiming Fu
  50. Social capital, institutions and policymaking By Savioli, Marco; Patuelli, Roberto
  51. The Labor Market Consequences of Regulating Similar Occupations: The Licensing of Occupational and Physical Therapists By Jing Cai; Morris M. Kleiner
  52. China's Banking Sector as the Foundation of Financial Reform By Sara Hsu
  53. Matrice de Comptabilité Sociale de 2013 pour la R.D.Congo By Nlemfu Mukoko, Jean Blaise
  54. Impuestos al tabaco By Rodríguez, Andrea Yanira; Araque, Alex; Calderón, Lorena Viviana; Franco, Camila; Góngora, Pamela; Iunes, Roberto
  55. Do diversity, creativity and localized competition promote endogenous firm formation? Evidence from a high-tech US industry By Tsvetkova, Alexandra
  56. Monetary Policy and Long-Run Risk-Taking By Gilbert COLLETAZ; Grégory LEVIEUGE; Alexandra POPESCU
  57. 欧盟:需要清晰的外资并购政策 By Mario Mariniello
  58. Effects of a reduction in employers' social security contributions: Evidence from Spain By Campoy-Muñoz, Pilar; Cardenete Flores, Manuel Alejandro; Delgado, M. Carmen; Hewings, Geoffrey
  59. Learning through Crowdfunding By Chemla, Gilles; Tinn, Katrin
  60. Modelling Market Linkages along the Vertical Supply Chain: Price Transmission and Volatility Spillovers in the U.S. Pork Industry By Zheng, Yanan, Jr.
  61. RBC Models and the Hours-Wages Puzzle: Puzzle Solved! By Vasilev, Aleksandar
  62. Drought and Groundwater Management By Eirik S. Amundsen; Frank Jensen
  63. Performing Art Consumption and the Artistic Benefit: A new dimension for engaging customers in performing arts By Francesco Casarin; Fabio Marzella
  64. Innovation in Clean Coal Technologies: Empirical Evidence from Firm-Level Patent Data By Jürgen Kruse; Heike Wetzel
  65. Making sense of the EU wide stress test: a comparison with the SRISK approach By Homar, Timotej; Kick, Heinrich; Salleo, Carmelo
  66. Are Lower Private Equity Returns the New Normal? By Eileen Appelbaum; Rosemary Batt
  67. Made in the world? By Sébastien Miroudot; Håkan Nordström
  68. Forecasting China's Economic Growth and Inflation By Patrick Higgins; Tao Zha; Karen Zhong
  69. Changement climatique et familles politiques en Europe By Carine Moehler; Grégory Pieter; Edwin Zaccai
  70. Investor Sentiment and Sector Returns By Ahmed Salhin; Mo Sherif; Edward Jones
  71. Effects of the Minimum Wage on Infant Health By Wehby, George; Dave, Dhaval M.; Kaestner, Robert
  73. Understanding the Flow of Electronic Parts and Components in East Asia By Willem THORBECKE
  74. How open are public procurement markets? By Patrick Messerlin
  75. Characterization of Fertility Levels in Brazil, 1970-2010 By Amaral, Ernesto F. L.; Almeida, Mariana Eugenio; Goncalves, Guilherme Quaresma
  76. The California Fuel Tax Swap By Wachs, Martin; Garrett, Mark; Brown, Anne
  77. 欧元体系的抵押品政策:调整是否适当? By Guntram B. Wolff
  78. Le nouveau mécanisme belge d'indexation des primes des contrats d'assurance "hospitalisation" By Michel Denuit; Jan Dhaene; Hamza Hamza Hanbali; Nathalie Lucas; Julien Trufin
  79. Digital Financial Services in the Pacific: Experiences and Regulatory Issues By Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB)
  80. Social mobility during South Africa’s industrial take-off By Jeanne Cilliers and Johan Fourie
  81. Deep Learning for Mortgage Risk By Justin Sirignano; Apaar Sadhwani; Kay Giesecke
  82. A wild bootstrap algorithm for propensity score matching estimators By Huber, Martin; Camponovo, Lorenzo; Bodory, Hugo; Lechner, Michael
  83. Capital Flows and the Swiss Franc By Pinar Yesin
  84. Trade Induced Skill Upgrading: Lessons from the Danish and Portuguese Experiences By Gu, Grace; Malik, Samreen; Pozzoli, Dario; Rocha, Vera
  85. Mandated political representation and crimes against the low castes By Victoire Girard
  86. Episodes of financial deepening: credit booms or growth generators? By Peter L. Rousseau; Paul Wachtel
  87. George Stigler y su influencia en la transformación económica de Chile By Cristián Larroulet Vignau
  88. Powering Education By Fadi Hassan; Paolo Lucchino
  89. The (Unintended?) Consequences of the Largest Liquidity Injection Ever By Miguel Faria-e-Castro; Luis Fonseca; Matteo Crosignani
  90. New Roles that Key Developing Countries Will Have in the Provision of Finance for Europe By Alkis Theonas Pitelis; Christos Pitelis
  91. Leading Leadership style to motivate cultural-oriented female employees in the I.T sector of developing country: I.T Sectors responses from Pakistan By Haque, Adnan ul; Faizan, Riffat; Zehra, Nasreen; Baloch, Akhtar; Nadda, Vipin; Riaz, Fayyaz
  92. Notas sobre Informalidade, Produtividade do Trabalho e Grau de Utilização e seus Impactos sobre o Crescimento Econômico no Brasil nos Anos 2000 By Claudio Roberto Amitrano; Gabriel Coelho Squeff
  93. Ecotecnología en las viviendas Mexicanas: El Programa Hipoteca Verde y sus implicaciones en la rentabilidad de las empresas inmobiliarias By Víctor Manuel Castillo Girón; Manuel Machuca Martínez; Suhey Ayala Ramírez; David López Jimenez
  94. Social Rate of Return to R&D on Various Energy Technologies: Where should We Invest More? A Study of G7 Countries By Roula Inglesi-Lotz
  95. Insurance in Human Capital Models with Limited Enforcement By Krebs, Tom; Kuhn, Moritz; Wright, Mark L. J.
  96. North Africa - Working paper - Procedures for the Direct Targeting of Poverty and Human Development in Morocco By AfDB AfDB
  97. Estimating and Forecasting Generalized Fractional Long Memory Stochastic Volatility Models By Peiris, S.; Asai, M.; McAleer, M.J.
  98. Lifetime Consequences of Early and Midlife Access to Health Insurance: A Review By Étienne Gaudette; Gwyn C. Pauley; Gwyn C. Pauley
  99. Extreme Events and Optimal Monetary Policy By Jinill KIM; Francisco RUGE-MURCIA
  100. Optimal Consumption, Investment and Housing with Means-tested Public Pension in Retirement By Johan G. Andreasson; Pavel V. Shevchenko; Alex Novikov
  101. The effect of bank shocks on firm-level and aggregate investment By Amador, João; Nagengast, Arne J.
  102. Uniform-price Auctions for Swiss Government Bonds: Origin and Evolution By Ranaldo, Angelo; Rossi, Enzo
  103. Impact of Store format on Shopping Involvement By Sinha, Piyush Kumar; Uniyal, Dwarika Prasad
  104. Long-Term Care and Births Timing By Pestieau, Pierre; Ponthiere, Gregory
  105. Strengthening insurance partnerships in the face of climate change – insights from an agent-based model of flood insurance in the UK By Florence Crick; Katie Jenkins; Swenja Surminski
  106. How Does Explicit Discrimination in Job Ads Interact with Discrimination in Callbacks? Evidence form a Correspondence Study in Mexico City By Eva O. Arceo-Gómez; Raymundo M. Campos-Vázquez
  107. The Nature, Performance, Economic Impact and Regulation of Investment Banking By Ilias Anthopoulos; Christos N.Pitelis
  108. North Africa - Working paper – Agricultural Production, Food Security and Higher Value in North Africa By AfDB AfDB
  109. Global Value Chains and Trade in Value-Added: An Initial Assessment of the Impact on Jobs and Productivity By OECD
  110. Financial Constraints, Firms' Supply Chains and Internationalization By Raoul Minetti; Pierluigi Murro; Zeno Rotondi; Susan Chun Zhu
  111. Affirmative Action and Team Performance By Felix Koelle
  112. Risk sharing among economic sectors By Faruk, Balli; Eleonora, Pierucci
  113. Volunteering and perceived health. A European cross-countries investigation By Fiorillo, Damiano; Nappo, Nunzia
  114. Protecting Health or Protecting Imports? Evidence from EU Non-Tariff Barriers By Kareem, Fatima Olanike; Martinez-Zarzoso, Inmaculada; Brümmer, Bernhard
  115. The Legacy of the Crisis: Policy Options in a Favorable Environment By LaGarda, Guillermo; Manzano, Osmel; Prat, Jordi
  116. 2014-2015 tax changes in EU Member States vs the Commission’s tax policy recommendations By Luigi Bernardi
  117. A Simple, Graphical Procedure for Comparing Multiple Treatments By Brennan S. Thompson; Matthew D. Webb
  118. The Liquidity Cost of Private Equity Investments: Evidence from Secondary Market Transactions By Taylor D. Nadauld; Berk A. Sensoy; Keith Vorkink; Michael S. Weisbach
  119. The (In)Validity of the Ricardian Equivalence Theorem—Findings from a Representative German Population Survey By Bernd Hayo; Florian Neumeier
  120. Alfabetismo Financiero, Endeudamiento y Morosidad de los Hogares en Chile By Roberto Álvarez; Jaime Ruiz-Tagle
  121. North Africa - Working paper – Public Investment and Growth in the Maghreb Countries By AfDB AfDB
  122. 更完善的G20和全新G7+:新世纪的需要 By Jim O‘Neill; Alessio Terzi
  123. Accounting for Business Cycles By Brinca, Pedro; Chari, V. V.; Kehoe, Patrick J.; McGrattan, Ellen R.
  124. Relationship between past experience, social network participation and creative capacity: Vietnamese entrepreneurship survey By Quang-Hoi Vu; Thu Trang Vuong; Quan-Hoang Vuong
  125. Department Publications 2014 By Anonymous
  126. Designing a Payment for Ecosystem Services Scheme for the Sardukhola Watershed in Nepal By Rajesh K Rai; Priya Shyamsundar; Laxmi Dutt Bhatta; Mani Nepal
  127. Investigating factors affecting customers’ decisions to switch to conservation tariff By Khosroshahi, Saeideh Saedi
  128. Modeling Real Private Consumption Expenditure in Bulgaria after the Currency Board Implementation (1997-2005) By Vasilev, Aleksandar
  129. Banks' interest rate risk and search for yield: A theoretical rationale and some empirical evidence By Memmel, Christoph; Seymen, Atılım; Teichert, Max
  130. Matrix-vector representation of various solution concepts By Fuad Aleskerov; Andrey Subochev
  131. Social welfare benefits and their impacts on labour market participation among men and women in Mongolia By Gassmann, Franziska; Francois, Daphne; Zardo Trindade, Lorena
  132. Fairness in Strategy: A Fair Process Evaluation of Strategy Schools By Koen Tackx; Ludo Van der Heyden; Paul Verdin
  133. Achieving Universal Electricity Access in Indonesia By Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB)
  134. The Effect of Natural Gas Shortages on the Mexican Economy By Alcaraz Carlo; Villavazo Martin Sergio
  135. An Experiment on Information Use in College Student Loan Decisions By Darolia, Rajeev
  136. This paper studies the link between demographic factors and labour shares as well as tries to answer the question whether population ageing is responsible for the global decline in labour shares. We found that the link depends on the elasticity of substitution between labour and capital as production factors. Given the empirical estimates of this parameter, we conclude that population ageing is not responsible for the global decline in labour shares. On the contrary, it reduces the speed of this decline. By Igor Fedotenkov
  137. The Fertility Transition: Panel Evidence from sub-Saharan Africa By Carolyn Chisadza and Manoel Bittencourt; Manoel Bittencourt
  138. Do industires pollute more in poorer neighborhoods? Evidence from toxic releasing plants in Mexico By Lopamudra Chakraborti; Michael Margolis; José Jaime Sainz Santamaria
  139. Prosperity, Sustainability and the Measurement of Wealth By Kevin J. Mumford
  140. A Note on Resource Testing and Temptation By Cagri S. Kumru; John Piggott; Athanasios C. Thanopoulos
  141. Why Do Vulnerability Cycles Matter in Financial Networks? By Thiago Christiano Silva; Benjamin Miranda Tabak; Solange Maria Guerra
  142. Incentive schemes, private information and the double-edged role of competition for agents By Christina Bannier; Eberhard Feess; Natalie Packham; Markus Walzl
  143. The history and politics of energy transitions Comparing contested views and finding common ground By Benjamin K. Sovacool
  144. The Nature, Performance and Economic Impact of Sovereign Wealth Funds By I. Anthopoulos; C. Pitelis; C. Liakou
  145. Informe nacional de monitoreo de la eficiencia energética de la República del Paraguay, 2016 By -
  146. A Theory of Education and Health By Galama, Titus; van Kippersluis, Hans
  147. Oligarchy and soft incompleteness By Piggins, Ashley; Duddy, Conal
  148. Disability Insurance and the Great Recession By Maestas, Nicole; Mullen, Kathleen J.; Strand, Alexander
  149. Acting Local!An Evaluation of the First Compliance Period of Tokyo’s Carbon Market By Sven Rudolph; Toru Morotomi
  150. Dynamic optimization and its relation to classical and quantum constrained systems By Mauricio Contreras; Rely Pellicer; Marcelo Villena
  151. UK Trades Unions and the Problems of Collective Action By Willman, Paul; Bryson, Alex; Forth, John
  152. Thirteen Things You Need to Know about Neoliberalism By Ben Fine; Alfredo Saad-Filho; Kate Bayliss; Mary Robertson
  153. Consumer information in a market for expert services: Experimental evidence By Schneider, Tim; Meub, Lukas; Bizer, Kilian
  154. Money and Capital in a Persistent Liquidity Trap By Philippe Bacchetta; Kenza Benhima; Yannick Kalantzis
  155. Divisive-agglomerative algorithm and complexity of automatic classification problems By Alexander Rubchinsky
  156. The Entrepreneurial Rent: The Value of and Compensation for Entrepreneurship By Henrekson, Magnus; Stenkula, Mikael
  157. Assessing the economic value of probabilistic forecasts in the presence of an inflation target By Christopher McDonald; Craig Thamotheram; Shaun P. Vahey; Elizabeth C. Wakerly
  158. Actual Problems and Perspective with Positive Impact on the Activity of Banking System in Romania By Dana Gabriela SISEA
  159. Some Implications of Dynamic Mis-specification for the Arellano-Bond Estimator By Audrey Laporte; Adrian Rohit Dass; Brian S. Ferguson
  160. Less restrictive birth control, less education? Evidence from ethnic minorities in China By Yishen Liu; Yao Pan
  161. Can Agents with Causal Misperceptions be Systematically Fooled? By Spiegler, Ran
  162. Time-Inconsistent Stochastic Linear-quadratic Differential Game By Qinglong Zhou; Gaofeng Zong
  163. Can Agents with Causal Misperceptions be Systemically Fooled? By Ran Spiegler
  164. Gains from Convergence in US and EU Auto Regulations under the Transatlantic Trade and Investment Partnership By Caroline Freund; Sarah Oliver
  165. Labor-Market Returns to the GED Using Regression Discontinuity Analysis By Christopher Jepsen; Peter Mueser; Kenneth Troske
  167. Finite Gaussian Mixture Approximations to Analytically Intractable Density Kernels By Khorunzhina, Natalia; Richard, Jean-Francois
  168. Energy and Resilient Cities By OECD
  169. Collective Versus Individual Decisionmaking : A Case Study of the Bank of Israel Law By Francisco RUGE-MURCIA; Alessandro RIBONI
  170. Self-Employment among Women: Do Children Matter More Than We Previously Thought? By Anastasia Semykina
  171. What Can We Learn from County-Level Variation in Child SSI Participation Rates? By Purvi Sevak; Lucie Schmidt
  172. Human Capital, Social Capabilities and Economic Growth By Muhammad Ali; Abiodun Egbetokun; Manzoor Hussain Memon
  173. Best Practices in Creating and Adapting Quality Rating and Improvement System (QRIS) Rating Scales By Margaret Burchinal; Louisa Tarullo; Martha Zaslow
  174. The Market Resources Method for Solving Dynamic Optimization Problems By Ayse Kabukcuoglu; Enrique Martínez-García
  175. Tests for the Validity of Portfolio or Group Choice in Financial and Panel Regressions By Atushi Inoue; Barbara Rossi
  176. Cash for Carbon: A Randomized Controlled Trial of Payments for Ecosystem Services to Reduce Deforestation By Seema Jayachandran; Joost de Laat; Eric F. Lambin; Charlotte Y. Stanton
  177. The Financial Stability Dark Side of Monetary Policy By Frank Smets; Stefania Villa
  178. El efecto del Acompañamiento Pedagógico sobre los rendimientos de los estudiantes de escuelas públicas rurales del Perú By Rodriguez, Jose S.; Leyva, Janneth; Hopkins, Alvaro
  179. Asian Development Bank–Japan Scholarship Program: 2014 Annual Report By Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB)
  180. How to attract an audience at a conference: Paper, person or place? By Isabel Günther; Melanie Grosse; Stephan Klasen
  181. Tort Reform and Innovation By Galasso, Alberto; Luo, Hong
  182. The Extrinsic Value of Low-Denomination Money Holdings By Hernandez-Chanto, Allan
  183. A counting multidimensional innovation index for SMEs By Nuno Campos Pereira; Nuno Araújo; Leonardo Costa
  184. Doing More When You're Running LATE: Applying Marginal Treatment Effect Methods to Examine Treatment Effect Heterogeneity in Experiments for the Young and Privately Insured? By Amanda E. Kowalski
  185. Government as Borrower of First Resort By Chemla, Gilles; Hennessy, Christopher
  186. Inequality or poverty: which is bad for growth? By Robert Breunig; Omer Majeed
  187. Normas de procedimiento y circuitos administrativos en la Universidad Nacional de Mar del Plata para las erogaciones en bienes de consumo, servicios no personales y bienes de uso que se ejecuten bajo las modalidades de cajas chicas, cajas chicas PET, fondos rotatorios, adelantos de fondos, anticipos de viáticos y gastos de movilidad By Waslet, Sandra E.
  188. The public economics of long term care By Pestieau, Pierre; Ponthiere, Gregory
  189. Vietnam-EU Free Trade Agreement: Impact and Policy Implications for Vietnam By Daniel Rais
  190. The U.S. Economic Outlook and Monetary Policy: The European Economics and Financial Centre, Distinguished Speakers Seminar, London, U.K. - July 1, 2016 By Mester, Loretta J.
  191. Un análisis exploratorio de los determinantes del gasto turístico en recreación y alimentación en Mar del Plata By Rizzo, José Ignacio
  192. Green nudges: Do they work? Are they ethical? By Christian Schubert
  193. An Assessment of User Satisfaction in Academic Libraries: a case study of the Fiji National University Library By Deo, Sandhya
  194. Utility Indifference Pricing of Insurance Catastrophe Derivatives By Andreas Eichler; Gunther Leobacher; Michaela Sz\"olgyenyi
  195. Information Sharing and Financial Sector Development in Africa By Vanessa Tchamyou; Simplice Asongu
  196. Repurchase agreements as an instrument of monetary policy at the time of the Accord By Garbade, Kenneth D.
  197. Correlation and coordination risk By Martin Geiger; Richard Hule
  198. Home sweet home? Macroeconomic conditions in home countries and the well-being of migrants. By Akay, Alpaslan; Bargain, Olivier; Zimmermann, Klaus F.
  199. Planning paper 115 - De administratieve lasten in België voor het jaar 2014 By Chantal Kegels; Dirk Verwerft
  200. Does the Exchange rate regime shape currency misalignments in emerging and developing countries? By Carl Grekou
  201. Do healthcare tax credits help poor healthy individuals on low incomes? By Cinzia Di Novi; Anna Marenzi; Dino Rizzi
  202. On the American swaption in the linear-rational framework By Damir Filipovic; Yerkin Kitapbayev
  203. The drivers of European banks’ US dollar debt issuance: opportunistic funding in times of crisis? By Luna Azahara Romo González
  204. Voting for the environment: the importance of Democracy and education in Latin America By Danny García Callejas
  205. Business, housing and credit cycles By Rünstler, Gerhard; Vlekke, Marente
  206. Working Paper 04-16 - La modélisation de l’impôt des personnes physiques dans les modèles macroéconomiques de court et moyen terme du BFP - Adaptation des modèles suite à la 6e réforme de l’État et au SEC2010 By Vincent Frogneux; Michel Saintrain
  207. The Cyclical Behavior of the Markups in the New Keynesian Models By Nlemfu Mukoko, Jean Blaise
  208. 'Cultural Persistence' of Health Capital: Evidence from European Migrants By Costa-Font, J.; Sato, A.
  209. Medical Care Spending and Labor Market Outcomes: Evidence from Workers' Compensation Reforms By Powell, David; Seabury, Seth A.
  211. Discriminatory attitudes and indigenous language promotion: Challenges and solutions By Rajesh Ramachandran; Christopher Rauh; Anh Mai Le
  212. Forward Guidance as a Monetary Policy Rule By Mitsuru Katagiri
  213. Dynamic Effects of Co-Ethnic Networks on Immigrants' Economic Success By Michele Battisti; Giovanni Peri; Agnese Romiti
  214. Learning Dynamics Based on Social Comparisons By Juan I Block; Drew Fudenberg; David K Levine
  215. Firm Entry and Exit during a Crisis Period Evidence from Russian Regions By Iwasaki, Ichiro; Maurel, Mathilde; Meunier, Bogdan
  216. Teletrabalho no Setor Público Brasileiro: Impacto Potencial sobre o Tráfego Urbano e as Emissões de Carbono By Nilo Luiz Saccaro Junior
  217. Quelle mesure du coût économique et social du mal logement ? By Pierre Madec
  218. "Auctions For Complements –An Experimental Analysis" By Daniel Marszalec
  219. Culture on top: Beyond museification and culture-led regeneration of industrial heritage By Maria Lusiani; Fabrizio Panozzo
  220. The role of conflict for optimal climate and immigration policy By Prieur, Fabien; Schumacher, Ingmar
  221. Is the intrinsic value of macroeconomic news announcements related to their asset price impact? By Gilbert, Thomas; Scotti, Chiara; Strasser, Georg; Vega, Clara
  222. A stock-flow-fund ecological macroeconomic model By Yannis Dafermos; Maria Nikolaidi; Giorgos Galanis
  223. Redeem or Revalue? Some Public-Debt Calculus. By Bar-Ilan, Avner; Gliksberg, Baruch
  224. Like Mother, Like Father? Gender Assortative Transmission of Child Overweight By Costa-Font, J.; Jofre-Bonet, M.
  225. Vulnerability to Poverty: Tajikistan During and After the Global Financial Crisis By Gang, Ira N.; Gatskova, Kseniia; Landon-Lane, John; Yun, Myeong-Su
  226. Reallocation of Resources between Tradable and Non-Tradable Sectors in Portugal: Developing a new Identification Strategy for the Tradable Sector By Ana Fontoura Gouveia; Filipa Canas
  227. Romanian Companies Adaptation to the Challenges of the "Green Economy" By Madalina Cristina TOCAN; Oana CHINDRIS-VASIOIU
  228. Ökonomische Anmerkungen zur aktuellen Netzneutralitätspolitik in den USA By Neute, Nadine; Budzinski, Oliver
  229. From start to finish: A framework for the production of small area official statistics By Tzavidis, Nikos; Zhang, Li-Chun; Luna Hernandez, Angela; Schmid, Timo; Rojas-Perilla, Natalia
  230. Fake Brownian motion and calibration of a Regime Switching Local Volatility model By Benjamin Jourdain; Alexandre Zhou
  231. Acompañando emprendedores: la experiencia de la Oficina de Apoyo al Emprendedor de la Facultad de Ciencias Económicas y Sociales By Líbera, María Eugenia; Rech, Lautaro; Fratuzzo, Juan Pablo
  232. Spillover effects and take-up of transfers in integrated social policies: Evidence from Progresa By Bobba, Matteo; Gignoux, Jérémie
  233. Historical and Economic Considerations of Sustainable Development By Oana CHINDRIS-VASIOIU
  234. Local Institutions and Resistance to test for HIV/AIDS. Some lessons of a survey in the city of Fortaleza, Brazil By Yves-André FAURE
  235. Fear and Political Participation: Evidence from Africa By Kevin M. Morrison; Marc Rockmore
  236. Money and Capital in a Persistent Liquidity Trap By Bacchetta, Philippe; Benhima, Kenza; Kalantzis, Yannick
  237. How Do Countries Respond to Antidumping Filings? Dispute Settlement and Retaliatory Antidumping By Robert M. Feinberg; Kara M. Reynolds
  238. Can War Foster Cooperation? By Michal Bauer; Christopher Blattman; Julie Chytilová; Joseph Henrich; Edward Miguel; Tamar Mitts
  239. The effect of changes in tax-benefit policies on the income distribution in 2008-2015 By De Agostini, Paola; Paulus, Alari; Tasseva, Iva Valentinova
  240. Mitigating Global Warming : A Real Options Approach By Marc CHESNEY; Pierre LASSERRE; Bruno TROJA
  241. From youth voice to young entrepreneurs: the individualization of digital media and learning By Alicia Blum-Ross; Sonia Livingstone
  242. Bayesian Inference for Partially Identified Convex Models: Is it Valid for Frequentist Inference? By Yuan Liao; Anna Simoni
  243. Money Creation, Monetary Policy, and Capital Regulation By Faure, Salomon; Gersbach, Hans
  244. Does Money Relieve Depression? Evidence from Social Pension Eligibility By Chen, Xi; Wang, Tianyu
  245. Gambling Tourism and Economic Development: Some lessons from Macao By Metaxas, Theodore; Folinas, Sotiris
  246. Reviving the limit cycle view of macroeconomic fluctuations By Franck Portier; Dana Galizia; Paul Beaudry
  247. ivporbit:An R package to estimate the probit model with continuous endogenous regressors By Zaghdoudi, Taha
  248. Approximating time varying structural models with time invariant structures By Filippo Ferroni; Christian Matthes; Fabio Canova
  249. Demographic Change in the Asian Century: Implications for Australia and the Region By Peter McDonald
  250. Poder de monopsonio en el mercado de aseguramiento en salud en Colombia By Sandra Rodriguez A.
  251. Clusters of Least Developed Countries, their evolution between 1993 and 2013, and policies to expand their productive capacity By Giovanna Andrea Cornia; Antonio Scognamillo
  252. 'China's Increasing Global Influence: Changes in International Growth Spillovers' By Erdenebat Bataa; Denise R.Osborn; Marianne Sensier
  253. Informal Sector Misallocation By López-Martín Bernabé
  254. Health Care Reform or More Affordable Health Care? By Ferreira, Pedro Cavalcanti; Gomes, Diego B. P.
  255. An Analysis of Simultaneous Company Defaults Using a Shot Noise Process By Masahiko Egami; Rusudan Kevkhishvili
  256. A Test of Adverse Selection in the Market for Experienced Workers By Kevin Lang; Russell Weinstein
  257. Heterogeneous Entrepreneurs, Government Quality and Optimal Industrial Policy By Michele Di Maio; Giorgio Fabbri; Vincenzo Lombardo
  258. Collateral damage? On collateral, corporate financing and performance By Cerqueiro, Geraldo; Ongena, Steven; Roszbach, Kasper
  259. The Influence of Ancestral Lifeways on Individual Economic Outcomes in Sub-Saharan Africa By Michalopoulos, Stelios; Putterman, Louis; Weil, David
  260. Are Spanish companies involved in profit shifting? Consequences in terms of tax revenues By Castillo Murciego, Ángela; López Laborda, Julio
  261. Understanding the Size of the Government Spending Multiplier: It's in the Sign By Barnichon, Régis; Matthes, Christian
  262. Exchange Rate Risk Premium: An Analysis of its Determinants for the Mexican Peso-USD By Benavides Guillermo
  263. Internal R&D and External Knowledge Acquisition of Start-up Firms: Exploring the Role of Entrepreneurial Human Capital By Masatoshi Kato
  264. The WITCH 2016 Model - Documentation and Implementation of the Shared Socioeconomic Pathways By Emmerling, Johannes; Drouet, Laurent Drouet; Reis, Lara Aleluia; Bevione, Michela; Berger, Loic; Bosetti, Valentina; Carrara, Samuel; De Cian, Enrica; De Maere D'Aertrycke, Gauthier; Longden, Tom; Malpede, Maurizio; Marangoni, Giacomo; Sferra, Fabio; Tavoni, Massimo; Witajewski-Baltvilks, Jan; Havlik, Petr
  265. Optimal Transmission Planning under the Mexican New Electricity Market By Juan Rosellón; Eric Zenón
  266. Utilizing Qualitative Methods in the Ghana LEAP 1000 Impact Evaluation By Michelle Mills; Clare Barrington; UNICEF Office of Research - Innocenti
  267. The Effects of Labour Market Reforms upon Unemployment and Income Inequalities: an Agent Based Model By Giovanni Dosi; Marcelo C. Pereira; Andrea Roventini; Maria Enrica Virgillito
  268. Oil shocks on unemployment in Central and Eastern Europe By Juan Carlos Cuestas; Luis A. Gil-Alana
  269. Evolutionary Model of Stock Markets By Joachim Kaldasch
  270. Niveles de bienestar subjetivos de los hogares y escalas de equivalencia. Un análisis aplicado a la ciudad de Mar del Plata By Echeverría, Lucía; Berges, Miriam
  271. Information uncertainty related to marked random times and optimal investment By Ying Jiao; Idris Kharroubi
  272. Aportes para el análisis de actividades productivas y del nivel de bienestar de la población del Partido de General Pueyrredon. Caracterización de la industria del Partido de General Pueyrredon: innovación y diversificación productiva como claves para la competitividad By Graña, Fernando Manuel; Liseras, Natacha; Belmartino, Andrea; Mauro, Lucía Mercedes
  273. On the Number of Social Reforms in MENA Economies By Christophe Muller; Klarizze Anne Martin Puzon
  274. Bilateral Trade Elasticity: B&H versus its seven trade partners By Kurtovic, Safet; Halili, Blerim; Maxhuni, Nehat
  275. How Productive is Rural Infrastructure? Evidence on Some Agricultural Crops in Colombia By Ignacio Lozano-Espitia; Lina Ma. Ramírez-Villegas
  276. Bihar’s Education System in Shambles: Building History with the Rubbles of my Fading Memory By Mishra, SK
  277. Boosting skills for all in the Netherlands By Rafal Kierzenkowski; Aleksandra Paciorek; Gabor Fulop
  278. Updating mechanism for lifelong insurance contracts subject to medical inflation By Michel Denuit; Jan Dhaene; Hamza Hanbali; Nathalie Lucas; Julien Trufin
  279. CGE model with fiscal sector for Latvia By Konstantins Benkovskis; Eduards Goluzins; Olegs Tkacevs
  280. ¿Oportunidades para el futuro?: La movilidad social de los adolescentes en Colombia By Lina Marcela Moyano-Támara; Luis Armando Galvis-Aponte
  281. Turismo, desarrollo sostenible y percepción de los stakeholders. Un estudio de caso en República Dominicana By Francisco Javier Caro-González; José Alberto Acosta Guzmán; Francisco Orgaz-Agüera; Mario Castellanos-Verdugo
  282. Does uncertainty affect non-response to the European Central Bank's survey of professional forecasters? By López-Pérez, Víctor
  283. Simplifying Teaching: A Field Experiment with Online "Off-the-Shelf" Lessons By C. Kirabo Jackson; Alexey Makarin
  284. Il contributo dell’attività motoria nella razionalizzazione della spesa sanitaria. Un’analisi della letteratura riferita ai pazienti cardiopatici By Giulia Rita Biavati; Emidia Vagnoni
  285. Do Multinationals Pay Less in Taxes than Domestic Firms? Evidence from the Swedish Manufacturing Sector By Hansson, Åsa; Olofsdotter, Karin; Thede, Susanna
  286. Reassessing the link between firm size and exports By Hernández Martínez, Pedro Jesús
  287. A Consumer Model and Social Welfare Based on the Writings of Shibani (750-805 AD, 131-189 AH) By Ghassan, Hassan B.
  288. Can mining promote industrialization? A comparative analysis of policy frameworks in three Southern African countries By Judith Fessehaie; Zavareh Rustomjee; Lauralyn Kaziboni
  289. Non-cooperative equilibrium with multiple deviators By Dmitry Levando
  290. Commitment in the Household: Evidence from the Effect of Inheritances on the Labor Supply of Older Married Couples By Blau, David M.; Goodstein, Ryan
  291. Researching song titles, product cycles and copyright in published music: problems, results and data sources By Ruth Towse; Hyojung Sun
  292. Optimal Switching under Ambiguity and Its Applications in Finance By Yuki Shigeta
  293. Mining-related national systems of innovation in southern Africa National trajectories and regional integration By Judith Fessehaie; Zavareh Rustomjee; Lauralyn Kaziboni
  294. On the Welfare Costs of Monetary Policy By Nlemfu Mukoko, Jean Blaise
  295. International and Domestic Financialisation in Middle Income Countries; The Brazilian Experience By Annina Kaltenbrunner; Juan Pablo Painceira
  296. Dal controllo ex ante al controllo ex post: la rivoluzione della modernizzazione degli aiuti di Stato By Marco Boccaccio
  297. Public, privé et éducation prioritaire : une analyse de la mixité sociale selon le secteur du collège By Pierre Courtioux; Thais Tristan-Pierre Maury
  298. Swaption Prices in HJM model. Nonparametric fit By V. M. Belyaev
  299. Sector del turismo de salud: caso de Colombia By Mario de la Puente
  300. On Historical Household Budgets By Brian A'Hearn; Nicola Amendola; Giovanni Vecchi1
  301. QE in the future: the central bank's balance sheet in a fiscal crisis By Reis, Ricardo
  302. Hacia la inclusión digital: puesta en valor del conocimiento del sector asociativo By Zanfrillo, Alicia Inés
  303. Subnational variations in educational attainment and labour market outcomes By OECD
  304. The Financialisation of Health in England and Wales; Lessons from the Water Sector By Kate Bayliss
  305. Economics, Neuroeconomics, and the Problem of Identity By Wagner, Kathryn L.
  306. Retail resilience: A theoretical framework for understanding town centre dynamics By Dolega, Les; Celińska-Janowicz, Dorota
  307. Exploring Outward FDI and the Choice of Destination: Evidence from Swedish Firm-Level Data By El-Sahli, Zouheir; Gullstrand, Joakim; Olofsdotter, Karin
  308. Beyond Tracking and Detracking: The Dimensions of Organizational Differentiation in Schools By Domina, Thurston; McEachin, Andrew; Hanselman, Paul; Agarwal, Priyanka; Hwang, NaYoung; Lewis, Ryan
  309. Institutions, Innovation and Economic Growth in European Countries By d'Agostino, Giorgio; Scarlato, Margherita
  310. The trends of political CSR in Greece: A comparison among pioneers of CSR By Metaxas, Theodore; Tsavdaridou, Maria
  311. Digital Markets, Data, and Privacy: Competition Law, Consumer Law, and Data Protection By Wolfgang Kerber
  312. Aggregating risks with partial dependence information By Daniël Linders; Fan Yang
  313. Aging, trade, and migration By Chisik,Richard Asher; Onder,Harun; Qirjo,Dhimitri
  314. Changes in the relationship between short-term interest rate, inflation and growth: Evidence from the UK, 1820-2014 By Bataa, Erdenebat; Wohar, Mark; Vivian, Andrew
  315. Quality and the Great Trade Collapse By Natalie Chen; Luciana Juvenal
  316. DVD-based distance-learning program for university entrance exams -- RCT experiments in rural Bangladesh By Kono, Hisaki; Sawada, Yasuyuki; Shonchoy, Abu S.
  317. The Effects of Higher Re-election Hurdles and Costs of Policy Change on Political Polarization By Gersbach, Hans; Muller, Philippe; Tejada, Oriol
  318. Los principios tributarios y su cumplimiento en la definición de las tasas municipales By Sáenz, Mariana
  319. Disclosure of Corporate Tax Reports, Tax Enforcement, and Insider Trading By Jordi Caballé; Ariadna Dumitrescu
  320. North African Countries and Firms in International Production Networks By Davide Del Prete; Giorgia Giovannetti; Enrico Marvasi
  321. The Elasticity of the Migrant Labor Supply: Evidence from Temporary Filipino Migrants By Bertoli, Simone; Fernández-Huertas Moraga, Jesús; Keita, Sekou
  322. Nongovernmental Organizations and Influence on Global Public Policy By Cecilia Tortajada
  323. Private Standards and the WTO: Reclusive No More By Petros C. Mavroidis; Robert Wolfe
  324. Maintaining Teacher Quality in Higher Education Institutions By Aithal, Sreeramana; Kumar, Suresh
  325. Mediciones alternativas de la cooperación internacional para el desarrollo en el contexto de la agenda post 2015 By Jorge Antonio Pérez Pineda; Ángel Alañón Pardo
  326. Volume, Volatility and Public News Announcements By ; Jia Li; Yuan Xue
  327. Recent Economic Developments, Monetary Policy Considerations and Longer-term Prospects: a speech at the Chicago Council on Global Affairs, Chicago, Illinois, June 28, 2016. By Powell, Jerome H.
  328. The Economics and Ethics of Human Induced Climate Change By Clive L. Spash; Clemens Gattringer
  329. A probability-free and continuous-time explanation of the equity premium and CAPM By Vladimir Vovk; Glenn Shafer
  330. Firm Employment Growth, R&D Expenditures and Exports By Marco Di Cintio, Marco Di Cintio; Sucharita Ghosh, Sucharita Ghosh; Emanuele Grassi, Emanuele Grassi
  331. Inversión canadiense en Colombia: Un análisis de las empresas extractivas By Gustavo Rodríguez Albor; Melissa Peláez Blandón; Rafael García Luna
  332. Regional Health Care Decentralization in Unitary States: Equal Spending, Equal Satisfaction? By Joan Costa-Font; Gilberto Turati
  333. Product Space and the Development of Nations: A Model of Product Diversification By Desmarchelier, Benoît; Regis, Paulo José; Salike, Nimesh
  334. Macroeconomic effects of mortgage interest deduction By Cenkhan Sahin
  335. Estimation and prediction of credit risk based on rating transition systems By Jinghai Shao; Siming Li; Yong Li
  336. Revisión del estado del arte de la Relación entre educación y desarrollo económico By Luis Arturo Rosado; Germán Castaño Duque
  337. Years of good life based on income and health: Re-engineering cost-benefit analysis to examine policy impacts on wellbeing and distributive justice By Richard Cookson; Owen Cotton-Barrett; Matthew Adler; Miqdad Asaria; Toby Ord
  338. Point, interval and density forecasts of exchange rates with time-varying parameter models By Abbate, Angela; Marcellino, Massimiliano
  339. The transnationalisation of law: rethinking law through transnational environmental regulation By Veerle Heyvaert
  340. Assessing Indonesia’s Long Run Growth: The Role of Total Factor Productivity and Human Capital By Armida Alisjahbana; Viktor Pirmana
  341. Means Testing Social Security: Modeling and Policy Analysis By Rafal Chomik; John Piggott; Alan D. Woodland; George Kudrna; Cagri Kumru
  342. The Labor Market in Azerbaijan By Rahmanov, Ramiz; Qasimov, Asif; Tahirova, Gulzar
  343. Heterogeneous Economic Impacts of Transportation Features on Prefecture-level Chinese Cities By Agbelie, Bismark R.D.K.; Chen, Yang; Salike, Nimesh
  344. The self-financing of industrial development in developing markets, case studies in: Brazil, South Africa, India and China By Jana Mudrovna
  345. European Cities and Foreign Investment Networks By Riccardo Crescenzi; Kerwin Datu; Simona Iammarino
  346. EAGLE-FLI. A macroeconomic model of banking and financial interdependence in the euro area By Bokan, Nikola; Gerali, Andrea; Gomes, Sandra; Jacquinot, Pascal; Pisani, Massimiliano
  347. Economic Growth in China and Its Potential Impact on Australia-China Bilateral Trade By Yu Sheng
  348. Does Employee Stock Ownership Work? Evidence from publicly-traded firms in Japan By KATO Takao; MIYAJIMA Hideaki; OWAN Hideo
  349. Working Paper 05-16 - Analyse du tableau input-output interrégional pour l’année 2010 By Luc Avonds; Caroline Hambye; Bart Hertveldt; Bernhard Klaus Michel; Bart Van den Cruyce
  350. xtdcce: Estimating Dynamic Common Correlated Effects in Stata By Jan Ditzen
  351. Cost-constrained measures of environmental efficiency: a material balance approach By Aldanondo, Ana M.; Casasnovas, Valero L.; Almansa, M. Carmen
  352. Prices versus Quantities with Policy Updating By William A. Pizer; Brian Prest
  353. Do labour market conditions affect the extent of gender discrimination? By Eva O. Arceo-Gómez; Raymundo M. Campos-Vázquez
  354. Worker-Level Consequences of Import Shocks By Nilsson Hakkala, Katariina; Huttunen, Kristiina
  355. A rational path towards a Pareto optimum for reforms of large state-owned enterprise in China, past, present and future By Xiaojie Liu; Jim Huangnan Shen; Kent Deng
  356. Determinants of Small Business Survival: The Case of Very Small Enterprises of the Traditional Manufacturing Sectors in Brazil By GUIMARÃES BARBOSA, EVALDO
  357. Solving commitment problems in disaster risk finance By Clarke,Daniel Jonathan; Wren-Lewis,Liam
  358. Entrepreneurship in Romania - Realities and Perspectives By Madalina Cristina TOCAN
  359. Stock Market Insider Trading in Continuous Time with Imperfect Dynamic Information By Albina Danilova
  360. Cash Transfers and Gender: A closer look at the Zambian Child Grant Programme By Luisa Natali; Amber Peterman; UNICEF Office of Research - Innocenti
  361. The private turn in development finance By Elisa Van Waeyenberge
  362. Volatility spillovers in EMU sovereign bond markets By Fernando Fernández-Rodríguez; Marta Gómez-Puig; Simón Sosvilla-Rivero
  363. The EU budget and UK contribution By Iain Begg
  364. House prices and interest rates: Bayesian evidence from Germany By Hanck, Christoph; Prüser, Jan
  365. Military expenditure, terrorism and capital flight: Insights from Africa By Simplice Asongu; Joseph Amankwah-Amoah
  367. Causes and Consequences of Teen Childbearing: Evidence from a Reproductive Health Intervention in South Africa By Nicola Branson; Tanya Byker
  368. Elusive Development in the Balkans: Research Findings By Vladimir Gligorov
  369. What Do Performance Appraisals Do? By Peter Cappelli; Martin Conyon
  370. Labour Mobility and Labour Market Adjustment in the EU By Alfonso Arpaia; Aron Kiss; Balazs Palvolgyi; Alessandro Turrini
  371. Nominal GDP targeting and the tax burden By Hatcher, Michael
  372. Innovative Strategies in Higher Education for Accelerated Human Resource Development in South Asia: Nepal By Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB)
  373. Enhancing Urban Mobility: Integrating Ride-sharing and Public Transit By Stiglic, M.; Agatz, N.A.H.; Savelsbergh, M.W.P.; Gradisar, M.
  374. Modelling Long Memory Volatility in the Bitcoin Market: Evidence of Persistence and Structural Breaks By Elie Bouri; Luis A. Gil-Alana; Rangan Gupta; David Roubaud
  375. Policy Evaluation with Interactive Fixed Effects By Chan, Mark K.; Kwok, Simon
  376. Disentangling the Wage Impacts of Offshoring On a Developing Country: Theory and Policy By Subhayu Bandyopadhyay; Arnab K. Basu; Nancy H. Chau; Devashish Mitra
  377. The payout behaviour of German savings banks By Köhler, Matthias
  378. Rating models: emerging market distinctions By Alexander Karminsky
  379. Revisiting Procedure and Precedent in the WTO: An Analysis of US – Countervailing and Anti-Dumping Measures (China) By Mostafa Beshkar; Adam S. Chilton
  380. Matching firms, managers and incentives By Oriana Bandiera; Luigi Guiso; Andrea Prat; Raffaella Sadun
  381. La Desigualdad en España: Fuentes, Tendencias y Comparaciones Internacionales. Comentario al trabajo de Luis Ayala By Angel de la Fuente; Jorge Onrubia
  382. Política social contemporánea. Un paradigma en crisis By César Giraldo
  383. Produção Científica e Redes de Colaboração dos Docentes Vinculados aos Programas de Pós-graduação em Economia no Brasil By Eduardo A. Haddad; Jesus P. Mena-Chalco, Otávio J.G. Sidone
  384. Developing and emerging countries as finance providers; foreign exchange reserves and foreign direct investment to the European Union By Bruno Bonizzi; Jan Toporowski
  385. Health insurance coverage and firm performance: Evidence using firm level data from Vietnam By Hiroyuki Yamada; Tien Manh Vu
  386. Risk and Loss Aversion, Price Uncertainty and the Implications for Consumer Search By Adriaan R. Soetevent; Tadas Bruzikas
  387. The risky steady state and the interest rate lower bound By Hills, Timothy; Nakata, Taisuke; Schmidt, Sebastian
  388. Expediting trade : impact evaluation of an in-house clearance program By Fernandes,Ana Margarida; Hillberry,Russell Henry; Berg,Claudia N.
  389. Volatility spillovers for spot, futures, and ETF prices in energy and agriculture By Chia-Lin Chang; Michael McAleer; Chia-Ping Liu
  390. Segregation or homologation? Gender differences in recent Italian economic thought By Zacchia, Giulia
  391. Electoral Accountability and the Natural Resource Curse: Theory and Evidence from India By Dhillon, Amrita; Krishnan, Pramila; Patnam, Manasa; Perroni, Carlo
  392. Learning from the Mexican Experience with Taxes on Sugar-Sweetened Beverages and Energy-Dense Foods of Low Nutrition By María Eugenia Bonilla-Chacín; Roberto Iglesias; Agustina Suaya; Claudia Trezza; Claudia Macías
  393. Optimality of Naive Investment Strategies in Dynamic MeanVariance Optimization Problems with Multiple Priors By Yuki Shigeta
  394. Market power and media revenue allocation in professonal sports: The case of formula one By Budzinski, Oliver; Müller-Kock, Anika
  395. Investigating the carbon leakage effect on the environmental Kuznets curve using luminosity data By Steinkraus, Arne
  396. Land Rights and Women's Empowerment in Rural Peru: Insights from Item Response Theory By Montenegro, María; Mohapatra, Sandeep; Swallow, Brent
  397. Liquidity and Prices in Decentralized Markets with Almost Public Information By Anton Tsoy
  398. Arsenic contamination of drinking water and mental health By Chowdhury, Shyamal; Krause, Annabelle; Zimmermann, Klaus F.
