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on Investment |
| By: | Emma Wohl |
| Abstract: | Offers of health insurance vary significantly across firm and establishment characteristics, including firm size, workforce sex, and workforce age (Agency for Healthcare Research and Quality, 2024, Table I.A.2; Abraham et al., 2016). Low-wage workers in particular are less likely to receive health insurance from their employer, and employers tend to roll back benefits as minimum wages rise (Meiselbach and Abraham, 2023; Marks, 2011). This study aims to identify the effects by employer and workforce characteristics of minimum wage increases on employer-provided benefits using restricted-use data from the Medical Expenditure Panel Survey-Insurance Component (MEPS-IC). I use a two-way fixed effects approach, exploiting state legislation variation, to identify changes in the rates of employers offering health insurance and employer and employee characteristics associated with changes in health insurance offers. I study employer and employee characteristics for which minimum wage responses may differ due to differences in health insurance costs, impacts of the Affordable Care Act and other policies and legislation, and employee preferences for health insurance. I find that establishments alter offers of health insurance in response to the minimum wage differently based on firm size and workforce gender and age. Small firms drive reductions in health insurance offers as the minimum wage increases, and reductions are smaller among workforces with a greater share of female or older workers, who more highly value employer-provided health insurance. |
| Keywords: | minimum wage, employer health insurance |
| JEL: | J01 J3 I13 |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:cen:wpaper:26-64 |
| By: | Florian Ritter (Nürnberg Institut für Marktentscheidungen); Michael Zürn (Nürnberg Institut für Marktentscheidungen) |
| Abstract: | Der Heizungssektor befindet sich im Wandel. Als Teil der deutschen Bestrebungen hin zur CO2-Neutralität 2045 sollen Haushalte sukzessive weg von der Wärmeerzeugung mit fossilen Brennstoffen. Dafür sollte auch das 2023 aktualisierte Gebäudeenergiegesetz sorgen. Aber der Wandel stockt, die Verkaufszahlen von Wärmepumpen sind 2024 deutlich zurückgegangen, die Technologie wird zunehmend kontrovers diskutiert. Gleichzeitig werden weiterhin große Zahlen fossiler Gas-Heizungsanlagen verbaut. Diese Entwicklung wird mit der schlechten wirtschaftlichen Lage sowie mit einer großen Verunsicherung der deutschen Immobilienbesitzer erklärt. Mit der vorliegenden Studie möchten wir die Perspektive der Verbraucher in die Debatte einbringen. Wann planen Immobilienbesitzer den nächsten Heizungstausch, welche Heizung wird bevorzugt? Wie zufrieden sind Wärmepumpenbesitzer, und wo liegen die Hürden für den Kauf? |
| Keywords: | Gasheizungen, Wärmepumpen, Heizungstausch |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:eoh:nimpul:nimpul-009 |
| By: | Anthony McDonnell (Center for Global Development) |
| Abstract: | Artificial intelligence has the potential to transform healthcare, but to see this upside we need to be able to know which products work best. Clinical trials were built to evaluate technologies that are stable over time. AI updates frequently, meaning that if we rely on old evaluation approaches, evidence will be outdated before a study is complete. Head-to-head clinical trials that continuously run in multiple countries would allow us to generate evidence that keep up with the pace of innovation. This needs to be combined with an approach that makes it easier to collect evidence because if standards are too high, promising technologies will never reach patients. This paper argues that standing research infrastructure through platform trials or clinical trial networks would greatly reduce both the cost and time needed to evaluate AI, making it easier to run comprehensive studies. Further work is now needed to determine where these models add most value, how they should be funded and governed, and whether they are acceptable to regulators, developers, and health systems. |
| Date: | 2026–10–15 |
| URL: | https://d.repec.org/n?u=RePEc:cgd:wpaper:758 |
| By: | Udaibir S. Das (Official Monetary and Financial Institutions Forum; Observer Research Foundation America); David A. Grigorian (Mossavar-Rahmani Center for Business and Government, John F. Kennedy School of Government, Harvard University; Center for Global Development) |
| Abstract: | Domestic debt restructuring (DDR) in emerging markets and developing economies is a monetary and financial event as much as a fiscal one. DDR reallocates losses across three interconnected balance sheets—the sovereign, the central bank, and domestic financial institutions—impairing monetary policy through four channels: the central bank balance sheet, government securities markets, bank credit, and policy credibility. Cross-country evidence from 17 DDR episodes shows that the money multiplier falls below its pre-restructuring level in most episodes, with the compression concentrated in multi-year restructurings, and that banks’ discretionary reserve buffers thin around the restructuring year. Three recent cases—Jamaica (2010), Barbados (2018–19), and Ghana (2022–24)—show that vulnerability to monetary impairment is shaped, among other factors, by the pre-DDR monetary framework and the degree of prior fiscal dominance, and that recovery of monetary transmission is the most uncertain post-DDR outcome. The design lesson is that DDR is constrained optimization: success requires not only reducing debt service but preserving the monetary and financial system capable of supporting economic recovery. |
