|
on Investment |
| By: | Adolfo Jose Montesa (School of Economics, University of the Philippines Diliman); Vincent Ramos (School of Economics, University of the Philippines Diliman & Heidelberg University); Judy Padillon (School of Economics, University of the Philippines Diliman); Carlos Harry De Taza (School of Economics, University of the Philippines Diliman); Edgar Suguitan (School of Economics, University of the Philippines Diliman); Rexian Irlandez (School of Economics, University of the Philippines Diliman) |
| Abstract: | Since 1989, minimum wages in the Philippines have been set by regional tripartite wage boards, producing a patchwork of statutory floors whose levels, timing, and bite vary across the country. This article presents novel descriptive patterns of minimum wages, price levels, and employment using pooled Labor Force Survey microdata and the Occupational Wages Survey. We foreground three key findings. First, the real value of the minimum wage has been eroded by inflation since 1989 across all regions except NCR. Second, the minimum wage has a high bite of up to 1.2 times the median wage of the covered sector. This arguably reflects both a highly compressed wage distribution and the presence of exemption channels for smaller enterprises. Finally, in quarters succeeding wage orders, we find a reallocation pattern to wage bins just above the new wage floor, with no conclusive evidence of any immediate large-scale “displacement†of employment. Reflecting on these patterns, we lay out why unbiased estimates of employment effects remain challenging in the Philippine context and how a more holistic analysis of wage setting is complicated by the lack of transparency in and predictability of the existing wage-setting regime. We close with proposals for the path forward. |
| Keywords: | minimum wages; stacked event-study design; reallocation; Philippines |
| JEL: | J31 J08 |
| Date: | 2026–08 |
| URL: | https://d.repec.org/n?u=RePEc:phs:dpaper:202608 |
| By: | Alberto M. G. Saruggia; Sebastien Germano |
| Abstract: | This study shows that textual descriptors alone can predict early-stage startup success, defined as Exit, without relying on contextual, financial, or human capital variables. Using venture capital-curated datasets covering 7, 419 startups over 20 years, the research isolates text-based framing variables and engineers 850 features through startup narrative mapping. Data subsets and vector embeddings are evaluated for statistical significance, followed by supervised machine learning experiments across six models. LightGBM achieved the highest predictive performance (F1 = 0.48), while textual descriptors alone achieved F1 = 0.30, confirming the standalone predictive value of founder narratives. Feature analysis shows that optimized densities of hyping markers, including adjectives, jargon, and buzzwords, are associated with higher Exit probability, whereas excessive statement or name length reduces it. The study also introduces a quantifiable Hyping Score for venture capital applications, demonstrating that startup framing provides measurable signals for predicting Exit under conditions of high information asymmetry. |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2608.00045 |
| By: | Grega Smrkolj (Newcastle University); Florian Wagener (University of Amsterdam) |
| Abstract: | We study a continuous-time duopoly model of process innovation with R&D spillovers, comparing noncooperative R&D with cooperative research regimes. We extend the standard constant-spillover framework by allowing knowledge transmission to decay with technological distance and to favor followers over leaders in asymmetric specifications. In a global Markov-perfect model, firms may invest before production is viable, enter or exit production as costs evolve, and converge to no-market, monopoly, or duopoly outcomes. State-dependent spillovers change R&D incentives, catch-up dynamics, long-run market structure, and the welfare effects of research cooperation. In the computed equilibria, more follower-favoring spillovers weaken the leader's private incentive to invest but accelerate catch-up, shorten monopoly phases, and make eventual duopoly more likely. When spillovers are weak, cooperation mainly softens dynamic rivalry; when information sharing is substantial, cooperation expands market formation, lowers long-run costs, and can raise both consumer and total surplus, especially under the research-joint-venture regime. The value of R&D cooperation depends on the direction and persistence of knowledge flows, not only on their average intensity. |
| JEL: | C73 D43 O31 |
| Date: | 2026–06–29 |
| URL: | https://d.repec.org/n?u=RePEc:tin:wpaper:20260041 |
| By: | Wenzel, Julia |
| Abstract: | In recent years, Robotic Mobile Fulfillment System (RMFS) as part of a third generation of automated parts-to-picker systems has emerged. These systems were developed to meet the growing demands for flexibility and scalability in modern warehouses, which predominantly handle e-commerce orders. By employing mobile robots, RMFSs efficiently process smaller, customized orders, manage a wide range of storage items, and handle the increasing order lines in e-commerce. Despite their advantages, RMFSs have a notable drawback compared to second-generation order picking systems, such as automated storage and retrieval systems, in terms of space utilization. This deficit is crucial for logistics managers and often limits the practical adoption of RMFSs. The use of multi-level RMFSs, e.g., as mezzanine structures, offers the potential to improve space efficiency. However, this approach remains unexplored and is only partially utilized. Multi-level RMFSs pose additional challenges for logistics managers, resulting in decision problems at strategic, tactical, and operational levels. These decision problems include designing the layout of each level, allocating items across multiple levels, and assigning pods and robots within each level. As a result, planning and operating such systems is significantly more complex compared to single-level warehouses. This thesis examines these decision problems and the performance of multi-level RMFSs through three research questions. The resulting studies address, first, optimal algorithms for assigning orders and pods in multi-level RMFSs (Publication 1); second, the analysis of interactions between individual system parameters of a multi-level RMFS and their impact on system performance (Publication 2); and third, the comparison of multi-level RMFSs with traditional order picking systems (Publication 3). The findings provide valuable insights for optimizing RMFSs in dynamic warehouse environments for e-commerce and establish a foundation for future developments in automated warehouse logistics. In order to do this, first a heuristic is created to solve the combined planning problem. Next, key system factors that greatly improve performance and the best design of an RMFS are identified. Finally, the performance and cost-effectiveness of RMFS are compared to traditional order picking systems using numbers. |
| Date: | 2026–06–10 |
| URL: | https://d.repec.org/n?u=RePEc:dar:wpaper:161017 |
| By: | Anouk Levels |