  399. What Makes a School a Learning Organisation? By Marco Kools; Louise Stoll
  400. Learning About Oneself: The Effects of Signaling Academic Ability on School Choice By Bobba, Matteo; Frisancho, Veronica
  401. Mitigating Global Warming: A Real Option Approach By Marc Chesney; Pierre Lasserre; Bruno Troja
  402. Parametric continuity from preferences when the topology is weak and actions are discrete By O'Callaghan, Patrick
  403. The Role of El Niño Southern Oscillation in Commodity Price Movement and Predictability By Ubilava, David
  404. A new insight on the inflation persistence: the role of severance pay By Thomas COUDERT
  405. The Sovereign-Bank Diabolic Loop and ESBies By Markus K. Brunnermeier; Luis Garicano; Philip R. Lane; Marco Pagano; Ricardo Reis; Tano Santos; David Thesmar; Stijn Van Nieuwerburgh; Dimitri Vayanosy
  406. The roots of regional trade in the Americas 1870 to 1950 By Restrepo-Estrada, Maria Isabel; Tena Junguito, Antonio
  407. Mobile Phone Penetration, Mobile Banking and Inclusive Development in Africa By Simplice Asongu; Jacinta C. Nwachukwu
  408. Elusive Recovery: South Georgia Coast Counties since the Great Recession By Mathews, Don
  410. Egalitarian Policies, Effective Demand, and Globalization: Considering Budget Constraint By Taro Abe
  411. The Nash bargaining solution in vertical relations with linear input prices By Aghadadashli, Hamid; Dertwinkel-Kalt, Markus; Wey, Christian
  412. Non-market values in the economic analyses of bushfire mitigation By Gibson, Fiona; Hailu, Atakelty; Pannell, David
  413. Stock Market Market Crash of 2008: an empirical study of the deviation of share prices from company fundamentals By Taisei Kaizoji; Michiko Miyano
  414. Liquidity, innovation, and endogenous growth By Malamud, Semyon; Zucchi, Francesca
  415. From Sunspots to Black Holes: Singular dynamics in macroeconomic models By Brito, Paulo; Costa, Luís F.; Dixon, Huw David
  416. Cultural Assimilation during the Age of Mass Migration By Ran Abramitzky; Leah Platt Boustan; Katherine Eriksson
  417. Statistica descriptivă a seriilor de timp financiare By Stefanescu, Răzvan; Dumitriu, Ramona
  418. Social Protection and Childhood Violence: Expert Roundtable By Sarah Cook; Amber Peterman; Tia Palermo; Naomi Neijhoft; UNICEF Office of Research - Innocenti
  419. The asymmetric burden of regulation: will local banks survive? By Pietro Alessandrini; Michele Fratianni; Luca Papi; Alberto Zazzaro
  420. MPDATA Meets Black-Scholes: Option Pricing as a Transport Problem By Sylwester Arabas; Ahmad Farhat
  421. Labor Force Transitions at Older Ages : Burnout, Recovery, and Reverse Retirement By Jacobs, Lindsay; Piyapromdee, Suphanit
  422. The March of the Techies: Technology, Trade, and Job Polarization in France, 1994-2007 By James Harrigan; Ariell Reshef; Farid Toubal
  423. Boosting National Infrastructure Investment in West Java: An Analysis Using TERM CGE Model By Viktor Pirmana; Armida Alisjahbana; Irlan Adiyatma Rum
  424. Chinese Returnees and High-tech Sector Outward FDI: The Case of Changzhou By Chen, Zhao; Fang, Tony
  425. Enhancing private investment in the Netherlands By Sanne Zwart
  426. “Debt-growth linkages in EMU across countries and time horizons” By Simón Sosvilla-Rivero; Marta Gómez-Puig
  427. Matriz de Contabilidad Social para Argentina construida con resultados de PBI alternativos proveniente del ARKLEMS-LAND UBA By Coremberg, Ariel; Mastronardi, Leonardo; Romero, Carlos; Vila Martinez, Juan Pablo
  428. Trading gains: new estimates of Swiss GDP, 1851 to 2008 By Christian Stohr
  429. The pricing of sentiment risk in European stock markets By Keiber, Karl Ludwig; Samyschew, Helene
  430. Public Credit Guarantees and Access to Finance By Carlos Gozzi, Juan & Schmukler, Sergio
  431. Estimating More Precise Treatment Effects in Natural and Actual Experiments By Duleep, Harriet; Liu, Xingfei
  432. The Impact of Credit Information Sharing on Interest Rates By Gietzen, Thomas
  433. Ciclo intergeneracional de la violencia doméstica contra la mujer: Análisis para las regiones de Colombia By Gina Cárdenas Varón; José Luis Polo Otero
  434. The Social Provisioning Process and Heterodox Economics By Jo, Tae-Hee
  435. Making the implicit explicit: A look inside the implicit discount rate By Schleich, Joachim; Gassmann, Xavier; Faure, Corinne; Meissner, Thomas
  436. The Effects of Mentor Quality, Exposure, and Type on Junior Officer Retention in the United States Army By Susan Payne Carter; Whitney Dudley; David S. Lyle; John Z. Smith
  437. Multi-attribute decision by sampling: An account of the attraction, comprimise and similarity effects By Ronayne, David & Brown, Gordon D.A.
  438. Forecast in Capital Markets By Ledenyov, Dimitri O.; Ledenyov, Viktor O.
  439. Bank capital structure and the credit channel of central bank asset purchases By Darracq Pariès, Matthieu; Hałaj, Grzegorz; Kok, Christoffer
  440. Hard Labour in the lab: Are monetary and non-monetary sanctions really substitutable? By Matteo Rizzolli; James Tremewan
  441. Housing and Water in Light of Financialisation and “Financialisation” By Ben Fine; Kate Bayliss; Mary Robertson
  442. Comment les Français perçoivent-ils l'égalité des chances ? By Michel Forsé; Maxime Parodi
  443. Does Tourism-led Growth Hypothesis Exist in Pakistan? A Fresh look from Combine Cointegration and Causality Approach with Structural Breaks. By Ahad, Muhammad
  444. Access to Credit and Investment Decisions of SMEs in China: size matters By Regis, Paulo José
  445. ASEAN-plus-one Free Trade Agreements and their trade effects By Taguchi, Hiroyuki; Lee, Hak-Loh
  446. Impact of US Uncertainties on Emerging and Mature Markets: Evidence from a Quantile-Vector Autoregressive Approach By Helena Chuliá; Rangan Gupta; Jorge M. Uribe; Mark E. Wohar
  447. Measuring policy-driven innovation in energy efficiency By Nabitz, Lisa; Plötz, Patrick; Braungardt, Sibylle; Reuter, Matthias
  448. South Africa's real business cycles: The cycle is the trend By Hilary Patroba; Leroi Raputsoane
  449. Foreign direct investment and economic growth: ADRL and causality analysis for South Africa By Sunde, Tafirenyika
  450. Inferring the contiguity matrix for spatial autoregressive analysis with applications to house price prediction By Somwrita Sarkar; Sanjay Chawla
  451. The Impact of Upper-Secondary Voucher School Attendance on Student Achievement: Swedish Evidence using External and Internal Evaluations By Tyrefors Hinnerich, Björn; Vlachos, Jonas
  452. Perception vs Reality: How does the British electorate evaluate economic performance of incumbent governments in the post war period? By Jonathon M. Clegg
  453. Régimen de administración por cuotas individuales transferibles de capturas en la República Argentina By Bustamante, Néstor Miguel; Bertolotti, María Isabel; Liberman, Carlos Damián; Buono, J. J.
  454. Financial development and income inequality in Africa: A panel heterogeneous approach By Anthanasius FomumTita and Meshach Jesse Aziakpono
  455. Electoral Accountability and the Natural Resource Curse: Theory and Evidence from India By Amrita Dhillon; Pramila Krishnan; Manasa Patnam; Carlo Perroni
  456. Services Trade Restrictiveness and Manufacturing Productivity: The Role of Institutions By Cosimo Beverelli; Matteo Fiorini; Bernard Hoekman
  457. Public financial management in Indonesia: Review of Islamic public finance By Jaelani, Aan
  458. Measuring the Effect of the Zero Lower Bound on Monetary Policy By Carlos Viana de Carvalho; EriC Hsu; Fernanda Necchio
  459. The Evolution of Conventions under Condition-Dependent Mistakes By Ennio Bilancini; Leonardo Boncinelli
  460. Do economic conditions and in-kind benefits make needy patients bond together? insights from cross-section data on clusters of co-located patients in Vietnam By Quan-Hoang Vuong; Ha Nguyen
  461. Financial stress transmission in EMU sovereign bond market volatility: A connectedness analysis By Fernando Fernández-Rodríguez; Marta Gómez-Puig; Simón Sosvilla-Rivero
  462. Delayed discharges and hospital type: Evidence from the English NHS By James Gaughan; Hugh Gravelle; Luigi Siciliani
  463. Nanotechnology Innovations and Commercialization – Opportunities, Challenges & Reasons for Delay By Aithal, Sreeramana; Aithal, Shubhrajyotsna
  464. Continuous tenor extension of affine LIBOR models with multiple curves and applications to XVA By Antonis Papapantoleon; Robert Wardenga
  465. The effect of demographics on payment behavior: panel data with sample selection By Stavins, Joanna
  466. Governmental platform intermediation to promote alternative fuel vehicles By Dietrich, Antje-Mareike
  467. The Effect of Vietnam-Era Conscription and Genetic Potential for Educational Attainment on Schooling Outcomes By Lauren L. Schmitz; Dalton Conley
  468. Paramilitarismo en la ciudad de Barranquilla. Crimen organizado y mercados de violencia By Luis Fernando Trejos Rosero; Aura Violeta Posada Ramírez
  469. Selling daughters: age of marriage, income shocks and the bride price tradition By Lucia Corno; Alessandra Voena
  470. The Effect of Housing and Stock Wealth Losses on Spending in the Great Recession By Angrisani, Marco; Hurd, Michael D.; Rohwedder, Susann
  471. A Structural Model for Electricity Forward Prices By Benth, Fred Espen; Paraschiv, Florentina
  472. Producción de carbón y crecimiento económico en la región minera del Caribe colombiano By Etna Mercedes Bayona Velásquez
  473. Synthetic Control Estimation Beyond Case Studies: Does the Minimum Wage Reduce Employment? By Powell, David
  474. The science of monetary policy: an imperfect knowledge perspective By Eusepi, Stefano; Preston, Bruce
  475. Media bias in women's magazines: Do advertisements influence editorial content? By Pannicke, Julia
  476. Heterogeneity of households and the effects of fiscal policy in CEE countries By Piotr Krajewski
  477. The moderating effect of economic reputation on middle-status conformity: A study on the Italian film industry By Fabrizio Montanari; Claudio Giachetti; Fabrizio Castellucci; Stefano Li Pira
  478. In the Eye of a Storm: Manhattan's Money Center Banks during the International Financial Crisis of 1931 By Richardson, Gary; Van Horn, Patrick
  479. How harmful are cuts in public employment and wage in times of high unemployment? By Thomas COUDERT; Thierry BETTI
  480. Working Paper 01-16 - Improving the Stability and Growth Pact by integrating a proper accounting of public investments: a new attempt By Henri Bogaert
  481. Monetary Policy on Twitter and its Effect on Asset Prices: Evidence from Computational Text Analysis By Jochen Lüdering; Peter Tillmann
  482. E-waste management as a global Challenge (introductory chapter) By Mihai, Florin-Constantin; Gnoni, Maria-Grazia
  483. Determinants of euro-denominated corporate bond spreads By Krylova, Elizaveta
  484. Effects of Demographic and Educational Changes on the Labor Markets of Brazil and Mexico By Amaral, Ernesto F. L.; Queiroz, Bernardo L.; Calazans, Julia A.
  485. Modelling and testing volatility spillovers in oil and financial markets for USA, UK and China By Chia-Lin Chang; Michael McAleer; Jiarong Tian
  486. Tougher Than the Rest? Relationship between Unemployment and Crime in Croatia By Vedran Recher
  487. Exchange Rate Linkages between the ASEAN Currencies, the US Dollar and the Chinese RMB By Guglielmo Maria Caporale; Luis A. Gil-Alana; Kefei You
  488. Essays on bid rigging By Seres, Gyula
  489. The White Man’s Burden: On the Effect of African Resistance to European Domination By Oasis Kodila-Tedika; Simplice Asongu; Matthias Cinyabuguma
  490. Globalization and Governance: A Critical Contribution to the Empirics By Simplice Asongu; Uchenna Efobi; Vanessa S. Tchamyou
  491. Work Incentives of Medicaid Beneficiaries and The Role of Asset Testing By Pashchenko, Svetlana; Porapakkarm, Ponpoje
  492. “Lock-in” Effect of Emission Standard and Its Impact on the Choice of Market Based Instruments By Qian, Haoqi; Wu, Libo; Tang, Weiqi
  493. Offering Energy Efficiency under Imperfect Competition and Consumer Inattention By Tode, Christian
  494. Nation Building Through Foreign Intervention: Evidence from Discontinuities in Military Strategies By Melissa Dell; Pablo Querubin
  495. Knowledge-Centric Practices of Performing Arts Organizations: New Directions for Organizational Resilience By Neville K. Vakharia; Marilena Vecco; Andrej Srakar; Divya Janardhan
  496. Measuring the Link between Public Procurement and Innovation By Silvia Appelt; Fernando Galindo-Rueda
  497. Structural Breaks in Potential GDP Of Three Major Economies: Just Impaired Credit or the “New Normal”? By Alexander Yu. Apokin; Irina B. Ipatova
  498. What Enables Effective International Climate Finance in the Context of Development Co-operation? By Sáni Ye Zou; Stephanie Ockenden
  499. Financing Economic Development. Theoretical Debates and Empirical Trends By Elisa Van Waeyenberge; Hannah Bargawi
  500. Fuel for life: Domestic cooking fuels and women's health in rural China? By Nie, Peng; Sousa-Poza, Alfonso; Xue, Jianhong
  501. Returns to fertilizer use: does it pay enough? Some new evidence from Sub-Saharan Africa By Koussoubé, Estelle; Nauges, Céline
  502. Proxy Variables and Nonparametric Identification of Causal Effects By de Luna, Xavier; Fowler, Philip; Johansson, Per
  503. Segmentación inmobiliaria en una ciudad intermedia del caribe colombiano: el caso de Sincelejo By Gastón Ballut Dajud; Néstor Garza
  504. Automatic identification of general vector error correction models By Arbués, Ignacio; Ledo, Ramiro; Matilla-García, Mariano
  505. Líneas de Pobreza en el Cauca: Una medición subvalorada By Andres Mauricio Gomez Sanchez; Claudia Liceth Fajardo Hoyos; Juliana Isabel Sarmiento Castillo
  506. Is There an Output Free Lunch for Fiscal Inationary Policies? By Moises S. Andrade; Tiago Berriel
  507. Who Weans with Commodity Price Shocks? Rice Prices and Breastfeeding in the Philippines By Abrigo, Michael R.M.
  508. The scope and nature of privatisation in the financial sector By Janusz J. Tomidajewicz
  509. El taller: una experiencia de aprendizaje cooperativo en el marco de un Proyecto de Extensión con frutihorticultores del sudeste bonaerense By Atucha, Ana Julia; Lacaze, María Victoria
  510. Unconventional Monetary Policy and International Risk Premia By Rogers, John H.; Scotti, Chiara; Wright, Jonathan H.
  511. Policy interventions in renewable energy for sustainable development: is Ghana on the right path to achieve SDG 7? By Ishmael Ackah
  512. Land use predictions on a regular grid at different scales and with easily accessible covariates By Chakir, Raja; Laurent, Thibault; Ruiz-Gazen, Anne; Thomas-Agnan, Christine; Vignes, Céline
  513. Women's Liberation as a Financial Innovation By Hazan, Moshe; Weiss, David; Zoabi, Hosny
  514. It’s baaaack— zeroing, the US Department of Commerce, and US — Shrimp II (Viet Nam) By James C. Hartigan
  515. Previdência para as Mulheres no Brasil: reflexos da inserção no mercado de trabalho By Milko Matijascic
  516. Competitive Strategy, Performance Appraisal and Firm Results By Bayo-Moriones, Alberto; Galdon-Sanchez, Jose Enrique; Martinez-de-Morentin, Sara
  517. Financialisation, Debt and Inequality – scenarios based on a stock flow consistent model By Daniel Detzer
  518. Lifetime-Laffer Curves and the Eurozone Crisis By Zachary Stangebye
  519. Pakistan's Potential Trade and 'Behind the Border' Constraints By Adil Khan Miankhel
  520. Pakistan's Potential Trade and 'Behind the Border' Constraints By Adil Khan Miankhel
  521. Pakistan's Potential Trade and 'Behind the Border' Constraints By Adil Khan Miankhel
  522. Breaking down world trade elasticities: a panel ECM approach By Jaime Martínez-Martín
  523. Productivity Measures for the Colombian Manufacturing Industry By Camila Casas; Alejandra González
  524. Influencia del contexto socioeconomico de la comunidad sobre la desnutricion infantil en Colombia: un enfoque multinivel para los años 2005 y 2010 By Ana Maria Osorio; Gustavo Alfonso Romero; Harold Bonilla; Luis Fernando Aguado
  525. A Cointegration Analysis of Agricultural, Energy and Bio-Fuel Spot and Futures Prices By Allen, D.E.; Chang, C-L.; McAleer, M.J.; Singh, A.K.
  526. State-contingent analysis of farmers’ response to weather variability: Irrigated dairy farming in the Murray Valley, Australia By Mallawaarachchi, Thilak; Nauges, Céline; Quiggin, John; Sanders, Orion
  527. Los problemas del desarrollo de la industria autopartista argentina durante el peronismo (1945-1955) By Ianina Harari
  528. Diseño de política económica para enfrentar la volatilidad de la tasa de cambio: un análisis econométrico Garch de los periodos de apreciación y depreciación y sus costos y resultados By Carlos Eduardo Méndez Conde; Juan Camilo Méndez Vizcaíno
  529. Yearbook of the state of resources and economic performance of Italian fishing fleet: a bio-economic data analysis By Alessandro Mannini; Rosaria Felicita Sabatella
  530. Stock market and economic growth in Eastern Europe By Prats Albentosa, María Asuncíon; Sandoval, Beatriz
  531. Intergenerational Mobility in Income and Economic Status in Ethiopia By Haile, Getinet Astatike
  532. Multimarket Competition and Profitability: Evidence from Ukrainian banking By Pham, Tho; Talavera, Oleksandr; Yang, Junhong
  533. Waste haven effect: unwrapping the impact of environmental regulation By Thais Nuñez-Rocha
  534. Viet Nam: Energy Sector Assessment, Strategy, and Road Map By Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB)
  535. Achieving the American Dream: Cultural Distance, Cultural Diversity and Economic Performance By Valeria Rueda; Guillaume Laval; Etienne Patin
  536. Moderating Growth and Structural Change in the People's Republic of China: Implications for Developing Asia and Beyond By Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB)
  537. Causas del desempleo en Colombia en el siglo XXI: Evidencia a partir de un modelo var-x cointegrado By Oscar Andrés Espinosa Acuña; Paola Andrea Vaca González
  538. Aggregation with two-member households and home production By Vasilev, Aleksandar
  539. Finance and System of Provision of Water; The Case of Istanbul By Gaye Yilmaz; Ozlem Celik
  540. Announcements are not Enough: Foreign Exchange Intervention under Imperfect Credibility By Jose E. Gomez-Gonzalez; Julian A. Parra-Polania; Mauricio Villamizar-Villegas
  541. The Role of the State in Financialised Systems of Provision: Social Compacting, Social Policy, and Privatisation By Kate Bayliss; Ben Fine; Mary Robertson
  542. The Gender Gap in Mathematics Achievement: Evidence from Italian Data By Di Tommaso, Maria Laura; Mendolia, Silvia; Contini, Dalit
  543. El sistema español de garantía juvenil y formación profesional dual en el contexto de la estrategia europea de empleo By Carlos Rodríguez Crespo; Javier Ramos Díaz
  544. Fiscal Implications of Central Bank Balance Sheet Policies By Orphanides, Athanasios
  545. How do biological markets compare to the markets of economics? By Noë, Ronald
  546. Are critical slowing down indicators useful to detect financial crises? By Hayette Gatfaoui; Isabelle Nagot; Philippe de Peretti
  547. Comments on the Resolution Framework for Banks and Bank Holding Companies in the United States: a speech at the Panel Discussion on Resolution Riksbank Macroprudential Conference, Stockholm, Sweden, June 22, 2016. By Fischer, Stanley
  548. Modelling interest payments for macroeconomic assessment By Celestino Girón; Marta Morano; Enrique M. Quilis; Daniel Santabárbara; Carlos Torregrosa
  549. Much Ado About Nothing? The Wage Effect of Holding a Ph.D. Degree But Not a Ph.D. Job Position By Gaeta, Giuseppe Lucio; Lavadera, Giuseppe Lubrano; Pastore, Francesco
  550. Patent citation indicators: One size fits all? By Jurriën Bakker; Dennis Verhoeven; Lin Zhang; Bart Van Looy
  551. Tackling sovereign risk in European banks By Andreja LenarÄ iÄ; Dirk Mevis; Dóra Siklós
  552. Thirty Years of Conflict and Economic Growth in Turkey: A Synthetic Control Approach By Fırat Bilgel; Burhan Can Karahasan
  553. The perception of inequality of opportunity in Europe By Paolo Brunori
  554. The Joint Distribution of Net Worth and Pension Wealth in Germany By Timm Bönke; Markus M. Grabka; Carsten Schröder; Edward N. Wolff; Lennard Zyska
  555. Illegal Migration and Consumption Behavior of Immigrant Households By Dustmann, Christian; Fasani, Francesco; Speciale, Biagio
  556. Unfair Pay and Health By Armin Falk; Fabian Kosse; Ingo Menrath; Pablo Emilio Verde; Johannes Siegrist
  557. Straight-time and Overtime: A Sequential-Lottery Approach By Vasilev, Aleksandar
  558. Enhancing Export Opportunities for Small and Medium-Sized Enterprises By Caroline Freund; Gary Clyde Hufbauer; Euijin Jung
  559. Self-Regulatory Organizations Under the Shadow of Governmental Oversight: Blossom Or Perish? By Silvester Van Koten
  560. Modelling OPEC behaviour. Theory and evidence By Pål Boug; Ådne Cappelen; Anders Rygh Swensen
  561. Partial Independence in Nonseparable Models By Matthew Masten; Alexandre Poirier
  562. Medical insurance and free choice of physician shape patient overtreatment: A laboratory experiment By Huck, Steffen; Lünser, Gabriele; Spitzer, Florian; Tyran, Jean-Robert
  563. Equilibrium to Equilibrium Dynamics in a Climate Change Economy By Song, Edward
  564. The Effects of Increasing the Minimum Wage on Prices: Analyzing the Incidence of Policy Design and Context By Daniel MacDonald; Eric Nilsson
  565. Dynamic Demand Estimation in Auction Markets By Matthew Backus; Gregory Lewis
  566. Assessing classical input output structures with trade networks: A graph theory approach By Halkos, George; Tsilika, Kyriaki
  567. How war affects political attitudes: evidence from eastern Ukraine By Huber, Martin; Tyahlo, Svitlana
  568. Asia Bond Monitor March 2016 By Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB)
  569. Determinantes de la pobreza en la región Caribe Colombiana By Carlos Alberto Marrugo-Arnedo; Katherin Paola Del Risco-Serje; Verena del Carmen Marrugo-Arnedo; Jorge Antonio Herrera-Llamas; Gerson Javier Pérez-Valbuena
  570. Central Asia Regional Economic Cooperation (CAREC) Investment Forum 2015: Summary of Proceedings By Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB)
  571. Intended College Enrollment and Educational Inequality: Do Students Lack Information? By Frauke H. Peter; Vaishali Zambre
  572. China–Rare Earths: Export Restrictions and the Limits of Textual Interpretation By Eric W. Bond; Joel Trachtman
  573. The Impact of Electronic Word-of-Mouth on Consumers’ Purchase Intentions in Bangladesh Telecommunication Industry By Chowdhury, Nasif
  574. On the global determinants of visiting home By Faruk, Balli; Syed Abul, Basher; Rosmy, Jean Louis; Ahmed Saber, Mahmud
  575. Immigrant Entrepreneurship By Sari Pekkala Kerr; William R. Kerr
  576. Toward Mainstreaming and Sustaining Community-Driven Development in Indonesia: Understanding Local Initiatives and the Transition from the National Rural Community Empowerment Program to the Village Law By Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB)
  577. The role of innovation and management practices in determining firm productivity in developing economies By Bartz, Wiebke; Mohnen, Pierre; Schweiger, Helena
  578. Making the Transition to a Low-Carbon Economy: The Key Challenges for China By ZhongXiang Zhang
  579. Global credit risk: world country and industry factors By Schwaab, Bernd; Koopman, Siem Jan; Lucas, André
  580. No country for neoliberalism: a topic modeling approach to protean discourses to resist privatizations in Italy By Luca Pareschi; Edoardo Mollona
  581. Measuring patent quality and national technological capacity in cross-country comparison By Boeing, Philipp; Mueller, Elisabeth
  583. Pricing sovereign credit risk of an emerging market By Camba-Méndez, Gonzalo; Kostrzewa, Konrad; Marszal, Anna; Serwa, Dobromil
  584. Measuring Underlying Inflation Using Dynamic Model Averaging By Yuto Iwasaki; Sohei Kaihatsu
  585. The investment-profit nexus in an era of financialisation and globalisation. A profit-centred perspective By Cedric Durand; Maxime Gueuder
  586. Efectos de los cambios de la tasa de interés de Estados Unidos sobre Colombia, Perú y Chile By Carlos Fernando Daza Moreno; Jorge Mario Uribe
  587. Testing co-volatility spillovers for natural gas spot, futures and ETF spot using dynamic conditional covariances By Chia-Lin Chang; Michael McAleer; Yanghuiting Wang
  588. Financial Reforms and the Finance – Growth Relationship in the Southern African Development Community (SADC) By Alex Bara, Gift Mugano & Pierre Le Roux
  589. Self-fulfilling Prophecies in Sovereign Debt Markets By Nicolini, Juan Pablo
  590. Multidimensional assessment of child welfare for Tanzania By Channing Arndt; Vincent Leyaro; Kristi Mahrt; Finn Tarp
  591. Modèle de détection avancée des crises bancaires basé sur une approche panel logistique By Zaghdoudi, Taha
  592. Controlling Civilians? Examining Support for the Military in Colombia By Aila Matanock; Miguel García-Sánchez
  593. Construction, institutions and economic growth in sub-Saharan Africa By Paul Alagidede and Jones Odei Mensah; Jones Odei Mensah
  594. Wind versus Nuclear Options for Generating Electricity in a Carbon Constrained World: Proceedings of the CSME International Congress 2016 By G. Cornelis van Kooten
  595. Strengthening Public Pension Systems in Asia: Conference Proceedings By Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB); Asian Development Bank (ADB)
  596. Notas sobre la intervención política de la clase dominante en la Argentina, 1955-1976 By Gonzalo Sanz Cerbino
  597. LTV policy as a macroprudential tool: The case of residential mortgage loans in Asia By Morgan, Peter; Regis, Paulo José; Salike, Nimesh
  598. The impact of migration on tourism demand: evidence from Japan By Etzo, Ivan
  599. An Econometric Analysis of ETF and ETF Futures in Financial and Energy Markets Using Generated Regressors By Chang, C-L.; McAleer, M.J.; Wang, C-H.
  600. What We Know about Ethical Research Involving Children in Humanitarian Settings: An overview of principles, the literature and case studies By Clare O'Kane; Alina Potts; Gabrielle Berman; Jason Hart; Dónal O'Mathúna; Erica Mattellone; Jeremy Shusterman; Thomas Tanner; UNICEF Office of Research - Innocenti
  601. Aggregation with a mix of indivisible and continuous labor supply decisions: the case of home production By Vasilev, Aleksandar
  602. Economic recommendation with surplus maximization By Zhang, Yongfeng; Zhao, Qi; Zhang, Yi; Friedman, Daniel; Zhang, Min; Liu, Yiqun; Ma, Shaoping
  603. Child labour in China By Tang, Can; Zhao, Liqiu; Zhao, Zhong
  604. World Furniture Outlook 2016/2017 By Ugo Finzi; Stefania Pelizzari
  605. One size does not fit all : An analysis of the importance of industry-specific vertical policies for growing high technology industries in India By Mani Sunil
  606. Trabajadoras del hogar en el Perú y transiciones laborales By Cecilia Garavito
  607. Law, Politics and the Quality of Government in Africa By Simplice Asongu; Jacinta C. Nwachukwu
  608. Um Estudo sobre o Endividamento Público no Brasil e Implicações By Mário Jorge Mendonça; Tito Belchior Moreira; Luis Alberto Medrano; George Henrique Cunha
  609. Land Inequality or Productivity: What Mattered in Southern Vietnam after 1975? By Minh-Tam T. Bui and Arayah Preechametta
  610. Stressed interbank markets: evidence from the European financial and sovereign debt crisis By Frutos, Juan Carlos; Garcia-de-Andoain, Carlos; Heider, Florian; Papsdorf, Patrick
  611. Should AMA be Replaced with SMA for Operational Risk? By Gareth W. Peters; Pavel V. Shevchenko; Bertrand Hassani; Ariane Chapelle
  612. Total assets versus risk weighted assets: does it matter for MREL? By Bennet Berger; Pia Hüttl; Silvia Merler
  613. Los emprendedores tecnológicos: factores motivacionales By Maidana, Marcos Ignacio
  614. Renewable energy intermittency and its impact on thermal generation By Christoph Graf; Claudio Marcantonini
  615. Methodological Aspects of Qualitative-Quantitative Analysis of Decision-Making Processes By Gawlik, Remigiusz
  616. A avaliação de Ciclo de Vida como Ferramenta para a Formulação de Políticas Públicas no Brasil By Osmar Coelho Filho; Nilo Luiz Saccaro Junior; Gustavo Luedemann
  617. Spatial development and agglomeration economies in services -- lessons from India By Ghani,Syed Ejaz; Grover,Arti; Kerr,William Robert
  618. Robust frontier estimation from noisy data: a Tikhonov regularization approach By Daouia, Abdelaati; Florens, Jean-Pierre; Simar, Léopold
  619. The Informational Theory of Legislative Committees: An Experimental Analysis By Battaglini, Marco; Lai, Ernest; Lim, Wooyoung; Tao-yi Wang, Joseph
  620. Decision Support in Social Media and Cloud Computing By Gottschlich, Jörg
  621. Not So Fast: A Study of Traffic Delays, Access, and Economic Activity in the San Francisco Bay Area By Taylor, Brian; Osman, Taner; Thomas, Trevor; Mondschein, Andrew
  622. Incorporating Risk and Uncertainty in Cost-Benefit Analysis By Sener Salci; Glenn P. Jenkins
  623. Differences Attract: An Experimental Study of Focusing in Economic Choice By Andersson, Ola; Ingebretsen Carlson, Jim; Wengström, Erik
  624. Disabling Labeling: The WTO Consistency of the Indonesian Mandatory Halal Labeling Law By Daniel Rais
  625. Taxing Wealth: Evidence from Switzerland By Marius Brülhart; Jonathan Gruber; Matthias Krapf; Kurt Schmidheiny
  626. Diversidade da Produção nos Estabelecimentos da Agricultura Familiar no Brasil:uma análise econométrica baseada no cadastro da Declaração de Aptidão ao Pronaf (DAP) By Regina Helena Rosa Sambuichi; Ernesto Pereira Galindo; Rodrigo Mendes Pereira; Michel Constantino; Matheus dos Santos Rabett
  627. Bush Encroachment Mapping for Africa: Multi-scale analysis with remote sensing and GIS By Graw, Valerie; Oldenburg, Carsten; Dubovyk, Olena

  1. By: Haucap, Justus; Heimeshoff, Ulrich; Lange, Mirjam
    Abstract: Eine moderne Telekommunikationsinfrastruktur ist für die wirtschaftliche Entwicklung eines Staates von außerordentlich großer Bedeutung. Czernich et al. (2011) zeigen im Rahmen einer internationalen Studie, dass ein Anstieg in der Breitbandpenetration von 10 Prozent zu einer Steigerung des pro‐Kopf Bruttoinlandsproduktes von 0,9 bis 1,5 Prozentpunkten führt. Im zunehmenden internationalen Wettbewerb bei Big Data, Telemedizin, E‐Government und vernetzter Produktion profitieren staatliche wie auch private Akteure von einer möglichst flächendeckenden Versorgung mit hohen Bandbreiten. Dieser Erfordernis tragen die Ausbaupläne der Deutschen Telekom AG mit Vectoring Rechnung. Dazu müssen Glasfaserverbindungen ausgebaut und näher zum Endkunden verlegt werden, so dass in unmittelbarer Nähe zu den Hauptverteilern kurzfristig die Möglichkeit besteht, den Haushalten wesentlich höhere Bandbreiten zur Verfügung zu stellen. In diesen sogenannten Nahbereichen können 1,4 Millionen Haushalte erstmals mit schnellem Internet versorgt werden. Für weitere 4,3 Mio. Haushalte werden sich die Versorgung und die Wahlmöglichkeiten deutlich verbessern. Durch die Kombination von Glasfaserausbau und Vectoring entsteht nicht nur eine kurzfristig verfügbare, sondern auch kosteneffiziente Möglichkeit, die verfügbaren Bandbreiten erheblich anzuheben.
    Date: 2016
  2. By: Eichhorst, Werner (IZA); Hinte, Holger (IZA); Rinne, Ulf (IZA); Tobsch, Verena (E-x-AKT WIRTSCHAFTSFORSCHUNG)
    Abstract: Der vorliegende Beitrag setzt sich mit den Auswirkungen der fortschreitenden Digitalisierung auf unsere Arbeitswelt auseinander. Nach einer Diskussion möglicher Folgen dokumentiert eine empirische Bestandsaufnahme den bereits einsetzenden Wandel der Berufe und Erwerbsformen sowie die Rolle der Plattform‐Ökonomie (u.a. mit dem Phänomen der "Solo-Selbständigkeit"). Aus diesen Überlegungen werden aktuelle und künftige sozialpolitische Herausforderungen abgeleitet und Lösungsansätze diskutiert, um den Wandel gesellschaftlich fair zu gestalten.
    Keywords: Digitalisierung, Roboter, Automatisierung, Zukunft der Arbeit, Industrie 4.0, technischer Wandel, Sharing Economy, Plattform-Ökonomie, Arbeitsmarkt, Sozialstaat
    JEL: J08 J24 O33 O38
    Date: 2016–07
  3. By: Johannes Geyer; Alexandra Krause
    Abstract: Germany introduced parental leave benefits eight years ago. The reform of the parental leave scheme in 2015 reacts to the experiences with this new family policy instrument. The main objective of the 2015 reform was to improve the situation of parents who plan to start working before parental leave benefits expire. We analyze the potential impact of the new reform on maternal labor supply and leave take-up of fathers. In particular we focus on the improvement for part-time leave and the new bonus that is available for four months if both spouses work between 25 and 30 hours per week. Unser Beitrag nimmt die zu erwartenden Effekte des Elterngeld Plus und der Partnerschaftsbonusmonate in den Blick. Dem Reformziel entsprechend betrachten wir zum einen die Anreize für die Erwerbsbeteiligung von Müttern im ersten und zweiten Jahr nach der Geburt und zum anderen die möglichen Wirkungen auf die Beteiligung der Väter an der Elterngeldnutzung. Das Elterngeld wurde inzwischen acht Jahre lang erprobt, und die Einführung des Elterngeld Plus reagiert auf mittlerweile vorliegende Erfahrungen und Evaluationsergebnisse, auf die sich auch unser eigener Beitrag stützt.
    Keywords: Parental leave reform, daddy months, maternal labor supply, gender equality
    JEL: J22 H31 J12 J16
    Date: 2016
  4. By: Mario Holzner (The Vienna Institute for International Economic Studies, wiiw)
    Abstract: Zusammenfassung Bescheidener Aufschwung im Osten – Bremsklotz EU-Fiskalregeln Für die mittel-, ost-und südosteuropäischen Länder (MOSOEL) ist das internationale Umfeld insbesondere von der trägen Erholung des Euro-Raumes gekennzeichnet. Die rigiden EU-Fiskalregeln sind der größte Bremsklotz für einen nachhaltigen wirtschaftlichen Aufschwung in Europa. Mittelfristig erwarten wir für die MOSOEL ein BIP-Trendwachstum von bis zu 3%. Dabei ist der Haushaltskonsum vor allem in den mittel- und osteuropäischen EU-Mitgliedstaaten wachstumsbestimmend. In den Ländern des Westbalkans können auch Investitionen und Nettoexporte als wichtige Wachstumstreiber identifiziert werden. In der Gemeinschaft Unabhängiger Staaten und der Ukraine scheint die Talsohle erreicht worden zu sein. Nach einer Phase der Stagnation kann auch dort ein leichtes Wachstum erwartet werden. Österreich sollte ein Profiteur von der Erholung in den MOSOEL sein, da es sich um wichtige Handelspartner handelt. Für die österreichische Wettbewerbsfähigkeit stellen die MOSOEL aber nur eine geringe Gefahr dar. Längerfristig steigen dort die Löhne stärker als die Produktivität. Die Folgen des BREXIT stellen ein großes Risiko für ganz Europa dar. English Summary Modest recovery in the East – EU fiscal rules act as obstacle to growth The international environment for Central, East and Southeast Europe (CESEE) is affected by the weak recovery in the euro area. The rigid EU fiscal rules are an important obstacle to sustainable economic revival in Europe. Over the medium term, we expect a GDP trend growth rate of up to 3% for CESEE. Especially for the EU members of Central and Eastern Europe, household consumption will be an important component of economic growth. In the countries of the Western Balkans also investment and net exports will be important growth drivers. In the Commonwealth of Independent States and in Ukraine the economic downturn has bottomed out. After a period of stagnation, slow growth can be expected also there. Austria should gain from the recovery in CESEE, given that the region is home to important Austrian trading partners. These pose, however, only little danger for Austrian competitiveness. There, over the longer term wages will be rising faster than productivity. The BREXIT implications pose a substantial risk for all of Europe.
    Keywords: macroeconomic analysis, international trade, competitiveness, consumption, investment, global financial crisis
    JEL: E20 F34 G01 O52 O57 P24 P27 P33 P52
    Date: 2016–06
  5. By: Stephane Verani (Federal Reserve Board)
    Abstract: Which financial frictions matter in the aggregate? This paper presents a general equilibrium model in which entrepreneurs finance a firm with a long-term contract. The contract is constrained efficient because firm revenue is costly to monitor and entrepreneurs may default. The cost of monitoring firms and the entrepreneurs' outside options determine the significance of moral hazard relative to limited enforcement for financial contracting. Calibrating the model to the U.S. economy, I find that the relative welfare loss from financial frictions is about 5 percent in terms of aggregate consumption with moral hazard, while it is 1 percent with limited enforcement. Reforms designed to strengthen contract enforcement increase aggregate consumption in the short-run, but their long-run effects are modest when monitoring costs are high. Weak contract enforcement contribute to aggregate fluctuations by amplifying the effect of aggregate technological shocks, but moral hazard does not.
    Date: 2016
  6. By: Koester, Ulrich; Loy, Jens-Peter
    Abstract: Der Gesetzgeber der Europäischen Union (EU) hat die Europäische Kommission mit der Überprüfung der Maßnahmen der ersten Säule der Gemeinsamen Agrarpolitik (GAP) beauftragt, insbesondere der direkten Einkommensstützung. Dazu hat der Gesetzgeber die politischen Ziele dargelegt und die EU-Kommission angewiesen, Wirkungsindikatoren für eine Bewertung festzulegen. Im folgenden Policy Brief wird dargelegt, dass die EUKommission zwar diese Aufgabe übernehmen musste; diese aber nicht auf der Grundlage der üblichen, allgemein von Wirtschaftsexperten angewandten Methoden erfüllt werden konnte. Eine notwendige Voraussetzung wäre eine klare Definition und Quantifizierung des Zielerreichungsgrades gewesen. Der Gesetzgeber hat aber keine eindeutig definierten Ziele vorgegeben und die EU-Kommission hat keine klaren Zielvorgaben zur Messung der erwarteten positiven Veränderungen durch die politischen Interventionen vorgelegt. Darüber hinaus löst der Ansatz der EU-Kommission ein grundlegendes Problem nicht: es wird kein Vergleich zwischen Situationen mit und ohne Direktzahlungen ermöglicht. Somit kann die EU-Kommission die Notwendigkeit von Direktzahlungen nicht auf der Grundlage von Diagnosen nachweisen und die Wirksamkeit und Effizienz der Maßnahmen belegen. Die EU-Kommission verwendet die so genannten Wirkungsindikatoren auf der Grundlage des gesetzlichen Vorschlags. Zur Zuordnung spezieller Ziele wurden bestimmte Indikatoren ausgewählt (es wird z. B. davon ausgegangen, dass veränderte Unternehmensgewinne zur Veränderung des Ziels "rentable Erzeugung" beitragen). Dieser Artikel belegt, dass diese Beziehung hinterfragt werden muss, ebenso wie die Bedeutung des Wirkungsindikators "Faktoreinkommen". Die von der EU-Kommission verwendeten Wirkungsindikatoren liefern keine Informationen zur direkten Auswirkung auf die speziellen Zielvariablen. Ferner konzentriert sich der Ansatz der EU-Kommission nur auf potenzielle Vorteile und vernachlässigt die ökonomischen Kosten völlig.
    Abstract: The legislator of the European Union (EU) has commissioned the European Commission (EC) to evaluate Pillar 1 measures of the Common Agricultural Policy (CAP), particularly direct income payments. The legislator has laid out the policy objectives and has instructed the EC to specify the impact indicators for the evaluation. This policy brief argues that the EC had to accept the task, which could not be solved with the state-of-the-art methodology generally followed by professional economists. However, the objectives have not been clearly defined by the legislator, and the EC has failed to suggest a clear definition of objectives to measure the expected positive changes resulting from the policy intervention. Moreover, the approach of the EC does not solve the identification problem; it failed to compare the situation with and without direct payments. Thus, the EC is unable to justify the need for direct payments based on its diagnosis and to show that the measure is effective and efficient. The EC uses so-called impact indicators in line with the proposal of the legislator. Specific indicators have been selected to relate to specific objectives (e. g., changes in entrepreneurial income are considered to contribute to the change in the objective 'variable production'). This article argues that this relationship has to be challenged. The same conclusion holds for the impact indicator 'factor income'. The impact indicators used by the EC provide no information about the direct impact on the specific objective variables. Moreover, the EC approach only focuses on potential benefits, and competely neglects economic costs.
    Date: 2016
  7. By: Koester, Ulrich; Loy, Jens-Peter
    Abstract: The legislator of the European Union (EU) has commissioned the European Commission (EC) to evaluate Pillar 1 measures of the Common Agricultural Policy (CAP), particularly direct income payments. The legislator has laid out the policy objectives and has instructed the EC to specify the impact indicators for the evaluation. This policy brief argues that the EC had to accept the task, which could not be solved with the state-of-the-art methodology generally followed by professional economists. However, the objectives have not been clearly defined by the legislator, and the EC has failed to suggest a clear definition of objectives to measure the expected positive changes resulting from the policy intervention. Moreover, the approach of the EC does not solve the identification problem; it failed to compare the situation with and without direct payments. Thus, the EC is unable to justify the need for direct payments based on its diagnosis and to show that the measure is effective and efficient. The EC uses so-called impact indicators in line with the proposal of the legislator. Specific indicators have been selected to relate to specific objectives (e. g., changes in entrepreneurial income are considered to contribute to the change in the objective 'variable production'). This article argues that this relationship has to be challenged. The same conclusion holds for the impact indicator 'factor income'. The impact indicators used by the EC provide no information about the direct impact on the specific objective variables. Moreover, the EC approach only focuses on potential benefits, and competely neglects economic costs.
    Abstract: Der Gesetzgeber der Europäischen Union (EU) hat die Europäische Kommission mit der Überprüfung der Maßnahmen der ersten Säule der Gemeinsamen Agrarpolitik (GAP) beauftragt, insbesondere der direkten Einkommensstützung. Dazu hat der Gesetzgeber die politischen Ziele dargelegt und die EU-Kommission angewiesen, Wirkungsindikatoren für eine Bewertung festzulegen. Im folgenden Policy Brief wird dargelegt, dass die EUKommission zwar diese Aufgabe übernehmen musste; diese aber nicht auf der Grundlage der üblichen, allgemein von Wirtschaftsexperten angewandten Methoden erfüllt werden konnte. Eine notwendige Voraussetzung wäre eine klare Definition und Quantifizierung des Zielerreichungsgrades gewesen. Der Gesetzgeber hat aber keine eindeutig definierten Ziele vorgegeben und die EU-Kommission hat keine klaren Zielvorgaben zur Messung der erwarteten positiven Veränderungen durch die politischen Interventionen vorgelegt. Darüber hinaus löst der Ansatz der EU-Kommission ein grundlegendes Problem nicht: es wird kein Vergleich zwischen Situationen mit und ohne Direktzahlungen ermöglicht. Somit kann die EU-Kommission die Notwendigkeit von Direktzahlungen nicht auf der Grundlage von Diagnosen nachweisen und die Wirksamkeit und Effizienz der Maßnahmen belegen. Die EU-Kommission verwendet die so genannten Wirkungsindikatoren auf der Grundlage des gesetzlichen Vorschlags. Zur Zuordnung spezieller Ziele wurden bestimmte Indikatoren ausgewählt (es wird z. B. davon ausgegangen, dass veränderte Unternehmensgewinne zur Veränderung des Ziels "rentable Erzeugung" beitragen). Dieser Artikel belegt, dass diese Beziehung hinterfragt werden muss, ebenso wie die Bedeutung des Wirkungsindikators "Faktoreinkommen". Die von der EU-Kommission verwendeten Wirkungsindikatoren liefern keine Informationen zur direkten Auswirkung auf die speziellen Zielvariablen. Ferner konzentriert sich der Ansatz der EU-Kommission nur auf potenzielle Vorteile und vernachlässigt die ökonomischen Kosten völlig.
    Date: 2016
  8. By: Levoshko, Tamila
    Abstract: Die vorliegende Studie untersucht erstmalig für die Ukraine und Polen, wie stark sich das Wirtschaftswachstum der räumlich benachbarten Regionen auf die Wachstumsrate einer Region auswirkt. Die empirische Analyse erfolgt für den Zeitraum 2004-2012 anhand des Instrumentalvariablenschätzers. Die Ergebnisse zeigen, dass es negative interregionale Wachstumseffekte in der Ukraine gibt, in Polen hingegen positive. Die Ergebnisse bleiben robust in Bezug auf die Spezifikation der räumlichen Gewichtungsmatrix. Zudem wird festgestellt, dass die räumlichen FDI-Spillover-Effekte einen Einfluss auf das regionale Wirtschaftswachstum in beiden untersuchten Ländern haben.
    Keywords: Economic Growth; Spatial Effects; FDI-Spillover-Effects; Spatial Weight Matrix; Ukraine; Poland; Transition
    Date: 2016–06–28
  9. By: Welter, Friederike; Levering, Britta; May-Strobl, Eva
    Abstract: Der Mittelstand wandelt sich seit Jahren. Angesichts eines neuen Selbstverständnisses im Mittelstand sollte sich daher auch die Mittelstandspolitik weiterentwickeln. Empfohlen wird eine rahmenorientierte Politik mit spezifischen Maßnahmen, die Einstellungen, Möglichkeiten und Fähigkeiten zum Unternehmertum positiv beeinflussen. Konkret bedeutet dies: Statt Nachteilsausgleich zu betreiben, sollte die Mittelstandspolitik an den Stärken ansetzen und die Potenziale des Mittelstands zur Erreichung gesamtwirtschaftlicher Ziele nutzen. Mittelstandspolitik ist eine Querschnittsaufgabe, denn nur gemeinsam mit anderen politischen Akteuren können die Besonderheiten des Mittelstands zur Geltung gebracht werden. Auch sollte sie die heterogenen Teilgruppen differenziert ansprechen, ohne dass jedoch eine Ausdifferenzierung in zahlreiche Förderprogramme stattfindet.
    Abstract: The German Mittelstand has been undergoing considerable change for several years now. In the light of a new self-perception of the Mittelstand, policies targeting the Mittelstand should adjust accordingly. We recommend a framework-oriented policy comprising specific measures which positively influence attitudes, opportunities and skills with regard to entrepreneurship. Policy should not compensate for disadvantages but should rather focus on the strengths of the Mittelstand and use its potential in order to reach overall economic and social aims. Mittelstand policies are a cross-sectional task, since the specific features and capabilities of the Mittelstand can only be fully exploited if the relevant policy makers and stakeholders co-operate. Policy should also specifically address the heterogeneous subgroups of the Mittelstand; however, without offering a broad range of different support programs for each group.
