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on Investment |
| By: | Julien Albertini (University Lumière Lyon 2, CNRS, Université Jean Monnet Saint-Etienne, emlyon business school, GATE, 69007, Lyon, France); Arthur Poirier (LEDa, Paris Dauphine University); Anthony Terriau (GAINS, Le Mans University) |
| Abstract: | Introduced in France in the 1990s to reduce the cost of low-skilled labor, payroll tax reductions on low wages were later expanded and extended to higher wages. This study evaluates the impact of the current payroll tax schedule on employment, fiscal surplus, and welfare. We develop a life-cycle matching model in which workers are heterogeneous in terms of age, education, human capital, family status, hours worked and idiosyncratic productivity, and where search effort, hiring and separations are endogenous. Accounting for interactions with the socio-fiscal system, we demonstrate that reducing payroll tax cuts for low wages would result in declines in both employment and fiscal surplus. Furthermore, we show that increasing the minimum wage would significantly reduce employment and fiscal surplus, with the magnitude of the effect depending on whether the payroll tax schedule and other socio-fiscal measures are indexed to the minimum wage. Lastly, we identify the optimal payroll tax schedule, revealing that employment, fiscal surplus, and welfare can all be improved by increasing payroll tax reductions for wages near the minimum wage while reducing them for wages exceeding twice the minimum wage. |
| Keywords: | Payroll Tax Reductions; Minimum Wage; Search and Matching; Life Cycle |
| JEL: | J23 J31 J32 J38 J64 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:gat:wpaper:2501 |
| By: | Juhana Hukkinen (Monetary Policy and Research Department of Bank of Finland); Matti Viren (Monetary Policy and Research Department of Bank of Finland & Economics Department of University of Turku) |
| Abstract: | Recent economic developments in Argentina give rise to several interesting observations about the workings and effects of economic policies. Of particular interest, of course, are the dramatic changes in inflation as a consequence of the economic policies of the newly elected President Javier Milei. Here, we briefly describe these policies and try to assess how much they contributed to this outcome. As a reference, we use indicators of monetary policy, which are conventionally considered to be of decisive importance in combating inflation. Although we cannot provide a formal test for the importance of different policies, it seems that policies which restored fiscal soundness were the decisive factor. |
| Keywords: | inflation, interest rates, government finance, fiscal theory of price level |
| JEL: | E63 E65 E43 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:tkk:dpaper:dp169 |
| By: | Yucheng Yang (University of Zurich; Swiss Finance Institute) |
| Abstract: | Inflation has heterogeneous impacts on households, which then affects optimal monetary policy design. I study optimal monetary policy rules in a quantitative heterogeneous agent New Keynesian (HANK) model where inflation has redistributive effects on households through their different (1) consumption baskets, (2) nominal wealth positions, and (3) earnings elasticities to business cycles. I parameterize the model based on the empirical analysis of these channels using the most recent data. Unlike in representative agent models, a utilitarian central bank should adopt an asymmetric monetary policy rule that is accommodative towards inflation and aggressive towards deflation. Specifically, by accommodating stronger demand and higher inflation, the central bank benefits low-income and low-wealth households through nominal debt devaluation and higher earnings growth. |
| Keywords: | Redistributive Inflation, Optimal Monetary Policy, Heterogeneous Agent, Expenditure Channel, Revaluation Channel, Earnings Channel |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:chf:rpseri:rp2507 |
| By: | Ozili, Peterson K |
| Abstract: | This paper investigates the general level of interest in financial inclusion information using global data. Descriptive statistics and correlation analyses were used to assess the global interest in financial inclusion information. Using Google Trends monthly data from 2004 to 2021, the results show that the term ‘financial inclusion’ was more popular on the web in year 2017 than in any other year. Secondly, the highest level of interest in the term ‘financial inclusion’ by internet users was recorded in non-crisis months particularly after the global financial crisis but before the COVID-19 pandemic while the lowest interest in the term ‘financial inclusion’ by internet users was recorded in crisis months particularly during the global financial crisis and during the COVID-19 period. Thirdly, web search for information about financial inclusion was more popular in Zimbabwe, Rwanda, Fiji, Uganda and Zambia, while news search for information about financial inclusion was more popular in Fiji, India, Malaysia, Kenya, Singapore and Nigeria. This suggests that there was more interest in the term ‘financial inclusion’ among internet users in developing countries than in developed countries. Also, there is a negative correlation between interest in financial inclusion information and the level of country development. |
| Keywords: | Google Trends, financial inclusion, web search, development, internet. |
| JEL: | G21 G23 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:123298 |
| By: | Ngoc-Sang Pham (EM Normandie); Thanh Tam Nguyen-Huu |
