|
on Investment |
| By: | Demir, Gökay (IZA) |
| Abstract: | This paper analyzes the horizontal spillover effects of Germany's first sectoral minimum wage. Using a difference-in-differences estimation, I examine the impact of the public announcement and introduction of the minimum wage on sub-minimum wage workers in related jobs outside the minimum wage sector, defined using employment flows. I find an increase in wages and job-to-job transitions for sub-minimum wage workers in related jobs. The spillover effects are driven by workers who reallocate to better-paying establishments, have low labor market experience, and are more closely connected to the minimum wage sector by having former coworkers in that sector. |
| Keywords: | spillover, outside option, labor market frictions, minimum wages |
| JEL: | J31 J38 J42 J62 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17510 |
| By: | Raphael Madzingaidzo; Louie van Schalkwyk; Saul Nurick |
| Abstract: | The construction industry has long been criticised for significantly contributing to global carbon emissions and a large energy consumer. Economies around the world, however, have taken an active role in addressing the construction industry’s carbon footprint and high energy demands by incorporating green technologies and practices in construction projects. Green Building Features and Initiatives (GBFIs) have solved the construction industry’s challenges. The Green Building Council of South Africa (GBCSA) manages and applies tools such as Green Star SA, EDGE, and Net- Zero to assist in incorporating and certifying GBFIs in buildings. A literature review was conducted to identify key drivers and barriers to adopting GBFIs to ensure that the research contributes to a better understanding of these factors in the context of South Africa. The study employed a qualitative research approach comprising multiple case study analyses, where semi-structured interviews were conducted with key stakeholders in the construction industry. The case studies involved five major residential developments in municipalities in the Western Cape and Gauteng Provinces. The study highlighted factors such as client awareness and developer initiative as the key drivers of adopting GBFIs, followed by increased international investment. However, the study yielded many barriers, including financial and government-related barriers in the form of legislation. |
| Keywords: | Energy; Green building features and initiatives (GBFIs); Residential Property; South Africa |
| JEL: | R3 |
| Date: | 2024–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:afr:wpaper:afres2024-030 |
| By: | Prashant Loyalka; Dinsha Mistree; Robert Fairlie; Saurabh Khanna; Robert W. Fairlie |
| Abstract: | Low-income individuals in developing countries are often inadequately prepared for employment because they lack key labor market skills. We explore how employability and wage outcomes are related to English language skills in a novel, large-scale randomized field experiment conducted in Delhi, India involving 1, 260 low-income individuals. Experimental estimates indicate that a job training program that emphasizes English language skills training substantially increases English language skills as well as employability and estimated wages (as assessed by hiring managers through interviews) for regular jobs and employability for jobs that specifically require English language skills. Program effects hold regardless of gender, social class, or prior employment. We furthermore find that participants enjoy improved employability and estimated wage outcomes because the program improves their English language skills. Taken together, our results suggest that English language skills training, which is surprisingly underutilized in developing countries, may provide considerable economic opportunities for individuals from low-income backgrounds. |
| Keywords: | English, employability, opportunities, poverty reduction, field experiment |
| JEL: | J24 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11504 |
| By: | Paul Simshauser |
| Keywords: | Renewable energy zones, renewables, spilled energy, marginal curtailment, battery storage |
| JEL: | D52 D53 G12 L94 Q40 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:enp:wpaper:eprg2419 |
| By: | Geiger, Ben Baumberg; Scullion, Lisa; Edmiston, Daniel; de Vries, Robert; Summers, K; Ingold, Jo; Young, David |
| Abstract: | Programme-level (quantitative) data suggests that a considerable number of claimants are subject to formal work-related behavioural requirements in the UK. Likewise, academic (qualitative) research has suggested that conditionality is pervasive within the benefits system. However, evidence on the nature, extent and suitability of the conditionality applied is often piecemeal, with existing research providing partial insights into the experience and operation of conditionality. Drawing on a purpose-collected survey of UK benefit claimants (n=3, 801), we provide new systematic evidence to address two key questions: (1) to what extent do benefit claimants experience work-related conditionality? and (2) are behavioural requirements experienced as reasonable by claimants? Overall, we found that the application of conditionality was evident for a relatively small proportion of survey participants. To make sense of this, we introduce a distinction between explicit and implicit forms of conditionality, which comes some way to explain ostensible contradictions within the existing evidence base on benefit conditionality: i.e., there is a background sense of insecurity/contingency even when explicit modes of conditionality are not applied. Of those subject to explicit conditionality, we also show a complex pattern of disclosure of health/care-related work barriers, that a substantial minority of claimants with barriers believe that work coaches do not fully take these into account, and a substantial minority experience conditionality as unreasonable. |
| Date: | 2024–06–16 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:24qtp |
| By: | Cardullo, Paolo (IN3); Kitchin, Rob (National University of Ireland Maynooth) |
| Abstract: | Commercial digital platforms possess a universal design and interface regardless of cities or particular political-cultural traditions. This is also the case for corporately owned platforms designed to facilitate citizen engagement in civic issues. In contrast, civic platforms rooted in a FOSS approach are configurable and can be adapted in context to produce tailored interactions. In this paper, we examine what this adaptability means for citizenship when citizens can be involved in the making and running of platforms, and can take an active role in city governance using civic platforms. We revisit the analytical framework developed by Cardullo and Kitchin (2019a) – the scaffold of smart citizen participation – to consider the platformisation of urban living designed to empower citizens to take an active role in management and governance processes and decision-making. In particular, we focus on the scaffold’s least explored rungs, ‘citizen power’, providing a comparative analysis of instances of Decidim, a civic platform designed to engender collaborative governance, along with its associated soft infrastructure, in Barcelona, New York and Brazil. We highlight how different instances of the same platform can confer different citizenship relations depending on how it is framed, configured and used. In other words, platform citizenship is provincialized, enabling alternative futures to emerge from mainstream knowledge claims about citizens’ role in platform urbanisation. |