    Keywords: Mittelstand,Mittelstandspolitik,Rahmenpolitik,Nachteilsausgleich,German Mittelstand,policies on Mittelstand enterprises,business framework policy,compensation for disadvantages
    JEL: L53 O43
    Date: 2016
  10. By: Klaus Wälde (Johannes Gutenberg-University Mainz); Agnes Moors (KU Leuven)
    Abstract: Positive and negative feelings were central to the development of economics, especially in utility theory in classical economics. While neoclassical utility theory ignored feelings, behavioral economics more recently reintroduced feelings in utility theory. Beyond feelings, economic theorists use full-fledged specific emotions to explain behavior that otherwise could not be understood or they study emotions out of interest for the emotion itself. While some analyses display a strong overlap between psychological thinking and economic modelling, in most cases there is still a large gap between economic and psychological approaches to emotion research. Ways how to reduce this gap are discussed.
    Date: 2016–07
  11. By: Wrase, Michael
    Abstract: Artikel 24 der Behindertenrechtskonvention gewährleistet das Recht auf inklusive Schulbildung für Menschen mit Behinderung. Förderschulen müssen schrittweise aufgelöst werden; ein vorgebliches "Elternwahlrecht" ist mit der Konvention nicht vereinbar. An den Regelschulen sind die Bedingungen für die inklusive Beschulung zu schaffen. Die Politik muss die dafür erforderlichen Mittel bereitstellen.
    Date: 2016
  12. By: Romero, Indira; Díaz, Verónica; Aguirre M., Alejandro
    Abstract: En este documento se presentan, en una primera instancia, las restricciones detectadas a lo largo de la cadena de valor del snack nutritivo elaborado a partir de fruta deshidratada en El Salvador. El diagnóstico que se elaboró fue presentado en una mesa de diálogo para validar dichas restricciones y consensuar perspectivas entre los actores relevantes de la cadena de valor. En una segunda instancia, con los resultados de la discusión sobre el diagnóstico, la CEPAL propuso cinco programas con un total de 14 estrategias que igualmente fueron validadas por medio de un proceso participativo público y privado en otra mesa de diálogo. Los cinco programas propuestos y que se describen con detalle en este documento fueron: a) Gobernanza de la cadena de fruta deshidratada; b) Capacitación y entrenamiento del recurso humano; c) Inclusión de pequeños productores de fruta; d) Innovación y calidad en frutales y deshidratados; y, e) Comercialización para la consolidación del mercado interno y de exportación.
    Date: 2016–06
  13. By: Klepper, Gernot; Dovern, Jonas; Rickels, Wilfried; Barben, Daniel; Goeschl, Timo; Harnisch, Sebastian; Heyen, Daniel; Janich, Nina; Maas, Achim; Matzner, Nils; Scheffran, Jürgen; Uther, Stephanie
    Abstract: [Einleitung] Der Begriff Climate Engineering (CE) fasst verschiedene Technologien zusammen, mit denen bewusst in das Klimasystem der Erde eingegriffen wird, um den anthropogenen Klimawandel zu begrenzen. Dabei lassen sich die CE-Technologien von den herkömmlichen Vermeidungs- und Anpassungsmaßnahmen durch die Tatsache abgrenzen, dass sie ansetzen, nachdem Treibhausgase in die Atmosphäre emittiert wurden, aber bevor es zu einer Anpassung an die Auswirkungen des Klimawandels kommt (Keith 2000). Sie können danach in zwei Gruppen eingeteilt werden, je nachdem ob sie eingesetzt werden, um die atmosphärische Treibhausgaskonzentration zu senken - und damit die Ursache des Klimawandels zurückzuführen - oder ob sie eingesetzt werden, um in die Strahlungsbilanz der Erde einzugreifen und damit die Symptome des Klimawandels abzumildern. Die Technologien der ersten Gruppe werden als Carbon Dioxid Removal (CDR)-Technologien und jene der anderen als Radiation Management (RM)-Technologien bezeichnet. Dabei ist Radiation Management der weitere Begriff, da sowohl Technologien zur direkten Beeinflussung der kurzwelligen (SRM) als auch der langwelligen (TRM) Strahlung beinhaltet sind. Entsprechend könnten Technologien zur ursächlichen Rückführung des Klimawandels eigentlich auch als Concentration Management bezeichnet werden, da theoretisch die atmosphärische Konzentration verschiedener Treibhausgase manipuliert werden könnte (Rickels et al. 2011: 41). Da aber derzeit nur die Konzentration von Kohlendioxid (CO2) beeinflusst wird, wird in der vorliegenden Studie der engere Begriff CDR verwendet. [...]
    Date: 2016
  14. By: Alicia H. Munnell
    Abstract: The 2016 Trustees Report contains no surprises. The program faces a 75-year deficit of 2.66 percent of taxable payrolls – virtually unchanged from last year – and the Old-Age, Survivors and Disability Insurance (OASDI) program trust funds continue to be scheduled for exhaustion in 2034. Largely because of the Bipartisan Budget Act of 2015, the life of the DI trust fund has been extended by seven years. As chair of the Social Security Advisory Board’s 2015 Technical Panel on Assumptions and Methods, I was particularly interested in the extent to which the Trustees adopted the Panel’s recommendations. They did reduce the long-run assumptions of inflation and real interest rates from last year and boosted the assumption on immigration, as the Panel recommended. Personally, I am delighted that the Trustees did not adopt our proposals on mortality improvement given the slowdown seen since 2009. This brief updates the numbers for 2016 and puts the current report in perspective. It also discusses the new mortality trends; the Bipartisan Budget Act of 2015; the growing enthusiasm for expanding Social Security; the importance of considering Social Security “legacy debt” separately when constructing financing packages; and the continuing absence of replacement rate data from the Trustees Report. The bottom line remains the same. Social Security faces a manageable financing shortfall over the next 75 years, which should be addressed soon to share the burden more equitably across cohorts, to restore confidence in the nation’s major retirement program, and to give people time to adjust to needed changes.
    Date: 2016–06
  15. By: OECD
    Abstract: Even when all students, including the most disadvantaged, have easy access to the Internet,a digital divide, based on socio-economic status, still persists in how students use technology. In the five Nordic countries, as well as in Hong Kong-China, the Netherlands and Switzerland, over 98% of disadvantaged students have access to the Internet at home. By contrast, in some low- and middle-income countries, many disadvantaged students have access to the Internet only at school, if at all. In 2012, disadvantaged students spent at least as much time on line as advantaged students, on average across OECD countries. In 21 out of 42 countries and economies, disadvantaged students spent more time on line than advantaged students. In all countries/economies, what students do with computers, from using e-mail to reading news on the Internet, is related to students’ socio-economic status. Advantaged students are more likely than disadvantaged students to search for information or read news on line. Disadvantaged students, on the other hand, tend to use the Internet to chat or play videogames at least as often as advantaged students do.
    Date: 2016–07–12
  16. By: Jenny Carolina Hernández Cardozo; Adriana Carolina Silva Arias; Jaime Andrés Sarmiento Espinel
    Abstract: La adolescencia es una etapa de transición de la acumulación de capital humano a través del sistema educativo a la acumulación a través del mercado laboral. Este artículo analiza el perfil sociodemográfico de los adolescentes colombianos según su condición educacional y laboral. Para ello, se estimó, mediante un análisis logístico multinomial diferenciado por sexo, la probabilidad de cada uno de los posibles estados de actividad dadas algunas características del perfil sociodemográfico. Los resultados indican que los adolescentes que ni estudian ni trabajan presentan una significativa diferenciación de género. Particularmente, las mujeres mantienen roles intrafamiliares que limitan la igualdad de oportunidades de trayectorias educacionales y laborales.
    Keywords: Adolescencia, sistema educativo, estado ocupacional, división del trabajo por género
    JEL: D13 J13 J16
    Date: 2016–06–03
  17. By: Romain Baeriswyl (Swiss National Bank, Boersenstrasse 15, 8022 Zurich, Switzerland); Camille Cornand (Univ Lyon, CNRS, GATE UMR 5824, F-69130 Ecully, France); Bruno Ziliotto (Paris Dauphine University, PSL Research University, Place du Maréchal de Lattre de Tassigny, F-75016 Paris, France)
    Abstract: While the central bank observes the market activity to assess economic fundamentals, it shapes the market outcome through its policy interventions. The more the central bank influences the market, the more it spoils the informational content of economic aggregates. How should the central bank act and communicate when it derives its information from observing the market? This paper analyses the optimal central bank's action and disclosure under endogenous central bank's information for three operational frameworks: pure communication, action and communication, and signaling action. When the central bank takes an action, it would be optimal for the central bank to be fully opaque to prevent its disclosure from deteriorating the information quality of market outcomes. However, in the realistic case where central bank's action is observable, it may be optimal to refrain from implementing any action.
    Keywords: heterogeneous information, public information, endogenous information, overreaction, transparency, coordination
    JEL: D82 E52 E58
    Date: 2016
  18. By: Haack, Frederik; Nagel, Manuel; Richters, Oliver; Schäfer, Ernst; Wunderlich, Sebastian
    Abstract: Abschlussbericht des Workshops „Energieeffizienz & Rebound-Effekte im Kontext der Energiewende“ bei der NachDenkstatt 2013, Oldenburg
    Abstract: Final report of the workshop “Energy Efficiency and Rebound Effects in the Context of the Energiewende” during the NachDenkstatt 2013, Oldenburg, Germany
    Keywords: energy efficiency,rebound effects,energy transition,Energiewende
    JEL: P18
    Date: 2015
  19. By: Joonhwi Joo (University of Chicago); Ali Hortacsu (University of Chicago)
    Abstract: We develop a demand estimation framework with observed and unobserved product char- acteristics based on CES preferences. We show that our demand system can nest the logit demand system with observed and unobserved product characteristics, which has been widely used since Berry (1994); Berry et al. (1995). Furthermore, the demand system we develop can directly accommodate zero market shares by separating the extensive and the intensive margins. We apply our framework to the scanner data of cola sales, which shows that the estimated demand curves can even be upward sloping if zero market shares are not properly accommodated.
    Date: 2016
  20. By: Balasubramanyan, Lakshmi (Federal Reserve Bank of Cleveland); Berger, Allen N.; Koepke, Matthew (Federal Reserve Bank of Cleveland); Bouwman, Christa H. S.
    Abstract: Little is known about how lead banks in the syndicated loan market use their private information about loan quality. We formulate and test two hypotheses, the Signaling Hypothesis and Sophisticated Syndicate Hypothesis. To measure private information, we use Shared National Credit (SNC) internal loan ratings, which we make comparable across banks using concordance tables. We find that favorable private information is associated with higher loan retention by lead banks for term loans, consistent with empirical domination of the Signaling Hypothesis, while neither hypothesis dominates for revolvers. Differences in syndicate structure at least partially explain this disparity.
    Keywords: lead bank; private information; loan sales; syndication;
    JEL: G21 G28
    Date: 2016–06–30
  21. By: Adil Khan Miankhel (Embassy of Pakistan)
    Abstract: Along with other routes, the Afghanistan-Pakistan Transit Trade Agreement (APTTA) is being used by informal traders for smuggling goods into Pakistan. Despite enforcement measures, smuggling continues. Informal traders import goods into Afghanistan, and then route those goods back to Pakistan through informal channels to take advantage from the arbitrage opportunity provided by the differences in applied tariff/taxes between the two countries. Therefore, in addition to strict enforcement measures, the issue of informal trade needs to be handled through incentive measures.
    JEL: F13 O24 O19
    Date: 2016–06
  22. By: Adil Khan Miankhel (Embassy of Pakistan)
    Abstract: Along with other routes, the Afghanistan-Pakistan Transit Trade Agreement (APTTA) is being used by informal traders for smuggling goods into Pakistan. Despite enforcement measures, smuggling continues. Informal traders import goods into Afghanistan, and then route those goods back to Pakistan through informal channels to take advantage from the arbitrage opportunity provided by the differences in applied tariff/taxes between the two countries. Therefore, in addition to strict enforcement measures, the issue of informal trade needs to be handled through incentive measures.
    JEL: F13 O24 O19
    Date: 2016–06
  23. By: Bier, Solveig; Gersch, Martin; Wessel, Lauri; Tolksdorf, Robert; Knoll, Nina
    Date: 2016
  24. By: Siekmann, Helmut
    Abstract: Das Ergebnis des Volksentscheids im Vereinigten Königreich ist ein Weckruf. Alle Entscheidungsträger der Europäischen Union und ihrer Mitgliedstaaten sind aufgerufen, grundlegende Reformen der Verfassung einer Europäischen Union, möglicherweise nur noch einer europäischen "Kontinentalunion" unverzüglich in Angriff zu nehmen. Unverzüglich bedeutet, einen Reformprozess nicht erst dann zu beginnen, wenn die Verhandlungen über ein Austrittsabkommen beendet worden sind. Eine Rückentwicklung der Europäischen Union zu einer bloßen Wirtschaftsgemeinschaft dürfte dabei keine Lösung sein. Es ist jetzt angezeigt, offen und - notfalls kontrovers - zu diskutieren, wie ein künftiger Bundesstaat auf europäischer Ebene aussehen könnte.
    Keywords: Brexit,Europäische Union,Vereinigtes Königreich
    Date: 2016
  25. By: Parada, Jairo
    Abstract: Despite the deep impact of the 2008s Great Recession, Department of Economics around the world keep teaching the neoclassical paradigm as it nothing happened. Economics´ teaching, especially at the undergraduate level, does not leave room for a pluralist background, although somewhat similar process happens at the graduate level. Global dominance of approaches market oriented, based on an individualistic ontology, a methodological deductivism and the massive use of mathematical models since the last three decades, have been closing the possibilities of different approaches. In this essay, possible causes behind this phenomenon are explored, and several proposals are presented about how a more integral and plural Microeconomics could be taught, and a more grounded Macroeconomics involved with today´s problems, and a development theory that does not give up with the theoretical richness of the Latin American traditions, could be also presented to students. The main criteria would be to endow our graduates with a more versatile vision about economic thought and economic theory, aiming toward the opening of new and creative approaches about public policies that would be able to solve our structural problems. Several concrete suggestions are offered regarding curriculums and books, and mechanism to overcome the Procrustean bed that incorporates the teaching of the dominant approach only. At the end, we would have creative professionals and conscious about the myriad of possibilities that a pluralist approach of economics science brings about, and new avenues of creative ideas will be opened to implement such policies. This proposal implies a more audacious curriculum and less timid toward the critique of the dominant cathedral of the main current of thought in Economics.
    Keywords: economic crisis, pluralist economics, economics teaching
    JEL: A2 A22 A23
    Date: 2016–06–15
  26. By: Jo, Tae-Hee
    Abstract: The business enterprise directs and controls the social provisioning process. Enterprise decisions on price, investment, output and employment, in particular, directly affect the material basis of society as well as the material standard of living of working class households. The understanding the structure of and changes in the capitalist capitalists system thus requires a theory of the business enterprise that offers relevant and convincing explanations of business decisions and actions embedded in the wider social context. Such a theory must replace the mainstream-neoclassical theory of the firm, which is not only theoretically incoherent but also practically irrelevant since it confines itself to the hypothetical market structure and individual optimizing behavior. With this rationale this chapter attempts to build a heterodox theory of the business enterprises incorporating contributions made by various theoretical traditions in heterodox economics.
    Keywords: Heterodox Microeconomics; Social Provisioning Process; Business Enterprise; Going Concern; Monetary Theory of Production; Effective Demand; Surplus Approach; Strategic Enterprise Decisions
    JEL: B21 B51 B52 D21
    Date: 2016–06–23
  27. By: Chemla, Gilles; Hennessy, Christopher
    Abstract: Double-blind RCTs are viewed as the gold standard in eliminating placebo effects and identifying non-placebo physiological effects. Expectancy theory posits that subjects have better present health in response to better expected future health. We show that if subjects Bayesian update about efficacy based upon physiological responses during a single-stage RCT, expected placebo effects are generally unequal across treatment and control groups. Thus, the difference between mean health across treatment and control groups is a biased estimator of the mean non-placebo physiological effect. RCTs featuring low treatment probabilities are robust: Bias approaches zero as the treated group measure approaches zero.
    Keywords: Bayesian updating; bias; control; double-blind RCTs; drug; placebo; treatment
    Date: 2016–06
  28. By: Annika Pape (Leuphana University of Lueneburg); Thomas Wein (Leuphana University of Lueneburg)
    Abstract: The increasing number of Smartphone-Apps and web-based tools, e.g. route planners, improve the transparency of taxi rides with regard to prices and routing. Trips can be planned easily and the payment is safe and uncomplicated. These innovations are very important in the recent discussion about the necessity of regulatory intervention in the taxi market. This is mainly because technical innovations reduce asymmetric distributed information between market participants. However, asymmetric information is not the only source of market failure that requires the state to interfere in market activity. The provision of taxis yields an externality that might legitimate market interference. In order to understand the mechanisms and theoretical arguments, the paper refers to a model by Cairns und Liston-Heyes (1994) as well as Frankena (1984) to generate empirically testable hypotheses. Importantly, the empirical part of the paper tests whether the regulator takes the costs structures into account and, therefore, acts for the purpose of either public or private interests. We analyze price differences in 393 tariff regulations with respect to several variables such as urban or rural area, western or eastern Germany, the existence of an airport or a fair, the validity of the tariff regulation as well as the density of population. The results suggest that the regulator for the most of the considered variables takes the cost structures in the taxi market into account. Nonetheless, the population variable seems questionable. The reasons for the puzzling results might refer to different perceptions with regard to waiting time in sparsely populated areas. In sum, the results implicate that technical inventions related to the taxi market do no longer justify an obligatory knowledge test of streets and important places (Ortskundeprüfung). These reforms are likely to revolutionize the mobility market in large cities because the taxies are going to be superseded by livery vehicles (Mietwagen). In order to save the taxi sector from ruin, a regulation of both the taxi and the livery vehicle market seems to be an alternative.
    Date: 2014–11
  29. By: Shaolin Ji; Xiaomin Shi
    Abstract: This paper concerns the recursive utility maximization problem. We assume that the coefficients of the wealth equation and the recursive utility are concave. Then some interesting and important cases with nonlinear and nonsmooth coefficients satisfy our assumption. After given an equivalent backward formulation of our problem, we employ the Fenchel-Legendre transform and derive the corresponding variational formulation. By the convex duality method, the primal "sup-inf" problem is translated to a dual minimization problem and the saddle point of our problem is derived. Finally, we obtain the optimal terminal wealth. To illustrate our results, three cases for investors with ambiguity aversion are explicitly worked out under some special assumptions.
    Date: 2016–07
  30. By: Sergey Chernenko; Adi Sunderam
    Abstract: We study liquidity transformation in mutual funds using a novel data set on their cash holdings. To provide investors with claims that are more liquid than the underlying assets, funds engage in substantial liquidity management. Specifically, they hold substantial amounts of cash, which they use to accommodate inflows and outflows rather than transacting in the underlying portfolio assets. This is particularly true for funds with illiquid assets and at times of low market liquidity. We provide evidence suggesting that mutual funds’ cash holdings are not large enough to fully mitigate price impact externalities created by the liquidity transformation they engage in.
    JEL: G20 G23
    Date: 2016–07
  31. By: Massimiliano Vatiero (Institute of Law (IDUSI), and Institute of Economics (IdEP), Facoltà di Economia, Università della Svizzera italiana, Svizzera)
    Abstract: The Swiss economy represents an exception to the legal origin theory (e.g., Roe (2006)). Although Switzerland is a country belonging to the civil law family, many of its public companies have diffused corporate ownership, as do those in common law countries. This paper maintains that the Swiss exception relies on the complementarity between corporate ownership and policies addressing employment protection and innovation. The Swiss case presents two lessons: first, the current corporate governance is the result of a long and composite path in which politics plays a pivotal role; second, the institutional differences and similarities across countries, which one would try to explain along with the legal origin theory, can derive diversely from additional politics-based accounts, such as those referring to policies on employment protection and innovation.
    Keywords: corporate governance and ownership, innovation, employment protection, institutional complementarity, Swiss economy
    JEL: G30 J50 P16
    Date: 2016–06
  32. By: Manfred Elsig; Bernard M. Hoekman; Joost Pauwelyn
    Abstract: International law, political science and economics scholars are all concerned with analyzing the performance of the WTO as an organization. In this paper we focus on the objectives that these different disciplines attribute to the WTO and how performance is assessed against these objectives. The literature in all three fields is vibrant, but the focus of each discipline is often on very different dimensions of WTO performance. While this implies significant complementarity across disciplines it also suggests potential opportunity costs in foregone synergies. Even when similar phenomena are the focus of analysis, different concepts, connotations and labels makes cross-disciplinary debate less efficient or prohibits it altogether. Greater effort to promote cross-fertilization across disciplines would enrich and strengthen research on the performance of the WTO.
    Keywords: International cooperation, WTO, performance evaluation, multidisciplinary analysis
    JEL: F02 F13 F53
    Date: 2016–02
  33. By: Diwan, Ishac; Jamal Ibrahim Haidar
    Abstract: Using firm-level census data, we determine how politically-connected firms (PCFs) reduce job creation in Lebanon. After observing that large firms account for the bulk of net job creation, we find that PCFs are larger and create more jobs, but are also less productive, than non-PCFs in their sectors. On a net basis, at the sector-level, each additional PCF reduces jobs created by 7.2% and jobs created by non-PCFs by 11.3%. These findings support the notion that politically-connected firms are used for clientelistic purposes in Lebanon, exchanging privileges for jobs that benefit their patrons? supporters.
  34. By: Yu-Hsiang Lei; Guy Michaels
    Abstract: We use new data to examine the effects of giant oilfield discoveries around the world since 1946. On average, these discoveries increase per capita oil production and oil exports by up to 50%. But these giant oilfield discoveries also have a dark side: they increase the incidence of internal armed conflict by about 5-8 percentage points. This increased incidence of conflict due to giant oilfield discoveries is especially high for countries that had already experienced armed conflicts or coups in the decade prior to discovery.
    Keywords: natural resources; resource curse; petroleum; armed conflict; civil war
    JEL: O13 Q33 Q34
    Date: 2014–09
  35. By: Anne Boring (OFCE)
    Abstract: This paper uses a unique database from a French university to analyze gender biases in student evaluations of teachers (SETs). The results of generalized ordered logit regressions and fixed-effects models suggest that male teachers tend to receive higher SET scores because of students' gender biases. Male students in particular express a strong bias in their favor: male students are approximately 30% more likely to give an excellent overall satisfaction score to male teachers compared to female teachers. The different teaching dimensions that students value in men and women tend to correspond to gender stereotypes. The teaching dimensions for which students perceive a comparative advantage for women (such as course preparation and organization) tend to be more time-consuming for the teacher, compared to the teaching dimensions that students value more in men (such as class leadership skills). Men are perceived as being more knowledgeable (male gender stereotype) and obtain higher SET scores than women, but students appear to learn as much from women as from men, suggesting that female teachers are as knowledgeable as men. Finally, I find that if women increased students' continuous assessment grades by 7.5% compared to the grades given by their male colleagues, they could obtain similar overall satisfaction scores as men. Yet, women do not act on this incentive (men and women give similar continuous assessment grades), suggesting that female teachers are unaware of students' gender biases. These biases have strong negative consequences for female academics, who may spend more time on teaching to try to obtain high SET scores, reducing time available for research. The results suggest that better teaching is not necessarily measured by SETs.
    Keywords: Incentives; Teaching effectiveness; Student evaluations of teaching; Gender biases and stereotypes
    Date: 2015–04
  36. By: Rachel Brewster; Claire Brunel; Anna Maria Mayda
    Abstract: In this paper we claim that, in the WTO Appellate Body (AB)’s ruling in US — Countervailing Measures (China), the AB decision has not put in question the practice of imposing countervailing duties (CVDs). While the US has formally “lost” the case, a change in the procedures and tests used to motivate the CVD will allow the US to continue using this policy tool on the specified products. From an economic point of view, this is not welcome news since CVDs have the standard distortionary effects of tariffs and could go against environmental goals. From a political-economy point of view, the CVDs in this case appear driven by pressure of domestic manufacturers of clean energy technology and products.
    Keywords: Environmental goods, countervailing duties, WTO.
    Date: 2015–09
  37. By: Kiesel, Florian
    Abstract: The global financial crisis brought increased attention to the importance of rating agencies and their valuation process. There is a broad consensus that credit rating agencies bear at least some responsibility for the crisis. Their ratings were too lax, and they were unable to detect any deterioration of the issuer’s credit quality in a timely manner. This thesis offers a comprehensive analysis of the effect of credit rating adjustments on the debt and equity markets and the efficiency of the CDS market. By not only examining the impact of rating changes in general, but also in different regions and during the financial crisis, clearer conclusions can be drawn in the importance of rating changes. In addition, the efficiency of the CDS market and one of the first worldwide CDS regulations offer valuable insights in the understanding of credit valuation. This cumulative dissertation comprises four stand-alone papers. All papers have been published or accepted for publication and are available on the respective journal website.
    Keywords: Ausfallversicherung, Ratingagentur, Rating, Kreditwürdigkeit
    Date: 2016–06–20
  38. By: Amaral, Ernesto F. L.
    Abstract: This study analyzes the profile of female sterilization in Brazil by age, parity, type of delivery, place of delivery, color/race, region of residence, years of schooling, marital status, and number of unions. Data are from the 2006 Brazilian National Survey on Demography and Health of Women and Children (PNDS), which has information on history of pregnancies with live births from 2001 to 2006. Results suggest that: (1) women with high levels of sterilization, high percentages of more than one pregnancy in the period, and larger parity than the desired number of children tend to have high parity, be black, brown, or indigenous, reside in the North or Northeast, have low levels of education, and have two or more unions; and (2) women with high levels of sterilization, low percentages of more than one pregnancy, and lower parity than the desired number of children tend to have cesarean sections, give birth utilizing private health care obtained through a private insurance plan or direct out-of-pocket payment at private hospitals, and be married.
    Keywords: contraceptive agents, female, sterilization, reproductive health, Brazil
    Date: 2015–02
  39. By: Lechthaler, Wolfgang
    Abstract: This paper studies the effects of protectionism as a business cycle instrument. In normal times, protectionism reduces international trade, distorts production and reduces output. However, in a liquidity trap protectionism lowers the real interest rate because inflation goes up while the nominal interest rate is stuck at the zero lower bound. This stimulates consumption and output.
    Keywords: Business cycle policy,Protectionism,Liquidity trap
    JEL: E12 E60 F13
    Date: 2016
  40. By: Jairo Parada Corrales
    Abstract: A pesar del profundo impacto de la Gran Recesión del 2008, en los Departamentos de Economía del mundo, se sigue enseñando el paradigma neoclásico como si nada hubiese ocurrido. La enseñanza de la economía, especialmente en los programas de pregrado, no deja espacio para una formación plural, aunque algo similar ocurre en los postgrados. La dominancia global de los enfoques orientados hacia el mercado, basados en una ontología individualista, un deductivismo metodológico y el uso masivo de modelos matemáticos de las tres ultimas décadas, ha ido cerrando las posibilidades de nuevos enfoques. En este ensayo, se exploran las posibles causas del fenómeno, y se presentan propuestas sobre cómo debería enseñarse una Microeconomía más integral, más pluralista, una Macro más aterrizada en los problemas contemporáneos y una teoría del Desarrollo que no renuncie a la riqueza de nuestro pasado latinoamericano, bajo el criterio de dotar a nuestros profesionales de una visión mas polifacética del pensamiento económico y la teoría económica, con miras a abrir nuevas miradas a enfoques creativos en las políticas publicas que puedan resolver nuestros problemas de fondo. Se ofrecen sugerencias concretas en materia de enfoques de currículos y de textos, así como de mecanismos para superar el terrible lecho de Procusto que implica la enseñanza única de la corriente principal. Al final, tendríamos profesionales más creativos y conscientes de la variedad de posibilidades que ofrece un enfoque más pluralista de la ciencia económica y se abrirían avenidas de ideas creativas para la implementación de políticas. Lo anterior implica mayor audacia en términos curriculares y menos timidez hacia la crítica de las teorías de la catedral dominante.
    Keywords: Crisis Económica, Economía Pluralista, enseñanza economía
    JEL: A22 A23 B15 B52
    Date: 2016–06–03
  41. By: Stoian, Andreea; Iorgulescu, Filip
    Abstract: The aim of this paper is to examine whether information on fiscal policy includes in the stock prices in a way which is consistent with the Efficiency Market Hypothesis. We conduct our investigation for the Bucharest Stock Exchange which is one emerging stock market from Central and Eastern Europe. For the purpose of our study, we employ the methodology suggested by Darrat (1988). We analyse the influence of past fiscal policy on current stock market return using two distinct datasets comprising of quarterly and monthly data. The results indicate that when we do not control for the anticipated and unanticipated effects of fiscal policy, past lags of changes in the overall budget balance and in public debt-to-GDP ratio have a significant impact on stock market return and, thus, we fail in accepting the semi-strong form of the efficiency market hypothesis.
    Keywords: fiscal policy, stock return, budget balance, public debt, Efficiency Market Hypothesis
    JEL: E44 E62 G14 H6
    Date: 2016–06–06
  42. By: Budzinski, Oliver; Kretschmer, Jürgen-Peter
    Abstract: Standard analysis of mergers in oligopolies along the lines of the popular Farrell-Shapiro-Framework (FSF) relies regarding its policy conclusions sensitively on the assumption that rational agents will only propose privately profitable mergers. If this assumption held, a positive external effect of a proposed merger would represent a sufficient condition to allow the merger. However, the empirical picture on mergers and acquisitions reveals a significant share of unprofitable mergers and economic theory, moreover, demonstrates that privately unprofitable mergers can be the result of rational action. Therefore, we drop this restrictive assumption and allow for unprofitable mergers to occur. This exerts a considerable impact on merger policy conclusions: while several insights of the original analysis are corroborated (f.i. efficiency defence), a positive external effect does not represent a sufficient condition for the allowance of a merger anymore. Applying such a rule would cause a considerable amount of false decisions.
    Keywords: mergers & acquisitions,oligopoly theory,horizontal merger policy,profitability of mergers,antitrust
    JEL: L13 L41 K21 D43
    Date: 2015
  43. By: Clark, Todd E. (Federal Reserve Bank of Cleveland); Carriero, Andrea; Marcellino, Massimiliano
    Abstract: Recent research has shown that a reliable vector autoregressive model (VAR) for forecasting and structural analysis of macroeconomic data requires a large set of variables and modeling time variation in their volatilities. Yet, there are no papers jointly allowing for stochastic volatilities and large datasets, due to computational complexity. Moreover, homoskedastic VAR models for large datasets so far restrict substantially the allowed prior distributions on the parameters. In this paper we propose a new Bayesian estimation procedure for (possibly very large) VARs featuring time varying volatilities and general priors. This is important both for reduced form applications, such as forecasting, and for more structural applications, such as computing response functions to structural shocks. We show that indeed empirically the new estimation procedure performs very well for both tasks.
    Keywords: forecasting; models; structural shocks;
    JEL: C11 C13 C33 C53
    Date: 2016–06–30
  44. By: Budzinski, Oliver; Köhler, Karoline Henrike
    Abstract: Dominant or apparently dominant internet platform increasingly become subject to both antitrust investigations and further-reaching political calls for regulation. While Google is currently in the focus of the discussion, the next candidate is already on the horizon - the ubiquitous online trading platform Amazon. Competitors and suppliers but also famous economists like Paul Krugman unite in criticizing Amazon's market power and alleged abuse of it. In this paper, we collect the multitude of allegations against Amazon and categorize them according to types of potential anticompetitive conduct or types of market failure. We provide an economic analysis of these allegations based upon economic theory as well as publicly available information and data. As one of our main results, we find that the most severe allegations against Amazon do not hold from an economic perspective and, consequently, do not warrant regulation or other drastic interventions (like breaking the company up). However, several areas of conduct, in particular, the use of best price clauses and the (anti-) competitive interplay of Amazon and the major publishers in the e-book market require competition policy action. The standard antitrust instruments, enriched with modern economic theory, should suffice to disincentivize the identified anticompetitive conduct for now.
    Keywords: antitrust,internet,platform economics,media economics,competition policy,innovation,Amazon,Google,e-books,book industry,best-price clauses,abuse of dominance,pricing,regulation
    JEL: K21 L41 L42 L81 K23 L50 L82 L12 D40 L25 Z11 B52 L86 M21
    Date: 2015
  45. By: Marta Lachowska (W.E. Upjohn Institute for Employment Research)
    Keywords: Wages, Outside options, Job-matching model
    JEL: J31 J41 J50 M51
  46. By: OCDE
    Abstract: L’économie alimentaire ouest-africaine s’est profondément transformée ces 60 dernières années sous l’effet de l’urbanisation et de la croissance des revenus. L’ensemble des activités de production, transformation et distribution qui concourent à l’alimentation humaine, représente un total de 178 milliards USD en 2010, soit 36 % du PIB régional. Environ 40% de la valeur ajoutée de cette économie alimentaire n’est plus le fait de l’agriculture. En particulier, les segments aval de l’agriculture dans les chaînes de valeur alimentaires gagnent en importance et devraient connaître la croissance la plus forte sur les prochaines décennies. L’appareil décisionnel doit se doter des mécanismes de suivi et d’analyse adaptés. Ce document propose une estimation de la taille et de la structure de cette nouvelle économie alimentaire, et revient sur les principaux enjeux de politique publique qui en découlent.
    Date: 2016–07–11
  47. By: Gilberto M. Llanto (Economic Research Institute for ASEAN and East Asia (ERIA), Philippine Institute for Development Studies)
    Abstract: Part One of this paper explores the evolution of regulation in the Philippines since the post-martial rule regime. This paper tracks the macroeconomic and regulatory reforms, and the political and economic history. It explores the existence of a regulatory management system in the Philippines, identifying that the Philippines does not have a coherent regulatory management system, but does has some of the parts of such a system. Parts Two explores how some aspects of a regulatory management system were applied in the successful case study of regulatory change in the establishment of the National Competitiveness Council, a public private partnership, while Part Three looks at another successful case in the regulatory reforms of Quezon City’s Business Permit and Licensing System.
    Keywords: regulatory reform, regulatory management, RIS, regulatory impact analysis, national competitiveness council, quezon city business permit, licensing system
    JEL: K23 K20 L5 L51 L74
    Date: 2016–07
  48. By: Atsuko Tanaka (Department of Economics, University of Calgary); Ha Nguyen (Department of Economics, University of Calgary); Hsuan-Chih (Luke) Lin (Institute of Economics, Academia Sinica, Taipei, Taiwan)
    Abstract: This paper studies how removing disability insurance coverage affects workers’work incentive and occupation choice. To do so, we exploit the 1997 Canadian Pension Plan (CPP) disability program reform, which required longer work experience for individuals to be eligible for disability insurance. The empirical strategy includes difference-in-difference and tripledifference estimations. The results show that the reform significantly increased work incentive for male individuals with a long non-employment spell. However, the rise in work incentive increased only unemployment, not employment. We also find that the reform barely affected the distribution of employment across occupation.
    Date: 2016–07
  49. By: R. Vijay Krishna (Duke University); Shiming Fu (University of Rochester)
    Abstract: This paper studies a dynamic agency model in which the agent privately observes the firm's cash flows that are subject to persistent shocks. We characterize the optimal contract by continuation utilities contingent on the agent's report today and tomorrow. The optimal contract can be implemented by a contingent credit line, stock options, and equity. In contrast to the iid case, we find: (i) investment is possibly efficient in the constrained firm, and is varying with cash flow in the unconstrained firm; (ii) the firm possibly experiences longer time of being financially constrained; (iii) the agent receives cash payment less than what he can divert from cash flow and investors hold more equity stake; (iv) compensation to the agent is via stock options and equity, the combination of which depends on persistence level; (v) firm credit line limits are contingent on compliance with a cash flow covenant and are history dependent.
    Date: 2016
  50. By: Savioli, Marco; Patuelli, Roberto
    Abstract: Economic processes, consisting of interactions between human beings, exploit the social capital of persons endowed with specific cultures, identities and education. By taking into account this complexity, the authors focus on the role of institutions and policymaking in the building of social capital and its relevance to the fulfilment of their objectives. Social capital, however, is elusive and has several dimensions with which to interpret its multifaceted functions in economics and society. The authors cannot forget that social capital is sometimes even undesirable for society, for instance when unethically used. Even so, it is widely accepted that social capital has stable and positive effects.
    Keywords: social capital,institutions,policymaker,education
    JEL: Z13 B52 D78
    Date: 2016
  51. By: Jing Cai (W.E. Upjohn Institute for Employment Research); Morris M. Kleiner (University of Minnesota)
    Abstract: This study shows the influence of occupational licensing on two occupations that provide similar services: occupational therapists and physical therapists. Most of the tasks for these two occupations differ, but several jobs overlap, and individuals in both occupations could have legal jurisdiction over these tasks. We empirically examine how these two occupations interact with one another in the labor market on wage determination and employment. Unlike previous studies, our study examines two occupations that are female dominated both within the professions and among its leadership. Our results show that occupational licensing can raise the wages of members of both occupations, but the duration of state occupational licensing statutes is the dominant influence on wage determination. Occupational licensing is also associated with a reduction in annual hours worked and in the relative numbers of members in each of the professions. Moreover, the ability of physical therapists to have direct access to patients is associated with a reduction in hourly earnings for occupational therapists, suggesting some substitution for certain service tasks across the two occupations. The ability of these two occupations to be both complements to and substitutes for one another provides new evidence on how the growing number of regulated occupations that are similar interact and influence one another.
    Keywords: Occupational licensing, wage determination, interaction of occupations
    JEL: J44 J31 J38 J88
    Date: 2016–06
  52. By: Sara Hsu
    Abstract: China is in the process of undertaking financial reform in many directions—introducing small private banks in the banking sector, promoting bond and equity finance, increasing exchange rate and capital account liberalization, enhancing financial regulation, and promoting the efficiency and scope of finance. While some foreign analysts have focused on the importance of liberalizing the exchange rate and capital account, we believe these aspects of reform take second priority to traditional banking reform, even though the ongoing process in practice is to slowly implement reforms in all areas at once.
    Keywords: China, banking system, financial system, reform, liberalization
    Date: 2016–07–01
  53. By: Nlemfu Mukoko, Jean Blaise
    Abstract: This work involves the construction of the 2013 Social Accounting Matrix for the D.R.Congo (MCS-CD2013). Three main sources of data were used namely Tables of Resources and Employment (TRE), the table of Integrated Economic Accounts (TCEI) for 2013, and data from the 1-2-3 survey on employment, the informal sector and household consumption for the year 2012. Given the nature of these data, we have resorted to the bottom-up approach to the development of this SAM and methods of RAS and cross-entropy for its balancing. After these steps, the obtained SAM past internal and external consistency tests. The results reflect macroeconomic accounting balances for the respective year. Therefore, this SAM is the basis for data Reference for macroeconomic studies and modeling of the Congolese economy.
    Keywords: Matrice de Comptabilité Sociale, Tableau des Ressources et Emplois,Tableau des Comptes Economiques Intégrés
    JEL: C82 E16
    Date: 2015–09
  54. By: Rodríguez, Andrea Yanira; Araque, Alex; Calderón, Lorena Viviana; Franco, Camila; Góngora, Pamela; Iunes, Roberto
    Abstract: Resumen: La tributación al tabaco es considerada como una medida excepcionalmente efectiva para reducir los efectos negativos generados por el consumo del tabaco. De acuerdo con la OMS (2015), el aumento de los impuestos al tabaco a más del 75% del precio de venta es la medida más efectiva para controlar la epidemia, especialmente entre los más jóvenes y los más pobres. Pese a la evidencia disponible, en Colombia el impuesto al tabaco equivale a un 49,4% del precio de referencia promedio. La carga -relativamente baja- de los impuestos sobre estos productos explica el bajo precio de los cigarrillos en el país. El presente trabajo estudia las consecuencias sobre la salud en la eventualidad de no incrementar la tributación al cigarrillo, así como una propuesta para incrementar el impuesto al mismo. Con base en razones de salud pública y teniendo en cuenta los compromisos que ha adquirido Colombia como Estado Parte del Convenio Marco para el Control del Tabaco de la Organización Mundial de la Salud, se propone un incremento del 57% en el precio final del tabaco, a partir de un incremento en la tarifa del impuesto al consumo. Adicionalmente, se propone actualizar la tarifa anualmente, en un porcentaje equivalente al del crecimiento del IPC, más un 5% adicional hasta alcanzar el precio promedio que se registra en la región.
    Keywords: Tabaco, Impuestos, Salud Pública, Política Fiscal, Política Pública.
    JEL: H20 H22 H39 I10 H51
    Date: 2016–06–30
  55. By: Tsvetkova, Alexandra
    Abstract: This paper tests the effect of diversity, creativity and localized competition on firm formation in US computer and electronic product manufacturing within the knowledge spillover theory of entrepreneurship (KSTE) framework. Fixed effects instrumental variable estimation results support the KSTE contention of a positive relationship between knowledge and entrepreneurship. Industrial diversity and diversity of knowledge tend to promote endogenous firm entry, whereas evidence on other factors is mixed. This points to sensitivity of conclusions in the KSTE literature to regional and industrial environments and calls for caution in interpreting and generalizing findings obtained in various settings.
    Keywords: innovation, entrepreneurship, firm formation, knowledge spillover theory of entrepreneurship, computer and electronic product manufacturing
    JEL: O1 O3 R1 R11
    Date: 2016–04–19
  56. By: Gilbert COLLETAZ; Grégory LEVIEUGE; Alexandra POPESCU
    Date: 2016
  57. By: Mario Mariniello
    Abstract: Disclaimer - This is a Chinese translation produced by the Shanghai Academy of Social Sciences based on the paper "Foreign takeovers need clarity from Europe". 外资并购往往引起政府的疑虑。这些疑虑可能是出于国防安全的战略考虑,也可能出于经济考虑。外国投资方在地理上心理上都远离东道国,因此在一般公众的心目中他们在并购活动中比较容易作出损害东道国经济的决定,比如弱化被收购公司的品牌形象、削减工作岗位、降低研究支出。 不过,对欧盟境内跨国并购事务负有监管责任的欧盟委员会(European Commission)来说,评估这类企业并购案的唯一标准就是消费者利益,欧盟成员国只有在极个别的情况下才可以进行干预。 政策的挑战 本期《政策简报》提出外资并购中的两个问题:(1)外国投资者在收购了一家公司后,东道国的国内福利是否会遭受更大的损失?(2)在欧盟委员会针对跨国并购的现行做法下,经济上的忧虑是否应当成为欧盟成员国进行干预的合法理由? 在深入分析有关文献后,我们感到对这两个问题的答案都是否定的。 如果给予成员国回旋余地就会让并购的结果变得不确定,因此这种回旋余地是不必要的甚至可能是有害的。 为了增加透明度、促进欧洲的外来投资,欧盟委应当确立成员国在什么情况下才能进行干预 的规则。
    Date: 2014–12
  58. By: Campoy-Muñoz, Pilar; Cardenete Flores, Manuel Alejandro; Delgado, M. Carmen; Hewings, Geoffrey
    Abstract: Programs to reduce employers' social security contributions are being widely discussed in both the political arena and academic forums as tools for promoting economic growth and boosting employment. This paper employs a computable general equilibrium model to assess the economic impact on the national economy of the proposals from the Spanish Confederation of Enterprise Organizations about reducing the social security contributions paid by employers. The results show that the proposals fail to reduce unemployment when they are combined with compensation by revenues from indirect taxes; whereas compensation through increased personal income taxes shows positive results on unemployment in exchange for decreases in private consumption.
    Keywords: computable general equilibrium models,social security contributions,tax reforms,fiscal consolidation
    JEL: C68 H20 H32
    Date: 2016
  59. By: Chemla, Gilles; Tinn, Katrin
    Abstract: This paper examines the role of reward-based crowdfunding in learning about demand and improving investment decisions. The information gathered while raising funds from consumers provides firms with a real option to invest if demand is sufficiently high. Despite moral hazard problems stemming from the firms' ability to divert the funds raised, all-or-nothing schemes are nearly as efficient as frictionless surveys and full money-back guarantees. Dominant platforms adopt features such as limited campaign length and transparency between backers, which are essential to overcome moral hazard. Our results are consistent with stylized facts and provide new testable implications.
    Keywords: Kickstarter; learning; moral hazard; real options; Reward-based crowdfunding; uncertainty
    JEL: D80 G30 L14 L26 O30
    Date: 2016–06
  60. By: Zheng, Yanan, Jr.
    Abstract: This paper assesses the linkages among farm, wholesale and retail markets along the U.S. pork supply chain by analyzing their price transmissions and volatility spillovers. Data used in the analysis include monthly farm, wholesale and retail price for pork, covering the period of January 2000 through December 2014. Engle and Grager’s cointegration technique was adopted to examine long run price relationships for each pair of markets, while an asymmetric VAR-BEKK-GARCH model was followed to investigate whether asymmetry plays a role in short-run price adjustments and volatility spillovers. Key findings of this study include: (1) the presence of long-run relationship in all three pairs of markets; (2) asymmetric short-run price adjustments in retail and farm markets; (3) asymmetry in wholesale price volatility, wholesale price will be more volatile when confront with positive shocks; (4) bi-directional volatility spillovers in all three pairs of markets; and (5) asymmetric spillover effects to wholesale and farm markets, with price instabilities being more sensitive to the joint shocks that move in different directions.
    Keywords: asymmetry, price transmission, vertical supply chain, asymmetric, Agribusiness, Agricultural and Food Policy,
    Date: 2016–06–28
  61. By: Vasilev, Aleksandar
    Abstract: This paper shows that a modified real business cycle (RBC) model, one that includes home production and fiscal spending shocks, can solve one of the RBC puzzles and generates zero correlation between wages and hours. In addition, the micro-founded model presented here provides a sound theoretical model to analyze fiscal policy in a neoclassical framework and is able to capture many aspects of the data that the benchmark RBC model was missing.
    Keywords: fiscal policy,home production,government spending shock,indivisible labor
    JEL: C63 E62 E32
    Date: 2015
  62. By: Eirik S. Amundsen (Department of Economics, the University of Bergen; Department of Food and Resource Economics, University of Copenhagen); Frank Jensen (Department of Food and Resource Economics, University of Copenhagen)
    Abstract: This paper considers the problem of a water management authority faced with the threat of a drought that hits at an uncertain date. Three management policies are investigated: i) a laissez-faire (open-access) policy of automatic adjustment through a zero marginal private net benefit condition, ii) a policy of optimal dynamic management ignoring the threat of the drought and relying on automatic adjustments through a zero marginal social net benefit condition, iii) an economically optimal dynamic policy taking account of the threat of a drought. In particular, we show that the optimal pre-drought steady-state equilibrium stock size of water under policy iii) is smaller than under policy ii) and, hence, a precautionary stock size should not be built up prior to the drought.
    Keywords: drought, groundwater management, uncertainty
    JEL: Q20 Q22
    Date: 2016–06
  63. By: Francesco Casarin (Dept. of Management, Università Ca' Foscari Venice); Fabio Marzella (Dept. of Management, Università Ca' Foscari Venice)
    Abstract: .
    Keywords: artistic benefit; arts marketing; artistic experience; value co-creation; audience empowerment; performing arts.
    JEL: M40
    Date: 2016–06
  64. By: Jürgen Kruse (University of Cologne); Heike Wetzel (University of Kassel)
    Abstract: This article empirically analyzes supply-side and demand-side factors expected to affect innovation in clean coal technologies. Patent data from 93 national and international patent offices is used to construct new firm-level panel data on 3,648 clean coal innovators over the time period 1978 to 2009. The results indicate that on the supply-side a firm’s history in clean coal patenting and overall propensity to patent positively affects clean coal innovation. On the demand-side we find strong evidence that environmental regulation of emissions, that is, CO2, NOX and SO2, induces innovation in both efficiency improving combustion and after pollution control technologies.