| Abstract: | We investigate the role of foreign direct investment (FDI) in the transitional dynamics of host countries by using an optimal growth model. FDI may be beneficial for the host country because local people can work for multinational firms to get a favorable salary. However, if the host country only focuses on FDI, it may face a middle-income trap. We show that if the host country invests in research and development, its economy may have sustained growth. Moreover, in this case, FDI helps the host country only at the first stages of its development process. |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2501.12010 |
| By: | Hernandez, Manuel A.; Berrospi, Maria Lucia; Juarez, Henry; Pradel, Willy; Navarrete, Corina |
| Abstract: | La migración o desplazamiento geográfico de individuos es un patrón recurrente a lo largo de la historia, pero en las últimas décadas ha alcanzado niveles sin precedentes. Se estima que una de cada siete personas en el mundo es migrante (United Nations Population Division, 2013). Este fenómeno no solo abarca movimientos internacionales, sino principalmente desplazamientos internos, muchos de los cuales son forzados. En 2013, aproximadamente 763 millones de personas habían migrado dentro de sus propios países, lo que equivalía al 12% de la población mundial; este fenómeno es particularmente relevante en América Latina y el Caribe, con tasas de migración interna hasta 50% más altas que el promedio global (United Nations Population Division, 2013). Asimismo, hacia finales de 2022, más de 71.2 millones de personas habían sido desplazadas internamente debido a conflictos, violencia y desastres naturales, estableciendo un récord histórico y representando un aumento del 60% en comparación con 2021 (McAuliffe & Oucho, 2024). |
| Keywords: | Amazonia; migration; Peru; South America |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:fpr:cgiarp:168609 |
| By: | Ana Aguilar; Julian Caballero; Jon Frost; Alejandro Parada |
| Abstract: | After decades of deepening economic integration, trade conflicts and geopolitical tensions have recently disrupted global trade patterns (IMF (2023a, 2023b), Qiu et al (2024)). Tariffs and non-tariff measures on goods and investment, and threats of further measures, have increased economic and trade policy uncertainty (Graph 1.A). While the focus is on tensions between the United States and China, restrictions on imports and investment have risen globally, particularly after the Covid-19 pandemic (Graph 1.B). |
| Date: | 2024–10–10 |
| URL: | https://d.repec.org/n?u=RePEc:bis:bisblt:94 |
| By: | Siddharth, L.; Luo, Jianxi |
| Abstract: | The rapid integration of AI in products, services, and innovation processes has enabled transformative applications, raising global concerns about the trustworthiness of AI features and the corresponding development processes. In this paper, we provide a perspective on how design and innovation processes can be adapted to ensure the trustworthiness of AI-centric artefacts. We review generic recommendations for trustworthy AI provided by various organisations and scholars. By leveraging the “double-hump” model of data-driven innovation, we explain and illustrate how trustworthy AI could be integrated into the design and innovation processes. We then propose research directions, data, and methods that could help gather an empirical understanding of trustworthiness and thus lead to an assessment of existing AI artefacts for trustworthiness. Since there is a disparity among domains and organisations in terms of AI-related risk and maturity, we expect that the proposed process model and the assessment methods could contribute towards a reliable road map for the development and assessment of trustworthy AI. |
| Date: | 2025–01–20 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:a3d6z |
| By: | Antonina Levashenko (Russian Foreign Trade Academy Ministry of economic development of the Russian Federation); Kirill Chernovol (Russian Foreign Trade Academy Ministry of economic development of the Russian Federation) |
| Abstract: | The subject of the study is the system of measures of state support and monitoring of the non-profit sector in Russia, including measures to identify certain types of non-profit organizations (SONPO, FCC), compiling registers of such organizations, as well as mechanisms for collecting data on the non-profit sector. The relevance of the study is due to the need to improve the mechanisms of state support for the non-profit sector, taking into account its contribution to the economy and eliminating existing gaps in legal regulation. Currently, there is duplication of reporting requirements, the absence of a single register of socially oriented non-profit organizations and difficulties in identifying such organizations, which complicates their access to support measures. The problems of inconsistency between regional and federal lists of types of activities of SONPO, as well as the lack of effective accounting of NPOs - owners of endowment capital indicate the need to unify legal regulation and develop comprehensive monitoring tools. In addition, improving the methods for assessing the contribution of the non-profit sector to the economy will allow for the formation of more objective and balanced management decisions aimed at developing charity, volunteering and social entrepreneurship. The purpose of the study is to prepare proposals for improving state support measures for the non-profit sector based on its monitoring and forecasting. The methodology of the work is based on the use of methods of logical, systemic, comparative legal analysis, as well as economic modeling. In preparing the work, Russian and foreign regulatory legal acts, as well as analytical materials, were used. The result of the study were proposals for improving state support for the non-profit sector, including the creation of a single register of NPOs, unification of their types of activities, improvement of reporting and accounting of contribution to the economy. Measures have been developed to harmonize the legal regulation of NPOs, indicators for monitoring and rating regions have been improved, and recommendations have been given for the development of charity and volunteerism. |