| Date: | 2024–11–21 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:jdpu3 |
| By: | Krekel, Christian; Shreedhar, Ganga; Lee, Helen; Marshall, Claire; Boler, Alison; Smith, Allison; Dolan, Paul |
| Abstract: | We study the wellbeing returns from volunteering in England's National Health Service (NHS) Volunteer Responders, set up in response to Covid-19. Using linked survey and administrative data, we exploit the oversubscription of volunteers and the random allocation of tasks via an app to establish causality. Volunteers show stronger wellbeing and feelings of belongingness and connectedness to their local area. Welfare analyses suggest that the benefits of the programme substantially exceeded its costs. We are the first to study the welfare effects of a nationwide volunteering programme. Our findings show that pro-social behaviour improves personal wellbeing as well as social welfare. |
| Keywords: | volunteering; pro-social behaviour; causal wellbeing returns; quasi-experiment; welfare analysis |
| JEL: | I31 I38 D61 D64 |
| Date: | 2024–11–25 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:126209 |
| By: | Elizabeth Bogue Simpson |
| Abstract: | We know that many individuals, families, and communities face systemic barriers to economic prosperity—particularly historically underserved communities and people of color. The Atlanta Fed has made improving economic mobility and resilience a guiding principle, prioritizing listening, learning, researching, educating, convening, and collaborating with those who can take action to create a more inclusive and resilient economy.2 A key component of the Atlanta Fed's work is gaining a holistic understanding of economic conditions in the Southeast. Traditional, quantitative measures of economic health like the unemployment rate and consumer price index are a critical piece of this puzzle. However, we also know that aggregated data doesn't always capture the full picture of what is happening on the ground. Without digging into the narrative behind the numbers, it can be difficult to tease out how particular segments of the economy are responding to changing conditions. It is sometimes through anecdotal data that we hear conditions are getting better or worse before such realities reveal themselves in the economic data. |
| Date: | 2024–08–21 |
| URL: | https://d.repec.org/n?u=RePEc:fip:a00034:99405 |
| By: | Wernick, Christian; Knips, Julian; Lachmann, Menessa Ricarda; Strube Martins, Sonia |
| Abstract: | Ziel der Gigabitstrategie der Bundesregierung ist ein flächendeckender Glasfaserausbau bis 2030. Voraussetzung hierfür ist eine schnelle und möglichst lückenlose Erschließung der einzelnen Ausbau-Cluster in Deutschland und idealerweise ein flächendeckender Ausbau von Homes Connected direkt im initialen Ausbau. Vor diesem Hintergrund ist eines der dominierenden Themen der aktuellen Debatte beim Glasfaserausbau die wachsende Schere zwischen der Zahl der Homes Passed und Homes Connected. Im vorliegenden Diskussionsbeitrag werden die Ursachen für diese Entwicklung sowie die Implikationen, die sich daraus für den FTTH-Ausbau in Deutschland ergeben, untersucht [...] Ein aus volkswirtschaftlicher Sicht effizienter Netzausbau erfordert Rahmenbedingungen, die eine Stärkung der Nachfrage fördern, ineffiziente Ausbaustrategien unterbinden sowie Hemmnisse für den Ausbau der Haus- und Wohnungsanschlüsse abbauen. Der Produkt-, Preis- und Qualitätswettbewerb stellen zentrale Treiber der Nachfrage dar. Von einem funktionierenden Vorleistungsmarkt für FTTB/H-Produkte könnten starke Impulse für die Stärkung der Nachfrage ausgehen. Informations- und Werbekampagnen unter Beteiligung der öffentlichen Hand können Aufmerksamkeit für das Thema Glasfaserausbau schaffen und einen Beitrag zur Stärkung der Nachfrage sowohl nach Glasfaseranschlüssen als auch Glasfaser-basierten Breitbandprodukten leisten. Auch Thema Kupfer-Glas-Migration hat mit Blick auf die Schere eine sehr hohe Relevanz: Da vielen Endkunden und Gebäudeeigentümern heute noch nicht bewusst ist, dass die Kupfernetze in den kommenden Jahren abgeschaltet werden, könnte sich die Ankündigung eines verbindlichen Kupferabschaltungstermins positiv auf die Nachfrage auswirken. Ein ineffizienter Überbau sollte unterbunden werden. Das Monitoring des Doppelausbaus könnte genutzt werden für eine wettbewerbspolitische Bewertung und entsprechende Schlussfolgerungen. Eine effektive Förderung des Ausbaus von Homes Connected/Activated erfordert schließlich den Abbau der Hemmnisse für den Ausbau des Hausstichs und der gebäudeinternen Infrastruktur. |
| Abstract: | The goal of the German government's gigabit strategy is to achieve a nationwide fibre optic expansion by 2030. This requires a quick and gapless fibre deployment in the individual roll-out clusters and, ideally, a nationwide deployment of Homes Connected in the initial roll-out. Against this backdrop, the growing gap between the number of Homes Passed and Homes Connected is one of the key topics in the context of the current debate on fibre optic deployment in Germany. The study at hand analyses the reasons for this development and discusses its implications for the FTTH expansion in Germany [...] From an economic perspective, efficient network deployment requires framework conditions that promote a strengthening of demand, prevent inefficient rollout strategies and remove obstacles to the expansion of connections to buildings and dwellings. Product, price and quality competition represent key drivers of demand. A functioning wholesale market for FTTB/H products could provide a strong impetus for the strengthening of demand. Information and advertising campaigns involving the public sector may create awareness for the topic of fibre optic roll-out and contribute to increase the demand for both fibre optic connections and fibre optic-based broadband products. Copper switch-off is also highly relevant with regard to the gap: As many end customers and building owners are not yet aware that the copper networks will be switched off in the coming years, the announcement of a binding copper switch-off date could have a positive impact on the demand for fibre. Inefficient overbuilding should be prevented. The monitoring of the double rollout could be used for a competition policy assessment and corresponding conclusions. Finally, an effective stimulation of the deployment of Homes Connected/Activated requires the removal of barriers, which harden the deployment of connections to the buildings and the roll-out of in-building infrastructure. |
| Keywords: | Glasfaserkommunikation, Wohnung, Telekommunikationspolitik, Deutschland |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:wikdps:308070 |
| By: | Happ, Marina; Kalevi Dieke, Alex |