| Abstract: | The EU has introduced an extensive ESG disclosure regime aimed at redirecting private capital to support the transition to a sustainable economy. Yet, it remains unclear whether these disclosure obligations lead to measurable shifts in the allocation and cost of capital to green firms or investments. This review aims to address this gap by developing a conceptual framework that identifies the mechanisms through which both voluntary and mandatory disclosures may influence the allocation and cost of private capital, and by systematically mapping the emerging empirical evidence against these channels. It draws on 99 publications from three academic databases (Scopus, Web of Science, EconLit) and EU institutions, published between 2010 and 2025. The review shows that the evidence base remains emerging and fragmented, but generally points to a positive association between ESG disclosure or performance and access to finance and more favourable funding conditions. At the same time, capital markets seem to anticipate regulatory compliance costs and risks, which can increase uncertainty, and in some settings, adversely affect firms with potential implications for market functioning and capital allocation and pricing. The review further highlights implications for academics and regulators. For academics, it identifies several gaps and limitations suggests avenues for future research. For regulators, it provides cautious support for disclosure regulation, while underscoring the need for credible, usable and proportionate requirements. |
| Keywords: | Regulation; Disclosure; Environmental; social and governance (ESG); capital allocation; cost of capital; Review |
| JEL: | G11 G12 G14 G38 M14 M48 |
| Date: | 2026–08 |
| URL: | https://d.repec.org/n?u=RePEc:dnb:dnbwpp:867 |
| By: | Florian A. D. Burnat; Brittany I. Davidson |
| Abstract: | AI accountability at scale is an institutional problem: who can observe, verify, and change deployed systems. We develop a sequential political-economy model in which an AI vendor chooses auditability and substantive mitigation, a deployer monitors after adoption while facing switching costs, and enforcement depends on verifiable evidence. Anticipating the deployer's monitoring response, the vendor may stop at an observable procurement floor while mitigating below the social first best, producing a proxy-compliance equilibrium. We characterize the unique interior equilibrium and the corner in which harm is fully mitigated. Independent audit rights raise enforcement exposure directly; portability restores deployer leverage; incident reporting adds a regulator-visible evidence channel; and outcome-linked liability creates incentives that do not depend on vendor-controlled detection. The results explain why documentation and standardized evaluations can coexist with persistent post-deployment harms, and generate testable implications for monitoring, mitigation, and the gap between formal compliance and operational outcomes. |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2607.28023 |
| By: | Ohno, Kunihisa (NPO Intensive Care Collaboration Network (ICON)) |
| Abstract: | A growing share of policy-critical statistics is published only as tables embedded in advisory-committee documents — ad hoc tabulations produced for a single meeting, carried exclusively by PDF, with no versioned machine-readable release, no persistent identifier, and no documented reproduction path. We term these fugitive statistics, by analogy with the fugitive documents of library science — government publications that fall within the scope of a depository system yet escape its collection net. Fugitive statistics are load-bearing: they inform national workforce projections, capacity planning, and crisis-response policy, yet they are exposed to link rot, silent revision, format death, and provenance loss. Crucially, ex-post policy evaluation is possible only if the numbers used ex-ante survive: Japan’s Ministry of Health, Labour and Welfare (MHLW) could score its 7th nursing workforce projection against realized outcomes (deviations of 2.98% and 2.36% for demand and supply) only because the original projection documents remained retrievable. We present a lightweight verification-chain protocol — capture, SHA-256 hashing, independent witnessing via the Internet Archive, semantic extraction with cell-level provenance, bitemporal cataloguing, DOI deposit, and revision monitoring — and demonstrate it end-to-end on the document set of the 4th meeting of MHLW’s 2040 nursing workforce committee, in which prefecture-supplied municipal microdata were re-tabulated into secondary-medical-area statistics that exist nowhere else. All nine artifacts were captured, hashed, and independently witnessed (8/8 PDFs byte-identical to Internet Archive copies), and the embedded tables extracted under two-tier quality control (row-sum checks passed 60/60; double-entry cross-verification matched 916/916 cells), yielding a DOI-bearing dataset within one operator-day on commodity hardware. We position preservation as the precondition of accountability, and fugitive statistics as a measurable site of institutional debt: the divergence between the statistics a policy decision consumed and the statistics later available to evaluate it. |
| Date: | 2026–08–20 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:qb7p6_v1 |
| By: | Teemu Pennanen; Waleed Taoum |
| Abstract: | Thousands of SOFR derivatives are available in exchanges and OTC, but the market remains illiquid and incomplete. Such a market is beyond the scope of classic risk-neutral approaches that imply linear pricing rules and, at best, approximate hedging strategies whose hedging error may be difficult to quantify. This paper develops an indifference pricing model which is consistent with observed derivative quotes, the agent's financial position and views about the uncertain future as well as risk preferences as described by a convex risk measure. In addition to prices and hedging strategies, the model gives an explicit description of the hedging error and the associated risk. The approach is illustrated numerically using hundreds of CME-listed derivatives to price and hedge unreplicable OTC SOFR derivatives. The indifference prices are computed in less than a minute on a regular PC. We find that the optimal hedging portfolios tend to be sparse but still provide good approximations of the derivative payouts. |
| Date: | 2026–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2608.10711 |
| By: | Lukas Delgado-Prieto; Manudeep Bhuller; Linnea Lorentzen; Santiago Hermo |
| Abstract: | This paper investigates how institutional wage-setting constraints, such as a national minimum wage or collectively bargained wages, affect firm responses to demand shocks. We develop a framework to interpret heterogeneous shock responses that depend on the constraints firms face, and provide empirical evidence on the relevance of these constraints in shaping firm behavior across three countries with different institutional settings: Portugal, Norway, and Colombia. We discuss the implications of our findings for conventional measures of employer wage-setting power and rent-sharing. |
| Keywords: | Demand Shocks, Wage Constraints, Firm Heterogeneity, Rent-Sharing, Monopsony Power, Minimum Wages, Wage Floors, Collective Bargaining. |