    Keywords: clean coal technologies, innovation, patents, technological change
    JEL: C33 O31 Q40 Q55
    Date: 2016
  65. By: Homar, Timotej; Kick, Heinrich; Salleo, Carmelo
    Abstract: We analyse the SRISK measure with respect to its usage as a benchmark for the ECB/EBA 2014 stress test. By regressing the ECB/EBA stress test impact and the SRISK stress impact on a set of factors that are commonly associated with bank credit losses and bank vulnerability, we find that the ECB/EBA stress impact is consistent with findings in the literature on credit losses. In contrast, the SRISK measure bears much less relation to these factors; it is largely driven by the banks’ leverage ratio. These differences are deeply rooted in the construction of the respective measures. With its focus on losses to bank equity, the SRISK measure appears poorly matched as a benchmark for the supervisory stress test in Europe, which is centred on losses to banks’ total assets. JEL Classification: C21, G01, G21
    Keywords: Asset Quality Review, SRISK, stress test evaluation
    Date: 2016–06
  66. By: Eileen Appelbaum; Rosemary Batt
    Abstract: U.S. private equity fundraising had its best year ever in 2015 — raising $185 billion. But is the enthusiasm of investors warranted? Do PE buyout funds deliver outsized returns to investors and will they do so in the future? This report answers this question by reviewing the most recent empirical evidence on buyout fund performance; the answer is no. While median private equity buyout funds once beat the S&P 500, they have not done so since 2006 -- despite industry claims to the contrary.
    JEL: G G2 G28 G3 G38
    Date: 2016–06
  67. By: Sébastien Miroudot; Håkan Nordström
    Abstract: In the past five years, the concept of “global value chain” (GVC) has become popular to describe the way firms fragment production into different stages located in different economies. The “made in the world” narrative suggests that production today is global with inputs coming from all parts of the world before being assembled into final products also shipped all over the world. The empirical basis of this story has however been questioned, suggesting that supply chains are regional rather than global. In this paper we offer a comprehensive review of the evidence based on the World Input-Output Database (WIOD), including new indicators counting the number of domestic and foreign production stages, border crossings and geographic length of the supply chains. The study covers 1995 to 2011. All evidence points in the same direction. The made in the world narrative is correct as far as the direction is concerned, but we still have a long way to go. On average, globalization proceeds at 40 kilometres a year.
    Keywords: Fragmentation of production, vertical specialization, global value chain
    JEL: F14 L16 L23
    Date: 2015–09
  68. By: Patrick Higgins; Tao Zha; Karen Zhong
    Abstract: Although macroeconomic forecasting forms an integral part of the policymaking process, there has been a serious lack of rigorous and systematic research in the evaluation of out-of-sample model-based forecasts of China's real GDP growth and CPI inflation. This paper fills this research gap by providing a replicable forecasting model that beats a host of other competing models when measured by root mean square errors, especially over long-run forecast horizons. The model is shown to be capable of predicting turning points and to be usable for policy analysis under different scenarios. It predicts that China's future GDP growth will be of L-shape rather than U-shape.
    JEL: C53 E1 E17
    Date: 2016–07
  69. By: Carine Moehler; Grégory Pieter; Edwin Zaccai
    Abstract: Le changement climatique constitue une thématique politique relativement récente dans les agendas politiques et électoraux. Souvent, dans le grand public, la question climatique est perçue à travers la médiatisation des grands sommets des Nations Unies consacrés à cette problématique (Rio de Janeiro en 1992, Kyoto en 1997, Copenhague en 2009, Paris en 2015, etc.). Mais les positions que défendent les différents pays lors de ces réunions ont bien entendu été préalablement construites, entre autres, sur les scènes nationales.Les partis politiques sont à la fois les reflets des opinions publiques et les initiateurs des régulières redéfinitions des orientations politiques qui entourent la thématique du changement climatique. Ils filtrent également les demandes politiques de la société civile qui paraissent compatibles avec leur programme et leur faisabilité, et les transforment. Aux États-Unis, la polarisation politique autour de la question du changement climatique est aisément détectable. Qu’en est-il en Europe ?L’opinion publique s’y déclare majoritairement convaincue de la réalité de changements climatiques d’origine anthropique et la trouve préoccupante, même s’il existe une part significative de la population qui en doute. Ce scepticisme se traduit-il toutefois dans les programmes électoraux de certains partis politiques, à l’instar de ce que l’on constate aux États-Unis ?Telle a été la question à la base du présent Courrier hebdomadaire. Annonçons cependant d’emblée que ce que nous désignerons ici par « climato-scepticisme », au sens strict de mise en doute du changement climatique d’origine humaine, n’est qu’un aspect assez partiel de cette étude. Nos résultats révèlent en effet que cette position climato-sceptique est extrêmement minoritaire parmi les formations politiques d’Europe.
    Keywords: Partis politiques; Europe; Changement climatique
    Date: 2015
  70. By: Ahmed Salhin; Mo Sherif; Edward Jones (Heriot-Watt University)
    Abstract: This paper examines the relationship between investor sentiment and UK stock returns at economy and industry level. Using consumer and business conï¬ dence indicators provided by the European Commission, we provide novel evidence on whether sector-speciï¬ c sentiment differs from the aggregate market sentiment in predicting stock returns for ï¬ ve discrete sector groupings. Using monthly data for the period January 1985 to December 2014, our results indicate that investor sentiment signiï¬ cantly influences stock market returns at economy level and for some industry groups. We ï¬ nd that the overall sentiment-return relationship is dominated by sentiment associated with Manufacturing ï¬ rms. Importantly, parameter estimates for the sector groupings are not consistent, suggesting that the relationship differs across sectors and ï¬ ndings are sensitive to industry characteristics.
    Keywords: Investor Sentiment, Business Conï¬ dence, Granger-Causality, UK Sectors
    JEL: G02 G12 G17
    Date: 2016
  71. By: Wehby, George (University of Iowa, NBER); Dave, Dhaval M. (Bentley University); Kaestner, Robert (University of Illinois at Chicago)
    Abstract: The minimum wage has increased in multiple states over the past three decades. Research has focused on effects on labor supply, but very little is known about how the minimum wage affects health, including children's health. We address this knowledge gap and provide an investigation focused on examining the impact of the effective state minimum wage rate on infant health. Using data on the entire universe of births in the US over 25 years, we find that an increase in the minimum wage is associated with an increase in birth weight driven by increased gestational length and fetal growth rate. The effect size is meaningful and plausible. We also find evidence of an increase in prenatal care use and a decline in smoking during pregnancy, which are some channels through which minimum wage can affect infant health. Labor market policies that enhance wages can thus affect wellbeing in broader ways, and such health effects should enter into any cost‐benefit calculus of such policies.
    Keywords: minimum wage, health, infant, prenatal care, smoking, income, pregnant women
    JEL: I1 I3 J2 J3
    Date: 2016–07
  72. By: Davor Iljkić (PUZ,Sektor kriminalističke policije)
    Abstract: U radu se prezentira pranje novca kao pojava s transnacionalnim elementima u kriminalističkom i kaznenopravnom smislu i uloga financijskih obavještajnih jedinica u prevenciji i sprečavanju pranja novca. Definirani su osnovni pojmovi, faze pranja novca, osnovna načela, međunarodni propisi, međunarodni kaznenopravni okvir, smjernice i Direktive EU, normativna struktura u Hrvatskoj obuhvaćena pravilnicima i Zakonom o sprječavanju pranja novca i financiranju terorizma. Kupovina dionica, nekretnina, osnivanje crnih fondova je prijetnja za sigurnost financijskog i banakarskog sustava. Zbog toga je od krucijalne važnosti pratiti korak u pristupu s preporukama Europe i težiti zakonodavnom unapređivanjum, modernizaciji susatva i usklađivanju. U tome je od velike pomoći predviđanje problema i zakonodavnih rješenja koje imaju zemlje s dugoročnom praksom u pranju novca poput Njemačke i SAD.
    Keywords: pranje novca, financiranje terorizma, prevencija, sumnjiva transakcija, oduzimanje ilegalnih prihoda, financiranje terorizma
    JEL: K42 E42 F38
    Date: 2015–04
  73. By: Willem THORBECKE
    Abstract: This paper investigates East Asia's exploding trade in electronic parts and components (ep&c). The results indicate that foreign direct investment (FDI) increases the level of ep&c exports. Thus, FDI has promoted the slicing up of the value chain in the region. Higher capital intensity increases the share of a country's ep&c exports relative to its Asian trading partners. Thus, one reason why South Korea and Taiwan have gained market share is because they have invested heavily in plant, equipment, and technology. Exchange rate depreciations significantly increase both the level and the share of a country's ep&c exports. This implies that regional exchange rate stability may reduce beggar-thy-neighbor policies and promote intra-regional trade.
    Date: 2016–06
  74. By: Patrick Messerlin
    Abstract: This paper uses different sources of data to assess the relative level of openness of the public procurement markets of major trading nations, with a specific focus on the European Union (EU). The data reveal a picture that is very different from what is commonly argued to be the case by policymakers in the EU. The divergence between discourse and reality is in part a reflection of the absence of appropriate data on government sourcing patterns, suggesting greater effort is needed to both compile more accurate statistics and to take into account basic economic factors such as the size of economies.
    Keywords: Government procurement, home bias, openness, trade negotiations
    Date: 2015–11
  75. By: Amaral, Ernesto F. L.; Almeida, Mariana Eugenio; Goncalves, Guilherme Quaresma
    Abstract: We analyze the 1970, 1980, 1991, 2000, and 2010 Brazilian Demographic Censuses, in order to investigate the associated factors with a woman having had a live birth during the year prior to each census. We estimated logistic regression models for women aged 10-49 years. As independent variables, we selected region of residence, rural/urban location, presence of electricity, color/race, religion, marital status, labor market participation, time of residence in the municipality, information about whether they had a stillbirth, age, education, and parity. Our findings confirm that the probability a woman had a child is higher in the North and Northeast regions, as well as in households without electricity. Women that have a greater chance of having had a child are black/brown, Catholic, married, non-labor market participants, short-term migrants, experienced a stillbirth, between 20-29 years of age, have less education, and have higher parity. Patterns have been changing throughout time, thus posing questions for further analyses.
    Keywords: fertility decline, family planning program, Brazil
    Date: 2015–02
  76. By: Wachs, Martin; Garrett, Mark; Brown, Anne
    Abstract: This project documents and analyzes the recent change in California transportation revenue collection programs that end discontinued the state sales tax on motor fuels and increased the state per gallon excise taxes on motor fuels.
    Keywords: Engineering, Motor fuel tax, sales taxes, transportation revenue, California
    Date: 2016–05–01
  77. By: Guntram B. Wolff
    Abstract: Disclaimer - This is a Chinese translation produced by the Shanghai Academy of Social Sciences based on the paper "Eurosystem collateral policy and framework - Was it unduly changed?". 要点 包括重要的公开市场操作在内的所有欧元体系信贷业务,都是以充足的抵押品为基础的。按抵押品市场价格并适用扣减率后向银行提供流动性。在危机期间,欧元体系调整了它的抵押品框架,以接受低评级资产作为抵押品。适用更高的扣减率是为了防范流动性风险,防范低评级资产的更大的价格波动。 为了能向欧元区银行,特别是欧元区外围国家的银行提供充足的流动性,对抵押品框架进行 调整是必要的。对陷于危机的国家,还提供了特别紧急流动性援助。80%以上的欧洲央行 提供的流动性(重大再融资操作和长期再融资操作)都提供给了五个国家(希腊,爱尔兰, 意大利,葡萄牙和西班牙)的银行。当时针对抵押品框架所作的变动,是欧洲央行履行其条 约职权的必要条件,即向有偿付能力的银行提供流动性和维护金融稳定。欧洲央行并没有因 此而引入过多的风险。
    Date: 2014–11
  78. By: Michel Denuit; Jan Dhaene; Hamza Hamza Hanbali; Nathalie Lucas; Julien Trufin
    Date: 2016
  79. By: Asian Development Bank (ADB); Asian Development Bank (ADB) (Pacific Department, ADB); Asian Development Bank (ADB) (Pacific Department, ADB); Asian Development Bank (ADB)
    Abstract: The challenging geography and poor infrastructure of many Pacific nations mean digital financial services (DFS) are a particularly effective means of enhancing financial inclusion in the region. However, a number of major challenges confront DFS in the Pacific, including the establishment of reliable agent networks and the building of sufficient consumer trust in DFS for it to become a viable payments channel. This report examines the current use of DFS in the Pacific, analyzes the issues that need to be addressed, and provides recommendations for increasing financial inclusion in the region. This publication was produced by the Pacific Private Sector Development Initiative, a regional technical assistance facility cofinanced by the Asian Development Bank (ADB), the Government of Australia and the New Zealand government.
    Keywords: pacific; private sector; PSDI; state-owned enterprises; business law reform; financing growth; economic growth; financial services; public–private partnerships; women's economic empowerment; progress report; cook islands; fiji; kiribati; marshall islands; federated states of micronesia; nauru; palau; papua new guinea; samoa; solomon islands; timor-leste; tuvalu; tonga; vanuatu
    Date: 2016–03
  80. By: Jeanne Cilliers and Johan Fourie
    Abstract: In the absence of historical income or education data, the change in occupations over time can be used as a measure of social mobility. This paper investigates intergenerational occupational mobility using a novel genealogical dataset for settler South Africa, spanning its transition from an agricultural to an early industrialized society (1800–1909). We identify fathers and sons for whom we have complete information on occupational attainment. We follow a two-generation discrete approach to measure changes in both absolute and relative mobility over time. Consistent with qualitative evidence of a shift away from agriculture as the economy’s dominant sector, we see the farming class shrinking and the skilled and professional classes growing. Controlling for changes in the structure of the labor market over time, we find increasing upward social mobility, becoming significant following the discovery of minerals in 1868. We find this mobility particularly for semi-skilled workers but virtually no improved mobility for sons of farmers. We also test hypotheses related to the mobility prospects for first-born sons and sons of immigrants.
    Keywords: Intergenerational mobility, Social Mobility, resource curse, industrialization, colonialism, longitudinal data
    JEL: J60 J61 J62 N30 N37
    Date: 2016
  81. By: Justin Sirignano; Apaar Sadhwani; Kay Giesecke
    Abstract: This paper analyzes multi-period mortgage risk at loan and pool levels using an unprecedented dataset of over 120 million prime and subprime mortgages originated across the United States between 1995 and 2014, which includes the individual characteristics of each loan, monthly updates on loan performance over the life of a loan, and a number of time-varying economic variables at the zip code level. We develop, estimate, and test dynamic machine learning models for mortgage prepayment, delinquency, and foreclosure which capture loan-to-loan correlation due to geographic proximity and exposure to common risk factors. The basic building block is a deep neural network which addresses the nonlinear relationship between the explanatory variables and loan performance. Our likelihood estimators, which are based on 3.5 billion borrower-month observations, indicate that mortgage risk is strongly influenced by local economic factors such as zip-code level foreclosure rates. The out-of-sample predictive performance of our deep learning model is a significant improvement over linear models such as logistic regression. Model parameters are estimated using GPU parallel computing due to the computational challenges associated with the large amount of data. The deep learning model's superior accuracy compared to linear models directly translates into improved performance for investors. Portfolios constructed with the deep learning model have lower prepayment and delinquency rates than portfolios chosen with a logistic regression.
    Date: 2016–07
  82. By: Huber, Martin; Camponovo, Lorenzo; Bodory, Hugo; Lechner, Michael
    Abstract: We introduce a wild bootstrap algorithm for the approximation of the sampling distribution of pair or one-to-many propensity score matching estimators. Unlike the conventional iid bootstrap, the proposed wild bootstrap approach does not construct bootstrap samples by randomly resampling from the observations with uniform weights. Instead, it fixes the covariates and constructs the bootstrap approximation by perturbing the martingale representation for matching estimators. We also conduct a simulation study in which the suggested wild bootstrap performs well even when the sample size is relatively small. Finally, we provide an empirical illustration by analyzing an information intervention in rural development programs.
    Keywords: Inference; Propensity Score Matching Estimators; Wild Bootstrap
    JEL: C14 C15 C21
    Date: 2016–07–07
  83. By: Pinar Yesin (Swiss National Bank)
    Abstract: The Swiss franc is known to appreciate strongly during financial market turmoil, demonstrating its status as a typical safe haven currency. One possible mechanism behind this appreciation during times of global turmoil is assumed to be higher capital inflows to Switzerland. This paper attempts to find some empirical evidence for this presumption. The analysis reveals that capital flow variables are not necessarily coincident with the movements of the Swiss franc. Interest rate differentials, a traditional determinant of exchange rates, co-move only weakly with Swiss franc movements. However, a robust and stronger link between variables that capture global or regional market uncertainty and movements of the Swiss franc is observed. Specifically, the information channel rather than new cross-border investment is found to be coincident with the Swiss franc. The weak link between capital flows and the exchange rate is confirmed to some extent for some other countries.
    Date: 2016–07
  84. By: Gu, Grace (University of California, Santa Cruz); Malik, Samreen (New York University, Abu Dhabi); Pozzoli, Dario (Copenhagen Business School); Rocha, Vera (Copenhagen Business School)
    Abstract: We study how the skill distribution for the whole economy responds to changes in the skill premium which are induced by trade integration. Using administrative data for both Denmark (1993-2012) and Portugal (1993-2011), we perform a two-step empirical analysis. In the first stage we predict the skill premium changes which are triggered by exogenous trade shocks. In the second step we estimate the impact of such changes on the skill distribution. The main results for Denmark show that both the average and the standard deviation of skills increase as a result of trade integration. For Portugal we find instead that the impact of trade mediated by skill premium changes is negligible and not statistically significant. These results are rationalized by using the lens of a simple theoretical intuition.
    Keywords: skill premium, skill upgrading, trade integration, labor market frictions
    JEL: F16 J24
    Date: 2016–07
  85. By: Victoire Girard
    Abstract: Mandated political representation over the last twenty years has had a different impact on the reporting of crime by the low castes than what is observed for the reporting of crime by women. I exploit the timing of the implementation of mandated political representation of the low castes to examine its effect on crime reports by these people. Mandated political representation of the low castes in India appears to affect the declaration of crime only for two very specific crime categories: identity-based crimes and murders. The increase in identity-based crimes (based on caste) is consistent either with better recording of existing crimes, or an increase in the incidence of committed crimes. The evolution of murders, which according to most specifications have increased after the implementation of political representation, is only consistent with an increase in incidence. This is all the more worrisome, given that the introduction of exclusive special courts, which were meant to further empower the low castes to report identity-based crimes, has not had the desired effect. A comforting observation is that crime disclosures do not increase during electoral years, contradicting the qualitative literature which points to incidents concerning reserved seats during elections. Nevertheless, mandated political representation has not had as strong an effect in giving voice to the low castes as has been documented earlier for women.
    Keywords: crime, justice, India, inequality, caste, political reservation, political quotas, discrimination; microsimulation, tax, transfer, distributional impact, Viet Nam
    Date: 2016
  86. By: Peter L. Rousseau (Vanderbilt University); Paul Wachtel (Leonard N. Stern School of Business, New York University)
    Abstract: One strand of the economics literature addresses financial deepening as a precursor to economic growth. Another views it as a cause of financial crises. We examine historical data for 17 economies from 1870 to 1929 to distinguish episodes of growth induced by financial deepening from crises induced by credit booms. Cross-country panel regressions with five-year averages indicate that deepening episodes, defined as increases of more than thirty percent (and alternatively more than twenty percentage points) in the ratio of M2 to GDP over a ten year period, significantly enhanced the standard finance-growth dynamic, while deepening associated with financial crises sharply hindered it. We then describe some specific episodes of financial deepening in our sample.
    Keywords: finance-growth nexus, Atlantic economies, financial deepening, financial crisis
    JEL: E4 N1
    Date: 2016–07–07
  87. By: Cristián Larroulet Vignau (School of Business and Economics, Universidad del Desarrollo)
    Keywords: Economic Development; Economic policy; Chile
    Date: 2016
  88. By: Fadi Hassan; Paolo Lucchino
    Abstract: More than 1.3 billion people worldwide have no access to electricity and this has first-order effects on several development dimensions. In this paper we focus on the link between access to light and education. We randomly distribute solar lamps to 7th grade pupils in rural Kenya and monitor their educational outcomes throughout the year at quarterly frequency. We find that access to lights through solar lamps is a relevant and effective input to education. Our identification strategy accounts for spillovers by exploiting the variation in treatment at the pupil level and in treatment intensity across classes. We find a positive and significant intention-to-treat effect as well as a positive and significant spillover effect on control students. In a class with the average treatment intensity of our sample (43%), treated students experience an increase in math grades of 0.88 standard deviations. Moreover, we find a positive marginal effect of treatment intensity on control students: raising the share of treated students in a class by 10% increases grades of control students by 0.22 standard deviations. We exploit household geolocation to disentangle within-class and geographical spillovers. We show that geographical spillovers do not have a significant impact and within-school interaction is the main source of spillovers. Finally, we provide suggestive evidence that the mechanism through which lamps affect students is by increasing co-studying at school especially after sunset.
    Keywords: Randomised controlled trial, solar lamps, education, energy access, spillover effects, randomised saturation design
    JEL: O12 I25 C93
    Date: 2016–07
  89. By: Miguel Faria-e-Castro (New York University); Luis Fonseca (London Business School); Matteo Crosignani (NYU Stern)
    Abstract: We analyze some of the potentially unintended consequences of the largest liquidity injection ever conducted by a central bank: the European Central Bank’s three-year Long-Term Refinancing Operations conducted in December 2011 and February 2012. Using an unique dataset on monthly security- and bank-level holdings of government bonds for Portugal, we analyze the impact of this unconventional monetary policy operation on the demand for government debt. We find that: (i) Portuguese banks significantly increased their holdings of domestic government bonds after the announcement of this policy; (ii) This increase in holdings was tilted towards shorter maturities, with banks rebalancing their sovereign debt portfolios towards shorter term bonds. We employ a theoretical framework to argue that domestic banks engaged in a “collateral trade†, which involved the purchase of high yield bonds with maturities shorter than the central bank borrowing in order to mitigate funding liquidity risk. Our model delivers general equilibrium implications that are consistent with the data: the yield curve for the Portuguese sovereign steepens after the announcement, and the timing and characteristics of government bond auctions are consistent with a strategic response by the debt management agency.
    Date: 2016
  90. By: Alkis Theonas Pitelis (University of Sussex); Christos Pitelis (Brunel University London and University of Athens)
    Abstract: The following paper aims at discussing the first of the three main objectives under the sixth Work Package entitled Finance, Development and Global Governance, which is the changing global financial and monetary system, including the rising influence of major emerging economies, such as those of Brazil Russia, India, and China (BRICs), as well as the role of Sovereign Wealth Funds (SWF) in these countries and the ways in which the aforementioned developments and countries can be leveraged so as to help finance investments in Europe. In this paper we focus on Foreign Direct Investment (FDI), SovereignWealth Funds, Hedge Funds, Private Equity and Venture Capital. Besides noting the possibilities provided through emerging and emergent countries and sources of funds, we also provide proposals as to what can Europe do and how, so that to leverage available sources of funding in a way that fosters sustainable development.
    Date: 2016–01–01
  91. By: Haque, Adnan ul; Faizan, Riffat; Zehra, Nasreen; Baloch, Akhtar; Nadda, Vipin; Riaz, Fayyaz
    Abstract: This empirical study explores different Leadership styles' dimensions influencing culturaloriented female employees' motivation in rapidly improving Pakistan's I.T sector. Hypothetico-Inductive-Deductive model was adapted to construct theoretical framework by opting mixed method under realism philosophy. Sample size is 357 female employees working in software houses of Pakistan's 10 cities selected by combining convenience sampling and stratified sampling techniques. Survey questionnaire contained close-ended questions based on Bass and Avolio (1994) Full Range MLQ Model and WMS. Moreover, 36 female employees were interviewed selected from top five business cities' of Pakistan's software houses through convenience sampling. Results indicate transformational leadership style's dimensions are dominant in motivating female employees scoring overall 0.75. Moreover, transactional has moderate positive relation (0.38) with sub-motivational variables. Though, 'Management-By-Expectation (Passive)' along with Laissez-faire leadership style has no relationship with sub-variables of motivation. In I.T sector of Pakistan, female employees are mainly motivated by interpersonal relations with supervisors, peers, and subordinate, friendly environment, flexibility, socialization, recognition, responsibility, social rewards, and most importantly improved working conditions. It is essential to motivate female workers through 'walk-the-talk' approach along with coerce and accurate vision.
    Keywords: Transformational Leadership, Transactional Leadership, Laissez Faire Leadership, Dimensions of Leadership Styles, Cultural-oriented female workforce, I.T Industry
    JEL: L0 L2 L29 L8 L86 M1 M12
    Date: 2015–10–18
  92. By: Claudio Roberto Amitrano; Gabriel Coelho Squeff
    Abstract: Este trabalho procura avançar na discussão sobre as implicações da informalidade no Brasil, apresentando novas evidências sobre a trajetória do valor adicionado, das ocupações e, sobretudo, da produtividade do trabalho nos setores formal e informal, desagregados por atividade econômica. Além disso, são desenvolvidos exercícios contrafactuais para a trajetória dessas variáveis com o intuito de avaliar os possíveis impactos da migração de trabalhadores dos setores não formais para o setor formal e de modificações no grau de utilização da capacidade. This paper aims at discussing the implications of informality in Brazil by presenting new evidence on value added, occupations, and in labor productivity in the formal and informal sectors, disaggregated by economic activity. Moreover, we developed counterfactual exercises for these variables in order to assess the possible impacts of labor migration from non-formal sector to the formal sector as well as from changes in the rate of capacity utilization.
    Date: 2016–05
  93. By: Víctor Manuel Castillo Girón; Manuel Machuca Martínez; Suhey Ayala Ramírez; David López Jimenez
    Abstract: El programa Hipoteca Verde (HV), del Instituto del Fondo Nacional de la Vivienda para los Trabajadores (Infonavit) de México, es un crédito adicional obligatorio –desde 2011– que busca la instalación de ecotecnologías en las viviendas. Sus principales resultados son favorables en los rubros de créditos colocados, ahorros obtenidos, satisfacción del cliente y reconocimiento nacional e internacional. Sin embargo, no existe evidencia de su impacto sobre la rentabilidad de las empresas que participan como sus oferentes. Este trabajo, con base en la teoría microeconómica y estudios que relacionan la Responsabilidad Social Empresarial (RSE) y el desempeño financiero, analiza dicho impacto sobre una muestra determinística de seis empresas listadas en la Bolsa Mexicana de Valores (BMV). Los resultados obtenidos muestran que existe una relación negativa entre HV y las variables de rentabilidad (RUN, ROA y ROE), lo cual se explica debido a que, teóricamente, la HV se comporta del mismo modo que lo hace un impuesto al comprador en el mercado de la vivienda.
    Keywords: Hipoteca Verde, Desarrollo Sustentable, Responsabilidad Social Empresarial (RSE), Impuesto al Comprador, Rentabilidad.
    JEL: E2 K0 M14
    Date: 2015–12–04
  94. By: Roula Inglesi-Lotz
    Abstract: The severity of investment in Research and Development (R&D) in the energy sector is undisputable especially considering the benefits of new technologies to sustainability, security and environmental protection. However, the nature and potential of various energy technologies that are capable to improve the energy and environmental conditions globally is a challenging task for governments and policy makers that have to make decisions on the allocation of funds in R&D. To do so, the optimal resource allocation to R&D should be determined by estimating the social rate of return for R&D investments. This paper aims to estimate the social rate of return of R&D on various energy applications and technologies such as energy efficiency, fossil fuels, renewable energy sources, and nuclear for the G7 countries. The results show that primarily R&D investment on Energy Efficiency technologies and Nuclear are the ones that yield high social benefits for all G7 countries while exactly the opposite holds for Fossil fuels.
    Keywords: R&D; Energy; Energy fuels; return
    Date: 2016
  95. By: Krebs, Tom (University of Mannheim - IZA); Kuhn, Moritz (University of Bonn - IZA); Wright, Mark L. J. (Federal Reserve Bank of Chicago)
    Abstract: This paper develops a tractable human capital model with limited enforceability of contracts. The model economy is populated by a large number of long-lived, risk-averse households with homothetic preferences who can invest in risk-free physical capital and risky human capital. Households have access to a complete set of credit and insurance contracts, but their ability to use the available financial instruments is limited by the possibility of default (limited contract enforcement). We provide a convenient equilibrium characterization that facilitates the computation of recursive equilibria substantially. We use a calibrated version of the model with stochastically aging households divided into 9 age groups. Younger households have higher expected human capital returns than older households. According to the baseline calibration, for young households less than half of human capital risk is insured and the welfare losses due to the lack of insurance range from 3 percent of lifetime consumption (age 40) to 7 percent of lifetime consumption (age 23). Realistic variations in the model parameters have non-negligible effects on equilibrium insurance and welfare, but the result that young households are severely underinsured is robust to such variations.
    Keywords: Human capital; Household; Insurance; Risk; Limited Enforcement
    JEL: D52 E21 E24 J24
    Date: 2016–03–26
  96. By: AfDB AfDB
    Date: 2016–06–23
  97. By: Peiris, S.; Asai, M.; McAleer, M.J.
    Abstract: In recent years fractionally differenced processes have received a great deal of attention due to its flexibility in financial applications with long memory. This paper considers a class of models generated by Gegenbauer polynomials, incorporating the long memory in stochastic volatility (SV) components in order to develop the General Long Memory SV (GLMSV) model. We examine the statistical properties of the new model, suggest using the spectral likelihood estimation for long memory processes, and investigate the finite sample properties via Monte Carlo experiments. We apply the model to three exchange rate return series. Overall, the results of the out-of-sample forecasts show the adequacy of the new GLMSV model.
    Keywords: Stochastic volatility, GARCH models, Gegenbauer Polynomial, Long Memory, Spectral Likelihood, Estimation, Forecasting
    JEL: C18 C21 C58
    Date: 2016–06–01
  98. By: Étienne Gaudette (University of Southern California); Gwyn C. Pauley (University of Southern California); Gwyn C. Pauley (University of Southern California)
    Abstract: This article reviews the literature on how health insurance affects health and economic outcomes in the United States prior to automatic Medicare eligibility at age 65, with the aim of providing a snapshot of the breadth of the existing evidence. A targeted approach was used to identify and review experimental or quasi-experimental articles deemed most likely to identify the causal impact of health insurance. Results were systematically reviewed by outcome category–ranging from mental health to education—and population of interest—ranging from prenatal to preretired. The effects of health insurance on economic outcomes remain inconclusive despite being well-studied, while evidence on the relationship between health insurance and several aspects of health has strengthened over the last decade.
    Date: 2016–03
  99. By: Jinill KIM; Francisco RUGE-MURCIA
    Abstract: This paper studies the positive and normative implication of extreme shocks for monetary policy. The analysis is based on a small-scale new Keynesian model with sticky prices and wages where shocks are drawn from asymmetric generalized extreme value (GEV) distributions. A nonlinear perturbation of the model is estimated by the simulated method of moments. Under both the Taylor and Ramsey policies, the central bank responds nonlinearly and asymmetrically to shocks. The trade-off between targeting a gross ináation rate above 1 as insurance against extreme shocks and strict price stability is unambiguously decided in favour of strict price stability.
    Keywords: extreme value theory, nonlinear models, skewness risk, monetary policy, third-order perturbation, simulated method of moments
    JEL: E4 E5
    Date: 2016
  100. By: Johan G. Andreasson; Pavel V. Shevchenko; Alex Novikov
    Abstract: In this paper, we develop an expected utility model for the retirement behavior in the decumulation phase of Australian retirees with sequential family status subject to consumption, housing, investment, bequest and government provided means-tested Age Pension. We account for mortality risk and risky investment assets, and introduce a health proxy to capture the decreasing level of consumption for older retirees. Then we find optimal housing at retirement, and optimal consumption and optimal risky asset allocation depending on age and wealth. The model is solved numerically as a stochastic control problem, and is calibrated using the maximum likelihood method on empirical data of consumption and housing from the Australian Bureau of Statistics 2009-2010 Survey. The model fits the characteristics of the data well to explain the behavior of Australian retirees. The key findings are the following: First, the optimal policy is highly sensitive to means-tested Age Pension early in retirement but this sensitivity fades with age. Secondly, the allocation to risky assets shows a complex relationship with the means-tested Age Pension that disappears once minimum withdrawal rules are enforced. As a general rule, when wealth decreases the proportion allocated to risky assets increases, due to the Age Pension working as a buffer against investment losses. Finally, couples can be more aggressive with risky allocations due to their longer life expectancy compared with singles.
    Date: 2016–06
  101. By: Amador, João; Nagengast, Arne J.
    Abstract: We show that credit supply shocks have a strong impact on firm-level as well as aggregate investment by applying the methodology developed by Amiti and Weinstein (2013) to a rich dataset of matched bank-firm loans in the Portuguese economy for the period 2005 to 2013. We argue that their decomposition framework can also be used in the presence of small firms with only one banking relationship as long as they account for only a small share of the total loan volume of their banks. The growth rate of individual loans in our dataset is decomposed into bank, firm, industry and common shocks. Adverse bank shocks are found to impair firm-level investment in all firms in our sample, but in particular for small firms and those with no access to alternative financing sources. For the economy as a whole, granular shocks in the banking system account for around 20-40% of aggregate investment dynamics.
    Keywords: Banks,Credit Dynamics,Investment,Firm-level data,Portuguese Economy
    JEL: E32 E44 G21 G32
    Date: 2016
  102. By: Ranaldo, Angelo; Rossi, Enzo
    Abstract: The Swiss Treasury has used the sealed-bid, uniform-price auction format for allocating government bonds since 1980. In this study, we examine the authorities’ motivation for choosing the uniform-price auction. In addition, we describe how the institutional set-up evolved over time. It includes bidding requirements, class of bidders, pre-auction information, the bidding process, the determination of the cut-off price and the release of post-auction information. Finally, we provide the details of each of the 356 auctions that were held until and including 2014.
    Keywords: Government Bonds, Treasury Auctions, Uniform-price Auction
    JEL: D44 G12 G20
    Date: 2016–03
  103. By: Sinha, Piyush Kumar; Uniyal, Dwarika Prasad
    Abstract: Store formats exist in three forms of convenience, variety and experience. Shopping involvement tends to change across these formats. This current study (a) establishes the role of store formats on shopping involvement, (b) understands the change in the nature of involvement as the shopper moves to an experience store from a variety or a convenience store format, and (c) measures shopping involvement as different from purchase involvement or purchase-decision involvement. A 3 X 3 factorial design was created using the three formats and three levels of extent of information search representing different buying decisions. Participant observations at different formats were carried out, which was followed by in-depth interviews to understand the motivations and gratifications with regard to shopping and store formats. A new scale to measure Shopping Involvement was developed as different from purchase and purchase – decision involvement. The study found that store formats impacted shopping involvement levels. The convenience format showed a lower level of involvement compared to other formats. However, there was no significant difference between the involvement levels of the variety store format and experience store format. The study showed that the expressive aspect of involvement became more prominent in experience store, while the functional involvement did not increase to the same extent. Shopping involvement in each of these formats also varied with the extent of information search. Retailers would benefit by adopting in-store activities that enhance involvement for the format used. They need to provide the correct type and amount of increase information to the shoppers for better shopping experience and building loyalty.
  104. By: Pestieau, Pierre; Ponthiere, Gregory
    Abstract: Due to the ageing process, the provision of long-term care (LTC) to the dependent elderly has become a major challenge of our epoch. But our societies are also characterized, since the 1970s, by a postponement of births, which, by raising the intergenerational age gap, can a¤ect the provision of LTC by children. In order to examine the impact of those demographic trends on the optimal policy, we develop a four-period OLG model where individuals, who receive children’s informal LTC at the old age, must choose, when being young, how to allocate births along their life cycle. It is shown that, in line with empirical evidence, early children provide more LTC to their elderly parents than late children, because of the lower opportunity cost of providing LTC when being retired. When comparing the laissez-faire with the long-run social optimum, it appears that individuals have, at the laissez-faire, too few early births, and too many late births. We then study, in …rst-best and second-best settings, how the social optimum can be decentralized by encourageing early births, in such a way as to reduce the social burden of LTC provision.
    Keywords: birth timing; childbearing age; family pol- icy; long term care; OLG models.
    JEL: E13 J13 J14
    Date: 2016–07
  105. By: Florence Crick; Katie Jenkins; Swenja Surminski
    Abstract: Multisectoral partnerships are increasingly being mentioned as a mechanism to deliver and improve disaster risk management. Yet, partnerships are not a panacea and more research is required to understand the role that they can play in disaster risk management and particularly in disaster risk reduction. In this paper, we investigate how partnerships can incentivise flood risk reduction by focusing on the UK public-private partnership on flood insurance. Developing the right flood insurance arrangements to incentivise flood risk reduction and adaptation to climate change is a key challenge. While expectations of the insurance industry have traditionally been high when it comes to flood risk management, the insurance industry alone will not provide the solution to the management of rising flood risks due to climate change and socio-economic development. In addition, faced with these risks insurance partnerships can no longer afford to focus only on the risk transfer function. The case of flood insurance in the UK illustrates these challenges: even national government and industry together cannot fully address these risks and other actors need to be involved to create strong incentives for risk reduction. Our paper investigates this for the specific issue of surface water flood risk in London. Using an agent-based model we investigate how other agents could strengthen the insurance partnership by maintaining affordable insurance premiums and reducing flood risk and test this for the new Flood Re scheme. Our findings are relevant for wider discussions on the potential of insurance schemes to incentivise flood risk management and climate adaptation not just in the UK but also internationally.
    Date: 2016–06
  106. By: Eva O. Arceo-Gómez (Division of Economics, CIDE); Raymundo M. Campos-Vázquez (Division of Economics, CIDE)
    Abstract: Jobs ads often narrow their searches using gender or age requirements. These narrow searches do not rule out the existence of post-application discrimination. We test for such biases using a correspondence experiment in Mexico City. Some job advertisements explicitly discriminated against males, females, asked for beauty or requested a photograph. The experiment consisted on sending fictitious resumes responding to job advertisements with randomized information of the applicants, which included photographs representing three distinct phenotypes: white, mestizo and indigenous. The two forms of discrimination are correlated: explicitly discriminating firms tend to discriminate more against indigenous-looking females and against married females.
    Keywords: Discrimination, Gender, Race, Labor marke, Mexico, Correspondence.
    JEL: I24 J10 J16 J70
    Date: 2015–06
  107. By: Ilias Anthopoulos (National and Kapodistrian University of Athens); Christos N.Pitelis (National and Kapodistrian University of Athens and University of Brunel London)
    Abstract: We analyse the nature, economic performance, impact and regulation of investment banking. Following a historical excursion, we discuss extant views on these issues, identify limitations and propose some political economy-based considerations that need to be incorporated into the analysis in order to obtain a better appreciation of the role and regulatory challenges of investment banking.
    Keywords: investment banking, performance, economic impact, regulation
    JEL: G24
  108. By: AfDB AfDB
    Date: 2016–06–30
  109. By: OECD
    Abstract: This paper contributes to a better understanding of the impact of global value chains (GVCs) on jobs and productivity by providing new evidence on employment embodied in value-added trade flows. Linking jobs data to the Trade in Value-Added (TiVA) indicators first highlights that a large share of employment in OECD and key partner countries relies on consumption taking place abroad and for most countries this share has increased between 1995 and 2011. There are differences across industries in the share of jobs embodied in exports but in all industries a majority of these jobs originates in the service sector. In almost all countries, the jobs embodied in exports are shifting towards high-skill and medium-skill occupations. Within GVCs, there is also a shift from employment in core manufacturing activities to employment in service support functions such as R&D, distribution, logistics, marketing, sales and customer services. The impact of GVCs on the number of people engaged in each industry is the combination of several factors but related to specialisation patterns and the evolution of productivity. In this assessment, it is important to look at the whole value chain and not to focus only on industries where GVCs are prevalent. Job creation in sectors less exposed to GVCs is the consequence of productivity gains in sectors the most integrated in GVCs.
    Keywords: productivity, trade, employment, trade in tasks, global value chains, occupations
    JEL: F16 F23 J24
    Date: 2016–07–07
  110. By: Raoul Minetti; Pierluigi Murro; Zeno Rotondi; Susan Chun Zhu
    Abstract: Using a unique sample of small and medium-sized Italian firms, we investigate the effect of financial constraints on firms participation in domestic and international supply chains. We find that firms more exposed to bank credit rationing and with weaker relationships with banks are more likely to participate in supply chains to overcome liquidity shortages. This benefit of supply chains is especially strong when firms forge ties with international trading partners and when they establish long-term relationships with large suppliers. To control for possible endogeneity of firms access to credit, we construct instruments capturing exogenous shocks to the structure of the Italian local banking markets.
    Keywords: Credit, Global Value Chains, nternationalization
    JEL: F10 G20 L23
    Date: 2016–07–12
  111. By: Felix Koelle (Faculty of Management, Economics and Social Sciences, University of Cologne)
    Abstract: We experimentally investigate spillover effects of affirmative action policies on team performance and the willingness to work in teams. We find that such policies in form of gender quotas do not harm performance and cooperation within teams, and do not discourage selection into teams.
    Keywords: Affirmative action, cooperation, competition, teams, selection, experiments
    Date: 2016–07
  112. By: Faruk, Balli; Eleonora, Pierucci
    Abstract: We investigate risk sharing channels across different economic sectors to quantify to what extent they contribute offsetting idiosyncratic shocks. We examine the two most relevant channels of smoothing among OECD and EU countries: the international investment income and the savings channels. We find that the households' share in net foreign asset income has a significant role in risk sharing. This surprising result is strictly related to the accumulation of households' foreign asset holdings. On the contrary, governments' cross-border holdings produce a dis-smoothing effect and this might be imputable to the holding of EU countries' assets. This outcome is reversed for the new EU countries in the post Global Financial Crisis (GFC) period. With regard to the savings channel, we find that governments significantly contribute to risk sharing, and more significantly after the inception of the GFC. Moreover, the dividend smoothing theory reconciles with the risk-sharing findings since corporations (in particular non financial) significantly smooth shocks through their savings, however their contribution to risk sharing is weak in the post-GFC era.
    Keywords: Risk sharing, savings, net factor income, economic sectors.
    JEL: F2 F21 F24 F41 F42
    Date: 2016–06
  113. By: Fiorillo, Damiano; Nappo, Nunzia
    Abstract: In this paper, we study the effect of formal and informal volunteering on self-perceived health across 9 European countries after controlling, amongst other things, for socio-economic characteristics, social and cultural participation. We employ the 2006 wave of EU-SILC for estimating recursive trivariate probit models with instrumental variables. Our results show that although formal and informal volunteering are correlated with each other, they have a different impact on health. Formal volunteering has a significant positive effect on self-perceived health in the Netherlands, but none in other countries. By contrast, informal volunteering has a significant negative effect on self-perceived health in Austria, Finland, France, the Netherlands, Spain, and Italy.
    Keywords: Self-perceived health, formal and informal volunteering, social and cultural participation, recursive trivariate probit model, European countries
    JEL: C3 D64 I1 P5 Z10
    Date: 2014
  114. By: Kareem, Fatima Olanike; Martinez-Zarzoso, Inmaculada; Brümmer, Bernhard
    Abstract: Non-tariff measures such as food safety standards are used to achieve the non-trade objective of protecting consumers’ health and safety. However, they can also be used as a trade protection tool to drive a price wedge between domestic and foreign producers. This study investigates the protectionist intent of EU food safety standards using a sample of EU food imported from African countries with a specific focus on tomatoes and citrus fruits. We formalize what protectionism is by comparing EU standards to the internationally scientific referenced benchmarks regulated jointly by both the Food and Agricultural Organization and the World Health Organization. Our results show that the EU tomato sector is less dependent on imports and is overprotected by more stringent standards relative to the international benchmarks. Conversely, we find that the EU orange and lime and lemon sectors are heavily import dependent and are under-protected relative to the international standards. These results largely support the hypothesis that heavily import dependent sectors are less protected.
    Keywords: Trade Protectionism, Non-tariff barriers, Food Safety Standards, Food exports, Agricultural and Food Policy, Health Economics and Policy, International Development, International Relations/Trade, Political Economy, F13, F14, L15, P16, Q17, Q18,
    Date: 2016–07
  115. By: LaGarda, Guillermo; Manzano, Osmel; Prat, Jordi
    Abstract: The region comprising Central America, Panama and Dominican Republic is on path towards a favorable economic environment, characterized by higher growth in the United States (its main trade partner), lower oil prices, and still low financing costs. This environment represents a window of opportunity for the region to overcome the vulnerabilities inherited from the financial crisis and assure long-term growth. The first legacy of the crisis has been higher public debt, which in turn raised risks of deteriorating credit quality. The second legacy involves higher external flows, which had lead to greater financial complexity and created new channels of contagion. This report identifies risks and lays forward guidelines to mitigate them. In addition, it further illustrates how a deterioration in the external environment can generate lower growth prospects for the region, emphasizing the importance of advancing with the aforementioned reforms. - See more at: 19/6821#sthash.6zIWwBoC.dpuf
    Keywords: public debt, creditworthiness, economic fundamentals, structural reforms, debt tolerance, fiscal space, financing flows, networks, financial complexity, concentration of flows, contagion, macroprudential regulation, oil prices, growth.
    JEL: E0 E01 E62 E66 F3 G17 G2 G38 H3 H30 H5 H6 H60
    Date: 2015–01
  116. By: Luigi Bernardi (Università di Pavia)
    Abstract: At first glance, it would seem that in recent years the tax changes adopted by EU Member States have diverged from the European Commission’s tax policy recommendations. Member States generally appear to go no further than making minor changes to existing tax rules. The Commission, on the other hand, recommends far broader reforms designed to help tax systems meet the challenges raised by the current economic crisis. Therefore, the purpose of this paper is to monitor this situation, and to offer an overall picture of the 2014-2015 tax changes made by European Union Member States. Furthermore, we shall be discussing the EU’s 2015 tax policy recommendations to Member States. By doing so we are in a position to affirm that the said divergence appears to exist, and we offer a number of observations regarding this result.
    Keywords: Tax reforms, European Union, 2014-2015
    JEL: H20 H24 H29
  117. By: Brennan S. Thompson (Department of Economics, Ryerson University); Matthew D. Webb (Department of Economics, Carleton University)
    Abstract: In this paper, we utilize a recently-proposed graphical procedure to show how multiple treatments can be compared while controlling the familywise error rate (the probability of finding one or more spurious differences between the parameters of interest). Monte Carlo simulations suggest that this procedure adequately controls the familywise error rate in finite samples, and has average power nearly identical to a max-$T$ procedure. We demonstrate the flexibility of our proposed approach using two different empirical examples.
    Keywords: multiple comparisons; familywise error rate; treatment effects; bootstrap
    Date: 2015–01
  118. By: Taylor D. Nadauld; Berk A. Sensoy; Keith Vorkink; Michael S. Weisbach
    Abstract: An important cost of investing in private equity is the illiquidity of these investments. In response to this illiquidity, a secondary market for transacting stakes in private equity funds has developed. This paper uses proprietary data from a leading intermediary to understand the magnitude and determinants of transaction costs in this market. Most transactions occur at a discount to net asset value. Buyers average an annualized Public Market Equivalent (PME) of 1.023 compared to 0.974 for sellers, implying that buyers outperform sellers by a market-adjusted five percentage points annually. For the most common type of transaction, the sale of stakes in funds four to nine years old, the difference is smaller, about three percentage points. Both the discount to NAV and the difference in returns between buyers and sellers returns appear to be related to factors associated with asymmetric information and market depth. Buyers in this market tend to be funds-of-funds, while sellers are more likely to be traditional private equity investors such as endowments and pension funds.
    JEL: G11 G23 G24
    Date: 2016–07
  119. By: Bernd Hayo (University of Marburg); Florian Neumeier (University of Marburg)
    Abstract: In this paper, we utilise data from a German population survey to test the validity of the Ricardian equivalence theorem (RET). In 2013, 2,000 representatively chosen people were asked whether they have altered their consumption and saving behaviour in response to the significant increase in public debt that occurred between 2008 and 2012. Our findings suggest that, in general, RET does not hold. Only 7% of our respondents state that they consume a smaller proportion of their income and save a larger proportion in response to public debt accumulation. Moreover, using multinominal logit regressions, we find that individuals’ consumption responses are significantly related to their economic situation, time preferences, education, and age.