| Abstract: | Mit der UN-Agenda 2030 der und dem Onlinezugangsgesetz verpflichtet sich Deutschland zu einer nachhaltigen Entwicklung und der Digitalisierung von Verwaltungsleistungen. Digitalisierung und Nachhaltigkeit sind zwei Querschnittsthemen. Sie ergänzen sich und haben inhaltliche Schnittmengen. So nutzen Kommunen bereits heute digitale Technologien für mehr Nachhaltigkeit. Zum Beispiel werden Straßenlaternen durch Sensoren intelligent gesteuert und Grünflächen bedarfsgerecht bewässert. Personal- und Sachkosten können damit effizienter eingesetzt und der Energieverbrauch verringert werden. Die Studie untersucht, inwiefern deutsche Kommunen Digitalisierungsstrategien als Instrument für mehr Nachhaltigkeit nutzen und damit die beiden Themen Digitalisierung und Nachhaltigkeit strategisch miteinander verzahnen. Mithilfe von Text Mining, einer computergestützten Methode zur Gewinnung und Analyse nützlicher Informationen aus großen Mengen unstrukturierter Textdaten, wurden 214 kommunale Digitalisierungsstrategien auf ihre Schwerpunkte und Nachhaltigkeitsaspekte untersucht. Auf dieser Basis wurden vier Fallbeispiele im Hinblick auf ihren Beitrag zu mehr Nachhaltigkeit ausgewählt und skizziert. Zudem haben wir einen Workshop mit rund 40 kommunalen Digitalisierungsverantwortlichen sowie Klimaschutzmanagerinnen und Klimaschutzmanagern durchgeführt. Ein umfassendes Desk Research von 214 Digitalisierungsstrategien zeigt, dass lediglich eine Minderheit der rund 11.000 deutschen Kommunen Digitalisierungsstrategien veröffentlicht hat. Seit 2017 publizieren Städte, Gemeinde und Landkreise diese Strategien, um den wachsenden Anforderungen einer modernen Gesellschaft gerecht zu werden und kommunale Herausforderungen mit digitalen Werkzeugen zu meistern. Die Strategien sind meist integrativ gestaltet und umfassen mehrere Handlungsfelder, wobei die Schwerpunkte häufig auf Verwaltungsdigitalisierung, Mobilität und Bildung liegen. Große Kommunen über 500.000 Einwohnende legen insbesondere Wert auf Wirtschaftsthemen, während kleine und mittlere Kommunen unter 100.000 Einwohnenden die Verwaltungsdigitalisierung fokussieren. Kommunen berücksichtigen ökologische, ökonomische und soziale Nachhaltigkeitsaspekte. Die Hälfte der untersuchten Digitalisierungsstrategien legen einen Schwerpunkt auf das Thema Nachhaltigkeit, insbesondere in größeren Kommunen. Das kann u. a. auf strategische Überlegungen zur öffentlichen Wahrnehmung zurückzuführen sein, sodass erst die Umsetzung der Nachhaltigkeitsprojekte zeigen wird, wie ernsthaft die Kommunen das Thema tatsächlich verfolgen. Der langfristige Erfolg der Strategien hängt von der Unterstützung durch die Verwaltungsspitze und dem Rat ab sowie von der Beteiligung lokaler Akteure. Flexibel ausgestaltete Strategien und das kontinuierliche Monitoring sind entscheidend, um auf neue Entwicklungen und Erkenntnisse reagieren zu können. Kooperationen zwischen Kommunen und das Einbringen kommunaler Unternehmen ermöglichen, Ressourcen zu bündeln und von Erfahrungen anderer zu profitieren. Die Strategien selbst bilden ein Werkzeug, um das Vertrauen untereinander zu stärken und Strukturen für die Zusammenarbeit abzuleiten. |
| Abstract: | With the UN's Agenda 2030 and the Online Access Act (Onlinezugangsgesetz), Germany has committed itself to sustainable development and the digitalization of its administrative services. Digitalization and sustainability are both cross-functional issues. They complement each other and overlap in terms of content. Municipalities are already using digital technologies for greater sustainability. For example, streetlights are intelligently controlled by sensors, and green spaces are watered as needed. In this way, personnel and material costs can be used more efficiently and energy consumption can be reduced. The study examines the extent to which German municipalities use digital strategies as an instrument for greater sustainability and thus strategically interlink the two topics digitalization and sustainability. With the help of text mining, a computer-aided method for extracting and analyzing useful information from large amounts of unstructured text data, 214 digitalization strategies were examined regarding their focus and sustainability aspects. In addition, four case studies were selected and outlined about their contribution to greater sustainability and a workshop was held with about 40 chief digital officers and climate protection managers from German municipalities. The comprehensive desk research of 214 digital strategies shows that only a minority of the approximately 11, 000 German municipalities have published digital strategies. Since 2017, municipalities have been publishing strategies to meet the growing demands of modern society and address local challenges with digital tools. The strategies are usually integrative and cover several topics, often focusing on digitization of administration, mobility, and education. There are differences in the priorities depending on the size of the municipality: large municipalities with over 500, 000 inhabitants place particular emphasis on economic issues, while small and medium-sized municipalities with less than 100, 000 inhabitants focus on the digitalization of public administration. Municipalities address ecological, economic, and social sustainability aspects. Half of the digital strategies we examined have a sustainability focus, in particular large municipalities. This may be due to strategic considerations about public perception. Consequently, only the implementation of the sustainability projects will show how seriously the municipalities are pursuing this topic. The long-term success of the strategies depends on the support of the head of the public administration and the city council, as well as the involvement of local stakeholders. Flexible strategies and continuous monitoring are crucial to react to new developments and findings. Cooperation between municipalities and the involvement of municipal companies make it possible to pool resources and benefit from the experience of others. The strategies themselves are a tool for strengthening mutual trust and deriving structures for cooperation. |
| Keywords: | Digitalisierung, Gemeinde, Nachhaltigkeit, Deutschland |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:wikdps:308067 |
| By: | Joseph M. Abdou (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This is the first part of a work that aims at providing a model of political intertwining and transformation. Formally we introduce the Mathematical category of Political Foundation, which is based on two variables : one variable, called the society, consists of a finite number of parties, while the other, called the ground, consists of a set of states that reflect all relevant interests/values of the society. An object of the category, called a political site, describes how the interests/values of the society are intertwined between the parties. A morphism between political sites consists of a pair of maps, namely a society map and a ground map, satisfying appropriate conditions. In fact we define two versions of the Political Foundation, Bpol and Spol, with the same objects, corresponding to two types of maps, Bmaps and S-maps. We introduce also a second category referred to as the Political Configuration, based on one variable, the society. An object of this category called a complex extends the notion of simplicial complex, and a morphism extends the well-known notion of simplicial map. Two functors that relate the Foundation and the Configuration, the Knit and the Nerve are considered. It turns out that the Knit reveals the structure of Bpol and the Nerve reveals that of Spol. |
| Keywords: | political structure, political site, simplicial complex, Nerve, Knit, political transformation |
| Date: | 2024–09–09 |
| URL: | https://d.repec.org/n?u=RePEc:hal:cesptp:hal-04860761 |
| By: | Demir, Gökay (IZA); Hertweck, Friederike (RWI – Leibniz Institute for Economic Research); Sandner, Malte (Technische Hochschule Nürnberg); Yükselen, Ipek (Institute for Employment Research (IAB), Nuremberg) |