| JEL: | D22 J31 J42 J51 |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:crm:wpaper:26180 |
| By: | Randall Akee; Jimmy Chin; Daniel L. Crown |
| Abstract: | In this paper, we characterize trends in the earnings assimilation of immigrant workers from 1981 to 2021. We use administrative longitudinal data that contain the earnings of workers beginning in their first year of residence in the United States and in each year thereafter, allowing us to identify immigrants who eventually leave the United States (referred to here as return migrants). We use those data to produce the first examination of trends in earnings assimilation over a 41-year period and to estimate earnings assimilation separately for return migrants versus those who stay in the United States. We document several new facts about immigrants who arrived between 1981 to 2010. First, roughly one-fifth to one-third of immigrants return migrate from the United States within 10 years after arrival. Second, return migrants have entry earnings similar to those of permanent migrants but experience slower rates of earnings growth. Third, earnings assimilation occurs relatively quickly for cohorts arriving since the mid-1990s: The earnings of permanent immigrants converge, or come close to converging, with those of native-born people within 10 years after arrival. Migrants from earlier arrival cohorts experience significant earnings growth but generally do not converge to that of the native born. We discuss how changes in the labor market quality of immigrant cohorts (measured by their relative earnings upon entry) and selective return migration play an important role in determining whether repeated cross-sectional data over- or underestimate earnings assimilation. |
| JEL: | F22 J31 J61 |
| Date: | 2026–08 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:35582 |
| By: | Zazueta, Jorge; Plata, Leobardo |
| Abstract: | We extend the Solow–Swan growth model by replacing the constant savings rate with a savings rate that adjusts gradually toward a capital-dependent target of Hill form. The savings rate becomes a state variable, turning the model into a two-dimensional dynamical system. For a sufficiently savings steep target, the system admits a poverty-trap regime with three equilibria: the origin, a saddle, and a stable high-capital equilibrium. We characterize the stability of every positive equilibrium by the elasticity of the savings target; in the bistable phase portrait, the saddle’s stable manifold provides the natural separatrix between the two observed attraction regions. We then study escape by a temporary public-investment flow. A direct geometric argument identifies an upper forward-invariant region from which the uncontrolled system converges to the high-capital equilibrium. If the investment flow satisfies a sufficient condition, the policy drives capital above a buffer level in finite time; savings then catches up through adaptive adjustment, after which the stimulus can be removed permanently. The model therefore converts the one-dimensional threshold of a static savings specification into a two-dimensional basin problem, where both the level of capital and the speed of savings adjustment are necessary for escape. |
| Date: | 2026–08–20 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:u34pe_v1 |
| By: | Shuyang Zhang; Xiangtian Li |
| Abstract: | As an extension of existing Bayesian persuasion framework with inadequate message mechanism, we study direct recommendation when a sender is bound by an installed information policy only with probability $\rho$, the realization of binding is hidden, and the receiver does not observe the persistent structural environment. The receiver first sees a payoff-neutral, nonmanipulable calibration sample and then faces a fresh, non-certified deployment interaction. In common, the calibration law identifies only the receiver-facing reduced form, not the latent binding and discretionary kernels. We characterize type-wise $\rho$-implementability, construct the receiver's posterior over the full deployment node, and prove a static direct-following implementation theorem. After every calibration history that passes a posterior-predictive obedience test, the deployment assessment is an exact perfect Bayesian equilibrium: Bayes consistency, receiver sequential rationality, sender sequential rationality, and off-path completion are all verified. Under finite-type separation, common recommendation support, and a positive obedience margin, the test activates such an equilibrium with high probability. Our results keep statistical failure probability distinct from equilibrium approximation. Finally, we embed the original robust value frontier, support-wise linear-programming algorithm, and binary-action fractional-knapsack specialization into this implementation framework |
| Date: | 2026–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2608.20766 |
| By: | William Bradley; Jeffrey Gao |
| Abstract: | This paper documents Canada’s recent review of its sovereign debt distribution framework (DDF). Informed by a context of record-high debt issuance since the previous DDF review, along with comparisons with sovereign peers and insights from market participants, the review identified an important need to broaden Canada’s dealer base internationally to support a larger and more diverse set of investors. As a result, reforms to Canada’s DDF were recommended in 2024 and implemented in 2025. Key changes included revised dealer requirements to attract new international institutions to the non-Primary Dealer Government Securities Distributor (non-PD GSD) class, as well as simplification of auction rules, an increase in non-competitive bidding limits, and the introduction of a new reopening facility for off-the-run bonds. |
| Keywords: | Financial markets and funds management; Funds management; Market functioning; Market structure; Financial system; Financial institutions and intermediation |
| JEL: | G18 G28 H63 |
| Date: | 2026–05 |
| URL: | https://d.repec.org/n?u=RePEc:bca:bocsap:26-18 |
| By: | Shiqi Fang; Zexun Chen; Jake Ansell |
| Abstract: | Algorithmic credit scoring must satisfy fairness and explanation requirements, yet prevailing predictive-parity criteria assess only outcomes at the decision point. They can therefore overlook whether rejected applicants face unequal burdens in reaching future approval, a phenomenon we call masked inequality. We develop an effort-centric framework that measures an applicant's effort as the minimum weighted cost of feasible changes required to cross the approval boundary. The framework distinguishes feature-independent actions from additive structural shifts that propagate through a causal model and defines parity by comparing average minimum effort across protected groups. We derive tractable local expressions for general differentiable classifiers and exact expressions for logistic regression, embed them in an in-processing fairness objective, and bound changes in portfolio credit risk. The same optimisation yields actionable pathways to approval. Using mortgage data with continuous and discrete features, we find that rejected female applicants require greater effort even when standard predictive-parity criteria are satisfied. Feature-independent regularisation reduces the effort gap by more than 50\% with modest predictive changes. Causal regularisation yields reductions above 90\% at the tested positive penalty weights, but with larger predictive and risk-return trade-offs. Expected and unexpected losses remain broadly stable under feature-independent regularisation and increase under causal regularisation; RAROC declines but remains positive. These results show that effort parity complements predictive fairness by revealing and mitigating hidden barriers to future credit access while making the associated operational trade-offs explicit. |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2607.28847 |
