|
on Islamic Finance |
| By: | John Willoughby (American University); Zehra Aftab (American University) |
| Abstract: | In this paper, we investigate both how the use of language in higher education in Pakistan has evolved and why the medium of instruction remains a contested terrain. We focus on the struggle between advocates for the use of Urdu and the use of English. By examining the repeated failed attempts by high political authorities to replace English with Urdu, we demonstrate the usefulness of Avner Greif’s evolutionary, path-dependent theory of institutional change. We also argue, however, that Jack Knight’s focus on the struggle over resources is necessary if we are to understand why the futile attempts to make Urdu the dominant language of education persist. |
| Keywords: | Higher Education, Education and Inequality, Language, Pakistan. |
| JEL: | I23 I24 P16 Z13 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2020:29&r= |
| By: | M. Ali Choudhary; Anil K. Jain |
| Abstract: | Using detailed administrative Pakistani credit registry data, we show that banks with low leverage ratios are both significantly slower and less likely to recognize a loan as nonperforming than other banks that lend to the same firm. Moreover, we find suggestive evidence that this lack of recognition impedes loan curing, with banks with low leverage ratios reporting significantly higher final default rates than other banks for the same borrower (even after controlling for differences in loan terms). Our empirical findings are consistent with the theoretical prediction that classifying a nonperforming loan is more expensive for banks with less capital. |
| Keywords: | Credit markets; Banks; Corporate debt; Evergreening; Nonperforming loans |
| JEL: | G21 G33 |
| Date: | 2021–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgif:1327&r= |
| By: | Kohnert, Dirk |
| Abstract: | ABSTRACT & RÉSUMÉ & ZUSAMMENFASSUNG : The combined impact of Brexit and the COVID-19 pandemic on British foreign- and trade relations to Israel and its Arab neighbours constitute a particularly sensitive case. A destabilization of these countries could impact seriously stability and security, not just of the Middle-East region, but on the whole world. So far, the preliminary effects are ambivalent. Whereas Britons entertained reasoned hope for a ‘Corona miracle’ and a marvellous economic recovery in 2021, the prospects for Israel, the occupied Palestinian territories, Lebanon, Jordan and Egypt were less rosy. Presumably, Brexit is likely to harm the United Kingdom in the medium and long run. The post-Brexit impact on Israel and its Arab neighbours will be negative as well, but probably only be felt in the medium and long term also. However, the direct and indirect negative effects of the global COVID-19 crisis will by far outdo the Brexit impact. RÉSUMÉ : L'impact combiné du Brexit et de la pandémie de COVID-19 sur les relations étrangères et commerciales britanniques avec Israël et ses voisins arabes constitue un cas particulièrement sensible. Une déstabilisation de ces pays pourrait avoir de graves répercussions sur la stabilité et la sécurité, non seulement de la région du Moyen-Orient, mais du monde entier. Jusqu'à présent, les effets préliminaires sont ambivalents. Alors que les Britanniques nourrissaient un espoir raisonné d'un « miracle de Corona » et d'une merveilleuse reprise économique en 2021, les perspectives pour Israël, les territoires palestiniens occupés, le Liban, la Jordanie et l'Égypte étaient moins roses. Vraisemblablement, le Brexit est susceptible de nuire au Royaume-Uni à moyen et long terme. L'impact post-Brexit sur Israël et ses voisins arabes sera également négatif, mais ne se fera probablement sentir qu'à moyen et long terme également. Cependant, l'effet négatif direct et indirect de la crise mondiale du COVID-19 dépassera de loin l'impact du Brexit. --------------------------------------------------------------------------------------------------------------------------------------- ZUSAMMENFASSUNG : Die gemeinsamen Auswirkungen des Brexits und der COVID-19-Pandemie auf die britischen Außen- und Handelsbeziehungen zu Israel und seinen arabischen Nachbarn sind ein besonders heikler Fall. Eine Destabilisierung dieser Länder könnte die Stabilität und Sicherheit nicht nur im Nahen Osten, sondern auf der ganzen Welt ernsthaft gefährden. Bisher erscheinen die vorläufigen Effekte ambivalent. Während die Briten begründete Hoffnungen auf ein „Corona-Wunder“ und eine erstaunliche wirtschaftliche Erholung im Jahr 2021 hegen, sind die Aussichten für Israel, die besetzten palästinensischen Gebiete, den Libanon, Jordanien und Ägypten weniger rosig. Vermutlich wird der Brexit dem Vereinigten Königreich mittel- und langfristig schaden. Die post-Brexit Auswirkungen auf Israel und seine arabischen Nachbarn werden ebenfalls negativ s, aber vermutlich ebenfalls nur mittel- und langfristig zu spüren sein. Die direkten und indirekten negativen Effekte der weltweiten COVID-19-Krise werden jedoch die Folgen des Brexits bei weitem übertreffen. |
| Keywords: | Brexit, COVID-19-pandemic, Corona, economic growth, Israel, Palestine, Lebanon, Jordan, Egypt, United Kingdom, international trade, free trade area, customs union, Anglosphere, |
| JEL: | F13 F15 F22 F52 F68 I14 N1 N40 O24 O5 Z13 |
| Date: | 2021–08–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109100&r= |
| By: | Joan Costa-Font (CEP - LSE - Centre for Economic Performance - LSE - London School of Economics and Political Science, IZA - Forschungsinstitut zur Zukunft der Arbeit - Institute of Labor Economics); Sarah Fleche (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, CEP - LSE - Centre for Economic Performance - LSE - London School of Economics and Political Science); Ricardo Pagan (Universidad de Málaga [Málaga] = University of Málaga [Málaga]) |
| Abstract: | Daylight Saving Time (DST) is currently implemented by more than seventy countries, yet we do not have a clear knowledge of how it affects individuals' welfare. Using a regression discontinuity design combined with a differences-in-differences approach, we find that the Spring DST causes a significant decline in life satisfaction. By inducing a reallocation of time, the transition into DST deteriorates sleep and increases time stress, which in turn affects physical and emotional health. After performing a simple cost-benefit analysis, we find evidence suggestive that ending DST would exert a positive effect on welfare, namely the wellbeing costs associated with DST exceed its benefits. |
| Keywords: | Daylight Saving Time,wellbeing,health,sleep,time stress |
| Date: | 2021–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03322741&r= |
| By: | Chakravorty, Bhaskar (University of Warwick); Arulampalam, Wiji (University of Warwick); Imbert, Clement (University of Warwick); Rathelot, Roland (University of Warwick) |
| Abstract: | Using a randomised experiment, we show that providing better information about prospective jobs to vocational trainees can improve their placement outcomes. The study setting is the vocational training programme DDU-GKY in India. We find that including in the training two information sessions about placement opportunities make trainees 17% more likely to stay in the jobs in which they are placed. We argue that this effect is likely driven by improved selection into training. As a result of the intervention, trainees that are over-optimistic about placement jobs are more likely to drop out before placement. |
| Keywords: | JEL Classification: |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:567&r= |
| By: | Clément de Chaisemartin (Universite de Californie, J-PAL Europe - Abdul Latif Jameel Poverty Action Lab - Europe); Quentin Daviot (J-PAL Europe - Abdul Latif Jameel Poverty Action Lab - Europe); Marc Gurgand (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, J-PAL Europe - Abdul Latif Jameel Poverty Action Lab - Europe); Sophie Kern (Laboratoire de dynamique du langage - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Quand un enfant issu d'un milieu défavorisé entre à l'école, il maitrise en moyenne moins bien le langage qu'un enfant issu d'un milieu favorisé. Ce désavantage le pénalisera dans ses apprentissages pendant sa scolarité, augmentera ses risques de décrochage et aura des conséquences sur ses conditions de vie futures. De nombreux travaux de recherche soutiennent que l'on peut cependant corriger cette situation dès la petite enfance, par exemple en introduisant des programmes de haute qualité éducative en crèche. Le programme Parler Bambin vise à former les professionnelles de crèche pour renforcer leurs connaissances et leurs pratiques quotidiennes dans le domaine du langage et de l'interaction langagière, et ainsi améliorer le développement langagier des jeunes enfants. Le programme a pour vocation de réduire ces inégalités précoces de développement langagier, dans l'espoir, à terme, de réduire les inégalités scolaires et socio-économiques. Cette étude évalue les effets du programme Parler Bambin sur les pratiques des professionnelles et sur le développement des enfants. Pour ce faire, nous avons mené une évaluation randomisée à grande échelle auprès de 94 crèches réparties sur le territoire de la France métropolitaine, en suivant des enfants issus de familles défavorisées. Nous avons travaillé avec ces crèches pendant trois années dans le but d'estimer des effets de court et de plus long termes. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:ipppap:halshs-03288700&r= |
| By: | Sarah Flèche (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique, CEP - LSE - Centre for Economic Performance - LSE - London School of Economics and Political Science); Anthony Lepinteur (Department of Behavioural and Cognitive Sciences); Nattavudh Powdthavee (WBS - Warwick Business School - University of Warwick [Coventry], IZA - Forschungsinstitut zur Zukunft der Arbeit - Institute of Labor Economics) |
| Abstract: | Would improving women's access to capital reduce the gender entrepreneurial gap? We study this issue by exploiting longitudinal data on lottery winners. Comparing between large to small winners, we find that an increase in lottery win in period t-1 significantly increases the likelihood of becoming self-employed in period t. This windfall effect is statistically the same in magnitude for men and women; the top 25% winners (an average win = £831.16) in year t-1 report a significant increase in the probability of self-employment in year t by approximately 2 percentage points, which is approximately 20-30% of the gender entrepreneurial gap. These results suggest that we can causally reduce the gender entrepreneurial gap by improving women's access to capital that might not be as readily available to the aspiring female entrepreneurs as it is to male entrepreneurs |
| Keywords: | gender inequality,self-employment,lottery wins,BHPS |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03260992&r= |
| By: | Nicholas Ryan |
| Abstract: | Green energy is produced by relationship-specific assets that are vulnerable to hold-up if contracts are not strictly enforced. I study the role of counterparty risk in the procurement of green energy using data on the universe of solar procurement auctions in India. The Indian context allows clean estimates of how risk affects procurement, because solar power plants set up in the same states, by the same firms, are procured in auctions variously intermediated by either risky states themselves or the central government. I find that: (i) the counterparty risk of an average state increases solar energy prices by 10%; (ii) the intermediation of the central government eliminates this risk premium; (iii) higher prices due to risk reduce investment, because state demand for green energy is elastic. The results suggest that the risk of hold-up places developing countries at a disadvantage in the procurement of green energy. |
| JEL: | L14 O13 Q42 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29154&r= |
| By: | Carranza, Rafael; Morgan, Marc; Nolan, Brian |
| Abstract: | In this paper we bridge the gap between two different approaches to measure inequality: one based on household surveys and summary measures such as the Gini, and the other focused on taxable income and top income shares. We explore how these approaches adjust the Gini for equivalised household income in 26 European countries over 2003-2017 using the EU-SILC, focusing on the World Inequality Database (WID) adjustment as proposed in Blanchet et al. (2020). On average, the Gini increases by around 2.4 points as a result of the WID adjustment, for both gross and disposable income, with notable differences across countries, affecting rankings, despite limited impact on trends. We find that differences in inequality depend less on the adjustment method and more on whether it relies on external data sources such as tax data. In fact, SILC countries that rely on administrative register data experience relatively small changes in inequality after the WID adjustment. For recent years, we find that the Gini for 'non-register' countries increases by 2.8 points on average while in 'register' countries it does so by 0.9 points. We conclude by proposing ways in which household surveys can improve their representativeness of income and living conditions. |
| Keywords: | Inequality, Reweighting, Survey Representativeness, Top incomes |
| JEL: | D31 D63 N30 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-16&r= |
| By: | Rania El Modni (Laboratory of Finance, Audit and Organizational Governance Research); Mounime Elkabbouri (Laboratory of Finance, Audit and Organizational Governance Research) |
| Abstract: | Regardless of their structure and form (public/private), organizations are often faced with structural choices. These choices can be the result of their history, their activity, the people involved or the strategies pursued. At each stage, managers have to make structural choices that allow them to be in the best possible configuration to be effective. Therefore, these sports organizations must have a structure that allows them to ensure the best possible coordination between departments. The objective of this paper is to identify structural models and examine the relationship between structure and efficiency in Moroccan soccer clubs. The three organizational design parameters: formalization, centralization, and specialization were examined to determine the structural patterns of Moroccan soccer clubs. The study was carried out with a sample of 15 Moroccan sports clubs. A total of 72 staff members responded to an online survey. The results found show the presence of two structural models: the divisional structure and the functional structure. The MANCOVA procedures showed differences between clubs in terms of sports performance. There is a significant difference between clubs with a functional structure and those with a divisional structure in sports performance, with clubs with a divisional structure generally performing significantly better than those with a functional design because football clubs choose to orient their structure according to the basic criteria of specialization, centralization and formalization. |
| Keywords: | Structure,Effectiveness,Formalization,Centralization,Specialization,Football clubs. |
| Date: | 2021–07–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312913&r= |
| By: | Arezki, Rabah (African Development Bank and Harvard’s Kennedy School of Government); Djankov, Simeon (London School of Economics and Peterson Institute for International Economics); Nguyen, Ha (World Bank); Yotzov, Ivan (University of Warwick & CAGE) |
| Abstract: | Using a new dataset of 198 national elections across 48 democracies, this paper is the first to systematically examine the effects of oil price shocks on incumbents’ political fortunes in developed oil-importing countries. We find that oil price increases systematically lower the odds of reelection for incumbents and increase the likelihood of changes in the ideology of the incoming government. These shocks are found to operate through lowering consumption growth. |
| Keywords: | Elections, Incumbent, Oil Prices, Economic Shocks JEL Classification: D72; E21; P16; Q43 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:572&r= |
| By: | Luca Bonacini; Irene Bfrunetti; Giovanni Gallo |
| Abstract: | This study aims to identify the main determinants of student performance in reading and maths across eight European Union countries (Austria, Croatia, Germany, Hungary, Italy, Portugal, Slovakia, and Slovenia). Based on student-level data from the OECD’s PISA 2018 survey and by means of the application of efficient algorithms, we highlight that the number of books at home and a variable combining the type and location of their school represent the most important predictors of student performance in all of the analysed countries, while other school characteristics are rarely relevant. Econometric results show that students attending vocational schools perform significantly worse than those in general schools, except in Portugal. Considering only general school students, the differences between big and small cities are not statistically significant, while among students in vocational schools, those in a small city tend to perform better than those in a big city. Through the Gelbach decomposition method, which allows measuring the relative importance of observable characteristics in explaining a gap, we show that the differences in test scores between big and small cities depend on school characteristics, while the differences between general and vocational schools are mainly explained by family social status. |
| Keywords: | Gelbach decomposition, Education inequalities, Machine learning, PISA, Schooling tracking, Student performance. |
| JEL: | I21 I24 J24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:mod:recent:150&r= |
| By: | Asier Aguilera-Bravo (Universidad de Navarra); Miguel Casares (Universidad Pública de Navarra & INARBE); Hashmat Khan (Carleton University) |
| Abstract: | We provide evidence that both firm and establishment entry rates in the US have been increasing over the past decade, seemingly ending the secular decline observed over previous decades. However, the job-size of new businesses relative to incumbents has decreased substantially. Controlling for these opposite trends reveals that the size-adjusted entry rate continues to decline. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:nav:ecupna:2105&r= |
| By: | Evangelos Christou (International Hellenic University); Anestis Fotiadis (Zayed University); Kostas Alexandris (Aristotle University of Thessaloniki) |
| Abstract: | Book of extended abstracts (proceedings) of TOURMAN 2021 Conference "Restarting tourism, travel and hospitality: The day after". |
| Keywords: | tourism,travel,hospitality,leisure |
| Date: | 2021–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03313706&r= |
| By: | Ruchir Agarwal; Ms. Gita Gopinath |
| Abstract: | Urgent steps are needed to arrest the rising human toll and economic strain from the COVID-19 pandemic that are exacerbating already-diverging recoveries. Pandemic policy is also economic policy as there is no durable end to the economic crisis without an end to the health crisis. Building on existing initiatives, this paper proposes pragmatic actions at the national and multilateral level to expeditiously defeat the pandemic. The proposal targets: (1) vaccinating at least 40 percent of the population in all countries by the end of 2021 and at least 60 percent by the first half of 2022, (2) tracking and insuring against downside risks, and (3) ensuring widespread testing and tracing, maintaining adequate stocks of therapeutics, and enforcing public health measures in places where vaccine coverage is low. The benefits of such measures at about $9 trillion far outweigh the costs which are estimated to be around $50 billion—of which $35 billion should be paid by grants from donors and the residual by national governments potentially with the support of concessional financing from bilateral and multilateral agencies. The grant funding gap identified by the Access to COVID-19 Tools (ACT) Accelerator amounts to about $22 billion, which the G20 recognizes as important to address. This leaves an estimated $13 billion in additional grant contributions needed to finance our proposal. Importantly, the strategy requires global cooperation to secure upfront financing, upfront vaccine donations, and at-risk investment to insure against downside risks for the world. |
| Keywords: | COVID-19; Pandemic; Economic crisis; pandemic policy; financing facilities; donor country; LMIC vaccination; vaccination target; Income; Manufacturing; Global; Africa |
| Date: | 2021–05–19 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfsdn:2021/004&r= |
| By: | Matthew McCormick; Mark E. Paddrik; Carlos Ramirez |
| Abstract: | The overnight segment of the triparty repurchase agreement (repo) market plays a pivotal role in the normal functioning of the U.S. financial system by acting as an important source of secured short-term funding and supporting the liquidity of key fixed income markets, including U.S. Treasury and agency securities. This over-the-counter market accounts for over $1 trillion in daily transactions and provides a unique venue in which a diverse set of market participants invest their cash as well as obtain short-term funding. |
| Date: | 2021–08–02 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2021-08-02&r= |
| By: | Brian Cushing (Regional Research Institute, West Virginia University); Elham Erfanian (Department of Agricultural Economics and Community and Economic Development Initiative of Kentucky, University of Kentucky) |
| Abstract: | Appalachia has been at the center of the drug crisis that has now exploded across the United States, wreaking havoc on communities and destroying lives. Other than a brief, hopeful leveling off in 2018, drug use and overdose deaths have continued to accelerate. One key focus of policies aimed at dealing with the crisis has been treatment and recovery resources, which provide critical support for those struggling with addiction. The Appalachian Regional Commission wishes to document the distribution of treatment and recovery resources within Appalachia, which is critical to assessing unmet needs. The following report describes, reviews, and evaluates the usefulness of the National Survey of Substance Abuse Treatment Services (N-SSATS) database for summarizing and analyzing substance abuse treatment resources and services at the substate level that would be required for understanding the extent of unmet needs within Appalachia’s counties and subregions. Though the focus of our initial research was on a substate/subregional analysis of the Appalachian Region, the issues discussed are broadly applicable to other areas. |
| Keywords: | Opioid crisis, Treatment and recovery services, N-SSATS, Appalachia |
| JEL: | R1 I18 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:rri:wpaper:2021rp07&r= |
| By: | David Newbery (Faculty of Economics, University of Cambridge) |
| Keywords: | renewables support schemes, distortions, auctions, yardstick contracts |
| JEL: | D44 D62 D86 H23 H25 L94 Q28 Q42 Q48 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2107&r= |
| By: | Advani, Arun (University of Warwick and Institute of Fiscal Studies (IFS)); Ash, Elliot (ETH Zurich); Cai, David (ETH Zurich); Rasul, Imran (University College London and IFS) |
| Abstract: | How does economics compare to other social sciences in its study of issues related to race and ethnicity? We assess this using a corpus of 500,000 academic publications in economics, political science, and sociology. Using an algorithmic approach to classify race-related publications, we document that economics lags far behind the other disciplines in the volume and share of race-related research, despite having higher absolute volumes of research output. Since 1960, there have been 13,000 race-related publications in sociology, 4,000 in political science, and 3,000 in economics. Since around 1970, the share of economics publications that are race-related has hovered just below 2% (although the share is higher in top-5 journals); in political science the share has been around 4% since the mid-1990s, while in sociology it has been above 6% since the 1960s and risen to over 12% in the last decade. Finally, using survey data collected from the Social Science Prediction Platform, we find economists tend to overestimate the amount of race-related research in all disciplines, but especially so in economics. |
| Keywords: | JEL Classification: A11, Z13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:565&r= |
| By: | Kirdar, Murat G. (Bogazici University); Cruz, Ivan Lopez (Sabanci University); Türküm, Betül (European Economic Institute) |
| Abstract: | Most studies examining the impact of migrants on crime rates in hosting populations are in the context of economic migrants in developed countries. However, we know much less about the crime impact of refugees in low- and middle-income countries—whose numbers are increasing worldwide. This study examines this issue in the context of the largest refugee group in any country—Syrian refugees in Turkey. Although these refugees are much poorer than the local population, have limited access to formal employment, and face partial mobility restrictions, we find that total crime per person (including natives and refugees) falls due to the arrival of the refugees. This finding also applies to several types of crime; the only exception is smuggling, which increases due to the population influx. We also show that the fall in crime does not result from tighter security; we find no evidence of a change in the number of armed forces (military and civil personnel) in the migrant-hosting regions. |
| Keywords: | refugees, crime, security, immigration-crime nexus, civil war |
| JEL: | J15 K42 D74 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14647&r= |
| By: | Beatriz Rache; Márcia Castro |
| Date: | 2021–03–31 |
| URL: | http://d.repec.org/n?u=RePEc:amc:tecnot:017&r= |
| By: | Muhammad Anwar Hossain; Iryna Zablotska-Manos |
| Abstract: | COVID-19 pandemic has affected each and every country's health service and plunged refugees into the most desperate conditions. The plight of Rohingya refugees is among the harshest. It has severely affected their existing HIV/STI prevention and management services and further increased the risk of violence and onward HIV transmission within the camps. In this commentary, we discuss the context and the changing dynamics of HIV/AIDS during COVID-19 among the Rohingya refugee community in Bangladesh. What we currently observe is the worst crisis in the Rohingya refugee camps thus far. Firstly, because of being displaced, Rohingya refugees have increased vulnerability to HIV, as well as to STIs and other poor health outcomes. Secondly, for the same reason, they have inadequate access to HIV testing treatment and care. Not only because of their refugee status but also because of the poor capacity of the host country to provide services. Thirdly, a host of complex economic, socio-cultural and behavioural factors exacerbate their dire situation with access to HIV testing, treatment and care. And finally, the advent of the COVID-19 pandemic has changed priorities in all societies, including the refugee camps. In the context of the unfolding COVID-19 crisis, more emphasis is placed on COVID-19 rather than other health issues, which exacerbates the dire situation with HIV detection, management, and prevention among Rohingya refugees. Despite the common crisis experienced by most countries around the world, the international community has an obligation to work together to improve the life, livelihood, and health of those who are most vulnerable. Rohingya refugees are among them. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09690&r= |
| By: | Lucas Chancel (WIL - World Inequality Lab , PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Thomas Piketty (WIL - World Inequality Lab , PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement) |
| Abstract: | In this paper, we mobilize newly available historical series from the World Inequality Database to construct world income distribution estimates from 1820 to 2020. We find that the level of global income inequality has always been very large, reflecting the persistence of a highly hierarchical world economic system. Global inequality increased between 1820 and 1910, in the context of the rise of Western dominance and colonial empires, and then stabilized at a very high level between 1910 and 2020. Between 1820 and 1910, both between-country and within-country inequality were increasing. In contrast, these two components of global inequality have moved separately between 1910 and 2020: within-country inequality dropped in 1910- 1980 (while between-country inequality kept increasing) but rose in 1980-2020 (while between-country inequality started to decline). As a consequence of these contradictory and compensating evolutions, early 21st century neo-colonial capitalism involves similar levels of inequality as early 20th century colonial capitalism, though it is based upon a different set of rules and institutions. We also discuss how alternative rules such as fiscal revenue sharing could lead to a significant drop in global inequality. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wilwps:halshs-03321887&r= |
| By: | Patrycja Klusak (Bennett Institute for Public Policy, University of Cambridge); Matthew Agarwala (Bennett Institute for Public Policy, University of Cambridge); Matt Burke (Bennett Institute for Public Policy, University of Cambridge); Moritz Kraemer (Centre for Sustainable Finance, SOAS, UK); Kamiar Mohaddes (EPRG, CJBS, Univeristy of Cambridge) |
| Keywords: | Sovereign credit rating, climate change, counterfactual analysis, climateeconomy models, corporate debt, sovereign debt |
| JEL: | C33 C53 G10 G18 H63 O44 Q51 Q54 |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2110&r= |
| By: | Sarwar J. Minar |
| Abstract: | Conventional wisdom suggests that large-scale refugees pose security threats to the host community or state. With massive influx of Rohingyas in Bangladesh in 2017 resulting a staggering total of 1.6 million Rohingyas, a popular discourse emerged that Bangladesh would face severe security threats. This article investigates the security experience of Bangladesh in case of Rohingya influx over a three-year period, August 2017 to August 2020. The research question I intend to address is, 'has Bangladesh experienced security threat due to massive Rohingya influx?' If so in what ways? I test four security threat areas: societal security, economic security, internal security, and public security. I have used newspaper content analysis over past three years along with interview data collected from interviewing local people in coxs bazar area where the Rohingya camps are located. To assess if the threats are low level, medium level, or high level, I investigated both the frequency of reports and the way they are interpreted. I find that Bangladesh did not experience any serious security threats over the last three years. There are some criminal activities and offenses, but these are only low-level security threat at best. My research presents empirical evidence that challenges conventional assertions that refugees are security threats or challenges to the host states. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11344&r= |
| By: | Albert, Christoph (CEMFI, Madrid); Glitz, Albrecht (Universitat Pompeu Fabra); Llull, Joan (MOVE, Barcelona) |
| Abstract: | In this paper, we show that the wage assimilation of immigrants is the result of the intricate interplay between individual skill accumulation and dynamic equilibrium effects in the labor market. When immigrants and natives are imperfect substitutes, increasing immigrant inflows widen the wage gap between them. Using a simple production function framework, we show that this labor market competition channel can explain about one quarter of the large increase in the average immigrant-native wage gap in the United States between the 1960s and 1990s arrival cohorts. Once competition effects and compositional changes in education and region of origin are accounted for, we find that the unobservable skills of newly arriving immigrants increased over time rather than decreased as traditionally argued in the literature. We corroborate this finding by documenting closely matching patterns for immigrants' English language proficiency. |
| Keywords: | immigrant assimilation, labor market competition, cohort sizes, imperfect substitution, general and specific skills |
| JEL: | J21 J22 J31 J61 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14641&r= |
| By: | C. A. K. Lovell (The University of Queensland, Australia) |
| Abstract: | The pandemic depression and climate change have buffeted the global economy and more. The pandemic has caused the deepest depression in a century, has had a devastating impact on human health and morbidity, and has exacerbated global inequalities. Climate change has exacted its own economic toll, has had its own adverse impacts on human health and global inequalities, and continues to wreak havoc on the global environment. I survey the literatures exploring the two challenges as at mid-2021, separately and jointly because they interact. I survey the impacts of the pandemic on global value chains, on aggregate and business output and employment, and on productivity. I survey the impacts of climate change on aggregate and business adaptation, the last line of defence, on agriculture, where the impacts are particularly severe, on business, and on productivity. I continue with an exploration into the linkages between the two challenges, and efforts to decouple them through a wide range of green growth policies. Throughout I emphasise the important role played by management, at business, national and global levels, in allocating resources to counter the impacts of both challenges. I acknowledge that the pandemic and climate change are evolving, the former encouragingly rapidly until the unwelcome arrival of the Delta variant, and the latter depressingly slowly, and consequently this survey is aiming at a pair of moving targets. |
| Keywords: | pandemic, climate change, green growth, productivity, management |
| JEL: | O44 Q54 Q58 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:qld:uqcepa:165&r= |
| By: | Dal Borgo, Mariela (Bank of Mexico) |
| Abstract: | This paper examines empirically the effect of the level of personal bankruptcy protection in the US on households’ demand for financial assets. A Chapter 7 bankruptcy allows protecting the home equity up to a certain limit or "exemption". Previous literature shows that such exemption biases investment towards home equity. This paper tests whether it also lowers investment in stocks, which are not protected in bankruptcy. Using an instrumental variable approach, I estimate a lower stock market participation when the home equity is below the exemption, but the result is not robust, and households at higher risk of bankruptcy do not exhibit a stronger response. Moreover, investment in home equity is not higher when the home is fully protected. These findings suggest no substantial portfolio distortions from the level of home equity that is protected in bankruptcy. |
| Keywords: | Personal bankruptcy law; Home equity protection; Stock market participation; Portfolio allocation JEL Classification: D14; G00; G11; K35 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:564&r= |
| By: | Thomas Piketty (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, WIL - World Inequality Lab); Li Yang (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, INSEAD - Institut Européen d'administration des Affaires) |
| Abstract: | This paper combines national accounts, household surveys, fiscal data, wealth rankings and election polls, in order to provide a comprehensive analysis of the evolution of income and wealth inequality in Hong Kong, as well as its impact on political cleavages over the 1981-2020 period. We find a very large rise in wage inequality since 1981, especially since the Handover of Hong Kong to China. Top 1% earners now receive a much larger fraction of the total wage bill than bottom 50% earners, while the opposite was true in pre-Handover Hong Kong. We also observe an enormous increase in the capital share and the top wealth share (normalized by national income) since 2000. Today Hong Kong's very top wealth share (top 0.001%) is ranked at very top in the world. Finally, we find that the top income earners and high-income professions (such as executives and managers) are more likely to vote for pro-Beijing camp, while the bottom 85% income group, students and lower-income professionals are more likely to be pro-democratic. |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03321889&r= |
| By: | Alfred Galichon |
| Abstract: | We show the role that an important equation first studied by Fritz John plays in mechanism design. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10538&r= |
| By: | Thomas Piketty (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, WIL - World Inequality Lab); Li Yang (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, INSEAD - Institut Européen d'administration des Affaires) |
| Abstract: | This paper combines national accounts, household surveys, fiscal data, wealth rankings and election polls, in order to provide a comprehensive analysis of the evolution of income and wealth inequality in Hong Kong, as well as its impact on political cleavages over the 1981-2020 period. We find a very large rise in wage inequality since 1981, especially since the Handover of Hong Kong to China. Top 1% earners now receive a much larger fraction of the total wage bill than bottom 50% earners, while the opposite was true in pre-Handover Hong Kong. We also observe an enormous increase in the capital share and the top wealth share (normalized by national income) since 2000. Today Hong Kong's very top wealth share (top 0.001%) is ranked at very top in the world. Finally, we find that the top income earners and high-income professions (such as executives and managers) are more likely to vote for pro-Beijing camp, while the bottom 85% income group, students and lower-income professionals are more likely to be pro-democratic. |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:psewpa:halshs-03321889&r= |
| By: | Thomas Piketty (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, WIL - World Inequality Lab); Li Yang (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, INSEAD - Institut Européen d'administration des Affaires) |
| Abstract: | This paper combines national accounts, household surveys, fiscal data, wealth rankings and election polls, in order to provide a comprehensive analysis of the evolution of income and wealth inequality in Hong Kong, as well as its impact on political cleavages over the 1981-2020 period. We find a very large rise in wage inequality since 1981, especially since the Handover of Hong Kong to China. Top 1% earners now receive a much larger fraction of the total wage bill than bottom 50% earners, while the opposite was true in pre-Handover Hong Kong. We also observe an enormous increase in the capital share and the top wealth share (normalized by national income) since 2000. Today Hong Kong's very top wealth share (top 0.001%) is ranked at very top in the world. Finally, we find that the top income earners and high-income professions (such as executives and managers) are more likely to vote for pro-Beijing camp, while the bottom 85% income group, students and lower-income professionals are more likely to be pro-democratic. |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wilwps:halshs-03321889&r= |
| By: | Stephen Littlechild (University of Birmingham and CJBS) |
| Keywords: | online reviews, customer satisfaction, customer feedback, Trustpilot, retail energy market, supermarkets, banks, mobile phone providers |
| JEL: | L15 L84 L94 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2025&r= |
| By: | Agarwal, Manmohan (Centre for International Trade and Development, Jawaharlal Nehru University); Azim, Rumi (Centre for International Trade and Development, Jawaharlal Nehru University) |
| Abstract: | The paper tests the hypothesis that financial stress caused the stagnation in the manufacturing sector, using firm level data on a sample of 804 large, mid, and small cap manufacturing firms for 15 years from 2005 to 2019. We analyse the trend in the financial indicators and estimate dynamic panel data regression using a two-step GMM method. We do not find substantial for financial stress to be a major determinant of the investment slowdown in these firms. Our results support the Pecking order theory, particularly for larger firms. In addition, we find that the declining growth in sales is a major determinant in explaining the slowdown in fixed investments and profits. For small cap firms, the size of the firms also matters. We therefore suggest that measures to increase demand can help in reviving the sales growth of firms and thereby private investments and profits. |
| Keywords: | Capital structure ; Investment ; Profitability ; Manufacturing ; India |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/339&r= |
| By: | Lorie Logan |
| Abstract: | Remarks at the 2021 Financial Crisis Forum, Panel on Lessons for Emergency Lending (delivered via videoconference). |
| Keywords: | liquidity; markets; repo; facilities; financial; conditions; shocks; pandemic; COVID-19; announcements |
| Date: | 2021–08–11 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednsp:92982&r= |
| By: | David Vallat (TRIANGLE - Triangle : action, discours, pensée politique et économique - CNRS - Centre National de la Recherche Scientifique - IEP Lyon - Sciences Po Lyon - Institut d'études politiques de Lyon - Université de Lyon - UJM - Université Jean Monnet [Saint-Étienne] - UL2 - Université Lumière - Lyon 2 - ENS Lyon - École normale supérieure - Lyon) |
| Date: | 2020–04–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03297099&r= |
| By: | Bose, Sukanya (National Institute of Public Finance and Policy); Ghosh, Priyanta (Gour Banga University); Sardana, Arvind (Social Science Group, Eklavya); Boda, Manohar (JNU) |
| Abstract: | The unrecognised school sector in Delhi has grown significantly over the years, and since long ceased to be marginal. The aim of the study is to understand the regulatory practice on the ground in this sector. According to the law, private schools must seek recognition from the appropriate authorities such that their functioning is aligned to public interest. Reading of the laws and an important Court case provides the background to the primary fieldwork on which the analysis is based. The results of the field survey indicate that unrecognised schools are growing unfettered. There is incentive for informality, regulation is totally absent and vested interests attempt to perpetuate the practice. The continuation of hands-off policy of the government vis-à-vis the sector despite the clear pronouncements in the Right to Education Act is explored from a variety of perspectives. Some suggestions towards formalisation are presented. |