| Abstract: | This paper analyzes the impact of college students' coworker networks formed during student jobs on their labor market outcomes after graduation. For our analysis, we use novel data that links students' administrative university records with their pre- and post-graduation employment registry data and their coworker networks. Our empirical strategy exploits variation in the timing and duration of student jobs, controlling for a variety of individual and network characteristics, as well as firm-by-occupation fixed effects, eliminating potential selection bias arising from non-random entry into student jobs and networks. The results show that students who work alongside higher-earning coworkers during their student jobs earn higher wages in their first post-graduation employment. Two key mechanisms appear to drive this effect: (1) sorting into higher-paying firms after graduation, facilitated by coworker referrals, and (2) enhanced field-specific human capital through exposure to skilled colleagues. However, the initial wage advantage from higher-earning coworker networks diminishes over time as students with worse networks catch up. Our findings contribute to the understanding of how early career networks shape labor market outcomes and facilitate a smoother transition from higher education to graduate employment. |
| Keywords: | labor market entry, student jobs, coworker networks, wages |
| JEL: | I23 J24 J31 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17541 |
| By: | Nieto Barthaburu Augusto |
| Abstract: | We present a model of a forecaster who must predict the future value of a variable that depends on an exogenous state and on the intervention of a policy-maker. Our focus is on the incentives of the forecaster to acquire costly private information to use in his forecasting exercise. We show that the policy-making environment plays a crucial role in determining the incentives of the forecaster to acquire information. Key parameters are the expected strength of policy intervention, the precision of the policy-maker’s private information, and the precision of public information. We identify conditions, which are plausible in applications, under which the forecaster optimally acquires little or no private information, and instead bases his forecast exclusively on information publicly known at the time the forecast is made. Furthermore we show that, also under plausible conditions, stronger policy intervention and more precise policy-maker’s information crowd-out forecaster’s information acquisition. |
| JEL: | D80 D82 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:aep:anales:4749 |
| By: | Abel, Martin (Bowdoin College); Robbett, Andrea (Middlebury College); Stone, Daniel F. (Bowdoin College) |
| Abstract: | This study experimentally investigates the role of politics in hiring decisions. Participants acted as employers, determining the highest wage to offer candidates based only on their demographic characteristics, education, and partisanship. We find that both Democratic and Republican participants significantly favor co-partisans, with an out-partisan wage penalty of 7.5%. Discrimination is consistent across tasks that focus respectively on competence, shirking, feedback responsiveness, and voluntary effort, and appears largely driven by biased beliefs about partisan productivity, while affective polarization is also predictive of the out-partisan wage penalty. Discrimination does not increase in a treatment where workers benefit financially from being hired. |
| Keywords: | discrimination, affective polarization, inaccurate beliefs |
| JEL: | J70 D90 C91 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17540 |
| By: | Snir, Avichai; Levy, Daniel; Levy, Dudi; Chen, Haipeng (Allan) |
| Abstract: | We report the results of surveys we conducted in the US and Israel in 2020, a time when many prices increased following the spread of the COVID-19 pandemic. To assess respondents’ fairness perceptions of price increases, we focus on goods whose prices have increased during the pandemic, including some essential goods. Consistent with the principle of dual entitlement, we find that respondents perceive price increases as fairer if they are due to cost shocks than if they are due to demand shocks. However, we also find large differences across the two populations, as well as across goods. |
| Keywords: | Dual Entitlement; Fairness Perceptions; Consumer Antagonism; COVID-19; Pandemic; Price Level; Price Adjustment; Price Increase; Price Rigidity; Sticky Prices |
| JEL: | D90 E3 E31 M31 |
| Date: | 2024–12–17 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:123071 |
| By: | Celik, Umit; Rath, Sandeep (University of North Carolina, Chapel Hill); Staats, Bradley |
| Abstract: | Problem definition: Wait times in appointment systems, defined as the duration between scheduled appointment times and the start of the appointment, significantly impact customer satisfaction and serve as a critical measure of service quality. Task standardization is a crucial operational strategy to reduce service time and, consequently, service provider delay for subsequent appointments. While prior research has demonstrated the effectiveness of task standardization in reducing wait times, a nuanced understanding of task standardization's short-term and long-term effects is crucial for improving service quality. Without this insight, standardization interventions may address immediate wait time issues but could inadvertently create new challenges over time, such as affecting follow-up appointments. Methodology/Results: To explore task standardization's short-term and long-term effects, we focus on the specific case of Electronic Health Record (EHR) documentation. Using a dataset of over 120, 000 appointments from 57 physicians at a major academic medical center, we investigate how the standardization of EHR documentation tasks affects appointment delays. Our unit of analysis is the individual appointment. We define our treatment variable as the Standardization Ratio, which measures the level of standardization in each appointment. It is calculated as the time spent using EHR tools like SmartPhrases, as a fraction of the total work done. Our approach enables us to assess both the immediate impact of standardization on appointment durations and its longer-term effects, such as the length of follow-up appointments. We employ double machine learning as our primary method to address potential endogeneity in SmartPhrase usage, given its ability to handle continuous treatments and high-dimensional covariates while providing robust and unbiased estimates. To validate our findings further, we also use nearest-neighbor matching. Our model results are consistent between the two estimation procedures. Our findings indicate that a 10% increase in the proportion of appointment time dedicated to standardization tools reduces appointment delays by 0.4%, likely due to a 6.8% decrease in the proportion of time physicians spend in the patient room. Managerial implications: This demonstrates that, in the short term, task standardization can effectively reduce delays. However, this shift also leads to a 78-word increase in clinical documentation and a 0.25% rise in the in-room time ratio for future follow-up appointments, suggesting potential long-term trade-offs in clinical efficiency. This highlights a trade-off between short-term efficiency and long-term task burdens. While task standardization is known to improve timeliness and reduce wait times, our results emphasize the need for a balanced approach. Standardization tools streamline processes and improve immediate efficiency but may increase future workload and prolong future interactions. |
| Date: | 2024–12–13 |
| URL: | https://d.repec.org/n?u=RePEc:osf:osfxxx:pcq43 |
| By: | Belarmino Intong, Jemalou; Moreno, Frede |