| By: | Gottschalk, Saskia; Schuster, Florian; Hägele, Hannah; Kaupa, Amelie |
| Abstract: | Der demografische Wandel setzt das deutsche Rentensystem unter Druck. Er schafft einen Zielkonflikt zwischen guten Renten einerseits, die einen sicheren Lebensstandard garantieren und Lebensleistung reflektieren, und einer nachhaltigen Finanzierung andererseits, die weder Beitragszahler noch Bundeshaushalt zu stark belastet. Die Bundesregierung möchte mit einer großen Rentenreform gegensteuern. Dabei können die Erfahrungen anderer Länder Orientierung bieten. In diesem Papier analysieren wir, wie Dänemark, Kanada, die Niederlande, Schweden und die Schweiz ihre Rentensysteme für die gesellschaftliche Alterung gerüstet haben, und skizzieren, wie ihre Reformen in Deutschland umgesetzt werden könnten. Konkret betrachten wir (1) die Einführung einer steuerfinanzierten Grundrente, (2) die Ausweitung der Lebensarbeitszeit durch ein an die Lebenserwartung gekoppeltes Renteneintrittsalter und den Ersatz der abschlagsfreien Rente für besonders langjährig Versicherte durch eine Schwerstarbeitendenrente sowie (3) eine ergänzende, verbindliche kapitalgedeckte Altersvorsorge. Wir zeigen, dass eine solche Reform dazu beitragen könnte, einen höheren, armutsfesten Lebensstandard im Alter zu gewährleisten. Erwerbsarbeit würde so besser als heute für gute Renten sorgen und das Rentensystem seiner ursprünglichen Zielstellung näherkommen. Allerdings dürfte die Abgabenbelastung der Erwerbstätigen nicht sinken, sondern lediglich weniger stark steigen. Auch für das akute Haushaltsproblem der Bundesregierung ist eine Rentenreform keine Lösung. Der Bundeshaushalt wird auch in der Zukunft substanzielle Ausgaben zur Alterssicherung übernehmen. Sie könnte durch eine Reform jedoch gezielter zur Armutsvermeidung und Widerspiegelung der Lebensleistung eingesetzt werden, der Alterung der Gesellschaft Rechnung tragen und unterstützend für eine Wirtschaftsreformagenda wirken: So würden Kosten begrenzt, ohne den Konsum zu schwächen, und Biografien unterstützt, die durch Erziehungs- und Pflegearbeit einen wesentlichen Beitrag zum Wohlstand und der Bewältigung des demografischen Wandels leisten. |
| Keywords: | Rente, Bundeshaushalt, Reformen |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:dzimps:343003 |
| By: | Miguel Faria-e-Castro |
| Abstract: | This article documents the erosion of Portugal’s public capital stock since 2013 and assesses its macroeconomic implications. I extend the IMF capital series through 2027 using European Commission data and construct scenarios through 2035 for alternative infrastructure-project pipelines. In 2026, the stock is projected to remain 12.2 percent below its 2013 peak, while its ratio to GDP is projected to fall from 77.2 percent in 2013 to 52.6 percent. Short-horizon regressions show positive co-movement between public-capital and labor-productivity growth. A calibrated production-function exercise suggests that the capital decline may reduce 2026 GDP per capita by 0.7–5.3 percent, with a central estimate of 1.4 percent. Announced investment projects slow, but do not reverse, the projected decline in the capital-to-GDP ratio. |
| Keywords: | public investment; public capital; infrastructure; Portugal; fiscal policy |
| JEL: | E22 H50 H54 O47 |
| Date: | 2026–08–10 |
| URL: | https://d.repec.org/n?u=RePEc:fip:fedlwp:103629 |
| By: | Tang, Junxian; Zhang, Ruohao; Wan, Xibo; Lei, Zhen; Hu, Xianbiao |
| Keywords: | Resource/Energy Economics and Policy |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ags:aaea26:404736 |
| By: | Blank, Florian; Dullien, Sebastian; Stein, Ulrike |
| Abstract: | Der Bericht der von der Bundesregierung eingesetzten Rentenkommission enthält einige sinnvolle Maßnahmen zur Stabilisierung der Rentenversicherung. So ist die Ausweitung der Versicherungspflicht auf Selbstständige sinnvoll und zielführend. Erfreulich sind auch das Bekenntnis zu einem stabilen Sicherungsziel in der ersten Säule der Rentenversicherung, das Beibehalten der paritätischen Finanzierung sowie die neuen Freibeträge in der Grundsicherung. Gesamtwirtschaftlich problematisch ist dagegen die Art der geplanten Einführung eines Kapitaldeckungselements in der ersten Säule. Durch dieses Element würden die Beitragssätze deutlich stärker und schneller ansteigen, als es ohne diese Maßnahme der Fall wäre. 2032 dürfte nach Simulationen schon ein Beitragssatz von 22, 1 % erreicht werden; ohne diese Kapitaldeckung wären es nur 20, 4 %. Eine einfache, beitragsfinanzierte Verlängerung der Haltelinie für das Rentenniveau bis 2050 würde zu einem niedrigeren Anstieg der Beiträge führen. Da die zusätzlichen Zahlungen für die neue Kapitaldeckung die verfügbaren Einkommen drücken, ist mit einem Verlust beim Wirtschaftswachstum in den Jahren ab 2028 von insgesamt einem Prozentpunkt und dem Verlust von 250.000 Jobs zu rechnen. Zugleich sollen die Leistungen aus dem umlagefinanzierten Teil der Rentenversicherung wieder langsamer angepasst werden. Auch das Renteneintrittsalter soll erhöht und ein früherer Renteneintritt erschwert werden. Damit enthalten die Vorschläge der Kommission auch deutliche Verschlechterungen für Beschäftigte und Rentner*innen. Die wichtigsten Stellschrauben für eine nachhaltige Entwicklung der Rentenversicherung - Zuwanderung und eine bessere Nutzung inländischer Erwerbspotenziale - wurden von der Kommission leider nicht betrachtet. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:wsipbs:342523 |
| By: | Christl, Michael; Köppl-Turyna, Monika |
| Abstract: | This paper examines whether the design of a country's tax system matters for economic growth using the Tax Foundation's International Tax Competitiveness Index (ITCI), a composite of more than 40 legislated tax-policy variables spanning corporate, individual income, consumption, property, and cross-border tax rules. Exploiting within-country variation across 23 European economies over 2014-2024, we estimate two-way fixed-effects panel regressions and dynamic distributed-lag specifications. Three findings emerge. First, improvements in aggregate tax competitiveness are positively and significantly associated with real GDP per capita growth, robust to a wide range of controls. Second, this aggregate effect is driven entirely by the corporate tax pillar; no other component displays a significant growth effect. Third, the corporate tax effect materializes contemporaneously and accumulates over time, with a statistically significant three-year cumulative effect of approximately 0.16 percentage points per one-point improvement in the corporate tax score. These results suggest that the full architecture of the corporate tax system-not merely the headline statutory rate-is what matters for growth. |