| Keywords: | domestic debt restructuring, monetary policy, central bank recapitalization, Jamaica, Barbados, Ghana |
| Date: | 2026–10–16 |
| URL: | https://d.repec.org/n?u=RePEc:cgd:wpaper:759 |
| By: | Gabriele Galati; Fulvia Marotta; Richhild Moessner; Maarten van Rooij |
| Abstract: | This paper studies how views on climate change shape household inflation expectations. Us-ing a new representative survey of Dutch households, we elicit perceptions of climate change, the green transition and climate policies, and their expected effects on long-run inflation. House-holds expect climate change, the green transition and three types of climate policies – carbon pricing, support for the green transition and support for green innovation – to raise inflation and inflation volatility over the next ten years. Climate change is expected to have the largest effect, while support policies are expected to have the smallest. These results suggest that climate-related beliefs are linked to the anchoring of inflation expectations and that support policies for the green transition and green innovation may facilitate the net-zero transition while keeping in-flation expectations relatively well anchored. We also document significant heterogeneity across households. Expected inflationary effects of climate change are larger among respondents who anticipate more severe global warming and extreme weather. Climate-related inflation concerns are widespread across demographic groups. |
| Keywords: | climate change; green transition; climate policy; inflation; household expectations. |
| JEL: | E31 E58 Q48 Q54 Q55 Q58 |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:dnb:dnbwpp:875 |
| By: | Bachas, Pierre; Okunogbe, Oyebola M.; Shaukat, Mahvish Ifrah; Tortarolo, Dario |
| Abstract: | This chapter provides a practical guide for policy makers and civil society organizations to apply the report’s fiscal frontier framework and tailor tax reforms to their country’s specific circumstances. Emphasizing that there is no universal path to a stronger tax system, it introduces a two-step diagnostic approach for identifying feasible and effective reforms. First, countries assess their structural fundamentals, including economic conditions, administrative capacity, and political and institutional factors, to determine which reforms are practical. Second, they benchmark the performance of their tax system against peer countries with similar characteristics to identify priority gaps in revenue generation, efficiency, fairness, and compliance. Based on this assessment, the chapter outlines reform priorities across the overall tax system as well as income, consumption, and property taxation. It also highlights the role of technology, transparency, and trust in strengthening tax administration and improving tax system performance, providing a roadmap for prioritizing and sequencing reforms that are both achievable and impactful. |
| Date: | 2026–09–18 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wbrwps:214887 |
| By: | Hyun Moh Shin (Korea Institute for Industrial Economics and Trade) |
| Abstract: | This paper examines the trade-off between minority shareholder protection and innovation-driven specialization created by South Korea’s regulation of vertical spin-offs (muljeok bunhal) — a wholly-owned daughter firm structure at the center of Commercial Act reforms since 2022, which critics warn may suppress a legitimate channel for technological specialization in the name of shareholder protection. Using 206 spin-offs disclosed on DART between 2016 and 2024, I construct firm-quarter measures of patent-based technological value (following Kogan et al., 2017) and input-output-based industry heterogeneity between parent and daughter (following Antras and Chor, 2013.<p> An event-study difference-in-differences design shows spin-off announcements are associated with a 4.2 percentage point abnormal decline in parent stock returns — significant only once industry heterogeneity is controlled for. Daughter firms spun off into more dissimilar industries create substantially more technological value (a one-standard-deviation increase in heterogeneity raises it by 36.8 percentage points), and parent firms show a symmetric reversal from technological value destruction to value creation as heterogeneity rises. A cost-benefit simulation combining these estimates finds that expected innovation gains exceed estimated shareholder losses in 201 of 206 cases — a result that depends critically on accounting for industry heterogeneity and would reverse sharply if heterogeneity were ignored. |
| Keywords: | spinoffs; spin-offs; vertical spinoffs; vertical spin-offs; firm boundaries; innovation; industrial organization; firm organization; firm decisions |