| Keywords: | Low fee private schools ; unrecognised schools ; regulation ; informality in schooling ; educational policy ; educational law ; RTE. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/340&r= |
| By: | Aslihan Arslan; Eva-Maria Egger; Erdgin Mane; Vanya Slavchevska |
| Abstract: | Climate change is expected to increase the risk in agricultural production due to increasing temperatures and rainfall variability. Smallholders can adjust by diversifying income sources, including through migration. Most existing studies investigate whether households send a migrant after experiencing weather shocks, but the literature lacks evidence on migration as an ex-ante measure. In this paper, we disentangle the direct effect of weather shocks on income from agriculture from the effect of changing weather patterns over a few years on migration as a diversification strategy. |
| Keywords: | Climate change, Migration, Agriculture, Simultaneous equations, Nepal |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-131&r= |
| By: | Addis Gedefaw Birhanu (emlyon business school); Philipp Geiler; Luc Renneboog; Yang Zhao |
| Abstract: | We investigate whether acquisition experience of executive and non-executive directors is priced in their remuneration contracts. Acquisition experience generates a contractual premium, and the relative size of this premium is higher for non-executive directors than for executives. Only a director's track record related to past successful acquisitions is priced. Acquisition experience of a director is not remunerated if this type of experience is already abundantly present in the firm through the firm's past acquisition record (substitution effect). We verify the results by examining potential endogeneity concerns, by analyzing a broad set of measures of acquisition experience (such as industry-specific, broad or international experience, experience on a target's board), and by ruling out alternative explanations (such as a director's general skills level or reputation, the CEO's power and delegation attitude, and the firm's corporate governance quality). |
| Keywords: | Directors,M&A,Takeovers,Mergers,remuneration contracting,Compensation,Experience,Human capital,skills |
| Date: | 2021–05–11 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03265164&r= |
| By: | Abdelouahed Berrichi (LURIGOR - Laboratoire d’Universitaire de Recherche en Instrumentation et Gestion des Organisations - Université Mohammed Premier [Oujda]); Zineb Azarkan (LURIGOR - Laboratoire d’Universitaire de Recherche en Instrumentation et Gestion des Organisations - Université Mohammed Premier [Oujda]) |
| Abstract: | Exactly two months after the first case in Wuhan, China, towards the end of 2019, the gap between the carriers of the virus and the epidemiological situation is growing just like a sword of Damocles over the heads of systems and nations around the world. Due to its spread, this pandemic has also challenged enterprises' operational capacity and market presence. In such a context, a question arises: did companies manage the pandemic effectively? Through this question, this article aims to explore the problematic relationship between the Covidian context and businesses and, along the way, understand why while facing Covid-19 and its multiple effects some businesses win and others lose. For this purpose, it seems opportune, first of all, to identify the multiple effects inherent in Covid-19, in order to better interpret the sensitivity of companies to the weight of the crisis, and thirdly, to specify how certain companies have managed to organize their activity and adapt to health contingencies thanks to the business continuity plan, while others have experienced great difficulties (namely making negative financial results, or cutting jobs to reduce costs, temporally or totally stopping their operations, or even declaring their bankruptcy). The impact of this pandemic has allowed us to determine a new way of comparison between companies: differentiation based on the use or the disuse of the business continuity plan as the ideal solution to manage and overcome this crisis by guaranteeing the preparation, the proactivity and the rapid recovery of activities. Therefore, this plan helped the companies to maintain in the market without cutting jobs or shutting down their doors. |
| Keywords: | Business Continuity Plan,Alterities,Effects,Crisis,COVID-19 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03313584&r= |
| By: | Fahd Zulfiqar (Pakistan Institute of Development Economics, Islamabad.); Fida Muhammad Khan (Pakistan Institute of Development Economics, Islamabad.) |
| Abstract: | This paper attempts to understand the economics underlying broadcast media in Pakistan. Specifically, we seek to understand the media market in Pakistan, the politics of media ratings in the country, and the role of PEMRA as the regulator of broadcast media. After explaining what media economics as a specialised field of scientific inquiry entails, we examine the magnitude and trend of advertisement expenditures and its consequences for the quality of broadcast content. Next, we have detailed the dynamics of ratings of the broadcast media content and again its impact on the quality of content. Finally, the role of PEMRA as the regulator of broadcast media is investigated. Our findings suggest that the high magnitude of advertisement expenditure and the dynamics of ratings induce the broadcasters to focus on the preferences of the advertisers rather than society at large. The role of PEMRA is open to question— over-reliance on its status as the regulator of broadcast media content rather than that of a media market, and preference for policing over persuasion has caused trust deficit between licensees and PEMRA. We offer a few pragmatic options for improving the economics of broadcast media in Pakistan. |
| Keywords: | Broadcast Media, Economics, Media, Pakistan, PEMRA |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2021:7&r= |
| By: | Neil Bhutta; Adithya Raajkumar; Eileen van Straelen |
| Abstract: | New homes listed for sale fell sharply at the beginning of the pandemic. Anecdotal evidence suggests that fear of COVID made homeowners reluctant to list their homes, driving down new listings. Figure 1 shows that from March to April 2020, as COVID lockdowns went into effect, new listings declined by more than one-third relative to previous years and did not return to normal levels until July 2020. |
| Date: | 2021–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2021-08-16&r= |
| By: | Adrian Fernandez-Perez (AUT - Auckland University of Technology); Ana-Maria Fuertes (Sir John Cass Business School); Joelle Miffre (Audencia Business School) |
| Abstract: | This paper studies the energy futures risk premia that can be extracted through long-short portfolios that exploit heterogeneities across contracts as regards various characteristics or signals and integrations thereof. Investors can earn a sizeable premium of about 8% and 12% per annum by exploiting the energy futures contract risk associated with the hedgers' net positions and roll-yield characteristics, respectively, in line with predictions from the hedging pressure hypothesis and theory of storage. Simultaneously exploiting various signals towards style-integration with alternative weighting schemes further enhances the premium. In particular, the style-integrated portfolio that equally weights all signals stands out as the most effective. The findings are robust to transaction costs, data mining and sub-period analyses. |
| Keywords: | Integration,Long-short portfolios,Risk premium,Energy futures markets |
| Date: | 2021–10–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312959&r= |
| By: | Vines, David; Maciejowski, Jan; Rowthorn, Robert; Sheffield, Scott; Williamson, Annie |
| Abstract: | In the United Kingdom, as elsewhere, there has been a debate on how to escape from lockdown without provoking a resurgence of the Covid-19 disease. This paper presents a simple cost-benefit analysis inspired by optimal control theory, incorporating an SEIR model of disease propagation. Our calibration accords with UK experience and simulations start from the beginning of January 2021. The optimal path for government intervention is computed under different assumptions about the value of life. We examine how the test & trace system and vaccination affect this optimal path and show that these policies are complements. Test & trace has most effect at the beginning when prevalence is high, whereas vaccination only affects infections gradually. Comparing optimal paths, we show that economic cost is much lower under vaccination alone than under test & trace alone. Deaths, in contrast, are somewhat higher under vaccination. In general, the greater is the value of life, the longer is the optimal lockdown. Under certain conditions, this relationship is discontinuous: a small increase in the value of life leads to a jump in the optimal length of lockdown. |
| Keywords: | Covid-19, cost-benefit, lockdown, SEIR, pandemic |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-14&r= |
| By: | Christopher Jepsen; Peter Mueser; Kenneth Troske; Kyung-Seong Jeon |
| Abstract: | This paper provides novel evidence on the labor-market returns to for-profit postsecondary school and community college attendance using a two-step model to avoid recent concerns with singlestage fixed effects methods. Specifically, we link administrative records on for-profit school and community college attendance with quarterly earnings data for over 400,000 students in one state. Five years after enrollment, quarterly earnings conditional on employment exceed earnings in the absence of schooling by 20-29 percent for students attending for-profit schools and 16-27 percent for students attending community colleges. Despite differences in costs, in aggregate the benefits of attendance generally exceed the costs in both for-profit schools and community colleges. Finally, we present evidence showing that students in for-profit schools and community colleges pursue different degrees and focus on different areas of study. |
| Keywords: | postsecondary education, labor-market returns, for-profit schools |
| JEL: | J24 I26 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9272&r= |
| By: | Anabela Santos (European Commission - JRC) |
| Abstract: | Based on the case study of Portugal, the present study aims to analyse the alignment of investments in the Portuguese ‘Recovery and Resilience Plan’ with the Smart Specialisation Strategies priorities (2021-2027) of this territory, and then identify opportunities for potential synergies and complementary between funding instruments. With the information available in the Plan and its annex, a detailed analysis is performed to identify investments able to enhance Research & Development, and Innovation and/or to improve the regional innovation eco-systems. The analysis shows that up to €6 Billion of the Plan (37%) may potentially support directly and indirectly the Smart Specialisation in Portugal. However, the effect of such contribution will strongly depend on the final beneficiaries, projects selected, absorption capacity, and governance model. The paper also explains the relevance of Smart Specialisation in the Covid-19 recovery and draft some policy recommendations. |
| Keywords: | Covid-19 crisis; Innovation; Government Policy; Portugal. |
| JEL: | E32 O31 G38 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:termod:202105&r= |
| By: | Sasse, Lea |
| Abstract: | Starting on 18 October 2019, Chile experienced the largest mass protests in its history. The movement was immensely broad in its demands and diverse in tactics and participants. The citizens' discontent went beyond solely one issue, addressing a more equal welfare system and social justice, among other things. But it was not only about street protests; the social movement also caused an avalanche in social media exchanges and initiated a dialogue among Chileans in the form of neighbourhood associations. This paper argues that long-standing inequalities, the inability of politics to address them, a growing distancing of the population from politics, and the process of the citizens' politicisation were the reasons for the mass protests. |
| Keywords: | Social movements,Chile,inequality,mass protests,civil society,Latin America,social media,political opportunities,social justice |
| JEL: | O54 I38 Z13 N36 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ipewps:1662021&r= |
| By: | Buckmann, Marcus (Bank of England); Haldane, Andy (Bank of England); Hüser, Anne-Caroline (Bank of England) |
| Abstract: | Is human or artificial intelligence more conducive to a stable financial system? To answer this question, we compare human and artificial intelligence with respect to several facets of their decision-making behaviour. On that basis, we characterise possibilities and challenges in designing partnerships that combine the strengths of both minds and machines. Leveraging on those insights, we explain how the differences in human and artificial intelligence have driven the usage of new techniques in financial markets, regulation, supervision, and policy making and discuss their potential impact on financial stability. Finally, we describe how effective mind-machine partnerships might be able to reduce systemic risks. |
| Keywords: | Artificial intelligence; machine learning; financial stability; innovation; systemic risk |
| JEL: | C45 C55 C63 C81 |
| Date: | 2021–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0937&r= |
| By: | Thibaut Duprey; Colin Jones; Callie Symmers; Geneviève Vallée |
| Abstract: | Natural disasters occur more often than before, potentially exposing households to financial distress. We study the intersection between household financial vulnerabilities and severe weather events. |
| Keywords: | Climate change; Credit and credit aggregates; Financial stability; Housing; Recent economic and financial developments |
| JEL: | C38 D14 Q54 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocsan:21-19&r= |
| By: | Uchida, Yuki; Ono, Tetsuo |
| Abstract: | The golden rule of public finance distinguishes public investment from consumption spending when borrowing, permitting the finance of public investment only. This study focuses on public investment in human capital and compares this rule with the balanced budget rule, which rules out debt finance, in an overlapping generations model. In the model, fiscal policy is endogenous, chosen each period by a short-lived government representing existing generations. We evaluate the government's choice and the resulting political distortions for a given fiscal rule from the long-lived planner's perspective. We find that a country with a larger preference for public consumption can minimize distortions by lowering the fraction of debt-financed public investment. We calibrate the model to a sample of OECD countries. On the one hand, we find that the golden rule of public finance in human capital is optimal and politically supported in Greece; on the other hand, the balanced budget rule (no borrowings for human capital investment) is optimal and politically supported in Germany and to a lesser extent in Japan and the United States. |
| Keywords: | Balanced Budget Rule; Golden Rule of Public Finance; Probabilistic Voting, Overlapping Generations |
| JEL: | D70 E62 H63 |
| Date: | 2021–08–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109289&r= |
| By: | Steven J. Davis (University of Chicago, and NBER); John C. Haltiwanger (University of Maryland, and NBER); Kyle Handley (University of Michigan, and NBER); Ben Lipsius (University of Michigan); Josh Lerner (Harvard Business School, and NBER); Javier Miranda (Friedrich-Schiller University Jena and Halle Institute for Economic Research (IWH)) |
| Abstract: | We examine thousands of U.S. private equity (PE) buyouts from 1980 to 2013, a period that saw huge swings in credit market tightness and GDP growth. Our results show striking, syste matic differences in the real-side effects of PE buyouts, depending on buyout type and external conditions. Employment at target firms shrinks 13% over two years in buyouts of publicly listed firms but expands 13% in buyouts of privately held firms, both relative to contemporaneous outcomes at control firms. Labor productivity rises 8% at targets over two years post buyout (again, relative to controls), with large gains for both public-to-private and private-to-private buyouts. Target productivity gains are larger yet for deals executed amidst tight credit conditions. A post-buyout widening of credit spreads or slowdown in GDP growth lowers employment growth at targets and sharply curtails productivity gains in public-to-private and divisional buyouts. Average earnings per worker fall by 1.7% at target firms after buyouts, largely erasing a pre-buyout wage premium relative to controls. Wage effects are also heterogeneous. In these and other respects, the economic effects of private equity vary greatly by buyout type and with external conditions. |
| Keywords: | Private equity buyouts, business cycle, business dynamics, real effects, job creation, productivity, wages, administrative data, large matched sample |
| JEL: | D22 D24 G24 G34 J63 L25 |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:jrp:jrpwrp:2021-013&r= |
| By: | Choi, Eseul; DePaula, Guilherme M.; Kyveryga, Peter; Fey, Suzanne |
| Keywords: | Environmental Economics and Policy, Production Economics, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312893&r= |
| By: | Tanveer, Muhammad; Hassan, Shafiqul; Mahmood, Haider; Khan, Syed Abdul Rehman |
| Abstract: | Since the outset of severe acute respiratory syndrome-coronavirus-2 (SARS-CoV-2), commonly referred to as the “COVID-19” pandemic, people spend more time online. The pandemic has spurred growth in the use of social media. Organizations now train employees to use digital media to coordinate work and connect from home. The study aims to produce effective discussion regarding the importance of social media and how it can assist in the recent times of Covid-19 regarding job performance. Research predicts the new ways of business conducted and how communication and coordination, knowledge exchange, training, and development are helpful in carryout effective job productivity at the workplace. We analyzed responses of more than 800 managers who reported on “go-to” social media tools and remote office practices. The research employed quantitative methodology (i.e., emailed questionnaires) and found that social media has become an important tool for conducting business operations due to social distancing and isolation. As per the results, it is clear that the utilization of social media allows Saudi Arabia's management to improve the training and development and communication and coordination among the employees while also being perceived as a highly useful tool. Therefore, we recommend that researchers conduct studies in inter-organizational and cross-national settings. Looking ahead, organizations will continue to engage in practices that ensure personal safety amid a complex web of new requirements and processes, as understanding and treatment of COVID-19 and ongoing outbreaks continues to affect and minutely transform the current work-life balance. |
| Keywords: | Social Media, Leaders, Business Management, Productivity, Telecommunications |
| JEL: | M1 |
| Date: | 2021–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109249&r= |
| By: | Michael T. Kiley |
| Abstract: | How will climate change affect risks to economic activity? Research on climate impacts has tended to focus on effects on the average level of economic growth. I examine whether climate change may make severe contractions in economic activity more likely using quantile regressions linking growth to temperature. The effects of temperature on downside risks to economic growth are large and robust across specifications. These results suggest the growth at risk from climate change is large—climate change may make economic contractions more likely and severe and thereby significantly impact economic and financial stability and welfare. |
| Keywords: | Climate change; Risk management; GDP at Risk |
| JEL: | E23 O13 Q54 Q56 |
| Date: | 2021–08–09 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2021-54&r= |
| By: | Vines, David |
| Abstract: | The UK now faces many fundamental political-economy choices. These cover: dealing with the implications of Covid for healthcare and social care; making post-Brexit decisions about trade policy and industrial policy; achieving net-zero carbon emissions; responding to the North-South divide and dealing with inequality; rethinking the UK's policy for primary, secondary and tertiary education; and constructing a policy to shape the country's research and development agenda. All of these choices have implications for how the UK's low level of productivity might be raised. This paper argues that there is a need for a national policy review institution – a Productivity Commission - to provide guidance for these choices. This would be a statutory body, one that could both analyse reforms and make policy recommendations to Government, according to their implications both for the UK's national interest, and for different groups within the country. A valuable model is provided by Australia's Productivity Commission, an institution with a long history of making recommendations on a wide range of microeconomic and social-policy issues. I spell out how this institution came to be established, why it has been so important in Australia, and what we can learn from this Australian experience. I examine what the policy guidelines for such an instiution might be and show how such a body might be established in the UK. |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-13&r= |
| By: | David Newbery (Faculty of Economics, University of Cambridge) |
| Keywords: | Transport policy, fuel taxes, road pricing, road investment |
| JEL: | D62 H23 R41 R48 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2024&r= |
| By: | Christopher P. Adams |
| Abstract: | This paper presents the Congressional Budget Office’s simulation model for analyzing legislative proposals that may substantially affect new drug development. The model uses estimates of changes in expected future profits or development costs to estimate the percent change in the number of drug candidates entering the various stages of human clinical trials. Given changes in decisions to enter at each stage, the model estimates when and by how much the number of new drugs entering the market will change. To illustrate the implications of the model, the paper considers a |
| JEL: | I11 I18 |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:cbo:wpaper:57010&r= |
| By: | Crafts, Nicholas (University of Sussex and CAGE, University of Warwick) |
| Abstract: | In 1930 Keynes opined that by 2030 people would work only 15 hours per week. As such, this prediction will not be realised. However, expected lifetime hours of leisure and non-market work in the UK rose by 60 per cent between 1931 and 2011, considerably more than Keynes would have expected. This reflects increases in life expectancy at older ages and much longer expected periods of retirement. Leisure in retirement contributes to high life satisfaction for the elderly but building up savings to pay for it is a barrier to working only 15 hours per week. |
| Keywords: | Leisure: Life Expectancy; Retirement; Work JEL Classification: J22; J26; N34 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:566&r= |
| By: | Paul Ho |
| Abstract: | We survey approaches to macroeconomic forecasting during the COVID-19 pandemic. Due to the unprecedented nature of the episode, there was greater dependence on information outside the econometric model, captured through either adjustments to the model or additional data. The transparency and flexibility of assumptions were especially important for interpreting real-time forecasts and updating forecasts as new data were observed. With data available at the time of writing, we show how various assumptions were violated and how these systematically biased forecasts. |
| Keywords: | Macroeconomic Forecasting; COVID-1 |
| Date: | 2021–06–16 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedrwp:92993&r= |
| By: | David Kaplan (University of Missouri) |
| Abstract: | I developed the distcomp command to help Stata users compare distributions using recent methodology from the econometrics literature (Goldman and Kaplan 2018; https://doi.org/10.1016/j.jeconom.2018.04.003). Goodness-of-fit tests like ksmirnov simply test the null hypothesis that two distributions are identical; the test can only reject or accept. Providing more information, distcomp identifies specific intervals on which the distributions' difference is statistically significant, while still controlling the false-positive rate appropriately. A secondary benefit of distcomp is its improved power in the tails compared with ksmirnov. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:2&r= |
| By: | Antoine Fosset; Jean-Philippe Bouchaud; Michael Benzaquen (LadHyX - Laboratoire d'hydrodynamique - X - École polytechnique - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We propose an actionable calibration procedure for general Quadratic Hawkes models of order book events (market orders, limit orders, cancellations). One of the main features of such models is to encode not only the influence of past events on future events but also, crucially, the influence of past price changes on such events. We show that the empirically calibrated quadratic kernel is well described by a diagonal contribution (that captures past realised volatility), plus a rank-one "Zumbach" contribution (that captures the effect of past trends). We find that the Zumbach kernel is a power-law of time, as are all other feedback kernels. As in many previous studies, the rate of truly exogenous events is found to be a small fraction of the total event rate. These two features suggest that the system is close to a critical point -- in the sense that stronger feedback kernels would lead to instabilities. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-02998555&r= |
| By: | Bachelet, Marion (Mercator Research Institute on Global Commons and Climate Change (MCC)); Kalkuhl, Matthias (Mercator Research Institute on Global Commons and Climate Change (MCC)); Koch, Nicolas (Mercator Research Institute on Global Commons and Climate Change (MCC)) |
| Abstract: | The COVID-19 pandemic created the largest experiment in working from home. We study how persistent telework may change energy and transport consumption and costs in Germany to assess the distributional and environmental implications when working from home will stick. Based on data from the German Microcensus and available classifications of working-from-home feasibility for different occupations, we calculate the change in energy consumption and travel to work when 15% of employees work full time from home. Our findings suggest that telework translates into an annual increase in heating energy expenditure of 110 euros per worker and a decrease in transport expenditure of 840 euros per worker. All income groups would gain from telework but high-income workers gain twice as much as low-income workers. The value of time saving is between 1.3 and 6 times greater than the savings from reduced travel costs and almost 9 times higher for high-income workers than low-income workers. The direct effects on CO2 emissions due to reduced car commuting amount to 4.5 millions tons of CO2, representing around 3 percent of carbon emissions in the transport sector. |
| Keywords: | working from home, COVID-19, distributional effect, climate impact |
| JEL: | D13 J22 J61 Q40 R11 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14642&r= |
| By: | OMOLLO, HAROLD; OLWENY, TOBIAS; OLUOCH, OLUOCH; WAMATANDA, JOSHUA |
| Abstract: | Financial structure choice and its impact on growth remains a great dilemma to all stakeholders. Whereas several studies have been done on this subject, more is yet to be established so as to ascertain the validity of the relationship between the financial structure and growth while factoring in an appropriate moderating variable like firm size in Kenya. The study investigates the confluence of financial structure and growth of pension funds management organizations in Kenya while considering confounding studies supporting, disagreeing and undecided views of other scholars. This study highlighted several empirical evidences, literature review, objectives and the research hypotheses. The study employed causal research design with secondary panel data from the financial statements of 49 pension firm organizations carefully identified according to Krejcie and Morgan (1970) table retrieved from a population of 68 registered pension scheme managers in Kenya as at December 31st 2018. Data was retrieved from the retirement benefit authority records for the period December 2009-2018.Model specifications linking both the Independent, dependent and the error term was applied together with statistical and diagnostic tests. The effect of financial structure on pension funds is not significant across all firms. It is also concluded that highly geared firms have significant relationship with equity returns and insignificant relationship with asset returns. In addition, highly geared firms tend to have high profitability and that the nature of the industry also determines the effect of financial structure on their growth. |
| Keywords: | Capital Structure, Financial Performance, Financial Structure, Speed of Adjustment Working Capital Management, Short Term Debt, Long Term Debts, External Equity Internal Equity |
| JEL: | G3 |
| Date: | 2021–07–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109217&r= |
| By: | Nicholas M Odhiambo (University of South Africa) |
| Abstract: | Purpose – This study examines the causal relationship between exports and economic growth in sub-Saharan African (SSA) countries during the period 1980 to 2017. The study also examines whether the causality between these two macroeconomic variables depends on the countries’ stage of development as proxied by their per capita income. Design/methodology/approach – The study uses a panel cointegration test and panel Granger-causality model to examine the link between exports and growth. The study also incorporates external debt as an intermittent variable in a bivariate setting between exports and economic growth, thereby creating a dynamic multivariate panel Granger-causality model. Findings – Although the study found the existence of a long-run relationship between exports and economic growth, the study failed to find any export-led growth response in both low-income and middle-income countries. Instead, the study found evidence of a bidirectional causality and a neutrality response in middle-income and low-income countries, respectively. The study, therefore, concludes that the benefits of an export-led growth hypothesis may have been oversold, and that the strategy may not be desirable to some low-income developing countries. Practical implications – These findings have important policy implications as they indicate that the causality between exports and economic growth in SSA countries varies with the countries’ stage of development. Consistent with the contemporary literature, the study cautions low-income SSA countries against over-relying on an export-led growth strategy to achieve a sustained growth path as no causality between exports and economic growth has been found to exist in those countries. Instead, such countries should consider pursuing new growth strategies by building the domestic demand side of their economies alongside their export promotion strategies in order to expand the real sector of their economies. For middle-income countries, the study recommends that both export promotion strategies and pro-growth policies should be intensified as economic growth and exports have been found to reinforce each other in those countries. Originality/value – Unlike the previous studies, the current study disaggregated the full sample of SSA countries into two subsets – one comprising of low-income countries and the other consisting of middle-income countries. In addition, the study uses a multivariate Granger-causality model in order to address the emission-of-variable bias. To our knowledge, this may be the first study of its kind in recent years to examine in detail the causal relationship between exports and economic growth in SSA countries using an ECM-based multivariate panel Granger-causality model. |
| Keywords: | Granger Causality, Economic Growth, Exports, Sub-Saharan Africa |
| JEL: | C33 F14 O41 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:afa:wpaper:aeri0121&r= |
| By: | Alexander Karsay (National Bank of Slovakia) |
| Abstract: | The study presents main structural and cyclical drivers most likely driving unemployment rate developments in the period of the recent labour market expansion in Slovakia in 2014 – 2019. It presents estimates of the impact of individual drivers on structural unemployment rate using panel regression methods. The contributions of drivers to unemployment developments are presented for V4 countries. We also provide a hint as to likely future drivers of unemployment in the Slovak Republic in coming years. The 2014 – 2019 period in Slovakia was characterised by both a structural and cyclical decline in unemployment. The structural decline was driven by active labour market policies, demography, workforce mobility, to some extent higher quality of human capital and labour productivity. The current pandemic crisis causes an upward adjustment of unemployment unwinding previous imbalance. This is accompanied by efforts to increase efficiency of production processes due to general automation drive as well as potential lagged impacts of dynamic growth of labour costs. These factors could potentially offset other opposite structural forces, namely demography and potential output growth. |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:svk:wpaper:1078&r= |
| By: | Buscha, Franz (University of Westminster); Gorman, Emma (University of Westminster); Sturgis, Patrick (London School of Economics) |
| Abstract: | In this paper we use linked census data to assess whether an academically selective schooling system promotes social mobility, using England as a case study. Over a period of two decades, the share of pupils in academically selective schools in England declined sharply and differentially by area. Using a sample of census records matched to administrative data on selective system schooling within local areas, we exploit temporal and geographic variation to estimate the effects of the selective schooling system on absolute and relative social class mobility. Our results provide no support for the contention that the selective schooling system increased social mobility in England, whether considered in absolute or relative terms. The findings are precisely estimated and robust to a comprehensive battery of robustness checks. |
| Keywords: | social mobility, selective schooling, grammar schools |
| JEL: | I21 J18 J24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14640&r= |
| By: | Thibault Langlois-Berthelot (EHESS - École des hautes études en sciences sociales, Kedge BS - Kedge Business School); Ghislaine Bouillet-Cordonnier (Cabinet d'avocats) |
| Abstract: | L'avènement des nouvelles technologies du numérique fait aujourd'hui émerger de nouveaux usages en matière de financement. La digitalisation progressive des méthodes de levées de fonds bouleverse les relations commerciales et les régimes juridiques relatifs au triptyque conventionnel régissant les créanciers, les débiteurs et les porteurs de projets. En ce sens, le financement participatif numérique permet, grâce à des plateformes en ligne (Section I) et parfois couplées à une Technologie de Registre Distribué (TRD1) (Section II), d'optimiser certains processus de financements des entreprises. |
| Keywords: | Droit Comparé,Droit économie,Droit suisse |
| Date: | 2021–04–28 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03282220&r= |
| By: | Rekker, Saphira; Ives, Matthew; Wade, Belinda; Greig, Chris; Webb, Lachlan |
| Abstract: | To meet climate goals, it is necessary for companies to become Paris-compliant. Two recent initiatives, the Transition Pathway Initiative (TPI) and Assessing low-Carbon Transitions (ACT) initiative, have proposed methodologies to benchmark companies performances against science-based emission reduction levels. However, these initiatives have several limitations, including a shifting baseline, and a focus on carbon-intensities. Here, we propose a methodology that overcomes these limitations by ensuring each company strictly adheres to the Paris carbon budget. Applying our metrics to the ten highest emitting companies in the Australian electricity sector, we find that none are currently Paris-compliant, with every year of delayed action increasing their required rate of decarbonisation and hence the exposure of billions in assets to transition risk. We demonstrate that even using the more prescriptive ACT guidelines allows these companies to exceed their carbon budgets up to 235% by mid-century. Applying our proposed method ensures accurate tracking of progress, which is imperative for companies and stakeholders to align their decision-making with the Paris Agreement. |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-03&r= |
| By: | Hind Ennaji (Université Ibn Zohr [Agadir]); Mustapha Jaad (Université Ibn Zohr [Agadir]) |
| Abstract: | In a highly competitive environment, the issue of green logistics is receiving considerable attention. Green supply chain management has become an important organizational philosophy for reducing environmental risk, so it plays an important role in improving business performance. In 1991, the American Logistics Council, a U.S.-based trade organization, defined logistics as: "the process of planning, implementing, and controlling the efficient flow and storage of goods, services, and related information from one point of origin to another" (Council of Logistics Management | Trade Organization, n.d.) Since the application of logistics generally has a positive effect on the efficiency of the supply chain system, it is suggested that logistics should be environmentally friendly, hence the concept of "green logistics". There are many barriers and factors that directly and indirectly affect the implementation of green practices in an organization (at different levels and depending on the level of development of the organization). In this paper, a total number of 27 barriers and 41 drivers are identified from the literature. These Barriers and Drivers are almost common in various sectors for the adoption and implementation of GSCM in companies. |
| Abstract: | Dans un environnement hautement compétitif, la question de la logistique verte suscite une attention considérable. La gestion verte de la chaîne d'approvisionnement est devenue une philosophie organisationnelle importante pour réduire risque environnemental, ainsi elle joue un rôle important dans l'amélioration de la performance des entreprises. En 1991, le conseil américain en logistique , une organisation commerciale basée aux États-Unis, a défini la logistique comme suit : « le processus de planification, de mise en œuvre et de contrôle du flux et du stockage efficaces des biens, des services et des informations connexes d'un point d'origine à un autre »(Council of Logistics Management | Trade Organization, s. d.) Étant donné que l'application de la logistique a généralement un effet positif sur l'efficacité du système de la chaine logistique, Il est suggéré que la logistique doit être respectueuse de l'environnement, c'est d'où vient donc le concept de «logistique verte». Il existe de nombreux obstacles ainsi que des facteurs qui affectent directement et indirectement la mise en œuvre des pratiques vertes dans une organisation (à différents niveaux et en fonction du niveau de développement de l'organisation). Dans cet article, un nombre total de 27 obstacles et 41 moteurs sont identifiés de la littérature. Ces Barrières et moteurs sont presque communs dans divers secteurs pour l'adoption et la mise en œuvre de la GSCM dans les entreprises. |
| Keywords: | Sustainable Development,Green Logistics,Supply Chain Management,Développement Durable,Gestion de la Chaine Logistique,Logistique verte |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03313907&r= |
| By: | Victor Ajayi (EPRG, CJBS, University of Cambridge); Geoffroy Dolphin (EPRG, CJBS, University of Cambridge); Karim Anaya (EPRG, CJBS, University of Cambridge); Michael Pollitt (EPRG, CJBS, University of Cambridge) |
| Keywords: | Total factor productivity, growth accounting, regulation, energy networks, climate policy |
| JEL: | D24 O47 H23 |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2021&r= |
| By: | Ihsaan Bassier |
| Abstract: | How does centralized bargaining affect the broader wage structure? And what does this tell us about the (non-)competitive dynamics of such labour markets? I study large contracted wage increases negotiated by centralized bargaining councils in South Africa, using matched employer-employee tax panel data from 2008 to 2018. First, my stacked event-study of bargaining council firms shows sharp wage increases in bargaining councils, concentrated in mid-wage and mid-size firms. |
| Keywords: | Wages, Collective bargaining, Monopsony, Spillovers, event study, labour markets |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-132&r= |
| By: | Zineb Debbagh (UIT - Université Ibn Tofaïl); Hassan Azouaoui (UIT - Université Ibn Tofaïl) |
| Abstract: | Events are recognized as catalysts for tourism development and enhancing the image of the destination. Indeed destination marketers view the use of events as territorial marketing tools that contribute to the future success of the destination. The aim of this study is to provide a theoretical understanding and empirical examination of the impact of event image on destination image. We mobilize the theory of image transfer to examine the causal link between festival image and host destination image. Data were collected among 514 tourists who attended music festivals in Morocco and the model was tested using structural equation modeling (PLS-SEM). The results of this study support the positive impact of the event's image on the destination's image and confirm the image transfer from the event to the destination. |