| Abstract: | Die laufenden Budgetverhandlungen stellen die österreichische Bundesregierung vor eine doppelte Herausforderung. Die öffentlichen Finanzen müssen nachhaltig konsolidiert werden, zugleich dürfen Investitionen, Innovation und Wachstum am Standort nicht gebremst werden. Ein neues Research Paper von EcoAustria zeigt, dass die Ausgestaltung des Steuersystems dabei eine zentrale Rolle spielt - insbesondere im Bereich der Unternehmensbesteuerung. Die Analyse von Monika Köppl-Turyna und Michael Christl untersucht den Zusammenhang zwischen Steuerwettbewerbsfähigkeit und Wirtschaftswachstum in 23 europäischen und vergleichbaren OECD-Staaten im Zeitraum 2014 bis 2024. Als Maßstab dient der "International Tax Competitiveness Index" der Tax Foundation, der mehr als 40 steuerpolitische Variablen berücksichtigt - darunter Unternehmenssteuern, Einkommensteuern, Konsumsteuern, vermögensbezogene Steuern sowie grenzüberschreitende Steuerregeln. Die Ergebnisse zeigen, dass Verbesserungen der steuerlichen Wettbewerbsfähigkeit in einem positiven Zusammenhang mit dem realen Wachstum des BIP pro Kopf stehen. Getrieben wird dieser Effekt jedoch nahezu ausschließlich durch die Unternehmensbesteuerung. Andere Bereiche des Steuersystems - etwa Einkommen-, Konsum- oder vermögensbezogene Steuern - zeigen in der Analyse keinen vergleichbar robusten Wachstumseffekt. Entscheidend ist dabei nicht allein der Körperschaftsteuersatz. Wachstumsrelevant sind vielmehr auch Abschreibungsregeln, Verlustverrechnung, die steuerliche Behandlung von Forschung und Entwicklung, die Komplexität des Steuersystems sowie die steuerliche Behandlung von Eigen- und Fremdkapital. Ein wettbewerbsfähiges Unternehmenssteuersystem senkt Investitionshemmnisse, verbessert die Kapitalallokation und stärkt die Innovationsfähigkeit von Unternehmen. Vor dem Hintergrund der Budgetverhandlungen ergibt sich daraus eine klare Schlussfolgerung: Konsolidierungsmaßnahmen sollten so ausgestaltet werden, dass sie die steuerlichen Rahmenbedingungen für Investitionen nicht verschlechtern. Höhere Belastungen oder zusätzliche Komplexität können zwar kurzfristig Einnahmen bringen, mittel- bis langfristig aber Wachstum, Investitionen und damit auch die künftige Steuerbasis schwächen. Nachhaltige Budgetpolitik sollte daher Ausgabendisziplin und Strukturreformen mit einem Steuersystem verbinden, das Investitionen, Innovation und Wachstum ermöglicht statt erschwert. |
| Keywords: | tax competitiveness, corporate taxation, economic growth, growth regressions |
| JEL: | H20 H25 O40 O43 E62 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:ecoarp:342492 |
| By: | Rasmussen, Ulrik Vachet |
| Abstract: | This paper addresses the problem of reconstructing the population development of the Roman Republic and the Roman Empire despite the scarcity, inconsistency, and indirect nature of the available evidence. Its primary objective is to produce a continuous population curve spanning from 508 BC to AD 395, which is internally consistent in the assumptions of underlying growth and other factors over time. To achieve this, the study critically integrates multiple methodological approaches, including Beloch’s area-and-density estimates, Lo Cascio’s revisions, and Scheidel’s demographic critiques, alongside archaeological, economic, and comparative demographic evidence. By combining these methods and cross-validating their results, a coherent framework is established for estimating both population levels and growth rates. It adopts moderate empire-wide growth assumptions, 2-3‰ annually, while allowing for significant variation between core and newly incorporated territories. This enables the interpolation between key chronological benchmarks and the extension of estimates across periods lacking direct evidence. The resulting reconstruction yields a continuous demographic trajectory showing the full consequences of the growth assumptions. |
| Date: | 2026–08–18 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:ys9nu_v1 |
| By: | Castillo-Martinez, Laura; Reis, Ricardo |
| Abstract: | Central banks have a primary goal of price stability. They pursue it using tools that include the interest they pay on reserves, the size and the composition of their balance sheet, and the dividends they distribute. We describe the economic theories that justify the central bank’s ability to control inflation and discuss their relative effectiveness, in light of both theory and the historical record. We present alternative approaches as consistent with each other, as opposed to conflicting ideological camps. While interest-rate setting is often superior, having both a monetarist pillar and fiscal support is essential, and at times pegging the exchange rate or monetizing the debt is inevitable. |
| JEL: | E31 E52 E61 |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:19334 |
| By: | Michael M. Bechtel (University of Cologne, Swiss Institute for International Economics and Applied Economic Research & University of St. Gallen); Nils Blossey (University of Cologne); Paul Michel (University of Cologne) |
| Abstract: | Climate action provokes voter opposition when it imposes concentrated and eas ily identifiable costs, but reforms often expose households to uncertain rather than known financial burdens. We argue that this uncertainty allows individuals to de velop subjective cost expectations and narratives, generating widespread opposi tion that extends beyond those most directly exposed. We study these dynamics in the context of Germany’s 2023 heating law, a large-scale reform to decarbonize the housing sector. We combine AI-assisted qualitative interviews and open-ended survey responses from 2, 377 respondents with two experiments to explore the drivers of reform opposition. We show that opposition is prevalent and linked to subjective cost perceptions and anti-reform narratives emphasizing rising energy prices and government overreach. Subjective cost perceptions are only weakly tied to actual heating conditions and vary systematically with partisan identity. Even major policy redesigns fail to generate majority support. These results advance our understanding of when large-scale climate reforms fail. |
| Keywords: | Climate Politics, Public Opinion, Artificial Intelligence, Survey Experiments |
| JEL: | Q48 D84 Q58 C83 |
| Date: | 2026–08 |
| URL: | https://d.repec.org/n?u=RePEc:ajk:ajkdps:427 |
| By: | Oleksii Mostovyi; Thaleia Zariphopoulou |