| JEL: | G34 O31 L22 D57 |
| Date: | 2026–08–31 |
| URL: | https://d.repec.org/n?u=RePEc:ris:kieter:023844 |
| By: | Julien Senn; Thomas F. Epper; Ernst Fehr |
| Abstract: | Workers care not only about pay and career opportunities but also about meaningful work and socially responsible employers. This heterogeneity matters for worker-firm matching, recruitment, and compensation, yet its preference-based origins remain poorly understood. In a two-wave study of a sample broadly representative of the Swiss adult population (N=1, 031), we study whether social preferences provide a common account of life goals, job preferences, and occupational sorting. We structurally estimate two facets of social preferences: altruism in the advantageous and in the disadvantageous domain. We show that these two dimensions are negatively correlated, and that failing to account for both can substantially bias — in our applications, underestimate — the effects of social preferences. Social preferences predict respondents’ life goals, their preferred job attributes, and their willingness to work in the tobacco industry. In particular, higher altruism is associated with lower emphasis on wealth, financial security, career status, pay, and advancement, but greater emphasis on corporate social responsibility and meaningful work. It also predicts greater willingness to avoid working in the tobacco industry. Lastly, altruism when ahead is positively associated with employment in education, health, and social services. Thus, this paper highlights the importance of social preferences for explaining worker motivation and labor-market sorting. |
| Keywords: | social preferences, meaning-at-work, career choices, sorting |
| JEL: | D01 D91 J24 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_13075 |
| By: | Cassidy, Rachel; McKenzie, David; Neelamraju, Kalyan N. |
| Abstract: | Women-owned-or-led small and medium-sized enterprises (WSMEs) are underrepresented in public and corporate supply chains worldwide. There is growing interest in promoting SMEs’ and WSMEs’ integration into value chains, but limited causal evidence whether interventions to support their participation in procurement are effective. This paper conducts a phased randomized controlled trial to estimate the impacts of corporate procurement training for WSMEs in Colombia. The program increases procurement knowledge and readiness, resulting in a ten percentage point increase in registrations to corporate portals, and an eight percentage point increase in the likelihood of submitting a bid. Impacts on winning bids are concentrated in WSMEs with prior procurement knowledge or experience, whose probability of winning a contract increases by eight to nine percentage points. These impacts are approximately twenty percent of the control means. More broadly, the paper illustrates how complier-weighted treatment effects can be used to evaluate programs delivered through a funnel-shaped participation process, common in private sector development interventions. |
| Date: | 2026–10–07 |
| URL: | https://d.repec.org/n?u=RePEc:wbk:wbrwps:11481 |
| By: | D R Sahar Ayadi (UGA UFR FEG - Université Grenoble Alpes - Faculté d'Économie de Grenoble - UGA - Université Grenoble Alpes) |
| Abstract: | Ce cours de financement des organisations présente les fondements de la gestion financière de l'entreprise et les principaux mécanismes d'analyse financière. Il aborde les décisions d'investissement et de financement, la gestion des ressources financières, ainsi que l'évaluation de la rentabilité et du risque. Le module développe également les compétences liées au calcul des flux financiers, à l'analyse des indicateurs de décision financière (VAN, TIR), au choix des investissements et au coût des financements. Le cours couvre l'analyse financière par le bilan financier, l'équilibre financier, les ratios et les flux de trésorerie. |
| Date: | 2025–09–01 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-05775452 |
| By: | OECD |
| Abstract: | Traceability is a key interface between trade facilitation and environmental performance, expanding from origin tracking to supply chain information needs. Using a product environmental lifecycle lens, this paper assesses trade facilitation’s enabling role across production, usage and end-of-life segments, identifying where arrangements align with environmental objectives and where challenges concentrate. Environment-related Trade Facilitation Indicators (env-TFIs) structure the analysis by mapping practices in transparency, digitalised procedures, risk management and border-agency co-operation to observe how environmental requirements are operationalised at the border. Across OECD economies, 55% of trade facilitation efforts appear to address environmental traceability challenges, with readiness higher in production and usage than in end-of-life segments. Progress is concentrated in streamlining formalities and information availability, while other technical levers - appeals, fees and charges, or consultation mechanisms - lag. Waste movements remain the most challenging due to complex controls, multiple authorities and limited interoperability. Strengthening transparency and co-ordination through interoperable, single-entry data exchange emerge as cross-cutting priorities. |