| Abstract: | This study examines the effectiveness of post-conflict development frameworks for the social reintegration of war-affected children in Basilan Province, Philippines. By employing a policy analysis approach, the research explores the alignment of existing policies with national and international child protection standards, identifies institutional barriers to their effective implementation, and proposes strategic recommendations for policy improvements. The study draws on case studies of government initiatives, non-governmental organizations (NGOs), and community-based programs, highlighting the strengths and limitations of each framework. Findings reveal significant gaps in the integration of national policies with local realities, particularly in the areas of coordination, funding, and community engagement. Furthermore, institutional barriers, such as limited resources and resistance to external interventions, hinder the successful reintegration of children affected by conflict. The research concludes that a more collaborative, community-driven approach, supported by enhanced governmental coordination and external support, is essential for effective reintegration. This study contributes to the understanding of post-conflict child welfare policy and offers actionable recommendations for improving reintegration frameworks in conflict-affected regions. |
| Keywords: | Post-conflict development, social reintegration, war-affected children, policy analysis, Basilan Province |
| JEL: | H8 I0 I3 O1 Z0 Z1 |
| Date: | 2024–11–11 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122807 |
| By: | Dayoro, Donatien |
| Abstract: | This study develops a hybrid model to integrate climate risks into Côte d'Ivoire’s economic policy, drawing on the work of economists like Keynes, Ostrom, Stiglitz, Sen, and Nordhaus. The model combines decentralized governance, climate risk externalities, and capacity building to address the country's vulnerability to extreme weather events. It advocates for collaboration at all levels of governance, integrates climate risks into economic decisions, and focuses on reducing social vulnerabilities. By incorporating climate-economic models like DICE, it offers a framework to safeguard economic stability and promote sustainable growth in the face of climate change. |
| Keywords: | Hybrid Model, Climate Risks, Economic Policy, Côte d'Ivoire, Theoretical Approach, Risk Management, Sustainable Development, Governance, Climate Change Impact, Budgetary Stability, Macroeconomic Analysis, Vulnerability Reduction, Climate-Economy Integration, Adaptive Strategies, Economic Forecasting. |
| JEL: | B41 C32 C33 C4 C44 C61 C63 O4 Q5 Q51 Q54 Q58 |
| Date: | 2024–11–29 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122877 |
| By: | Guglielmo Maria Caporale; Maria Fatima Romero-Rojo; Luis Alberiko Gil-Alana |
| Abstract: | This paper analyses monthly data on sea ice cover extent from January 1979 to April 2024 and on snow cover extent from January 1967 to April 2024 for various regions of the world using fractional integration methods. A statistically significant time trend is found when the errors in the regression model are incorrectly assumed to exhibit short memory. However, this evidence vanishes when the errors are allowed instead to follow an I(d) process with d different from zero and thus to be characterised by long memory (a well-known property of most climatological series) – in this case, the time trend becomes insignificant for all series. This implies that previous findings suggesting an irreversible decline in both sea ice and snow cover extent might be misleading because of an incorrect model specification. |
| Keywords: | sea ice and snow cover extent, trends, fractional integration, long memory |
| JEL: | C22 Q54 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11475 |
| By: | Lucidi, Stefano; Nett, Lorenz; Sörries, Bernd |
| Abstract: | Die Mobilfunknetzbetreiber stehen vor der Herausforderung, das knappe zugeteilte Frequenzportfolio für den drahtlosen Netzzugang für alle eingesetzten Mobilfunkstandards betriebswirtschaftlich effizient zu nutzen. Aufgrund der technologieneutralen Nutzungsbestimmungen der Frequenzen können die Mobilfunknetzbetreiber dies frei entscheiden. Derzeit betreiben die Mobilfunknetzbetreiber Netze für die drei Mobilfunkstandards 2G, 4G und 5G. Im Jahr 2021 haben die etablierten Mobilfunknetzbetreiber in Deutschland ihre 3G-Netze abgeschaltet. Mit der Ankündigung der Deutschen Telekom, das 2G-Netz voraussichtlich im Juni 2028 abzuschalten, ist nun der Prozess gestartet worden, eine weitere Funktechnologie aus dem Markt zu nehmen. Die Abschaltung von 2G ist aus Sicht der Mobilfunknetzbetreiber vor allem darin motiviert, dass die bisher für 2G genutzten Frequenzen (insbesondere die 900-MHz-Frequenzen aufgrund ihrer Ausbreitungseigenschaften) für 4G/5G-Dienste eingesetzt werden können. Die Nutzung der Frequenzen für 2G-Dienste ist in den vergangenen Jahren in unterschiedlichen Umfang bei den etablierten Mobilfunknetzbetreibern rückläufig. Sofern über die Frequenzen 4G/5G-Dienste angeboten werden, erhöhen sich die Netzkapazitäten ohne eine Verdichtung von Sendeanlagen. Angesichts einer weiter steigenden Nachfrage nach mobilen Breitbanddiensten, ist eine Neunutzung der fraglichen Frequenzen betriebswirtschaftlich rational. Bis zur Abschaltung der 2G-Netze ist die geographische Verfügbarkeit von 4G/5G noch zu verbessern. Die Flächenabdeckung in Deutschland ist bei 4G derzeit bei allen Mobilfunknetzbetreibern im Vergleich zu 2G geringer. Zum Zeitpunkt der 2G-Abschaltungen soll dieses Delta geschlossen sein. Dann stehen für die heute über 2G angebotenen Dienste flächendeckend alternative Funklösungen zur Verfügung. Die Abschaltung soll nicht zu neuen Funklöchern führen. Bis zum Zeitpunkt der Abschaltung müssen Nutzer ihre 2G-Endgeräte austauschen. Im Massenmarkt sind reine 2G-Endgeräte nur noch ein kleines Nischensegment. Im Bereich von IoT-Diensten müssen voraussichtlich größere Volumina an Geräten getauscht werden. Aufgrund der Kosten für den Austausch und/oder der Anzahl der verwendeten 2GModule wird insbesondere der eCall als Anwendungsfall genannt, dessen Migration eine Herausforderung darstellt. Die rechtzeitige Ankündigung der Abschaltung soll hier den Nutzern die zum Austausch notwendige Zeit verschaffen. Internationale Erfahrungen zeigen, dass es keine Dienste gibt, die einer Abschaltung der 2G-Netze im Wege stehen. |
| Abstract: | Mobile network operators are faced with the challenge of utilising the scarce assigned frequency portfolio for wireless network access for all mobile communications standards used in an economically efficient manner. Due to the technology-neutral utilisation regulations of the frequencies, the mobile network operators are free to decide this. Mobile network operators currently operate networks for the three mobile communications standards 2G, 4G and 5G. In 2021, the established mobile network operators in Germany switched off their 3G networks. With Deutsche Telekom's announcement that it expects to switch off its 2G network in June 2028, the process of removing another wireless technology from the market has now begun. From the perspective of mobile network operators, the main reason for switching off 2G is that the frequencies previously used for 2G (in particular the 900 MHz frequencies due to their propagation characteristics) can be used for 4G/5G services. The use of frequencies for 2G services has declined to varying degrees in recent years among the established mobile network operators. If 4G/5G services are offered via the frequencies, the network capacities will increase without a densification of radio transmission sites. In view of a further increase in demand for mobile broadband services, a new utilisation of the frequencies in question is economically rational. Until the 2G networks are switched off, the geographical availability of 4G/5G still needs to be improved. Coverage in Germany is currently lower for 4G than for 2G for all mobile network operators. This delta should be closed by the time 2G is switched off. Alternative radio solutions will then be available nationwide for the services currently offered via 2G. The switch-off should not lead to new mobile dead spots. Until the switch-off date, users will have to replace their 2G devices. In the mass market, pure 2G devices are only a small niche segment. In the area of IoT services, larger volumes of devices will probably have to be replaced. Due to the cost of replacement and/or the number of 2G modules used, in particular eCall are cited as use cases whose migration poses a challenge. The timely announcement of the switch-off is intended to give users the time they need to replace their devices. International experience shows that there are no services that stand in the way of switching off the 2G networks. |