| Keywords: | non-profit organizations, charitable activities, volunteer work, economic impact assessment, support for the non-profit sector, monitoring of the non-profit sector |
| JEL: | K33 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:alq:wpaper:2024_2 |
| By: | Saroja Adhikari (Max Planck Institute for Demographic Research, Rostock, Germany); Diego Alburez-Gutierrez (Max Planck Institute for Demographic Research, Rostock, Germany) |
| Abstract: | Grandparents are an integral part of family support systems, serving as both providers and consumers of instrumental, financial, and emotional care. They also play a central role in transmitting cultural and financial capital to their grandchildren. Grandparenting, which refers to the care, support, and engagement grandparents provide to their grandchildren, is a socially expected phenomenon in South Asia. Grandparents are often expected to play active caregiving roles and typically co-reside with their grandchildren. While previous research has explored grandparenting across various socioeconomic groups, little is known about how evolving sociodemographic trends might impact grandparenthood in the future. Using data from the United Nations and the Wittgenstein Center for Global Human Capital, we explore how national-level sociodemographic changes are expected to affect the number of living grandparents per grandchild, as well as the age, sex, and educational profiles of grandparents across South Asia. We project that grandparental availability will increase, with grandparents becoming older and better educated. Specifically, the average age of grandparents in South Asia is expected to rise by six to eight years from 2024 to 2100, and the number with post-secondary education will increase significantly. These shifts are likely to affect the balance of care exchanged between generations, with potential benefits and challenges for grandparents, parents, and grandchildren. |
| Keywords: | Asia, ageing, child care, demographic transition, education |
| JEL: | J1 Z0 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:dem:wpaper:wp-2025-003 |
| By: | Tim Laurence (Perma Analytics Ltd); Olimpia Lamberti (London School of Hygiene and Tropical Medicine); Robert Smith (Dark Peak Analytics); Tom Drake (Center for Global Development); Anthony McDonnell (Center for Global Development) |
| Abstract: | This study estimates the global direct inpatient healthcare expenditure attributable to antimicrobial resistance (AMR) and projects future expenditures under different scenarios. Using the Institute for Health Metrics and Evaluation’s estimates of AMR burden, and a novel epidemiological literature review, new estimates of AMR inpatients admission volumes are produced. Following a literature review of 232 cost studies and statistical modelling, the analysis provides a comprehensive estimate of AMR’s financial burden in the healthcare sector for 204 countries. Globally, the study estimates there are 25.4 million hospital admissions with AMR infections annually, representing 3.5 percent of global admissions, with total excess inpatient healthcare expenditure due to AMR estimated at $66.4 billion annually. The study also finds that low- and middle-income countries bear a disproportionate share of these costs relative to their healthcare budgets, with low-income countries spending 2.0 percent and lower-middle-income countries spending 1.5 percent of total healthcare expenditure on AMR-related costs. Future projections indicate that AMR-related healthcare expenditure is likely to increase, potentially reaching $159.4 billion by 2050. |
| Date: | 2025–01–29 |
| URL: | https://d.repec.org/n?u=RePEc:cgd:wpaper:712 |
| By: | Dąbrowski, Marek A.; Janus, Jakub; Mucha, Krystian |
| Abstract: | In this paper, we propose a novel approach to classifying inflation-targeting (IT) economies based on fractionally integrated processes. Motivated by the rising prevalence and diversity of IT strategies, we leverage variation in the persistence of inflation rate series to identify four de facto IT strategies, or ‘shades’ of IT. Moving from negative orders of fractional integration, indicating anti-persistent behaviour, to more persistent long-memory processes, often associated with less credible policy frameworks, we classify countries into average IT, strict IT, flexible IT, and uncommitted IT categories. This framework sheds light on the differences between declarative and actual monetary policy strategies across 36 advanced and emerging market economies. Notably, we demonstrate that while most economies fall into the flexible IT category, extreme cases, including the uncommitted IT category, occur with marked frequency. Furthermore, we link our IT classification to institutional features of national monetary frameworks using ordinal probit models. The results suggest that differences across IT categories are related to variations in the maturity and stability of IT frameworks, with less pronounced connections to central bank independence and transparency. |
| Keywords: | inflation targeting, monetary policy strategy, central banking, inflation persistence, fractional integration |
| JEL: | C22 E31 E52 E58 |
| Date: | 2025–01–09 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:123455 |
| By: | Louaziz Hassan (ERSN - Structure de recherche : Equipe De Recherche En Santé Et Nutrition Du Couple Mère Enfant (ERSN)); Mouhsine Errabai (REIS - Laboratoire de recherche : Régulations Economiques et Intelligence Stratégique (REIS). - UH2MC - Université Hassan II de Casablanca = University of Hassan II Casablanca = جامعة الحسن الثاني (ar)) |