| Keywords: | Border procedures, Environmental regulation, Environmental traceability, Supply chains, Trade facilitation |
| JEL: | F13 F14 F18 Q56 Q58 |
| Date: | 2026–10–26 |
| URL: | https://d.repec.org/n?u=RePEc:oec:traaab:306-en |
| By: | Cristiana Benedetti-Fasil; Giammario Impullitti; Omar Licandro; Petr Sedlacek; Adam Hal Spencer |
| Abstract: | Do firms differ in their innovation response to business cycles? What economic forces shape this heterogeneity? And does it matter for aggregate propagation? We document substantial heterogeneity in firm-level R&D cyclicality, develop a theory to explain this fact, and validate its key mechanism in the data. In a tractable model of business cycles and innovation-driven growth, endogenous selection makes R&D particularly responsive to aggregate conditions for firms close to the exit margin. Consistent with this mechanism, firms closer to exit display more procyclical R&D in the data. Quantitatively, selection and endogenous growth interact powerfully: selection generates heterogeneous R&D cyclicality, while endogenous growth translates these heterogeneous responses into persistent aggregate effects. Ignoring heterogeneous R&D cyclicality misses roughly half of the long-run output cost of a severe recession. |
| Keywords: | growth, business cycles, innovation, heterogeneous firms, selection |
| JEL: | E32 O31 O40 L1 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_13087 |
| By: | Jacob Goldin; Sebastian Koehne; Nicholas Lawson |
| Abstract: | Optimal tax policy frequently prescribes different tax treatments for activities that are difficult in practice for tax administrators to distinguish, such as expenditures undertaken for business versus personal purposes. We study the optimal design of income tax deductions for such expenditures under the assumption that a common deduction rate must be applied to both forms of the expenditure. The Pareto optimal common deduction turns on the relative compensated spending response for each margin, weighted by the income tax wedge. We also characterize the welfare gain from distinguishing between the two expenditure forms as a harmonic mean of the compensated responses. We illustrate both results with an application to air travel expenses. |
| Keywords: | optimal taxation, tax deductions, indistinguishable expenditures, tax administration, business and personal expenses |
| JEL: | D82 H21 H24 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_13077 |
| By: | Stockton, Matthew; Sand, Shannon |
| Abstract: | The WNIPI is a purely physical measure of I and N efficiency and was developed to determine efficiency winners in several TAPS contests. DRIN is a powerful tool in measuring the effectiveness of the dollars spent on I and N. It is a ratio of dollars returned as revenue in terms of dollars spent. The third measure, NRIN, is an overall measure of economic gain. It is the difference in money spent on I and N versus the revenue taken in and measures the volume of net returns. Both DRIN and the NRIN measure dollar effectiveness dependent on the biological process tempered by the value of the inputs I and N, with respect to output or crop value. Farm #16 has the highest WNIPI rank and is the most efficient farm in its use of I and N in the production of Y. Farm #18 is the most effective in getting a return for each dollar spent. Of the $104.78/acre spent on I and N, this group gained $277.06/acre in capital, making the DRIN a score of $2.64 for every $1 spent on I and N. Farm #6 is the leader in gaining the greatest net return ($198.35/acre). This team spent the second-highest amount of $173.61/acre on I and N but ranked highest in total return of $371.95. The fact that outcomes vary by measure is not surprising. Physical efficiency does not automatically relate to costs or revenue. It is natural to expect at least some correlation; however, depending on the efficiency being sought, costs may become a heavy burden. In many cases, efficiency itself has a cost, and to achieve it often requires added costs or a reduction in revenue relative to a reduction in overall productivity (diminishing return). It is the job of the farm manager to balance desired outcomes to meet their individual objectives and goals. Each farm and year are unique and requires careful management to balance productivity, costs, and revenues. Tracking the DRIN and NRIN through time can help develop the skill to make wiser choices and needed adjustments to these three factors. |
| Keywords: | Crop Production/Industries |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ags:nbaece:413208 |
| By: | Hajare El Hadri (Université Marie et Louis Pasteur, CRESE UR3190, F-25000 Besançon, France); Réda Marakbi (Université Artois, ISEG School of management, LEM UMR9221, F-62000 Arras, France) |