| Keywords: | Mobilkommunikation, Mobilfunkstandard, Deutschland, Industrieländer |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:wikdps:308064 |
| By: | Abbas, Yasser; Daouia, Abdelaati; Nemouchi, Boutheina; Stupfler, Gilles |
| Abstract: | Expectiles have received increasing attention as coherent and elicitable market risk measure. Their estimation from heavy-tailed data in an extreme value framework has been studied using solely the Weissman extrapolation method. We challenge this dominance by developing the theory of two classes of semiparametric Generalized Pareto estimators that make more efficient use of tail observations by incorporating the location, scale and shape extreme value parameters: the first class relies on asymmetric least squares estimation, while the second is based on extreme quantile estimation. A comparison with simulated and real data shows the superiority of our proposals for real-valued profit-loss distributions. |
| Keywords: | Expectile, Extreme risk, Generalized Pareto model, Heavy tails, Semiparametric; extrapolation |
| JEL: | C13 C14 C18 C53 C58 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:tse:wpaper:130105 |
| By: | Lennart Ante; Aman Saggu |
| Abstract: | The Ethereum blockchain network enables transaction processing and smart-contract execution through levies of transaction fees, commonly known as gas fees. This framework mediates economic participation via a market-based mechanism for gas fees, permitting users to offer higher gas fees to expedite pro-cessing. Historically, the ensuing gas fee volatility led to critical disequilibria between supply and demand for block space, presenting stakeholder challenges. This study examines the dynamic causal interplay between transaction fees and economic subsystems leveraging the network. By utilizing data related to unique active wallets and transaction volume of each subsystem and applying time-varying Granger causality analysis, we reveal temporal heterogeneity in causal relationships between economic activity and transaction fees across all subsystems. This includes (a) a bidirectional causal feedback loop between cross-blockchain bridge user activity and transaction fees, which diminishes over time, potentially signaling user migration; (b) a bidirectional relationship between centralized cryptocurrency exchange deposit and withdrawal transaction volume and fees, indicative of increased competition for block space; (c) decentralized exchange volumes causally influence fees, while fees causally influence user activity, although this relationship is weakening, potentially due to the diminished significance of decentralized finance; (d) intermittent causal relationships with maximal extractable value bots; (e) fees causally in-fluence non-fungible token transaction volumes; and (f) a highly significant and growing causal influence of transaction fees on stablecoin activity and transaction volumes highlight its prominence. |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2501.05299 |
| By: | Elias Hasler |
| Abstract: | This paper explores the global economic and climate spillovers of the European Union Emissions Trading System (EU ETS), leveraging exogenous variations in carbon prices identified through a carbon policy surprise series. Findings reveal that higher EU carbon prices lead to significant and sustained reductions in greenhouse gas (GHG) emissions, both within the Euro Area (EA) and globally, with no evidence of carbon leakage. Structural Scenario Analysis confirms that these reductions are driven by energy efficiency improvements rather than solely by declines in industrial production. The results highlight the transmission of the shock trough the Brussels Effect, where EU carbon policies influence global standards, evidenced by stricter carbon policies abroad and shifts in investor behavior favoring green industries. Furthermore no region benefits economically from EU carbon pricing. Overall, the EU ETS proves effective in reducing emissions without being undermined by carbon leakage. |
| Keywords: | Carbon Leakage, Spillovers, Carbon Pricing, Brussels Effect |
| JEL: | E32 F42 F64 Q54 Q58 |
| Date: | 2025–01 |
| URL: | https://d.repec.org/n?u=RePEc:inn:wpaper:2025-01 |
| By: | Cantero Lara Sofía |
| Abstract: | In this work I examine the impact of the school calendar on suicides in adolescents (10-19 years) in a developing country -Argentina-. To do this, I use a regression discontinuity design based on suicide administrative data that allows me to exploit the temporal and geographical variability in the start date of the school calendar. The results confirm the existence of a negative impact of the school calendar on adolescent suicide in Argentina. In the days after the beginning of the school year, the number of deaths by suicide is reduced by 35% in relation to the previous days. The mechanism analysis, which exploits the shock of the COVID-19 pandemic, shows that the presence of parents in the household operates as a protective factor that reduces the number of suicides. These results are robust against age placebos (i.e., there are no differences in the number of suicides between older cohorts who presumably have already finished their school years) and temporal placebos (i.e., there are no differences when considering dates other than the actual school start date). These findings have important implications for educational policy. |
| JEL: | I2 I1 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:aep:anales:4714 |
| By: | Saigal, Manisha; JOHNS, Philip |
| Abstract: | Understanding human-wildlife interactions is crucial for effective urban wildlife management and conservation. This study compared Singapore residents' perceptions and awareness of scenario-based etiquette towards four prominent urban wildlife species: smooth‐coated otters (Lutrogale perspicillata), long-tailed macaques (Macaca fascicularis), Malayan water monitor lizards (Varanus salvator) and reticulated pythons (Malayopython reticulatus). Using online surveys (n=399), we investigated how demographic factors and exposure to each species influence perceptions. Our results show significant differences in perceptions and etiquette responses towards each species. Respondents had the highest affinity towards otters, perceived greater property damage from mammals than reptiles, and feared terrestrial more than semi-aquatic species. Respondents’ age, parental status, frequency of park visits, involvement in wildlife programs and frequency of seeing each species significantly influenced perceptions, suggesting a need to engage older people and parents more to improve wildlife perceptions. Notably, the frequency of direct encounters with wildlife only explained 1% of variation in perceptions, suggesting that exposure or familiarity alone do not ensure coexistence with wildlife. Our findings emphasise the need for more public education on wildlife etiquette, especially regarding macaques. We found that wildlife education lowered perceptions of property damage but not fear, suggesting that addressing misconceptions and negative perceptions requires fostering positive emotional connections with wildlife. Our analysis highlights the interplay between urban aesthetics, cultural perceptions, wildlife education, and human and animal behaviour in shaping human-wildlife interactions. Most saliently, our study demonstrates the importance of species-specific approaches to improve relationships between humans and wildlife. |