| Abstract: | Les événements sont reconnus comme des catalyseurs de développement touristique et d'amélioration de l'image de destination. En effet, les marqueteurs de la destination voient l'utilisation des événements comme outil de marketing territorial qui contribueront au rayonnement de la destination. L'objectif de ce papier est de fournir une compréhension théorique et un examen empirique de l'impact de l'image de l'événement sur l'image de la destination. Nous mobilisons la théorie du transfert d'image pour examiner le lien de causalité entre l'image du festival et l'image de la destination hôte. Les données ont été collectées auprès de 514 touristes qui ont assisté à des festivals de musique au Maroc et le test du modèle s'est effectué par la modélisation par équations structurelles basée sur la méthode PLS. Les résultats de cette étude soutiennent l'impact positif de l'image de l'événement sur l'image de la destination et confirment le transfert d'image de l'événement vers la destination. |
| Keywords: | Event image,destination image,image transfer,Image de la destination,Image de l’événement,Transfert d'image |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03316268&r= |
| By: | Juan Estrada (Emory University) |
| Abstract: | I present the netivreg command, which implements the generalized three-stage least-squares (G3SLS) estimator for the endogenous linear-in-means model developed in Estrada et al. (2020, “On the Identification and Estimation of Endogenous Peer Effects in Multiplex Networks"). The G3SLS procedure utilizes full observability of a two-layered multiplex network data structure using Stata 16's new multiframes capabilities and Python integration. Implementations of the command utilizing simulated data as well as three years' worth of data on peer-reviewed articles published in top general-interest journals in economics in Estrada et al. (2020) are also included. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:16&r= |
| By: | Eddie Nebie (UCD - Université Chouaib Doukkali); Elmoukhtar Tbitbi (UH2MC - Université Hassan II [Casablanca]) |
| Abstract: | Empirical studies have shown that board characteristics influence the choice of capital structure in listed and unlisted companies. This paper aims to add to the existing literature on corporate governance and capital structure decisions in listed companies in Morocco by examining the relationship between board characteristics and capital structure. The paper uses a panel of data from 53 Moroccan nonfinancial listed companies from 2015 to 2019. In order to properly examine this relationship, correlation analysis and multiple linear regression (OLS) are performed between the dependent and independent variables. This study found that the percentage of female board members, the size of the board of directors as well as company-specific variables such as asset tangibility and company size have a significant influence on capital structure decisions. However, the empirical results of the relationships are only statistically significant in the case of board size and the proportion of women on the board. While the presence of independent directors and CEO duality show no effect on capital structure. It is clear from the study that corporate governance structures influence the financing decisions of listed Moroccan firms. However, this study has limitations that could lead to future research in terms of choice of variables and statistical method. |
| Abstract: | Des études empiriques ont montré que les caractéristiques du conseil d'administration influencent le choix de la structure du capital des sociétés cotées et non cotées. Cet article vise à enrichir la littérature existante sur la gouvernance d'entreprise et les décisions relatives à la structure du capital dans les sociétés cotées en bourse au Maroc en examinant la relation entre les caractéristiques du conseil d'administration et la structure du capital. Le document utilise un panel de données de 53 sociétés non financières marocaines cotées en bourse, soit 424 observations, de 2015 à 2019. Afin d'examiner correctement cette relation, une analyse de corrélation et une régression linéaire multiple (MCO) sont réalisées entre les variables. Cette étude a montré que le pourcentage de femmes membre du conseil d'administration, la taille du conseil d'administration ainsi que les variables propres aux entreprises, telles que la tangibilité des actifs et la taille de l'entreprise, ont une influence significative sur les décisions relatives à la structure du capital. Toutefois, les résultats empiriques des relations ne sont statistiquement significatifs que dans le cas de la taille du conseil d'administration et de la proportion de femmes dans le conseil d'administration. Tandis que la présence des administrateurs indépendants et la dualité du PDG ne présentent aucun effet sur la structure du capital. Il ressort clairement de l'étude que les structures de gouvernance d'entreprise influencent les décisions de financement des entreprises marocaines cotées. Cependant, cette étude présente des limites qui pourraient conduire à des recherches futures en termes de choix de variables et méthode statistique. |
| Keywords: | Performance,Territorial management,Governance,Territorial communities,Management territorial,Gouvernance,Collectivités territoriales |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312629&r= |
| By: | Nicolas Jacquemet (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Stéphane Luchini (CNRS - Centre National de la Recherche Scientifique, AMSE - Aix-Marseille Sciences Economiques - EHESS - École des hautes études en sciences sociales - ECM - École Centrale de Marseille - CNRS - Centre National de la Recherche Scientifique - AMU - Aix Marseille Université); Antoine Malézieux (CEREN - Centre de Recherche sur l'ENtreprise [Dijon] - BSB - Burgundy School of Business (BSB) - Ecole Supérieure de Commerce de Dijon Bourgogne (ESC)) |
| Abstract: | Does giving taxpayers a voice over the destination of tax revenues lead to more honest income declarations? Previous experiments have shown that giving participants the opportunity to select the organization that receives their tax funds tends to increase tax compliance. The aim of this paper is to assess whether this increase in compliance is induced by the sole fact of giving subjects a choice — a "direct democracy effect". To that aim, we ask participants to a tax evasion game to choose, in a collective or individual choice setting, between two very similar organizations which provide the same social (ecological) benefits. We elicit compliance for both organizations before the choice is made so as to control for the counter-factual compliance decision. We find that democracy does not increase compliance, and even observe a slight negative effect — in particular for women. Our results confirm the existence of a commitment effect of democracy, leading to favor more the selected organization when it was actively chosen. The commitment effect of democracy is however not enough to overcome the decrease in the level of compliance. Thanks to response times data, we show that prior choice on similar options as compared to a purely random selection weakens the preference for honesty. One important field application of our results is that democracy in tax spending must offer real choices to tax payers to improve compliance. |
| Keywords: | Commitment,Direct democracy effect,Voting,Tax evasion game |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03277339&r= |
| By: | Fuller, Sam; Kunz, Tatjana; Brown, Austin L.; D’Agostino, Mollie C. |
| Abstract: | Use of Transportation Network Companies (TNCs) such as Uber and Lyft has grown rapidly in cities across the United States. TNCs often provide a cheaper and more flexible travel option than traditional taxi services, and could improve transportation sustainability if they facilitated more pooled travel and public transit use. However, TNCs’ growth has been linked to increased congestion and emissions. Cities and states have begun regulating TNCs, imposing taxes that are assessed per ride at a flat or percentage rate. Researchers at the University of California, Davis assessed 21 state and local TNC taxes across the United States and developed a method of comparing per-ride and percentage taxes. The researchers then assessed the likelihood of these taxes encouraging more sustainable travel. This policy brief summarizes the findings from that research and provides policy implications. View the NCST Project Webpage |
| Keywords: | Social and Behavioral Sciences, Alternatives analysis, Fees, Policy analysis, Pollutants, Ridesharing, Ridesourcing, Sustainable transportation, Taxes, Traffic congestion |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt5945q52x&r= |
| By: | Christopher Loewald |
| Abstract: | Macro works: applying integrated policy frameworks to South Africa |
| Date: | 2021–06–09 |
| URL: | http://d.repec.org/n?u=RePEc:rbz:wpaper:11016&r= |
| By: | Mona Barake (EU Tax - EU Tax Observatory); Theresa Neef (EU Tax - EU Tax Observatory); Paul-Emmanuel Chouc (EU Tax - EU Tax Observatory); Gabriel Zucman (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, EU Tax - EU Tax Observatory) |
| Abstract: | This study estimates how much tax revenue the European Union could collect by imposing a minimum tax on the profits of multinational companies. We compute the tax deficit of multinational firms, defined as the difference between what multinationals currently pay in taxes, and what they would pay if they were subject to a minimum tax rate in each country. We then consider three ways for EU countries to collect this tax deficit. First, we simulate an international agreement on a minimum tax of the type currently discussed by the OECD, favored by a number of European Union countries, and by the United States. In this scenario, each EU country would collect the tax deficit of its own multinationals. For instance, if the internationally agreed minimum tax rate is 25% and a German company has an effective tax rate of 10% on the profits it records in Singapore, then Germany would impose an additional tax of 15% on these profits to arrive at an effective rate of 25%. More generally, Germany would collect extra taxes so that its multinationals pay at least 25% in taxes on the profits they book in each country. Other nations would proceed similarly. We find that such a 25% minimum tax would increase corporate income tax revenues in the European Union by about €170 billion in 2021. This sum represents more than 50% of the amount of corporate tax revenue currently collected in the European Union and 12% of total EU health spending. The revenue potential of a coordinated minimum tax is thus large. However, revenues significantly depend on the commonly agreed minimum tax rate. With a 21% minimum rate, the European Union would collect about €100 billion in 2021. Moving from 21% to 15% would reduce the potential revenue by a factor of two to about €50 billion. Second, we simulate an incomplete international agreement in which only EU countries apply a minimum tax, while non-EU countries do not change their tax policies. In this scenario, each EU country would collect the tax deficit of its own multinationals (as in our first scenario), plus a portion of the tax deficit of multinationals incorporated outside of the European Union, based on the destination of sales. For instance, if a British company makes 20% of its sales in Germany, then Germany would collect 20% of the tax deficit of this company. We find that that in such a scenario, using a rate of 25% to compute the tax deficit of each multinational, the European Union would increase its corporate tax revenues about €200 billion. Out of this total, €170 billion would come from collecting the tax deficit of EU multinationals; an additional €30 billion would come from collecting a portion of the tax deficit of non-EU multinationals. For the European Union, there is thus a much higher revenue potential from increasing taxes on EU companies than from taxing non-EU companies. To improve the fairness of its tax system and generate new government revenues (e.g., to pay for the cost of Covid-19), it is essential that the European Union polices its own multinationals. Last, we estimate how much revenue each EU country could collect unilaterally, assuming all other countries keep their current tax policy unchanged. This corresponds to a "first-mover" scenario, in which one country alone decides to collect the tax deficit of multinational companies. This first mover would collect the full tax deficit of its own multinationals, plus a portion (proportional to the destination of sales) of the tax deficit of all foreign multinationals, based on a reference rate of 25%. We find that a first mover in the European Union would increase its corporate tax revenues by close to 70% relative to its current corporate tax collection. Although international coordination is always preferable, a unilateral move of a single EU member state (or a group of member states) would encourage other EU countries to also collect the tax deficit of multinationals—as not doing so would mean leaving tax revenues on the table for the first movers to grab. This could pave the way for an ambitious agreement on a high minimum tax, within the European Union and then globally. This analysis shows that unilateral action can play a transformative role and that refusing international coordination is not a sustainable solution, since other countries can always choose to collect the taxes that tax havens choose not to collect. Our estimates are based on a transparent methodology that combines newly available macroeconomic data on the location and effective tax rates of multinational profits. We illustrate and validate our approach by applying it to firm-level data publicly disclosed by all European banks and 16 large non-bank multinationals. We find that European banks would have to pay 41% more in taxes if they were subject to a 25% country-by-country minimum tax. This estimate is in line with our finding that EU multinationals as a whole (all sectors combined) would have to pay around 50% more in taxes, thus suggesting that this number is indeed the correct order of magnitude. Companies such as Shell, Iberdrola, and Allianz—who voluntarily disclose their country-by-country profits and taxes—would also have to pay 35%-50% more in taxes if they were subject to a 25% minimum tax. This report is supplemented by a pioneering interactive website, https://tax-deficitsimulator.herokuapp.com. This new tool allows policy makers, journalists, members of civil society, and all citizens in each EU country to assess the revenue potential from minimum taxation on both domestic and foreign firms. Users can select various scenarios (e.g., international coordination or unilateral action), and a full range of minimum tax rates from 10% to 50%. All the data and computer code are available online, making our estimates fully reproducible. We plan to regularly update our findings, as improved and more comprehensive macroeconomic data sources become available, refined estimation techniques are designed, and more companies publicly disclose their country-by-country reports. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03323095&r= |
| By: | Mona Barake (EU Tax - EU Tax Observatory); Theresa Neef (EU Tax - EU Tax Observatory); Paul-Emmanuel Chouc (EU Tax - EU Tax Observatory); Gabriel Zucman (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, EU Tax - EU Tax Observatory) |
| Abstract: | This study estimates how much tax revenue the European Union could collect by imposing a minimum tax on the profits of multinational companies. We compute the tax deficit of multinational firms, defined as the difference between what multinationals currently pay in taxes, and what they would pay if they were subject to a minimum tax rate in each country. We then consider three ways for EU countries to collect this tax deficit. First, we simulate an international agreement on a minimum tax of the type currently discussed by the OECD, favored by a number of European Union countries, and by the United States. In this scenario, each EU country would collect the tax deficit of its own multinationals. For instance, if the internationally agreed minimum tax rate is 25% and a German company has an effective tax rate of 10% on the profits it records in Singapore, then Germany would impose an additional tax of 15% on these profits to arrive at an effective rate of 25%. More generally, Germany would collect extra taxes so that its multinationals pay at least 25% in taxes on the profits they book in each country. Other nations would proceed similarly. We find that such a 25% minimum tax would increase corporate income tax revenues in the European Union by about €170 billion in 2021. This sum represents more than 50% of the amount of corporate tax revenue currently collected in the European Union and 12% of total EU health spending. The revenue potential of a coordinated minimum tax is thus large. However, revenues significantly depend on the commonly agreed minimum tax rate. With a 21% minimum rate, the European Union would collect about €100 billion in 2021. Moving from 21% to 15% would reduce the potential revenue by a factor of two to about €50 billion. Second, we simulate an incomplete international agreement in which only EU countries apply a minimum tax, while non-EU countries do not change their tax policies. In this scenario, each EU country would collect the tax deficit of its own multinationals (as in our first scenario), plus a portion of the tax deficit of multinationals incorporated outside of the European Union, based on the destination of sales. For instance, if a British company makes 20% of its sales in Germany, then Germany would collect 20% of the tax deficit of this company. We find that that in such a scenario, using a rate of 25% to compute the tax deficit of each multinational, the European Union would increase its corporate tax revenues about €200 billion. Out of this total, €170 billion would come from collecting the tax deficit of EU multinationals; an additional €30 billion would come from collecting a portion of the tax deficit of non-EU multinationals. For the European Union, there is thus a much higher revenue potential from increasing taxes on EU companies than from taxing non-EU companies. To improve the fairness of its tax system and generate new government revenues (e.g., to pay for the cost of Covid-19), it is essential that the European Union polices its own multinationals. Last, we estimate how much revenue each EU country could collect unilaterally, assuming all other countries keep their current tax policy unchanged. This corresponds to a "first-mover" scenario, in which one country alone decides to collect the tax deficit of multinational companies. This first mover would collect the full tax deficit of its own multinationals, plus a portion (proportional to the destination of sales) of the tax deficit of all foreign multinationals, based on a reference rate of 25%. We find that a first mover in the European Union would increase its corporate tax revenues by close to 70% relative to its current corporate tax collection. Although international coordination is always preferable, a unilateral move of a single EU member state (or a group of member states) would encourage other EU countries to also collect the tax deficit of multinationals—as not doing so would mean leaving tax revenues on the table for the first movers to grab. This could pave the way for an ambitious agreement on a high minimum tax, within the European Union and then globally. This analysis shows that unilateral action can play a transformative role and that refusing international coordination is not a sustainable solution, since other countries can always choose to collect the taxes that tax havens choose not to collect. Our estimates are based on a transparent methodology that combines newly available macroeconomic data on the location and effective tax rates of multinational profits. We illustrate and validate our approach by applying it to firm-level data publicly disclosed by all European banks and 16 large non-bank multinationals. We find that European banks would have to pay 41% more in taxes if they were subject to a 25% country-by-country minimum tax. This estimate is in line with our finding that EU multinationals as a whole (all sectors combined) would have to pay around 50% more in taxes, thus suggesting that this number is indeed the correct order of magnitude. Companies such as Shell, Iberdrola, and Allianz—who voluntarily disclose their country-by-country profits and taxes—would also have to pay 35%-50% more in taxes if they were subject to a 25% minimum tax. This report is supplemented by a pioneering interactive website, https://tax-deficitsimulator.herokuapp.com. This new tool allows policy makers, journalists, members of civil society, and all citizens in each EU country to assess the revenue potential from minimum taxation on both domestic and foreign firms. Users can select various scenarios (e.g., international coordination or unilateral action), and a full range of minimum tax rates from 10% to 50%. All the data and computer code are available online, making our estimates fully reproducible. We plan to regularly update our findings, as improved and more comprehensive macroeconomic data sources become available, refined estimation techniques are designed, and more companies publicly disclose their country-by-country reports. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:pseptp:halshs-03323095&r= |
| By: | Sung Hoon Choi |
| Abstract: | I develop a feasible weighted projected principal component (FPPC) analysis for factor models in which observable characteristics partially explain the latent factors. This novel method provides more efficient and accurate estimators than existing methods. To increase estimation efficiency, I take into account both cross-sectional dependence and heteroskedasticity by using a consistent estimator of the inverse error covariance matrix as the weight matrix. To improve accuracy, I employ a projection approach using characteristics because it removes noise components in high-dimensional factor analysis. By using the FPPC method, estimators of the factors and loadings have faster rates of convergence than those of the conventional factor analysis. Moreover, I propose an FPPC-based diffusion index forecasting model. The limiting distribution of the parameter estimates and the rate of convergence for forecast errors are obtained. Using U.S. bond market and macroeconomic data, I demonstrate that the proposed model outperforms models based on conventional principal component estimators. I also show that the proposed model performs well among a large group of machine learning techniques in forecasting excess bond returns. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10250&r= |
| By: | Samuel Luethi; Stefan C. Wolter |
| Abstract: | In this study, we examine the influence of competitiveness on the stability of labour relations using the example of premature employment and training contract termination in the apprenticeship education sector. The paper extends the small but growing evidence on the external relevance of competitiveness by analysing gender differences in the correlation between competitiveness and labour market success and whether these effects depend on how the students' propensity to compete is measured. By matching a large experimental dataset with administrative data identifying contract terminations, we find that both gender and test specification matter. While competitive men assigned to a difficult competitiveness task are less likely to drop out of the contract than non competitive men, there is no such effect observable for those assigned to the easier task. On the other hand, competitive women are more likely to drop out than non competitive women, irrespective of how competitiveness is measured. |
| Keywords: | Competitiveness, non-cognitive skills, gender, apprenticeship |
| JEL: | C9 J16 J24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iso:educat:0185&r= |
| By: | Samuel Lüthi; Stefan C. Wolter |
| Abstract: | In this study, we examine the influence of competitiveness on the stability of labour relations using the example of premature employment and training contract termination in the apprenticeship education sector. The paper extends the small but growing evidence on the external relevance of competitiveness by analysing gender differences in the correlation between competitiveness and labour market success and whether these effects depend on how the students’ propensity to compete is measured. By matching a large experimental dataset with administrative data identifying contract terminations, we find that both gender and test specification matter. While competitive men assigned to a difficult competitiveness task are less likely to drop out of the contract than non competitive men, there is no such effect observable for those assigned to the easier task. On the other hand, competitive women are more likely to drop out than non competitive women, irrespective of how competitiveness is measured. |
| Keywords: | competitiveness, non-cognitive skills, gender, apprenticeship |
| JEL: | C90 J16 J24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9264&r= |
| By: | Paul Mesnier (IHEIE - Institut des Hautes Etudes pour l’Innovation et l’Entrepreneuriat (IHEIE) - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres, Zenon Research); Dimitri Chuard (IHEIE - Institut des Hautes Etudes pour l’Innovation et l’Entrepreneuriat (IHEIE) - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres, Zenon Research); Gregory de Temmerman (Zenon Research, IHEIE - Institut des Hautes Etudes pour l’Innovation et l’Entrepreneuriat (IHEIE) - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres); Jean-Baptiste Rudelle (Zenon Research) |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03268738&r= |
| By: | Zouhair El Arhlabi (Université Mohammed V de Rabat [Agdal]) |
| Abstract: | The term human capital is seen as a key element in enhancing an organization's assets. It refers to the set of employees with sustainable competitive advantages that increase the efficiency and performance of their company. Some organizational specialists, such as Henry MINTZBERG or Michel CROZIER, apply the rules of human capital theory to prove their ability to create competition between companies by developing individual human resources. Several studies have studied the role of human capital in the organization and its impact on the company and on the motivation of its staff, in particular those of (PAUL & SUSAN 1996) and (MORIN & AUBE 2007). The present work is therefore a collection of knowledge and previous work aimed at shedding light on this topic. This work indicates that the common index, proving to be crucial at all levels of change management in the organization, is human competence. Those who work in the core center of the organization need to develop higher competencies. It is important that these people have sufficient knowledge, information, innovation, adaptation and creativity to increase customer satisfaction and create a competitive advantage for the organization. |
| Abstract: | Le terme capital humain est considéré comme un élément clé pour améliorer les atouts d'une organisation. Il s'agit de l'ensemble des employés disposant d'avantages concurrentiels durables qui font augmenter l'efficacité et le rendement de leur entreprise. Certains spécialistes de l'organisation, tels que Henry MINTZBERG ou Michel CROZIER, appliquent les règles de la théorie du capital humain pour prouver leur capacité à créer des compétitions entre les entreprises en développant des ressources humaines individuelles. Plusieurs recherches ont étudié le rôle du capital humain dans l'organisation et son impactent sur l'entreprise et sur la motivation de son personnel, notamment celles de (PAUL ET SUSAN 1996) et (MORIN ET AUBE 2007). Le présent travail constitue donc un recueil de connaissances et de travaux précédents visant à éclairer cette thématique. Ces travaux indiquent que l'indice commun, se révélant cruciaux à tous les niveaux de gestion de changement de l'organisation, qui est la compétence humaine. Ceux qui travaillent dans le centre noyau de l'organisation doivent développer des compétences plus élevées. Il importe que ces personnes possèdent suffisamment de connaissances, d'informations, d'innovation, d'adaptation et de créativité pour augmenter la satisfaction du client et créer un avantage concurrentiel pour l'organisation. |
| Keywords: | Human Capital,Organizational Change,Motivation,Competence,Compétence,Changement Organisationnel,Capital Humain |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312407&r= |
| By: | Seema Sangita (TERI School of Advanced Studies) |
| Abstract: | Educationists have had long debates on the efficacy of traditional forms of education versus vocational training. Even as India grapples with the challenges of improving the quality of primary and secondary education, there appears to be a policy shift in India, favouring vocational trainings that target the skill development of workers. This paper tries to analyse the impact of two types of technical education—one leading to an engineering degree or diploma and the other, to vocational training in selected fields such as Information and Communications Technology (ICT)— on firms operating in the manufacturing sector in India. A Cobb Douglas production function has been enhanced to incorporate education and training in order to understand the implications of the latter on firm performance. The results show that when a larger number of workers acquire technical education that leads to a degree or diploma in engineering, there is a positive impact on the performance of firms. In contrast, participation in vocational training programmes pertaining to similar disciplines has an insignificant effect on firms. |
| Keywords: | Technical Education, Vocational Education, Skills, Employability, Productivity, Digital Skills, ICT Skills |
| JEL: | J4 J24 O1 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:125&r= |
| By: | Yusuf Emre Akgunduz; Seyit Mumin Cilasun; H. Ozlem Dursun-de Neef; Yavuz Selim Hacihasanoglu; Ibrahim Yarba |
| Abstract: | This paper exploits the COVID-19 pandemic as a negative shock on firm revenues in affected industries and studies the transmission of this shock via banks. We use the ex-ante heterogeneity in the amount of loans issued to affected industries to measure the variation in banks' exposure to the negative shock. Using bank-firm level credit register data from Turkey, we show that banks transmitted the negative shock with a reduction in their loan supply not only to affected but also unaffected industries. The effect persists at the firm level, but is reduced for large firms and firms with existing relationships to state-owned banks. |
| Keywords: | Bank loan supply, Economic shocks propagation, COVID-19 pandemic, Bank lending channel, Firm borrowing channel |
| JEL: | G01 G21 G28 G32 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:2124&r= |
| By: | Emma M., Iglesias; J. Carles, Maixé-Altés |
| Abstract: | Are transaction costs and half-lives between two cities the same in both directions in traditional city-based monetary systems? Market conditions and political circumstances may not justify this assumption; and we provide evidence that it does not hold in the 1825-1885 period in Spain. Moreover, we show empirical evidence that market integration in Spain from 1875 to 1885 was a slow process of monetary unification with decreasing transaction costs, and a very inefficient convergence. Therefore, full integration did not happen in the period 1875-1885 and had to wait until mid-1880s, when the Spanish money-market was unified due to financial innovations. |
| Keywords: | Integration of monetary markets; Nineteenth century; Monetary and financial history; Market Convergence and Efficiency; Western Europe; Private Finance, Capital Markets |
| JEL: | E02 E42 F02 F15 F31 F36 L10 N13 N73 |
| Date: | 2021–08–22 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109219&r= |
| By: | Gérard Pogorel (SES - Département Sciences Economiques et Sociales - Télécom ParisTech, ECOGE - Economie Gestion - I3, une unité mixte de recherche CNRS (UMR 9217) - Institut interdisciplinaire de l’innovation - X - École polytechnique - Télécom ParisTech - MINES ParisTech - École nationale supérieure des mines de Paris - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique) |
| Keywords: | Industry 4.0: Digitalisation for productivity and growth,EPRS Briefing (Brussels: European Parliament,2015). liberalforum.eu |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03299196&r= |
| By: | Salam, Shiny; S R, Shehnaz; S, Suresh Kumar |
| Abstract: | The dimensions of the triangular relationship between companies, the state and the society has been rapidly transforming ever since the dawn of the present millennium and firms can no longer continue to act as independent entities regardless of the interest of the general public. The relationship between companies and society has been evolving from that of philanthropic coexistence to that where the mutual interest of all the stakeholders is given paramount importance. Corporate Social Responsibility (CSR) has become one of the key elements of sustainable business. An examination of the present status of corporate social responsibility (CSR) would be an ideal starting ground for the conceptual development of suitable corporate business practices for emerging markets. Kerala, has achieved social and educational development comparable to most Western nations and has been acclaimed worldwide for its Kerala model of development though this achievement is not yet matched by industrial growth or economic development. With over a thousand companies registered and head quartered within the state coupled with many national and international ones operating in the state, will this regulatory mandate on CSR spending be a shot in the arm in social development of the state is a question that seeks answer from various quarters. The combined CSR spending in Kerala by all the qualified entities put together will work out to be around Rs 350 core to Rs 400 crore. It is in the backdrop, the study examined the CSR effectiveness of seven drivers namely regulatory compliances, brand reputation, employee interests, community concerns, investor interests, environmental interests and sustainability initiatives as identified by companies in Kerala in design and implementation of their CSR initiatives. The study relied on structural equation modelling based on partial least squares path modelling (PLS-PM) using data collected from 91 executives, who are directly involved in CSR planning and implementation. The first order constructs as mentioned as drivers of CSR were modelled with five measured variables each and the second order construct namely effectiveness of CSR was evaluated using standardised construct scores of the first-order constructs as indicators. The results of analysis revealed that overall model fit was adequate, and all the drivers of CSR showed a high coefficient of determination of more than 0.43 except the employee interests which showed an R-squared of only 0.32. The dependent variable namely sustainability where all the other 6 drivers converge showed an R-square of 0.70. |
| Keywords: | CSR drivers, Sustainability, PLS-Path Modelling, CSR effectiveness |
| JEL: | M14 |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109042&r= |
| By: | Bouchra Benyacoub (USMBA - Université Sidi Mohamed Ben Abdellah); Marouane Daoui (USMBA - Université Sidi Mohamed Ben Abdellah) |
| Abstract: | By using a database of 117 quarterly series (from 1985: Q1 to 2018: Q4), we explore in this paper the advantages of combining the benefits of dynamic factor models (the inclusion of a large number of variables) and error correction models (the inclusion of along-run or cointegrating relationships) as the factor augmented error correction model (FECM). Indeed, the main objective is to examine the effects of monetary policy shocks on economic growth in Morocco using the FECM. In order to assess the informational contribution of non-stationarity in dynamic factor modeling, the results obtained by the FECM model are compared to those obtained by the factor augmented vector autoregression (FAVAR) model. The results suggest that the FECM, which exploits information from non-stationary variables, is an empirically important extension of the FAVAR for modeling monetary policy shocks. |
| Abstract: | En utilisant une base de données de 117 séries trimestrielles (allant de 1985 : T1 à 2018 : T4), nous explorons dans cet article les avantages de combiner les bienfaits des modèles à facteurs dynamiques (tenir compte d'un grand nombre de variables) et ceux des modèles à correction d'erreur (tenir compte des relations de long terme ou de cointégration) sous forme du modèle à correction d'erreur augmentés de facteurs (FECM). En effet, l'objectif principal est d'examiner les effets des chocs de la politique monétaire sur la croissance économique au Maroc en utilisant le modèle FECM. Afin d'évaluer la contribution informationnelle de la nonstationnarité dans la modélisation à facteurs dynamiques, les résultats obtenus par le modèle FECM sont comparés à ceux obtenus par le modèle vectoriel autorégressif augmenté de facteurs (FAVAR).Les résultats suggèrent que le modèle FECM, qui exploite l'information provenant de variables non stationnaires, constitue une extension empiriquement importante du modèle FAVAR pour la modélisation des chocs de la politique monétaire. |
| Keywords: | FECM,FAVAR,Dynamic factor model,Economic growth,Monetary policy shocks,Impulse responses,Morocco,Chocs de politique monétaire,Croissance économique,Modèle à facteurs dynamiques,Réponses impulsionnelles,Maroc |
| Date: | 2021–07–21 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03315795&r= |
| By: | João Z. Carrilho; Ines A. Ferreira; Rui N. Ribeiro; Finn Tarp |
| Abstract: | This paper explores agricultural performance of Mozambique, its institutional weaknesses, and the underlying factors that underpin an unsatisfactory performance during many decades. We point to the role of systemic political instability and violence combined with challenges to state legitimacy. Regional divides and lack of market integration continue to influence in a critical and all-encompassing manner. |
| Keywords: | Agriculture, Environment, Institutions, Agricultural policy, Productivity |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-135&r= |
| By: | Bahalou Horeh, Marziyeh; Elbakidze, Levan; Sant'Anna, Ana Cluadia |
| Keywords: | Food Consumption/Nutrition/Food Safety, Agricultural and Food Policy, Health Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312822&r= |
| By: | Preusse, Verena; Wollni, Meike |
| Keywords: | International Development, Resource/Energy Economics and Policy, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312690&r= |
| By: | Aleksandr Alekseev (University of Regensburg); James Alm (Tulane University); Vjollca Sadiraj (Georgia State University); David L. Sjoquist (Georgia State University) |
| Abstract: | How do exogenous increases in resources to a government affect its expenditure decisions? Economic theory typically predicts that a lump-sum grant will have the same impact on government expenditures as an increase in income. However, empirical studies consistently find that government spending is stimulated far more by grants than by income; that is, grants have a “flypaper effect” because the money “sticks where it hits”. We conduct a laboratory experiment that controls for the most important factors that have been suggested in explaining the existence of the flypaper effect. Our experimental design crosses four transfer delivery methods with three voting frameworks. We examine three payoff-equivalent transfer delivery methods, all relative to a fourth baseline treatment with no transfer: an increase in income, a subsidy (repayment) for expenditures on the public good, and a lump-sum grant. Our two alternative voting frameworks are voting over levels of expenditures and voting over changes with information on public good externalities, each relative to a third baseline treatment where voting is over changes from a default (reference) level of expenditures. We find robust evidence of a flypaper effect: both the subsidy and the lump-sum grant increase expenditures more than does an equivalent increase in income. Our results are largely consistent with, and explained by, theoretical models that rely upon behavioral economics. |
| Keywords: | Laboratory experiment; intergovernmental grants; flypaper effect; reference dependence; public goods; incremental budgeting |
| JEL: | C9 H4 H8 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:tul:wpaper:2113&r= |
| By: | Eric Bonsang; Joan Costa-Font; Sonja De New; Joan Costa-i-Font |
| Abstract: | This paper analyses the relationship between locus of control (LOC) and the demand for supplementary health insurance. Drawing on longitudinal data from Germany, we find robust evidence that individuals having an internal LOC are more likely to take up supplementary private health insurance (SUPP). The increase in the probability to have a SUPP due to one standard deviation increase in the measure of internal LOC is equivalent to an increase in household income by 14 percent. Second, we find that the positive association between self-reported health and SUPP becomes small and insignificant when we control for LOC, suggesting that LOC might be an unobserved individual trait that can explain advantageous selection into SUPP. Third, we find comparable results using data from Australia, which enhances the external validity of our results. |
| Keywords: | private health insurance, health care use, risk aversion, locus of control, positive selection, supplementary insurance, Germany, Australia |
| JEL: | I12 I13 I18 D15 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9257&r= |
| By: | HyeonJun Kim |
| Abstract: | Renowned method of log-periodic power law(LPPL) is one of the few ways that a financial market crash could be predicted. Alongside with LPPL, this paper propose a novel method of stock market crash using white box model derived from simple assumptions about the state of rational bubble. By applying this model to Dow Jones Index and Bitcoin market price data, it is shown that the model successfully predicts some major crashes of both markets, implying the high sensitivity and generalization abilities of the model. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11755&r= |
| By: | Haider, Khan; Szymanski-Burgos, Adam |