    Keywords: Ricardian equivalence; public debt; private consumption; private saving; survey; Germany
    JEL: D12 D91 E21 H31
    Date: 2016
  120. By: Roberto Álvarez; Jaime Ruiz-Tagle
    Abstract: Este trabajo explora el impacto de la alfabetización financiera sobre el acceso a deuda, los niveles de endeudamiento y la morosidad de los hogares en Chile. Se encuentra que los niveles de alfabetización financiera son relativamente bajos en los hogares chilenos. Consistente con lo encontrado en estudios previos, los grados de alfabetización financiera tienden a ser menores en los jóvenes y adultos mayores, en las mujeres, en los individuos menos educados, y en los segmentos de menores ingresos. Los resultados econométricos revelan que mayor alfabetización financiera eleva la probabilidad de acceder a deuda, tanto bancaria como en casas comerciales. No obstante, no se encuentra que alfabetización financiera esté asociada significativamente a menores niveles de endeudamiento y morosidad de los hogares.
    Date: 2016–07
  121. By: AfDB AfDB
    Date: 2016–06–30
  122. By: Jim O‘Neill; Alessio Terzi
    Abstract: 摘要 2008年金融危机期间,G20集团匆匆升格为“全球经济指导委员会”。 在危机的初期,G20集团是个有效遏制危机的组织。 随着危机的减缓,G20集团方向既迷,动力亦失。各国政要认为不必再全力一致行动,转而关注各自的国内要务,他们认为,这才他们的职责所在。 其实,有效的全球管理是长期的需要,并不仅限于危机期间。 我们需要的是一种更具代表性更有效的全球管理机制,来预防危机而不仅仅是对危机作出反应。 在一个全球贸易和财富创造模式快速变化的环境下,在G20集团框架内应设立一个具有高度代表性、以指导经济政策关键事务为己任的新组织。 欧元区各成员国应该放弃他们在G7+集团内的国别席位,让位给中国和其他大型新兴经济体。 若欧元区国家不能采取这一步骤,那么新的G7+集团中也无法协调有效性和代表性之间的关系。 而正是新的G7+集团将负责对全球经济失衡、金融和货币等议题进行决策。 所有现任G20集团国家(包括欧元区各国)仍将留在G20集团内,它甚至还可扩大,但 仍将是一个讨论所有其他全球事务的主要论坛。
    Date: 2014–11
  123. By: Brinca, Pedro (Nova School of Business and Economics); Chari, V. V. (Federal Reserve Bank of Minneapolis); Kehoe, Patrick J. (Federal Reserve Bank of Minneapolis); McGrattan, Ellen R. (Federal Reserve Bank of Minneapolis)
    Abstract: We elaborate on the business cycle accounting method proposed by Chari, Kehoe, and McGrattan (2007), clear up some misconceptions about the method, and then apply it to compare the Great Recession across OECD countries as well as to the recessions of the 1980s in these countries. We have four main findings. First, with the notable exception of the United States, Spain, and Ireland, the Great Recession was driven primarily by the efficiency wedge. Second, in the Great Recession, the labor wedge plays a dominant role only in the United States, and the investment wedge plays a dominant role in Ireland and Spain. Third, in the recessions of the 1980s the labor wedge played a dominant role only in Denmark and the United Kingdom. Finally, overall in the Great Recession the efficiency wedge played a much more important role and the investment wedge played a much less important role than they did in the recessions of the 1980s.
    Keywords: Business cycle accounting; Great Recession; 1982 recession
    JEL: E60 E61 G28 G33
    Date: 2016–06–28
  124. By: Quang-Hoi Vu; Thu Trang Vuong; Quan-Hoang Vuong
    Abstract: The notions of entrepreneurship and creativity in developed economies, despite having gained attention among researchers, remain embryonic in numerous emerging economies. Being focused on entrepreneurs in a typical transitional and emerging market economy, Vietnam, this paper aims to empirically explore the influence that past entrepreneurial efforts may exert on the perceptions of entrepreneurs about their own creativity performance. The study also seeks to understand how entrepreneurs social networks contribute to perceived creativity capacity by entrepreneurs who participate in those societies. The empirical research results suggest that entrepreneurs with business experience and active networking engagement are more likely to believe in their own creativity. This knowledge and insights in turn offer some implications for addressing the lack of radical creativity among Vietnamese entrepreneurs.
    Keywords: Creativity/innovation; entrepreneurship; emerging economy; Vietnam
    JEL: M13 O33 P21 P27
    Date: 2016–07–08
  125. By: Anonymous
    Abstract: This publication is a list of books, chapters, journal articles, staff papers, The Center for International Food and Agricultural Policy publications, International Science & Technology Practice & Policy Center papers, miscellaneous monographs, Center for Farm Financial Management papers, miscellaneous Extension publications, popular press articles, op-ed articles, speeches and unpublished papers, computer software, web pages, abstracts and book reviews and theses authored by members of the University of Minnesota Department of Applied Economics in 2014.
    Keywords: Teaching/Communication/Extension/Profession,
    Date: 2016–06
  126. By: Rajesh K Rai; Priya Shyamsundar; Laxmi Dutt Bhatta; Mani Nepal
    Abstract: This study was undertaken in the Sardukhola sub-watershed of eastern Nepal to illustrate how local policy instruments can be used to supplement government water supply. We discuss a strategy for using Payments for Ecosystem Services (PES) to meet water demand in Dharan Municipality in Nepal. A rigorous process was followed in designing the PES scheme. Following focus group discussions, a Choice Experiment was carried out to determine the preferences of municipal water users. In addition, upstream households were interviewed to understand their requirements to participate in a watershed management program. Finally, we used a series of formal and informal stakeholder consultations to help validate household survey findings and develop an institutional framework for implementing PES. Our analysisindicates that water quality is the most important attribute preferred by water users and that upstream households require incentives to decrease domestic livestock grazing, change agricultural practices and reduce open defecation. Results suggest that developing a PES scheme would be socially acceptable and financially feasible and may contribute to a flow of USD 118,000 per year from water users for watershed management. In concurrence with local stakeholders, we propose a tri-partite institutional structure to implement PES. We note that a national PES policy would make it easier to initiate such integrated and market-oriented approaches for enhancing drinking water supply.
    Keywords: Choice experiment, willingness-to-pay, water quality, water users, upstream, watershed management
  127. By: Khosroshahi, Saeideh Saedi
    Keywords: Consumer/Household Economics, Environmental Economics and Policy, Resource /Energy Economics and Policy,
    Date: 2016–02
  128. By: Vasilev, Aleksandar
    Abstract: In this paper, an econometric model of consumption in Bulgaria for the period 1997-2005 is constructed. The Error-Correction Model (ECM) approach is employed and long-run relationship between household consumption and income was found. The primary purpose of this empirical paper is to get a better understanding of the factors driving household consumption in Bulgaria and to estimate a consumption function to be used for medium-term forecasting. It is shown that all households behave in a Keynesian way, basing their consumption decisions on current income.
    Keywords: Keynesian consumption function,Error-correction model
    JEL: E21 E27
    Date: 2015
  129. By: Memmel, Christoph; Seymen, Atılım; Teichert, Max
    Abstract: We investigate German banks' exposure to interest rate risk. In finance, higher demand for a risky asset is typically associated with higher expected return. However, employing a utility function which implies both risk-averse and risk-seeking behavior depending on the level of profits, we show that this relationship may get weaker and even change its sign at low profit levels. For the period 2005-2014, we find not only the common positive relationship of higher expected returns and rising interest rate exposure but also that this relationship does become weaker with falling operative income, its sign eventually changing.
    Keywords: banks' risk taking,exposure to interest rate risk,low interest rate environment
    JEL: G11 G21
    Date: 2016
  130. By: Fuad Aleskerov; Andrey Subochev
    Abstract: A unified matrix-vector representation is developed of such solution concepts as the core, the uncovered, the uncaptured, the minimal weakly stable, the minimal undominated, the minimal dominant and the untrapped sets. We also propose several new versions of solution sets.
    Date: 2016–07
  131. By: Gassmann, Franziska (UNU‐MERIT, Maastricht University); Francois, Daphne (UNU‐MERIT, Maastricht University); Zardo Trindade, Lorena (Center for Social Policy Herman Deleeck, University of Antwerp)
    Abstract: Aside from providing income support to individuals in dire situations, social welfare benefits may unintentionally influence labour decisions, such as whether or not to take up a job, how many hours to work and which type of work to opt for. This paper investigates the relationship between social welfare benefits and labour market outcomes, measured by labour market participation and work intensity for women and men in Mongolia. Mongolia has an extensive system of social welfare benefits, which are mainly allocated based on categorical criteria, and the country suffers from relatively low labour market participation. The empirical analysis uses data from the 2012 Mongolian Household Socio-economic Survey and applies standard regression analysis and quasi-experimental methods. The paper pays particular attention to women since - in spite of the fact that their level of education is similar to that of men - their labour market participation is considerably lower compared to men. The results of the analysis indicate that social welfare receipt does not affect the labour market participation of men, but it has a negative impact on women. In terms of hours worked, men in beneficiary households tend to work more hours, while women work fewer hours if they are social welfare recipients.
    Keywords: social welfare benefits, labour market participation, Mongolia
    JEL: I38 J22
    Date: 2016–06–03
  132. By: Koen Tackx; Ludo Van der Heyden; Paul Verdin
    Abstract: The ‘strategy creation’ process – the process of formulating and implementing strategy – has been under critical study for decades for not delivering the desired results. The discussion on how a strategy process should be run has resulted in a number of ‘strategy schools’.Procedural justice theory is relevant to this discussion. It states that when people impacted by a process consider the process as ‘fair’ they demonstrate a higher level of trust and commitment, and performance increases. This article evaluates the extent to which traditional ‘strategy schools’ comply with the tenets of procedural justice theory and highlight the non-compliance with these tenets for each of these schools. We then propose a new strategy process model which has a greater fair process dimension than any of the more traditional ‘strategy schools’ and as such offers the potential to bring greater effectiveness to the strategy process.
    Keywords: Procedural Justice; Fair Process; Strategy Formulation; Strategy Implementation; Strategy Schools; Change Management
    JEL: M30 M31 M37 L21
    Date: 2016–07–05
  133. By: Asian Development Bank (ADB); Asian Development Bank (ADB) (Southeast Asia Department, ADB); Asian Development Bank (ADB) (Southeast Asia Department, ADB); Asian Development Bank (ADB)
    Abstract: Indonesia has achieved an impressive 84% electrification ratio, but faces significant challenges in reaching the remaining 16% of its households. This report describes Indonesia’s electrification environment and identifies barriers to achieving universal electricity access. Principles drawn from international best practices such as government commitment, enabling institutional environments, adequate and sustainable financing, and stakeholder coordination are discussed in the context of Indonesia’s energy sector. The report gives recommendations for establishing service standards, streamlining financing, setting appropriate targets, and monitoring and evaluation, as well as near-term steps to help achieve universal electricity access.
    Keywords: adb, asian development bank, asdb, asia, pacific, poverty asia, indonesia, indonesia electrification, electricity access, electrification ratios, SII, energy services, rural electrification, energy access, financing electricity access, lisdes, listrik pedesaan, sumba iconic island initiative, ta 8287-ino
    Date: 2016–03
  134. By: Alcaraz Carlo; Villavazo Martin Sergio
    Abstract: The Mexican economy experienced a shortage of natural gas from the second quarter of 2012 through the second half of 2013. In order to deal with this problem, the state-owned national supplier of natural gas (Pemex) implemented a system that restricts the amount of natural gas used by the manufacturing sector. With this information, we have constructed a "shortage index" that represents the percentage of natural gas restricted per month in each region. We quantify the effect of natural gas shortages on the manufacturing sector and the GDP using a panel data model with state and time fixed effects. We estimate that the natural gas shortage reduced the Mexican GDP annual growth rate by 0.28 percentage points in the second quarter of 2013.
    Keywords: Public Economy
    JEL: D24 H40 O14
    Date: 2016–06
  135. By: Darolia, Rajeev (Federal Reserve Bank of Philadelphia)
    Abstract: There is ample concern that college students are making ill-informed student loan decisions with potentially negative consequences to themselves and the broader economy. This paper reports the results of a randomized field experiment in which college students are provided salient information about their borrowing choices. The setting is a large flagship public university in the Midwest, and the sample includes all nongraduating students who previously borrowed student loan money (~10,000 students). Half of the students received individually tailored letters with simplified information about future monthly payments, cumulative borrowing, and the typical borrowing of peers; the other half is the control group that received no additional information. There are at most modest effects of the letter overall, which suggests that information alone is not sufficient to drive systematically different borrowing choices among students. However, some key student subgroups changed their borrowing in response to the letter, particularly those with low GPAs. There is also evidence of intended (more contact with financial aid professionals) and unintended (lower Pell Grant receipt) consequences of the letter.
    Keywords: Student Loans; Debt Letter; Financial Literacy; Payment Cards Center;
    JEL: D83 H52 I22 I28
    Date: 2016–06–01
  136. By: Igor Fedotenkov (Bank of Lithuania)
    Keywords: labour shares, population ageing, CES production function
    JEL: E25 C51 J14
    Date: 2016–07–01
  137. By: Carolyn Chisadza and Manoel Bittencourt; Manoel Bittencourt
    Abstract: We investigate the effects of different socioeconomic indicators on fertility rates in 48 sub-Saharan African countries between 1970 and 2012. The results, based on panel analysis with fixed effects and instrumental variables, show that initially income per capita and infant mortality explain a signiÂ…cant part of the fertility decline in the region. However, the introduction of technology as an instrument augments the effect of education in reducing fertility. The results also provide signiÂ…cant evidence for fertility declines through increased female education. These results support empirical evidence of the uniÂ…ed growth theory which emphasises the role of technology in raising the demand for education and bringing about a demographic transition during the Post-Malthusian period.
    Keywords: Fertility, Sub-Saharan Africa
    JEL: I25 J13 O55
    Date: 2016
  138. By: Lopamudra Chakraborti (Division of Economics, CIDE); Michael Margolis (Division of Economics, CIDE); José Jaime Sainz Santamaria (Division of Economics, CIDE)
    Abstract: This paper provides the first, direct evidence that poorer communities in Mexico are associated with higher toxics pollution releases. We utilize previously unused, self-reported, plant-level annual database (from 2004 to 2012) and socioeconomic characteristics of the nearby population from the 2000 Census. Our measure of "Prosperity" is linked ot both a lower probability of toxic discharges into water as well as lower levels of averange releases. In addition, we find that at the bottom quintile of the "Prosperity" distribution, the predicted probability that a plant discharges in the fouth quartile of the pollution distribution is somewhat higher (28%) than for the first quartile of pollution. This negative association is consistent with two related findings that also indicate environmental justice concerns. A one prosperity point increase results in plants cleaning up i.e. reducing their toxic releases by as much as 10%. This order of magnitude is valid irrespective of the initial pollution levels reported by plants. Second, it is also linked with a 0.1% reduction in the probability of inaccurate reporting. Lastly, some evidence is found on changes in socioeconomic status indicator linked to decline in pollution.
    Keywords: industrial pollution, local income and unemployment effects, informal regulation, environmental justice, community pressure, toxic releasis in Mexico
    JEL: Q52
    Date: 2016–02
  139. By: Kevin J. Mumford
    Abstract: Gross domestic product (GDP) and household income measures provide invaluable metrics of economic activity in an economy, but they tell us little about the sustainability of the economic trends. National wealth accounting can be utilised to determine the size of the underlying productive base, which provides insight into the sustainability of economic activities and indicates the potential for intergenerational well-being. An empirical methodology was developed to measure wealth and then used to analyse multiple Asian countries. A common theme found across the Asian countries was the depletion of natural capital (forests, minerals and energy) and the development of human and produced capital. A strong correlation between growth in GDP per capita and wealth per capita was also found, but there are instances of GDP growth and wealth growth having different signs.
    Keywords: wealth accounting, sustainability, economic policy, intergenerational
    Date: 2016–07–01
  140. By: Cagri S. Kumru (The Australian National University); John Piggott (The University of New South Wales); Athanasios C. Thanopoulos (University of Athens)
    Abstract: This study analyzes the relative performance in terms of welfare of the current U.S. PAYG system compared to an array of cost equivalent alternative specifications of means-tested pension programs. We conduct our analysis under two different settings. While in the first setting, individuals have standard preferences, in the second setting individuals have self-control preferences. We show that the implications of the reform substantially differs across the two settings.
    Date: 2015–11
  141. By: Thiago Christiano Silva; Benjamin Miranda Tabak; Solange Maria Guerra
    Abstract: We compare two widely employed models that estimate systemic risk: DebtRank and Differential DebtRank. We show that not only network cyclicality but also the average vulnerability of banks are essential concepts that contribute to widening the gap in the systemic risk estimates of both approaches. We find that systemic risk estimates are the same whenever the network has no cycles. However, in case the network presents cyclicality, then we need to inspect the average vulnerability of banks to estimate the underestimation gap. We find that the gap is small regardless of the cyclicality of the network when its average vulnerability is large. In contrast, the observed gap follows a quadratic behavior when the average vulnerability is small or intermediate. We show results using an econometric exercise and draw guidelines both on artificial and real-world financial networks
    Date: 2016–06
  142. By: Christina Bannier; Eberhard Feess; Natalie Packham; Markus Walzl
    Abstract: This paper examines the effect of imperfect labor market competition on the efficiency of compensation schemes in a setting with moral hazard and risk-averse agents, who have private information on their productivity. Two vertically differentiated firms compete for agents by offering contracts with fixed and variable payments. The superior firm employs both agent types in equilibrium, but the competitive pressure exerted by the inferior firm has a strong impact on contract design: For high degrees of vertical differentiation, i.e. low competition, low-ability agents are under-incentivized and exert too little effort. For high degrees of competition, high-ability agents are over-incentivized and bear too much risk. For a range of intermediate degrees of competition, however, agents' private information has no impact and both contracts are second-best. Interim efficiency of the least-cost separating allocation in the inferior firm is a sufficient condition for equilibrium existence. If this is violated, there can only be equilibria where the inferior firm ''overbids'', i.e. where it would not break even when attracting both agent types. Adding horizontal differentiation allows for pure-strategy equilibria even when there would be no equilibrium without overbidding in the pure vertical model, but equilibria with overbidding fail to exist.
    Keywords: Incentive compensation, screening, imperfect labor market competition, vertical differentiation, horizontal differentiation, risk aversion
    JEL: D82 D86 J31 J33
    Date: 2016–07
  143. By: Benjamin K. Sovacool
    Abstract: According to some definitions, an energy transition refers to the time that elapses between the introduction of a new primary energy source, or prime mover, and its rise to claiming a substantial share of the overall market. According to one academic view, energy transitions take an incredibly long time to occur. Another view argues the opposite. It suggests that there have been many transitions at varying scales that have occurred quite quickly.that is, between a few years and a decade or so, or within a single generation. This paper holds that both sides are partly right, and partly wrong. After presenting evidence in support of either thesis, it elucidates four lessons for energy analysts and policy makers. Keywords: energy transitions, energy pathways, transition pathways, energy security
    Date: 2016
  144. By: I. Anthopoulos (University of Athens); C. Pitelis (University of Brunel and University of Athens); C. Liakou (University of Athens)
    Abstract: We analyse the nature and economic performance of sovereign wealth funds (SWFs). Following a historical excursion, we discuss extant views on the nature, performance, economic impact and regulation of SWFs. Following these we pinpoint some limitations and outline some elements of a political economy-based conceptual framework, required for a more comprehensive appreciation of the issue.
    Keywords: sovereign wealth funds, performance, economic impact, regulation
    JEL: G10 G12 G20
    Date: 2016–01–01
  145. By: -
    Abstract: Este primer informe nacional de monitoreo de la eficiencia energética de la República del Paraguay y la base de datos que le da origen constituyen una herramienta de gran utilidad para sensibilizar a las autoridades nacionales en el tema de la eficiencia energética. Representa además un poderoso instrumento análitico para identificar sectores y subsectores con altos potenciales de ahorro energético y focalizar los presupuestos, políticas y programas hacia tales actividades.
    Date: 2016–06
  146. By: Galama, Titus; van Kippersluis, Hans
    Abstract: This paper presents a unified theory of human capital with both health capital and, what we term, skill capital endogenously determined within the model. By considering joint investment in health capital and in skill capital, the model highlights similarities and differences in these two important components of human capital. Health is distinct from skill: health is important to longevity, provides direct utility, provides time that can be devoted to work or other uses, is valued later in life, and eventually declines, no matter how much one invests in it (a dismal fact of life). Lifetime earnings are strongly multiplicative in skill and health, so that investment in skill capital raises the return to investment in health capital, and vice versa. The theory provides a conceptual framework for empirical and theoretical studies aimed at understanding the complex relationship between education and health, and generates several new testable predictions.
    Keywords: health investment, lifecycle model, human capital, health capital, optimal control
    JEL: D91 I10 I12 J00 J24
    Date: 2015–03
  147. By: Piggins, Ashley; Duddy, Conal
    Abstract: The assumption that the social preference relation is complete is demanding. We distinguish between “hard” and “soft” incompleteness, and explore the social choice implications of the latter. Under soft incompleteness, social preferences can take values in the unit interval. We motivate interest in soft incompleteness by presenting a version of the strong Pareto rule that is suited to the context of a [0, 1]-valued social preference relation. Using a novel approach to the quasi-transitivity of this relation we prove a general oligarchy theorem. Our framework allows us to make a distinction between a “strong” and a “weak” oligarchy, and our theorem identifies when the oligarchy must be strong and when it can be weak. Weak oligarchy need not be undesirable.
    Keywords: Oligarchy; Gibbard’s theorem; Incompleteness; Max-star transitivity
    JEL: D71
    Date: 2016
  148. By: Maestas, Nicole; Mullen, Kathleen J.; Strand, Alexander
    Abstract: This paper reports research on the Social Security Disability Insurance (SSDI) program, which is designed to provide income to support workers who become unable to work because of a severe, long-lasting disability. The research used administrative data to estimate the effect of labor market conditions, as measured by the unemployment rate, on the number of SSDI applications, the number and composition of initial allowances and denials, and the timing of applications relative to disability onset. The authors analyzed the period of the Great Recession, and compare this period with business cycle effects over the past two decades, from 1992 through 2012. The analysis isolates the quantity and composition of applicants who are induced to apply for SSDI benefits when labor market opportunities decline, and therefore provides important new evidence about the group for whom SSDI application is a substitute for labor force participation, and their impact on the SSDI program.
    Date: 2015–02
  149. By: Sven Rudolph; Toru Morotomi
    Abstract: While the Paris COP21 Agreement blazes the trail for global climate policy, bottom-up market-based initiatives like the Tokyo Metropolitan Government Emissions Trading Scheme (TMG ETS) are still valuable supplements. The program has just finished its first compliance period: It’s high time for an interim evaluation.
    Date: 2016–05
  150. By: Mauricio Contreras; Rely Pellicer; Marcelo Villena
    Abstract: We study the structure of a simple dynamic optimization problem consisting of one state and one control variable, from a physicist's point of view. By using an analogy to a physical model, we study this system in the classical and quantum frameworks. Classically, the dynamic optimization problem is equivalent to a classical mechanics constrained system, so we must use the Dirac method to analyze it in a correct way. We find that there are two second-class constraints in the model: one fix the momenta associated with the control variables, and the other is a reminder of the optimal control law. The dynamic evolution of this constrained system is given by the Dirac's bracket of the canonical variables with the Hamiltonian. This dynamic results to be identical to the unconstrained one given by the Pontryagin equations, which are the correct classical equations of motion for our physical optimization problem. In the same Pontryagin scheme, by imposing a closed-loop $\lambda$-strategy, the optimality condition for the action gives a consistency relation, which is associated to the Hamilton-Jacobi-Bellman equation of the dynamic programming method. A similar result is achieved by quantizing the classical model. By setting the wave function $\Psi(x,t) = e^{iS(x,t)}$ in the quantum Schr\"odinger equation, a non-linear partial equation is obtained for the $S$ function. For the right-hand side quantization, this is the Hamilton-Jacobi-Bellman equation, when $S(x,t)$ is identified with the optimal value function. Thus, the Hamilton-Jacobi-Bellman equation in Bellman's maximum principle, can be interpreted as the quantum approach of the optimization problem.
    Date: 2016–07
  151. By: Willman, Paul (London School of Economics); Bryson, Alex (University College London); Forth, John (National Institute of Economic and Social Research (NIESR))
    Abstract: This paper looks at the financial resources of trades unions in the UK, both updating previous work and attempting to understand the management of first and second order collective action problems. First order problems refer to the problems of initiating collective action and second order problems refer to the management of collective action organisations. Unions are 'cost disease' organisations in which expenditure outstrips inflation but revenue may not. Their economic model cannot survive without some form of external subsidy. Both aggregate and case study data – from the largest UK union, Unite – are presented to illustrate the cost disease problem and to suggest options for its management.
    Keywords: trade unions, collective action
    JEL: J51
    Date: 2016–07
  152. By: Ben Fine (School of Oriental and African Studies, University of London); Alfredo Saad-Filho (School of Oriental and African Studies, University of London); Kate Bayliss (School of Oriental and African Studies, University of London); Mary Robertson (The University of Leeds)
    Abstract: This paper examines the theories and practices of neoliberalism drawing upon five case studies of housing and water across Poland, Portugal, South Africa, Turkey and the United Kingdom. This examination ranges across thirteen aspects of (‘things you need to know about’) neoliberalism. They include the argument that neoliberalism is not reducible to a cogent ideology or a change in economic or social policies, nor is it primarily about a shift in the relationship between the state and the market or between workers and capital in general, or finance in particular. Instead, neoliberalism is a stage in the development of capitalism underpinned by financialisation. Neoliberalism is highly diversified in its features, impact and outcomes, reflecting specific combinations of scholarship, ideology, policy and practice. In turn, these are attached to distinctive material cultures giving rise to the (variegated) neoliberalisation of everyday life and, at a further remove, to specific modalities of economic growth, volatility and crisis. Finally, this paper argues that there are alternatives, both within and beyond neoliberalism itself.
    Keywords: financialisation, neoliberalism, housing, water, capitalism
    JEL: H4 L95 R31 R38 P16 P1 P10
    Date: 2016–04–30
  153. By: Schneider, Tim; Meub, Lukas; Bizer, Kilian
    Abstract: Markets for expert services are characterized by information asymmetries between experts and consumers. We analyze the effects of consumer information, where consumers suffer from either a minor or serious problem and only experts can infer the appropriate treatment. Consumer information is a noisy signal that is informative about a consumer's problem severity. In a laboratory experiment, we show that consumers are generally reluctant to accept expensive treatment recommendations, which is endorsed by good signals and fundamentally changed by bad signals. Experts condition their cheating on a consumer's risk of suffering from a serious problem if they can observe consumer information. Accordingly, experts and low-risk consumers benefit at the expense of more frequently cheated high-risk consumers. Consumer information leads to more appropriate treatments being carried out and thus superior overall welfare. In contrast to our theoretical predictions, this effect does not depend on hiding consumer information for experts.
    Keywords: consumer information,credence goods,experts,laboratory experiment
    JEL: C70 C91 D82
    Date: 2016
  154. By: Philippe Bacchetta; Kenza Benhima; Yannick Kalantzis
    Abstract: In this paper we analyze the implications of a persistent liquidity trap in a monetary model with asset scarcity and price exibility. We show that a liquidity trap leads to an increase in cash holdings and may be associated with a long-term output decline. This long-term impact is a supply-side effect that may arise when agents are heterogeneous. It occurs in particular with a persistent deleveraging shock, leading investors to hold cash yielding a low return. Policy implications differ from shorter-run analyses. Quantitative easing leads to a deeper liquidity trap. Exiting the trap by increasing expected inflation or applying negative interest rates does not solve the asset scarcity problem.
    Keywords: Zero lower bound; liquidity trap; asset scarcity; deleveraging
    JEL: E40 E22 E58
    Date: 2016–06
  155. By: Alexander Rubchinsky
    Abstract: An algorithm of solution of the Automatic Classification (AC for brevity) problem is set forth in the paper. In the AC problem, it is required to find one or several artitions, starting with the given pattern matrix or dissimilarity, similarity matrix.
    Date: 2016–07
  156. By: Henrekson, Magnus (Research Institute of Industrial Economics (IFN)); Stenkula, Mikael (Research Institute of Industrial Economics (IFN))
    Abstract: The surplus that is created in a successful entrepreneurial venture is much higher than the profit corresponding to the risk-adjusted market rate of return. The part of the surplus that exceeds this level may be enoted “entrepreneurial rent.” Such rents normally disappear in the long run but so-called isolating mechanisms ensure that these rents persist in the short or medium run. Entrepreneurial rents arise when successful entrepreneurship is exercised and entrepreneurial firms create and successfully commercialize something new and unique. The presence of and search for entrepreneurial rents is a prerequisite for the innovations and structural change required to generate economic growth. High ex post compensation for successful entrepreneurship cannot be taxed harshly without affecting entrepreneurs’ willingness to supply effort.
    Keywords: Entrepreneurship; Economic rent; Entrepreneurial rent; Innovation; Imitation
    JEL: D51 J30 L26 O31
    Date: 2016–06–16
  157. By: Christopher McDonald; Craig Thamotheram; Shaun P. Vahey; Elizabeth C. Wakerly
    Abstract: We consider the fundamental issue of what makes a “good” probability forecast for a central bank operating within an inflation targeting framework. We provide two examples in which the candidate forecasts comfortably outperform those from benchmark specifications by conventional statistical metrics such as root mean squared prediction errors and average logarithmic scores. Our assessment of economic significance uses an explicit loss function that relates economic value to a forecast communication problem for an inflation targeting central bank. We analyse the Bank of England’s forecasts for inflation during the period in which the central bank operated within a strict inflation targeting framework in our first example. In our second example, we consider forecasts for inflation in New Zealand generated from vector autoregressions, when the central bank operated within a flexible inflation targeting framework. In both cases, the economic significance of the performance differential exhibits sensitivity to the parameters of the loss function and, for some values, the differentials are economically negligible.
    Keywords: Forecasting inflation, Inflation targeting, Cost-loss ratio, Forecast evaluation, Monetary policy
    Date: 2016–06
  158. By: Dana Gabriela SISEA (Faculty of Economics, Ecological University of Bucharest)
    Abstract: The Romanian banking system, though under multiple layout characterized positive (capitalization, monitoring, regulation, solvency, risk factors, etc.), is involved in solving some major problems and in direct connection with the sides of his qualitative. Problems with positive impact on the work of the domestic banking system, customize under different aspect, between which: natural factors, they have generated, the directions in which action must be taken and the strategies imposed by the identification of solutions to solve each problem. Of these factors, the generator problem in the banking business, presents the importance. Many high-risk problems for the banking business are attributable to internal factors, management, management, regulation and monitoring of activities, methods for carrying out financial intermediation operations. Due to internal factors, banking entities are faced with significant problems, such as delays in the resumption of crediting in foreign currency lending priority (especially in CHF), the share of bad loans (most of them outsourced), lack of credibility towards consumers, etc. In regards to the problems stemming from external factors, they may be, in essence: financial disintermediation, delays in application of regulations the concurring with the new European vision in the field of banking activity, etc. Essential aspects relating to issues impacting the banking activity shall be entered in the following.
    Keywords: financial disintermediation, foreign liabilities, external financing lines, subprime loans, digitization of banking services
    JEL: E44 G32 H81
    Date: 2015–11
  159. By: Audrey Laporte; Adrian Rohit Dass; Brian S. Ferguson
    Keywords: Arellano-Bond, dynamic panel
    JEL: C23 I12
    Date: 2016–07
  160. By: Yishen Liu; Yao Pan
    Abstract: This paper investigates the net impact of birth control policy in China on educational attainment of the partially excluded ethnic minorities. Exploring county-level variation in the value of fines levied for unsanctioned births, we show that more stringent enforcement of the birth control policy reduces educational attainment of urban ethnic minorities. Suggestive evidence shows this negative impact is likely to reflect the spillover effect from improved quality of ethnic majority children. For rural ethnic minorities, however, the level of enforcement of the birth control policy does not significantly affect education. The documented negative impact on education of urban ethnic minorities, combined with the improved quality found for both rural and urban ethnic majorities, implies that the birth control policy substantially contributes to the rising educational gap between ethnic minorities and majorities in China.
    Keywords: birth control, education, minority, quantity.quality tradeoff, China
    Date: 2016
  161. By: Spiegler, Ran
    Abstract: The conventional rational-expectations postulate rules out the possibility that agents will form systematically biased forecasts of economic variables. I revisit this question under the assumption that agents' expectations are based on a misperceived causal model. Specifically, I analyze a model in which an agent forms forecasts of economic variables after observing a signal. His forecasts are based on fitting a subjective causal model - formalized as a direct acyclic graph, following the 'Bayesian networks' literature - to objective long-run data. I show that the agent's forecasts are never systematically biased if and only if his graph is perfect - equivalently, if the direction of the causal links he postulates has no empirical content. I demonstrate the relevance of this result for economic applications - mainly a stylized 'monetary policy' example in which the inflation-output relation obeys an expectations-augmented Phillips curve.
    Date: 2016–07
  162. By: Qinglong Zhou; Gaofeng Zong
    Abstract: We consider a general time-inconsistent stochastic linear-quadratic differential game. The time-inconsistency arises from the presence of quadratic terms of the expected state as well as state-dependent term in the objective functionals. We define an equilibrium strategy, which is different from the classical one, and derived a sufficient conditions for equilibrium strategies via a system of forward-backward stochastic differential equations. When the state is one-dimensional and the coefficients are all deterministic, we find an explicit equilibrium strategy. The uniqueness of such equilibrium strategy is also given.
    Date: 2016–07
  163. By: Ran Spiegler (Tel Aviv University; University College London (UCL); Centre for Macroeconomics (CFM))
    Abstract: The conventional rational-expectations postulate rules out the possibility that agents will form systematically biased forecasts of economic variables. I revisit this question under the assumption that agents' expectations are based on a misperceived causal model. Specifically, I analyze a model in which an agent forms forecasts of economic variables after observing a signal. His forecasts are based on fitting a subjective causal model - formalized as a direct acyclic graph, following the "Bayesian networks" literature - to objective long-run data. I show that the agents' forecasts are never systematically biased if and only if his graph is perfect - equivalently, if the direction of the causal links he postulates has no empirical content. I demonstrate the relevance of this result for economic applications - mainly a stylized "monetary policy" example in which the inflation-output relation obeys an expectations-augmented Phillips curve.
    Date: 2016–06
  164. By: Caroline Freund; Sarah Oliver
    Abstract: Regulatory standards protect consumers from defective products, but they impede trade when they differ across countries. The Transatlantic Trade and Investment Partnership (TTIP) seeks to reduce distortions in the automobile and other industries. This paper evaluates the equivalence of automobile regulations in the United States and the European Union in terms of catastrophe avoidance and estimates the trade gains from improved regulatory coherence. The UN 1958 Agreement on automobiles, which offers a framework for harmonizing regulations among signatories, is used to quantify the trade effect of regulatory convergence. The removal of regulatory differences in autos is estimated to increase trade by 20 percent or more. The effect on trade from harmonizing standards is only slightly smaller than the effect of EU accession on auto trade. The large economic gains from regulatory harmonization imply that TTIP has the potential to improve productivity while lowering prices and enhancing variety for consumers.
    Keywords: Regulatory harmonization, difference-in-differences, trade agreement
    Date: 2015–09
  165. By: Christopher Jepsen; Peter Mueser; Kenneth Troske
    Abstract: We evaluate returns to General Educational Development (GED) certification for high school dropouts using state administrative data. We apply a fuzzy regression discontinuity method to account for test takers retaking the test. For women we find that GED certification has no statistically significant effect on either employment or earnings. For men we find a significant increase in earnings in the second year after taking the test but no impact in subsequent years. GED certification increases postsecondary school enrollment by 4–8 percentage points. Our results differ from regression discontinuity approaches that fail to account for test retaking.
    Keywords: General educational development (GED) tests; Postsecondary education
    Date: 2016–06
  166. By: Luca Fiorito; Cosma Orsi (Università Cattolica del Sacro Cuore; Dipartimento di Economia e Finanza, Università Cattolica del Sacro Cuore)
    Abstract: The aim of this paper is to provide a compressive assessment of Thomas Nixon Carver’s thought - from his early formative years in the 1880s to his post WWII career as a journalist and pamphleteer. The main (albeit not exclusive) focus of this paper will be on the theoretical and philosophical coordinates of Carver’s “new liberalism” - his own definition - and how this broad vision was intrinsically connected with an explicit hierarchical and eugenic approach to human nature. Just as important, what follows is also an attempt to increase our general understanding of the extent in which eugenic considerations permeated the realm of political economy during the first decades of the last century and how, in some specific cases as that of Carver, this influence persisted after the end of the Progressive Era.
    JEL: B31 B13 B25
    Date: 2016–07
  167. By: Khorunzhina, Natalia; Richard, Jean-Francois
    Abstract: The objective of the paper is that of constructing finite Gaussian mixture approximations to analytically intractable density kernels. The proposed method is adaptive in that terms are added one at the time and the mixture is fully re-optimized at each step using a distance measure that approximates the corresponding importance sampling variance. All functions of interest are evaluated under Gaussian quadrature rules. Examples include a sequential (filtering) evaluation of the likelihood function of a stochastic volatility model where all relevant densities (filtering, predictive and likelihood) are closely approximated by mixtures.
    Keywords: Finite mixture, Distance measure, Gaussian quadrature, Importance sampling, Adaptive algorithm, Stochastic volatility, Density kernel
    JEL: C11 C63
    Date: 2016–06
  168. By: OECD
    Abstract: This paper analyses the role of cities in energy policies to build resilience and assesses related energy policy practices in cities. It analyses how energy affects resilience in cities from the economic, environmental, social and institutional perspectives. It also assesses the policy practices of six cities; Barcelona (Spain), Bristol (UK), Kyoto (Japan), Munich (Germany), Perpignan (France) and Toronto (Canada). This paper outlines the building blocks of key policy strategies; adaptive energy management, robust energy management, redundant energy management, flexible energy management, inclusive energy management, resourceful energy management and integrated energy management. It proposes a number of policy measures in the building blocks for managing energy smartly in cities to build resilience.
    Keywords: energy, resilience, cities, urban development, renewables
    JEL: Q48 Q54 R11 R58
    Date: 2016–07–01
  169. By: Francisco RUGE-MURCIA; Alessandro RIBONI
    Abstract: The new Bank of Israel Law of 2010 changed monetary policy decisionmaking at the Bank of Israel from a setup where decisions are taken by the governor to one where decisions are taken by a committee of voting members. We use this institutional change as a natural experiment to compare individual versus collective decisionmaking. Empirical results show different dynamics for interest rate decisions across the two regimes and support the view that the status quo bias is larger when decisions are taken by a committee than when they are taken by a single individual.
    Keywords: committees, voting models, political economy of central banking
    JEL: D7 E5
    Date: 2016
  170. By: Anastasia Semykina (Florida State University, Department of Economics)
    Abstract: This paper presents an estimation approach that addresses the problems of sample selection and endogeneity of fertility decisions when estimating the effect of young children on women's self-employment. Using data from the National Longitudinal Survey of Youth 1979, 1982-2006, we find that ignoring self-selection and endogeneity leads to underestimating the effect of young children. Once both sources of biases are accounted for, the estimated effect of young children more than doubles when compared to uncorrected results. This finding is robust to the several changes in specification and to the use of a different data set.
    Keywords: self-employment, fertility, endogeneity, sample selection
    JEL: J13 J22 C33 C34 C35
    Date: 2016–07
  171. By: Purvi Sevak; Lucie Schmidt
    Abstract: This issue brief summarizes our research findings on the factors related to geographic variation and the growth of the child Supplemental Security Income (SSI) program.
    Keywords: Child SSI Participation
    JEL: I J
  172. By: Muhammad Ali (Friedrich Schiller University Jena, Faculty of Economics and Business Administration); Abiodun Egbetokun (National Centre for Technology Management Federal Ministry of Science and Technology, Nigeria, and Tshwane University of Technology, Pretoria South Africa); Manzoor Hussain Memon (Social Policy and Development Centre (SPDC), Karachi, Pakistan, and Applied Economics Research Centre, University of Karachi, Pakistan)
    Abstract: In this paper we show that inconclusive results in previous empirical studies on human capital and growth might be due to omitted variable bias. Using data for about 130 countries, we show that after inclusion of variables related to the social capabilities concept of Abramovitz (1986) i.e. economic opportunities and quality of legal institutions, the human capital variable turns out to be significant. We also show that economic opportunities significantly moderate the relationship between human capital and growth. The results are robust to different variants of indices for economic opportunities and the quality of legal system.
    Keywords: Human Capital, Economic Growth, Economic Opportunities, Social Capabilities
    JEL: O15 O4
    Date: 2016–07–06
  173. By: Margaret Burchinal; Louisa Tarullo; Martha Zaslow
    Abstract: The purpose of this brief is to demonstrate how using the principles of scale development can support the development of QRIS ratings.
    Keywords: QRIS, Quality rating and improvement system, best practices, rating scales, early childhood
    JEL: I
  174. By: Ayse Kabukcuoglu (Koc University); Enrique Martínez-García (Federal Reserve Bank of Dallas, Southern Methodist University)
    Abstract: We introduce the market resources method (MRM) for solving dynamic optimization problems. MRM extends Carroll’s (2006) endogenous grid point method (EGM) for problems with more than one control variable using policy function iteration. The MRM algorithm is simple to implement and provides advantages in terms of speed and accuracy over Howard’s policy improvement algorithm. Codes are available.
    Keywords: DSGE models; Computational methods; Policy function iteration; Endogenous grid.
    JEL: C6 C61 C63 C68
    Date: 2016–07
  175. By: Atushi Inoue; Barbara Rossi
    Abstract: In the capital asset pricing model (CAPM), estimating beta consistently is important to obtain a consistent estimate of the price of risk. However, it is often found that the estimate of beta is sensitive to the choice of portfolios used in the estimation. This paper provides a new test to evaluate whether the choice of portfolios in typical asset price regressions is valid, in the sense that the portfolios satisfy two conditions: (i) the way the portfolios are formed are exogenous; and (ii) the choice of the group of assets to include in the portfolios provides enough information to identify the parameters of interest. Thus, checking the validity of the portfolio choice is an important pre-requisite to ensure consistent estimates of the parameters of the model. We illustrate the performance of the test in small samples via Monte Carlo simulations.The proposed test is also applicable to group and pseudo panel data models.
    Date: 2016–07
  176. By: Seema Jayachandran; Joost de Laat; Eric F. Lambin; Charlotte Y. Stanton
    Abstract: This paper evaluates a Payments for Ecosystem Services (PES) program in western Uganda that offered forest-owning households cash payments if they conserved their forest. The program was implemented as a randomized trial in 121 villages, 60 of which received the program for two years. The PES program reduced deforestation and forest degradation: Tree cover, measured using high-resolution satellite imagery, declined by 2% to 5% in treatment villages compared to 7% to 10% in control villages during the study period. We find no evidence of shifting of tree-cutting to nearby land. We then use the estimated effect size and the "social cost of carbon" to value the delayed carbon dioxide emissions, and compare this benefit to the program's cost.
    JEL: O10 O13 Q23 Q54
    Date: 2016–06
  177. By: Frank Smets (European Central Bank); Stefania Villa (KU Leuven; University of Foggia)
    Abstract: This paper examines whether financial conditions of the non-financial corporate sector can explain why the recovery from recessions in the United States is slower since the mid-1980s. Leverage by the corporate sector has increased significantly since the financial deregulation of the mid-1980s. Empirical evidence shows that slow recoveries are associated with a significant drop in the growth rates of investment and bank loans, and with a surge in the growth rates of corporate bonds. In an estimated dynamic stochastic general equilibrium model with a financial accelerator, counterfactual experiments based on estimates of two samples - 1965-1983 and 1984-2007 - show that the non-financial corporate indebtedness affects only marginally the speed of the recovery in the two samples.
    Keywords: speed of recoveries, indebtedness, financial frictions, estimated DSGE model.
    JEL: E32 E44
    Date: 2016–06
  178. By: Rodriguez, Jose S.; Leyva, Janneth; Hopkins, Alvaro
    Abstract: The aim of the present work is to evaluate the effect of a teacher training program implemented by the Peruvian Ministry of Education called "Acompañamiento Pedagógico" (Pedagogical Accompaniment) on students performance. Using non-experimental impact evaluation techniques, measurements are made exploiting the test results of the Census of Student Assessment of 2013. The results provide evidence of positive and statistically significant impacts. However, the size of these impacts is relatively moderate. Several hypotheses could explain the effect size. These are discussed at the end of the document..
    Keywords: capacitación laboral, teachers tranning, evaluación de impacto, impact evaluation, rendimiento estudiantil, student assessment
    JEL: I21 J45 O15
    Date: 2016–05–30
  179. By: Asian Development Bank (ADB); Asian Development Bank (ADB) (Office of Cofinancing Operations, ADB); Asian Development Bank (ADB) (Office of Cofinancing Operations, ADB); Asian Development Bank (ADB)
    Abstract: The Annual Report of the Japan Scholarship Program (JSP) covers the period January–? December and presents the JSP’s activities, achievements, and success stories from students and alumni. The JSP was established in ??? to give qualified citizens of developing member countries of the Asian Development Bank an opportunity to take postgraduate studies in economics, business and management, science and technology, and other development-related fields at ? educational institutions in countries in Asia and the Pacific. Between ??? and , Japan contributed around ? ?? million to the JSP. A total of ?, ?? scholarships have been awarded to recipients from ?? member countries, with , ?? of them being women. Of the total, ,??? scholars have already completed their courses. An average of ? scholarships are awarded each year.
    Keywords: education; scholarship; postgraduate studies; poverty reduction; economics; business and management studies; science and technology
    Date: 2016–03
  180. By: Isabel Günther (ETH Zürich); Melanie Grosse (Georg-August University Göttingen); Stephan Klasen (Georg-August University Göttingen)
    Abstract: We analyze the drivers of the size of the audience and number of questions asked in parallel sessions at the annual conference of the German Economics Association. We find that the location of the presentation is at least as important for the number of academics attending a talk as the combined effect of the person presenting and the paper presented. Being a presenter in a late morning session on the second day of a conference, close to the place where coffee is served, significantly increases the size of the audience. When it comes to asking questions, location becomes less important, but smaller rooms lead to more questions being asked (by women). Younger researchers as well as very senior researchers attract more questions and comments. There are also interesting gender effects. Women attend research sessions more diligently than men, but seem to ask fewer questions than men. Men are less likely to attend presentations on health, education, welfare, and development economics than women. Our findings suggest that strategic scheduling of sessions could ensure better participation at conferences. Moreover, different behaviors of men and women at conferences might also contribute to the lack of women in senior scientist positions.
    Keywords: Economists; Conference; Preferences; Gender Differences
    JEL: A11 B54
    Date: 2016–07–05
  181. By: Galasso, Alberto; Luo, Hong
    Abstract: Current academic and policy debates focus on the impact of tort reforms on physicians' behavior and medical costs. This paper examines whether these reforms also affect incentives to develop new technologies. We find that, on average, laws that limit the liability exposure of healthcare providers are associated with a significant reduction in medical device patenting. Tort reforms have the strongest impact in medical fields in which the probability of facing a malpractice claim is the largest, and they do not seem to affect the propensity to develop technologies of the highest and lowest quality. Our results underscore the importance of considering dynamic effects in the economic analysis of tort laws.
    Date: 2016–06
  182. By: Hernandez-Chanto, Allan
    Abstract: There have been many episodes in history where low-denomination money holdings have been exchanged with a premium over its face value. The most recent occurred in Panama only twenty five years ago, under a modern banking system. In such episodes, even where there is an entity capable to provide convertibility of money holdings at a fixed rate, and when agents expect this rate to prevail in the long run, arbitrage possibilities in the denomination of money arise as a consequence of a shortage of liquid assets and the presence of low prices in the economy. Despite of its relevance and recurrence, this phenomenon cannot be explained by current models of fiat money. To explain it we need a model where: (i) fiat money comes in different denominations which are used as a medium of exchange, (ii) there is an entity that provides convertibility of denominations at fixed rate, (iii) the natural rate is a feasible equilibrium of the model, and (iv) there are parameterizations where low denomination money holdings are given an extrinsic value. In this paper we build a money search model with all this characteristics and determine theoretically the specific conditions under which such equilibrium naturally arises.