| Date: | 2024–11–29 |
| URL: | https://d.repec.org/n?u=RePEc:osf:socarx:kjtp9 |
| By: | Wardak, Ahmad Shah; Rasa, Muhammad Mirwais |
| Abstract: | This study inquiries the determinants of trade Costs of Afghanistan with its Major Trading Partners. The study elaborates the determinants of trade costs include transportation costs (both freight costs and time costs), policy barriers (tariffs and non-tariff barriers), information costs, contract enforcement costs, costs associated with the use of different currencies, local distribution costs (wholesale and retail) and legal and regulatory costs. |
| Keywords: | Afghanistan, Trade Costs, Trading partners, Gravity Model |
| JEL: | F0 F3 F36 F38 |
| Date: | 2024–09–12 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122953 |
| By: | 白, 祁明 |
| Abstract: | The global transition to working from home, accelerated by the COVID-19 pandemic, has fundamentally transformed traditional work patterns. In France, where work-life balance is culturally emphasized, this change presents unique challenges This study analyzes data from 66, 839 French workers (2010-2015) to explore the impact of remote work on employee well-being, with a particular focus on anxiety levels and work-family balance.Contrary to conventional wisdom, working from home itself does not significantly affect anxiety levels. Instead, well-being is primarily influenced by factors such as age, gender, education level, and family size. Specifically, age exhibits a U-shaped relationship with anxiety, men report lower anxiety levels, higher education is negatively correlated with anxiety, and larger family size is positively correlated with well-being.The impact varies significantly across demographic groups, especially for employees with young children and self-employed individuals. This study reveals nuanced effects of remote work and highlights the moderating role of demographic and occupational factors, contributing to the literature on working from home.It also underscores the importance of France's unique cultural context in shaping working from home experiences. These findings indicate that organizations should implement customized support systems and develop targeted mental health resources, moving away from generic policies to effectively address the diverse needs of employees. |
| Keywords: | Working from home, Employee well-being, Anxiety levels, Work-family balance, Cultural context |
| JEL: | C1 J24 J81 |
| Date: | 2025–01–05 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:123194 |
| By: | António Afonso; José Alves; Najat Bazah |
| Abstract: | We examine the relationship between public sector efficiency and government spending, to assess public resource management across the 27 European Union countries. Specifically, we analyze the growth of public expenditure in relation to outcomes across various public sector performance (PSP) indicators. We compute government spending efficiency using Data Envelopment Analysis (DEA) to subsequently assess the relationship between efficiency and the growth rate of public expenditure. Our findings suggest that higher efficiency can be achieved without proportionally increasing public spending, both in total expenditure and in specific areas such as social protection, economic affairs, education, healthcare, and public services. Indeed, with overall output efficiency scores between 0.77 and 0.87, with the same level of inputs, output could increase around 13%-23%. Additionally, public spending tends to rise during recessions, while it decreases with higher levels of human capital and redistribution indicators. Finally, more efficient countries tend to coalesce around Austria, Croatia, Denmark, France, Greece, Hungary, Poland, and Sweden. |
| Keywords: | public sector performance indicators, efficiency, public expenditure, functions of the government, data envelopment analysis |
| JEL: | C33 C61 E62 H11 H50 O47 P43 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11487 |
| By: | Bonatti, Luigi; Lorenzetti, Lorenza Alexandra; Traverso, Silvio |
| Abstract: | This paper discusses the potential introduction of permanent public subsidies to supplement the wages of low-paid workers in Italy, taking inspiration from Edmund Phelps' ideas on supporting the working poor. We consider how a negative taxation scheme for low-wage earners might address structural labor market challenges such as low participation rates, labor market segmentation, and widespread in-work poverty. Using a stylized theoretical model, we illustrate how such subsidies could affect wages, employment, and labor supply-demand dynamics, with a particular focus on potential cost implications under different elasticity assumptions. We also consider how design features - such as targeting full-time workers or integrating the subsidy with broader social and economic reforms - could maximize the measure's impact while mitigating risks related to fraud or uneven coverage. Finally, a scenario analysis based on Italian Labor Force Survey data provides an indication of the policy's likely scale and distributional effects. The paper concludes by reflecting on both opportunities and challenges for implementing wage subsidies in Italy's segmented labor market. |
| Keywords: | Low-skilled workers, Working poor, Wage subsidies, Negative taxation |
| JEL: | D04 H20 J20 J38 |
| Date: | 2025 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:glodps:1552 |
| By: | Liu, Xueying (Capital University of Economics and Business, Beijing); Zhao, Zhong (Renmin University of China) |
| Abstract: | This study investigates the impact of social pension insurance on the efficiency of household financial portfolios, utilizing data from the 2019 wave of the China Household Finance Survey. Our findings indicate that social pension insurance significantly enhances the efficiency of household financial portfolios, partly through the channels of risk attitude and precautionary savings. |
| Keywords: | social pension insurance, household portfolios, sharpe ratio, efficiency |
| JEL: | G59 J24 I28 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izadps:dp17492 |
| By: | Eichhorst, Werner (IZA); Ody, Margard (IZA); Rinne, Ulf (IZA) |
| Abstract: | Forschungsbericht im Auftrag des Bundesministeriums für Arbeit und Soziales (58 Seiten) |
| Date: | 2024–12–20 |
| URL: | https://d.repec.org/n?u=RePEc:iza:izarrs:146 |
| By: | Colomé Rinaldo Antonio |