| Abstract: | COVID-19 impacts have exacerbated socioeconomic inequalities and the threat of hunger and absolute poverty for vulnerable populations globally. Brazil, as a large Southern engine of growth, is a complex case. In responding to the public health impacts and economic challenges of the pandemic, the case of Brazil stands out for several reasons. First, what was distinctive about Brazilian public health policy and what have been the consequences so far? Second, what circumstances and economic policy measures have led to a V-shaped recovery? Finally, what is the further prognosis for Brazil over the next few years and what are the points of leverage to ensure a sustained recovery? Our analysis highlights the salience of considering development and the economic and social shocks of pandemics from a Socially Embedded Intersectional Approach (SEICA) perspective. Using an economy-wide modelling methodology, we identify ‘strategic’ sectors in the Brazilian economy defined as sectors critical for both pulling the wider economy out of a recession and for supporting widespread income growth, particularly for those in the bottom 40% of households. Additionally, we are able to draw some conclusions that may be relevant for the case of other economies in various stages of development, particularly those with sharply uneven development patterns and large rural populations. |
| Keywords: | Input-output; Key Sectors; Brazil; Development; Covid-19; Latin America |
| JEL: | A1 O2 R15 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109022&r= |
| By: | Arias-Granada, Yurani; Bauchet, Jonathan; Ricker-Gilbert, Jacob |
| Keywords: | International Development, Food Consumption/Nutrition/Food Safety, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312768&r= |
| By: | Clarke, Damian (University of Chile); Llorca-Jaña, Manuel (Universidad de Valparaíso); Pailañir, Daniel (University of Chile) |
| Abstract: | Quantile regression and quantile treatment effect methods are powerful econometric tools for considering economic impacts of events or variables of interest beyond the mean. The use of quantile methods allows for an examination of impacts of some independent variable over the entire distribution of continuous dependent variables. Measurement in many quantative settings in economic history have as a key input continuous outcome variables of interest. Among many other cases, human height and demographics, economic growth, earnings and wages, and crop production are generally recorded as continuous measures, and are collected and studied by economic historians. In this paper we describe and discuss the broad utility of quantile regression for use in research in economic history, review recent quantitive literature in the field, and provide an illustrative example of the use of these methods based on 20,000 records of human height measured across 50-plus years in the 19th and 20th centuries. We suggest that there is considerably more room in the literature on economic history to convincingly and productively apply quantile regression methods. |
| Keywords: | quantile regression, quantile treatment effects, economic history, practitioners |
| JEL: | N30 B41 C21 C22 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14659&r= |
| By: | David Haritone Shikumo |
| Abstract: | Purpose: A significant number of the non-financial firms listed at the Nairobi Securities Exchange (NSE) have been experiencing declining financial performance which deters investors from investing in such firms. The lenders are also not willing to lend to such firms. As such, the firms struggle to raise funds for their operations. Prudent financing decisions can lead to financial growth of the firm. The purpose of this study is to assess the effect of Share capital on financial growth of Non-financial firms listed at the Nairobi Securities Exchange. Financial firms were excluded because of their specific sector characteristics and stringent regulatory framework. The study is guided by Market Timing Theory and Theory of Growth of the Firm. Methodology: Explanatory research design was adopted. The target population of the study comprised of 45 non-financial firms listed at NSE for a period of ten years from 2008 to 2017. The study conducted both descriptive statistics analysis and panel data analysis. Findings: The result indicates that, share capital explains 32.73% and 11.62% of variations in financial growth as measure by growth in earnings per share and growth in market capitalization respectively. Share capital positively and significantly influences financial growth as measured by both growth in earnings per share and growth in market capitalization. Implications: The study recommends for the Non-financial firms to utilize equity financing as a way of raising capital for major expansions, asset growth or acquisitions which may require heavy funding. In this way, firms will be assured of improved performance as well as high financial growth. The study also recommends for substantial firm financing through equity. Value: Equity financing is important to any firm, if the proceeds are used to invest in projects which eventually bring growth to the firm. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10244&r= |
| By: | Marouane Daoui; Bouchra Benyacoub (FSJES-Fès - Faculté des Sciences Juridiques, Economiques et Sociales de Fès) |
| Abstract: | In response to the empirical anomalies relating to the use of VAR models in analysing the impact of monetary policy shocks, the Factor-Augmented VAR (FAVAR) models attempt to provide a practical solution. Moreover, these models, based on dynamic factor models (DFM), make it possible to summarize the information present in a large database into a small number of factors common to all the variables. In this paper, we analyse the effects of monetary policy shocks on economic growth using the FAVAR model on a large number of Moroccan macroeconomic time series (117 quarterly time series from 1985Q1 to 2018Q4). First, we present the econometric framework of the FAVAR model, then the data used and their necessary transformations. Next, we determine the number of factors before estimating the model. Then, we focus on the analysis of the impulse response functions of some indicators of economic growth in Morocco. The results of the analysis indicate that, the overall decline in GDP in response to monetary policy shocks suggests that they have a clearly negative impact on economic growth. |
| Abstract: | En réponse aux anomalies empiriques liées à l'utilisation des modèles VAR dans l'analyse de l'impact des chocs de politique monétaire, les modèles VAR augmentés de facteurs (FAVAR) tentent d'apporter une solution pratique. De plus, ces modèles, basés sur des modèles factoriels dynamiques (DFM), permettent de résumer l'information présente dans une grande base de données en un petit nombre de facteurs communs à toutes les variables. Dans ce papier, nous analysons les effets des chocs de politique monétaire sur la croissance économique en utilisant le modèle FAVAR sur un grand nombre de séries temporelles macroéconomiques marocaines (117 séries temporelles trimestrielles de 1985Q1 à 2018Q4). Dans un premier temps, nous présentons le cadre économétrique du modèle FAVAR, puis les données utilisées et leurs transformations nécessaires. Ensuite, nous déterminons le nombre de facteurs avant d'estimer le modèle. Ensuite, nous nous concentrons sur l'analyse des fonctions de réponse impulsionnelle de certains indicateurs de la croissance économique au Maroc. Les résultats de l'analyse indiquent que, la baisse globale du PIB en réponse aux chocs de politique monétaire suggère que ceux-ci ont un impact clairement négatif sur la croissance économique. |
| Keywords: | Monetary policy shocks,Economic growth,Dynamic factor model,FAVAR,Morocco |
| Date: | 2021–03–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03277727&r= |
| By: | Alexandre Coulondre (LATTS - Laboratoire Techniques, Territoires et Sociétés - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - Université Gustave Eiffel); Claire Juillard |
| Abstract: | Qu'est-ce que la donnée (et son ouverture croissante) fait-elle au marché immobilier ? Le rend-elle vraiment plus transparent ? Plus sage ? Le rapport présente les résultats d'une étude empirique sur les données de prix et leurs usages concrets par les vendeurs de logements en France en s'appuyant sur une enquête par questionnaires menée entre décembre 2020 et janvier 2021 auprès d'un échantillon représentatif. Le rapport pointe les effets contrastés de la disponibilité croissante de données sur la transparence des marchés et la régulation des prix des logements. |
| Keywords: | Marché,Transparence,Prix,Données,Logement,Immobilier |
| Date: | 2021–07–06 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03321023&r= |
| By: | Krista Finstad-Milion (ICN Business School); Kim Ceulemans (TBS - Toulouse Business School); Emma Avetisyan (Audencia Business School) |
| Abstract: | Over the last twenty-five years, the concept of Engaged Scholarship has gained momentum in the academic world striving to value knowledge developed through academia while actively engaging and dialoguing with society. Yet, how business schools and faculties, and universities at large, can move beyond institutional boundaries to engage deeply with society on complex urgent problems, such as sustainability remains less explored. To address this issue this study focuses on the role of boundary-spanning intermediary organizations for responsible education, namely the PRME France-Benelux Chapter. Relying on evidence from multiple internal Chapter documents and PRME global sources of information, and exemplifying the three levels of engaged scholarship drawing on concrete engaged educational, research and service actions of the PRME France-Benelux Chapter, our research shows evidence of how the Chapter convenes and facilitates collaboration for sustainability at a regional level. We conclude that PRME Chapters, as well as other regional and national networks, have the potential to further foster substantial responsible management education among their signatory schools through creating space for conversations, knowledge and practice sharing, and capacity building on the urgent topic of sustainability and CSR. |
| Abstract: | Au cours des vingt-cinq dernières années, le concept « engaged scholarship » a pris de l'ampleur dans le monde universitaire, s'efforçant de valoriser les connaissances développées par le milieu universitaire tout en s'engageant activement et en dialoguant avec la société. Pourtant, la manière dont les écoles et facultés de management, et les universités en général, peuvent dépasser les frontières institutionnelles pour s'engager profondément avec la société sur des problèmes complexes et urgents, tels que la durabilité, reste moins explorée. Pour répondre à cette problématique, cette étude s'intéresse au rôle des organisations régionales transfrontalières qui sont vecteurs d'une éducation responsable en management, et plus précisément le chapitre PRME France-Benelux. S'appuyant sur des exemples tirés de multiples documents internes du chapitre et des sources d'informations de PRME Global, et illustrant les trois niveaux de « engaged scholarship » en s'appuyant sur des actions concrètes d'éducation, de recherche et de services engagés par le chapitre PRME France-Benelux, notre travail de recherche montre comment le chapitre se réunit et facilite la collaboration pour contribuer aux efforts de développement durable au niveau régional. Nous concluons que les chapitres PRME, ainsi que d'autres réseaux universitaires régionaux et nationaux, ont le potentiel de favoriser un enseignement substantiel du management responsable dans leurs écoles signataires en créant un espace pour des échanges, le partage des connaissances et pratiques et le renforcement des capacités sur le sujet urgent de la durabilité et de la RSE. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03258980&r= |
| By: | Gatti, Nicolas; Gomez, Miguel I.; Bennett, Ruth; Bowe, Justine |
| Keywords: | Marketing, Environmental Economics and Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312754&r= |
| By: | Cynthia Bansak; Ellen E. Meade; Martha Starr-McCluer |
| Abstract: | The shortage of women and historically underrepresented racial and ethnic groups in the economics profession has received considerable public attention in the past several years. The American Economic Association (AEA), the professional organization for economists, has been taking steps to address criticism that the economics discipline is unwelcoming to women and underrepresented minorities. |
| Date: | 2021–08–06 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2021-08-06-2&r= |
| By: | Dominique Desbois (ECO-PUB - Economie Publique - INRA - Institut National de la Recherche Agronomique - AgroParisTech) |
| Abstract: | Die Entscheidung für die eine oder andere nachhaltige Landbewirtschaftungsalternative sollte nicht nur auf den jeweiligen Vorteilen in Bezug auf den Klimaschutz beruhen, sondern auch auf den Leistungen der von den landwirtschaftlichen Betrieben genutzten Produktionssysteme, wobei deren Umweltauswirkungen anhand der Kosten für die eingesetzten Düngemittelressourcen bewertet werden. In dieser Mitteilung werden die symbolischen PCA- und Clustering-Werkzeuge verwendet, um die bedingten Quantilsschätzungen der Düngemittelkosten der jährlichen Pflanzenproduktion in der Landwirtschaft zu analysieren, als Ersatz für die internen Bodenerosionskosten. Nachdem wir den konzeptionellen Rahmen der Schätzung der landwirtschaftlichen Produktionskosten in Erinnerung gerufen haben, stellen wir das empirische Datenmodell, den Ansatz der Quantilregression und die Intervall-Hauptkomponentenanalyse-Clustering-Tools vor, die verwendet werden, um Typologien der europäischen Länder auf der Grundlage der bedingten Quantilverteilungen der empirischen Schätzungen der Düngemittelkosten zu erhalten. Die vergleichende Analyse der ökonometrischen Ergebnisse für die wichtigsten Produkte zwischen den europäischen Ländern veranschaulicht die Relevanz der erhaltenen Typologien für internationale Vergleiche zur Bewertung von Landmanagementalternativen auf der Grundlage ihrer Auswirkungen auf die landwirtschaftliche Kohlenstoffbindung in Böden. |
| Abstract: | The decision to adopt one or another of the sustainable land management alternatives should not be based solely on their respective benefits in terms of climate change mitigation but also based on the performances of the productive systems used by farm holdings, assessing their environmental impacts through the cost of fertilizer resources used. This communication uses the symbolic PCA and clustering tools in order to analyse the conditional quantile estimates of the fertilizer costs of yearly crop productions in agriculture, as a replacement proxy for internal soil erosion costs. After recalling the conceptual framework of the estimation of agricultural production costs, we present the empirical data model, the quantile regression approach and the interval principal component analysis clustering tools used to obtain typologies of European countries on the basis of the conditional quantile distributions of fertilizer cost empirical estimates. The comparative analysis of econometric results for main products between European countries illustrates the relevance of the typologies obtained for international comparisons to assess land management alternatives based on their impact on agricultural carbon sequestration in soils. |
| Abstract: | La décision d'adopter l'une ou l'autre des alternatives de gestion durable des terres ne doit pas être basée uniquement sur leurs avantages respectifs en termes d'atténuation du changement climatique, mais également sur les performances des systèmes productifs utilisés par les exploitations agricoles, en évaluant leurs impacts environnementaux à travers le coût des ressources spécifiques utilisées. Cette communication utilise les outils d'analyse en composantes principales et de classification symboliques afin d'analyser les estimations quantiles conditionnelles des coûts de fertilisation de productions spécifiques en agriculture, comme proxy de remplacement des coûts internes d'érosion du sol. Après avoir rappelé le cadre conceptuel de l'estimation des coûts de production agricole, nous présentons le modèle de données empiriques, l'approche de régression quantile et les outils de clustering symbolique utilisés pour obtenir des typologies de pays européens sur la base des distributions quantiles conditionnelles des estimations empiriques des coûts des engrais. L'analyse comparative des résultats économétriques pour les principaux produits entre les pays européens illustre la pertinence des typologies obtenues pour les comparaisons internationales basées sur leur productivité spécifique aux intrants. |
| Keywords: | principal component analysis,divisive clustering,interval estimates,quantile regression,input-output model,symbolic data analysis,agricultural production cost,fertilizer,yearly crops,micro-economics |
| Date: | 2021–04–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03193404&r= |
| By: | Wheatley, W. Parker; Pede, Valerien O.; Khanam, Taznoore; Yamano, Takashi |
| Keywords: | International Development, Risk and Uncertainty, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312720&r= |
| By: | Anandlogesh R R; Breasha Gupta; Divika Agarwal; Rasika Joshi |
| Abstract: | The story of the Chemical Industry in India is one of outperformance and promise. A consistent value creator, the chemical industry remains an attractive hub of opportunities, even in an environment of global uncertainty. This paper aims to analyze the various driving factors, the performance of the key players over fundamental analysis, and the various trends that would shape the performance of the industry due to the various geopolitical and macroeconomic trends in the post-pandemic world. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06066&r= |
| By: | Marisa Miraldo; Carol Propper; Christiern Rose |
| Abstract: | This paper provides new identification results for panel data models with contextual and endogenous peer effects, respectively operating through time-invariant individual heterogeneity and outcomes. The results apply for general network structures governing peer interactions, and hinge on a conditional mean restriction requiring exogenous mobility of individuals between groups over time. Some networks preclude identification, in which case we propose additional conditional variance restrictions. We apply our method to surgeon-hospital-year data to study take-up of keyhole surgery, finding a positive effect of the average individual heterogeneity of peers. This effect is equally due to endogenous and contextual effects. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11545&r= |
| By: | Noel Rapa (Central Bank of Malta) |
| Abstract: | In response to the rapid spread of the COVID-19 pandemic, national governments have implemented a range of mitigation measures designed to limit the transmission of the novel virus. In order to estimate the effects of these†non-pharmaceutical†policies, one needs to properly account for prevalence responses; self-imposed restrictions of individuals who trade-off the utility derived from social interactions against the risk of infection. We study the determinants of community mobility across the European Union during the COVID-19 crisis, focusing on government and self-imposed restrictions. Results indicate that timeseries breaks in all types of mobility were clustered across time and EU states, with the most discretionary types falling first and by the largest amounts. Mobility measures fall only after the escalation of government containment measures, with school closures and cancellation of public events preceding falls in all types of mobility across all EU states. This indicates that these two policies have led to an overall risk re-assessment by the general public leading to self-imposed yet not self-initiated falls in mobility. Finally, self-imposed restrictions occurring independently of government measures are responsible for a significant part in the fall of post-pandemic mobility in the EU. |
| JEL: | I12 I18 D70 D80 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mlt:wpaper:0321&r= |
| By: | Grace Melo (Texas A&M University) |
| Abstract: | We introduce the command quaidsce, a modified version of the estimation command provided by Poi (2008) to estimate the Almost Ideal Demand System proposed by Deaton and Muellbauer (1980) and extended by Banks et al. (1997) to allow for nonlinear demographic effects (through a price deflator for total expenditure) and nonlinear Engel curves (through a quadratic term of total expenditure). The command of Poi (2008) to estimate the Quadratic Almost Ideal Demand System (QUAIDS) is extended to a two-step censoring demand system. Postestimation tools calculate expenditure and price elasticities. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:23&r= |
| By: | António S. Cruz; Ines A. Ferreira; Johnny Flentø; Finn Tarp; Mariam Umarji |
| Abstract: | At independence in 1975, the Frelimo government took over public administration from the colonial system and started to transform it. The public financial management (PFM) system was adapted to the central planning and management of the economy in line with nationalist and Marxist-Leninist thinking. Collapse followed in the mid-1980s, amidst the Cold War and the liberalization of the economy. |
| Keywords: | Public finance management, Mozambique, Reforms, Budget |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-136&r= |
| By: | Dominique Torre (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (... - 2019) - COMUE UCA - COMUE Université Côte d'Azur (2015 - 2019) - CNRS - Centre National de la Recherche Scientifique - UCA - Université Côte d'Azur); Qing Xu (GREDEG - Groupe de Recherche en Droit, Economie et Gestion - UNS - Université Nice Sophia Antipolis (... - 2019) - COMUE UCA - COMUE Université Côte d'Azur (2015 - 2019) - CNRS - Centre National de la Recherche Scientifique - UCA - Université Côte d'Azur) |
| Abstract: | Alipay and WeChat Pay, the mobile payment services of Alibaba and Tencent, rapidly spread out in China from the early 2010s. Their successes motivate three open questions: (i) why the two companies did not really compete to gain the exclusivity of their clients? (ii) why the installed basis of the incumbent did not prevent the success of the entrant? (iii) why the new entry accelerated the dffusion of the incumbent's solutions? This paper elaborates an adoption model which encapsulates the distinctive features of the two service providers. It points out that complementaries between the two solutions (dfferentiated services offered to clients, decreasing adoption costs and contrasting business models) can explain the interest of both service providers to avoid any strong competition. During the adoption phase, Alipay and WeChat had interest to a mutual development as soon as they did not offered the same product, with the same business model. In this situation, every improvement of the technology of each operator increased the profit of the other. This strategic complementarity effect between the two competitors could however decrease during time their incentive to innovate. |
| Keywords: | strategic complementarities,online payment,electronic wallets,payments in China,mobile-payment,paiement mobile,complémentarités stratégiques,paiement en ligne,porte-monnaie électronique,paiements en Chine |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03313693&r= |
| By: | James Alm (Tulane University); Trey Dronyk-Trosper (Amazon.com, Inc) |
| Abstract: | It is widely believed that basic infrastructure in the United States has been seriously underfunded in recent years. We examine this broad issue by focusing on two specific questions. First, how has subnational government spending on infrastructure changed over the last half-century, focusing especially on transportation spending? Second, what factors have driven these spending changes? To answer these questions, we collect data on local, state, and combined state and local government spending on roads and other expenditure categories from 1957 to 2013. With these data, we first demonstrate that infrastructure spending has increased on average in real per capita terms across all states, even while it has declined significantly across all states as a percentage of government spending. Second, we also examine empirically several causal factors that help explain what has driven these changes in transportation spending over time, using several estimation methods and robustness tests. We find suggestive evidence that it is primarily changes in government spending on welfare programs that have driven these sizeable changes in transportation spending. Indeed, we calculate that, if state governments were spending the same percentage of their budgets on transportation in 2013 as they had been in 1957, then state government spending on transportation across all states would increase in total by an additional $133.5 billion in 2013, an amount equal to an additional $422 per capita. |
| Keywords: | Infrastructure, state and local governments |
| JEL: | H72 R42 H41 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:tul:wpaper:2114&r= |
| By: | Atoi, Ngozi Victor; Nwambeke, Chinedu G. |
| Abstract: | This study examines money market and foreign exchange market dynamics in Nigeria by estimating the dynamic correlation and volatility spillovers between Nigeria Naira/US Dollar Bureau De Change (BDC) exchange rate and interbank call rate with data from January 2007 to August 2019. The study employs a dynamic conditional correlation form of GARCH model (DCC-GARCH) to access the nature of correlation, while an unrestricted bivariate BEKK-GARCH (1, 1) form of multivariate GARCH model is utilized to investigate shocks and volatility spillover of the rates. The estimated DCC-GARCH (1, 1) reveals that interest rate and exchange rate are dynamically linked negatively, suggesting that exchange rate (or interest rate) is inversely sensitive to interest rate (or exchange rate) in Nigeria. This result was substantiated by the estimated BEKK-GARCH(1, 1) model. Furthermore, the effects of news (shocks spillover) are bi-directional across the markets. However, volatility spillover is unidirectional, from exchange rate to interest rate, suggesting that, calming the volatility in foreign exchange market does guarantee moderation of volatility in the money market, whereas the reverse is not the case. The results underscore the growing influence of foreign exchange market in the financial space of the Nigerian economy. Thus, the study recommends that foreign exchange policies aimed at maintaining exchange rate stability should be sustained, having found exchange rate to be more effective in moderating interest rate volatility in Nigeria. |
| Keywords: | Exchange rate, interest rate, multivariate GARCH, volatility spillover |
| JEL: | C4 E52 F31 G10 |
| Date: | 2021–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109305&r= |
| By: | Tran, Lan T.; McCann, Laura M.; Skevas, Teo |
| Keywords: | Institutional and Behavioral Economics, Production Economics, Environmental Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312886&r= |
| By: | Chinonso Nwankwo; Weizhong Dai |
| Abstract: | When solving the American options with or without dividends, numerical methods often obtain lower convergence rates if further treatment is not implemented even using high-order schemes. In this article, we present a fast and explicit fourth-order compact scheme for solving the free boundary options. In particular, the early exercise features with the asset option and option sensitivity are computed based on a coupled of nonlinear PDEs with fixed boundaries for which a high order analytical approximation is obtained. Furthermore, we implement a new treatment at the left boundary by introducing a third-order Robin boundary condition. Rather than computing the optimal exercise boundary from the analytical approximation, we simply obtain it from the asset option based on the linear relationship at the left boundary. As such, a high order convergence rate can be achieved. We validate by examples that the improvement at the left boundary yields a fourth-order convergence rate without further implementation of mesh refinement, Rannacher time-stepping, and/or smoothing of the initial condition. Furthermore, we extensively compare, the performance of our present method with several 5(4) Runge-Kutta pairs and observe that Dormand and Prince and Bogacki and Shampine 5(4) pairs are faster and provide more accurate numerical solutions. Based on numerical results and comparison with other existing methods, we can validate that the present method is very fast and provides more accurate solutions with very coarse grids. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10418&r= |
| By: | Leone Walters (Department of Economics, University of Pretoria, Private Bag X20, Hatfield 0028, South Africa); Carolyn Chisadza (Department of Economics, University of Pretoria, Private Bag X20, Hatfield 0028, South Africa); Matthew Clance (Department of Economics, University of Pretoria, Private Bag X20, Hatfield 0028, South Africa) |
| Abstract: | We study whether present-day women political participation in sub-Saharan Africa can be linked to the temporary gender ratio imbalances caused by the transatlantic and Indian Ocean slave trades, taking into account pre-existing gender norms influenced by kinship structures. Using individual-level data for 29 sub-Saharan African countries from the latest Afrobarometer surveys, ethnic region kinship and slave trade data, we find that a woman's ethnic region exposure to the transatlantic slave trade is associated with an increase in her likelihood to vote, however, only in non-patrilineal ethnic regions. This effect is mitigated in patrilineal ethnic regions, where women have less decision-making power. This paper contributes to the literature on the contemporary sub-national effects of the slave trades and the historical causes of gender gaps in political participation. |
| Keywords: | Slave Trade, Gender, Africa |
| URL: | http://d.repec.org/n?u=RePEc:pre:wpaper:202156&r= |
| By: | Jesse Rothstein; Diane Whitmore Schanzenbach |
| Abstract: | Card and Krueger (1992a,b) used labor market outcomes to study the productivity of school spending. Following their lead, we examine effects of post-1990 school finance reforms on students’ educational attainment and labor market outcomes. Lafortune et al. (2018) show that these reforms increased school spending and narrowed spending and achievement gaps between high- and low-income districts. Using a state-by-cohort panel design, we find that reforms increased high school completion and college-going, concentrated among Black students and women, and raised annual earnings. They also increased the return to education, particularly for Black students and men and driven by the return to high school. |
| JEL: | I21 I24 J24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29177&r= |
| By: | Bornali Bhandari (National Council of Applied Economic Research) |
| Abstract: | Demographic transition, economic uncertainty and technological changes have come together to create a concoction in India that has the potential to boil over economically and socially, if not skilfully managed. One path that could steady the future of India is to both create jobs that will absorb the burgeoning population and make the population work ready so that they can be absorbed in those same jobs. The three basic questions in economics contextualised within India’s skills market boils down to the following. What skills should we equip the workforce with? How should we equip them? For whom should we equip them? These questions are examined in the historical context to serve a dual purpose – first, to understand how they were answered in the past to derive lessons, if any, therefrom, and second, to understand why we are what we are today in terms of the education, employability and employment (3–E) challenge. The same questions are examined for the post-Independence era. While overall, skills as measured by education show a positive association with economic growth, drilling down shows several inconsistencies. Given the shortage of skilled workers and high demand for them, there is a high premium for skills, i.e., tertiary education. Prospective employees aspire for education that will enable them to get a secure job. However, a majority falter in the path and the ones who are able to get the education, still do not have the skills to get the aspirational job. With other channels of human capital investment limited, general educational attainment continues to present the only sustainable path. India is not addressing the micro distortions in terms of incentives and signals to employees (prospective or otherwise) and firms who make choices of about investments in education, on-the-job training, migration, creation of jobs, technologies to adopt, which in turn result in not addressing the above mentioned macro issues, thereby creating a vicious cycle. |
| Keywords: | Education, Employability, Employment, Skills, Vocational Skills, India |
| JEL: | J24 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:122&r= |
| By: | Mohammed Belbachir (Université Mohammed V de Rabat [Agdal]); Rachid Zammar (Université Mohammed V de Rabat [Agdal]) |
| Abstract: | Since the emergence of the Covid 19 pandemic, several sectors in the world have been really impacted. Thus, the audiovisual sector in Morocco has suffered greatly from this situation. Recourse to innovative entrepreneurship has become an unavoidable necessity. For this reason, the Moroccan government has introduced a range of financial, legal and administrative measures to revive this sector. With this in mind, our aim in this article is to highlight the interaction between innovative entrepreneurship and the audiovisual sector in Morocco. Thus, this paper aims to dissect to what extent innovative entrepreneurship can impact the audiovisual sector as well as the multiple programs established to promote this sector. In order to formulate a clearer and more exhaustive vision, our study has focused on the National Broadcasting and Television Company (SNRT) being the driving force of this sector in Morocco. To do this, a documentary study was also carried out through scientific developments and analysis of monographs, reports and graphs on this field, especially this company. This documentary analysis has allowed us to confirm the importance of entrepreneurship as a key factor in the revival of the sector's dynamics in the short term. However, given the high cost generated by the introduction of new processes and technologies, the impact of innovation will only be realized after a certain period of time. |
| Abstract: | Depuis l'émergence de la pandémie Covid 19, plusieurs secteurs dans le monde ont été véritablement impactés. Ainsi, le secteur audiovisuel au Maroc a beaucoup souffert de cette conjoncture. Le recours à l'entrepreneuriat innovant devient une nécessité incontournable. Pour cette raison, le gouvernement marocain a instauré une panoplie de mesures d'ordre financier, juridique et administratif afin de relancer ce secteur. Dans cette optique, nous ambitionnons à travers cet article de mettre en relief l'interaction entre l'entrepreneuriat innovant et le secteur audiovisuel au Maroc. Ainsi, ce papier vise à décortiquer à quelle ampleur l'entrepreneuriat innovant peut impacter le secteur audiovisuel ainsi que les multiples programmes établis afin de promouvoir ce secteur. Afin de bien formuler une vision plus claire et exhaustive, notre étude a été focalisée sur la société Nationale de Radiodiffusion et de Télévision (SNRT) étant la locomotive de ce secteur au Maroc. Pour ce faire, une étude documentaire a été également réalisée par le biais des développements scientifiques et des analyses de monographies, des rapports et des graphiques portant sur ce domaine surtout de cette société. Cette analyse documentaire nous a permis de confirmer l'importance de l'entrepreneuriat étant un facteur névralgique de la relance de la dynamique de ce secteur à court terme. Cependant, vu le coût élevé généré par l'introduction de nouveaux procédés et technologies, l'impact de l'innovation se sera concrétisé qu'après une période bien déterminée. |
| Keywords: | audio-visual,Innovation,Entrepreneurship,Morocco,Entrepreneuriat,Audiovisuel,Maroc |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03313583&r= |
| By: | Winkler, Julian; Semenova, Valentina |
| Abstract: | This paper develops an empirical and theoretical case for how 'hype' among retail investors can drive large asset fluctuations. We use the dataset of discussions on WallStreetBets (WSB), an online investor forum with over nine million followers as of April 2021, to show how excitement about trading opportunities can ripple through an investor community with large market impacts. This paper finds empirical evidence of psychological contagion among retail investors by exploiting differences in stock price fluctuations and discussion intensity. We show that asset discussions on WSB are self-perpetuating: an initial set of investors attracts a larger and larger group of excited followers. Sentiments about future stock performance also spread from one individual to the next, net of any fundamental price movements. Leveraging these findings, we develop a model for how social contagion impacts prices. The proposed model and simulations show that social contagion has a destabilizing effect on markets. Finally, we establish a causal relationship between WSB activity and financial markets using an instrumental variable approach. |
| JEL: | D91 G14 G41 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-04&r= |
| By: | FERREIRA Valeria; ALMAZÁN-GÓMEZ Miguel Ángel; NECHIFOR VOSTINARU Victor (European Commission - JRC); FERRARI Emanuele (European Commission - JRC); DIALLO Souleymane Sadio |
| Abstract: | A Social Accounting Matrix (SAM) is a comprehensive and economy-wide database recording data on all transactions that take place in an economy over a period of time, usually one year. It has two principal objectives. On the one hand, it presents a complete picture of the economy, taking into account the economy's structure and the interrelationships between economic agents. On the other hand, it provides a coherent framework to analyse how the economy works and to predict the effects of policy interventions through its use as a database in multisectoral linear models by calculating multipliers, and in the calibration and exploitation of Computable General Equilibrium (CGE) models. This report presents the Côte d’Ivoire's SAM for 2015, with the main purpose of providing a suitable database for implementing and evaluating the country's own developmental social and economic policies and initiatives. For this purpose, the basic structure of a SAM is presented, explaining the meaning of each account. Then, the accounts included in the SAM of Côte d'Ivoire are explained in detail covering the main aspects of its construction and estimation. This SAM has the advantage of including the Household Production for Household Consumption (HPHC) approach and a high disaggregation of the agricultural and food sector, which is very important for an economy like the Ivorian case. Finally, the SAM is used as a database to perform a descriptive analysis of the Ivorian economy and to obtain results of employment, output and value added multipliers with the application of a linear multiplier analysis. Annex 3 explains how to download the matrix available online. |
| Keywords: | Social Accounting Matrices, Côte d'Ivoire Economy, linear multisectoral models |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc125648&r= |
| By: | Natalia Fabra (Universidad Carlos III de Madrid); Imelda (Universidad Carlos III de Madrid) |
| Keywords: | market power, forward contracts, arbitrage, renewables |
| JEL: | L13 L51 Q41 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2117&r= |
| By: | Bonsang, Eric (Université Paris-Dauphine); Costa-Font, Joan (London School of Economics); de New, Sonja C. (Monash University) |
| Abstract: | This paper analyses the relationship between locus of control (LOC) and the demand for supplementary health insurance. Drawing on longitudinal data from Germany, we find robust evidence that individuals having an internal LOC are more likely to take up supplementary private health insurance (SUPP). The increase in the probability to have a SUPP due to one standard deviation increase in the measure of internal LOC is equivalent to an increase in household income by 14 percent. Second, we find that the positive association between selfreported health and SUPP becomes small and insignificant when we control for LOC, suggesting that LOC might be an unobserved individual trait that can explain advantageous selection into SUPP. Third, we find comparable results using data from Australia, which enhances the external validity of our results. |
| Keywords: | positive selection, locus of control, risk aversion, health care use, private health insurance, supplementary insurance, Germany, Australia |
| JEL: | I18 D15 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14633&r= |
| By: | Klaus Wohlrabe; Lutz Bornmann |
| Abstract: | In this article, we revisit the analysis of Laband and Tollison (2006) who documented that articles with two authors in alphabetical order are cited much more often than non-alphabetized papers with two authors in the American Economic Review and the American Journal of Agricultural Economics. Using more than 120,000 multi-authored articles from the Web of Science economics subject category, we demonstrate first that the alphabetization rate in economics has declined over the last decade. Second, we find no statistically significant relationship between alphabetized co-authorship and citations in economics using six different regression settings (the coefficients are very small). This result holds when accounting for intentionally or incidentally alphabetical ordering of authors. Third, we show that the likelihood of non-alphabetized co-authorship increases the more authors an article has. |
| Keywords: | alphabetization, co-authorship, citations, Web of Science |
| JEL: | A12 A14 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9230&r= |
| By: | Chen, Xiaomeng; Forman, Christopher; Kummer, Michael E. |
| Abstract: | We analyze whether an informal second channel for communication can improve the efficiency of knowledge transfer in an electronic network of practice. We explore this question by analyzing the effect of chat rooms in the well-known Q&A forum Stack Overflow. We identify the causal effect using a difference-in-differences approach, which exploits a feed functionality that non-selectively pushed all questions from the Q&A into the relevant chat rooms. We report two main findings: First, chat rooms reduced the time until a question in the main Q&A received a satisfactory answer. Second, chat rooms disproportionately benefited new users who asked low-quality questions. Our study has clear managerial implications: A second channel for communication can complement the main channel in online communities to enhance both efficiency and inclusion. |