| Abstract: | This article develops and empirically tests a theory of migration under repression. It argues that migration aspirations are shaped by perceived freedom repression and that such perceptions can make exit more attractive when voice appears blocked, risky, or ineffective. The theoretical framework yields four hypotheses, which we test using Arab Barometer data from 2021– 2024 covering about 34, 000 respondents in twelve Middle East and North Africa (MENA) countries. Empirically, we construct a Freedom Repression Index and examine how perceived repression shapes migration aspirations across different freedom dimensions and migration routes. Four findings stand out. First, perceived repression significantly increases migration aspirations, with substantive effects comparable to standard economic push factors. Second, the association is strongest for personal liberties, especially freedom of expression and freedom of religion, whereas restrictions on collective political rights such as protest are less strongly associated with migration aspirations. Third, repression shifts intentions toward irregular rather than regular migration routes. Fourth, this relationship is context-dependent: it is strongest in stable yet restrictive settings and weakens in conflict-affected contexts where insecurity dominates. By disaggregating freedom dimensions and distinguishing regular from irregular intentions, the article connects exit-voice theory to micro-level evidence and clarifies when, which, and how perceived repression shapes migration aspirations in the MENA region. |
| Keywords: | freedom; repression; migration aspirations; irregular migration; MENA. |
| Date: | 2026–10 |
| URL: | https://d.repec.org/n?u=RePEc:crb:wpaper:2026-11 |
| By: | Philip Bodenschatz; Peter H. Egger; Arne Nagengast |
| Abstract: | China’s export expansion increasingly challenges advanced-economy exporters in third markets. Using confidential German exporter data, we generalize the canonical China-shock instrument to multiple destinations, exploiting Chinese gains in products across similar markets. Within firms, export growth falls in destination-product markets where Chinese market shares rise, through weaker growth among continuing relationships and market exit. Growth in estimated quality and unit values also declines, while stronger quality, price, product, and destination advantages cushion losses. Market exit and weaker entry account for more than half of aggregate adjustment. Structural-gravity evidence attributes China’s gains mainly to quantity expansion and rising exporter-product competitiveness. |
| Keywords: | China shock, export competition, firm heterogeneity, German exporters, China-shock instrument |
| JEL: | F14 F12 L25 C26 |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_13079 |
| By: | Sultan, Samina; Matthes, Jürgen |
| Abstract: | Der geopolitische Druck und die Debatte um die deutsche Wettbewerbsfähigkeit machen eine genauere Kenntnis der deutschen Direktinvestitionen im Ausland notwendig. Dieser Report liefert dazu eine umfassende empirische Analyse und erörtert auch die Frage nach den Auswirkungen auf den deutschen Standort [...] Aus den Studienergebnissen lassen sich wichtige Politikempfehlungen ableiten. Um die Wettbewerbsfähigkeit des Standorts Deutschland wieder zu verbessern, sind umfassende kostensenkende Reformen nötig. Spezifische Politikempfehlungen zu China beziehen sich erstens auf durch Marktverzerrungen übersteigerte Produktionsverlagerungen. Solche Verlagerungsanreize sollten durch Ausgleichszölle auf chinesische Waren gemindert werden. Gegen Lokalisierungsanforderungen und andere Marktzugangshemmnisse in China sollte die Bundesregierung zudem vorgehen und bestehende Anreize wie Investitionsgarantien weiter zurücknehmen. Zweitens braucht es eine glaubwürdige No-Bailout-Aussage der Politik, um mögliche Steuerzahler-Risiken durch hohe Firmenabhängigkeiten von China zu mindern und Fehlanreize zu vermeiden. Wenn Firmenund Standortinteressen divergieren, muss die Politik die Interessen der heimischen Wirtschaft priorisieren und stärker als bisher die Herausforderungen mittelständischer Firmen berücksichtigen. |
| Date: | 2026 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:iwkrep:344240 |
| By: | Peterson, E. Wesley F. |
| Abstract: | According to a recent poll, United States adults think on average that about 26 percent of the federal government’s budget goes to foreign aid with some believing that more than half is put to that use. Public opinion surveys have returned similar results for many years with most respondents seeming to believe that this is far too generous often suggesting that something on the order of 5 percent of federal spending would be more appropriate. In fact, until recent efforts to eliminate foreign aid altogether, the actual amounts spent have represented one percent or less of the federal budget. The elimination of the U.S. Agency for International Development (USAID) and severe reductions in the spending of humanitarian and development funds appropriated by the U.S. Congress are of questionable legality and with unresolved legal challenges still in the works it is not clear precisely how the U.S. role in foreign assistance will evolve in the future. In that context, some factual information about foreign aid may be of use. |
| Keywords: | International Relations/Trade |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:ags:nbaece:413204 |