    Keywords: Convertibility, Extrinsic value, Money holdings, Poisson technology
    JEL: E50 E52
    Date: 2016–01–15
  183. By: Nuno Campos Pereira (Católica Porto Business School, Universidade Católica Portuguesa); Nuno Araújo (CATIM - Centro de Apoio Tecnológico à Indústria Metalomecânica); Leonardo Costa (Católica Porto Business School and CEGE, Universidade Católica Portuguesa)
    Abstract: We developed a Counting Multidimensional Innovation Index (MII) framework for measuring and benchmarking innovation of Small and Medium Enterprises (SMEs), groups of SMEs, industries, regions, and countries. The methodology behind the MII is similar to the methodology behind the United Nations Multidimensional Poverty Index and follows the innovation definitions stipulated by the OECD Oslo Manual, covering dimensions and partial indicators suggested by this Manual and/or adapted from the Innovation Union Scoreboard (IUS) and from the Global Innovation Index (GII). To illustrate the MII framework, a survey was conducted among SMEs of the metalworking industry in Portugal.
    Keywords: Innovation, SME, Multidimensional Innovation Index, Portuguese Metal working Industry
    Date: 2016–07
  184. By: Amanda E. Kowalski (Cowles Foundation, Yale University)
    Abstract: I examine treatment effect heterogeneity within an experiment to inform external validity. The local average treatment effect (LATE) gives an average treatment effect for compliers. I bound and estimate average treatment effects for always takers and never takers by extending marginal treatment effect methods. I use these methods to separate selection from treatment effect heterogeneity, generalizing the comparison of OLS to LATE. Applying these methods to the Oregon Health Insurance Experiment, I find that the treatment effect of insurance on emergency room utilization decreases from always takers to compliers to never takers. Previous utilization explains a large share of the treatment effect heterogeneity. Extrapolations show that other expansions could increase or decrease utilization.
    Keywords: Compliers, Dierence-in-dierence test, Sample local average treatment eect (SLATE), Marginal untreated outcome test, Massachusetts health reform, Program evaluation, Selection
    JEL: C1 C9 H4 I13
    Date: 2016–06
  185. By: Chemla, Gilles; Hennessy, Christopher
    Abstract: We examine optimal provision of riskless government bonds under asymmetric information and safe asset scarcity. Paradoxically, corporations have incentives to issue junk debt precisely when intrinsic demand for safe debt is high since uninformed investors then migrate to risky overheated debt markets. Uninformed demand stimulates informed speculation which drives junk debt prices closer to fundamentals, encouraging pooling at high leverage. Acting as borrower of first resort, the government can issue safe bonds which siphon off uninformed demand for risky corporate debt and reduce socially wasteful informed speculation. Thus, government bonds either eliminate pooling at high leverage or improve risk sharing in such equilibria. The optimal quantity of government bonds is increasing in intrinsic demand for safe assets and non-monotonic in marginal Q.
    Keywords: asymmetric information; corporate debt markets; governmet debt; issuers; speculators; uninformed investors
    Date: 2016–06
  186. By: Robert Breunig; Omer Majeed
    Abstract: Recent research has highlighted a negative impact of inequality on economic growth. We re-evaluate this hypothesis focusing on both inequality and poverty and their interaction. We replicate previous results showing that inequality has a negative impact on growth. However, we show that when we account for both inequality and poverty, the negative effect of inequality on growth appears to be concentrated amongst countries with high poverty. This would argue for policies targeted towards alleviating poverty rather than policies about redistribution.
    Keywords: Inequality, Economic Growth, Poverty, Cross-Country Regressions
    JEL: O47 D63 I39
    Date: 2016–07
  187. By: Waslet, Sandra E.
    Abstract: El objetivo de este trabajo es desarrollar y proponer un conjunto de normas de procedimientos y circuitos administrativos en la Universidad Nacional de Mar del Plata para las erogaciones en bienes de consumo, servicios no personales y bienes de uso que se ejecuten sin la intervención de la Dirección de Suministros bajo las modalidades de Cajas Chicas, Cajas Chicas PET, Fondos Rotatorios, Adelantos de Fondos, Anticipos de Viáticos y Gastos de Movilidad para garantizar el funcionamiento de la administración financiera como sistema y facilitar el control interno dentro de la organización de acuerdo a las nuevas tendencias.
    Keywords: Administración Universitaria; Administración Financiera; Procedimiento Administrativo;
    Date: 2015
  188. By: Pestieau, Pierre; Ponthiere, Gregory
    Abstract: With the rapid increase in LTC needs, the negligible role of the market and the declining role of informal family care, one would hope that the government would take a more proactive role in the support of dependent elderly, particularly those who cannot, whatever the reason, count on assistance from their family. The purpose of this paper is to analyze the possibility of designing a sustainable public LTC scheme integrating both the market and the family.
    Keywords: Dependence; family solidarity; long term care; Social Insurance
    JEL: I11 I12 I18 J14
    Date: 2016–06
  189. By: Daniel Rais
    Abstract: SECO Working Paper 7/2016
    Date: 2016–07–01
  190. By: Mester, Loretta J. (Federal Reserve Bank of Cleveland)
    Abstract: I thank the European Economics and Financial Centre for the invitation to speak to this distinguished audience, in this venerable venue, at this historically significant time. I will focus my remarks today on the other side of the pond — in particular, the U.S. economy and monetary policy. But as you know, we live in a global world, and so we are monitoring very closely what is happening on this side of the pond and assessing the implications for the economic outlook and monetary policy on my side of the pond. Before I begin, I should note that the views I'll present today are my own and not necessarily those of the Federal Reserve System or my colleagues on the Federal Open Market Committee.
    Keywords: Economic growth; labor markets; inflation; Brexit; monetary policy;
    Date: 2016–07–01
  191. By: Rizzo, José Ignacio
    Abstract: El estudio y análisis del gasto turístico resulta fundamental para el adecuado planeamiento y desarrollo de toda ciudad en la que la Industria Turística ocupe un lugar preponderante. La etapa preliminar para lograr estudios relevantes en la materia es la recolección de datos, instancia que muchas veces es subestimada a pesar de tener vital importancia para la producción de información económica confiable y fidedigna. En la presente tesis se estudian en forma exploratoria los determinantes del gasto turístico en la ciudad de Mar del Plata para la temporada 2003/2004, en dos apartados claves: el gasto en alimentación y en recreación. A tal fin, se analiza en primer término la estructura del relevamiento que constituye la fuente de información del estudio y se indaga la forma en que dicha encuesta es suministrada a los turistas, puesto que se observa en la base de datos resultante una significativa cantidad de gastos declarados como "nulos" en apartados en los que es difícil pensar que un turista pueda dejar de gastar durante sus vacaciones. Seguidamente, se exploran las características socio-demográficas y económicas de los individuos captados por el relevamiento. Posteriormente, se correlacionan los gastos declarados como nulos con estas características socio-demográficas y económicas de los encuestados, así como del viaje que realizan. Finalmente, se analiza el gasto turístico en recreación y alimentación, identificando aquellos determinantes que más influyen en el mismo. Para ello, se plantea la posibilidad de que exista: a) censura en los datos y b) sesgo de selección muestral. Dichas hipótesis son contrastadas mediante la estimación de los modelos Tobit y Heckit, respectivamente, que permitieron identificar los principales determinantes del nivel del gasto así como las características que presumiblemente llevarían a declarar "cero pesos" en la encuesta, para el caso de la hipótesis del sesgo de selección. Los resultados obtenidos aportan evidencia a favor de esta segunda hipótesis de trabajo, lo que implica que existen características propias de los individuos y su tipo de viaje que nos indican quiénes serían los mejor predispuestos a responder una encuesta de gasto con estas características de manera fidedigna.
    Keywords: Gastos de Consumo; Turismo; Alimentación; Recreación; Mar del Plata;
    Date: 2016
  192. By: Christian Schubert (University of Kassel)
    Abstract: Environmental policies are increasingly informed by behavioral economics insights. ‘Green nudges’ in particular have been suggested as a promising new tool to encourage consumers to act in an environmentally responsible way, such as choosing renewable energy sources or saving energy. While there is an emerging literature on the instrumental effectiveness of behavioral policy tools such as these, their ethical assessment has largely been neglected. This paper attempts to fill this gap by, first, providing a structured overview of the most important contributions to the literature on pro-environmental nudges and, second, offering some critical guidelines that may help the practitioner come to an ethically informed assessment of nudges.
    Keywords: Nudges, Libertarian Paternalism, Behavioral Economics, Green Defaults, Autonomy
    Date: 2016
  193. By: Deo, Sandhya
    Abstract: The purpose of this paper is to examine the degree of user satisfaction regarding the Fiji National University library services through library user surveys. The paper elaborates how these user surveys play a significant role in library service quality enhancement for students and academic to conduct their research and advance their knowledge. The FNU Library is ISO 9001:2008 certified and is the only library in the South Pacific holding ISO certification which therefore plays a vital role in carrying out the survey. The survey was carried out from 3rd September to 1st October 2015 with a vision to obtain valuable feedback from the users and to provide high quality and responsive one-stop service at all 16 FNU libraries. The paper describes these surveys, including the end results and the improvements to be adopted. Responses gathered from user surveys provide literally important information for improving library services. Through these user surveys, the library received a large amount of data to be analyzed. A summary of user surveys, including ways of doing things, and putting into use as well as data analysis, might offer reference and practical experience for the FNU libraries. User survey plays an important role in the library's service quality improvement. The paper provides a valuable summary and practical knowledge of the topic.
    Keywords: User satisfaction, Service quality, Customer satisfaction, Libraries
    JEL: I23 M30
    Date: 2016–07
  194. By: Andreas Eichler; Gunther Leobacher; Michaela Sz\"olgyenyi
    Abstract: We propose a model for an insurance loss index and the claims process of a single insurance company holding a fraction of the total number of contracts that captures both ordinary losses and losses due to catastrophes. In this model we price a catastrophe derivative by the method of utility indifference pricing. The associated stochastic optimization problem is treated by techniques for piecewise deterministic Markov processes. A numerical study illustrates our results.
    Date: 2016–07
  195. By: Vanessa Tchamyou (Yaoundé/Cameroun); Simplice Asongu (Yaoundé/Cameroun)
    Abstract: This study investigates the effect information sharing has on financial sector development in 53 African countries for the period 2004-2011. Information sharing is measured with private credit bureaus and public credit registries. Hitherto unexplored dimensions of financial sector development are employed, namely: financial sector dynamics of formalization, informalization and non-formalization. The empirical evidence is based on Ordinary Least Squares (OLS) and Generalised Method of Moments (GMM). The following findings are established. Information sharing bureaus increase (reduce) formal (informal/non-formal) financial sector development. In order to ensure that information sharing bureaus improve (decrease) formal (informal/non-formal) financial development, public credit registries should have between 45.45 and 50 percent coverage while private credit bureaus should have at least 26.25 percent coverage.
    Keywords: Information sharing; Banking ; Africa
    JEL: G20 G29 L96 O40 O55
    Date: 2016–01
  196. By: Garbade, Kenneth D. (Federal Reserve Bank of New York)
    Abstract: Following the Treasury–Federal Reserve Accord of March 3, 1951, the Federal Open Market Committee (FOMC) focused on free reserves—the difference between excess reserves (reserve deposits in excess of reserve requirements) and borrowed reserves—as the touchstone of U.S. monetary policy. However, managing free reserves was problematic because highly variable and not readily predictable autonomous factors, including float, Treasury balances at Federal Reserve Banks, and currency in the hands of the public, induced comparable volatility and unpredictability in reserve deposits and hence in free reserves. Managing free reserves effectively required policy instruments that could inject and drain large quantities of reserves quickly at low transaction costs. {{p}}This paper surveys the two leading policy instruments for reserves management: 1) open market purchases and sales of Treasury bills, and 2) repurchase agreements. Outright transactions in bills were specifically authorized by statute and used in unexceptional ways for managing reserves over relatively long periods, but they had significant drawbacks for short-term “in and out” operations when additional reserves were needed for only a few days. Repos, however, while not specifically authorized by statute, were ideally suited for in-and-out operations. The acceptance of repurchase agreements as an instrument of monetary policy, even in the face of active resistance by some FOMC members, illustrates how utility can sometimes trump concerns about statutory authority, equity, and need.
    Keywords: repurchase agreements; reserves management; accord
    JEL: E5 G2 N2
    Date: 2016–06–01
  197. By: Martin Geiger; Richard Hule
    Abstract: We study the potential role of correlated refinancing abilities among different countries for the disruption of government bond markets in a currency union. Following Morris and Shin (2004) we use a global games framework and model the simultaneous investment decision into two assets, which are subject to correlated fundamental states, as a coordination problem with correlated imperfect information. Based on this model we evaluate the role of information about one country for the coordination of creditors of another country. We find, however, that the contagious effects on the price of debt precipitated through correlation are modest. Hence, assuming that investors behave as modeled in the global game, we conclude that correlated fundamentals that precipitate informational spillovers appear to be unlikely to play a major role for e.g. the disruption of some Eurozone government bond markets in the aftermath of the recent financial and economic crisis.
    Keywords: Government bond refinancing, global games, creditor coordination, currency union
    JEL: D82 G12
    Date: 2016–06
  198. By: Akay, Alpaslan (UNU-MERIT, Maastricht University, and University of Gothenburg); Bargain, Olivier (Aix-Marseille University); Zimmermann, Klaus F. (UNU-MERIT, Maastricht University, and Harvard University)
    Abstract: This paper examines whether the subjective well-being of migrants is responsive to fluctuations in macroeconomic conditions in their country of origin. Using the German Socio-Economic Panel for the years 1984 to 2009 and macroeconomic variables for 24 countries of origin, we exploit country-year variation for identification of the effect and panel data to control for migrants' observed and unobserved characteristics. We find strong evidence that migrants' well-being responds negatively to an increase in the GDP of their home country. That is, migrants seem to regard home countries as natural comparators, which grounds the idea of relative deprivation underlying the decision to migrate. The effect declines with years-since-migration and with the degree of assimilation in Germany.
    Keywords: Migrants, well-being, GDP, unemployment, relative concerns/deprivation
    JEL: C90 D63 F22 O15
    Date: 2016–06–28
  199. By: Chantal Kegels; Dirk Verwerft
    Keywords: Administrative burdens, Administrative simplification, Business environment
    JEL: D73 D78 H10
    Date: 2016–02–29
  200. By: Carl Grekou
    Abstract: Relying on a panel of 73 emerging and developing countries and on de facto exchange rate regimes’ classification —over the 1980-2012 period, we re-examine empirically the relationship between exchange rate regimes and currency misalignments. Overall our results suggest that no exchange rate regime performs better than the others as currency misalignments do not substantially and significantly differ across exchange rate regimes. This finding is in contrast to the different arguments (both theoretical and empirical) in favor or against any particular regime and instead supports the exchange regime neutrality view.
    Keywords: Currency misalignments; Exchange rate regimes; Emerging and developing countries
    JEL: C23 F31 F33
    Date: 2016
  201. By: Cinzia Di Novi; Anna Marenzi; Dino Rizzi
    Abstract: In several countries, personal income tax permits tax credits for out-of-pocket healthcare expenditures. Tax credits produce two effects on taxpayers’ disposable income. On the one hand, they benefit taxpayers at all income levels by reducing their net tax liability; on the other hand, they modify the price of out-of-pocket expenditure and, to the extent that consumer demand is price elastic, they may influence the amount of eligible healthcare expenditure for which taxpayers may claim a credit. These two effects influence, in turn, income redistribution and may affect taxpayers’ health status and therefore income-related inequality in health. Redistributive consequences of tax credits have been widely investigated; however, little is known about the ability of tax credits to ensure a more equitable distribution of healthcare expenditure and, consequently, to alleviate health inequality. In this paper, we study the potential effects that tax credits for health expenses may have on health-related inequality with reference to the Italian institutional setting. The analysis is performed using a tax-benefit microsimulation model which reproduces the personal income tax and incorporates taxpayers’ behavioural responses to changes in tax credit rate. Our results suggest that a healthcare tax credit design that does not rely on income, like the one implemented in the Italian personal income tax, is not effective in improving equity in health and tends to favour the richest part of the population.
    Keywords: personal income tax, health-related tax credit, health inequality
    JEL: I10 I14 H24
    Date: 2016
  202. By: Damir Filipovic; Yerkin Kitapbayev
    Abstract: We study American swaptions in the linear-rational term structure model introduced in [5]. The American swaption pricing problem boils down to an optimal stopping problem that is analytically tractable. It reduces to a free-boundary problem that we tackle by the local time-space calculus of [9]. We characterize the optimal stopping boundary as the unique solution to a nonlinear integral equation that can be readily solved numerically. We obtain the arbitrage-free price of the American swaption and the optimal exercise strategies in terms of swap rates for both fixed-rate payer and receiver swaps.
    Date: 2016–07
  203. By: Luna Azahara Romo González (Banco de España)
    Abstract: This paper provides a comprehensive investigation of the determinants of US dollar-denominated long-term debt issuance by European banks. The database used allows the drivers of foreign-currency issuance identified in the literature, including variables at the individual firm (e.g. bank) level, to be explored. The analysis covers overall US dollar issuance as well as Yankee debt issuance, which is defined in this paper as bonds denominated in US dollars issued in domestic US markets by non-US issuers. In addition, issuance determinants are investigated during both crisis and non-crisis periods. The main findings are the following. European banks issue US dollar debt to naturally hedge their US dollar assets (with US dollar exposures obtained from BIS international banking statistics), but they also make extensive use of deviations in covered interest parity and even in uncovered interest parity, particularly after the crisis. There is also evidence that banks issue in US dollars for strategic reasons and that heightened volatility has a negative impact on US dollar issuance. Bank-specific variables are also relevant drivers of US dollar debt issuance: banks with higher asset growth, with a banking subsidiary in the United States and with a high credit rating are more likely to issue in US dollars than others. Bank-specific structures, as captured by deposit and loan ratios, also have a relevant impact on US dollar funding activity in some cases. The results are robust to alternative econometric specifications and to different definitions of covered and uncovered cost savings.
    Keywords: bank funding, foreign currency debt issuance, US dollar-denominated debt, interest rate parity, banking crisis, Europe.
    JEL: G21 G32 F3 G01 O52
    Date: 2016–07
  204. By: Danny García Callejas
    Abstract: This study found that doubling the level of democracy in Latin America reduces CO2 emissions per capita by up to 6%. This relationship is estimated by using a fixed effects panel system of equations for 19 Latin American countries, between 1995 and 2008. Democracy acts as a conduit for increasing demands on environmental quality in Latin America, due to urban population growth and economic prosperity. Nevertheless, this study has, at least, two caveats: first it cannot unveil the long run relationship between democracy and environmental quality in the region; and, secondly, this study assumes that democracy entails positive outcomes for countries adopting this political system.
    Keywords: Democracy, Environmental Quality, CO2 Emissions per Capita, Latin America, Panel System of Equations.
    JEL: C33 N46 Q53 Q56
    Date: 2015–12–04
  205. By: Rünstler, Gerhard; Vlekke, Marente
    Abstract: We use multivariate unobserved components models to estimate trend and cyclical components in GDP, credit volumes and house prices for the U.S. and the five largest European economies. With the exception of Germany, we find large and long cycles in credit and house prices, which are highly correlated with a medium-term component in GDP cycles. Differences across countries in the length and size of cycles appear to be related to the properties of national housing markets. The precision of pseudo real-time estimates of credit and house price cycles is roughly comparable to that of GDP cycles. JEL Classification: C32, E32, E44
    Keywords: credit cycle, financial cycles, house prices, model-based filters, unobserved components models
    Date: 2016–06
  206. By: Vincent Frogneux; Michel Saintrain
    Abstract: Within the framework of the sixth state reform, part of the personal income tax has been regionalised. What's more, in ESA2010, certain tax expenditures which were partly recorded as negative revenue in ESA95 are now recorded as general government expenditure. These changes motivate a revision of the personal income tax model which is used both for the short and medium term projections made by the FPB and for variant analyses. The new model makes a distinction between the “prepayment†tax (payroll tax and advance payments) and the “enrolment†tax (which fixes the amounts due under regional and local additional levies). It provides a better link to the macroeconomy and explicitly takes into account the schedule of tax enrolment.
    JEL: C19 E62 H24 H77
    Date: 2016–03–24
  207. By: Nlemfu Mukoko, Jean Blaise
    Abstract: Different methods have been used in the literature to mesure and analyze price markup cyclical behavior. We use a medium-scale DSGE Model with positive trend in ation, in which aggregate fluctuations are driven by neutral technology, marginal efficiency of investment (MEI) and monetary policy shocks and, where both price and wage markups vary. We find that when raising trend inflation from 0 to 4 percent, wage markup is more important than price markup in explaining the dynamics effects of shocks. Thus, the interactions between positive trend inflation and MEI shocks have greater cyclical effects on wage markup than on price markup. These results put into question the focus on the price markup cyclicality in the literature which ignore the implications of trend inflation.
    Keywords: Markups, cyclicality, New Keynesian Models
    JEL: E31 E32
    Date: 2015–06
  208. By: Costa-Font, J.; Sato, A.
    Abstract: Culture is an under-studied determinant of health production and seldom measured. This paper empirically examines the persistence and association of health capital assessments of first and second-generation migrants with that of their ancestral countries. We draw on European data from 30 countries, including over 90 countries of birth and control for timing of migration, selective migration and other controls including citizenship and cultural proxies. Our results show robust evidence of cultural persistence of health assessments. Culture persists, rather than fades, and further, appears to strengthen over generations. We estimate a one standard deviation increase in ancestral health assessment increases first generation migrant’s health assessments by an average of 16%, and that of second generation migrants between 11% and 25%. Estimates are heterogeneous by gender (larger for males) and lineage (larger for paternal lineage).
    Keywords: assimilation; health; health assessments; cultural persistence; first generation migrant; second generation migrant;
    JEL: I18 H23 Z13
    Date: 2016–06
  209. By: Powell, David; Seabury, Seth A.
    Abstract: Injuries sustained at work represent large income and welfare losses to households and there is a significant policy interest in reducing these burdens. Workers' compensation program is a large government program which provides monetary and medical benefits to injured workers. Despite the potential importance of medical care in improving the health and labor productivity of injured workers, little research has addressed the relationship between medical care provided through workers' compensation and post-injury labor outcomes. This paper exploits the 2003-2004 California workers' compensation reforms which reduced medical care spending for injured workers with a disproportionate effect on workers suffering low back injuries. We study the differential impact of this reduction in medical care generosity on post-injury outcomes, using administrative data which includes claim-level medical costs, pre- and post-injury labor earnings, and earnings information for matched (uninjured) workers at the same preinjury firm. Our focus on labor outcomes is motivated by the importance of understanding the relationship between health and labor productivity more broadly and by the policy interest in mechanisms to improve the labor outcomes of injured workers. Adjusting for injury severity and selection into workers' compensation, we find that workers with lower back injuries experienced a 7.3% greater decline in medical care after the reforms, and that this led to an 8.3% reduction in post-injury earnings relative to other injured workers. We estimate that this earnings decline is due both to an increase in injury duration and to lower earnings conditional on working.
    Keywords: effectiveness of medical care, health, labor productivity, workers' compensation
    JEL: I12 I13 J24 J28 J38
    Date: 2014–10
  210. By: Tuncer Bulutay (Turkish Economic Association); Deniz Karaoğlan (Middle East Technical University, Ankara, Turkey (Visiting Scholar))
    Abstract: This study provides causal effect of education on health behaviors in Turkey which is a middle income developing country. Health Survey of the Turkish Statistical Institute for the years 2008, 2010 and 2012 are used. The health behaviors considered are smoking, alcohol consumption, fruit and vegetable consumption, exercising and one health outcome namely, the body mass index (BMI). We examine the causal effect of education on these health behaviors and the BMI Instrumental variable approach is used in order to address the endogeneity of education to health behaviors. Educational expansion of the early 1960s is used as the source of exogenous variation in years of schooling. Our main findings are as follows. Education does not significantly affect the probability of smoking or exercising. The higher the education level the higher the probability of alcohol consumption and the probability of fruit and vegetable consumption. Higher levels of education lead to higher BMI levels. This study provides a baseline for further research on the various aspects of health behaviors in Turkey.
    Date: 2016
  211. By: Rajesh Ramachandran; Christopher Rauh; Anh Mai Le
    Abstract: In this paper, we analyse which channels influence individual preferences concerning the choice of the official language in Zambia. We develop a theoretical framework, which is tested using data on elicited beliefs about the effects of changes in Zambia's language policy on schooling outcomes, income, and social cohesion. In general, support for the use of local languages in education and government administration is low. We find that the perceived ease of learning in a local language compared to English, and economic expectations in terms of effects on income are important determinants of the preference for the use of a local language as official language. Individuals in fear of discrimination or disadvantages arising from the use of indigenous language are less likely to prefer these as official languages. However, while we do not find a systematic bias caused by the (lack of ) information about other countries' language policies, we do find that general knowledge of language policies is remarkably low. Our reading of the evidence is that individuals conflate knowledge with the medium of knowledge, and therefore prefer English as an official language despite its relative distance to their own language(s).
    Keywords: language policy, Zambia, discrimination, beliefs, education policy, minorities, fractionalization, local languages
    Date: 2016
  212. By: Mitsuru Katagiri (Bank of Japan)
    Abstract: Many central banks implement forward guidance according to an implicit or explicit policy rule in practice, and thus it is expected to influence the economy by changing expectations formation of private agents. In this paper, I investigate the effects of forward guidance particularly via expectations formation by formulating forward guidance as a monetary policy rule in a non-linear new Keynesian model. A quantitative analysis using the U.S. and Japanese data implies that a rule-based forward guidance significantly mitigates a decline in inflation and output growth in a crisis period via changing expectations formation.
    Keywords: Forward Guidance; Expectations Formation; Effective Lower Bound; Particle Filter
    JEL: E31 E32 E42 E52
    Date: 2016–06–27
  213. By: Michele Battisti; Giovanni Peri; Agnese Romiti
    Abstract: This paper investigates how the size of co-ethnic networks at arrival affected the economic success of immigrants in Germany. Applying panel analysis with a large set of fixed effects and controls, we isolate the association between initial network size and long-run immigrant outcomes. Focusing on refugees – assigned to an initial location independently of their choice – allows a causal interpretation of the estimated coefficient. We find that immigrants initially located in places with larger co-ethnic networks are more likely to be employed at first, but have a lower probability of investing in human capital. In the long run they are more likely to be mis-matched in their job and to earn a lower wage.
    JEL: J24 J61 R23
    Date: 2016–07
  214. By: Juan I Block; Drew Fudenberg; David K Levine
    Date: 2016–06–30
  215. By: Iwasaki, Ichiro; Maurel, Mathilde; Meunier, Bogdan
    Abstract: In this paper, we aim to empirically analyze the determinants of firm entry and exit in Russia using a regional-level panel data for the years of 2008-2014, with special emphasis on institutional failures and the politico-economic impact of external crises. We found that these two elements exhibit statistically significant and economically meaningful effects both on the creation and destruction of Russian firms, controlling for potentially explanatory factors. Our empirical results also suggest that the process of firm entry and exit is manifold across Russian regions due to their heterogeneity. Nevertheless, a surprisingly robust estimate of the world oil price (irrespective of the difference in target regions) suggests a possible high exposure of each Russian region to a global crisis. This comes from the importance of oil trade with the world and, accordingly, the ongoing crisis may bring a harmful influence to regeneration of Russian businesses.
    Keywords: firm entry, firm exit, institutions, economic integration, crisis, Russia
    JEL: D22 F15 G01 P31 P33
    Date: 2016–05
  216. By: Nilo Luiz Saccaro Junior
    Abstract: Além de apresentar vantagens para empregadores e trabalhadores, o teletrabalho pode mostrar-se um fator de redução do número de viagens, o que contribuiria para a melhoria de muitas variáveis do tráfego urbano. Sob essa ótica, este estudo discute os efeitos urbanos do teletrabalho e apresenta uma estimativa para a redução do número de viagens decorrente de sua implementação pelo setor público no Brasil, além da estimativa de emissões de gás carbônico (CO2) evitadas por essa redução de viagens. Os resultados mostram que cada 10% do total de servidores brasileiros que passam para o teletrabalho representa redução de até 0,5% no número de viagens anuais realizadas em todo o país. A redução de emissões de gás cabônico decorrente dessas viagens evitadas seria cerca de 0,6% do total nacional emitido por automóveis e motos. Dessa forma, o incentivo ao teletrabalho pode ser interessante em políticas de gerenciamento de tráfego urbano no Brasil. In addition to advantages for companies and workers, teleworking could prove a factor on reducing the number of trips, which would contribute to the improvement of many variables of urban traffic. From this perspective, this paper presents an estimation for reducing the number of trips due to the implementation of telework in the Brazilian public sector, as well as estimation of carbon dioxide emissions avoided by this trip reduction. According to them, every 10% of Brazilian government employees that adopt teleworking can result in reduction of up to 0.5% in the annual number of trips made nationwide. The decrease in carbon dioxide emissions resulting from these avoided trips would be about 0.6% of the national total emitted by cars and motorbikes. Thus, encouraging telecommuting may be interesting to urban traffic management policies in Brazil.
    Date: 2016–06
  217. By: Pierre Madec (OFCE)
    Abstract: Des situations les plus extrêmes toucha nt les publics les plus fragiles (sans abrisme, exclusion sociale, ...) à celles les plus répandues que sont la sur- occupation des logements, les dépenses en logement trop élevées ou encore les difficultés de chauffage, les situations de mal-logement sont multiples et variées. De fait, la qualification et la quantification de l’impact de ces situations sont complexes, d’autant plus que les données statistiques à la disposition du monde scientifique ne permettent pa s d’analyser aisément l’ensemble des formes prises par le mal-logement. Une fois recensé l’ensemble des coûts résultant de l’existence de situations de mal-logement, pour la plupart inscrites au titre du programme 177 des lois de finances, mais dont cet article propose d’élargir le dessin, nous te ntons de quantifier l’impa ct des situations de mal- logement sur l’éducation, l’insertion dans l’emploi et la santé. Les résultats montrent l’importance de l’environnement du foyer sur l’en semble des champs d’étude retenus. En effet, les liens st atistiques mis en évidence à travers notamment l’analyse économétrique employée concluent à un impact significatif des principales conditions de logement tant sur la réussite scolaire des élèves que sur la probabilité de retr ouver un emploi ou celle de se déclarer en mauvaise santé. La quantification, monétaire ou non, de ces impacts négatifs des conditions de logement, bi en que fragile compte tenu des données et de la méthode employée, permet d’apporter un éclairage nouveau sur les conséquences que peuvent avoir les conditions de logement sur les conditions de vie des ménages pris dans leur inté gralité et ce à court mais également à moyen/long terme.
    Keywords: Logment; Inegalités; Logis; Evaluation; Mal Logement
    JEL: R2 D63
    Date: 2016–06
  218. By: Daniel Marszalec (Faculty of Economics, The University of Tokyo)
    Abstract: I evaluate the performance of four static sealed-bid package auctions in an experimental setting with complementarities. The valuation model comprises two items, and three bidders: two `local bidders demand one item only, while the third (global) bidder only wants both. The rules I compare include the Vickrey and first-price auctions, Vickrey Nearest Rule and the Reference Rule. Auction-level tests find the first-price auction revenue dominant overall, while the Vickrey auction performs worst; the other two rules rank intermediate. Bidder-level tests of the experimental data reject the competitive equilibrium bidding functions: overbidding is widespread in all four auctions, and bidders are averse to submitting boundary bids. I also observe behaviour consistent with collusive bidding in the Vickrey auction. Contrary to theoretical predictions, the Vickrey auction performs worst on efficiency, primarily for this reason.
  219. By: Maria Lusiani (Dept. of Management, Università Ca' Foscari Venice); Fabrizio Panozzo (Dept. of Management, Università Ca' Foscari Venice)
    Abstract: This paper intends to critically explore the discourses and practices of regeneration of industrial heritage, examining how and to what extent a variety of notions of industrial heritage have been brought to bear on the plans and the practices enacted in the re-definition of the use of industrial sites. The general context is the one of the move from the industrial to the post-industrial society, entailing a growing abandonment of industrial areas and a parallel increasing awareness of the value of these sites, as testimony of some past material and immaterial culture and as spaces with potential for new forms of contemporary production. The paper thus reconstruct a typology of the main discourses and practices relating to industrial heritage re-uses, and concludes discussing the place of culture in these discourses and practices, the implications of the dominant discourses and practices, together with the need to move onto another view of the place and the shape of culture in and around industrial heritage sites.
    Keywords: industrial heritage, regeneration, heritage management
    JEL: M1
    Date: 2016–04
  220. By: Prieur, Fabien; Schumacher, Ingmar
    Abstract: In this article we investigate the role that internal and external conflict plays for optimal climate and immigration policy. Reviewing the empirical literature, we put forward five theses regarding the link between climate change, migration, and conflict. Based on these theses, we then develop a theoretical model in which we take the perspective of the North who unilaterally chooses the number of immigrants from a pool of potential migrants that is endogenously determined by the extent of climate change. Accepting these migrants allows increases in local production which not only increases climate change but also gives rise to internal conflicts. In addition, those potential migrants that want to move due to climate change but that are not allowed to immigrate may induce external conflict. While we show that the external and internal conflict play a significant yet decisively different role, it is the co-existence of both conflicts that makes policy making difficult. Considering only one conflict induces significant immigration but no mitigation. Allowing for both types of conflict, then depending on parameters, either a steady state without immigration but with mitigation will be optimal, or a steady state with a larger number of immigrants but less mitigation. Furthermore, we find the possibility of Skiba points, signaling that optimal policy depends on initial conditions, too. During transition we examine the substitutability and complementarity between the mitigation and immigration policy.
    Keywords: climate change, immigration, conflict, mitigation.
    Date: 2016–06
  221. By: Gilbert, Thomas; Scotti, Chiara; Strasser, Georg; Vega, Clara
    Abstract: The literature documents a heterogeneous asset price response to macroeconomic news announcements: Some announcements have a strong impact on asset prices and others do not. In order to explain these differences, we estimate a novel measure of the intrinsic value of a macroeconomic announcement, which we define as the announcement's ability to nowcast GDP growth, inflation, and the Federal Funds Target Rate. Using the same nowcasting framework, we then decompose this intrinsic value into the announcement's characteristics: its relation to fundamentals, timing, and revision noise. We find that in the 1998–2013 period, a significant fraction of the variation in the announcements' price impact on the Treasury bond futures market can be explained by differences in intrinsic value. Furthermore, our novel measure of timing explains significantly more of this variation than the announcements' relation to fundamentals, reporting lag (which previous studies have used as a measure of timing), or revision noise. JEL Classification: G14, E44
    Keywords: coordination role of public information, learning, macroeconomic announcements, macroeconomic forecasting, price discovery
    Date: 2016–02
  222. By: Yannis Dafermos (University of the West of England); Maria Nikolaidi; Giorgos Galanis
    Abstract: This paper develops a stock-flow-fund ecological macroeconomic model that combines the stock-flow consistent approach of Godley and Lavoie with the flow-fund model of Georgescu-Roegen. The model has the following key features. First, monetary and physical stocks and flows are explicitly formalised taking into account the accounting principles and the laws of thermodynamics. Second, Georgescu-Roegen’s distinction between stock-flow and fund-service resources is adopted. Third, output is demand-determined but supply constraints might arise either due to environmental damages or due to the exhaustion of natural resources. Fourth, climate change influences directly the components of aggregate demand. Fifth, finance affects macroeconomic activity and the materialisation of investment plans that determine ecological efficiency. The model is calibrated using global data. Simulations are conducted to investigate the trajectories of key environmental, macroeconomic and financial variables under (i) different assumptions about the sensitivity of economic activity to the leverage ratio of firms and (ii) different types of green finance policies.
    Keywords: ecological macroeconomics, stock-flow consistent modelling, laws of thermodynamics, climate change, finance
    JEL: E12 E44 Q54 Q57
    Date: 2016–07
  223. By: Bar-Ilan, Avner (Department of Economics, University of Haifa); Gliksberg, Baruch (Department of Economics, University of Haifa)
    Abstract: This paper studies the scal-monetary response to a sharp increase in the level of the public debt. To that end, we employ a general equilibrium model with distortionary income tax, distortionary nancing, and endogenous capital accumulation. The model is calibrated to the US and EU economies. A main result is that in both economies the QE is superior, welfare-wise, to other policy prescriptions to the problem of explosive debt. A major di¤erence between the EU and the US is that a Taylor rule of tight monetary and scal policy could reduce the US public debt, but given the fundamental properties of the EU economy, this policy cannot achieve this goal in Europe.
    Keywords: Distorting Taxes; Fiscal Solvency; La¤er curve in a monetary economy; Liquidity ; Rate of self nancing of tax cuts; Quantitative Easing
    JEL: E44 E47 E58 E63 H30 H63
  224. By: Costa-Font, J.; Jofre-Bonet, M.
    Abstract: Parental influences on children health related behaviours are argued to be gender assortative (e.g., that maternal behaviour is more important for daughters), but research devoted to disentangling such effects is still at its infancy. We take advantage of a unique dataset (Health Survey for England) containing records of clinically measured weight and height for a representative sample of English children and their parents for the period 1996-2009. We examine the magnitude and change of the association between maternal and paternal overweight and that of their offspring by gender, alongside the combined parental effect. We aim at identifying the existence and the magnitude of a gender-assortative transmission of overweight after controlling for a long list of covariates, including time and survey-wave fixed effects. Our findings point out that the intergenerational transmission is most significant when both parents are obese or overweight, and the effects size increases with child age 0.7 percentage point among infants to 1.3-1.4 percentage points among schooled children and teenagers. However, we find weak evidence of a specific maternal effect on girls’ overweight, and more generally gender assortative intergenerational transmission of overweight and obesity.
    Keywords: Gender Assortative Parental Transmission; child obesity; child overweight; role models; inter-generational transmission;
    Date: 2016–06
  225. By: Gang, Ira N. (Rutgers University); Gatskova, Kseniia (Institute for East and Southeast European Studies, Regensburg); Landon-Lane, John (Rutgers University); Yun, Myeong-Su (Inha University)
    Abstract: We examine vulnerability to poverty in Tajikistan during the global financial crisis, focusing on the roles played by international migration and remittances, using a formal, practical, and easily decomposable vulnerability measure. Our strategy is to estimate a Markov transition probability matrix with the aim of identifying the vulnerability of households to poverty. Importantly, by introducing the index of vulnerability as the weighted probability of a household falling into poverty over a given time horizon, we can use the estimated dynamics to assess the short, medium and long-run vulnerability. We find that during the "recession transition" almost all households were vulnerable to poverty while almost none were during the "recovery period". Overall, urban households, more educated households and households receiving remittances from international labor migrants were less vulnerable to poverty. While households with a current or very recent migrant did not have a significantly lower measured vulnerability to poverty, those households receiving remittances from migrants had a lower vulnerability to poverty. Our findings stress that the international labor migration from Tajikistan may not be considered as a reliable means of welfare security for the households because external economic shocks and internal political decisions may negatively affect Russian economy and lead to a reduction of remittances flow to Tajikistan.
    Keywords: mobility measurement, vulnerability, poverty, inequality, measurement, Tajikistan
    JEL: J60 D63 I32
    Date: 2016–07
  226. By: Ana Fontoura Gouveia (Gabinete de Planeamento, Estratégia, Avaliação e Relações Internacionais / Office for Economic Policy and International Affairs - Ministério das Finanças / Ministry of Finance); Filipa Canas
    Abstract: Portugal implemented a large number of structural reforms in the recent years, which are expected to enhance the allocation of resources in the economy, namely from the non-tradable to the tradable sector. We argue that the methodology to identify the tradable sector used by some international institutions is outdated and may hamper an accurate assessment of the structural progress achieved so far. Based on an enhanced methodology to identify the tradable sector of the economy, we provide more solid ground for future assessments of structural economic developments. By looking at some standard economic indicators, we show that our new criterion provides a different picture of the resource allocation in the Portuguese economy and of the adjustment of the recent years as compared to the one provided by commonly used criteria.
    Keywords: Allocative Efficiency, Trade, Microeconomic Policy
    JEL: D61 F14 E D04
    Date: 2016–02
  227. By: Madalina Cristina TOCAN (Faculty of Economics, Ecological University of Bucharest); Oana CHINDRIS-VASIOIU (Faculty of Economics, Ecological University of Bucharest)
    Abstract: The economy, in different historical stages and development in any part of the Terra planet, develops and grows between two coordinates, namely: production and consumption. Their relationship is interdependence, reciprocity. This relationship production-consumption which means savings in relation to the environment (initially natural environment) has two aspects: the environment is the economy support and a supplier of raw materials - support is established by the necessary energy production process for finished products and their distribution, waste results; Environmental structure at one time is changed by technological production processes actually determining ecological imbalances. The present paper tries to present the core concepts regarding green economy, the eco- economic decisions, environmental management system and the present situation of the environmental management within the Romanian companies.
    Keywords: green economy, eco-economic decisions, Environmental Management System, Sustainable Development
    JEL: O44 Q57
    Date: 2015–11
  228. By: Neute, Nadine; Budzinski, Oliver
    Abstract: Following the FCC Notice of proposed Rulemaking and the request for public comments a lively debate on how to protect the open Internet ensued and has now been closed by the approval of strong net neutrality rules by the FCC. This paper discusses the economic merit of alternative forms of regulation and points out implications of the current rules for further proceedings. We particularly highlight the parallels between the European and the American legal contexts and discuss un-der which circumstances prioritization influences the likelihood of market failure. From the (non)available empirical evidence on attempts to foreclose downstream markets and from the fact that interference with the freedom of opinion has been dealt with swiftly we conclude that the former legal framework was sufficient to deal with those concerns, while the new framework has severe drawbacks. Although a binding formalization of prioritization rules is necessary to reduce uncertainty and to close a debate which has been going on now since 2003 it will not pacify the ongoing debate, as H.R.2666 - No Rate Regulation of Broadband Internet Access Act has passed the House of Representatives and might counteract the FCCs net neutrality priciples.
    Keywords: Netzneutralität,Internetökonomie,Medienökonomik,Wettbewerb
    JEL: L86 L82 L40 K21 D80
    Date: 2016
  229. By: Tzavidis, Nikos; Zhang, Li-Chun; Luna Hernandez, Angela; Schmid, Timo; Rojas-Perilla, Natalia
    Abstract: Small area estimation is a research area in official and survey statistics of great practical relevance for National Statistical Institutes and related organisations. Despite rapid developments in methodology and software, researchers and users would benefit from having practical guidelines that assist the process of small area estimation. In this paper we propose a general framework for the production of small area statistics that is based on three broadly defined stages namely, Specification, Analysis/Adaptation and Evaluation. The corner stone of the proposed framework is the principle of parsimony. Emphasis is given on the interaction between a user and a methodologist for specifying the target geography and parameters in light of the available data. Model-free and model-dependent methods are described with focus on model selection and testing, model diagnostics and adaptations e.g. use of data transformations. The use of uncertainty measures and model and design-based simulations for method evaluation are also at the centre of the paper. We illustrate each stage of the process both theoretically and by using real data for estimating a simple and complex (non-linear) indicators.
    Keywords: census,design-based methods,diagnostics,inequality,model-based methods
    Date: 2016
  230. By: Benjamin Jourdain; Alexandre Zhou
    Abstract: By Gyongy's theorem, a local and stochastic volatility model is calibrated to the market prices of all call options with positive maturities and strikes if its local volatility function is equal to the ratio of the Dupire local volatility function over the root conditional mean square of the stochastic volatility factor given the spot value. This leads to a SDE nonlinear in the sense of McKean. Particle methods based on a kernel approximation of the conditional expectation, as presented by Guyon and Henry-Labord\`ere (2011), provide an efficient calibration procedure even if some calibration errors may appear when the range of the stochastic volatility factor is very large. But so far, no existence result is available for the SDE nonlinear in the sense of McKean. In the particular case where the local volatility function is equal to the inverse of the root conditional mean square of the stochastic volatility factor multiplied by the spot value given this value and the interest rate is zero, the solution to the SDE is a fake Brownian motion. When the stochastic volatility factor is a constant (over time) random variable taking finitely many values and the range of its square is not too large, we prove existence to the associated Fokker-Planck equation. Thanks to Figalli (2008), we then deduce existence of a new class of fake Brownian motions. We then extend these results to the special case of the LSV model called Regime Switching Local Volatility, where the stochastic volatility factor is a jump process taking finitely many values and with jump intensities depending on the spot level. Under the same condition on the range of its square, we prove existence to the associated Fokker-Planck PDE. We then deduce existence of the calibrated model by extending the results in Figalli (2008).
    Date: 2016–06
  231. By: Líbera, María Eugenia; Rech, Lautaro; Fratuzzo, Juan Pablo
    Abstract: En el año 2010, respondiendo a una serie de demandas y necesidades del entorno, se crea desde la Facultad de Ciencias Económicas y Sociales de la Universidad Nacional de Mar del Plata la Oficina de Apoyo al Emprendedor. Teniendo como objetivo principal de la misma la promoción y el desarrollo de acciones tendientes a fomentar el desarrollo de una cultura emprendedora local. Se tomaron como principales líneas de trabajo la pre-incubación, a partir de un ciclo en el cual se busca validar la oportunidad de negocio, y la incubación, con acciones tendientes a solucionar problemáticas específicas que suscite el emprendimiento. Desde la conformación de la Oficina se han capacitado más de 500 emprendedores locales y se ha sistematizado la metodología de trabajo.
    Keywords: Emprendedorismo; Incubación de Empresas;
    Date: 2016–05
  232. By: Bobba, Matteo; Gignoux, Jérémie
    Abstract: When potential beneficiaries share knowledge and attitudes about a policy intervention, that can influence their decisions to participate and, in turn, change the effectiveness of both the policy and its evaluation. This matters notably in integrated social policies with several components. We examine spillover effects on the take-up of the schooling subsidy component of the Progresa-Oportunidades program in rural Mexico by exploiting exogenous variations in the local frequency of beneficiaries generated by the program's randomized evaluation. Higher treatment frequency in the areas surrounding the evaluation villages increases the take-up of scholarships and enrollment at the junior-secondary level. These cross-village effects exclusively operate on households receiving another component of the program, and do not carry over larger distances. While several tests reject heterogeneities in impacts due to spatial variations in program implementation, we find suggestive evidence that spillovers stem partly from the sharing of information about the program among eligible households.
    Keywords: spatial externalities; knowledge spillovers; peer effects; take-up of social policies; policy evaluation; conditional cash transfers.
    JEL: I2 J2 O2
    Date: 2016–06
  233. By: Oana CHINDRIS-VASIOIU (Faculty of Economics, Ecological University of Bucharest)
    Abstract: The concept of sustainable development starts from the premise that the human civilization is a subsystem of the Ecosphere, dependent on raw material and energy flows within it and the capacity for self-regulation, and maintaining the Ecosphere of stability. At the same time the concept believes that human civilization in turn has a significant impact on the ecosphere. In the early 1970s, the Club of Rome published a report entitled "limits of growth", in which it claimed that Terra has a limited capacity to meet the increasing demand for natural resources to socio-economic system and to alleviate the destructive effects of the use of these resources. This paper tries to define sustainable development in economic terms taking into account the historical evolution of the concept and, at the same time, to highlight its importance in the context of economic growth.
    Keywords: sustainable development, economic indicators, economic growth, the European Union
    JEL: Q41 Q51
    Date: 2015–11
  234. By: Yves-André FAURE
    Abstract: In the field of the fight against the HIV / AIDS substantial resources have been used regularly both in all of Brazil to Fortaleza. All these means affected populations more numerous and demographic cohorts constantly renewed and sexually active. One would therefore expect that all of these initiatives have had the effect of making effective incentives for voluntary practice test. However quantitative and qualitative researches shows that if the number of tests performed has steadily increased over time, they raise the reluctance persists continuously as in the general population as well as than in the social categories considered vulnerable because most exposed than others to the risk of being affected by HIV / AIDS.The question suggested by this situation is to try to identify and characterize the factors that make intelligible the persistence of resistance to the voluntary practice test or, equivalently, to understand the limitations of the effectiveness of incentives to take the test. We question here especially the world of local institutions, public ones and those within the third sector, involved in the fight against HIV / AIDS. This institutional landscape, despite or because of its thickness and its complexity, presents a number of shortcomings, limitations, dysfunctions that tend to weaken the expected efficacy of the structures, reduce the universalizing objective of test campaigns, hinders the understanding of the information generated around this struggle by the people.\r\n\r\nThe survey results suggest that, in a context of individual and collective factors, maintaining these complex relationships, the local institutional apparatus, despite efforts to raise the level of participation in HIV testing, contributes to a climate of uncertainty and lack of knowledge about the existence and importance of the test. The overall incentive system in practice has not achieved the desired effectiveness. And the persistence of vulnerabilities and the survival of reluctance and resistance to HIV meet involuntary allies in the actual functioning of local institutions.