| Abstract: | Completely monotonic inverse marginal (CMIM) utilities, introduced in [MSZ24], constitute a tractable class of preferences that includes many of the most important utility functions used in mathematical finance, such as power and exponential utilities. In stochastically dominant markets, their Bernstein representation induces a hidden linear structure in the dual optimization problem that serves as the foundation for the present analysis. In this paper, we investigate the sensitivity of optimal investment with respect to perturbations of investor preferences within the CMIM class. Exploiting Bernstein's representation theorem, we show that, under stochastic dominance, affine perturbations of Bernstein measures induce an affine representation of the dual value function. As a result, the dependence of the optimization problem on preferences can be analyzed through a scalar budget equation, allowing us to prove analyticity of the associated Lagrange multiplier with respect to the perturbation parameter and to derive convergent analytic expansions of arbitrary order for the primal value function and the optimal terminal wealth, with explicit recursive formulas expressed through Bell polynomials. |
| Date: | 2026–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2608.08900 |
| By: | Maggio, Federico; Rohner, Dominic; Saia, Alessandro |
| Abstract: | The variation in life-expectancy and health outcomes across countries and cohorts is striking. While medical progress and climatic factors have received much attention, there is only relatively little we know about the health impact of exposure to institutional environments over the life cycle. The present study investigates how exogenous variation in cumulative childhood exposure to democracy shapes adult health outcomes. It is found that growing up in bad regimes lastingly damages lifetime health, even when living as adult in a more favorable institutional environment. The key channels of transmission include income effects, and a series of policy recommendations are formulated. |
| Keywords: | Democracy; Health |
| JEL: | D74 N92 Z1 |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:19329 |
| By: | Koop, Gary; McIntyre, Stuart; Mitchell, James; Wu, Ping |
| Abstract: | This paper develops a method to incorporate micro data, available as repeated cross-sections, into macro VAR models to understand the distributional effects of macroeconomic shocks at business cycle frequencies. The method extends existing functional VAR models by “looking within” the micro distribution to identify the degree to which specific types of micro unit are affected by macro shocks. It does so by creating a pseudo-panel from the repeated cross-section and adding these pseudo individuals into the macro VAR. Jointly modeling the micro and macro data leads to a large (pseudo) VAR and we use Bayesian methods to ensure shrinkage and parsimony. Our application revisits Chang et al. (2024) and compares their functional VAR-based distributional impulse response functions with our proposed pseudo VAR-based ones to identify what types of individuals’ earnings are most affected by business cycle-type shocks. We find that the individuals exhibiting the strongest positive cyclical sensitivity are those in the lower tail of the earnings distribution, particularly men and those without a college education, as well as young workers. |
| Keywords: | Bayesian VAR; functional VAR; pseudo panel; earnings distribution; business cycle shocks |
| JEL: | C32 C53 E37 |
| Date: | 2026–02–20 |
| URL: | https://d.repec.org/n?u=RePEc:eoe:escoed:escoe-dp-2026-04 |
| By: | Fabian Slonimczyk; Danila Karapsin |
| Abstract: | The CLIP Q-score is a novel, safe, fully reproducible, and computationally efficient method for extracting objective product quality metrics from visual data using contrastive language-image pre-training. We introduce the technique and provide an extensive application to real estate data from an online platform ($\sim500, 000$ images). Our open-source metric aligns with LLM assessments and proves to be a powerful predictor of housing market prices for both sales and rentals. We also show that a higher CLIP Q-store is associated with better liquidity (reduced time on the market), especially for properties on sale. |
| Date: | 2026–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2608.01544 |
| By: | Hjort, Jonas; Tian, Lin |
| Abstract: | Firms, workers, and consumers in developing countries are increasingly connected to each other and the rest of the world through the internet. Can this connectivity transform poor economies, as technology-optimists hope, or are there more deeply rooted barriers to economic development? Research on the topic is growing rapidly. In this article we provide an overview of existing evidence from 150 studies on the extent to which, and how, internet connectivity affects economic development. Not surprisingly, estimates vary widely with the context, particular outcome, and form of internet studied. Overall the literature points towards sizeable economic impacts in many---though not all---settings. |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:19371 |
| By: | Martin, Josh; Geiger, Ben Baumberg |
| Abstract: | There has been a considerable increase in the number of people in the UK reporting that they are economically inactive due to long-term sickness or disability since the coronavirus pandemic, which has attracted policy and research interest. The key data source for these trends is the UK Labour Force Survey (LFS), which has seen a sharp decline in response rates and issues associated with population weighting over recent years. It therefore remains unclear whether the rise in reported rates of sickness is a genuine phenomenon or a statistical artefact. We examine the role of proxy responses and survey mode on the LFS to test the robustness of the trends in sickness. In so doing, we shed light on the important role of proxy responses on the LFS, particularly in the domains of young people and health status. We find considerable selection effects associated with proxy response, and very high rates amongst young people. The increase in incidence of reported long-term sickness may be slightly smaller when accounting for changing survey response patterns, although other findings also suggest the reverse; either way, the increase is not simply a methodological artefact. |
| Keywords: | long-term sickness; economic inactivity; coronavirus pandemic; proxy responses; survey methodology; household surveys; survey methods |
| JEL: | C81 C83 J21 |
| Date: | 2026–07–15 |
| URL: | https://d.repec.org/n?u=RePEc:eoe:escoed:escoe-dp-2026-10 |
| By: | Juhász, Réka; Sakabe, Shogo; Weinstein, David |
| Abstract: | This paper examines the global adoption of technology in the late nineteenth century. We construct several novel datasets to test the idea that the codification of technical knowledge in the vernacular was necessary for countries to absorb the technologies of the First Industrial Revolution. We find that comparative advantage shifted to industries that could benefit from these technologies in countries and colonies with access to codified technical knowledge, but not in other regions. Using the rapid and unprecedented codification of technical knowledge in Meiji Japan as a natural experiment, we show that this pattern emerged only after the Japanese government codified vast amounts of technical knowledge. Our findings shed new light on the frictions associated with technological diffusion and offer a novel explanation for why Meiji Japan was unique among non-Western countries in successfully industrializing during the first wave of globalization. |
| Keywords: | Industrialization; Technology adoption; Development; Productivity; Industrial policy; Japan |