| Keywords: | Knowledge sharing,Online community,User contribution |
| JEL: | L17 O31 O36 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:21061&r= |
| By: | Bronka, Patryk; Collado, Diego; Richiardi, Matteo |
| Abstract: | We nowcast the economic effects of the Covid-19 pandemic and related lock-down measures in the UK and then analyse the distributional and budgetary effects of the estimated individual income shocks, distinguishing between the effects of automatic stabilisers and those of the emergency policy responses. Under conservative assumptions about the exit strategy and recovery phase, we predict that the rescue package will increase the cost of the crisis for the public budget by an additional £26 billion, totalling over £60 billion. However, it will allow to contain the reduction in the average household disposable income to 1 percentage point, and will reduce poverty rate by 1.1 percentage points (at a constant poverty line), with respect to the pre-Covid situation. We also show that this progressive effect is due to the increased generosity of Universal Credit, which accounts for only 20% of the cost of the rescue package. |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-17&r= |
| By: | David Newbery (Faculty of Economics, University of Cambridge) |
| Keywords: | wind curtailment, market failures, corrective charges |
| JEL: | H23 L94 Q28 Q42 Q48 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2036&r= |
| By: | Chakraborty, Lekha (National Institute of Public Finance and Policy) |
| Abstract: | India was the first to integrate climate change criteria in the inter- governmental fiscal transfers This analysis suggests that climate change criterion in the intergovernmental fiscal transfer mechanism in India is a significant step to incentivise the conservation of forests. However, the macropolicy channel of this link is through the public expenditure priorities related to climate change commitments by the state governments, to make a "just transition" towards a sustainable climate-resilent economy. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/341&r= |
| By: | Arjan Non (Erasmus University Rotterdam, Erasmus School of Economics); Ingrid Rohde (Open University Netherlands and University of Bonn, Institute for Applied Microeconomics); Andries de Grip (Maastricht University, Research Centre for Education and the Labor Market); Thomas Dohmen (University of Bonn, Institute for Applied Microeconomics; Maastricht University; IZA) |
| Abstract: | We conduct a discrete choice experiment to investigate how the mission of high-tech companies affects job attractiveness and contributes to self-selection of science and engineering graduates who differ in prosocial attitudes. We characterize mission by whether or not the company combines its profit motive with a mission on innovation or corporate social responsibility (CSR). Furthermore, we vary job design (e.g. autonomy) and contractible job attributes (e.g. job security). We find that companies with a mission on innovation or CSR are considered more attractive. Women and individuals who are more altruistic and less competitive feel particularly attracted to such companies. |
| Keywords: | Mission of the company, sorting, discrete choice experiment, job characteristics, social preferences |
| JEL: | J81 J82 M52 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ajk:ajkdps:113&r= |
| By: | Zhang, Hanzhe (Michigan State University, Department of Economics); He, Simin (Department of Economics, Shanghai University of Finance and Economics); Wu, Jiabin (Department of Economics, University of Oregon) |
| Abstract: | We experimentally study Becker-Shapley-Shubik matching models. We show that whether efficient matching is assortative and whether the pairwise Nash-Rubinstein bargaining outcome is stable affects matching and surplus; the canonical theory predicts no effect. In markets with equal numbers of participants on the two sides, individual payoffs in our and others’ experiments cannot be explained by existing refinements of the core, but are consistent with our noncooperative model’s prediction. In markets with unequal numbers of participants on the two sides, noncompetitive outcomes—subjects on the long side do not fully compete—are not captured by the canonical theory, but by our noncooperative model. |
| Keywords: | decentralized matching; matching with transfers; assignment games; bargaining experiments |
| JEL: | C71 C72 C78 C90 |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:ris:msuecw:2021_002&r= |
| By: | J. Gavin; M. Crane |
| Abstract: | In this paper, the cross-correlations of cryptocurrency returns are analysed. The paper examines one years worth of data for 146 cryptocurrencies from the period January 1 2019 to December 31 2019. The cross-correlations of these returns are firstly analysed by comparing eigenvalues and eigenvector components of the cross-correlation matrix C with Random Matrix Theory (RMT) assumptions. Results show that C deviates from these assumptions indicating that C contains genuine information about the correlations between the different cryptocurrencies. From here, Louvain community detection method is applied as a clustering mechanism and 15 community groupings are detected. Finally, PCA is completed on the standardised returns of each of these clusters to create a portfolio of cryptocurrencies for investment. This method selects a portfolio which contains a number of high value coins when compared back against their market ranking in the same year. In the interest of assessing continuity of the initial results, the method is also applied to a smaller dataset of the top 50 cryptocurrencies across three time periods of T = 125 days, which produces similar results. The results obtained in this paper show that these methods could be useful for constructing a portfolio of optimally performing cryptocurrencies. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09763&r= |
| By: | Christian Moser (Columbia University); Pierre Yared (Columbia University) |
| Abstract: | Online appendix for the Review of Economic Dynamics article |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:red:append:20-442&r= |
| By: | Farzana Afridi, (Economics and Planning Unit, Indian Statistical Institute, Delhi and IZA, Bonn); Sourav Bhattacharya, (Indian Institute of Management, Kolkata); Amrita Dhillon, (Department of Political Economy, Kings College, London, and CAGE, University of Warwick); Eilon Solan, (School of Mathematical Sciences, Tel Aviv University) |
| Abstract: | In developing countries with weak enforcement institutions, there is implicitly a large reliance on electoral incentives to reduce corruption. However electoral discipline works well only under some conditions. In this paper we study the effect of electoral competition on corruption when uncertainty in elections is high (or accountability is low), as in many developing countries . Our theory focuses on the case of high uncertainty and shows that in this case there is a U-shaped relationship between electoral competition and corruption. We illustrate the predictions of the model with village level data on audit detected irregularities and electoral competition from India. |
| Keywords: | Corruption, Electoral Competition, Uncertainty, Audit, Accountability JEL Classification: D72, D82, H75, O43, C72. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:569&r= |
| By: | Mila Bertolo (Unknown); Manvir Singh (IAST - Institute for Advanced Study in Toulouse); Samuel Mehr (Unknown) |
| Date: | 2021–01–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03268513&r= |
| By: | Wei Zhou (Department of Engineering, University of Cambridge); Eoghan O’Neill (Faculty of Economics, University of Cambridge); Alice Moncaster (Department of Engineering, University of Cambridge); David Reiner (EPRG, CJBS, University of Cambridge); Peter Guthrie (Department of Engineering, University of Cambridge) |
| Keywords: | building stock, lifetime distribution, System Dynamics, Bayesian Model Averaging, Markov Chain Monte Carlo, embodied energy, operational energy, China |
| JEL: | C11 O18 R21 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2016&r= |
| By: | Matthew Stern; Yash Ramkolowan |
| Abstract: | Understanding South Africas trade policy and performance |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:rbz:wpaper:11017&r= |
| By: | Tapsoba, Augustin |
| Abstract: | This paper studies how local polygyny norms affect the equilibrium response of marriage markets to short-term changes in aggregate economic conditions. It develops a simple equilibrium marriage market framework with overlapping generations in which polygyny is modeled as a sequential one-to-one matching. The model generates predictions that are tested by revisiting the impact of rainfall shocks on the timing of marriage in Sub-Saharan Africa. Consistent with the model’s predictions, I find that the effect of droughts on child marriage is weaker where polygyny is more commonly practiced. The same shock leads to a large increase in the annual hazard of child marriage in monogamous areas but has no detectable effect in areas with high polygyny levels. In these areas, there is instead an increase in the market shares of young men that are looking for first/unique spouses at the expense of older men that are looking for second spouses. The differences in equilibrium outcomes on the marriage markets translate into differences in fertility onset and long term fertility levels. |
| Keywords: | Marriage market, local norms, polygyny, bride price, income shocks, informal insurance, Africa |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:tse:wpaper:125854&r= |
| By: | Seisho Sato (University of Tokyo); Naoto Kunimoto (Tokyo Keizai University) |
| Abstract: | We develop a new regression method called frequency regression and smoothing. This method is based on the separating information maximum likelihood developed by Kunitomo and Sato (2021) and Sato and Kunitomo (2020) for estimating the hidden states of random variables and handling noisy nonstationary (small sample) time series data. Many economic time series include not only the trend-cycle, seasonal, and measurement error components, but also factors such as structural breaks, abrupt changes, trading-day effects, and institutional changes. Frequency regression and smoothing can be applied to handle such factors in nonstationary time series. The proposed method is simple and applicable to several problems when analyzing nonstationary economic time series and handling seasonal adjustments. An illustrative empirical analysis of the macroconsumption in Japan is provided. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:cfi:fseres:cf519&r= |
| By: | Boujema El Gazzan (Université Mohammed Premier [Oujda]); Kamal Hassani (Université Mohammed Premier [Oujda]) |
| Abstract: | With a view to intra-regional trade integration, African countries have decided to create an African Continental Free Trade Area (ACFTA) which should establish the rules and political guidelines necessary to promote intra-regional trade but the success of such political choice is conditioned by the degree of complementarity between the economies of these countries as well as their establishment in a win-win approach. In order to assess the prospects for the creation of the ACFTA and specifically on the Moroccan economy by integrating the specificities and potentials of African countries, the estimation of the potential has, however, shown the existence of a significant global potential for Morocco which can be exploited. To do this, the implementation of the ACFTA should allow the dismantling of tariff and non-tariff barriers under the condition of a great diversification of Moroccan products exported regionally which is necessary. The empirical study by integrating the gravitational model and economic variables for the period 2001-2019 on a sample of 50 African countries has made it possible to detect a potential to be exploited but the experience of failure of the already existing interregional communities presupposes a structural transformation of a commercial order, piloting by better diversity and integration of the production chain reinforced by good infrastructure and logistics, and of a political order by boycotting with historical factors and individualism for the benefit of a goal and a lucrative common identity for all countries. |
| Abstract: | En vue d'une intégration commerciale intra régionale, les pays africains ont décidé de créer une zone de libre échange continentale africaine (ZLECA) qui devrait instaurer les règles et les orientations politiques nécessaires pour promouvoir le commerce intra régional, mais le succès d'un tel choix politique est conditionné par le degré de complémentarité entre les économies de ces pays, de même que leur instauration dans une approche gagnantgagnant. Dans un objectif d'évaluer les perspectives de la création de la ZLECA et spécifiquement sur l'économie marocaine en intégrant les spécificités et les potentialités des pays africains, l'estimation du potentiel a montré toutefois l'existence d'un potentiel global important pour le Maroc qui peut être exploité. Pour ce faire, la mise en œuvre de la ZLECA devrait permettre le démantèlement des barrières tarifaires et non tarifaires sous condition d'une grande diversification des produits marocains exportés régionalement ce qu'est nécessaire. L'étude empirique par l'intégration du modèle gravitationnel et des variables économiques pour la période 2001-2019 sur un échantillon de 50 pays africains a permet de détecter un potentiel à exploiter, mais l'expérience d'échec des communautés interrégionales déjà existantes supposent une transformation structurelle d'ordre commerciale, piloter par une meilleure diversité et intégration de chaine de production renforcée par des bonnes infrastructures et logistique, et d'ordre politique en boycottant avec les facteurs historiques et l'individualisme au profit d'un but et d'une identité commune lucrative à tous les pays |
| Keywords: | Trade Integration,African Continental Free Trade Area (ACFTA),Free Trade Agreement,Regional Community,Intégration commerciale,Accords de libre-échange,Communauté régionale,Zone de libre-échange continentale africaine (ZLECA) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03313403&r= |
| By: | Goyal, Ananya (National Institute of Public Finance and Policy); Pandey, Radhika (National Institute of Public Finance and Policy); Sane, Renuka (National Institute of Public Finance and Policy) |
| Abstract: | A study of inflation requires a fixed consumption basket. The last publicly available data on household consumption baskets is from Consumer Expenditure Survey (CES) 2011-12. A more recent source of data has been the CMIE Consumer Pyramid Household Survey (CPHS). In this paper we compare the weights of various commodities in the Consumer Price Index (CPI) series with the CES 2011-12 and the CPHS 2019. We first document the methodology of construction of the Consumer Price Index (CPI) including details on commodity classification, reference and recall periods. We find that while CPI is based on CES 2011-12, CPI weights closely match those of CES 2011-12 only once the sub-group `Housing' is excluded from the total consumption expenses. For comparison with CPHS, we first map the CPHS commodities to CPI to make them comparable. We find the differences in some categories such as food, household goods and services are less than 2 percentage points. Differences in the shares of commodities such as transport and communication, health, education and intoxicants are larger. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/343&r= |
| By: | Cem Özgüzel |
| Abstract: | During the Great Recession, immigrants reacted to the drop in labour demand in Spain through internal migration or leaving the country. Consequently, provinces lost 13.5% of their immigrants or - 3% of the total labour supply, on average. Using municipal registers and longitudinal administrative data, I find that immigrant outflows slowed the decline in employment and wage of natives. I use a modified shift-share instrument based on past settlements to claim causality. Employment effects were driven by increased entries to employment, while wage effects were limited to natives that were already employed. These effects also persisted in the medium-term. |
| Keywords: | immigrant mobility, wages, employment, local labour market, Great Recession, Spain |
| JEL: | F22 J31 J61 R23 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9268&r= |
| By: | Emmanuel Asane-Otoo (University of Oldenburg, Department of Economics); C. Dannemann (University of Oldenburg, Department of Economics) |
| Abstract: | Besides temporal and spatial aggregation issues in the analysis of asymmetric response of retail gasoline prices, previous studies have also largely ignored parameter heterogeneity across fuel stations. This paper addresses the aggregation issues and the parameter homogeneity assumption by examining the responsiveness of stations to input cost changes using daily station-specific retail and wholesale gasoline prices for 12,613 geographically diverse stations. Based on individual station analysis using asymmetric error correction models, we find that 48% of stations engage in competitive pricing while the remaining 52% exhibit the rockets and feathers pricing pattern. Our findings suggest that the rockets and feathers phenomenon is a feature of individual stations and local market characteristics are important determinants. We also show that pooled panel regression techniques obscure the actual pricing pattern observed from station-level time series analysis. |
| Keywords: | Asymmetric Pricing, Input Cost, Price Transparency, Aggregation |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:old:dpaper:436&r= |
| By: | Dominique Desbois (ECO-PUB - Economie Publique - INRA - Institut National de la Recherche Agronomique - AgroParisTech) |
| Abstract: | Wie reagieren Unternehmen und Organisationen auf Krisen? Die von Dauphine Recherches en Management (DRM), einem universitären Zentrum für Managementwissenschaften, vorgestellten Untersuchungen zu den Strategien von Unternehmen in Krisensituationen drehen sich um die recht klassischen Themen Restrukturierung, Integration neuer Herausforderungen, Sicherung von Transaktionen und Anpassung an Veränderungen in ihrem Umfeld. Aber auch wenn diese Forschung auf der Basis von Mehrjahresprogrammen durchgeführt wird, schwingen ihre Ergebnisse manchmal im aktuellen Geschehen mit. |
| Abstract: | How do companies and organisations react to crises? The research presented by Dauphine Recherches en Management (DRM), a university centre for management sciences, on the strategies implemented by companies in crisis situations is organised around the fairly classic issues of restructuring, integrating new challenges, securing transactions and adapting to changes in their environment. However, even if this research is conducted on the basis of multi-year programmes, its results sometimes resonate with current events. |
| Abstract: | Comment les entreprises et les organisations réagissent-elles aux crises ? Les recherches présentées par Dauphine Recherches en Management (DRM), centre universitaire en sciences de gestion, sur les stratégies mises en oeuvre par les entreprises en situation de crise s'organisent autour de problématiques assez classiques de restructuration, d'intégration de nouveaux enjeux, de sécurisation des transactions et d'adaptation aux évolutions de leur envIronnement. Cependant, même si ces recherches sont conduites plutôt à partir de programmes pluriannuels, leurs résultats entrent parfois en résonnance avec l'actualité . |
| Abstract: | Come reagiscono le aziende e le organizzazioni alle crisi? La ricerca presentata da Dauphine Recherches en Management (DRM), un centro universitario di scienze manageriali, sulle strategie messe in atto dalle imprese in situazioni di crisi è organizzata intorno ai temi abbastanza classici della ristrutturazione, dell'integrazione di nuove sfide, della sicurezza delle transazioni e dell'adattamento ai cambiamenti del loro ambiente. Tuttavia, anche se questa ricerca è condotta sulla base di programmi pluriennali, i suoi risultati a volte risuonano con l'attualità. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03266986&r= |
| By: | POST Jan; DE JONG Pieter; MALLORY Matt; DOUSSINEAU Mathieu; GNAMUS Ales (European Commission - JRC) |
| Abstract: | The smart Specialisation strategy design and implementation offer to the territories in Europe a solid paradigm for developing effective innovation governance, improving innovation policy capacities, enhancing public-private partnerships, offering common platform for inter-regional cooperation activities and through that an operative engagement of stakeholders in the international value chains. The sustainable Smart Specialisation strategies framework can play a key role as enabler of a sustainable transformation of European economy towards the Green Deal by streamlining innovation activities around the value chains to reach the competitiveness edge of Europe vis-à-vis the rest of the world. The Blue Economy activities, by safeguarding the preservation of healthy oceans, seas and waters, represent an important component of the European Green Deal activities in the regions and Member States. One of the emerging blue economy sectors with considerable “greening” potential for a stable water supply in the ever growing areas with increasing water imbalances is the desalination sector. Besides its essential role in providing water in the areas suffering water shortages, lately seriously aggravated by the climate change impacts, the sector has a potential for creating of prosperity and employment in some territories of Europe through a combination of innovation based sustainable water, energy and chemical technologies, coupled with environmental and societal challenges. This report aims at analysing the sector from the innovation, the EU policy and regional perspectives - in the latter with examples of implementation of desalination technologies in the three types of regions with specific water supply issues across Europe, namely in the water scarce regions of the Southern Europe, in European Western and Northern regions, and in the specific case of island regions, where a stable water supply through desalination improves substantially the living conditions and local economy. Overall, the desalination sector provides a sustainable solution for agro-food systems and for integrated water provision and management in the water scarce areas, makes those often vulnerable territories more climate-resilient, efficient, cost-effective, and environmentally and socially sustainable, and contributes to climate adaptation by solving the water scarcity, food security, soil health by enhancing rainwater infiltration and water reuse, nutrition, health and well-being of population in these areas. Given the increasing climate change pressures, a holistic approach to address the global freshwater scarcity through sustainable innovative solutions is needed and the sector of desalination will be granted increasing protagonism in the endeavours to enhance territorial resilience, improve ecosystem services, biodiversity and a more sustainable agricultural production in Europe and beyond. |
| Keywords: | Smart Specialisation, Blue Economy, Desalination Sector |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc125905&r= |
| By: | Raphael Udeh (University of Newcastle, Australia) |
| Abstract: | COVID-19 has been shown to present with a varied clinical course, hence the need for more specific diagnostic tools that could identify severe cases and predict outcomes during COVID-19 infection. Recent evidence has shown an expanded potential role for calprotectin, both as a diagnostic tool and as a stratifying tool in COVID-19 patients in terms of severity. Therefore, this systematic review and meta-analysis aims to evaluate the levels of calprotectin in severe and nonsevere COVID-19 and also identify the implication of raised calprotectin levels. Databases searched include MEDLINE, EMBASE, the Cochrane Library, Web of Science, and MedRxiv. Stata was employed in meta-analysis to compare the serum/fecal levels of calprotectin between severe and nonsevere COVID-19 infections. A pooled analysis of data in the eight quantitative studies from 613 patients who were RT-PCR positive for COVID-19 (average age = 55 years; 52% males) showed an overall estimate as 1.34 (95% CI: 0.77, 1.91). Stata was further employed to carry out an in-depth investigation of the in-between study heterogeneity. In conclusion, calprotectin levels have been demonstrated to be significantly elevated in COVID-19 patients who develop the severe form of the disease, and it also has prognostic importance. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:19&r= |
| By: | Ben Jann (University of Bern) |
| Abstract: | In this talk, I will present a new Stata command that unites a variety of methods to describe (univariate) statistical distributions. Covered are density estimation, histograms, cumulative distribution functions, probability distributions, quantile functions, Lorenz curves, percentile shares, and a large collection of summary statistics, such as classical and robust measures of location, scale, skewness, and kurtosis, as well as inequality, concentration, and poverty measures. Particular features of the command are that it provides consistent standard errors supporting complex sample designs for all covered statistics and that the simultaneous analysis of multiple statistics across multiple variables and subpopulations is possible. Furthermore, the command supports covariate balancing based on reweighting techniques (inverse probability weighting and entropy balancing), including appropriate correction of standard errors. Standard-error estimation is implemented in terms of influence functions, which can be stored for further analysis, for example, in RIF regressions or counterfactual decompositions. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:1&r= |
| By: | Zineb Debbagh (UIT - Université Ibn Tofaïl); Hassan Azouaoui (UIT - Université Ibn Tofaïl) |
| Abstract: | In a tourism destination, tourists are the main factor and what matters is to attract them. Therefore, in the competitive context of tourism destinations, those who can create, enhance and differentiate their image are more successful as they improve their popularity, reputation, and ability to attract more tourists in the future. Hence, we can infer that the image of the destination is one of effective marketing tools to attract more tourists. The purpose of this paper is to examine the impact of destination images on behavioral intentions. More specifically, we investigate the impact of cognitive and affective destination image on intentions to revisit and recommend the destination among past tourists. Data were collected from 249 tourists who visited the city of Essaouira and the model was tested using structural equation modeling based on the PLS method. The results of this study is to support the positive impact of the destination image on behavioral intentions. |
| Keywords: | Behavioral intention,Tourism,Marketing,Destination,Image |
| Date: | 2021–07–30 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03316260&r= |
| By: | James Hurley (University of Melbourne) |
| Abstract: | Whether Candida interacts with Gram-positive bacteria to enhance their invasive potential from the microbiome leading to infection within intensive care unit (ICU) patients remains unclear. These infections arise from the colonizing flora, but quantifying microbial colonization in patients is not simple. Using published ICU infection prevention data, one can model the interaction between Candida and Gram-positive bacteria (at the level of the ICU) using generalized structural equation models (GSEM). In these models, colonization is a latent variable defined by the proportion of patients with respiratory tract or blood stream infections. The various ICU infection prevention interventions (as studied within more than 250 publications) variously impact colonization with Candida and Gram-positive bacteria, which are measured as latent variables within the GSEM. The models provide support to interactions occurring between Candida and Gram-positive bacteria, contributing to bacteremia and pneumonia with these microbes within ICU patients. Similar GSEM modeling likewise implicates interactions between Candida and Gram-negative bacteria contributing to bacteremia. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:30&r= |
| By: | Michael Mehling (MIT Center for Energy and Environmental Policy Research); Robert Ritz (EPRG, CJBS, University of Cambridge) |
| Keywords: | Border carbon adjustment, carbon pricing, Green Deal, international law, international trade |
| JEL: | H23 K33 Q54 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2026&r= |
| By: | Peterson-Wilhelm, Bailey; Durand-Morat, Alvaro; Nalley, Lawton L.; Norsworthy, Jason; Bagavathiannan, Muthukumar V. |
| Keywords: | Production Economics, Environmental Economics and Policy, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312774&r= |
| By: | You, Wen; Davis, George C.; Yang, Jinyang |
| Keywords: | Food Consumption/Nutrition/Food Safety, Consumer/Household Economics, Health Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312810&r= |
| By: | Damian Clarke; Manuel Llorca Ja\~na; Daniel Paila\~nir |
| Abstract: | Quantile regression and quantile treatment effect methods are powerful econometric tools for considering economic impacts of events or variables of interest beyond the mean. The use of quantile methods allows for an examination of impacts of some independent variable over the entire distribution of continuous dependent variables. Measurement in many quantative settings in economic history have as a key input continuous outcome variables of interest. Among many other cases, human height and demographics, economic growth, earnings and wages, and crop production are generally recorded as continuous measures, and are collected and studied by economic historians. In this paper we describe and discuss the broad utility of quantile regression for use in research in economic history, review recent quantitive literature in the field, and provide an illustrative example of the use of these methods based on 20,000 records of human height measured across 50-plus years in the 19th and 20th centuries. We suggest that there is considerably more room in the literature on economic history to convincingly and productively apply quantile regression methods. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06055&r= |
| By: | Masashige Hamano; Munechika Katayama |
| Abstract: | We propose a novel SIR-macro model in which virus transmission is uncertain. The model is solved with the perturbation method around a deterministic infectious steady state. Assuming a stationary infection process, a positive infection shock increases infection while reducing consumption and hours worked for susceptible individuals. Further, we estimate our model with the recent US data on the COVID-19 outbreak. Historical decomposition obtained with Bayesian techniques finds that the dis-containment rule that encourages people to work more, as well as infection shock and technology shock, play an important role in characterizing US infection and macroeconomic dynamics. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:tcr:wpaper:e162&r= |
| By: | Paul H\"unermund (Copenhagen Business School); Beyers Louw (Maastricht University); Itamar Caspi (Bank of Israel) |
| Abstract: | Double machine learning (DML) is becoming an increasingly popular tool for automated model selection in high-dimensional settings. At its core, DML assumes unconfoundedness, or exogeneity of all considered controls, which might likely be violated if the covariate space is large. In this paper, we lay out a theory of bad controls building on the graph-theoretic approach to causality. We then demonstrate, based on simulation studies and an application to real-world data, that DML is very sensitive to the inclusion of bad controls and exhibits considerable bias even with only a few endogenous variables present in the conditioning set. The extent of this bias depends on the precise nature of the assumed causal model, which calls into question the ability of selecting appropriate controls for regressions in a purely data-driven way. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11294&r= |
| By: | Bornali Bhandari (National Council of Applied Economic Research) |
| Abstract: | The objective in this paper is to define the full range of employability skills from Prekindergarten to Higher Education and integrate it to the ground-level realities in the Indian context. It clearly identified that there are four types of skills –cognitive, socio-emotional, physical or psychomotor and job-specific skills. Every job role requires a different permutation and combination of these skills. These skills are mapped across foundational and advanced skills. The third objective is to propose an integrated perspective on education and training for India, which provided the maximum flexibility to workers to determine their own path. Education up to Class X has to be made compulsory. There should be two pathways after that – general schools that offer general education with vocational education and vocational schools that offer vocational education with general education. Apprenticeships needed to be made compulsory in the latter. Internships could be offered in both types of schools. The quality had to be strengthened to deliver a full range of skills at all levels. Even after landing a job, options for re-skilling and up skilling had to be offered. However, a demand-supply side delineation of the full range of the skill set shows that the supply-side is only delivering part of the skill set and even that suffers from quality issues. For example, nowhere active listening and active learning are recognised as key foundational cognitive skills, neither in policy nor in literature. However, these are two skills that employers want. The matching, if at all, was either at the very low-end at the primary/middle school level or at the college level. |
| Keywords: | Education, Employability, Employment, Skills, Vocational Skills, India |
| JEL: | J24 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:123&r= |
| By: | Yan, Weibo (Zhongnan University of Economics and Law); Nie, Peng (Xi’an Jiaotong University) |
| Abstract: | Using the 2011-2013 China Migrants Dynamic Survey, this paper utilizes the quarter of the year in which a child was born as an instrumental variable to measure child education shock and explores its impact on migrated households. We only find significant education-induced migration among boys, which we attribute to son preference in China. Due to child education-induced migration, the per capita household consumption increases by 56.7%, the savings rate decreases by 40.3%, and remittances sent home decline by about 1.3 monthly household incomes, however, there are no effects on income, food consumption, and house rent. After exploring the mechanisms underlying child education-induced migration, we find that children migrate with their parents for a better education in urban areas. Because of the closure and consolidation of rural primary schools, children are forced to migrate due to their education needs. The accessibility of primary schools in urban areas is also responsible for migration decisions regarding children. This paper facilitates understanding of how Hukou influences gender inequality in China. We also provide evidence to show that the segregation of the education system through Hukou is a possible explanation for the low consumption rate of migrants. |
| Keywords: | education-induced migration, Hukou, son preference, economic behaviors |
| JEL: | O15 I28 D14 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14653&r= |
| By: | Sandrine Benoist (VALLOREM - Val de Loire Recherche en Management - UO - Université d'Orléans - Université de Tours) |
| Abstract: | Dans l'imaginaire collectif, la vie à la campagne est celle d'un havre de paix, c'est-à-dire un territoire où l'on peut vivre modestement et qui reste propice à la création d'une famille et à la promotion des valeurs comme l'honnêteté, le travail et l'indépendance (Pagès, 2004). Une telle description du secteur agricole peut faire croire à l'inexistence de risques psychosociaux tels que le stress. L'objet de cet article est de comprendre la nature des ressources mises en évidence par les exploitants agricoles pour faire face au stress, en mobilisant la théorie de conservation des ressources de Hobföll (1989). Afin d'apporter des éléments de réponse, une étude empirique a été menée auprès de 15 exploitants agricoles. Les résultats de la recherche montrent la place centrale des ressources dans la perception du stress professionnel des agriculteurs. Par ailleurs, l'étude permet d'analyser le caractère réel et matériel des pertes exprimées par les exploitants agricoles. Elle invite à réfléchir sur les « stratégies d'ajustement » susceptibles de faire face aux différentes tensions de rôles. |
| Keywords: | Farmer group,Job Strain,Role Strain,Conservation of Resources Theory,Paradox,Farmers,Monde agricole,Agriculteurs,Agricultrices,Exploitants agricoles,Exploitantes agricoles,Stress professionnel,Tensions de rôles,Théorie de la conservation des ressources,Paradoxe,Risques psychosociaux,Facteurs psychosociaux de risques,Ressources adaptatives,Pertes,Contraintes,Agriculture,Stress perçu |
| Date: | 2021–03–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03262804&r= |
| By: | Laure Patouillard (CIRAIG - EPM - École Polytechnique de Montréal, IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles, ECO-PUB - Economie Publique - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Daphné Lorne (IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles); Pierre Collet (IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles); Cécile Bulle (CIRAIG - EPM - École Polytechnique de Montréal); Manuele Margni (CIRAIG - EPM - École Polytechnique de Montréal) |
| Abstract: | Purpose Consequential life cycle assessment (C-LCA) aims to assess the environmental consequences of a decision. It differs from traditional LCA because its inventory includes all the processes affected by the decision which are identified by accounting for causal links (physical, economic, etc.). However, C-LCA results could be quite uncertain which makes the interpretation phase harder. Therefore, strategies to assess and reduce uncertainty in C-LCA are needed. Part of uncertainty in C-LCA is due to spatial variability that can be reduced using regionalization. However, regionalization can be complex and time-consuming if straightforwardly applied to an entire LCA model. Methods The main purpose of this article is to prioritize regionalization efforts to enhance interpretation in C-LCA by assessing the spatial uncertainty of a case study building on a partial equilibrium economic model. Three specific objectives are derived: (1) perform a C-LCA case study of alternative transportation scenarios to investigate the benefits of implementing a public policy for energy transition in France by 2050 with an uncertainty analysis to explore the strength of our conclusions, (2) perform global sensitivity analyses to identify and quantify the main sources of spatial uncertainty between foreground inventory model from partial equilibrium economic modeling, background inventory model and characterization factors, (3) propose a strategy to reduce the spatial uncertainty for our C-LCA case study by prioritizing regionalization. Results and discussion Results show that the implementation of alternative transport scenarios in compliance with public policy for the energy transition in France is beneficial for some impact categories (ICs) (global warming, marine acidification, marine eutrophication, terrestrial acidification, thermally polluted water, photochemical oxidant formation, and particulate matter formation), with a confidence level of 95%. For other ICs, uncertainty reduction is required to determine conclusions with a similar level of confidence. Input variables with spatial variability from the partial equilibrium economic model are significant contributors to the C-LCA spatial uncertainty and should be prioritized for spatial uncertainty reduction. In addition, characterization factors are significant contributors to the spatial uncertainty results for all regionalized ICs (except land occupation IC). Conclusions Ways to reduce the spatial uncertainty from economic modeling should be explored. Uncertainty reduction to enhance the interpretation phase and the decision-making should be prioritized depending on the goal and scope of the LCA study. In addition, using regionalized CFs in C-LCA seems to be relevant, and C-LCA calculation tools should be adapted accordingly. |
| Abstract: | Objectif L'analyse du cycle de vie conséquentielle (ACV-C) vise à évaluer les conséquences environnementales d'une décision. Elle diffère de l'ACV traditionnelle car son inventaire comprend tous les processus affectés par la décision qui sont identifiés en tenant compte des liens de causalité (physiques, économiques, etc.). Cependant, les résultats de l'ACV-C peuvent être assez incertains, ce qui rend la phase d'interprétation plus difficile. Par conséquent, des stratégies pour évaluer et réduire l'incertitude dans l'ACV-C sont nécessaires. Une partie de l'incertitude de l'ACC est due à la variabilité spatiale qui peut être réduite en utilisant la régionalisation. Cependant, la régionalisation peut être complexe et prendre beaucoup de temps si elle est appliquée directement à un modèle d'ACV complet. Méthodes L'objectif principal de cet article est de prioriser les efforts de régionalisation pour améliorer l'interprétation dans l'ACV-C en évaluant l'incertitude spatiale d'une étude de cas basée sur un modèle économique d'équilibre partiel. Trois objectifs spécifiques sont dérivés : (1) réaliser une étude de cas C-LCA de scénarios de transport alternatifs pour étudier les bénéfices de la mise en œuvre d'une politique publique de transition énergétique en France d'ici 2050 avec une analyse d'incertitude pour explorer la force de nos conclusions, (2) réaliser des analyses de sensibilité globales pour identifier et quantifier les principales sources d'incertitude spatiale entre le modèle d'inventaire de premier plan issu de la modélisation économique d'équilibre partiel, le modèle d'inventaire de fond et les facteurs de caractérisation, (3) proposer une stratégie pour réduire l'incertitude spatiale pour notre étude de cas C-LCA en priorisant la régionalisation. Résultats et discussion Les résultats montrent que la mise en œuvre de scénarios de transport alternatifs en conformité avec la politique publique de transition énergétique en France est bénéfique pour certaines catégories d'impact (CI) (réchauffement climatique, acidification marine, eutrophisation marine, acidification terrestre, eau thermiquement polluée, formation d'oxydants photochimiques et formation de particules), avec un niveau de confiance de 95%. Pour les autres CI, une réduction de l'incertitude est nécessaire pour déterminer les conclusions avec un niveau de confiance similaire. Les variables d'entrée avec une variabilité spatiale provenant du modèle économique d'équilibre partiel contribuent de façon significative à l'incertitude spatiale de l'ACV-C et devraient être priorisées pour la réduction de l'incertitude spatiale. En outre, les facteurs de caractérisation contribuent de manière significative aux résultats de l'incertitude spatiale pour tous les CI régionalisés (sauf le CI d'occupation des sols). Conclusions Il convient d'explorer les moyens de réduire l'incertitude spatiale de la modélisation économique. La réduction de l'incertitude afin d'améliorer la phase d'interprétation et la prise de décision doit être priorisée en fonction de l'objectif et de la portée de l'étude ACV. En outre, l'utilisation de FC régionalisées dans l'ACV-C semble être pertinente, et les outils de calcul de l'ACV-C devraient être adaptés en conséquence. |
