nep-hme New Economics Papers
on Heterodox Microeconomics
Issue of 2020‒06‒29
nine papers chosen by
Carlo D’Ippoliti
Università degli Studi di Roma “La Sapienza”

  1. The Unequal Effects of Covid-19 on Economists' Research Productivity By Amano-Patiño, N.; Faraglia, E.; Giannitsarou, C; Hasna, Z.
  2. Work and Wellbeing: A Conceptual Proposal By Nicolai Suppa
  3. Are the factors accounting for islamic and conventional bank credit cycles really different ? Malaysian evidence based on two-step GMM approach By Abu Bakr, Norhidayah; Masih, Mansur
  4. Input-Output Analysis of COVID-19: Methodology for Assessing the Impacts of Lockdown Measures By Amaral Haddad, Eduardo; Salgueiro Perobelli, Fernando; Fernandes de Araújo, Inácio
  5. El pluralismo en la enseñanza de la economía By Boris Salazar Trujillo
  6. Electrification and Socio-Economic Empowerment of Women in India By Sedai, A K.; Nepal, R.; Jamasb, T.
  7. The Declining Worker Power Hypothesis: An Explanation for the Recent Evolution of the American Economy By Anna Stansbury; Lawrence H. Summers
  8. Impact of the SADA-Northern Ghana Millennium Village Project on Multidimensional Poverty: A Comparison of Dashboard and Index Approaches By Edoardo Masset; Jorge García Hombrados
  9. Detecting and explaining changes in various assets' relationships in financial markets By Makoto Naraoka; Teruaki Hayashi; Yukio Ohsawa; Takaaki Yoshino; Toshiaki Sugie; Kota Takano