| Abstract: | This article explores the contributions and limitations of Activity-Based Costing (ABC) in hospital management, focusing on its implementation in the Moroccan context. Based on a mixed methodology combining inductive, deductive and abductive approaches, the analysis is structured around three main axes. Firstly, a theoretical analysis examines the conceptual foundations of ABC and its role in rationalizing hospital costs. Secondly, a comparative synthesis of 12 case studies, covering various international and national hospital sectors, identifies the practical benefits and obstacles encountered when adopting ABC. Finally, a contextual feasibility study integrates empirical and theoretical observations to assess the adaptability of ABC in Moroccan facilities. The results show that ABC enables precise resource allocation, reduces indirect costs and optimizes hospital processes. However, major obstacles, notably the lack of effective medico-economic information systems and cost accounting, limit its effectiveness. In response, the article recommends developing integrated information systems, promoting cost accounting, and adopting innovative solutions such as Time-Driven ABC (TDABC). This study enriches the literature on ABC in hospitals, and offers concrete avenues for improving cost management and boosting efficiency in Moroccan hospitals, while opening up prospects for broader healthcare system reforms. Key words: Activity-based costing, hospital costs, hospital management, hospital information system. |
| Abstract: | Cet article explore les apports et les limites de la méthode de comptabilité par activité (Activity-Based Costing, ABC) dans le management hospitalier, en se concentrant sur son implémentation dans le contexte marocain. S'appuyant sur une méthodologie mixte combinant les approches inductive, déductive et abductive, il articule l'analyse autour de trois axes principaux. Premièrement, une analyse théorique examine les fondements conceptuels de l'ABC et son rôle dans la rationalisation des coûts hospitaliers. Deuxièmement, une synthèse comparative de 12 études de cas, couvrant divers secteurs hospitaliers à l'échelle internationale et nationale, identifie les bénéfices pratiques et les obstacles rencontrés lors de son adoption. Enfin, une étude de faisabilité contextuelle intègre les observations empiriques et théoriques pour évaluer l'adaptabilité de l'ABC dans les établissements marocains. Les résultats soulignent que l'ABC permet une allocation précise des ressources, une réduction des coûts indirects, et une optimisation des processus hospitaliers. Toutefois, des freins importants, notamment l'absence de systèmes d'information médico-économiques performants et de comptabilité analytique, limitent son efficacité. En réponse, l'article recommande de développer des systèmes d'information intégrés, de promouvoir la comptabilité analytique, et d'adopter des solutions innovantes telles que le Time-Driven ABC (TDABC). Cette étude enrichit la littérature sur l'ABC en milieu hospitalier et offre des pistes concrètes pour améliorer la gestion des coûts et renforcer l'efficience des hôpitaux marocains, tout en ouvrant des perspectives pour des réformes plus larges des systèmes de |
| Keywords: | Activity-based costing hospital costs hospital management hospital information system, Comptabilité par activité, coûts hospitaliers, gestion hospitalière, système d’information hospitalier. |
| Date: | 2024–12–31 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04875462 |
| By: | Niklas Amberg; Richard Friberg; Chad Syverson |
| Abstract: | Using quarterly micro data on capacity utilization among Swedish manufacturing firms, we show that idiosyncratic factors are much more important than aggregate influences in explaining variation in capacity utilization across firms and over time. Idiosyncratic does not mean unpredictable, however. A simple newsvendor model of optimally set capacity predicts that higher demand uncertainty lowers capacity utilization, especially for high-markup firms. We test these predictions using data that contain firm-specific, forward-looking measures of uncertainty. Firms in the top of the uncertainty distribution on average have seven percentage points lower capacity utilization than firms in the bottom. The fall in capacity utilization is more than double for firms in the top rather than bottom tercile of the markup distribution. |
| JEL: | D20 L11 L23 L60 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33400 |
| By: | Roy, Tamal Joyti; Saha, Nobonita; Huynh, Anh L.; Das, Jyoti; Mazumder, Hoimonty; Hossain, Puspita; Hossain, M. Mahbub |
| Abstract: | Academic success is often challenging for first-generation college students. For this reason first-generation college students often lack the same level of preparation, support, mentorship and familial experience.This study, using ecological systems theory, explored the factors affecting their success in the US educational settings. Using the ecological systems theory, we systematically reviewed eligible studies from five databases published up to June 20, 2024, which reported factors impacting first-generation students' academic outcomes. A total of 32 studies representing 18, 270 students/participants were included in this review. The results inform that first-generation students' academic success depends on various factors including high school GPA, self-efficacy, grit, social support, intrinsic motivation, and family economic conditions. Our findings highlight the importance of developing effective interventions that address the complex factors influencing first-generation college students' academic success. |
| Date: | 2025–01–23 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:sqbmk |