    Keywords: HIV / AIDS, resistance to HIV / AIDS tests, vulnerable groups, Brazil, Fortaleza, local public institutions, local civil organizations.
    JEL: D64 D73 H51 H75 I18
    Date: 2016
  235. By: Kevin M. Morrison (University of Pittsburgh); Marc Rockmore (Clark University, Worcester)
    Abstract: Research finds that personal exposure to violence or crime increases political participation. The effects of fear, however, have not been studied. Since the number of victims is much smaller than those who are afraid of becoming a victim, this suggests an important but unexplored channel from crime to political participation. Moreover, if people who experience violence or crime are also afraid of future exposure, existing estimates conflate the effects of past experience with those of fear of future exposure. We find that fear of crime accounts for 10-23 percent of the effect previously attributed to direct exposure. We further find important differences between the effects of fear and victimization on political attitudes. Whereas victims of crimes have more authoritarian political attitudes, people who are fearful of crime are more supportive of democracy and equality, and hold other attitudes that are normally associated with rule of law and democracy.
    Date: 2016–07
  236. By: Bacchetta, Philippe; Benhima, Kenza; Kalantzis, Yannick
    Abstract: In this paper we analyze the implications of a persistent liquidity trap in a monetary model with asset scarcity and price flexibility. We show that a liquidity trap leads to an increase in cash holdings and may be associated with a long-term output decline. This long-term impact is a supply-side effect that may arise when agents are heterogeneous. It occurs in particular with a persistent deleveraging shock, leading investors to hold cash yielding a low return. Policy implications differ from shorter-run analyses. Quantitative easing leads to a deeper liquidity trap. Exiting the trap by increasing expected inflation or applying negative interest rates does not solve the asset scarcity problem.
    Keywords: Asset scarcity; Deleveraging; liquidity trap; zero lower bound
    JEL: E22 E40 E58
    Date: 2016–07
  237. By: Robert M. Feinberg; Kara M. Reynolds
    Abstract: Empirical studies have found that countries may respond strategically to the antidumping petitions filed against their exporters through their own retaliatory actions. Although most previous studies have focused on retaliatory antidumping filings, in this paper we explore another potential avenue for strategic response—filing a complaint under the World Trade Organization’s (WTO) Dispute Settlement Understanding. Using a panel of global antidumping filings between 1995 and 2011, we analyze under what conditions countries will choose to retaliate through either an antidumping petition or a WTO dispute, and to what degree these two strategies are complementary or act as substitutes. We find statistical evidence that countries are more likely to file a WTO dispute when they have also filed retaliatory antidumping petition, suggesting that these two strategies may be complementary. JEL classification: F13
    Keywords: WTO Dispute Settlement, Antidumping
    Date: 2016
  238. By: Michal Bauer (CERGE-EI and Charles University); Christopher Blattman (Columbia University, New York City and National Bureau of Economic Research, Cambridge, Massachusetts); Julie Chytilová (CERGE-EI and Charles University); Joseph Henrich (Harvard University, Cambridge, Massachusetts and CIFAR, Toronto, Ontario, Canada); Edward Miguel (University of California, Berkeley, California, and National Bureau of Economic Research, Cambridge, Massachusetts); Tamar Mitts (Columbia University, New York City, New York)
    Abstract: In the past decade, nearly 20 studies have found a strong, persistent pattern in surveys and behavioral experiments from over 40 countries: individual exposure to war violence tends to increase social cooperation at the local level, including community participation and prosocial behavior. Thus while war has many negative legacies for individuals and societies, it appears to leave a positive legacy in terms of local cooperation and civic engagement. We discuss, synthesize and reanalyze the emerging body of evidence, and weigh alternative explanations. There is some indication that war violence especially enhances in-group or “parochial” norms and preferences, a finding that, if true, suggests that the rising social cohesion we document need not promote broader peace.
    Date: 2016–07
  239. By: De Agostini, Paola; Paulus, Alari; Tasseva, Iva Valentinova
    Abstract: We apply microsimulation techniques to estimate the first-order effects of tax-benefit policy changes since the beggining of the financial and economic crisis in 2008. Using the EU tax-benefit model EUROMOD in combination with the EU-SILC 2012 micro-data, we provide comparative estimates for EU-27 in 2008-2014 as well as for 21 EU member states in 2014-2015. The analysis covers direct tax and cash benefit changes and evaluates their effects on the income distribution, poverty and inequality levels, holding population characteristics and market incomes constant, thereby, isolating direct policy effects from other factors shaping the income distribution. Two different indexation approaches are used to adjust benchmark policies over time – prices and market incomes – and explore the sensitivity of results. We find substantial cross-national variation throughout the whole period. At the EU level, policy changes in the first half of the period (2008-2011) were poverty-reducing and had a positive effect on mean incomes, while the effects were the opposite in the later period (2011-2014); and inequality-reducing in both periods.
    Date: 2016–07–04
  240. By: Marc CHESNEY; Pierre LASSERRE; Bruno TROJA
    Abstract: Mitigation and adaptation represent two solutions to the issue of global warming. While mitigation aims at reducing CO2 emissions and preventing climate change, adaptation encompasses a broad scope of techniques used to reduce the impacts of climate change once they have occurred. Both have direct costs on a country’s Gross Domestic Product, but costs also arise from temperature increases due to inaction. This paper introduces a tipping point in a real options model and analyzes optimal investment choices in mitigation and their timing.
    Keywords: adaptation, mitigation, real options, delay, tipping point, climate change, CO2, gross domestic product
    Date: 2016
  241. By: Alicia Blum-Ross; Sonia Livingstone
    JEL: L91 L96
    Date: 2016–06–27
  242. By: Yuan Liao (Rutgers University); Anna Simoni (CREST)
    Abstract: Inference on partially identified models plays an important role in econometrics. This paper proposes novel Bayesian procedures for these models when the identified set is closed and convex and so is completely characterized by its support function. We shed new light on the connection between Bayesian and frequentist inference for partially identified convex models. We construct Bayesian credible sets for the identified set and uniform credible bands for the support function, as well as a Bayesian procedure for marginal inference, where we may be interested in just one component of the partially identified parameter. Importantly, our procedure is shown to be an asymptotically valid frequentist procedure as well. It is computationally efficient, and we describe several algorithms to implement it. We also construct confidence sets for the partially identified parameter by using the posterior distribution of the support function and show that they have correct frequentist coverage asymptotically. In addition, we establish a local linear approximation of the support function which facilitates set inference and numerical implementation of our method, and allows us to establish the Bernstein-von Mises theorem of the posterior distribution of the support function.
    Keywords: partial identication, Bayesian credible sets, support function, moment inequality models, Bernstein-von Mises theorem
    JEL: C11
    Date: 2016–07–05
  243. By: Faure, Salomon; Gersbach, Hans
    Abstract: We develop a general equilibrium model to study money creation by private banks and examine the impact of monetary policy and capital regulation. There are two production sectors, financial intermediation, aggregate shocks, safe deposits, and two types of money creation: private deposits when banks grant loans to firms or to other banks and central bank money when the central bank grants loans to private banks. We show that in the baseline model, equilibria yield the first-best level of money creation and lending, regardless of the monetary policy or capital regulation. If we add price rigidities coupled with the zero lower bound, there may be no equilibrium with banks, but under normal economic conditions, an adequate combination of monetary policy and capital regulation can restore the existence of equilibria and efficiency. Finally, we show that Forward Guidance and capital regulation can only avoid a slump in money creation and lending if economic conditions are sufficiently favorable.
    Date: 2016–06
  244. By: Chen, Xi (Yale University); Wang, Tianyu (Beijing Academy of Social Sciences)
    Abstract: We estimate the impact of receiving pension benefits on mental well-being using China's New Rural Pension Scheme launched in 2010, the largest pension program in the world. More than four hundred million Chinese have enrolled in the program, and the program on average amounts to one fifth of pensioners' earned income. We find a salient increase in pension benefits and poverty alleviation around the pension eligibility age cut-off. Employing an instrumental variable approach to a national sample of the China Family Panel Studies, our empirical strategy overcomes the endogeneity of pension receipt that prevents us from identifying the causal effect of income change on mental health as measured by the full version of CES-D and depressive symptoms. Results reveal a sizeable reduction in depression susceptibility due to pension income. The improvement in mental health is larger for vulnerable populations with financial and health constraints. We further discuss potential pathways through which pension may affect mental health.
    Keywords: pension income, depression, mental health, older populations
    JEL: H55 I18 I38 J14
    Date: 2016–07
  245. By: Metaxas, Theodore; Folinas, Sotiris
    Abstract: This article aims to explore and document the relationship between forms of alternative tourism and economic development. More specifically, the subject of our investigation will be whether a small national economy is able to rely wholly or largely on tourist flows as a source of income and even to invest in a single type of tourism. Alternative forms of tourism, gaming tourism as well as the features of territorially limited countries and how they are linked to the case of Macau will also be objects of study and annotation. With the process of text production through scientific articles, statistical data and reliable data bases, we will attempt to 'cover' the investigated relationship as well as the stemming questions.
    Keywords: tourism, gaming tourism, development, growth, small countries
    JEL: O1 O18 O21 R58
    Date: 2016
  246. By: Franck Portier (Toulouse School of Economics); Dana Galizia (University of British Columbia); Paul Beaudry (University of British Columbia)
    Abstract: There is a long tradition in macroeconomics suggesting that market imperfections may explain why economies repeatedly go through periods of booms and busts. This idea can be captured mathematically as a limit cycle. In this paper we present both a general structure and a particular model with the aim of giving new life to this mostly dismissed view of fluctuations. We begin by showing why and when models with strategic complementarities can give rise to unique-equilibrium dynamics characterized by a limit cycle. We then develop a fully-specified dynamic general equilibrium model that embeds a demand complementarity that allows for a limit cycle. Booms and busts arise endogenously in our setting because agents want to concentrate their purchases of goods at times when purchases by others are high, since in such situations unemployment is low and therefore taking on debt is perceived as being less risky. A key feature of our approach is that we allow limit-cycle forces to compete with exogenous disturbances in explaining the data. Our estimation results indicate that US business cycle fluctuations in employment and output can be well explained by endogenous demand-driven cycles buffeted by technological disturbances that render those fluctuations irregular.
    Date: 2016
  247. By: Zaghdoudi, Taha
    Abstract: One of the most important problem of misspecification in the probit model is the correlation between regressors and error term. To deal with this problem, some commercial software gives a solution such as Stata. For the famous R language the ivprobit gives the users the way to estimate the instrumental probit model.
    Keywords: Instrumental variables,probit model,generalized least squares estimator
    JEL: C25 C36 C87
    Date: 2014–09–25
  248. By: Filippo Ferroni (Banque de France); Christian Matthes (Federal Reserve Bank of Richmond); Fabio Canova (EUI)
    Abstract: The paper studies how parameter variation affects the decision rules of a DSGE model and structural inference. We provide diagnostics to detect parameter variations and to ascertain whether they are exogenous or endogenous. Identification and inferential distortions when a constant parameter model is incorrectly assumed are examined. Likelihood and VAR-based estimates of the structural dynamics when parameter variations are neglected are compared. Time variations in the financial frictions of Gertler and Karadi's (2010) model are studied.
    Date: 2016
  249. By: Peter McDonald
    Abstract: Declining fertility and mortality rates in the second half of the twentieth century have led to the twenty-first century being characterised as the century of the aging population. Concurrently, the decline in the numbers of young people entering the labour force is exacerbating the problems arising from the aging population. Implications of these trends are analysed for a variety of Asian countries. Labour force growth in India and Pakistan will be sufficient to compensate for the shrinking labour forces in Europe and Asia excluding the massive fall in China; outsourcing labour to South Asia will be an increasing trend in the twenty-first century. The Asian countries with less problematic demographic structures are instead facing economic challenges and require education and training to improve labour productivity.
    Keywords: intergenerational, demography, labour, Asian century, economic policy
    Date: 2016–07–01
  250. By: Sandra Rodriguez A.
    Abstract: Esta investigación busca analizar si el mercado de aseguramiento en salud en Colombia está concentrado, y si esa concentración influye en el acceso a servicios de salud. Para esto se estiman modelos de forma reducida, utilizando información de prestación de servicios de salud para 33 áreas de mercado en el periodo 2007-2011. Como principal resultado se verifica la existencia de mercados concentrados, y se encuentran evidencias de que estas aseguradoras ejercen también influencia sobre la producción de servicios hospitalarios. Todo ello conlleva a que el ejercicio del poder de mercado de las aseguradoras se convierte en potenciales limitantes del acceso a los servicios médicos.
    Keywords: concentración de mercado, acceso a servicios de salud
    JEL: D43
    Date: 2015–06–19
  251. By: Giovanna Andrea Cornia; Antonio Scognamillo
    Abstract: The conventional approach to least developed country (LDC) graduation has considered these countries as an undifferentiated group whose problems could be solved by means of similar measures focussing on domestic and international liberalisation, preferential aid allocations, and the promotion of their exports by means of trade preferences and free market access. This paper tries to go beyond this analytical and policy tradition and attempts to identify different LDC clusters in which underdevelopment is caused by specific economic and social conditions, and for which the solution depends not only on traditional support measures, but also on the implementation of differentiated, country-specific policies sensitive to the local context.
    Keywords: least developed countries, cluster analysis, productive capacity, graduation, country-specific policy measures
    JEL: F35 F55 O19 O57
    Date: 2016–07
  252. By: Erdenebat Bataa; Denise R.Osborn; Marianne Sensier
    Abstract: In the light of China's increasing importance in the global economy, we investigate changes in the international spillovers of quarterly GDP growth rates since 1975 in a system consisting of the USA, Euro area and China. Utilizing an iterative procedure for detecting structural breaks in the VAR coefficients and covariance matrix, we find dynamics to be unchanged, but volatilities change in 1983, 1993 and 2007, with cross-country correlations markedly increasing around the time of the Great Recession. This recent period consequently shows increased international growth spillovers, measured through generalized impulse responses. Although largely isolated from the other large economies until 2007, growth in China is subsequently important for both the US and the Euro area. At the same time, the volatility of China's growth becomes more closely associated with these other large economies, especially the US in terms of net volatility spillovers.
    Date: 2016
  253. By: López-Martín Bernabé
    Abstract: A quantitative framework of firm dynamics is developed where the size of the informal sector is determined by financial constraints and the burden of taxation. Improving access to credit for formal sector firms increases aggregate TFP and output while reducing the size of the informal sector. Introducing size-dependent taxes reduces the gains from financial development as they incentivize firms to produce at a relatively limited scale. The aggregate effects of eliminating formal sector registration costs are positive but modest relative to previous theoretical models and the gains generated by financial development, and consistent with empirical evidence based on micro-level data.
    Keywords: informal sector; misallocation; aggregate productivity; financial constraints; size-dependent taxes.
    JEL: E26 L11 O11 O17 O40
    Date: 2016–06
  254. By: Ferreira, Pedro Cavalcanti; Gomes, Diego B. P.
    Abstract: This article investigates the impact on the U.S. economy of making health care more affordable. We compare health care cost reductions with the Patient Protection and Affordable Care Act (PPACA) using a rich life cycle general equilibrium model with heterogeneous agents. We found that all policies were able to reduce uninsured population, but the PPACA was the most effective: in the long run, less than 5% of Americans would remain uninsured. Cost reductions alleviated the government budget, while tax hikes were needed to finance the reform. Feasible cost reductions are less welfare improving than the PPACA.
    Date: 2016–06–17
  255. By: Masahiko Egami; Rusudan Kevkhishvili
    Abstract: During subprime mortgage crisis, it became apparent that incumbent models had underestimated company default correlations. Complex models that attempt to incorporate default dependency are difficult to implement in practice. On the contrary, practical models, such as One-Factor Gaussian Copula model, greatly underestimated simultaneous default probabilities. In this article, we develop a model for a company asset process and based on this model, we calculate simultaneous default probabilities using option-theoretic approach. Our model focuses on one industry and includes a shot noise process in the asset model directly. The risk factor driving the shot noise process is common to all companies in the industry but the shot noise parameters are assumed to be company-specific; therefore, every company responds to this common risk factor differently. Apart from the shot noise process, the asset model includes company specific Brownian motion. Compared to commonly used geometric Brownian motion asset model in option-theoretic approach, our model predicted higher simultaneous default probabilities for Citigroup Inc. in 2008, and for all company combinations for the years of 2009 and 2010. Our model is easy to implement and can be extended to analyze any finite number of companies without greatly increasing computational difficulty.
    Keywords: shot noise; option-theoretic approach; asset process; simultaneous default probabilities
    JEL: G01 G21 G32
    Date: 2016–04
  256. By: Kevin Lang; Russell Weinstein
    Abstract: We show that in labor market models with adverse selection, otherwise observationally equivalent workers will experience less wage growth following a period in which they change jobs than following a period in which they do not. We find little or no evidence to support this prediction. In most specifications the coefficient has the opposite sign, sometimes statistically significantly so. When consistent with the prediction, the estimated effects are small and statistically insignificant. We consistently reject large effects in the predicted direction. We argue informally that our results are also problematic for a broader class of models of competitive labor markets.
    JEL: J3
    Date: 2016–07
  257. By: Michele Di Maio (Department of Business and Economic Studies, University of Naples Parthenope (Italy) and HiCN); Giorgio Fabbri (Aix-Marseille Univ. (Aix-Marseille School of Economics), CNRS & EHESS); Vincenzo Lombardo (Department of Business and Economic Studies, University of Naples Parthenope)
    Abstract: This paper presents a theoretical model exploring the effects of industrial policy (IP) when entrepreneurs are characterized by different ability levels and sectors are heterogeneous as for their profitability and social externalities generated. The optimal structure of IP in terms of monetary transfers is shown to crucially depend on the distribution of entrepreneurs abilities. Moreover, we find that IP increases aggregate welfare under very general conditions, also in the presence of Government failures. In an extension of the model, we consider the case in which the Government can use also the provision of business training to entrepreneurs as an additional instrument of IP. Based on these results, policy implication for industrial policy in developing countries are discussed.
    Keywords: Entrepreneurs; Heterogeneous Abilities; Training.
    JEL: O25 O15 O14
    Date: 2016–06–30
  258. By: Cerqueiro, Geraldo; Ongena, Steven; Roszbach, Kasper
    Abstract: In this paper, we investigate the economy-wide effects of the collateral channel by exploiting: (i) a legal reform in Sweden in 2004 that reduced collateral values, and (ii) a dataset that covers all incorporated firms in Sweden over the period 2000-2006. We find that the loss in collateral value reduces both the amount and the maturity of firm debt and leads firms to contract investment, employment, and assets. The legal reform may distort investment and asset allocation decisions, as firms that reduce their holdings of assets with low collaterizable value and firms that hold more liquid assets consequently become less productive and innovative. Our results therefore document the potency of a collateral channel outside of a crisis. JEL Classification: D22, G31, G32
    Keywords: collateral, differences-in-differences, financial constraints, floating lien, investment
    Date: 2016–06
  259. By: Michalopoulos, Stelios; Putterman, Louis; Weil, David
    Abstract: Does a person's historical lineage influence his or her current economic status? Motivated by a large literature in social sciences stressing the effect of an early transition to agriculture on current economic performance at the level of countries, we examine the relative contemporary status of individuals as a function of how much their ancestors relied on agriculture during the pre-industrial era. We focus on Africa, where by combining anthropological records of groups with individual-level survey data we can explore the effect of the historical lifeways of one's forefathers. Within enumeration areas and occupational groups, we find that individuals from ethnicities that derived a larger share of subsistence from agriculture in the pre-colonial era are today more educated and wealthy. A tentative exploration of channels suggests that differences in attitudes and beliefs as well as differential treatment by others, including differential political power, may contribute to these divergent outcomes.
    Keywords: Africa; agriculture; Culture; Development; Ethnicity
    JEL: J6 N37 O15 Z1
    Date: 2016–06
  260. By: Castillo Murciego, Ángela; López Laborda, Julio
    Abstract: In this paper the authors analyze the existence of profit shifting by companies located in Spain. Using a sample of 1,380 Spanish subsidiaries owned by foreign OECD and EU parent companies from the AMADEUS Database for the period 2005-2014 and a simple tax rate difference as a measure of the profit shifting tax incentive, the authors obtain a negative effect of corporate income taxes on reported profits, which is consistent with the profit shifting activity of corporations and matches the empirical results in the literature. Furthermore, they derive a negative effect from this profit shifting activity in terms of tax revenues for Spain.
    Keywords: profit shifting,multinational corporations,tax revenues,Spain
    JEL: F23 F69 H25 H26 H32
    Date: 2016
  261. By: Barnichon, Régis; Matthes, Christian
    Abstract: Despite intense scrutiny, estimates of the government spending multiplier remain highly uncertain, with values ranging from 0.5 to 2. While an increase in government spending is generally assumed to have the same (mirror-image) effect as a decrease in government spending, we show that relaxing this assumption is important to understand the effects of fiscal policy. Regardless of whether we identify government spending shocks from (i) a narrative approach, or (ii) a timing restriction, we find that the contractionary multiplier --the multiplier associated with a negative shock to government spending-- is above 1, while the expansionary multiplier --the multiplier associated with a positive shock-- is substantially below 1. The multiplier is largest in recessions, as found in previous studies, but only because the contractionary multiplier is largest in recessions. The expansionary multiplier is always below 1 and not larger in recessions. We argue that our results help understand the wide range of multiplier estimates found in the literature.
    Date: 2016–07
  262. By: Benavides Guillermo
    Abstract: The objective of this paper is to analyze what are the main determinants of the exchange rate risk premium (ERP). The empirical case is conducted for the daily Mexican peso-USD exchange rate for a sample period from 2007 until 2015. According to the results the ERP is influenced by several financial variables which are the VIX, a carry trade index, the EMBI and the forward premium obtained from derivatives' transaction orders. These results are in line with previous results in the literature that have proven that exchange rate premiums are influenced by several financial variables, which are usually considered as 'proxies' of risk.
    Keywords: Mexican peso-USD Exchange Rate;Risk-Neutral Densities;Risk premiums
    JEL: C22 C53 C58 G10 G13
    Date: 2016–06
  263. By: Masatoshi Kato (School of Economics, Kwansei Gakuin University)
    Abstract: This study explores internal research and development (R&D) and external knowledge acquisition of firms during the start-up period, using panel data from original questionnaire surveys conducted in Japan. In particular, the study highlights the role of entrepreneurial human capital in the adoption of internal R&D and external knowledge acquisition strategies (licensing-in and joint R&D). Based on estimates of a bivariate probit model, the analysis provides evidence that firms managed by entrepreneurs with a high level of human capital are more likely to engage both in internal R&D and external knowledge acquisition. More specifically, while generic human capital, such as educational attainment, plays a significant role in explaining internal R&D, specific human capital, such as prior work experience in a related field or innovation experience, tends to have a prominent in uence on external knowledge acquisition. As a supplementary analysis, the effectiveness of internal R&D and external knowledge acquisition strategies is assessed by examining the link with innovation outcomes (product innovations and patent applications). The results suggest that the two innovation strategies have positive effects on innovation outcomes.
    Keywords: Start-up, entrepreneur, internal R&D, external knowledge acquisition, generic human capital, specific human capital
    JEL: M13 L26 O32
    Date: 2016–07
  264. By: Emmerling, Johannes; Drouet, Laurent Drouet; Reis, Lara Aleluia; Bevione, Michela; Berger, Loic; Bosetti, Valentina; Carrara, Samuel; De Cian, Enrica; De Maere D'Aertrycke, Gauthier; Longden, Tom; Malpede, Maurizio; Marangoni, Giacomo; Sferra, Fabio; Tavoni, Massimo; Witajewski-Baltvilks, Jan; Havlik, Petr
    Abstract: This paper describes the WITCH - World Induced Technical Change Hybrid - model in its structure, calibration, and the implementation of the SSP/RCP scenario implementation. The WITCH model is a regionally disaggregated hard-linked model based on a Ramsey type optimal growth model and a detailed bottom-up energy sector model. A particular focus of the model is the modeling or technical change and RnD investments and the analysis of cooperative and non-cooperative climate policies. Moreover, the WITCH 2016 version now includes land-use change modeling based on the GLOBIOM model, and air pollutants, as well as detailed modeling of the transport sector and the possibility for stochastic modeling. This version has been also used to implement the Shared Socioeconomic Pathways (SSPs) set of scenarios and RCP based climate policies to provide a new set of climate scenarios. In this paper, we describe in detail the mathematical formulation of the WITCH model, the solution method and calibration, as well as the implementation of the five SSP scenarios. This report therefore provides detailed information for interested users of the model, and for understanding the implementation of the different “worlds" of the SSP.
    Keywords: Integrated Assessment Model, SSPs, Climate Change, Scenarios, Research and Development/Tech Change/Emerging Technologies, Q54, C63,
    Date: 2016–07–04
  265. By: Juan Rosellón (Division of Economics, CIDE); Eric Zenón (Centro del Cambio Global y la Sustentabilidad en el Sureste, CCGSS)
    Abstract: This paper addresses electricity transmission planning under the new industry and institutional structure of the Mexican electricity market, which has engaged in a deep reform process after decades of a state-owned vertically-integrated non-competitive closed industry. Under this new structure, characterized by a nodal pricing system and an independent system operator (ISO), we analyze welfare-optimal network expansion with two modeling strategies. In a first model, we propose the use of an incentive price-cap mechanism to promote the expansion of Mexico networks. In a second model, we study centrally-planned grid expansion in Mexico by an ISO within a power-flow model. We carry out comparisons of these models which provide us with hints to evaluate the actual transmission planning process proposed by Mexican authorities (Prodesen). We obtain: 1) the Prodesen plan appears to be a convergent welfare optimal planning process, and 2) incentive regulation in Mexico could further help to implement such an optical process.
    Keywords: Electricity market reform, vertical and horizontal disintegration, transmission planning, nodal prices, Mexico.
    JEL: L51 L91 L94 Q40
    Date: 2016–04
  266. By: Michelle Mills; Clare Barrington; UNICEF Office of Research - Innocenti
    Abstract: Sharing of good, practical research practices and lessons learned from development and humanitarian contexts is in high demand not only within UNICEF, but also in the broader international development and humanitarian community, ‘Impact Evaluation in the Field’ complements other methodological briefs by discussing how textbook approaches are applied in often challenging, under-resourced development contexts as well as the innovative solutions that are needed to ensure that practical demands do not compromise methodological rigour. The series will grow over time, allowing UNICEF staff and partners to share new experiences and approaches as they emerge from applied research. The overarching aim is to contribute to strengthening capacity in research and evaluation, improving UNICEF and partners’ ability to provide evidence-based, strategic, long-term solutions for children. This methodological brief focuses on the qualitative component of the evaluation of the Ghana Livelihood Empowerment against Poverty (LEAP) 1000. Quantitative measures will indicate if LEAP 1000 reduces child poverty, stunting and other measures of well-being, while qualitative research explores in more depth the reasons why and how this may or may not be happening.
    Keywords: cash transfers; programme evaluation; research methods;
    Date: 2016
  267. By: Giovanni Dosi; Marcelo C. Pereira; Andrea Roventini; Maria Enrica Virgillito
    Abstract: This paper is meant to analyse the effects of labour market structural reforms by means of an agent-based model. Building on Dosi et al., (2016b) we introduce a policy regime change characterized by a set of structural reforms on the labour market, keeping constant the structure of the capital- and consumption-good markets. Confirming a recent IMF report (Jaumotte and Buitron, 2015), the model shows how labour market structural reforms reducing workersù bargaining power and compressing wages tend to increase (i) unemployment, (ii) functional income inequality, and (iii) personal income inequality. We further undertake a global sensitivity analysis on key variables and parameters which confirms the robustness of our findings.
    Keywords: Labour Market Structural Reforms, Income Distribution, Inequality, Unemployment, Long-Run Growth
    Date: 2016–05–07
  268. By: Juan Carlos Cuestas (EestiPank); Luis A. Gil-Alana (University of Navarra)
    Abstract: The aim of this paper is to shine some light on the effect of oil price movements on unemployment in Central and Eastern Europe. In order to do so, we disentangle oil prices movements by their sign. From there we analyse the separate effect of positive and negative movements of oil prices on unemployment rates. We find that although oil prices and unemployment are not very much correlated in the short run, the effect of oil price shocks on the natural rate of unemployment goes in the same direction, i.e. increases or decreases in oil prices increase or decrease the natural rate of unemployment.
    Keywords: unemployment rates; oil prices shocks; Central and Eastern Europe
    JEL: C22 E39 Q43
    Date: 2016–06–28
  269. By: Joachim Kaldasch
    Abstract: The paper presents an evolutionary economic model for the price evolution of stocks. Treating a stock market as a self-organized system governed by a fast purchase process and slow variations of demand and supply the model suggests that the short term price distribution has the form a logistic (Laplace) distribution. The long term return can be described by Laplace-Gaussian mixture distributions. The long term mean price evolution is governed by a Walrus equation, which can be transformed into a replicator equation. This allows quantifying the evolutionary price competition between stocks. The theory suggests that stock prices scaled by the price over all stocks can be used to investigate long-term trends in a Fisher-Pry plot. The price competition that follows from the model is illustrated by examining the empirical long-term price trends of two stocks.
    Date: 2015–05
  270. By: Echeverría, Lucía; Berges, Miriam
    Abstract: En las últimas décadas, los estudios que analizan el bienestar subjetivo se han incrementado sustancialmente. En Argentina, se han abordado las dimensiones de calidad de vida, de satisfacción y felicidad con la vida y de pobreza subjetiva. Este trabajo focaliza en las percepciones de los individuos cuando deben asociar ingresos a niveles de vida en la ciudad de Mar del Plata. El objetivo del trabajo es doble. En primer lugar, evaluar cuáles son los factores que condicionan las percepciones subjetivas de los individuos sobre los ingresos del hogar necesarios para alcanzar distintos niveles de bienestar. En segundo lugar, explorar la factibilidad del empleo de esta información subjetiva para la estimación de escalas de equivalencia.
    Keywords: Bienestar; Ingresos de Hogares; Gastos de Consumo; Percepción; Escalas de Equivalencia;
    Date: 2015–11
  271. By: Ying Jiao (ISFA); Idris Kharroubi (CREST, CEREMADE)
    Abstract: We study an optimal investment problem under default risk where related information such as loss or recovery at default is considered as an exogenous random mark added at default time. Two types of agents who have different levels of information are considered. We first make precise the insider's information flow by using the theory of enlargement of filtrations and then obtain explicit logarithmic utility maximization results to compare optimal wealth for the insider and the ordinary agent. MSC: 60G20, 91G40, 93E20
    Date: 2016–07
  272. By: Graña, Fernando Manuel; Liseras, Natacha; Belmartino, Andrea; Mauro, Lucía Mercedes
    Abstract: En el presente informe se exponen los resultados obtenidos a partir del relevamiento a empresas industriales del Partido de General Pueyrredon.
    Keywords: Empresas Industriales; Desempeño; Innovación; Diversificación de la Producción; Partido de General Pueyrredon;
    Date: 2016
  273. By: Christophe Muller (Aix-Marseille University (Aix-Marseille School of Economics) CNRS & EHESS); Klarizze Anne Martin Puzon (Aix-Marseille University (Aix-Marseille School of Economics) CNRS & EHESS)
    Abstract: By constructing a novel measure on the frequency of changes in social protection policies, we provide preliminary, yet new evidence on the determinants of social security reforms in Middle East and North Africa (MENA) countries. This fills a gap in literature where analyses of MENA social policies have been lacking due to limited data. Using panel data for seventeen countries from 1961 to 2015, we estimate RE Poisson regression models. Our results indicate that growth in national income and the frequency of social reform in MENA countries are related, first positively for low growth rates, then negatively for high growth rates. This finding is completed by the negative effects of oil production and of the population size on the number of social reforms. Among the avenues of interpretation we examined - investment model, social objectives pursued by the government, and socio-political equilibrium - this is the first one which seems to be better able to fit our results, accompanied by political disturbances.
    Keywords: Social Protection, Welfare Programs, Middle-East and North-Africa
    JEL: I38 O23 H24
    Date: 2016–07
  274. By: Kurtovic, Safet; Halili, Blerim; Maxhuni, Nehat
    Abstract: Bilateral trade elasticity is important in the analysis of the international trade flows and their anticipation in the process of establishing macroeconomic policy. Our research is based on bilateral data and the assessment of the influence of currency depreciation on the bilateral trade elasticity of B&H and its seven leading trade partners from Central and Southeast Europe. We applied the ARDL econometric technique in the research. In the short term we investigated the presence of the Marshall-Lerner condition (M-L condition) for Croatia and FYR Macedonia, while in the long term we investigated the presence of the M-L condition for Slovenia. In addition, we investigated, in certain cases, the presence of the J-curve, i.e. long-term impact of currency depreciation on the elasticity of export and import demand function. Finally, based on the application of diagnostic statistics and stability tests, the stability of the coefficient was confirmed in the majority of cases.
    Keywords: M-L condition, J-curve, elasticity, exchange rate, trade
    JEL: F14 F31 F32
    Date: 2016–06–05
  275. By: Ignacio Lozano-Espitia (Banco de la República de Colombia); Lina Ma. Ramírez-Villegas (Banco de la República de Colombia)
    Abstract: This paper evaluates the role of rural infrastructure on the performance of some agricultural crops in Colombia. The study utilizes geo-referenced cross sectional data of four crops, coffee, rice, beans and plantains, collected for the majority of municipalities. Using genetic matching models, we find that both having access to irrigation and drainage systems and better infrastructure for marketing –rural roads and nearby retail and wholesale centers– significantly increase crop yield as well as planted and harvested areas. Results are robust to a suitable set of matching algorithms. The positive and significant impact on agricultural development provides support to reorient agricultural policy towards the supply of public goods that pushes up productivity. Classification JEL: H41, Q12, Q15, R42, C21
    Keywords: Public Goods, Agricultural Productivity, Irrigation System, Road Maintenance, Treatment Effect Models
    Date: 2016–06
  276. By: Mishra, SK
    Abstract: The entire education system of Bihar, starting from primary to higher education is plagued by corruption and disregard for quality. Although the Bihari youths have wonderful brains, amazing perseverance, and tenacity to pursue their goals, Bihar is better known for supplying unskilled laborers to the entire nation as well as the land of poverty, ignorance, corruption and political buffoonery. This is because her youths are maimed and nurtured to be differently-abled to make a reserve army of followers serving the interests of destructive leaders. Bihar has fallen into the toxic triangle of destructive leaders, susceptible followers and conducive environment. The socio-political system characterizes a soft state and there are formidable countervailing forces to resist any positive change. Populism and opportunism among the political leaders deny all positive changes. Criminality is all pervasive. One wonders whether this night will ever be followed by a dawn!
    Keywords: Education system, Bihar, examination, toxic triangle, destructive leadership
    JEL: I0 I38 O53
    Date: 2016–07–02
  277. By: Rafal Kierzenkowski; Aleksandra Paciorek; Gabor Fulop
    Abstract: Strong and adequate skills are essential to support workers’ productivity and to ensure robust employment outcomes. Developing workers’ skills would also increase their personal satisfaction and wages, contributing in making growth more inclusive. The Netherlands performs well in terms of competences of a large part of the population. Moreover, the country has been successful in adjusting the required level of skills over time. The education system plays a key role in developing skills and achieves good results, but there is room to make vocational education and lifelong learning less job-specific to better adapt to new economic trends. There is scope to use more effectively existing skills at work of youth entering the labour market and entrepreneurs, and to reduce labour market mismatches. Another challenge is to help some people to acquire skills by facilitating their labour market integration – in particular first- and second-generation immigrants, long-term unemployed, and people with low educational attainment and health problems -, which requires stronger targeted active labour market policies. Développer les compétences de tous aux Pays-Bas Des compétences solides et adéquates sont indispensables pour asseoir la productivité des travailleurs et assurer des résultats satisfaisants sur le plan de l’emploi. Développer les compétences des travailleurs aurait également pour effet d’accroître leur degré de satisfaction personnelle et leurs salaires, contribuant ainsi à rendre la croissance plus inclusive. Les Pays-Bas obtiennent de bons résultats du point de vue des compétences d’une large fraction de la population. En outre, le pays a réussi à ajuster le niveau de compétences requis au fil du temps. Le système éducatif joue un rôle clé dans le développement des compétences et donne de bons résultats, mais il est encore possible de rendre l’enseignement professionnel et l’apprentissage tout au long de la vie moins spécifiques à un type donné d’emploi afin de favoriser une meilleure adaptation aux nouvelles tendances économiques. Il existe également une marge permettant d’utiliser plus efficacement les actuelles compétences au travail des jeunes entrant sur le marché du travail et des entrepreneurs, et de réduire les problèmes d’appariements sur le marché du travail. Un autre enjeu consiste à aider certaines personnes à acquérir des compétences en facilitant leur intégration sur le marché du travail, en particulier les immigrés de première et deuxième générations, les chômeurs de longue durée et les personnes ayant un faible niveau d’études ou des problèmes de santé, ce qui suppose de déployer plus vigoureusement des politiques actives du marché du travail ciblées.
    Keywords: education, active labour market policies, entrepreneurship, skills, labour markets
    JEL: I28 J24 J48 L26
    Date: 2016–06–30
  278. By: Michel Denuit; Jan Dhaene; Hamza Hanbali; Nathalie Lucas; Julien Trufin
    Abstract: This paper proposes a practical way for ex-post indexing of level premiums in lifelong medical insurance contracts, in order to take into account observed medical inflation. We show that ex-post indexing can be achieved by considering only premiums, without explicit reference to reserves. This appears to be relevant in practice as reserving mechanisms may not be transparent to policyholders and as some insurers do not compute contract-specific reserves, managing the whole portfolio in a collective way. The present study originates from a proposal for indexing lifelong medical insurance level premiums in Belgium. As an application, we study the impact of various indexing mechanisms on a typical medical insurance portfolio on the Belgian market.
    Keywords: health insurance, reserving, inflation, premium update, solvency evaluation
    Date: 2016
  279. By: Konstantins Benkovskis (Bank of Latvia); Eduards Goluzins; Olegs Tkacevs (Bank of Latvia)
    Abstract: This paper describes the first CGE model for Latvia that consists of 32 industries, 55 products and seven categories of final users. To construct the model we use Latvia's National Supply and Use tables for 2011 from the WIOD database. Special attention is devoted to the fiscal block: the model consists of five government expenditure types and five revenue sources, including such four major taxes as the personal income tax (PIT), state social insurance mandatory contributions (SSIMC), value added tax (VAT) and excise tax. We also introduce an endogenous shadow economy, the size of which depends on the level of tax rates and economic activity. These features of the model allow us to obtain rich and detailed conclusions about the effect of several fiscal measures on Latvia's economy, both in aggregate and by sector.
    Keywords: CGE model, Latvia, fiscal policy
    JEL: D58 C68 H2 H6
    Date: 2016–07–04
  280. By: Lina Marcela Moyano-Támara; Luis Armando Galvis-Aponte
    Abstract: El objetivo de este estudio fue identificar los principales determinantes de la brecha educativa de los adolescentes en Colombia y establecer cuáles son los patrones de la movilidad social desde un enfoque regional. La metodología utilizada consistió en estimar regresiones de la brecha educativa y posteriormente aplicar la descomposición propuesta por Fields para determinar la importancia de los antecedentes familiares sobre los resultados educativos de los adolescentes. Los resultados indican que los adolescentes con padres más educados y con mayor ingreso per cápita presentan menores brechas educativas. Además, las regiones con menor movilidad social son Caribe y Valle del Cauca.
    Keywords: Movilidad social, brecha educativa, capital humano.
    JEL: J62 I20 D63
    Date: 2015–06–19
  281. By: Francisco Javier Caro-González; José Alberto Acosta Guzmán; Francisco Orgaz-Agüera; Mario Castellanos-Verdugo
    Abstract: El turismo es una actividad económica que puede contribuir a mejorar el desarrollo socioeconómico de un destino. Así, este estudio cualitativo se realiza en la ciudad dominicana de Santiago de los Caballeros y tiene como objetivo conocer la opinión de los expertos en turismo de la ciudad, para analizar, tras un periodo determinado, si ha mejorado este sector. Entre los principales resultados cabe resaltar que existe voluntad para el desarrollo del turismo, pero esto solo se queda plasmado en diferentes planes, puesto que no terminan de realizarse. Destacan un gran número de recursos potenciales, sobre todo de temática cultural y natural, aunque también existen debilidades. Mediante el análisis de estos puntos fuertes y débiles, se pueden establecer estrategias para ayudar a los planificadores actuales a identificar las verdaderas preocupaciones y los problemas del turismo para poner en marcha las políticas apropiadas.
    Keywords: Turismo, desarrollo económico, sostenibilidad, agentes sociales, República Dominicana.
    JEL: D01 D02 L83 M1
    Date: 2015–06–19
  282. By: López-Pérez, Víctor
    Abstract: This paper explores how changes in macroeconomic uncertainty have affected the decision to reply to the European Central Bank's Survey of Professional Forecasters (ECB's SPF). The results suggest that higher (lower) aggregate uncertainty increases (reduces) non-response to the survey. This effect is statistically and economically significant. Therefore, the assumption that individual ECB's SPF data are missing at random may not be appropriate. Moreover, the forecasters that perceive more individual uncertainty seem to have a lower likelihood of replying to the survey. Consequently, measures of uncertainty computed from individual ECB's SPF data could be biased downwards.
    Keywords: Non-response,uncertainty,Survey of Professional Forecasters,European Central Bank
    JEL: D81 D84 E66
    Date: 2016
  283. By: C. Kirabo Jackson; Alexey Makarin
    Abstract: We analyze an experiment in which middle-school math teachers were randomly given access to “off-the-shelf” lessons designed to develop students’ deep understanding. These lessons were provided online, but are designed to be taught by teachers in a traditional classroom setting. Teaching involves multiple complementary tasks, but we model two: imparting knowledge and developing understanding. In our model, lessons designed to develop understanding substitute for teacher effort on this task so that teachers who may only excel at imparting knowledge can be effective overall – simplifying the job of teaching. Providing teachers with online access to the lessons with supports to promote their use increased students’ math achievement by about 0.08 of a standard deviation. These effects appear to be mediated by the lessons promoting deep understanding, and teachers therefore being able to provide more individualized attention. Benefits were much larger for weaker teachers, suggesting that weaker teachers compensated for skill deficiencies by substituting the lessons for their own efforts. The intervention is highly scalable and is more cost effective than most policies aimed at improving teacher quality.
    JEL: I20 J0 J48
    Date: 2016–07
  284. By: Giulia Rita Biavati; Emidia Vagnoni
    Abstract: The main goal of any health care organization is to maximize patients’ health status. However, the issue related to the optimal allocation of scarce resources highlights the need to undertake choices among the available alternatives. In the medical field, physical inactivity has been identified as the fourth leading risk factor, counting the 6% of global mortality. Moreover, physical inactivity is associated to several diseases, including cardiovascular diseases. In particular, costs related to a sedentary lifestyle have a massive impact on health expenditure. Therefore, the need to develop large- scale intervention programs has arisen. Through a systematic literature review, this paper aims at highlighting both the role of physical activity in the rationalization of health expenditure, and its impact on the wellbeing of cardiac patients. It will be particularly emphasized the role of economic valuation methodologies and public policies aimed to increase physical activity levels in the population.
    Keywords: Economic evaluation; physical inactivity; health expenditure; public policies; cardiovascular diseases
    JEL: M20 I18
    Date: 2016–07–06
  285. By: Hansson, Åsa (Department of Economics, Lund University); Olofsdotter, Karin (Department of Economics, Lund University); Thede, Susanna (University of Malta)
    Abstract: There is a strong general concern amongst policymakers worldwide that multinational enterprises engage in far-reaching tax-planning activities. It is generally thought that by using transfer pricing or other techniques to shift profits, multinational enterprises can avoid taxation and thereby erode tax bases. Several attempts have been made to tackle this problem, not least through the OECD/G20 initiated Action Plan on Base Erosion and Profit Shifting. It is hard, however, to empirically quantify the magnitude of tax-planning activities that takes place. In this paper, we rely on census data from tax return and income statements and balance sheets reported by Swedish manufacturing firms in the 1997-2007 time period to identify possible profit-shifting activities by multinational enterprises. We study systematic differences between multinational and comparable domestic firms in tax payments, profits, earnings before interest and taxes, and equity ratios using difference-in-differences estimations based on propensity score matching. The detailed data allow us to narrow down the empirical focus and investigate not only whether multinational pay less in taxes than domestic firms, but also how tax planning activities may take place through transfer pricing and/or internal debt set-ups.
    Keywords: Firm behavior; Tax planning; Profit shifting
    JEL: F23 H26 L20
    Date: 2016–07–04
  286. By: Hernández Martínez, Pedro Jesús
    Abstract: The small average size of Spanish firms has been put forward as the main impediment to their international competitiveness. This paper re-examines the link between firm size and exports. The new theories of international trade emphasize firm heterogeneity as the theoretical basis of export behavior. In the context of this heterogeneity, the paper uses the quantile regression methodology to analyze the effect of firm size on firm export propensity (percentage of exported sales). The paper confirms the existence of a positive relationship between firm size and export intensity but finds that the conventional estimates of the elasticity of export propensity with respect to firm size on the average of the export propensities distribution underestimate the effect at the bottom of the distribution and overestimate the effect on most of it. Consequently, policies aimed at increasing exports should concentrate their efforts on increasing the size of those firms with lower export propensity.
    Keywords: exports,firm size,quantile regression,firm heterogeneity
    JEL: F14 L25
    Date: 2016
  287. By: Ghassan, Hassan B.
    Abstract: The novelty of Shibani’s earning model is its integration of Zakat and other social giving in the social welfare function, which makes the consumer utility a multi-dimensional devotional, material, ethical, social, Shariah-compliant function. In the model, the consumer’s income evolves increasingly from imperative earning that covers consumer’s basic needs, to recommended earning that covers basic needs of relatives; and to permissible earning that covers the poor’s needs. Accordingly, the model has imperative, recommended, and permissible utility. The rich consumer draws additional utility from Zakat spending in favor of the poor consumers. Based on the social solidarity, we show that the marginal earning depends on the first difference between the MPC of lower and upper social groups. The permissible marginal utility is related to the faith interaction and enhances the social utility as social transfer is paid to poor and needy groups.
    Keywords: consumer, faith, Zakah, imperative, recommended, permissible, earning, spending, utility.
    JEL: D1 D6 I3 P46
    Date: 2015–06–11
  288. By: Judith Fessehaie; Zavareh Rustomjee; Lauralyn Kaziboni
    Abstract: This paper explores the potential to leverage large-scale mineral extraction in Botswana, Zambia, and Zimbabwe to foster mineral beneficiation and upstream industries. The evidence suggests that the success or failure of a resource-based industrialization approach is country and sector specific, requiring the deployment of different and appropriately tailored policy instruments. We also find that the design and implementation of resource-based industrialization policies is heavily influenced by power relationships, in terms of control over mining rents, relationships between mining companies and domestic business, and across different segments of the domestic business sector.
    Keywords: linkage development, supplier development, beneficiation, Southern Africa, resource-based industrialization
    Date: 2016
  289. By: Dmitry Levando
    Abstract: The paper suggests a non-cooperative simultaneous game, with a number of potential deviators is a parameter of the game. A definition of the game embeds mechanism design. The game has an equilibrium in mixed strategies. The equilibrium encompasses intra and inter group externalities and individual payoffs that make it different from a strong Nash, coalition-proof equilibrium and some other equilibrium concepts. We offer a non-cooperative stability criterion to describe a robustness of an equilibrium strategy profile to an increase in a number of deviators. The criterium may serve as a way to measure trust for the equilibrium in terms of a number of potential deviators.