| Keywords: | partial equilibrium economic modelling,regionalization,public policy,transport,uncertainty,interpretation,Life Cycle Assessment,global sensitivity analysis,modèle d'équilibre partiel |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03111911&r= |
| By: | Hanifi, S.M. Manzoor Ahmed (International Center for Diarrhoeal Disease Research); Menon, Nidhiya (Brandeis University); Quisumbing, Agnes (International Food Policy Research Institute) |
| Abstract: | This paper studies the impact of climate change on the nutritional status of very young children between the ages of 0 – 3 years by using weather data from the last half century merged with rich information on child, mother and household characteristics in rural coastal Bangladesh. We evaluate the health consequences of rising temperature and relative humidity and varying rainfall jointly. Leveraging a saturated fixed-effects model that controls for annual trends and location-specific seasonality, and that allows the impacts of temperature to vary non-parametrically while rainfall and humidity have flexible non-linear forms, we find that extreme heat and humidity in the month of birth exert significant negative effects on children's nutritional status as measured by mid upper arm circumference. The impact of humidity in particular persists when child, mother and household controls are included. We find that exposure to changing climate in utero and in the month of conception also matters. Possible explanations for our findings include consequences of varying heat, humidity, and rainfall on the extent of pasture, rain-fed and irrigated lands, on the propensity of household out-migration, and on mother's age at first marriage. We employ alternate models and undertake falsification tests to underline the robustness of the estimates. Our results indicate that climate change has real consequences for the health of very young populations who are in vulnerable areas. |
| Keywords: | climate change, temperature, humidity, rainfall, Bangladesh, children, mid upper arm circumference, non-parametric, non-linear |
| JEL: | Q54 I15 O15 Q56 J13 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14657&r= |
| By: | Ioannis Arampatzidis (Department of Economics, University of Duisburg-Essen, Germany); Theologos Dergiades (Department of International and European Studies, University of Macedonia, Greece); Robert. K. Kaufmann (Department of Earth and Environment, Boston University, USA); Theodore Panagiotidis (Department of Economics, University of Macedonia, Greece) |
| Abstract: | We extend the existing understanding of the relation between oil prices and stock markets in two ways: (1) by evaluating the effects of the oil market on the U.S. stock market, at an aggregate level and for all forty-nine U.S. industry specific portfolios, and (2) by scrutinizing the dynamic nature of this relation, by fitting a Structural Vector Autoregression (SVAR) specification for a large set of rolling samples with fixed size. Results indicate that the effect of oil prices on the U.S. stock market depends on the type and timing of the shock. An oil supply shock generally does not have a statistically measurable effect on stock market performance. Conversely, an aggregate demand shock has a positive effect on nearly all sectors while an oil-specific demand shock has a negative effect on stock returns for most industries. These results suggest that investors can shift the portfolios consistent with smaller effects of oil-related shocks and the costs of carbon taxes and/or tradeable permits may be smaller than commonly thought if stock prices represent the net present value of profits. |
| Keywords: | Stock markets, Oil shocks, Rolling SVAR, U.S. Industries, Carbon tax |
| JEL: | C10 G01 G02 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:rim:rimwps:21-19&r= |
| By: | Hyeongwoo Kim; Shuwei Zhang |
| Abstract: | This paper shows that fiscal policy in the U.S. has become ineffective due to lack of coordination between monetary and fiscal policy. We present a New Keynesian model that generates strong output effects of government spending shocks only when monetary policy coordinates well with fiscal policy. Employing the post-war U.S. data, we report strong stimulus effects of fiscal policy during the pre-Volcker era, which rapidly dissipate when we shift the sample period to the post-Volcker era. Finding a negligible role of the real interest rate in the propagation of government spending shocks, we propose an alternative explanation using a sentiment channel. Employing the Survey of Professional Forecasters data, we show that forecasters tend to systematically over-estimate real GDP growth in response to positive innovations in government spending when policies coordinate well with each other. On the other hand, they are likely to formulate pessimistic forecasts when the monetary authority maintains a hawkish stance that conflicts with the fiscal stimulus. The fiscal stimulus, under such circumstances, may generate consumer pessimism, which decreases private spending and ultimately weakens the output effects of fiscal policy. We also provide statistical evidence that confirms an important role of the sentiment channel under different regimes of policy coordination. |
| Keywords: | Fiscal Policy; Time-varying Effectiveness; Policy Coordination; Sentiment; Survey of Professional Forecasters |
| JEL: | E32 E61 E62 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:abn:wpaper:auwp2021-04&r= |
| By: | Charles Collet (CIRED - Centre International de Recherche sur l'Environnement et le Développement - Cirad - Centre de Coopération Internationale en Recherche Agronomique pour le Développement - EHESS - École des hautes études en sciences sociales - AgroParisTech - ENPC - École des Ponts ParisTech - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique); Pascal Gastineau (AME-SPLOTT - Systèmes Productifs, Logistique, Organisation des Transports et Travail - Université Gustave Eiffel); Benoit Chèze (IFPEN - IFP Energies nouvelles - IFPEN - IFP Energies nouvelles); Frederic Martinez (AME-DCM - Dynamiques des changements de mobilité - Université de Lyon - Université Gustave Eiffel); Pierre-Alexandre Mahieu (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IUML - FR 3473 Institut universitaire Mer et Littoral - UM - Le Mans Université - UA - Université d'Angers - UN - Université de Nantes - ECN - École Centrale de Nantes - UBS - Université de Bretagne Sud - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - CNRS - Centre National de la Recherche Scientifique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes) |
| Abstract: | The transportation sector constitutes one of the main contributors to CO2 emissions. Several incentive measures have been already proposed by economists to mitigate these emissions. But, as we all know, these tools have met with mixed success. This paper proposes the use of attribute valence framing, i.e. a description of the same object/characteristics positively or negatively, in order to reduce CO2 emissions. This so-called nudge is easier to implement than more traditional tools, such as taxation, and does not rely on the stringent assumption that individuals are fully rational. The findings from a discrete choice experiment focusing on long-distance travel choice are reported herein. Results indicate that a loss framing on CO2 emissions significantly increases the respondents' practice of pro-environmental behaviors. The framing effect is larger when applied to CO2 than to travel duration (+50% and +30% of the willingness to pay, respectively). In employing psychological constructs, it is shown that preferences are affected by individuals' psychological features (i.e. a preference for the future and environmental self-identity), and moreover that the magnitude of the framing effect depends on individuals' motivational strategies. |
| Keywords: | Framing effect,Discrete choice experiment,Pro-environmental behavior,Travelers' willingness to pay |
| Date: | 2021–08–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03321706&r= |
| By: | Rey, Patrick; Nocke, Volker |
| Abstract: | We consider a multiproduct seller facing consumers who must search to learn prices and valuations. The equilibrium features choice overload: the larger the product line, the fewer consumers start searching. We provide conditions under which the seller o¤ers too much or too little variety. We then allow the seller to position products or make recommendations, thereby introducing the possibility of directed search, and show that the seller may .nd it pro.table to maintain some noise. Finally, we study the seller.s incentive to disclose product identity and extend our analysis to that of a platform choosing which sellers to host. |
| Keywords: | Sequential consumer search; product variety; choice overload; multi-product firm; platform |
| JEL: | L12 L15 D42 |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:tse:wpaper:125850&r= |
| By: | Bazzana, Davide; Foltz, Jeremy D.; Zhang, Ying |
| Keywords: | Environmental Economics and Policy, International Development, Resource/Energy Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312665&r= |
| By: | Sebastian Jaimungal; Silvana Pesenti; Ye Sheng Wang; Hariom Tatsat |
| Abstract: | We present a reinforcement learning (RL) approach for robust optimisation of risk-aware performance criteria. To allow agents to express a wide variety of risk-reward profiles, we assess the value of a policy using rank dependent expected utility (RDEU). RDEU allows the agent to seek gains, while simultaneously protecting themselves against downside events. To robustify optimal policies against model uncertainty, we assess a policy not by its distribution, but rather, by the worst possible distribution that lies within a Wasserstein ball around it. Thus, our problem formulation may be viewed as an actor choosing a policy (the outer problem), and the adversary then acting to worsen the performance of that strategy (the inner problem). We develop explicit policy gradient formulae for the inner and outer problems, and show its efficacy on three prototypical financial problems: robust portfolio allocation, optimising a benchmark, and statistical arbitrage |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10403&r= |
| By: | Hughes, Megan N.; Ma, Meilin; Mallory, Mindy L.; O'Connor, Kylie |
| Keywords: | Agricultural and Food Policy, Risk and Uncertainty, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312803&r= |
| By: | Nicolas Jacquemet (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique); Stéphane Luchini; J Rosaz; J Shogren |
| Abstract: | In a competitive business environment, dishonesty can pay. Self-interested executives and managers can have incentive to shade the truth for personal gain. In response, the business community has considered how to commit these executives and managers to a higher ethical standard. The MBA Oath and the Dutch Bankers Oath are examples of such a commitment device. The question we test herein is whether the oath can be used as an effective form of ethics management for future executives/managers-who for our experiment we recruited from a leading French business school-by actually improving their honesty. Using a classic Sender-Receiver strategic game experiment, we reinforce professional identity by pre-selecting the group to which Receivers belong. This allows us to determine whether taking the oath deters lying among future managers. Our results suggest "yes and no." We observe that these future executives/managers who took a solemn honesty oath as a Sender were (a) significantly more likely to tell the truth when the lie was detrimental to the Receiver, but (b) were not more likely to tell the truth when the lie was mutually beneficial to both the Sender and Receiver. A joint product of our design is our ability to measure in-group bias in lying behavior in our population of subjects (comparing behavior of subjects in the same and different business schools). The experiment provides clear evidence of a lack of such bias. |
| Keywords: | Commitment,Lying,In-group bias |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03277342&r= |
| By: | He, Xi; DePaula, Guilherme M.; Zhang, Wendong |
| Keywords: | International Development, Community/Rural/Urban Development, International Relations/Trade |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312818&r= |
| By: | Patrick Flynn; Michelle M. Marcus |
| Abstract: | The Clean Water Act (CWA) significantly improved surface water quality, but at a cost exceeding the estimated benefits. We quantify the effect of the CWA on a direct measure of health and incorporate health benefits into a cost-benefit analysis. Using a difference-in-differences framework, we compare health upstream and downstream from wastewater treatment facilities before and after CWA grant receipt. Pollution only decreased downstream from facilities required to upgrade their treatment technology, and we leverage this additional variation with a triple difference. CWA grants increased average birth weight by 8 grams. A back-of-the-envelope calculation bounds infant health benefits below $29 billion. |
| JEL: | H51 I1 Q51 Q53 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29152&r= |
| By: | Zhu, Rong (Flinders University) |
| Abstract: | This paper examines the empirical link between retirement and the supply of volunteer labor, using panel data from the Household, Income and Labour Dynamics in Australia (HILDA) Survey. To identify the causal impact, we exploit a major reform of the Australian Age Pension which has significantly changed the retirement incentives of older people. We find positive and significant effects of retirement status on the voluntary work provision of older men and women. Longer time spent in retirement increases the unpaid labor supply of women, while there is no such evidence for men. We further find evidence of intra-household retirement externalities: older people's retirement impacts positively on the volunteer behavior of their family members. Our findings suggest that the Australian Age Pension reform aiming at working life prolongation has led to an unintended shrinkage of the volunteer workforce. |
| Keywords: | retirement status, retirement duration, voluntary work, pension reform |
| JEL: | H55 J22 J26 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14648&r= |
| By: | Advani, Arun (University of Warwick, CAGE, the Institute for Fiscal Studies (IFS), and the LSE International Inequalities Institute (III)); Hughson, Helen (London School of Economics III); Tarrant, Hannah (London School of Economics III) |
| Abstract: | In this paper we model the revenue that could be raised from an annual and a one-off wealth tax of the design recommended by Advani, Chamberlain and Summers (2020b). We examine the distributional effects of the tax, both in terms of wealth and other characteristics. We also estimate the share of taxpayers who would face liquidity constraints in meeting their tax liability. We find that an annual wealth tax charging 0.17% on wealth above £500,000 could generate £10 billion in revenue, before administrative costs. Alternatively, a one-off tax charging 4.8% (effectively 0.95% per year, paid over a five-year period) on wealth above the same threshold, would generate £250 billion in revenue. To put our revenue estimates into context, we present revenue estimates and costings for some commonly-proposed reforms to the existing set of taxes on capital. |
| Keywords: | JEL Classification: |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:578&r= |
| By: | Luca Fumarco (Tulane University); Alessandro Vandromme (Ghent University); Levi Halewyck (Ghent University); Eline Moens (Ghent University); Stijn Baert (Ghent University) |
| Abstract: | We are the first to estimate the impact of relative age (i.e., the difference in classmates’ ages) on both speed and quality of individuals’ transition from education to the labour market. Moreover, we are the first to explore whether and how this impact passes through characteristics of students’ educational career. We use rich data pertaining to schooling and to labour market outcomes one year after graduation to conduct instrumental variables analyses. We find that a one-year increase in relative age decreases the likelihood of having a school delay at sixteen and attending vocational high-school, while it increases the likelihood of having a student job. Furthermore, we find that a one-year increase in relative age increases the likelihood of (i) being employed by 3.5 percentage points, (ii) having a permanent contract by 5.1 percentage points, and (iii) having full-time employment by 6.5 percentage points. We find no effect on the likelihood of obtaining a job that matches one’s educational level. Finally, we find that only 8 percent to 14 percent of relative age effects on the likelihood of being employed and on full-time employment pass through educational attainments. Moreover, the mediator role of having a student job is as important as that of standard educational outcomes. The impact of relative age on student’s job and, in turn, its impact on the labour market was previously neglected. |
| Keywords: | relative age, school starting age, labour market transition |
| JEL: | I21 J23 J24 J6 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:tul:wpaper:2112&r= |
| By: | Kai Fischer (Dusseldorf Institute for Competition Economics (DICE), Heinrich Heine University, Germany); J. James Reade (Department of Economics, University of Reading); W. Benedikt Schmal (Dusseldorf Institute for Competition Economics (DICE), Heinrich Heine University, Germany) |
| Abstract: | The COVID-19 pandemic has caused economic shock waves across the globe. Much research addresses direct health implications of an infection, but to date little is known about how this shapes lasting economic effects. This paper estimates the workplace productivity effects of COVID-19 by studying performance of soccer players after an infection. We construct a dataset that encompasses all traceable infections in the elite leagues of Germany and Italy. Relying on a staggered difference-in-differences design, we identify negative short- and longer-run performance effects. Relative to their pre-infection outcomes, infected players’ performance temporarily drops by more than 6%. Over half a year later, it is still around 5% lower. The negative effects appear to have notable spillovers on team performance. We argue that our results could have important implications for labor markets and public health in general. Countries and firms with more infections might face economic disadvantages that exceed the temporary pandemic shock due to potentially long-lasting reductions in productivity. |
| Keywords: | Labor Performance, Economic Costs of COVID-19, Public Health |
| JEL: | I18 J24 J44 |
| Date: | 2021–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:rdg:emxxdp:em-dp2021-17&r= |
| By: | Anatoliy Kostruba (Vasyl Stefanyk Precarpathian National University); Elena Yu |
| Abstract: | The mechanism of legal regulation of relations is considered as a system of legal means, methods and forms with the help of which social relations are regulated. The author argues about the variability of the normative element of the mechanism under consideration, since it is not always possible to include the multiplicity of parameters that form its content and essence exclusively into the content of a legal norm. It is argued that the rule of law is not the main element of the mechanism of legal regulation through which relations between members of the society are being regulated. The corresponding regulatory influence is ensured with the help of individual regulators that have a different legal nature due to their limited, personalized obligatoriness. The author proves that, along with a legal norm, an individual normative prescription acts as a legal means of ensuring the operation of the mechanism of legal regulation of social relations, and its form is represented by alter-normative regulators (contract, custom). In addition, along with normative and alter-normative regulators, super-normative (principles of law) and quasi-normative (judicial acts) are highlighted. |
| Abstract: | Механизм правового регулирования отношений рассматривается как система правовых средств, способов и форм, с помощью которых упорядочиваются общественные отношения. Автор утверждает о вариативности нормативного элемента такого механизма, поскольку множественность параметров, которые формируют его содержание и сущность, не всегда возможно вписать исключительно в содержание правовой нормы. Аргументируется, что норма права не является основным элементом механизма правового регулирования, посредством которого происходит упорядочение отношений между членами социума. Соответствующее регламентационное влияние обеспечивается с помощью индивидуальных регуляторов, которые имеют отличную от нормы права правовую природу в силу их ограниченной, персонифицированной обязательности. Автор доказывает, что наравне с правовой нормой правовым средством обеспечения действия механизма правового регулирования общественных отношений является индивидуальное нормативное предписание, формой которого выступают alter-нормативные регуляторы (договор, обычай). Кроме того, наряду с нормативными и alter-нормативными регуляторами выделены сверхнормативные (принципы права) и quasi-нормативные (судебные акты). |
| Keywords: | Contract Law,analogy of law,Social regulation,Legal impact,Public law,private right,rule of law,Legal regulation,judgment,Rule of law,principles of law,Custom law,Contract,normative construct,mechanism of legal regulation of social relations,Правовое регулирование,Аналогия права,Коструба,норма права |
| Date: | 2021–07–22 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03298799&r= |
| By: | Rocha, Adauto B.; Fulginiti, Lilyan E.; Perrin, Richard K.; Walters, Cory G. |
| Keywords: | Production Economics, Agricultural Finance, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312854&r= |
| By: | SANCHEZ FERNANDEZ Berta (European Commission - JRC); DI BARTOLO Fabiola; RODRIGUEZ CEREZO Emilio (European Commission - JRC); BARREIRO HURLE Jesus (European Commission - JRC) |
| Abstract: | As part of the surveillance measures under the Single Market Program (SMP) the EC co-finances sampling, testing and other activities related to plant health. While there is a methodology to reimburse these activities in the field of animal health, there is no standard cost calculation methodology for their plant health equivalents. A need for simplification of the plant health surveillance costs has been raised throughout the years with the need to move towards a more attractive and simplified scheme based on unit costs. This technical report describes the methodology developed by JRC to simplify the co-funding of the Plant Health Survey programmes based on unit costs for the sampling activities.JRC has compared existing data from EUROPHYT and Eurostat with those obtained from MS questionnaires to determine the best formula for the future plant health surveillance reimbursement submissions. A composite unit cost was calculated as the weighted sum of the three sampling activities unit costs (visual examination, sample taking and trapping). It is called the Field Inspection “FI” unit cost. It is a representative activity to reflect field visits with a standard duration irrespectively of the type of pest under examination.The Field Inspection unit costs have been set for the official personnel and for the cost of service contracts including a salary profit mark-up.The Field Inspection unit costs meet the requirements to simplify the procedure for EU co-funding of plant health sampling activities as they: i) are built on reliable and up to date statistical and economic data including three different sources (MS questionnaires, EUROPHYT and Eurostat); ii) are a representative measurement to harmonize/facilitate the reimbursement given the large variability of time spent by pest, host distribution and geographical locations; and iii) cover the most frequent consumable costs, but also allow trapping consumable costs which exceed a specific cost ceiling to be determined separately on a case by case basis. |
| Keywords: | Single Market Program, plant health |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc124246&r= |
| By: | Giancarlo Corsetti; Anna Lipinska; Giovanni Lombardo |
| Abstract: | Crises and tail events have asymmetric effects across borders, raising the value of arrangements improving insurance of macroeconomic risk. Using a two-country DSGE model, we provide an analytical and quantitative analysis of the channels through which countries gain from sharing (tail) risk. Riskier countries gain in smoother consumption but lose in relative wealth and average consumption. Safer countries benefit from higher wealth and better average terms of trade. Calibrated using the empirical distribution of moments of GDP-growth across countries, the model suggests non-negligible quantitative effects. We offer an algorithm for the correct solution of the equilibrium using DSGE models under complete markets, at higher order of approximation. |
| Keywords: | International risk sharing; Asymmetry; Fat tails; Welfare |
| JEL: | F15 F41 G15 |
| Date: | 2021–08–06 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgif:1324&r= |
| By: | Kohnert, Dirk |
| Abstract: | The global revival of economic nationalism and protectionism poses a serious threat to the international foreign trade policy orientation towards principles of a market economy. Popular economic nationalism such as Trumpism, Brexit or the isolation of the Eastern European Visegrád states from immigrants violates fundamental principles of the WTO. Economists agree that Brexit will hurt the UK economy significantly in the medium and long term. In addition, its political and economic effects will damage the US and transatlantic relations. British Prime Minister Boris Johnson, on the other hand, continues to claim that leaving the EU will enable Britain to "take back control". In addition, the socioeconomic effects of the Corona crisis on the US, UK, EU and transatlantic relations are devastating. It has far-reaching political, social and economic consequences that go well beyond public health. All partners need each other more than ever to cope with the Covid crisis. Increased transatlantic cooperation to strengthen resilience would also be necessary in closely related areas of international relations and security issues. |
| Keywords: | Brexit, COVID-19-pandemic, Corona crisis, economic growth, USA, United Kingdom, transatlantic relations, international trade, free trade area, customs union, Anglosphere |
| JEL: | F13 F15 F22 F52 F62 I14 N1 N40 O24 O5 Z13 |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109344&r= |
| By: | Miine, Licarion |
| Abstract: | Ghana has undertaken many resettlement schemes as a result of development projects; for example Weija, Asuofuah, TemaManhean, Akosombo and Kpong resettlement schemes. The Akosombo resettlement was built in 1962 by the VRA as a result of the Akosombo dam construction which displaced about 80,000 people living along the river. The same VRA had the opportunity to build the Kpong Dam and to resettle the displaced people around the Dam catchment area. These past resettlement experiences of the country were characterized by repeated failures and it is expected that the Bui Dam resettlement will be successful and sustainable. The study therefore seeks to find the role infrastructure provision play in the lives of project affected people to resettlement sustainability |
| Keywords: | Resettlement, sustainability |
| JEL: | O21 O22 O29 R0 |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:108940&r= |
| By: | Wei Zhou (Department of Engineering, University of Cambridge); Alice Moncaster (Department of Engineering, University of Cambridge); David Reiner (EPRG, CJBS, University of Cambridge); Peter Guthrie (Department of Engineering, University of Cambridge) |
| Keywords: | building stock, System Dynamics, disaggregation, aging chain, energy retrofit |
| JEL: | C6 O18 Q4 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2018&r= |
| By: | Huang, Kuan-Ming; Etienne, Xiaoli L.; Sant'Anna, Ana Claudia |
| Keywords: | Consumer/Household Economics, Food Consumption/Nutrition/Food Safety, Agricultural Finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312841&r= |
| By: | Kartik B. Athreya; Grey Gordon; John Bailey Jones; Urvi Neelakantan |
| Keywords: | earnings dynamics; incarceration; racial inequality |
| JEL: | C23 D31 J15 |
| Date: | 2021–07–02 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedrwp:92994&r= |
| By: | Zhang, Yuquan W.; McCarl, Bruce A.; Li, Qiang; Mu, Jianhong E.; Chang, Jinfeng |
| Keywords: | Environmental Economics and Policy, Agribusiness, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312644&r= |
| By: | Bhalotra, Sonia (University of Warwick, CEPR, IZA, IEA); Britto, Diogo G. C. (Bocconi University, BAFFI-CAREFIN, CLEAN Center for the Economic Analysis of Crime, GAPPE/UFPE, IZA); Pinotti, Paolo (Bocconi University, BAFFI-CAREFIN, CLEAN Center for the Economic Analysis of Crime, CEPR); Sampaio, Breno (Universidade Federal de Pernambuco, BAFFI-CAREFIN, CLEAN Center for the Economic Analysis of Crime, GAPPE/UFPE, IZA) |
| Abstract: | We estimate impacts of male job loss, female job loss, and male unemployment benefits on domestic violence in Brazil. We merge employer-employee and social welfare registers with administrative data on domestic violence cases brought to criminal courts, use of public shelters by victims and mandatory notifications of domestic violence by health providers. Leveraging mass layoffs for identification, we find that both male and female job loss, independently, lead to large and pervasive increases in domestic violence. Exploiting a discontinuity in unemployment insurance eligibility, we find that eligible men are not less likely to commit domestic violence while benefits are being paid, and more likely to commit it once benefits expire. Our findings are consistent with job loss increasing domestic violence on account of a negative income shock and an increase in exposure of victims to perpetrators, with unemployment benefits partially offsetting the income shock while reinforcing the exposure shock. |
| Keywords: | domestic violence, unemployment, mass layoffs, unemployment insurance, income shock, exposure, Brazil JEL Classification: |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:573&r= |
| By: | Parkhi, Charuta M.; Liverpool-Tasie, Saweda; Caputo, Vincenzina |
| Keywords: | Food Consumption/Nutrition/Food Safety, Agribusiness, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312849&r= |
| By: | Roberta Montebello; Jude Darmanin (Central Bank of Malta) |
| Abstract: | This paper computes sectoral contributions to real labour productivity growth in Malta during the two decades since 2000. The aim is to give an account of the sectoral developments affecting Malta’s productivity growth in the twenty years since 2000, in the context of significant structural change. To this end, this study employs the exactly additive GEAD technique developed by Tang and Wang (2004), which allows for the decomposition of sectoral productivity growth into efficiency gains and resource reallocation. Real labour productivity growth in Malta averaged 1.2% between 2000 and 2019, double that registered in the euro area. This divergence in growth rates was driven by a consistently positive reallocation level effect in each of the sample subperiods, as a result of the large structural shifts and reforms that have occurred since 2000. On the other hand, the contribution of within-sector efficiency gains in Malta was below that observed in the euro area on average and was the main driver of cyclical fluctuations in Malta’s productivity growth since 2000. Distortions such as government assistance and labour hoarding during recessions magnified these fluctuations. Across sectors, the results suggest that productivity developments were quite heterogenous, with services industries generally recording positive contributions to productivity growth. On the other hand, the manufacturing sector mainly registered negative contributions, as efficiency gains were offset by an outflow of resources towards other sectors. |
| JEL: | E24 J24 J21 O52 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mlt:wpaper:0421&r= |
| By: | Robert Ritz (EPRG, CJBS, University of Cambridge) |
| Keywords: | Balanced scorecard, corporate climate action, corporate strategy, ESG, executive compensation, management incentives |
| JEL: | L21 M12 Q54 |
| Date: | 2020–10 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2029&r= |
| By: | Laura Magazzini (Institute of Economics, Sant'Anna School of Advanced Studies) |
| Abstract: | I present the new Stata command xttestms for computation of the LM test for verifying the assumptions underlying the system GMM estimation in the context of dynamic panel-data models. The test has been proposed by Magazzini and Calzolari (2020), who show its better performance with respect to testing procedures customarily employed in empirical research (that is, the Sargan/Hansen test checking the whole set of moment conditions of the system GMM approach and the difference-in-Sargan/Hansen, which compares the value of the minimized criterion function of the system and difference GMM approaches). The command can be run after system GMM estimation by using either the Stata command xtdppsys or the command xtabond2 by Roodman (2009) to verify that the additional moment conditions that characterize the system GMM estimator are satisfied; that is, it verifies the validity of the mean stationarity assumption for the initial conditions. A set of Monte Carlo experiments will be performed to further assess the properties of the testing procedure, and two examples will be considered to show how the proposed command can be applied in empirical research. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:8&r= |
| By: | Renu Gupta (Sardar Patel Vidyalaya) |
| Abstract: | In response to recent concerns expressed by Indian industry about the ‘employability’ of school and university graduates, this paper examines the role of pedagogy in developing life skills (or 21st century skills) and how these can be incorporated in the school/university curriculum. In recent curricular frameworks, life skills have been incorporated within the school curriculum by stressing the importance of inquiry and collaborative work through all subjects taught in school. The paper finds a similar emphasis in the National Curriculum Framework (NCF) in India. Using classroom observations and textbook analyses, it shows that learning objectives in schools are frequently incorrect or misaligned with the NCF vision. The paper briefly touches on how the beliefs of teachers affect their classroom practices and recommends that attention should be paid to the professionalisation of teachers, as only then can students acquire skills that are relevant for the 21st century, which is what employers want. |
| Keywords: | Education, Non-cognitive Skills, Employability, Skill, Socio-emotional, Pedagogy, India |
| JEL: | I29 J24 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:124&r= |
| By: | Vines, David |
| Abstract: | A new health-sector institution is necessary at the national level. The UK needs a Health Resilience Commission whose purpose would be to monitor the UK health system and provide policy advice about its ongoing reform. This would be a statutory body holding public enquiries, making use of research skills and quantitative modelling abilities, and delivering reports to Parliament. The Australian Productivity Commission provides an indication of how to build such a body and how it might operate. New health-sector institutions are necessary at the global level. The world needs a reformed WHO, a body with delivery capabilities including crisis management skills, money to spend where necessary, and the ability to train and support national officials. It also needs a Global Health Board which can monitor the global health system and make recommendations about its ongoing reform. This body would have a similar role, at the global level, to the role of the Health Resilience Commission within the UK. The IMF provides a guide as to how a reformed WHO might operate and how it might be governed. The OECD provides a model for a Global Health Board, as does the Financial Stability Board, a body set up to help reform the global financial system after the Global Financial Crisis. All heath systems – both national and global – require greater cooperation between three "poles of delivery": namely markets, government, and civil society. The private sector is flexible, and is where innovation in production happens. Government can respond to crises, spend big money, manage society-wide systems, and enforce system change. Mechanisms involving civil society will come to the fore when markets and government alone cannot solve pressing problems. Civil Society can activate generosity and mobilise group support, and some things are best achieved with the kind of knowledge, skills and capabilities possessed by people who do not work for either the corporate sector or the government sector. Cooperation between these three poles of delivery is essential for health-system reform. Greater international cooperation on health policy is necessary between nation states, and between health-policy makers and the national treasuries and central banks who deliver economic policy. |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-15&r= |
| By: | Jan Bena; Isil Erel; Daisy Wang; Michael S. Weisbach |
| Abstract: | Inducing firms to make specialized investments through bilateral contracts can be challenging because of potential hold- up problems. Such contracting difficulties have long been argued to be an important reason for acquisitions. To evaluate the extent to which this motivation leads to mergers, we perform a textual analysis of the patents filed by the same lead inventors of the target firms before and after the mergers. We find that patents of inventors from target firms become 28.9% to 46.8% more specific to those of acquirers’ inventors following completed mergers, benchmarked against patents filed by targets and a group of counterfactual acquirers. This pattern is stronger for vertical mergers that are likely to require specialized investments. There is no change in the specificity of patents for mergers that are announced but not consummated. Overall, we provide empirical evidence that contracting issues in motivating specialized investment can be a motive for acquisitions. |
| JEL: | G34 L14 L22 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29174&r= |
| By: | Davis, Will; Gregory, Christian A.; Tchernis, Rusty |
| Keywords: | Research Methods/Statistical Methods, Consumer/Household Economics, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312666&r= |
| By: | Morad Zekhnini (Michigan State University) |
| Abstract: | Network analysis has become critical to the study of social sciences. While several Stata programs are available for analyzing network structures, programs that execute regression analysis with a network structure are currently lacking. We fill this gap by introducing the nwxtregress command. Building on spatial econometric methods (LeSage and Pace 2009), nwxtregress uses MCMC estimation to produce estimates of endogenous peer effects, as well as own-node (direct) and cross-node (indirect) partial effects, where nodes correspond to cross-sectional units of observation, such as firms, and edges correspond to the relations between nodes. Unlike existing spatial regression commands (for example, spxtregress), nwxtregress is designed to handle unbalanced panels of economic and social networks as in Grieser et al. (2021). Networks can be directed or undirected with weighted or unweighted edges, and they can be imported in a list format that does not require a shapefile or a Stata spatial weight matrix set by spmatrix. Finally, the command allows for the inclusion or exclusion of contextual effects. To improve speed, the command transforms the spatial weighting matrix into a sparse matrix. Future work will be targeted toward improving sparse matrix routines, as well as introducing a framework that allows for multiple networks. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:17&r= |
| By: | Albuquerque, Bruno (Bank of England) |
| Abstract: | Does corporate debt overhang affect investment over the medium term? To uncover this association, I measure debt overhang with a concept of debt accumulation or debt boom, and combine leverage with liquid assets to capture financial constraints. Using a large US firm-level panel over 1985 Q1–2019 Q1, I find that debt overhang leads financially vulnerable firms to cut permanently back on investment: a 10 percentage point increase in the three-year change in the leverage ratio is associated with lower investment growth of 5 percentage points after five years compared to the most resilient firms. I also find that vulnerable firms experience weaker intangible capital growth in the aftermath of debt booms. Finally, I find that general equilibrium effects dominate, stressing the risk that firm-specific debt booms in a subset of firms may spill over to the rest of the economy. |