  1. By: Amano-Patiño, N.; Faraglia, E.; Giannitsarou, C; Hasna, Z.
    Abstract: The current lock-down measures are expected to disproportionately reduce women's labor productivity in the short run. This paper analyzes the effects of these measures on economists' research productivity. We explore the patterns of working papers publications using data from the NBER Working Papers Series, the CEPR Discussion Paper Series, the newly established research repository Covid Economics: Vetted and Real Time Papers and VoxEU columns. Our analysis suggests that although the relative number of female authors in non-pandemic related research has remained stable with respect to recent years (at around 20%), women constitute only 12% of total number of authors working on COVID-19 research. Moreover, we see that it is primarily senior economists who are contributing to this new area. Mid-career and junior economists record the biggest gap between non-COVID and COVID research, and the gender di erences are particularly stark at the mid-career level. Mid-career female economists have not yet started working on this new research area: only 12 mid-career female authors have contributed to COVID-19 related research so far, out of a total of 647 distinct authors in our dataset of papers (NBER, CEPR and CEPR Covid Economics).
    Keywords: COVID-19, Economics Research, Gender Inequality
    Date: 2020–05–11
  2. By: Nicolai Suppa
    Abstract: Labour is of utmost importance for human wellbeing. Yet a comprehensive framework that can reflect the empirical diversity of labour activities along with each activities' manifold effects on human wellbeing is still lacking. An additional challenge for any such framework is to adequately handle fundamental moral ambiguities, which are inherent to many forms of work. This paper argues that a conceptualisation of labour within the capability approach can meet these requirements. Specifically, I argue that labour can be conceived as a characteristic-providing activity, where obtained characteristics are then transformed into functioning achievements, while accounting for both individual and societal heterogeneity. Additionally, paying adequate attention to unfreedoms experienced by agents turns out to be vital for a comprehensive account. Finally, the paper discusses policy handles, offers suggestions for particular applications, and identifies several other benefits for labour economics.
    Date: 2019–10
  3. By: Abu Bakr, Norhidayah; Masih, Mansur
    Abstract: Credit instability can cause severe negative impact to the long-term economic growth. It is also directly related to the recurring systemic banking and financial crisis. Driven by these motivations, this study aims to empirically analyze the factors that might explain credit cycle at bank level by taking Malaysia as the case study. We aim to make a comparison between Islamic and conventional banks by identifying whether the factors accounting for credit cycles between the two systems are different. By dividing the estimations into two data sets, the findings suggest: lagged credit cycle, asset price, excessive extension of bank credit and capital outflow are the factors that might influence credit cycle in the long term. While in the short-term, the factors are asset price, availability of loanable funds, banks’ capital, banks’ size, inflation, real interest rate, and capital outflows. Interestingly, our analysis supports empirically that there are some differences between Islamic and conventional banking system. Our findings acknowledged that Islamic banks hold some unique characteristics in the principles of its operations. Another important implication is that policy makers and industry players could observe the behaviour of the suggested factors and take the right actions to reduce the severity of the impact of unpredictable credit crunch.
    Keywords: credit cycle, determinants factors, Islamic and conventional banks
    JEL: C22 C58 G21
    Date: 2018–10–30
  4. By: Amaral Haddad, Eduardo (NEREUS); Salgueiro Perobelli, Fernando (Universidade Federal de Juiz de Fora); Fernandes de Araújo, Inácio (NEREUS)
    Abstract: This technical note describes in details the methodology developed for assessing the daily economic costs of control strategies for mitigating the effects of COVID-19. It is based on the partial hypothetical extraction approach to input-output systems. This methodology is being currently applied to inform regional and national governments in Brazil and Colombia on the potential regional and sectoral economic costs of different strategies of lockdown measures. Simulated scenarios based on different durations and intensities of the control measures are also being used to help designing sectoral and territorial-based policies to ease lockdown against the coronavirus outbreak after reaching a downward trend in the growth rate of new infections.
    Keywords: COVID-19; Economic impacts; Input-output analysis; Lockdown
    JEL: C67 D24 R15
    Date: 2020–03
  5. By: Boris Salazar Trujillo
    Keywords: enseñanza; economía; critica; pluralismo; economistas ortodoxos; economistas heterodoxos; teaching; economy; review; pluralism; orthodox economists; heterodox economists
    Date: 2019–07–01
  6. By: Sedai, A K.; Nepal, R.; Jamasb, T.
    Abstract: This study examines the effect of quality of electrification on empowerment of women in terms of economic autonomy, agency, mobility, decision-making abilities, and time allocation in fuel collection in India. It moves beyond the consensus of counting electried households as a measure of progress in gender parity, and analyzes how the quality of electrification affects women's intra-household bargaining power, labor supply decision and fuel collection time. We develop a set of indices using principal component analysis from a large cross-section of gender-disaggregated survey. We use two stage least squares instrumental variables regression to assess the causal effect of access and hours of electricity on women's empowerment using geographic instrumental variables along with district and caste fixed effects. The results show that quality of electrication has significant positive effects on all empowerment indices. However, the effect differs at the margin of defficiency, location, living standards and education. The study recommends revisiting the paradigm of access to electrification and women empowerment by focusing on the quality of not only extensive but also intensive electrification to enhance life and economic opportunities for women and their households.
    Keywords: Electrification and Socio-Economic Empowerment of Women in India
    JEL: D13 D63 H42 Q43
    Date: 2020–05–15
  7. By: Anna Stansbury; Lawrence H. Summers
    Abstract: Rising profitability and market valuations of US businesses, sluggish wage growth and a declining labor share of income, and reduced unemployment and inflation, have defined the macroeconomic environment of the last generation. This paper offers a unified explanation for these phenomena based on reduced worker power. Using individual, industry, and state-level data, we demonstrate that measures of reduced worker power are associated with lower wage levels, higher profit shares, and reductions in measures of the NAIRU. We argue that the declining worker power hypothesis is more compelling as an explanation for observed changes than increases in firms’ market power, both because it can simultaneously explain a falling labor share and a reduced NAIRU, and because it is more directly supported by the data.
    JEL: E02 E2 E25 J01 J3 J31 J42 J51 L12
    Date: 2020–05
  8. By: Edoardo Masset; Jorge García Hombrados
    Abstract: This paper assesses the impact of the SADA-Northern Ghana Millennium Village Project (MVP) on multidimensional poverty using dashboard and index approaches. Using a unique, large dataset that spans five years and contains data on multiple welfare indicators, we estimate the impact of MVP on the Millennium Development Goals (MDGs) and on the global multidimensional poverty index (global MPI). We find that the project had a limited impact on the MDGs and yet a positive impact on the global MPI. We assess the robustness of the impact of MVP on the global MPI, and we conclude that it was largely driven by the sensitivity of the index to changes in a few MDG indicators. We conclude that the MVP had a limited impact on welfare and that the global MPI should be used with caution in the evaluation of development programmes.
    Date: 2019–10
  9. By: Makoto Naraoka; Teruaki Hayashi; Yukio Ohsawa; Takaaki Yoshino; Toshiaki Sugie; Kota Takano
    Abstract: We study the method for detecting relationship changes in financial markets and providing human-interpretable network visualization to support the decision-making of fund managers dealing with multi-assets. First, we construct co-occurrence networks with each asset as a node and a pair with a strong relationship in price change as an edge at each time step. Second, we calculate Graph-Based Entropy to represent the variety of price changes based on the network. Third, we apply the Differential Network to finance, which is traditionally used in the field of bioinformatics. By the method described above, we can visualize when and what kind of changes are occurring in the financial market, and which assets play a central role in changes in financial markets. Experiments with multi-asset time-series data showed results that were well fit with actual events while maintaining high interpretability.
    Date: 2020–05

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