    Keywords: Non-cooperative games
    JEL: C72
    Date: 2016
  290. By: Blau, David M. (Ohio State University); Goodstein, Ryan
    Abstract: We study the effect of receiving an inheritance on the labor force participation (LFP) of both the recipient and the recipient's spouse in a population of older married couples. An inheritance is not subject to laws governing division of marital property at divorce, because it is not acquired with income earned during marriage. Hence it plays the role of a "distribution factor" in the intrahousehold allocation of resources, increasing bargaining power of the recipient. Controlling for inheritance expectations, we interpret the receipt of an inheritance as a shock to wealth. Our results indicate that receiving an inheritance reduces LFP of the recipient by four percentage points, comparable in magnitude to the effect of a decline in health. However, an inheritance has little or no effect on LFP of the spouse. These estimates are inconsistent with a dynamic, collective model of the household in which spouses have the ability to commit to an ex ante efficient allocation. The results are consistent with a model of limited commitment in which a shock to household resources can alter bargaining power. We discuss the implications for reform of Social Security spouse and survivor benefits.
    Keywords: inheritances, commitment, labor force participation, retirement, collective model of household
    JEL: J22 J26
    Date: 2016–07
  291. By: Ruth Towse (CIPPM, Bournemouth University and CREATe (University of Glasgow)); Hyojung Sun (CIPPM, Bournemouth University and University of Edinburgh)
    Abstract: The purpose of this Working Paper is to pass on our experience of research on song titles and product cycles in UK music publishing which was intended to provide evidence of the impact of copyright in a market. The Working Paper relates to the article ‘Economics of Music Publishing: Copyright and the Market’, published in the Journal of Cultural Economics, 2016. The context of the research was a project on copyright and business models in music publishing that was part of the AHRC funded project: the ‘Economic Survival in a Long Established Creative Industry: Strategies, Business Models and Copyright in Music Publishing’. By collecting data on the product cycles of a sample of long-lasting song titles and trying to establish changes in the product cycle as the copyright regime changed we had hoped to produce empirical evidence on the effect changes in the copyright regime, such as term extension, or to those in copyright management organisations. For a variety of reasons, this proved impossible to do (at least in the UK) and the Working Paper explains what we think were the reasons. It may also serve as a possible warning to others attempting the same thing. The paper also suggests that previous research that did not consider the ambiguities of ‘a song title’ may be flawed.
    Keywords: Song titles, product cycles, copyright
    JEL: Z11 Z18 L88
    Date: 2016–06
  292. By: Yuki Shigeta
    Abstract: In this paper, we study optimal switching problems under ambiguity. To characterize the optimal switching under ambiguity in the finite horizon, we use multidimensional reflected backward stochastic differential equations (multidimensional RBSDEs) and show that a value function of the optimal switching under ambiguity coincides with a solutions to multidimensional RBSDEs with allowing negative switching costs. Furthermore, we naturally extend the finite horizon problem to the infinite horizon problem. In some applications, we show that ambiguity affects an optimal switching strategy with the different way to a usual switching problem without ambiguity.
    Keywords: Optimal Switching, Ambiguity Aversion, Reflected Backward Stochastic Differential Equation, Viscosity Solution.
    Date: 2016–07
  293. By: Judith Fessehaie; Zavareh Rustomjee; Lauralyn Kaziboni
    Abstract: This paper explores the linkages between the national systems of innovation of Botswana, South Africa, Zambia, and Zimbabwe and their respective mineral extraction and mineral processing value chains, including input industries. Our analysis reveals four individual national systems of innovation, with different outcomes in terms of engineering skills development, technical vocational education and training, research and development, innovation capabilities, and competitiveness of the domestic engineering consultancy services. These national systems of innovation are tentatively interconnected as an embryonic regional system of innovation, including institutional relationships, cross-border investment flows, flows of mining-related goods and services, and intra-Southern African Development Community flows of students, lecturers, technicians, and engineers. Notwithstanding important dynamics related to skills development and competence building happening across borders, more collaborative and synergistic initiatives between government, industry, and teaching and research institutions are required to shape a more balanced and coherent regional systems of innovation.
    Keywords: national system of innovation, linkage development, human capital and industrialization, southern Africa, resource-based industrialization, Southern African Development Community
    Date: 2016
  294. By: Nlemfu Mukoko, Jean Blaise
    Abstract: This paper analyses the implications of monetary policy changes on the welfare in the U.S economy over the pre-1984 and post-1984 periods. We use a New-Keynesian model with trend inflation based on Ascari, Phaneuf and Sims (2015). First, our results show that the welfare costs respond symmetrically to a rise and a decline in trend inflation, trend growth and the level of volatility of output, output growth and inflation over the sample periods. Second, we find that changes in monetary policy and in trend inflation across the two subsamples play an important role in the shift of macroeconomic variables volatilities unconditionally and conditionally to neutral technology, marginal efficiency of investment and monetary shocks.
    Keywords: Welfare, trend in ation, New Keynesian Models
    JEL: E31 E32
    Date: 2016–06
  295. By: Annina Kaltenbrunner (Leeds University Business School); Juan Pablo Painceira (Central Bank of Brazil)
    Abstract: This paper analyses the recent changes in financial practices and relations in emerging capitalist economies (ECEs) on the basis of using the example of Brazil. It argues that in ECEs these financial transformations, which are akin to those observed in Core Capitalist Economies (CCEs) summarised under the heading of financialisation, are fundamentally shaped by their integration into a financialised and structured world economy. Moreover, this integration takes place in a subordinated way. The paper draws on the multidisciplinary framework of international currency hierarchies in order to analyse this subordinated financial integration and tendency toward financialisation. It shows how the existence of a hierarchic international monetary system has changed the financial behaviour of domestic economic agents as well as the structure of the domestic financial system. In doing so, the paper focuses on two specific channels. The first channel highlights the phenomenon of reserve accumulation and the changing behaviour of domestic banks. The second channel concerns the ECEs’ sustained external vulnerability and the impact of such vulnerability on the operations of Brazilian firms. The paper shows that not only have these financial transformations been shaped by ECEs’ subordinated financial integration, but also that these financialisation tendencies have contributed to cementing existing hierarchies and deepening uneven economic development.
    Keywords: Financialisation, Currency Hierarchy, Reserve Accumulation, External Vulnerability, Brazil
    JEL: F32 E52
    Date: 2016–02–28
  296. By: Marco Boccaccio (Università Sapienza di Roma - Dipartimento di Studi Giuridici, Filosofici ed Economici)
    Abstract: Shifting control from ex ante to ex post: the revolution of state aid modernization. In 2012 European Commission started a comprehensive reform of state aid control. The core of the reform is Regulation n. 651/2014, which extends the exemption from notification obligation to a wide number of aid measures. This is not only a quantitative change but a qualitative one as well. Member states are called to verify the respect of the conditions for the exemption should comply with information obligations and in some cases must evaluate the effect of the aid measures adopted. This substantial shift from the traditional ex ante to ex post control should render easier for Member States to grant aids, which are assumed compatible with the internal market. Nevertheless, some fear the danger that an effective control will be weakened.
    Keywords: European competition policy, state aid control, modernization
    JEL: H10 H L88
    Date: 2016–06
  297. By: Pierre Courtioux (EDHEC Business School et Centre d'Economie de la Sorbonne); Thais Tristan-Pierre Maury (EDHEC Business School)
    Abstract: In this article, based on social segregation indices (both entropy and exposure indices) for the period 2004-2014, we compare the level of social diversity at the middle school level between private schools, public schools (excluding priority education) and public schools in priority education zones. For a given level of social diversity, we also look at the way advantaged social background pupils might concentrate in some schools. Our results show that private schools are slightly over-represented among schools located at the extremes of the distribution of entropy levels, that is to say, both among the most "mixed" and the most "segregated" schools. However, the nature of social diversity varies between public, private and priority education schools. At given level of entropy, private schools receive relatively less disadvantaged social backgrounds pupils. Focusing on the most "segregated" schools, the complementary use of the standardized exposure index shows that there is a tendency to separate students with advantaged social background and other students in private schools, as well as in public schools (excluding priority education). On the contrary, schools in priority education zones are more homogeneous with a large proportion of disadvantaged social group's pupils
    Keywords: social diversity, segregation, secondary education, private school, priority education policy
    JEL: I24 I28
    Date: 2016–06
  298. By: V. M. Belyaev
    Abstract: Closed form formulas for swaption prices in HJM model are derived. These formulas are used for nonparametric fit of deterministic forward volatility. It is demonstrated that this formula and non-parametric fit works very well and can be used to identify arbitrage opportunities
    Date: 2016–07
  299. By: Mario de la Puente
    Abstract: Este artículo analiza la dinámica del turismo de salud para el caso colombiano mediante un método teórico-descriptivo a partir de la recopilación de información primaria y secundaria sobre el sector mundial del turismo de salud y bienestar, y del posicionamiento de los servicios médico-turísticos en Colombia. Se encontró que el impulso del sector se debe principalmente al aporte de actores privados a partir de la explotación de ventajas competitivas en materia de precios, facilidades de acceso al país y el apoyo de agencias nacionales para la promoción del turismo de salud y bienestar. Sin embargo, factores como el bajo nivel de bilingüismo, la falta de previsión de algunas entidades clínicas para la atención de pacientes internacionales y la escasez de flujo de información entre paciente-médico en el país de origen y país de destino fomenta una seria de trabas y sobrecostos para el paciente internacional que, sumado a una baja cooperación entre los oferentes de diversas industrias, fomenta distorsiones de mercado.
    Keywords: Turismo de salud, economía internacional, inversión, comercio internacional
    JEL: F10 I11 I15
    Date: 2015–12–04
  300. By: Brian A'Hearn (Pembroke College, University of Oxford); Nicola Amendola (Dept. of Economics and Finance, University of Rome “Tor Vergata”); Giovanni Vecchi1 (Dept. of Economics and Finance, University of Rome “Tor Vergata”)
    Abstract: Rational retrospective voting models have dominated the literature on election forecasting and the economic vote since they were first proposed by Anthony Downs in 1957. The theory views voters as appraisers of incumbent government’s past performance, which acts as the principal source of information individuals use when making their vote. Pure retrospective voting requires far less of the electorate in order to hold a government accountable and empirical work based on this theory has been very adept at predicting election outcomes and explaining individual voting decisions. In terms of the time period assessed to form judgements on past performance however, there is a surprising disconnect between the theoretical line of thought and actual testing. The sensible assumption of retrospective voting models is that voters, looking to judge a government’s past performance, should assess changes in their own welfare over an entire term of office, with little or no discounting of past events. The majority of empirical studies however, focus on economic performance over shorter time horizons, usually within a year of an election. There have only been a handful of studies attempting to empirically test the correct temporal relationship between changes in economic indicators and election outcomes, despite its importance for retrospective voting models and democratic accountability. This working paper empirically tests over which time horizons changes in macroeconomic fundamentals continue to have a significant bearing on election outcomes in Post War Britain. It finds that longer-term measures of economic change, over entire government terms, are better at predicting changes in incumbent’s vote shares than shorter-term measures, closer to the election period. This has important consequences for future voting models and is a promising result for democratic accountability.
    Keywords: household budgets; household budget surveys; living standards; inequality; poverty; survey; globalization; purchasing power parities; grouped data; poststratification.
    JEL: N30 I31 I32 C81 C83 D60 D63 O12 O15
    Date: 2016–05–10
  301. By: Reis, Ricardo
    Abstract: Analysis of quantitative easing (QE) typically focus on the recent past studying the policy's effectiveness during a financial crisis when nominal interest rates are zero. This paper examines instead the usefulness of QE in a future fiscal crisis, modeled as a situation where the fiscal outlook is inconsistent with both stable inflation and no sovereign default. The crisis can lower welfare through two channels, the first via aggregate demand and nominal rigidities, and the second via contractions in credit and disruption in financial markets. Managing the size and composition of the central bank's balance sheet can interfere with each of these channels, stabilizing inflation and economic activity. The power of QE comes from interest-paying reserves being a special public asset, neither substitutable by currency nor by government debt.
    Keywords: new-style central banks; Unconventional Monetary Policy
    JEL: E44 E58 E63
    Date: 2016–07
  302. By: Zanfrillo, Alicia Inés
    Abstract: El propósito del trabajo consiste en analizar la transferencia de tecnología -conocimientos, saberes prácticos, metodologías- llevada a cabo en el sector asociativo de la ciudad de Mar del Plata de la República Argentina, en el marco de un proyecto de Voluntariado Universitario. La experiencia tuvo como propósito valorizar el conocimiento real del sector y se aprovechó la oportunidad que ofrecen las tecnologías, para socializar experiencias en una comunidad de práctica virtual. Si bien la adopción de tecnologías por los agentes de economía social es creciente, aún resulta incipiente, con un gran desconocimiento del potencial de la participación en espacios no presenciales, desde un rol que supere la etapa de visibilización de la actividad productiva. La sustentabilidad de los emprendimientos requiere no sólo de condiciones del entorno y económicas para su éxito, sino que demanda un capital cultural en los agentes de economía social desarrollado en base a negociación de significados, valores compartidos y construcción de conocimiento relacional, situado y experiencial en pos de una inclusión más extensiva e intensiva. La problemática subyacente es la falta de equidad en el acceso a la información y el conocimiento por los agentes de economía social que, aunque hayan superado en gran medida las brechas de acceso a las tecnologías aún mantienen las diferencias en la aplicación de conocimientos para su uso y en las competencias necesarias. Se utilizó una estrategia cualitativa, de tipo exploratoria-descriptiva, con aplicación de entrevistas. El análisis -basado en el sentido cognitivo de las competencias y la producción de conocimiento mediada por tecnologías- devela que el sector no asume su propia práctica como un bien transferible ni es objeto de reconocimiento; sí valoriza el rol de las instituciones en la consolidación de formas asociativas y la interacción con sus pares en el agregado de valor y promoción de sus bienes.
    Keywords: Transferencia de Tecnología; Tecnologías de la Información y las Comunicaciones; Tercer Sector;
    Date: 2015
  303. By: OECD
    Abstract: Levels of educational attainment do not only vary among countries, but also within them. In many countries, people with tertiary education – usually the most skilled people – are more highly represented in the capital region. Regional employment rates in many countries vary more widely among adults without upper secondary education than among those with upper secondary education or higher. In many countries, the percentage of young people neither in employment nor in education or training (NEET) is twice as high in some regions as in others.
    Date: 2016–07–08
  304. By: Kate Bayliss (School of Oriental and African Studies)
    Abstract: This is a Foresight paper prepared for the EU-funded research project, Financialisation, Economy, Society and Sustainable Development, FESSUD. Drawing on lessons from the provision of water in England, the paper anticipates future developments in the provision of health, exploring the increasing role of finance and financial cultures. This is captured in the term “financialisation” which has recently emerged in academic literature to account for the rapid expansion of financial assets and financial activity in the economy, and the expanding reach of the financial sector into traditionally non-financial areas of economic and social life. The paper starts with an overview of the context in which financialisation has evolved within, and impacted upon, the National Health Service (NHS). Two contextual elements stand out. First, since the 1980s, the NHS has been subject to incremental reforms to introduce market-mimetic structures. These reforms accelerated with the introduction of the 2012 Health and Social Care Act (HSCA). This legislation has only just begun to have an impact at the time of writing (December 2015), but the extent of private sector involvement in health provision is likely to increase rapidly as a result of the Act. The second significant aspect of the context for financialisation is the growing financial deficit in the NHS which creates an important backdrop to the HSCA reforms. Irrespective of the proximate as well as the deeper reasons for this, it provides for a narrative of “unaffordability” and “inefficiency”, itself taken as a rationale both for greater private sector intervention and as justification for NHS trusts to increase revenue from private sources. However, the paper shows that this narrative thread does not fit with global data which indicate that the NHS is broadly in line with OECD averages for spending on GDP, and health outcomes. The paper considers four mechanisms by which financialisation is affecting the health service in England. First, financing in the sector is allocated on the basis of internal “markets” which mimic financialised structures (regardless of ownership or provision). An institutional division between the “purchaser” and “provider” of health services within the NHS has been refined over the years since it was first introduced in the early 1990s. Health providers are remunerated via a complex “pricing” system known as Payment by Results (PBR) so that transactions between state agencies are delineated in financial terms. Second, financial processes have become embedded in the sector via the process of tendering to both NHS and private service providers. A growing proportion of services has been contracted to private companies, particularly in the wake of the 2012 HSCA. Aside from creeping privatization, this process brings financial practices into the provision of health services, with, for example, health commissioners required to observe competition law even where contracts are awarded to state organisations. Third, under the 2012 HSCA, the cap on the proportion of income that NHS providers can raise from private patients has increased from 2% to 49%, leading to an increase in private patient income within some NHS hospitals. Global finance is becoming more closely integrated with health provision as a result with new partnerships developing between NHS providers and private investors. Finally, since the early 1990s most new capital investment in the NHS has been undertaken through the Private Finance Initiative (PFI) where the private sector finances the design, build and operation of hospitals and these are then leased back to the NHS Trust over a period of decades. These contracts have proven to be costly for NHS hospitals but highly lucrative for (often institutional financial sector) investors in PFI contracts. The paper then considers the nature of the private companies that are involved in healthcare. Health providers are often owned by larger conglomerates for which health is one of many assets in a diverse investment portfolio. The paper compares the changes taking place in health with developments in the water sector in England which has been privatized since 1989 and where financial structures, processes motives and investors have long been established. In both sectors, processes associated with financialisation mean that services are increasingly distanced from the materiality of provision and instead are interpreted in terms of the revenue stream that they can provide to investors. Innovative financial practices have been adopted to boost shareholder returns. In terms of Foresight, health provision is in the process of a fundamental transition from a public service to a financial asset, as has happened in the provision of water in England. The result is expected to be a considerable deepening in the cultures of individualisation and commodification of the health system. This is likely to be associated with a fragmented service and greater inequality in a number of respects: government spending on health will be transferred ultimately to global private finance, boosting the earnings of financial investors; the state will be left with the most difficult (and expensive) to treat as these are of least interest to the private sector; a two-tier system will emerge, with the poorest left with a severely weakened second-rate health system; labour rights are expected to be weakened as employment structures become fragmented across different health providers. Such developments threaten to undermine the core principles on which the NHS was founded. Furthermore, these changes will be difficult to reverse as the ability of the public sector to pose an effective alternative to private and financialised provision of health will be considerably debilitated.
    Keywords: Health privatisation, NHS, financialisation
    JEL: B50 I18 I38 P16 L33
    Date: 2016–02–28
  305. By: Wagner, Kathryn L. (Department of Economics Marquette University)
    Abstract: Medicaid reimburses healthcare providers for services at a lower rate than any other type of insurance coverage. To account for the burden of treating Medicaid patients, providers claim that they must cost-shift by raising the rates of individuals covered by private insurance. Previous investigations of cost-shifting has produced mixed results. In this paper, I exploit a disabled Medicaid expansion where crowd-out was complete to investigate cost-shifting. I find that hospitals reduce the charge rates of the privately insured. Given that Medicaid is expanding in several states under the Affordable Care Act, these results may alleviate cost-shifting concerns of the reform
    JEL: I11 I13
    Date: 2016–06
  306. By: Dolega, Les; Celińska-Janowicz, Dorota
    Abstract: The concept of resilience has gained much attention in recent academic and political discussion. However, its application to specific sectors, such as retail, is rather scarce. The aim of this paper is to present the concept of resilience and to analyse its applicability to the retail sector within the context of the town centre. The paper proposes a possible analytical framework for adaptively resilient retail centres that links the performance of retail centres to underlying development paths, the pre-shock position in the adaptive cycle, and other factors that drive their evolutionary reorganisation. The proposed framework has a practical application for spatial and urban planning and can be beneficial to various stakeholders and practitioners, including retailers, policy makers, and town centre managers.
    Keywords: adaptation, shopping, adaptive cycle, retail centre
    JEL: O18 O20 R00 R30 R38
    Date: 2015
  307. By: El-Sahli, Zouheir (Department of Economics, Lund University); Gullstrand, Joakim (Department of Economics, Lund University); Olofsdotter, Karin (Department of Economics, Lund University)
    Abstract: Using Swedish firm-level data on all firms and their affiliates abroad, we investigate what observable firm and country characteristics affect the size of affiliate firms in a particular destination. We employ the richness of the data to investigate the importance of destination country factors in explaining firm outward FDI activities and distinguish between the factors that affect such activities in manufacturing versus services firms as well as vertical versus horizontal investments. Our results lend support to existing theories of multinational activity, including observable differences between vertical and horizontal manufacturing firms, as well as between services and manufacturing FDI firms.
    Keywords: outward FDI; globalization; FDI destination; heterogeneous firms
    JEL: F10 F20
    Date: 2016–07–04
  308. By: Domina, Thurston; McEachin, Andrew; Hanselman, Paul; Agarwal, Priyanka; Hwang, NaYoung; Lewis, Ryan
    Abstract: Schools utilize an array of strategies to match curricula and instruction to students' heterogeneous skills. While generations of scholars have debated "tracking" and its consequences, the literature fails to account for diversity of school-level sorting practices. In this paper we draw upon the work of Sorenson (1970) to articulate and develop empirical measures of five distinct dimensions of school cross-classroom tracking systems: (1) the degree of course differentiation, (2) the extent to which sorting practices generate skills-homogeneous classrooms, (3) the rate at which students enroll in advanced courses, (4) the extent to which students move between tracks over time, and (5) the relation between track assignments across subject areas. Analyses of longitudinal administrative data following 24,000 8th graders enrolled in 23 middle schools through the 10th grade indicate that these dimensions of tracking are empirically separable and have divergent effects on student achievement and the production of inequality.
    Date: 2016–07
  309. By: d'Agostino, Giorgio; Scarlato, Margherita
    Abstract: This paper provides an empirical analysis of the linkages between the quality of government institutions and economic growth in the European context, highlighting innovation as the intermediate variable that drives this interplay. We use a standard non-scale R&D-based growth model as a theoretical framework and estimate the balanced growth path of per capita GDP for a sample of European countries and the transitional dynamic after a technological shock. Empirical analysis confirms the importance of technology as an instrument for increasing economic growth and suggests that inclusive institutions strongly affect this impact across the European countries. The magnitude of the effect is high: inclusive institutions redouble the effect of a technological shock on the growth rate of per capita GDP. This result suggests that innovation policies should carefully take into account the institutional setting of the contexts in which they are implemented in order to be effective.
    Keywords: Innovation, Economic growth, Institutions
    JEL: O30 O41 O43
    Date: 2016–07–09
  310. By: Metaxas, Theodore; Tsavdaridou, Maria
    Abstract: The political turn of CSR is one of the dimensions of CSR that concerns many academics, policy makers, NGOs and even more politicians. The last decade this political turn in CSR is under examination especially with the recent developments in Europe in economy and politics which justify the formation of a various theoretical perspectives on the political dimension of it. The following article will discuss the implementation of CSR activities in Denmark and UK in different political time periods along with a presentation of how CSR has evolved in Greece during the period of economic crisis. The implementation of successful CSR practices through legislation, partnerships or guidelines are some of the means that will be used to describe how governments or enterprises use them in order to promote CSR. The case of Greece is a unique case study due to the difficulties that our country faces in every aspect of its everyday life but this article will designate the fact that during the last ten years different governments and the remaining Greek enterprises are still engaged in the CSR field with partnerships, laws or national plans.
    Keywords: political CSR, globalization, political theories, governments, enterprises
    JEL: M14
    Date: 2016
  311. By: Wolfgang Kerber (University of Marburg)
    Abstract: The digitalisation of the economy with data as the new critical resource is a technological revolution which requires an adaptation of the legal framework for markets and the economy. This paper analyzes the privacy concerns in the digital economy from an economics perspective. What can we learn from economics whether and to what extent we need legal rules helping to protect privacy? Particularly important are the complex tradeoff problems between benefits and costs of privacy and disclosure. This paper claims that it is not sufficient to look for policy solutions only in one field of the law, as, e.g. competition law or data protection law, rather an integrated approach from different regulatory perspectives is necessary. This paper focusses on competition policy, consumer policy, and data protection policy as the three main regulatory perspectives that are relevant for privacy concerns. For all three policies it is discussed from an economic perspective how these policies might help to remedy market failures in regard to privacy rights and privacy preferences of individuals, and how a more integrated regulatory approach can be developed.
    Keywords: digital economy, Big Data, privacy, data protection, competition law, consumer law
    Date: 2016
  312. By: Daniël Linders; Fan Yang
    Abstract: We consider the problem of aggregating dependent risks in the presence of partial dependence information. More concretely, we assume that the risks involved belong to independent subgroups and the dependence structure within each group is unknown. We show that a sharp convex upper bound exists in this setting and that the constrained upper bound improves the existing, unconstrained, comonotonic up- per bound in convex order. Moreover, we characterize the constrained upper bound in terms of the distribution of its sum. Numerical illustrations are provided to show the improvement of the new upper bound.
    Date: 2016
  313. By: Chisik,Richard Asher; Onder,Harun; Qirjo,Dhimitri
    Abstract: This study considers the role of demand-driven changes arising from population aging and how they affect the pattern of international trade as well as trade and immigration policy. An aging society can see a welfare-reducing reduction in its share of manufacturing output and this reduction is magnified by a decrease in trade costs (an increase in globalization). Immigration can ameliorate this outcome if it is directed toward younger immigrants. A unilateral tariff increase can also reduce firm delocation from an aging country, however, a reciprocated tariff increase will unambiguously harm the country with the older average population.
    Keywords: Debt Markets,Economic Theory&Research,Emerging Markets,Markets and Market Access,Population Policies
    Date: 2016–06–30
  314. By: Bataa, Erdenebat; Wohar, Mark; Vivian, Andrew
    Abstract: This paper examines the dynamic relationship between interest rates, inflation and economic growth using the longest available dataset for the UK and a vector autoregression (VAR). The approach adopted enables structural breaks to be identified in the dynamic system. It then can ascribe breaks in covariance to changes in volatility or to changes in correlation. Our empirical findings indicate several structural breaks in the relationship, which lead to very different inference compared to a constant parameter model. For example, interest rates respond much more strongly to growth or inflation over recent decades. Furthermore, our evidence suggests that all variables become more persistent after the classical gold standard ended with the onset of WW1.
    Keywords: Short-term Interest Rate, Inflation, Growth, VAR, Structural Breaks
    JEL: C12 C32 E20
    Date: 2015–09–01
  315. By: Natalie Chen (University of Warwick, CAGE, CESifo and CEPR); Luciana Juvenal (International Monetary Fund)
    Abstract: We explore the heterogeneous effects of the global financial crisis on international trade flows differentiated by quality. Combining a dataset of Argentinean firm-level destination-specific wine exports with experts quality ratings, we show that higher quality exports collapsed more dramatically during the recession. This flight from quality was triggered by a fall in aggregate demand, and was stronger for smaller firms’ exports and in the countries where households could substitute imports by domestic alternatives. Quantitatively, our results suggest that the quality composition of exports can explain up to nine percentage points difference in trade performance.
    Keywords: Exports, financial crisis, heterogeneity, multi-product firms, quality, wine.
    JEL: F10 F14 F41
    Date: 2016–05–09
  316. By: Kono, Hisaki; Sawada, Yasuyuki; Shonchoy, Abu S.
    Abstract: In contrast to the remarkable progress in developing countries in improving primary education, access to higher education in many countries remains limited, especially in rural areas where the quality of education is inadequate. We evaluate a DVD-based distance-learning program in rural Bangladesh, targeted at students aiming to take university entrance tests. We conducted two experiments: one to evaluate the effect of the distance-learning program and the second to determine the demand and price sensitivity. Our first experiment shows that the DVD-based distance-learning program has a considerable positive effect on the number of students passing entrance exams. This effect does not depend on cognitive scores, but does depend on non-cognitive attributes, indicating the importance of commitment, which is imposed through our program. In the second experiment, we offered a random subsidy to interested participants. The uptake decision is price-sensitive, although the price sensitivity is not correlated with students' past academic performance or their socio-economic status, suggesting that increasing the price should not disproportionately exclude poor students.
    Keywords: Higher education, Rural societies, Distance-Learning, Tertiary education, Bangladesh
    JEL: O15 O22 I15
    Date: 2016–06
  317. By: Gersbach, Hans; Muller, Philippe; Tejada, Oriol
    Abstract: We develop and study a two-period model of political competition where (i) changes of policies impose costs on all individuals, and (ii) such costs increase linearly with the magnitude of the policy change. The contribution is two-fold. First, we show that intermediate marginal costs yield the lowest levels of policy polarization, welfare being a single-peaked function of the marginal cost. Second, we apply our model to the design of optimal re-election hurdles. We show that whatever the marginal cost of change, raising the vote-share needed for re-election above a half reduces policy polarization and increases welfare. We further prove the existence of a unique re-election hurdle that simultaneously maximizes welfare and minimizes policy polarization. The robustness of our results is studied for several extensions of the baseline model, notably for convex costs of change.
    Date: 2016–07
  318. By: Sáenz, Mariana
    Abstract: El desarrollo del trabajo nos lleva a analizar las acciones municipales, desde la óptica de las normas constitucionales de contenido tributario, los principios constitucionales, y las normas federales. Se indican consideraciones sobre las potestades tributarias de los municipios, sobre el régimen federal dispuesto por nuestra carta magna, con el objetivo de confirmar si las mismas convalidan o no la aplicación de dicho tributo. El análisis permitirá desbrozar una de las problemáticas que emerge en la construcción legislativa de una tasa, que pese a nominarla como tal, la naturaleza jurídica de la norma indica la existencia de un impuesto, especialmente cuando hay ausencia del Estado municipal en la prestación del servicio.
    Keywords: Principios Tributarios; Municipios;
    Date: 2016
  319. By: Jordi Caballé; Ariadna Dumitrescu
    Abstract: In this paper, we analyze the effects of disclosing corporate tax reports on the performance of financial markets and the use of asset prices by the tax enforcement agency in order to infer the true corporate cash flows. We model the interaction between a firm and the tax auditing agency, and highlight the role played by the tax report as a public signal used by the market dealer and the role of prices as a signal used by the tax authority. We discuss the determinants of both the reporting strategy of the firm and the auditing policy of the tax authority. Our model suggests that, despite disclosure of the tax reports being beneficial for market performance (as the spreads and trading costs are smaller than under no disclosure), the tax agency might have incentives to not disclose the tax report when its objective is to maximize expected net tax collection.
    Keywords: disclosure, corporate tax, Insider Trading
    JEL: G12 G14
    Date: 2016–07
  320. By: Davide Del Prete; Giorgia Giovannetti; Enrico Marvasi
    Abstract: This paper analyzes the participation of North African countries into international production networks and examines if/to what extent being part of a global value chain affects firms’ performance. Using largely unexploited Input-Output data from UNCTAD-Eora, we describe regional and country GVC involvement. Results show that North African countries have not been able so far to fully integrate into international production networks. However, large part of their (low) trade is due to value added related activities, mainly in the upstream phases, and the importance of global linkages has been increasing over time. To better understand the impact of international fragmentation of production on competitiveness, we complement the above assessment with a firm-level analysis. We show that the performance of firms, measured by several indicators, is positively associated with both internationalization modes and GVC participation. These results con.rm those of our sectoral analyses and are in line with existing anecdotical evidence. Enhancing GVC participation of North African countries is likely to substantially benefit firms, countries and the whole area. However, the ability to retain such benefits relies on specific characteristics, such as the level of human capital, trade logistics and the presence of trade barriers, thus leaving room for policy intervention.
    Keywords: global value chains, fi rm heterogeneity, North Africa, competitiveness
    JEL: F14 F15 L23 L25
    Date: 2016–04
  321. By: Bertoli, Simone (CERDI, University of Auvergne); Fernández-Huertas Moraga, Jesús (Universidad Carlos III de Madrid); Keita, Sekou (CERDI, University of Auvergne)
    Abstract: The effect of immigration on host and origin countries is mediated by the way migrants take their labor supply decisions. We propose a simple way of integrating the traditional random utility maximization model used to analyze location decisions with a classical labor demand function at destination. Our setup allows us to estimate a general upper bound on the elasticity of the migrant labor supply that we take to the data using the evolution of the numbers and wages of temporary overseas Filipino workers between 1992 and 2009 to different destinations. We find that the migrant labor supply elasticity can be very large. Temporary migrants are very reactive to economic conditions in their potential destinations.
    Keywords: labor supply elasticity, temporary migration, international migration, multilateral resistance to migration
    JEL: F22 J31 J38 J61 O15
    Date: 2016–07
  322. By: Cecilia Tortajada
    Abstract: Nongovernmental organizations (NGOs) were once considered as altruistic groups which aim was to impartially influence public policy with no vested interests. Nevertheless, this perception has changed. They are increasingly perceived as groups that prioritize their own ideologies or that respond to the interests of their donors, patrons, and members rather than to those of the groups they represent. This article discusses the politics of NGOs in the present changing globalized world as agents concerned with social and environmental change as much as with their own causes. It argues that numerous NGOs are as much a part of national and international politics as any other interest group and that their practices and activities are not always in the search of a good society or the common good.
    Keywords: nongovernmental organizations, donors, global public policy, governance, dams
    Date: 2016–07–01
  323. By: Petros C. Mavroidis; Robert Wolfe
    Abstract: Private standards are increasing in number, and they affect trade, but their status in the WTO remains problematic. Standards-takers are typically countries with little bargaining power, who cannot affect their terms of trade and thus, even if they possess domestic antitrust laws, will find it hard to persuade standard-setters to take account of their interests. Our concern is to bring more of these standards within the normative framework of the trade regime—that is, we worry that these private forms of social order can conflict with the fundamental norms of transparency and nondiscrimination. The WTO membership has consumed itself in endless discussions regarding mundane, legalistic issues, and has not moved at all towards addressing the real concerns of developing countries. We discuss one aspect of the problem: How reclusive should the WTO allow product standards to be? We argue that the WTO should adopt a “Reference Paper” that would encourage its members to apply WTO rules for adopting those standards that already come under the aegis of the WTO to private standards. In the absence of centralized enforcement, utopia in the WTO legal paradigm, transparency disciplines imposed on standard-setters is the best the WTO could offer to those who are negatively affected by private standards.
    Keywords: WTO, private standards, TBT Agreement, transparency
    JEL: K40
    Date: 2016–03
  324. By: Aithal, Sreeramana; Kumar, Suresh
    Abstract: ‘Teacher quality’ is a composite term to indicate the quality of teachers in terms of explicit qualification of the faculty and implicit teacher characteristics such as ability, commitment, motivation supported by the adequacy of hiring procedures, faculty availability, professional development and recognition of teaching abilities. Teachers take initiative to learn and keep abreast of the latest developments, innovate, continuously seek improvement in their work and strive for individual and institutional excellence. This paper aims to outline the education service model developed by Srinivas Institute of Management studies (SIMS) for maintaining teacher quality. Backed by the presumption that knowledge is power and information is fundamental to knowledge building and knowledge sharing, the college aims to provide quality education to its students for improved academic performance. By providing under graduate and post graduate education in Business Management, Computer Applications and Social Work, the college has been providing education service in major areas of importance to the society. In this paper, we have analysed the strategies followed by Srinivas Institute of Management Studies, Mangalore in planning and management of its human resource to meet the changing requirements of the curriculum, student, and learning and challenges of time and strategies adopted by the institution in enhancing the teacher quality.
    Keywords: Teacher quality in higher education institution, Quality in higher education.
    JEL: I21
    Date: 2016–06
  325. By: Jorge Antonio Pérez Pineda (Instituto de Investigaciones Dr. José María Luis Mora. México.); Ángel Alañón Pardo (Instituto Complutense de Estudios Internacionales. Universidad Complutense de Madrid. España.)
    Abstract: El fin de los Objetivos de Desarrollo del Milenio este 2015 y su sustitución por los Objetivos de Desarrollo Sustentable (ODS) para los próximos años, abren la puerta a muchos debates en torno al desarrollo y a la eficacia de la ayuda. Uno de los debates centrales gira en torno a garantizar una ayuda eficaz, mayor transparencia y una gestión orientada a resultados. Así, el presente trabajo aborda algunas de las iniciativas más significativas en torno a ellas. Contrastando con las mediciones clásicas con enfoques micro o macro, son de interés aquellas asociadas a los grandes objetivos del desarrollo, los principios de la eficacia, los procesos y resultados, los esfuerzos locales y regionales y particularidades sobre el rol de distintos actores, pasando por indicadores de cooperación sur-sur, hasta el uso de técnicas espaciales que intentan coadyuvar a un mejor entendimiento de los efectos e impactos que la ayuda y la cooperación internacional tienen sobre el desarrollo.
    Keywords: Mediciones; Cooperación Internacional; Desarrollo.; Measurements; International Cooperation; Development.
    Date: 2015
  326. By: (Duke University, NBER and CREATES); Jia Li (Duke University); Yuan Xue (Duke University)
    Abstract: We provide new empirical evidence for the way in which financial markets process information. Our results are based on high-frequency intraday data along with new econometric techniques for making inference on the relationship between trading intensity and spot volatility around public news announcements. Consistent with the predictions derived from a theoretical model in which investors agree to disagree, our estimates for the intraday volume-volatility elasticity around the most important news announcements are systematically below unity. Our elasticity estimates also decrease significantly with measures of disagreements in beliefs, economic uncertainty, and textual-based sentiment, further highlighting the key role played by differences-of-opinion.
    Keywords: Differences-of-opinion, high-frequency data, jumps, macroeconomic news announcements, trading volume, stochastic volatility, economic uncertainty, textual sentiment
    JEL: C51 C52 G12
    Date: 2016–06–23
  327. By: Powell, Jerome H. (Board of Governors of the Federal Reserve System (U.S.))
    Date: 2016–06–29
  328. By: Clive L. Spash; Clemens Gattringer
    Abstract: Human induced climate change poses a series of ethical challenges to the current political economy, although it has often be regarded by economists as only an ethical issue for those concerned about future generations. The central debate in economics has then concerned the rate at which future costs and benefits should be discounted. Indeed the full range of ethical aspects of climate change are rarely even discussed. Despite recent high profile and lengthy academic papers on the topic the ethical remains at best superficial within climate change economics. Recognising the necessary role of ethical judgment poses a problem for economists who conduct exercises in cost-benefit analysis and deductive climate modelling under the presumption of an objectivity that excludes values. Priority is frequently given to orthodox economic methodology, but that this entails a consequentialist utilitarian philosophy is forgotten while the terms of the debate and understanding is simultaneously restricted. We set out to raise the relevance of a broader range of ethical issues including: intergenerational ethics as the basis for the discount rate, interregional distribution of harm, equity and justice issues concerning the allocation of carbon budgets, incommensurability in the context of compensation, and the relationship of climate ethics to economic growth. We argue that the pervasiveness of strong uncertainty in climate science, incommensurability of values and non-utilitarian ethics are inherent features of the climate policy debate. That mainstream economics is ill-equipped to address these issues relegates it to the category of misplaced concreteness and its policy prescriptions are then highly misleading misrepresentations of what constitutes ethical action.
    Keywords: Climate change; economics; ethics; carbon budgets; discounting; compensation; harm; intergenerational equity; intragenerational distribution; justice; consequentialism; utilitarianism; incommensurability; risk; uncertainty; cost-benefit analysis; growth economy
    Date: 2016
  329. By: Vladimir Vovk; Glenn Shafer
    Abstract: This paper gives yet another definition of game-theoretic probability in the context of continuous-time idealized financial markets. Without making any probabilistic assumptions (but assuming positive and continuous price paths), we obtain a simple expression for the equity premium and derive a version of the capital asset pricing model.
    Date: 2016–07
  330. By: Marco Di Cintio, Marco Di Cintio; Sucharita Ghosh, Sucharita Ghosh; Emanuele Grassi, Emanuele Grassi
    Abstract: This paper studies firms’ decisions to export and invest in R&D and their effects on employment growth and labor flows for a sample of Italian SMEs operating in the manufacturing industry. After accounting for the under-reporting of R&D in SMEs, our quantile regressions reveal that (i) R&D is associated with higher employment growth rates, higher hiring rates and lower separation rates; (ii) R&D-induced exports are negatively related to employment growth and accessions and positively related to separations; and (iii) pure exports are not a driver of employment growth and labor flows.
    Keywords: Exports, R&D, Firm Growth, Quantile Regression, Research Methods/ Statistical Methods, J63, M51, O31, F14,
    Date: 2016–07–04
  331. By: Gustavo Rodríguez Albor; Melissa Peláez Blandón; Rafael García Luna
    Abstract: El papel que cumple el sector extractivo en la economía ha sido un tema de amplio debate. Este artículo analiza el crecimiento de la inversión canadiense en Colombia, particularmente hacia las actividades extractivas. Los resultados indican que el incremento en los últimos años de la explotación de carbón, petróleo y oro, entre otros, ha generado consecuencias negativas en la economía nacional, el medioambiente, la salud y vulneración de derechos humanos y laborales, e incluso las empresas canadienses, suscritas bajo un acuerdo de ética y responsabilidad en el Tratado de Libre Comercio entre Colombia-Canadá, han estado en el centro de la crítica.
    Keywords: Inversión extranjera, commodities, enfermedad holandesa, TLC, Canadá
    JEL: F21 Q02 F13
    Date: 2014–12–12
  332. By: Joan Costa-Font (Department of Social Policy, London School of Economics and Political Science (LSE), UK); Gilberto Turati (Department of Economics and Statistics (Dipartimento di Scienze Economico-Sociali e Matematico-Statistiche), University of Torino, Italy)
    Abstract: Does regional decentralization threaten the commitment to regional equality in government outcomes? We attempt to shed light on this question by drawing on unique evidence from the largest European unitary states to have engaged in countrywide health system decentralization: Italy and Spain. We estimate, decompose, and run counterfactual analysis of regional inequality in government output (health expenditure per capita) and outcome (health system satisfaction) during expansion of health care decentralization in both countries. We find no evidence of increase in regional inequalities in outcomes and outputs in the examined period. Inequalities are accounted for by differences in health system design.
    Keywords: Health Care Decentralization, Regional Inequality, Health Care, Oaxaca Decomposition
    JEL: H7 I18 I3
    Date: 2016–06
  333. By: Desmarchelier, Benoît (Division of Economics, Xi'an Jiaotong-Liverpool University); Regis, Paulo José (Division of Economics, Xi'an Jiaotong-Liverpool University); Salike, Nimesh (Division of Economics, Xi'an Jiaotong-Liverpool University)
    Abstract: In a recent series of contributions, Hausmann and Hidalgo (2007 [18]; 2009 [17]; 2011 [15]) propose an outcome-based product space where development traps can emerge quite easily due to low connectivity between products. We extend this model - notably by building on micro-foundations - to take into account cases of leapfrogging and increasing connectedness in the product space. Firms optimize their position in the product space with respect to our proposed fitness landscape. Although we might expect these elements to prevent development traps, lock-ins still emerge, but through a different channel. Indeed, the main driver of poor performance is now the lack of economic opportunities for countries that start in a neighborhood with fierce competition, or populated by goods with low export values.
    Keywords: Product Diversification, Network, Fitness Landscape, Development Trap, Agent-Based Modeling
    Date: 2016–03–03
  334. By: Cenkhan Sahin
    Abstract: This paper develops a general equilibrium model featuring tax deductible mortgage interest. There are two main results: (i) a higher mortgage interest deduction leads to higher house prices, more levered households, and a higher rate of mortgage default; (ii) when mortgage risk is high the presence of mortgage interest deduction leads to more volatile responses of the main macro-variables to exogenous shocks (i.e. preference, productivity, and mortgage riskiness shocks). The empirical and theoretical evidence presented support the idea that mortgage interest deductibility may be a relevant factor in the occurrence of homeowner foreclosures.
    Keywords: Mortgage interest deduction; house prices; mortgage default; DSGE
    JEL: E32 E44
    Date: 2016–07
  335. By: Jinghai Shao; Siming Li; Yong Li
    Abstract: Risk management is an important practice in the banking industry. In this paper we develop a new methodology to estimate and predict the probability of default (PD) based on the rating transition matrices, which relates the rating transition matrices to the macroeconomic variables. Our method can overcome the shortcomings of the framework of Belkin et al. (1998), and is especially useful in predicting the PD and doing stress testing. Simulation is conducted at the end, which shows that our method can provide more accurate estimate than that obtained by the method of Belkin et al. (1998).
    Date: 2016–07
  336. By: Luis Arturo Rosado; Germán Castaño Duque
    Abstract: Este artículo revisa el estado del arte del impacto de la educación sobre el desarrollo económico. La educación es considerada una externalidad, por lo cual, su contribución es indirecta a través del aprendizaje tecnológico y la I&D de las empresas. Más escolaridad no significa más desarrollo, automáticamente. Una educación de élite genera mayor desigualdad entre pobres y ricos en el mercado laboral; a cambio, la educación puede aumentar el capital social, el capital de conocimientos y la productividad de las empresas. El escrito concluye que las políticas educativas en los países en desarrollo ganarían en eficacia si escogen flexiblemente opciones de política bien establecidas en la literatura por teorías diferentes; y aporta una taxonomía para combinar estas opciones, focalizarlas y coordinarlas con las metas del desarrollo nacional.
    Keywords: Educación, desarrollo económico, productividad, aprendizaje tecnológico, focalización.
    JEL: I25 I28 O47 O32
    Date: 2015–12–04
  337. By: Richard Cookson (Centre for Health Economics, University of York, York, UK); Owen Cotton-Barrett (University of Oxford, Oxford, UK); Matthew Adler (Duke University, North Carolina, USA); Miqdad Asaria (Centre for Health Economics, University of York, York, UK); Toby Ord (Duke University, North Carolina, USA)
    Abstract: In this paper, we propose a practical measure of individual wellbeing to facilitate the economic evaluation of public policies. We propose to evaluate policies in terms of years of good life gained, in a way that complements and generalises conventional cost-benefit analysis in terms of money. We aim to show how years of good life could be measured in practice by harnessing readily available data on three important elements of individual wellbeing: income, health-related quality of life, and longevity. We also aim to identify the main ethical assumptions needed to use this measure.
    Date: 2016–07
  338. By: Abbate, Angela; Marcellino, Massimiliano
    Abstract: We explore whether modelling parameter time variation improves the point, interval and density forecasts of nine major exchange rates vis-a-vis the US dollar over the period 1976-2015. We find that modelling parameter time variation is needed for an accurate calibration of forecast confidence intervals, and is better suited at long horizons and in high-volatility periods. The biggest forecast improvements are obtained by modelling time variation in the volatilities of the innovations, rather than in the slope parameters. Moreover, we do not find evidence that parameter time variation helps to unravel exchange rate predictability by macroeconomic fundamentals. Finally, an economic evaluation of the different forecast models reveals that controlling for parameter time variation leads to higher portfolios returns, and to higher utility values for investors.
    Keywords: exchange rates,forecasting,density forecasts,BVAR,time-varying parameters
    JEL: C11 C53 F31 F37
    Date: 2016
  339. By: Veerle Heyvaert
    Abstract: This working paper argues that the rise of transnational regulation has a transformative impact on law. It examines the field of transnational environmental regulation to show that its proliferation challenges the continued appropriateness of representations of law as: (i) territorial, (ii) emanating from the state, (iii) composed of a public and private sphere, (iv) constitutive and regulatory in function, and (v) cohesive and regimented. Instead, law is increasingly perceived as (i) delocalised, (ii) flowing from a plurality of sources, (iii) organisationally inchoate, (iv) reflexive and coordinating in function, and (v) polycentric. Together, these shifts in perception amount to a transformation that the paper identifies as the transnationalisation of law. The paper then explores three responses to the transnationalisation of law. It distinguishes responses motivated by a desire to reclaim the traditional conception of law from those that seek to reconstruct law at the transnational level and, thirdly, responses that advocate a context-responsive reconceptualisation of law. Each response, it will be shown, creates a different set of opportunities for and challenges to the relevance of law for transnational regulation.
    Date: 2016–06
  340. By: Armida Alisjahbana (Department of Economics, Padjadjaran University); Viktor Pirmana (Department of Economics, Padjadjaran University)
    Abstract: T