| Keywords: | Corporate debt booms; firm investment; financial constraints; local projections |
| JEL: | D22 E22 E32 G32 |
| Date: | 2021–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0935&r= |
| By: | Andreas Thiemann (European Commission - JRC) |
| Abstract: | This paper sheds light on the scarce empirical evidence on cryptocurrency users and use types. Based on the only available empirical estimate (shared by Chainalysis), this paper simulates the revenue potential from taxing Bitcoin capital gains in the EU. Total estimated Bitcoin capital gains in the EU amount to 12.7 billion EUR in 2020, including 3.6 billion EUR of realized gains. Applying national tax rules on capital gains from shares to those from Bitcoin yields a simulated tax revenue of about 850 million EUR in 2020. This paper is the first to empirically assess the tax revenue potential of capital gains from Bitcoin in the EU. While most of the empirical cryptocurrency literature is based on time-series data, this paper relies on dis-aggregated country-level data. The findings show that revenue from taxing cryptocurrencies is non-negligible and will be if the market of cryptocurrencies continues to grow. |
| Keywords: | Capital gains taxation, cryptocurrencies, Bitcoin. |
| JEL: | G19 G23 H24 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:taxref:202112&r= |
| By: | Liang, Qiao; Bai, Rongrong; Dong, Han |
| Keywords: | Marketing, Production Economics, Agricultural Finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312729&r= |
| By: | Lambert, Thomas |
| Abstract: | This paper attempts to estimate trends in the levels of economic surplus, public and private investment, and national government surpluses and deficits from accumulated capital income, taxation, and rents estimated by different economic historians for England and the UK. The data support historical accounts that income per capita growth begins to increase around the 1600s in Britain perhaps due to the level of capital, tax, and land income achieving an adequate threshold amount. According to some historians, this would also be about the time of capitalism’s ascent as the dominant economic system in England. Even then, dramatic increases in investment and economic growth do not appear until the late 18th Century when investment and deficits reach even higher levels. The data developed in this research note are offered as additional macroeconomic data supplements to works created by other authors and researchers. |
| Keywords: | Economic Surplus, Deficits, Investments, Private Investment, Public Investment, Tax Revenues, |
| JEL: | B50 C82 N13 O11 O52 |
| Date: | 2021–08–06 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109080&r= |
| By: | Eugenio Levi (Masaryk University); Isabelle Sin (Motu Economic and Public Policy Research); Steven Stillman (Free University of Bozen-Bolzano) |
| Abstract: | We use electoral survey data to examine the impact that two large external shocks had on the development of New Zealand First (NZF), one of the oldest populist parties in the OECD. We find that structural reforms, which led to large negative impacts on particular locations, and immigration reforms, which led to large spatially concentrated increases in skilled migration, both increased voting for NZF in its first years of existence. These shocks led to changes in political attitudes and policy preferences and had persistent effects on voting for NZF even twenty years later. Overall, they play an important role in explaining the rise of populism in NZ. Understanding how these shocks led to the development of NZF is particularly relevant for thinking about how populism has been extending its reach in the 2010s. |
| Keywords: | Populism; political parties; trade; immigration; shocks |
| JEL: | D72 P16 H40 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:21_09&r= |
| By: | Funke, Franziska; Mattauch, Linus; Klenert, David; O'Callaghan, Brian |
| Abstract: | The nexus of COVID-19 and climate change has so far brought attention to short-term greenhouse gas (GHG) emissions reductions, public health responses and clean recovery stimulus packages. We take a more holistic approach, making five broad comparisons between the crises with five associated lessons for climate change mitigation policy. First, delay is costly. Second, policy design must overcome biases to human judgment. Third, inequality can be exacerbated without timely action. Fourth, global problems require multiple forms of international cooperation. Fifth, transparency of normative positions is needed to navigate value judgments at the science-policy interface. Learning from policy actions during the COVID-19 crisis could enhance efforts to reduce GHG emissions and prepare humanity for future crises. |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-16&r= |
| By: | Rub, Abdur; Tack, Jesse B.; Barkley, Andrew P. |
| Keywords: | International Development, Environmental Economics and Policy, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312781&r= |
| By: | Jan Willem Nijenhuis (University of Amsterdam) |
| Abstract: | Ordinal responses can be generated, in the time-series context, by different latent regimes or, in the cross-sectional context, by different unobserved groups of population. These latent classes or states can distort the inference in a traditional single-equation model. Finite mixture or regime switching models surmount the problem of unobserved heterogeneity or clustering through their flexible form. The available Stata command for finite mixture of ordered probit models, fmm: oprobit, does not allow for endogenous switching, when the unobservables in the switching equation are correlated with the unobservables in the outcome equations. We introduce two new commands, swopit and swopitc, that fit a switching ordered probit model for ordered choices with exogenous and endogenous switching between two unobserved regimes or groups. We provide a battery of postestimation commands, access the small-sample performance of the maximum likelihood estimator of the parameters and the bootstrap estimator of standard errors by Monte Carlo experiments, and apply the new commands to model the policy interest rates and health status responses. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:22&r= |
| By: | Martin Besfamille; Diego Jorrat; Osmel Manzano; Pablo Sanguinetti |
| Abstract: | Based on the fiscal regime that prevailed in Argentina from 1988 to 2003, we estimate the effects that changes in intergovernmental transfers and hydrocarbon royalties had on provincial public consumption and debt. From a one-peso increase in intergovernmental transfers, all provinces spent 76 centavos on public consumption and decreased their debt by 22 centavos. However, when hydrocarbon-producing provinces faced a one-peso increase in royalties, they saved 95 centavos. We provide evidence that the exhaustible nature of royalties may explain this saving reaction in hydrocarbon-producing provinces. |
| Keywords: | tax sharing regime, intergovernmental transfers, non-renewable resources, hydrocarbon royalties, provincial public consumption and debt, Argentina |
| JEL: | C30 H72 H77 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9251&r= |
| By: | Wang, Feicheng (University of Göttingen); Liang, Zhe (University of Nottingham); Lehmann, Hartmut (Leibniz Institute for East and Southeast European Studies (IOS)) |
| Abstract: | This paper investigates the effects of trade liberalisation induced labour demand shocks on informal employment in China. We employ a local labour market approach to construct a regional measure of exposure to import tariffs by exploiting initial differences in industrial composition across prefectural cities and then link it with the employment status of individuals. Using three waves of household survey data between 1995 and 2007, our results show that workers from regions that experienced a larger tariff cut were more likely to be employed informally. Further results based on firm-level data reveal a consistent pattern; tariff reductions increased the share of informal workers within firms. Such effects are more salient among smaller and less productive firms. Our findings suggest an important margin of labour market adjustment in response to trade shocks in developing countries, i.e. employment adjustment along the formal-informal dimension. |
| Keywords: | trade liberalisation, import competition, informal employment, firms, China |
| JEL: | F14 F16 F66 J46 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14650&r= |
| By: | Heinrich, Torsten; Wiese, Samuel |
| Abstract: | Generating payoff matrices of normal-form games at random, we calculate the frequency of games with a unique pure strategy Nash equilibrium in the ensemble of n-player, m-strategy games. These are perfectly predictable as they must converge to the Nash equilibrium. We then consider a wider class of games that converge under a best-response dynamic, in which each player chooses their optimal pure strategy successively. We show that the frequency of convergent games goes to zero as the number of players or the number of strategies goes to infinity. In the 2-player case, we show that for large games with at least 10 strategies, convergent games with multiple pure strategy Nash equilibria are more likely than games with a unique Nash equilibrium. Our novel approach uses an n-partite graph to describe games. |
| Keywords: | Pure Nash equilibrium, best-response dynamics, random games |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-24&r= |
| By: | Mahmood, Haider; Alkhateeb, Tarek Tawfik Yousef; Al-Qahtani, Maleeha Mohammed Zaaf; Allam, Zafrul Allam; Ahmad, Nawaz; Furqan, Maham |
| Abstract: | Economic growth is very basic need of any economy but its environmental effects should not be ignored. We investigate the environmental effects of economic growth and energy consumption of Saudi Arabia. The study uses data of a period 1968-2014 and cointegration test and corroborates a long- and short-run relationships. The results indicate that economic growth and energy consumption contributes in CO2 emissions in both long- and short-run. It means that increasing economic growth of the Kingdom has social cost on the economy in terms of pollution emissions. Based on findings, we recommend to use the alternative renewable sources of energy consumption to avoid the pollution effects of growth in Saudi Arabia. |
| Keywords: | Energy Consumption, Economic Growth, Pollution |
| JEL: | Q53 |
| Date: | 2019–11–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109143&r= |
| By: | Kristine Tidgren; Wendong Zhang (Center for Agricultural and Rural Development (CARD)) |
| Abstract: | President Biden proposed the American Families Plan (AFP) on April 28, 2021, to provide new social programs to millions of Americans. To pay for this $1.8 trillion benefits package, the AFP proposes significantly changing the way capital gain is taxed. The Administration has explained that "reforms to the taxation of capital gains and qualified dividends will reduce economic disparities among Americans and raise needed revenue." Specifically, the AFP proposes increasing the top marginal tax rate, taxing some capital gain at ordinary income tax rates, and subjecting more gain to the 3.8% Medicare tax. The AFP would thus boost the top federal rate at which some capital gain is taxed to 43.4% in 2022 and beyond. In addition to increasing tax rates, the AFP proposes taxing previously unrealized capital gain upon the transfer of appreciated property at death or by gift. This new tax-never before implemented in the United States-would generally apply to gain exceeding $1 million per person. It would supplement, not replace, the current estate and gift tax, which-because of a current exclusion of $11.7 million per person-impacts very few estates. As proposed, the AFP would generally eliminate the tax-free step up in basis for capital gain exceeding $1 million. This would apply to gain arising from investment assets such as stocks or commercial real estate, as well as gain arising from farmland or other business property. The AFP proposes applying the current $250,000 per person exclusion for capital gain on a principal residence. To determine the potential impact of these proposals on the owners of Iowa farmland, we analyze statistically representative data of farmland and landowners in Iowa, collected through the 2017 Iowa Farmland Ownership and Tenure Survey (IFOTS). We determine the basis of the farmland based upon its location and how and when it was acquired. We then calculate potential gain based upon estimated county-level fair market value (FMV) in 2021, which is assumed to be 5% higher than the average county farmland value estimates reported in the ISU Land Value Survey as of November 1, 2020. Because the AFP would treat entities differently from individuals, we exclude entity-owned farmland from our analysis and only consider acres owned by sole owners, joint tenants, tenants in common, or revocable living trusts. As such, our study examines the potential impact of the AFP on 22 million acres of Iowa farmland, which is 72% of the 31 million-acre total. Our study also considers the AFP's potential impact on 217,548 owners or 80% of the 272,906 farmland owners in Iowa (please see PDF for full summary). |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ias:cpaper:21-pb35&r= |
| By: | Van Deynze, Braeden; Fonner, Robert C.; Feist, Blake; Jardine, Sunny L.; Holland, Daniel S. |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312843&r= |
| By: | VERKERK P. J.; CARDELLINI Giuseppe; VAN MEIJL Hans; PYKA Andreas |
| Abstract: | This report analyses the existing capacity and needs for bioeconomy modelling to integrate all three dimensions of sustainability (economic, social, environmental) and provides recommendations for developing new and improved models that are better suited to assist foresight activities and policy making related to the targeted transformation.There are already several models and recent extensions to support the analysis of key policy issues. Part of the recommendations therefore focus on extensions of the existing modelling capacity, to close identified gaps within currently existing economic structures and their adaptation to policy interventions. Another set of recommendations focuses on the application of so-called emerging modelling approaches, which can close gaps that cannot be addressed by extending existing models. These gaps concern changing economic structures on the supply side and behavioural patterns on the consumption side, which are required to be captured to understand the long-term dimensions of the targeted transformation. The capacity of emerging modelling approaches to analyse the effects of agents’ heterogeneity in decision making, fundamental pattern changes like the overcoming of lock-ins, as well as socio-economic and environment system interactions, makes them interesting for bioeconomy modelling. |
| Keywords: | Bioeconomy, modelling, models, agriculture, forestry, SDGs |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc124579&r= |
| By: | Marc Diederichs (Johannes Gutenberg University Mainz); René Glawion (University of Hamburg); Peter G. Kremsner (University of Tübingen); Timo Mitze (University of Southern Denmark); Gernot Müller (University of Tübingen); Dominik Papies (University of Tübingen); Felix Schulz (Johannes Gutenberg University Mainz); Klaus Wälde (Johannes Gutenberg University Mainz) |
| Abstract: | Various forms of contact restrictions have been adopted in response to the Covid-19 pandemic. Around February 2021, rapid testing appeared as a new policy instrument. Some claim it may serve as a substitute for contact restrictions. We evaluate the effects of a unique policy experiment: In March and April 2021, the city of T¨ubingen set up a testing scheme while relaxing contact restrictions. We compare case rates in Tübingen county to an appropriately identified control unit. The experiment led to an increase in the reported case rate. This increase is robust across alternative statistical specifications. An epidemiological model that corrects for ’more cases due to more testing’ and ’reduced testing and reporting during the Easter holiday’ also confirms the finding. |
| Date: | 2021–04–20 |
| URL: | http://d.repec.org/n?u=RePEc:jgu:wpaper:2112&r= |
| By: | Yuval Salant; Jörg L. Spenkuch |
| Abstract: | We study two dimensions of complexity that may interfere with individual choice. The first one is object complexity, which corresponds to the difficulty in evaluating any given alternative in a choice set. The second dimension is composition complexity, which increases when suboptimal alternatives become more similar to optimal ones. We develop a satisficing-with-evaluation-errors theory that incorporates both dimensions and delivers sharp empirical predictions about their effect on choice behavior. We confirm these predictions in a novel data set with information on hundreds of millions of decisions in chess endgames. First, as the object complexity of an optimal (suboptimal) alternative increases, it becomes less (more) likely to be chosen. Second, even highly experienced decision-makers are more likely to make mistakes when choosing from sets with higher composition complexity. These findings help to shed some of the first light on the effect of complexity on choice behavior outside of the laboratory. |
| Keywords: | complexity, choice, satisficing, bounded rationality |
| JEL: | D91 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9239&r= |
| By: | Emanuel Ornelas; Patricia Tovar |
| Abstract: | We study, theoretically and empirically, how countries choose intra-bloc tariffs and preferential margins when they form Preferential Trade Agreements (PTAs). Our model indicates that countries should set systematically lower preferential margins when the bloc takes the form of a free trade area (where members set external trade policies independently), relative to a customs union (where members coordinate external tariffs). Moreover, in customs unions (but not necessarily in free trade areas) preferential margins should increase with the supply of partner countries and decrease with the level of preferential imports. These relationships reflect, respec-tively, the internalization of political-economy goals within the bloc and the desire to curb trade diversion. Using a sample that covers most PTAs formed by Latin American countries in the 1990s, when their popularity in the region shot up, we find empirical support for each of those predictions. These findings make clear that the type of PTA matters significantly for the bloc’s tariff structure. Our results carry out important implications for the welfare consequences and the social desirability of different types of PTAs. |
| Keywords: | regionalism, free trade agreements, customs unions, tariff complementarity, Latin America |
| JEL: | F15 F13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9245&r= |
| By: | Tino Berger; Julia Richter; Benjamin Wong |
| Abstract: | We jointly estimate the U.S. business and financial cycle through a unified empirical approach while simultaneously accounting for the role of financial factors. Our approach uses the Beveridge-Nelson decomposition within a medium-scale Bayesian Vector Autoregression. First, we show, both in reduced form and when we identify a structural financial shock, that variation in financial factors had a larger role post-2000 and a more modest role pre-2000. Our results suggest that the financial sector did play a role in overheating the business cycle pre-Great Recession. Second, while we document a positive unconditional correlation between the credit cycle and the output gap, the correlation of the lagged credit cycle and the contemporaneous output gap turns negative when we condition on a financial shock. The sign-switch suggests that the nature of the underlying shocks may be important for understanding the relationship between the business and financial cycles. |
| Keywords: | business cycle, financial cycle, financial shocks |
| JEL: | C18 E51 E32 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:msh:ebswps:2021-4&r= |
| By: | Dietmar Fehr; Yannick Reichlin |
| Abstract: | We show that perceptions of relative rank in the wealth distribution shape individuals’ willingness to take risks. Using a representative large-scale survey, we manipulate perceptions of relative standing by randomly varying response categories when asking respondents about their wealth level. Respondents who are induced to perceive their relative position as low display more tolerance towards risk in a subsequent incentivized lottery task. This effect is mainly driven by individuals who more firmly believe that life outcomes are beyond their control. This interaction between risk preferences and underlying beliefs spotlights the benefits of incorporating personality traits into economic analysis. |
| Keywords: | relative wealth, risk taking, survey, experiment, locus of control |
| JEL: | D31 D63 D81 D91 E21 I31 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9253&r= |
| By: | Goodenberger, James; Munk, Robert; Senney, Garrett |
| Keywords: | Environmental Economics and Policy, Production Economics, Health Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312728&r= |
| By: | Farmer, J. Doyne; Way, Rupert; Mealy, Penny |
| Abstract: | We evaluate the cost of four different scenarios for the global energy system from 2020 to 2070 using an empirically validated technology forecasting method based on an expansive historical dataset. A no-transition scenario that maintains the current energy mix provides a benchmark. Under a rapid transition scenario, solar photovoltaics and wind are quickly deployed using batteries for short-term storage. Hydrogen-based fuels are used for long-term storage and non-electrifiable applications. Energy prices become lower than historical averages after 2030 and considerably lower after 2050. This yields an expected net present saving at any sensible discount rate; at 4% for example, we predict savings of $5.6 trillion. In contrast, a slower transition is more expensive, while a nuclear scenario is substantially more expensive. |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-01&r= |
| By: | Amina Saoussany (École Nationale de Commerce et de Gestion -Agadir); Nabila Kidaye (École Nationale de Commerce et de Gestion -Agadir) |
| Abstract: | This article proposes a literature review summarizing the evolution of the concept of Corporate Social Responsibility, starting from the 50s to the early 21st century. It traces the development of CSR, from a concept evoked as a "good practice" expressing good intentions and ethics of the company, to a practice that is no longer voluntary, that must be included in the company's strategy and based on creating a shared value. This article provides a review of the main events that contributed to the understanding, explanation, and enrichment of the concept studied, based on articles, international events, and books. We also present a table summarizing the evolution of CSR, including the most recent events that contributed to the conception of CSR in its currents form. The concept of CSR has undergone various fluctuations and upgrades that have contributed to standardizing its understanding, meeting stakeholder expectations, and questioning the shared value generated if integrated into the company's strategy. The association of CSR with context, time, and cultural specificities, makes its modeling difficult, if not impossible. On the other hand, the permanent change of stakeholders' expectations has forced this concept to change as well in order to face the new expectations created by the company's environment. In sum, our work contributes to the literature by exploring first the evolution of CSR over time, then the impact of stakeholders on corporate behavior, and finally, the models of CSR developed in the scientific field. |
| Abstract: | Le présent article propose une revue de littérature qui résume l'évolution du concept de la Responsabilité Sociétale de l'Entreprise dans le temps, depuis les années 50 du siècle passé jusqu'au début du XXIème siècle. Il trace le développement de la RSE, d'un concept évoqué comme « bonne pratique » exprimant les bonnes intentions et l'éthique de l'entreprise, à une pratique qui n'est plus volontaire, qui doit être incluse dans la stratégie de l'entreprise et est basée surtout sur la création de la valeur partagée. Dans cet article, nous allons passer en revue les événements phares qui ont participé à la compréhension, l'explication et l'enrichissement du concept étudié en nous basant sur des articles, des événements internationaux et des ouvrages de spécialité. Notre approche de l'évolution de la RSE est présentée dans un tableau synthétique qui rend compte des principaux événements qui ont contribué à la conception de la RSE sous sa forme actuelle. Le concept de la RSE a connu des fluctuations et des mises à niveau qui ont contribué à standardiser sa compréhension, à répondre aux attentes des parties prenantes et à s'interroger sur la valeur partagée qu'il génère s'il est intégré dans la stratégie de l'entreprise. La dépendance de la RSE du contexte, des temps et des spécificités culturelles rend sa modélisation difficile, voire impossible. De son côté, le changement permanent des attentes des parties prenantes ont contraint ce concept à changer à son tour pour faire face aux nouvelles exigences créées par l'environnement de l'entreprise. En somme, notre travail contribue à la littérature en explorant tout d'abord l'évolution de la RSE dans le temps, ensuite l'impact des parties prenantes sur le comportement des entreprises et enfin, les modèles de la RSE qui ont été développés dans le champ scientifique. |
| Keywords: | Literature Review, CSR Models, Historical Evolution of CSR, Shared Value,Responsabilité Sociétale de l’Entreprise,Évolution Historique de la RSE,Valeur Partagée |
| Date: | 2021–05–31 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03269218&r= |
| By: | BARREIRO HURLE Jesus (European Commission - JRC); BOGONOS Mariia (European Commission - JRC); HIMICS Mihaly (European Commission - JRC); HRISTOV Jordan (European Commission - JRC); PEREZ DOMINGUEZ Ignacio (European Commission - JRC); SAHOO Amarendra (European Commission - JRC); SALPUTRA Guna (European Commission - JRC); WEISS Franz (European Commission - JRC); BALDONI Edoardo (European Commission - JRC); ELLEBY Christian (European Commission - JRC) |
| Abstract: | During the last 30 years, the Common Agricultural Policy has increased the importance given to improving the environmental and climate performance of the European agriculture, as confirmed by the Future CAP proposal. Furthermore, the Green Deal strategy outlined a comprehensive approach to facilitate the transition towards sustainable food systems that links in a holistic approach all actors in the system, a path sketched out in the Farm to Fork (F2F) and Biodiversity (BDS) Strategies. Reflecting this ambition, this report was a contribution to the 2030 Climate Target Plan impact assessment, based on one of the main models used by the European Commission for agricultural policy analysis (the CAPRI model), which can incorporate some of the policies put forward for accelerating the transition towards sustainable food systems. The report presents a modelled scenario of an ambitious implementation of the CAP reform proposals to measure the effects on EU agriculture including four quantitative targets put forward in the F2F and BDS strategies already reflected in the recommendations of the Commission to the Member States on their CAP Strategic Plans. These targets were selected as the ones with the greatest potential to affect agricultural environment and production. Moreover, those are the targets to which the CAP can provide specific contribution.The analysis includes a reduction of the risk and use of pesticides, a reduction of nutrient surplus, an increase of area under organic farming, and an increase of area for high-diversity landscape features. The impacts are modelled under three scenarios. One is a status quo scenario assuming no change in the CAP compared to its implementation during 2014-2020. The other two scenarios include a potential implementation of the CAP post 2020 legal proposal targeting these objectives, both with and without the targeted use of Next Generation EU funding.However, the report does not constitute an impact assessment of the strategies as such; the modelling scope does not include all of the strategies’ measures (e.g. food waste reduction targets, dietary shifts, organic action plan) which would alter the impacts reported. Not all policies that affect the transition are captured by this model. Other analytical approaches and tools are necessary to arrive at a more complete picture of the potential impacts of this transition. As these two strategies propose a comprehensive approach to move towards sustainable food systems, their inclusion requires additional assumptions to capture positive synergies between the different initiatives and additional tools to cover the limitations of the modelling approach used. Therefore, impacts should be considered representing an upper bound of the full impact of the strategies as they are partial in scope (mainly covering the supply side) and incomplete (as the required future changes in consumer behaviour are not captured in the model). Based on the assumptions made and taking into account the limitations of the analysis, modelling results indicate that reaching these four targets under the current CAP implementation achieves significant environmental benefits in the form of reductions in greenhouse gases and ammonia emissions as well as in gross nutrient surplus, though the extent in terms of positive environmental and economic benefits is not fully quantified. Results also show a decline in EU production and variations in prices and income for selected agricultural products, albeit in different degrees. This impact can be lowered by approximately one-fifth when a CAP implementation in line with the 2018 Legal Proposal and targeted to accelerate the transition to a more sustainable agriculture is assumed. The new CAP implementation also increases the positive performance of the agricultural sector in environmental terms. In both scenarios, the impacts on international markets are limited. In both scenarios, the potential to further reduce these impacts is underestimated by the fact that not all initiatives, measures and resulting synergies covered by the strategies are considered. For example, reductions in production associated with shift to organic agriculture could be mitigated with the implementation of the organic action plan. Lower livestock production could have less impact on prices and trade when accompanied by a shift towards more plant based diets and the reduction of food waste. The positive impact could also be enhanced via accelerated technological development and efficiency improvements likely to occur by 2030. Moreover, the exercise assumes that the EU acts alone. Because of this assumption, a significant part of the gains in terms of emissions in the EU is leaked to other world regions. However, as part of international climate agreements also non-EU countries have commitments to reduce GHG emissions, incorporating this to the analysis would reduce the leakage and negative impacts for the EU. Last, the report does not provide information on all the benefits derived from those targets for both the agricultural sector and the wider society, as these are not captured in the model. As such, the analysis presented is not intended to be used as the sole basis for decision-making and it would not be in any case appropriate for this purpose.The lessons learned from this report are important from a policy perspective. The agricultural sector will have to go through a challenging transition and this study – with all its limitations – shows the magnitude of the challenge. The report shows that, when it comes to the supply side, the Future CAP legal proposals provide opportunities for implementing the production-related targets of the Green Deal. By comparing the impact of four F2F and BDS strategies’ targets under an unchanged CAP and a CAP reflecting the ambitious implementation of its reform proposals the report identifies the potential impacts of the Future CAP proposal with respect to selected environmental indicators, production, income, prices and trade. However, the report also points towards areas where such a transition faces bigger challenges, for which we need effective instruments to support the sector during the transition. Some of these instruments are alreadt the focus of other complementary policy initiatives. Furthermore, it allows the identification of gaps where additional steps would be needed so that Green Deal targets are met and the transition towards sustainable food systems accelerated. Finally, the results confirm the need for global solutions to the global challenge of climate change.The report also highlights that the current modelling tools need improvements to help us prepare future impact assessments. Significant gaps exist in capturing in agro-economic models how the demand side of the food chain would respond to the required changes in demand and the supply side. Even when the analysis reported focuses on the supply side and captures most of its nuances in a satisfactory manner, some improvements are needed. For example, additional developments are needed to capture the positive feedback in yields resulting from the enhanced ecosystem services provided by improved biodiversity. In addition, while some technologies are captured in the model there are additional measures that could be introduced to further reduce the environmental impact of production; thus minimizing the trade-off between meeting targets and production impacts.In addition, the assumptions about the impacts on farm management and yields of the reduction in pesticide use and the increase in organic farming do not capture potential beneficial side effects beyond the agricultural sector (e.g. health benefits). These limitations are partly driven by the lack of comprehensive farm-level data, which results in the assessment of the relationship between farming activity and the environment in an aggregated regional level. The Commission’s proposal to move from a farm accountancy data network (FADN) to a farm sustainability data network (FSDN) will be instrumental in addressing these limitations as it would allow the better understanding of which practices work best, and within which regional and sector environment.As far as the demand side is concerned, this analysis does not incorporate the ambition related to food waste reduction, the move towards different diets or the demand side promotion of organic and sustainably produced food. Such changes would require the development of other modelling approaches incorporating assumptions on future consumer behavioural changes that cannot be captured with analyses of past consumer behaviour. In this area, data availability is an issue whose resolution would require the cooperation of the retail and processing industry. In addition, one also has to consider the magnitude of the scenario shocks (i.e. distance from baseline values to aspirational targets). Models are calibrated to a common vision of the future and their predictive performance may be decreased in extreme cases. When dealing with systemic changes, other research tools such as foresight and propective can be used in a complementary manner to inform some of the parameters that could reflect novel practices and busness models that could be developed by farmers to adapt to the new sustainable food systems paradigmAs part of its commitment to provide better scientific evidence for policy making, the JRC is working to improve knowledge on the effects (including potential co-benefits) of the measures implemented, develop the model to improve the representation of pesticides and organic farming, and explore avenues to incorporate the impact of food waste reductions and changes in diets. As for the latter, improvements on environmental and human health expected from the accelerated shift towards sustainable food systems need to be quantified using other tools. In addition, a comprehensive assessment should also incorporate a full food systems approach incorporating other phases of the food value chain and changes in consumer preferences and behaviour. The upcoming proposal for a legislative framework for sustainable food systems will require a comprehensive impact assessment. This impact assessment will have to be able to evaluate the ambition laid down for an enhanced environmental, climate and health performance of the EU’s agricultural sector as part of the broader food system. While agro-economic models will be an integral part of the tools for such an evaluation, the present exercise has identified areas where additional efforts are needed, especially in the need to capture the environment not only as a restriction for agricultural production but also as an input. The current modelling approach focuses on the trade-offs between environmental protection and agricultural production based on past experience, failing to capture the positive synergies that a better environment brings associated. These limitations are not specific to the CAPRI model. Other analyses that have looked into the impacts of some of the initiatives put forward in the strategies using other models (Beckman et al. 2020; Guyomard et al. 2020) also faced them. Ongoing research and analysis can shed light on more positive synergies associated with a better environmental footprint, thus improving the capacity of the model to capture the targets and using additional methods to estimate the benefits. |
| Keywords: | CAPRI Model, agricultural policy, environmental and climate ambition |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc121368&r= |
| By: | Xu, Wenli |
| Abstract: | This note documents a DSGE model of Climate Change. I extend the NK model with geophisical variables, such as greenhouse gas emissions, the carbon cycle, radiative forcing, and climate change. In this model, I specify five different climate policy regimes: no policy, cap, intensive, tax, and mandate. |
| Keywords: | DSGE, climate change, climate policy |
| JEL: | E6 Q5 |
| Date: | 2020–09–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109234&r= |
| By: | Omar Lamrani (Laboratory of Applied Economics, Agdal FSJES, Mohammed V University); Rachid Zammar (Laboratory of Applied Economics, Agdal FSJES, Mohammed V University) |
| Abstract: | In terms of management and during the last ten years, the implementation of a management control system in large organizations has become an essential fact insofar as the latter facilitates decision-making techniques and removes the company's compartmentalization and allows managers to have a precise vision of the flow of information in order to make the right decisions at the right time. However, management control affects even SMEs; but on the other hand, small or medium-sized growing companies require distinct management approaches compared to large companies. They must adapt to a set of contingent variables such as strategy, technology, structure, culture as well as the environment in which they evolve, especially since SMEs are characterized by the vision, ambitions and motivations of the manager, and the latter relies on his intuition and judgment to make decisions and definitively refuses to delegate or to resort to an integrated management control system. This investigation is combined with deductive reasoning that leads to the confrontation of the theoretical framework and the formulated hypotheses. This article is based on a sample of 40 small and medium-sized companies with staff ranging from 10 to 150. The purpose of this article is to provide readers with recent and relevant information on the subject relating to the interest and the place occupied by the management control within the Moroccan SMEs and more particularly on the Casablanca Settat region. The information collected was analyzed using SPSS software. However, the objective of this article is to show to what extent the implementation of a management control department can have an impact on the increase of the performance of Moroccan SMEs. Our results reveal that SME managers are in need of implementing a management control system in order to improve performance which is associated with the good management of management control tools. |
| Abstract: | En matière de management et durant les dix dernières années l'implémentation d'un système de contrôle de gestion dans les grandes organisations est devenue un fait primordial dans la mesure où ce dernier facilite les techniques décisionnelles et écarte les cloisonnements de l'entreprise et permet aux dirigeants d'avoir une vision précise des flux d'informations afin de prendre les bonnes décisions au moment opportun. Or , le contrôle de gestion affecte même les PME, mais en revanche les petites ou moyennes entreprises en croissance nécessitent des approches de gestion distinctes par rapport aux grandes entreprises, ils doivent s'approprier à un ensemble de variables contingentes telles que la stratégie, la technologie, la structure , la culture ainsi que l'environnement dans lequel elles évoluent surtout que les PME sont particularisées par la vision, les ambitions et les motivations du dirigeant, et ce dernier se fie à son intuition et jugement pour prendre des décisions et refuse définitivement de déléguer ou de recourir à un système de contrôle de gestion intégré. Cette enquête est combinée à un raisonnement déductif qui conduit à la confrontation du cadre théorique et des hypothèses formulées. Cet article est basé sur un échantillon de 40 petites et moyennes entreprises avec des effectifs allant de 10 à 150. Le but de cet article est de fournir aux lecteurs des informations récentes et pertinentes sur le sujet relatif à l'intérêt et la place qu'occupe le contrôle de gestion au sein des PME marocaines et plus particulièrement sur la région Casablanca Settat. Les informations recueillies ont été analysées par le logiciel SPSS. Toutefois l'objectif de cet article est de montrer à quelle ampleur la mise en place d'un département contrôle de gestion peut avoir un impact sur l'accroissement de la performance des PME marocaines. Nos résultats révèlent que les dirigeants des PME sont dans la nécessité d'implanter un système de contrôle de gestion afin d'améliorer la performance qui est associée à la bonne gestion des outils du contrôle de gestion. |
| Date: | 2021–07–18 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312972&r= |
| By: | Ramit Debnath (EPRG, CJBS, University of Cambridge); Vibhor Mittal (NTPC School of Business, India); Abhinav Jindal (Indian Institute of Management Indore, India) |