| JEL: | F14 F63 N15 |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:19208 |
| By: | Kumhof, Michael; Salgado-Moreno, Mauricio |
| Abstract: | We develop a DSGE model in which commercial banks interact with the central bank through the reserves market, with each other through reserves and interbank markets, and with the real economy through retail loan and deposit markets. Because banks disburse loans through deposit creation, they never face financing risks (being unable to fund new loans), only refinancing risks (being unable to settle net deposit withdrawals in reserves). Permanent quantitative tightening, while reducing the equilibrium real interest rate, has significant negative effects on financial and real variables, by increasing the cost at which reserves-scarce parts of the banking sector create money. Temporary net deposit withdrawals, which affect the funding cost and loan extension of one part of the banking sector at the expense of another part, have highly asymmetric financial and real effects. The quantity and distribution of central bank reserves, and the extent of frictions in the interbank and reserves markets, critically affect the size of these effects, and can matter even in a regime of ample aggregate reserves. Countercyclical reserve injections can help to smooth the business cycle. We find that countercyclical reserve quantity rules can make sizeable contributions to welfare that can reach a similar size to the Taylor rule. |
| Keywords: | Quantitative easing |
| JEL: | E51 E52 E58 |
| Date: | 2024–07 |
| URL: | https://d.repec.org/n?u=RePEc:cpr:ceprdp:19228 |
| By: | Hamam, Abdulrahman |
| Abstract: | This paper tackles one of the fundamental questions of microeconomic research: How to crowd in private investment in an urban heritage zone when the traditional commercial real estate measures suggest that the market is doomed to fail, even if it is rescued by sovereign capital? The short run asset return indicator (k=0.00986) computed using the Saudi Public Investment Fund’s (PIF) 18.75 billion SAR investment in Al Balad, Jeddah, through the Al Balad Development Company (BDC) is highly conservative in the terms of static multiplier analysis. In this analysis, it is shown that traditional accounting methods don’t account for structural changes in markets caused by sovereign megaprojects. Historical preservation has important positive externalities, and free market competition will naturally under invest, resulting in a large deadweight loss where Marginal Private Benefit (MPB) is less than Marginal Social Benefit (MSB). Based on a spatial structural, this paper takes an analytical approach to examining the effects of sovereign absorption of infrastructure fixed costs that are prohibitive and non-recoverable on the private sector’s Marginal Efficiency of Capital (MEC) curve. The key contribution of this framework is to show that the allocation of sovereign capital in ‘heritage’ districts should not be judged through a ‘fiscal yield’ approach, but rather its ability to remove structural failures of coordination and crowd in long term private commercial viability. |
| Date: | 2026–07–18 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:6wht9_v2 |
| By: | Amin Izadyar |
| Abstract: | I revisit the exchange rate disconnect puzzle, first documented by Meese and Rogoff (1983), using generative artificial intelligence (AI) to forecast currency returns based on economic fundamentals. Using ChatGPT and DeepSeek, I analyze a comprehensive dataset of economic data releases for major currency pairs and measure the fundamental strength of each currency. These AI-powered fundamentals exhibit significant cross-sectional predictive power. A simple trading strategy that goes long currencies with strong fundamentals and short currencies with weak fundamentals generates a Sharpe ratio exceeding 0.7 per annum. The excess returns of this strategy remain significant after controlling for traditional currency factors. To mitigate concerns of look-ahead bias, I run multiple exercises to ensure that predictability stems from AI reasoning rather than memorization. Finally, I explore the potential sources of predictability and find evidence that the Taylor rule framework, generally used by central banks to set interest rates, is a key mechanism connecting exchange rates to economic fundamentals. |
| Date: | 2026–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2608.00761 |
| By: | Hattori, Keisuke |
| Abstract: | How do evaluation systems shape knowledge transfer within teams? We model knowledge transfer from a high-skill worker to a low-skill coworker as a bilateral activity that improves the recipient's skill but consumes both workers' production time, under a performance-attribution rule that credits output partly to individuals and partly to the team. Individual attribution creates a friction: teaching narrows the output gap and thereby reduces the high-skill worker's attribution premium, so she chooses less transfer than is team-efficient, even though no job, prize, or future rent is at risk. Stronger individual attribution widens the gap between implemented and efficient transfer and, beyond a threshold, halts transfer completely; the efficient level is independent of the attribution rule. We then embed teams in an organization that chooses their composition. Individual attribution erodes the value of mixing high- and low-skill workers, and the organization switches to assortative teams strictly before transfer would collapse within a mixed team. Finally, we endogenize the attribution rule when high-skill workers have attractive outside opportunities. When individualized retention pay is constrained, the organization uses individual attribution as a second-best retention instrument: although team attribution maximizes current output, assigning more individual credit helps retain high-skill workers. Compensation rigidity can therefore induce stronger individual attribution at the cost of knowledge transfer, with sufficiently strong retention pressure eventually leading to assortative team formation. |
| Keywords: | knowledge transfer, performance attribution, team formation, performance evaluation, team production |
| JEL: | D23 D83 M52 M53 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:343009 |
| By: | Yang Zhou (Graduate School of Economics, Nagoya City University, JAPAN); Shigeto Kitano (Research Institute for Economics and Business Administration, Kobe University, JAPAN) |
| Abstract: | We build a monthly, action-level database of capital flow management measures (CFMs) for the fourteen ASEAN+3 economies from the March 2024 compilation of CFMs and macroprudential measures by the ASEAN+3 Macroeconomic Research Office (AMRO). The compilation records 446 policy changes, 230 of them CFMs. Two steps make it usable at monthly frequency. We recover the effective month of the measures that AMRO dates only to a year, which raises the share of actions with a documented month from 75 to 88 percent; and we check the result against Binici, Das and Pugacheva (2024; hereafter BDP) month by month for the seven economies that both databases cover. The other seven are not in BDP's sample. We then build the indices that BDP define, and add two indices of our own: a cumulative index of CFMs on gross inflows and a cumulative index of CFMs on gross outflows. Together they show which side of the capital account an economy acts on. Thailand's positive net stance, for example, is not a tightening of measures on inflows but a sustained easing of the measures that govern its own residents investing abroad. The region matches BDP on which instruments are used most and on which parts of the balance of payments are targeted most often. It does not match on timing, nor on the instrument mix by income group. Most CFM actions (77 percent) change a measure that is already in place, which is why monthly data matter. The database is released with the paper as an Excel workbook. |