| Abstract: | La Constitución de 1853 estableció un régimen democrático republicano federal y un pacto fiscal por el cual las provincias cedían al estado federal -Art. 4– el “producto de derechos de importación y exportación…”. En 1891 se produce una violación a este pacto; se sanciona la “ley de impuestos internos”. El segundo avance sobre el federalismo es la sanción del Impuesto a los Réditos en 1932, iniciándose la coparticipación federal en 1935; la actual ley, de 1988; sancionó un régimen “transitorio”. El Presidente Milei convocó al “Pacto de Mayo”, que calificó de “fundacional”, destacándose –a los fines de este trabajo- el “paquete fiscal”; puntos 2, 3, 5 y 6. La Constitución de 1994 establece: “Una ley convenio, sobre la base de acuerdos entre la Nación y las provincias, instituirá regímenes de coparticipación de estas contribuciones…”, para antes de finalizar 1996. Nadie convocó. La hipótesis es que el Pacto de Mayo ofrece una oportunidad única para un nuevo pacto fiscal, especialmente dar cumplimiento al mandato constitucional. El Artículo 75 establece que la distribución debe hacerse: “...contemplando criterios objetivos…equitativa, solidaria…”. Propósito final del trabajo es sugerir ideas para facilitar acuerdos para lograrlo. No hay razones para no acordar un nuevo pacto fiscal “fundacional”. |
| JEL: | H71 H77 |
| Date: | 2024–11 |
| URL: | https://d.repec.org/n?u=RePEc:aep:anales:4720 |
| By: | Flamand, Marina; Frigant, Vincent; Miollan, Stéphane; Dimitrova, Zlatina; Sauve, Henri |
| Abstract: | At the heart of the Technological Innovation Systems (TIS) approach is the knowledge production function. Its evaluation requires the study and characterization of the TIS knowledge base and its evolution. Although patents are often used to study this knowledge production function, current techniques for mobilizing these data can be improved. In this article, we propose to work in two directions. Firstly, most studies focus on a singular knowledge base associated with the focal TIS. However, the knowledge spaces associated with a technology are themselves plural, comprising a variety of constituent elements that must be considered separately. In this way, we have broken down the knowledge base required to develop the focal TIS into different technological building blocks. These building blocks have been classified according to three different levels of analysis: type of technological solution, challenges to be met and field of application. Secondly, most studies measure the knowledge production function by the number of patents applications. However, the sheer volume of patents is a biased indicator. A more comprehensive approach to patent analysis is recommended, based on cross-checking several indicators to ensure the accuracy of patent statistics. From this perspective, we evaluate three sets of patent indicators - persistence, commitment, and coherence - to determine, for each subset, whether there is a sufficient level of knowledge created to promote the development of the TIS. All in all, this article proposes a new method of multi-criteria analysis of the knowledge production function in four stages. The relevance and operability of this method is illustrated in the case of hydrogen storage TIS. |
| Keywords: | Technological Innovation System, Knowledge production, Metrics, Patent, Hydrogen storage technologies |
| JEL: | O31 O33 Q55 |
| Date: | 2024–12–19 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:123050 |
| By: | Lars E.O. Svensson |
| Abstract: | Swedish authorities and international organizations that comment on Swedish economic policy have argued that household debt is too high and a threat to financial and macroeconomic stability (FMS). But household debt may become a threat to FMS under essentially three conditions: (1) Household debt becomes too high relative to household assets. (2) Households’ debt service becomes too high relative to incomes and payment capacity. (3) Households use home-equity withdrawals—made possible by rising house prices—to finance an unsustainable overconsumption of macroeconomic significance. Two Swedish structural features mitigate the risks. First, mortgages are a safe cash cow for banks and contribute to financial stability. Second, the mortgage rates are not exogenous but indirectly controlled by the Riksbank, and it sets the policy rate to maintain FMS. Regarding condition (1), aggregate household assets are much larger and have grown much faster than debt. Net wealth was twice the debt in 1985, five times in 2024. 78% of borrowers have home equity exceeding 30%, more than any housing price fall during the last 50 years. Regarding condition (2), debt service of borrowers is not high relative to incomes, because modest LTV ratios mean that required amortization rates are modest. Regarding condition (3), there is no indication of any debt-financed overconsumption (undersaving) of macroeconomic significance. HEW is not unusually high, the saving rate is at a historical high, and the share of durable consumption in total consumption expenditures is normal. Thus, none of the three conditions is present. Swedish household debt is neither too high nor a threat to financial or macroeconomic stability. |
| JEL: | E21 E52 G01 G21 G28 G51 |
| Date: | 2024–12 |
| URL: | https://d.repec.org/n?u=RePEc:nbr:nberwo:33222 |
| By: | Mitsch, Frieder; Hassel, Anke; Soskice, David |
| Abstract: | This paper examines Germany’s distinctive path toward the knowledge economy, emphasizing the role of regional innovation dynamics and governance, with a focus on Southern Germany’s high-innovation clusters. Unlike other advanced economies that pivoted toward high-tech services, Germany has prioritized digital advancements within its manufacturing base, creating a model driven by smart manufacturing and Industry 4.0. We argue that regional growth coalitions, formed by firms, social partners, and local governments, foster institutional configurations supporting knowledge-based and innovation-focused competition. This regionalized governance has enabled Southern Germany to capitalize on Germany’s innovation agenda, a success that other regions have struggled to replicate. By analysing multi-scalar dynamics—interactions across regional, national, and EU levels—our study expands evolutionary economic geography (EEG) and political economy literature, challenging traditional, nation-centric frameworks. Our findings highlight that cohesive regional governance can enhance national and supranational innovation strategies, underscoring the importance of regional institutions in advancing and sustaining knowledge economy innovation. |
| JEL: | N0 R14 J01 |
| Date: | 2024–12–05 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:126264 |
| By: | Joan Costa-Font; Cristina Vilaplana-Prieto; Joan Costa-i-Font |
| Abstract: | The hidden value of adult informal care (IC) refers to the unaccounted value of informal care in overall costs of long-term care (LTC) estimates. This paper estimates the net wellbeing value of adult IC in Europe, drawing on a wellbeing-based methodology. We use an instrumental variable strategy and a longitudinal and cross-country dataset to estimate the causal effect of the extensive and intensive margin of caregiving on subjective wellbeing. Finally, we estimate the so-called compensating surplus (CS), namely the income equivalent transfer to compensate for the net disutility of caregiving. We find that IC reduces average subjective wellbeing by about 1% compared to the mean (6% among co-residential caregivers). Relative to a country’s Gross Domestic Product (GDP), the value of informal care ranges between 4.2% in France and 0.85% in Germany, which is inversely correlated with the country’s share of formal LTC spending and leads to reconsidering LTC regimes. The average CS per hour of IC ranges between 9.55 €/hour, ranging between 22 €/hour in Switzerland and 5 €/hour in Spain. Finally, we also find that long-term CS is smaller than short-term CS. |
| Keywords: | informal care, wellbeing methods, the value of time, caregiving, daughters, life satisfaction |
| JEL: | I18 J17 J18 |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:ces:ceswps:_11535 |