| Date: | 2026–07 |
| URL: | https://d.repec.org/n?u=RePEc:kob:dpaper:dp2026-23 |
| By: | Hamid Bekamiri (Aalborg University Business School, The IKE Research Group, Aalborg University, Denmark); Jan Auernhammer (Center for Design Research, ME Design Group, Stanford University, USA); Milad Abbasiharofteh (Aalborg University Business School, The IKE Research Group, Aalborg University, Denmark); Jesper Lindgaard Christensen (Aalborg University Business School, The IKE Research Group, Aalborg University, Denmark) |
| Abstract: | Green-patent indicators based on Cooperative Patent Classification Y02 tags increasingly inform research, industrial policy, and climate-oriented investment, yet their construct validity has not been evaluated at corpus scale. We ask whether Y02 classification errors are random measurement noise or systematic, direction-specific bias. We introduce an Error-as-Signal framework in which disagreement between an administrative label and an independent model is treated as evidence of potential measurement error. Screening 9, 075, 421 USPTO granted patents from 1962-2024 with a fine-tuned domain model identifies 517, 772 disagreements. Two independent open-weight large language models then assess whether each flagged invention has a direct climate-mitigation or adaptation function. Cross-model consensus identifies 180, 384 administrative Type I errors (False Green) and 29, 465 Type II errors (Silent Green). Correcting these errors reduces the measured green-patent population by 25.5%, from 592, 387 to 441, 468 patents. Misclassification is systematic rather than random. Atypicality predicts Silent Green in an inverted-U pattern, while reflection complexity independently increases under-recognition: controlling for atypicality and filing year, a one-standard-deviation increase is associated with 1.61 times the odds of Silent Green. Structural complexity has the opposite association. Among consensus-attributed errors, the same increase in reflection complexity is associated with 2.45 times the odds that an error is Silent Green rather than False Green. Event tests show no discrete rise in misclassification when green classification became more salient and only limited evidence of increased explicit green framing after the 2013 CPC launch. The evidence is more consistent with bounded classification capacity than with applicant gaming. |
| Date: | 2026–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2608.23420 |
| By: | Daske, Thomas |
| Abstract: | We ask which welfare judgments can be institutionalized without incentive costs when agents’ material and distributive preferences are private information. A policy rule is definitely implementable if it is implementable under arbitrary variation in the distribution of types: the normative end remains fixed, while the institutional means - the transfer scheme - may adjust to the distribution. We interpret an ex post budget imbalance, if required for definite implementation, as an incentive cost: it entails external subsidies or resource destruction. We find that a policy rule is costless only if it locally admits a welfare representation as aggregate material surplus plus a relational component. Every such relational component must obey a common normative grammar. A substantive subclass satisfying this grammar is globally attainable. Costlessness thus disciplines welfare evaluation without eliminating normative choice. We illustrate this normative freedom through three relational welfare judgments in public-good provision: political restraint, subsidiarity, and minority protection. |
| Keywords: | implementation theory, definite implementation, ex post budget balance, interpersonal preferences, material utilitarianism, relational welfare judgments |
| JEL: | D82 D63 D64 D61 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:esprep:342974 |
| By: | Joshua Brault; Maryam Haghighi; Jing Yang |
| Abstract: | Recent advances in artificial intelligence (AI) have revived expectations of transformative productivity gains and large-scale labour-market disruption. Yet despite rapid improvements in AI capabilities, aggregate productivity growth in advanced economies remains subdued, and widespread job displacement has not materialized. This divergence between technological promise and measured outcomes—the “AI productivity paradox”—poses important challenges for policy. This article synthesizes emerging empirical evidence on AI’s effects on labour markets and productivity. Near-term impacts are concentrated in within-occupation task restructuring and early-career hiring, while causal micro-level studies document sizable productivity gains (15–60 percent) that have yet to appear in aggregate statistics because of diffusion lags, organizational adjustment costs, and measurement limitations. We then examine the macroeconomic implications for potential output (Y*) and inflation dynamics. While AI is likely to boost potential output and exert disinflationary pressures over the long run, the effect on inflation during transition is much less certain. For monetary policy, the central challenge is distinguishing structural adjustment from cyclical weakness in real time. We argue that effective policy during the AI transition should exhibit measured flexibility. |
| Keywords: | Monetary policy; Inflation dynamics and pressures; Monetary policy framework and transmission; Structural challenges; Digitalization and productivity |
| JEL: | E24 E31 E50 E52 E58 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:bca:bocsap:26-4 |
| By: | James Chapman; Stéphanie Houle; Lawrence L. Schembri |
| Abstract: | The Governor’s Challenge (GC) by the Bank of Canada marked its tenth year as a successful outreach and education initiative, designed to strengthen public understanding of macroeconomics and monetary policy. Since its launch in 2015–16, the competition has engaged more than 30 universities from all ten provinces, offering undergraduate students a rigorous experiential learning opportunity grounded in economic analysis and real-world policy formulation. Teams develop and defend a monetary policy recommendation, integrating global and domestic outlooks, risk assessments, and econometric modelling—skills that mirror the analytical work of Bank staff. The GC’s structure, featuring a virtual first round and an in-person national final at the Bank, fosters broad participation while providing finalists with immersive exposure to the policy environment. |
| JEL: | E5 |
| Date: | 2026–03 |
| URL: | https://d.repec.org/n?u=RePEc:bca:bocsap:26-9 |