| Keywords: | Power System, Flexibility, Coal economy, Social disruption, Energy Transition, Electricity Bill 2020 |
| JEL: | Q4 Q42 Q48 |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2031&r= |
| By: | Hensen, Reid; Mooney, Daniel F.; Hill, Alexandra E.; Fernandez-Gimenez, Maria |
| Keywords: | Production Economics, Agricultural and Food Policy, Resource/Energy Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312794&r= |
| By: | Christine Mulhern; Isaac M. Opper |
| Abstract: | There is an emerging consensus that teachers impact multiple student outcomes, but it remains unclear how to summarize these multiple dimensions of teacher effectiveness into simple metrics that can be used for research or personnel decisions. Here, we discuss the implications of estimating teacher effects in a multidimensional empirical Bayes framework and illustrate how to appropriately use these noisy estimates to assess the dimensionality and predictive power of the true teacher effects. Empirically, our principal components analysis indicates that the multiple dimensions can be efficiently summarized by a small number of measures; for example, one dimension explains over half the variation in the teacher effects on all the dimensions we observe. Summary measures based on the first principal component lead to similar rankings of teachers as summary measures weighting short-term effects by their prediction of long-term outcomes. We conclude by discussing the practical implications of using summary measures of effectiveness and, specifically, how to ensure that the policy implementation is fair when different sets of measures are observed for different teachers. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9263&r= |
| By: | Anselm Hager (Humboldt-Universität zuBerlin); Lukas Hensel (Peking University); Johannes Hermle (University of California,Berkeley); Christopher Roth (University of Cologne, ECONtribute, briq, CESifo, CAGE Warwick, CEPR) |
| Abstract: | Many social movements face fierce resistance in the form of a countermovement. When deciding to become politically active, a movement supporter, therefore, has to consider both her own movement’s activity, but also that of the opponent. This paper studies the decision of a movement supporter to attend a protest when faced with a counterprotest. We implement two field experiments among supporters of a right- and left-leaning movement ahead of two protest-counterprotest interactions in Germany. Supporters were exposed to low or high official estimates about their own and the opposing group’s turnout. We find that the size of the opposing group has no effect on supporters’ protest intentions. However, as the own protest gets larger, supporters of the right-leaning movement become less, while supporters of the left-leaning movement become more willing to protest. We argue that the difference is best explained by stronger social motives on the political left. |
| Keywords: | social movements; right-wing populism; political activism; field experiment |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ajk:ajkdps:114&r= |
| By: | Mario D. Tello (Departamento de Economía de la Pontificia Universidad Católica del Perú) |
| Abstract: | El trabajo estima diversos indicadores estándar de las Cadenas Globales de Valor (CGV) para los 4 países miembros de la Comunidad Andina (CAN) para los años 2000, 2005, 2010 y 2015 con el propósito de identificar la posibilidad de incrementar y diversificar la capacidad exportable de los países de la CAN a través de las CGV. La evidencia señala que la mayoría de las CGV son del tipo simple en la medida que la gran parte del producto exportable se usa como insumos intermedios de los países-socios del comercio de la CAN. Por consiguiente, existe poca inserción de la CAN en las CGV de tipo complejo. Este tipo de cadenas implica que los productos de exportación de la CAN cruzan por lo menos dos veces las fronteras, como producto directo de exportación al primer país de destino y como bien final de exportación de dicho país a terceros países. Adicionalmente, las CGV complejas aumentan las etapas del proceso productivo y, por consiguiente, generan mayores puestos de trabajo directo formal. JEL Classification-JE: F14 F15 |
| Keywords: | Cadenas Globales de Valor, Exportaciones y Comunidad Andina |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pcp:pucwps:wp00499&r= |
| By: | Pichler, Anton; Pangallo, Marco; del Rio-Chanona, R. Maria; Lafond, François; Farmer, J. Doyne |
| Abstract: | Economic shocks due to Covid-19 were exceptional in their severity, suddenness and heterogeneity across industries. To study the upstream and downstream propagation of these industry-specific demand and supply shocks, we build a dynamic input-output model inspired by previous work on the economic response to natural disasters. We argue that standard production functions, at least in their most parsimonious parametrizations, are not adequate to model input substitutability in the context of Covid-19 shocks. We use a survey of industry analysts to evaluate, for each industry, which inputs were absolutely necessary for production over a short time period. We calibrate our model on the UK economy and study the economic effects of the lockdown that was imposed at the end of March and gradually released in May. Looking back at predictions that we released in May, we show that the model predicted aggregate dynamics very well, and sectoral dynamics to a large extent. We discuss the relative extent to which the model's dynamics and performance was due to the choice of the production function or the choice of an exogenous shock scenario. To further explore the behavior of the model, we use simpler scenarios with only demand or supply shocks, and find that popular metrics used to predict a priori the impact of shocks, such as output multipliers, are only mildly useful. |
| Keywords: | Covid-19, production networks, epidemic spreading |
| JEL: | C61 C67 D57 E00 E23 I19 O49 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-18&r= |
| By: | Granato, Silvia (European Commission, Joint Research Centre); Havari, Enkelejda (European Commission, Joint Research Centre); Mazzarella, Gianluca (European Commission, Joint Research Centre); Schnepf, Sylke V. (European Commission, DG Joint Research Centre) |
| Abstract: | Erasmus+ is one of the most popular programmes financed by the European Union. It provides international mobility grants to university students while staying enrolled at their home university. This paper brings novel evidence on the effect of participating in the programme on students' academic outcomes, using rich administrative data from one of the largest public universities in Italy. We rely on a fuzzy Regression Discontinuity Design, since the selection of applicants to Erasmus mobility programmes depends on a continuous score assigned during the application process. Our results show that Erasmus mobility does not delay graduation at the home university and, in addition, it has a positive and significant impact on undergraduates' final degree mark. Investigating possible heterogeneous effects, we find that Erasmus mobility improves graduation results for undergraduate students in scientific and technical fields (STEM) and for those who apply for the Erasmus grant in the first year of their studies. Finally, the positive impact on performance at graduation appears to be stronger for students who visit foreign universities of relatively lower quality compared with their home university and for those who stay abroad for more than six months. |
| Keywords: | Erasmus+ programme, international student mobility, university, administrative data, Regression Discontinuity Design |
| JEL: | I23 D04 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14651&r= |
| By: | Rutledge, Zachariah; Richards, Timothy J.; Martin, Phillip; Castillo, Marcelo J. |
| Keywords: | Agricultural and Food Policy, Community/Rural/Urban Development, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312698&r= |
| By: | Yoichi Matsubayashi (Graduate School of Economics, Kobe University); Taiji Hagiwara (Graduate School of Economics, Kobe University) |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:koe:wpaper:2121&r= |
| By: | Fenton, Marieke; Goodrich, Brittney K.; Penn, Jerrod |
| Keywords: | Agribusiness, Environmental Economics and Policy, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312856&r= |
| By: | Olivia Muza (University of Rwanda); Ramit Debnath (EPRG, CJBS, University of Cambridge) |
| Keywords: | Energy transition, Off-grid system, Sub-Saharan Africa, Social Shaping of Technology, Gender, Disruptive innovation |
| JEL: | D1 N37 P28 P46 Q4 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2017&r= |
| By: | Aron, Janine; Muellbauer, John |
| Abstract: | Excess mortality data avoid miscounting deaths from under-reporting of Covid-19-related deaths and other health conditions left untreated. According to EuroMOMO, which tracks excess mortality for 24 European states, England had the highest peak weekly excess mortality in total, for the over-65s, and, most strikingly, for the 15-64 age group. This column argues that research is needed into such divergent patterns. It suggests that national statistical offices should publish P-scores (excess deaths divided by 'normal' deaths) for states and sub-regions, and permit EuroMOMO to publish P-scores as well as their less transparent Z-scores. This would aid comparability, better inform pandemic policy, and allow lessons to be drawn across heterogeneous regions and countries. |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-11&r= |
| By: | Possner, Annkathrin; Mußhoff, Oliver; Sarfo, Yaw; Danne, Michael |
| Keywords: | Agricultural Finance, Community/Rural/Urban Development, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312686&r= |
| By: | Ceriani, Lidia; Hlasny, Vladimir; Verme, Paolo |
| Abstract: | The paper discusses the main issues related to negative and zero incomes that are relevant for the measurement of poverty. It shows the prevalence of non-positive incomes in high- and middle-income countries, provides an analysis of the sources and structure of these incomes, outlines the various approaches proposed by scholars and statistical agencies to treat non-positive incomes, and explains how non-positive incomes and alternative correction methods impact the measurement of standard poverty indexes. It is argued that negative and zero incomes cannot be treated equally in terms of household well-being and that standard methods used by practitioners fail to recognize this fact likely resulting in overestimations of poverty. |
| Keywords: | Welfare measurement,Well-being,Poverty targeting,High- and middle-income countries,Survey non-response,Negative incomes,Zero incomes,Extreme income corrections |
| JEL: | D31 D63 I32 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:914&r= |
| By: | Druzhinin, Pavel; Molchanova, Ekaterina; Podlevskih, Yulia |
| Abstract: | For many years the Department MFRD of IE KarRC RAS, together with scientists of PetrSU, UWF and medical institutions, have been conducting comprehensive research at the intersection of economics, demography, medicine and ecology. Studies were supported by 10 RFBR and RGNF grants. This article examines the impact of the COVID-19 pandemic on mortality in Russian regions. The purpose of the study is to identify the factors that during the pandemic have contributed to a significant mortality increase in Russian regions. The work assessed the impact of socio-economic, demographic, medical and geographical indicators at different stages of the pandemic on the level of morbidity and mortality, taking into account the characteristics of regions. It is shown that in general, the increase in mortality has been facilitated by a higher shares of retirees and urban population, the location of the region in the center of the country and a drop in citizens' incomes in 2020 (compared to 2019). The first (spring) wave of the pandemic in Russia was relatively low, largely due to the imposed strict restrictions. Therefore, only in some months did the lower availability of hospital beds of the population of the region contribute to the increase in mortality. The highest increase in the mortality rate was in the regions of the Central Federal District. During the summer period, the incidence decreased and restrictions were relaxed, but increased mobility of citizens led to an increase in mortality in the Volga Federal District regions, through which the main roads and railways pass. By the end of summer, the availability of doctors and beds in the region became significant factors influencing the increase in mortality, in addition to the three main indicators. In the fall, the second wave began, during this period the increase in mortality depended on the location of the region, the proportion of the urban population and the availability of doctors in the region. In some months, the level of income of the population and its change in 2020 had a significant impact. In December, the situation in the Volga Federal District and the Siberian Federal District stabilized, while mortality in the Southern regions of the country began to grow. The research was carried out by scientists of the IE KarRC RAS and RIH and can be used in the field of regional medical and demographic policy to increase the effectiveness of management decisions and preserve the public health of the nation. |
| Keywords: | demography; mortality; public health; socio-economic factors; modelling; region; pandemic; COVID-19 |
| JEL: | I15 |
| Date: | 2021–03–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109034&r= |
| By: | Ferdinand Vieider (-) |
| Abstract: | I derive a noisy neural coding model (NCM ) and pit its performance against prospect theory plus additive noise (PT) using some prominent recent datasets collected to measure PT parameters. The NCM is based on the premise that choice patterns observed under uncertainty may originate from noisy perceptions of choice stimuli, which are optimally combined with mental priors to obtain actionable decision parameters. This contrast with PT, which models preferences as deterministic, but adds a noise term for empirical implementations. I show how the parameters emerging from the NCM naturally map into PT parameters. The NCM can thus be seen as a generative model for PT. At the same time, the NCM departs from PT in that it is inherently stochastic. This results in novel predictions about systematic correlations between PT parameters, as well as pointing to instances under which PT will be violated. Using Bayesian hierarchical models to fit the data, I find substantial support for these predictions. The NCM further consistently outperforms PT in terms of predictive ability. These results contribute to the nascent literature documenting the role played by imprecise cognition in economic decisions. |
| Keywords: | risk taking, prospect theory, noisy cognition, efficient coding |
| JEL: | C93 D03 D80 O12 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:rug:rugwps:21/1022&r= |
| By: | Carl Heese (University of Vienna, Department of Economics); Stephan Lauermann (University of Bonn, Department of Economics) |
| Abstract: | This paper studies a large majority election with voters who have heterogeneous, private preferences and exogenous private signals. We show that a Bayesian persuader can implement any state-contingent outcome in some equilibrium by providing additional information. In this setting, without the persuader's information, a version of the Condorcet Jury Theorem holds. Persuasion does not require detailed knowledge of the voters' private information and preferences: the same additional information is effective across environments. The results require almost no commitment power by the persuader. Finally, the persuasion mechanism is effective also in small committees with as few as 15 members. |
| Keywords: | Information Aggregation, Bayes Correlated Equilibria, Persuasion, Condorcet Jury Theorem |
| JEL: | C72 D72 D82 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ajk:ajkdps:112&r= |
| By: | Soto-Caro, Ariel; Wu, Feng; Vallad, Gary; Guan, Zhengfei |
| Keywords: | Production Economics, Agribusiness, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312639&r= |
| By: | Ouail Kharraz (UAE, ENCG Tanger -Groupe de recherche "Management & Systèmes d'information"-); Yassine Boussenna (GRMSI - UAE, ENCG Tanger -Groupe de recherche "Management & Systèmes d'information"- - UAE, ENCG Tanger -Groupe de recherche "Management & Systèmes d'information"-) |
| Abstract: | The huge amount of information in our daily life and the continuous work to organize and use it in the best possible way has led to the emergence of knowledge management. This work has two main objectives, first we test the existence of a correlation relationship between the application of knowledge management and organizational performance of Abdelmalek Essaadi University, and secondly, we verify the moderating role of organizational culture on the intensity of this relationship, by collecting the views of the Abdelmalek Essaadi University teacher-researchers, through a hypothetico-deductive reasoning approach and a quantitative working method. Our questionnaire was administered to a representative sample of 88 teacher-researchers from the different institutions of the university under study. The results obtained show a strong correlation between knowledge management and organizational performance. Also, the results confirm the moderating and positive role of organizational culture, on the intensity of the relationship between the application of the K.M and (Training, research, publication, and governance) as indicators of organizational performance retained in this work for the university in question. |
| Keywords: | organizational culture,knowledge management,organizational performance |
| Date: | 2021–07–29 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312376&r= |
| By: | Jakob Albers; Mihai Cucuringu; Sam Howison; Alexander Y. Shestopaloff |
| Abstract: | In light of micro-scale inefficiencies induced by the high degree of fragmentation of the Bitcoin trading landscape, we utilize a granular data set comprised of orderbook and trades data from the most liquid Bitcoin markets, in order to understand the price formation process at sub-1 second time scales. To achieve this goal, we construct a set of features that encapsulate relevant microstructural information over short lookback windows. These features are subsequently leveraged first to generate a leader-lagger network that quantifies how markets impact one another, and then to train linear models capable of explaining between 10% and 37% of total variation in $500$ms future returns (depending on which market is the prediction target). The results are then compared with those of various PnL calculations that take trading realities, such as transaction costs, into account. The PnL calculations are based on natural $\textit{taker}$ strategies (meaning they employ market orders) that we associate to each model. Our findings emphasize the role of a market's fee regime in determining its propensity to being a leader or a lagger, as well as the profitability of our taker strategy. Taking our analysis further, we also derive a natural $\textit{maker}$ strategy (i.e., one that uses only passive limit orders), which, due to the difficulties associated with backtesting maker strategies, we test in a real-world live trading experiment, in which we turned over 1.5 million USD in notional volume. Lending additional confidence to our models, and by extension to the features they are based on, the results indicate a significant improvement over a naive benchmark strategy, which we also deploy in a live trading environment with real capital, for the sake of comparison. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09750&r= |
| By: | Giangregorio Luca (University Pompeu Fabra); Fana Marta (European Commission – JRC) |
| Abstract: | This paper aims at identifying how and to what extent the Italian labour market structure in terms of job composition and institutional changes shape the dynamics of wages and wage inequality in the decade 2007-2017. We investigate the main determinants behind the rise in wage inequality in Italy using Recentered Influence Function (RIF) regressions. This econometric approach allows – on one side – to directly assess the effects over the unconditional distribution and on statistics beyond the mean, like the Gini coefficient. On the other, it decomposes the inequality difference into the endowment and wage effects, following the standard Oaxaca-Blinder technique. We observe that the occupational structure and institutional changes - contractual arrangements (permanent vs temporary contract) and working time (full-time vs part-time) - are the main factors in explaining the wage downgrade at the bottom of the income distribution and the consequent increase in wage inequality. |
| Keywords: | inequality, labour market, wages, RIF |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:laedte:202111&r= |
| By: | Friedson, Andrew I. (University of Colorado Denver); Li, Moyan (Indiana University); Meckel, Katherine (University of California, San Diego); Rees, Daniel I. (University of Colorado Denver); Sacks, Daniel W. (Universidad Carlos III de Madrid) |
| Abstract: | Medical experts have argued forcefully that using cigarettes harms health, prompting the adoption of myriad anti-smoking policies. The association between smoking and mortality may, however, be driven by unobserved factors, making it difficult to discern the underlying long-term causal relationship. In this study, we explore the effects of cigarette taxes experienced as a teenager, which are arguably exogenous, on adult smoking participation and mortality. A one-dollar increase in teenage cigarette taxes is associated with an 8 percent reduction in adult smoking participation and a 6 percent reduction in mortality. Mortality effects are most pronounced for heart disease and lung cancer. |
| Keywords: | smoking, cigarette taxes, mortality |
| JEL: | H2 I10 I12 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14644&r= |
| By: | Benetton, Matteo (Haas School of Business, University of California); Gavazza, Alessandro (London School of Economics); Surico, Paolo (London Business School) |
| Abstract: | This paper provides novel evidence on lenders’ mortgage pricing and on how central bank operations affected it. Using the universe of mortgages originated in the UK, we show that lenders seek to segment the market by offering two-part tariffs composed of interest rates and origination fees, and that during recent periods of unconventional monetary policy, such as UK’s Funding for Lending Scheme, lenders decreased interest rates and increased origination fees. To understand lenders’ pricing strategies and their effects on market equilibrium, we develop and estimate a structural discrete-continuous model of mortgage demand and lender competition in which borrowers may have different sensitivities to rates and fees. We use the estimated model to decompose the effects of central bank unconventional monetary policy on mortgage pricing and lending, finding that central bank operations increased borrower surplus and lender profits. Moreover, although origination fees allow lender to price discriminate and capture surplus, banning fees would lower borrower surplus and aggregate welfare. |
| Keywords: | origination fees; mortgage demand; heterogeneity; structural estimation; unconventional monetary policy |
| JEL: | E52 G21 |
| Date: | 2021–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:boe:boeewp:0936&r= |
| By: | David McLennan; Michael Noble; Gemma Wright; Helen Barnes; Faith Masekesa |
| Abstract: | The quality of data on employment income is explored using Tanzanian and Zambian household survey datasets. The extent of missing and implausible income data is assessed and four different methods are applied to impute missing or implausible values. The four imputation methods are also applied to artificial missing data for Tanzania and Zambia, and—using one approach—for a South Africa dataset. Post-imputation results are assessed. |
| Keywords: | Income, Imputation, Microsimulation, Data, Tanzania, Zambia, Tax-benefit microsimulation |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-134&r= |
| By: | Willert, Bianca |
| Abstract: | Contemporarily, modern slavery represents one of the most serious human rights violations. Although most countries officially abolished slavery and ratified the 1926 Slavery Convention of the League of Nations, slavery and slave like practices still exist in various forms throughout the world. This paper addresses why coercive relationships persist today and investigates how political decision-making, institutional environment and coercive labor practices are interlinked. Moreover, we investigate the interplay between domestic anti-slavery laws and the extent of modern slavery. This paper identifies social and economic determinants of modern slavery using a novel dataset. The panel data contain information on 189 countries and territories from 2002 – 2016 for various types of exploitation of adults and children. We study determinants of modern slavery using cluster analysis and fit a fixed-effects model to explain which factors drive exploitation. We find that different types of exploitation are driven by different factors. In addition, we show that slave-sending and slave-receiving countries differ significantly. We study transnational human trafficking and identify which social and economic factors determine this specialization. Moreover, we fit a model using Poisson regression to study why some countries detect victims, originating form more countries, than others do. |
| Keywords: | modern slavery,human trafficking,exploitation,human rights |
| JEL: | J47 K42 O15 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:roswps:167&r= |
| By: | Mello, Marco (University of Surrey); Moscelli, Giuseppe (University of Surrey) |
| Abstract: | We exploit a quasi-experimental setting provided by an election day with multiple polls to estimate the effect of voters' turnout on the spread of new COVID-19 infections and to quantify the policy trade-off implied by postponing elections during high infection periods. We show that post-poll new COVID cases increased by 1.1% for each additional percentage point of turnout. The cost-benefits analysis based on our estimates and real political events shows that averting an early general election has saved Italy up to about e362 million in additional hospital care costs and e7.5 billion in values of life saved from COVID. |
| Keywords: | control function, endogeneity, event-study, public health, civic capital, voting, COVID-19 |
| JEL: | C23 D72 H51 I18 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14658&r= |
| By: | PARISI Claudia (European Commission - JRC); RODRIGUEZ CEREZO Emilio (European Commission - JRC) |
| Abstract: | This report presents a review of market applications of new genomic techniques (NGTs). For the purposes of this study, NGTs are defined as ‘techniques that are able to alter the genetic material of an organism, developed after the publication of EU Directive 2001/18/EC’.The study covers NGT applications in agri-food, industrial and medicinal sectors that have resulted in applications that are already being marketed (commercial stage), are at a confirmed pre-market development stage (pre-commercial stage) or are at a research and development (R & D) stage but showing market potential (advanced and early R & D stage). The scope includes the use of NGTs in any kind of plant, mushroom, animal or microorganism or in human cells.Data on NGT applications were collected from multiple sources, including information available online, consultation of experts and an ad hoc survey of public and private technology developers. The NGT applications identified were classified, using the information available, as being at the following development stages.NGTs, especially those based on clustered regularly interspaced short palindromic repeats (CRISPR), are being actively and increasingly used in all the sectors analysed. Currently, few NGT applications are marketed worldwide: one plant product, one microorganism for release into the environment and several microorganisms used for contained production of commercial molecules. There are, however, about 30 identified applications (in plants, animals and microorganisms) at a pre-commercial stage in the pipeline that could reach the market in the short term (within 5 years). In addition, the medicinal sector is actively using NGTs to tackle several human diseases, and in many cases applications have already reached patients, in phase I and phase I/II clinical trials. |
| Keywords: | New Genomic Techniques, Gene editing, CRISPR, Commercialization, Pipeline |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc123830&r= |
| By: | Bornali Bhandari; Saurabh Bandyopadhyay; Ajaya K Sahu; Praveen Rawat (National Council of Applied Economic Research) |
| Abstract: | Indian states are divergent in terms of pursuing their own economic policies linked to education, employability and employment. States significantly differ in terms of resource endowments, especially on endowments related to skill. This is reflected in the unequal distribution of educational capabilities, employability and skill intensity in workforce, employment and other key indicators. In effect, skills go much beyond formal certifications, especially in a culturally and geographically diverse nation like India. It is in this context, the 3E (Education, Employability and Employment) Index is planned and reconnoitred. The dimensions of the 3-E index are education, employability and employment in a comprehensive framework as an indication to Indian policymakers to highlight gaps between the three dimensions across states and within states. The focus of 3E index is from the labour market perspective and linking up supply and demand of labour. While traditionally one just links up education, we have included the added dimension of employability to gain insight on the supply side strength of each of the states in the labour market. The present attempt is an indicative assessment with the available data from NSS (61st and 68th Round) to have a holistic viewpoint on skills from a 3E perspective. |
| Keywords: | Education, Employability, Employment, Skilling, Spatial, Gender, India |
| JEL: | I29 J21 J24 J46 O53 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:126&r= |
| By: | Luca Benati |
| Abstract: | Since the XIX century, technological progress has allowed commercial banks to create ever greater amounts of broad money and credit starting from a unit of monetary base. Crucially, however, at the very low frequencies the relative amounts of the two aggregates created out of a unit of base money have remained unchanged over time in each of the 42 countries I analyze. This finding questions the widespread notion that, since WWII, credit has become disconnected from broad money, and suggests that, except for their greater productivity at creating broad money and credit out of base money, today’s commercial banks are not fundamentally different from their XIX century’s counterparts. The implication is that only the ascent of shadow banks has introduced a disconnect between broad money and credit. |
| Keywords: | Money; credit; Lucas critique; financial crises. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ube:dpvwib:dp2112&r= |
| By: | Thomas D. Jeitschko; Pallavi Pal |
| Abstract: | In recent years, a significant problem with the carbon credit market has been the higher than initially predicted price volatility. It is essential to study the market in a repeated-period dynamic setting to identify the factors enabling high fluctuations in prices. In this paper, we examine the dynamic auction design and propose a method to curb price volatility through a flexible supply cap. The equilibrium analysis shows that modifying the cap on per period supply can decrease price fluctuations. Currently, the government or the auctioneer sets a per-period limit on the supply, which reduces at a fixed rate over time. However, this paper suggests that a flexible cap on the per-period supply would be a better alternative. Specifically, we show that correlating the supply rate with expected future demand results in a more stable price. |
| Keywords: | dynamic mechanism design, auctions, emissions permits, environmental regulation, climate change |
| JEL: | D43 L11 L42 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9266&r= |
| By: | Cynthia L. Doniger |
| Abstract: | I document six facts about wage changes. First, most pay revisions occur at yearly frequency, but a small proportion occur at idiosyncratic times. Second, idiosyncratic pay changes are larger and more dispersed than year-end pay changes and resemble more pay changes occurring at job-to-job transitions. Third, idiosyncratic pay changes are more common for workers with less experience and, forth, in firms higher on the job-ladder. Fifth, industries in which the incidence of idiosyncratic raises have risen have experienced greater declines in labor share. Sixth, industries in which more firms report willingness to negotiate wages have greater concentrations of idiosyncratic revisions. An on-the-job search model with heterogeneous wage contracts can rationalize these facts. |
| Keywords: | Labor contracts; Idiosyncratic wage changes; Labor share; Job ladder |
| JEL: | E24 E25 J31 J33 M55 M52 |
| Date: | 2021–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfe:2021-55&r= |
| By: | Won, Sunjae; Goodwin, Barry K.; Boys, Kathryn A. |
| Keywords: | Food Consumption/Nutrition/Food Safety, Risk and Uncertainty, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312798&r= |
| By: | Advani, Arun (University of Warwick, CAGE, the Institute for Fiscal Studies (IFS), and the LSE International Inequalities Institute (III)); Bangham, George (Resolution Foundation); Leslie, Jack (Resolution Foundation) |
| Abstract: | We show that wealth inequality in the UK is high and has increased slightly over the past decade as financial asset prices increased in the wake of the financial crisis. But data deficiencies are a major barrier in understanding the true distribution, composition and size of household wealth. The most comprehensive survey of household wealth in the UK does a good job of capturing the vast majority of the wealth distribution, but that nearly £800 billion of wealth held by the very wealthiest UK households is missing. We also find tentative evidence that survey measures of high-wealth families undervalue their assets – our central estimate of the true value of wealth held by households in the UK is 5% higher than the survey data suggests |
| Keywords: | JEL Classification: |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:576&r= |
| By: | Sandro Steinbach |
| Abstract: | This paper analyzes the impact of exchange rate risk on global food supply chains. Although the theoretical literature suggests ambivalence regarding the sign and magnitude of this effect, most empirical studies indicate a negative association between exchange rate volatility and international trade flows. I contribute to the ongoing debate by investigating the relationship at the product-level using a sectoral gravity model and relying on detailed retrospective trade and exchange rate data for a balanced panel of 159 countries for 2001 to 2017. I study the relationship for 781 agricultural and food products and estimate the trade effects of short-run and long-run exchange rate volatility. My findings indicate significant heterogeneity in the trade effects of exchange rate risk. While the mean trade effects are positive for short-run and long-run volatility, these effects vary substantially according to product and industry characteristics. I find a positive association between exchange rate volatility and the trade effects for upstreamness and a negative association for downstreamness of the traded products. I show that the significant and adverse trade effects in earlier studies result from model misspecification and measurement errors. This research enhances the understanding of the implications of exchange rate volatility which is a primary source of international risk exposure for global food supply chains. |
| JEL: | F14 Q17 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29164&r= |
| By: | Lee, Sunyoung; Zhang, Yu Yvette; Nayga, Rodolfo M. |
| Keywords: | Institutional and Behavioral Economics, Research Methods/Statistical Methods, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312733&r= |
| By: | Yaya, OlaOluwa S; Vo, Xuan Vinh; Adekoya, Oluwasegun B. |
| Abstract: | This paper investigates the possibility of middle-income convergence among seven members of Southeast Asian nations (Indonesia, Laos, Malaysia, Myanmar, Philippines, Thailand, and Vietnam), with Malaysia being in upper-middle-income rank and other six countries in lower-middle-income rank. We apply unit root testing framework that allows for smooth nonlinearity, abrupt break, and cross-dependence in the income differences. Results show that these lower-middle-income countries are likely to converge among themselves, and also converge to the income level of Malaysia in the long run. Economic policies capable of stimulating long-run economic growth of these lower-middle-income countries is therefore recommended, and the countries should be ready to take up the challenge of upper-income country, like Malaysia. |
| Keywords: | Southeast Asia region; Cross-sectional dependency; Fourier function; Income convergence; Seemingly unrelated regression |
| JEL: | C19 C22 N17 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109372&r= |
| By: | Sellars, Sarah C.; Schnitkey, Gary D.; Gentry, Laura F.; Paulson, Nick |
| Keywords: | Agricultural Finance, Agricultural and Food Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312780&r= |
| By: | Robert Ritz (EPRG, CJBS, University of Cambridge) |
| Keywords: | Carbon leakage, carbon pricing, imperfect competition, international trade, second best |
| JEL: | H23 L11 Q54 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2116&r= |
| By: | Maria Esther Oswald-Egg; Michael Siegenthaler |
| Abstract: | Does better access to skilled workers reduce firms' willingness to provide general skills training to unskilled workers? We analyze how the gradual opening of the Swiss labor market to workers from the European Union affected the number of apprenticeship positions that firms provide. We exploit that the availability of skilled workers increased more in firms close to the border because they gained unrestricted access to cross-border workers from neighboring countries. Our Difference-in-Differences estimates suggest that firm-provided training and access to skilled workers are not necessarily substitutes: opening the borders did not have a statistically significant effect on apprenticeship provision. We show theoretically and empirically that the small impact was the consequence of two opposing effects: the greater availability of skilled workers reduced firms' incentive to train because the cost of hiring external labor fell. Positive impacts on firm growth worked in the opposite direction. |
| Keywords: | labor demand, skilled immigration, firm-provided training, apprenticeships, vocational education and training, free movement of workers, cross-border workers, recruitment, immigration policy, labor mobility, hiring costs |
| JEL: | J24 J63 M53 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iso:educat:0186&r= |
| By: | Khoa Vu; Paul Glewwe |
| Abstract: | Despite a sizeable literature on the labour market effects of maternity leave regulations on women in developed countries, how these policies affect women's work in developing countries with a large informal sector remains poorly understood. This study examines how extending the maternity leave requirement affects women's decisions to work in the informal or formal sector in Viet Nam. We use a difference-in-differences approach to evaluate the 2012 Amendment to the Viet Nam Labour Law, which imposes a longer maternity leave requirement than before. |
| Keywords: | Maternity, Women's work, Informal sector, Labour market |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-133&r= |
| By: | David Newbery (Faculty of Economics, University of Cambridge) |
| Keywords: | Variable renewable electricity, curtailment, interconnection, storage |
| JEL: | C63 Q42 Q54 |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2020&r= |
| By: | Janet Hua Jiang; Peter Norman; Daniela Puzzello; Bruno Sultanum; Randall Wright |
| Keywords: | Money; mechanism design; experimental economics |
| JEL: | E4 E5 |
| Date: | 2021–06–30 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedrwp:92995&r= |
| By: | Yu, Chengzheng; Miao, Ruiqing; Khanna, Madhu |
| Keywords: | Environmental Economics and Policy, Research Methods/Statistical Methods, Food Safety, Nutrition, and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312624&r= |
| By: | Bersch, Ann-Kathrin; Osswald, Lena |
| Abstract: | Frauenbelange in der Mobilität zu berücksichtigen, ist scheinbar das Thema der Stunde. Dabei wird dazu schon seit 40 Jahren geforscht und gearbeitet. In der Planungspraxis werden die Ergebnisse dieser Forschung hingegen bislang nur in wenigen Fällen umgesetzt. Dieses Papier stellt die Frage, wie wir den neuen Schwung in der Debatte nutzen können und was geschehen muss, damit nicht nur diskutiert wird, sondern auch in der Umsetzung Veränderungen bewirkt werden. Dazu wird in einem ersten Teil der Verlauf der Debatte um Frauen, Gender und Mobilität über die letzten Jahrzehnte nachgezeichnet und die oft verschwimmenden Begrifflichkeiten definiert. Darauf aufbauend wird die Frage diskutiert, ob wir es mit einer Wissens- oder einer Umsetzungslücke zu tun haben. Im dritten Teil werden Thesen vorgestellt, wie die identifizierten Wissens- und Umsetzungslücken behoben werden können. Die Arbeit versteht sich als Anstoß für eine Debatte zur Frage, wie das Thema gendersensibler und Nutzer:innen-zentrierter Verkehrsplanung dauerhaft und qualitativ hochwertig in der Umsetzung verankert werden kann. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ivpdps:20213&r= |
| By: | Fourie, Johan (Department of Economics, Stellenbosch University, South Africa); Norling, Johannes (Department of Economics, Mount Holyoke College, United States) |
| Abstract: | How did the 1918 influenza outbreak, the deadliest pandemic of the twentieth century, affect household income and spending in the United States? Using the 1917–1919 BLS cost of living survey, we compare households in 99 cities observed at different stages of the pandemic. We find a six percent decrease in real income, driven by cities with higher mortality. Men’s wages fell, but more women worked. People spent less on nondurable goods and services, about the same on durables, and more on medicine. Spending varied by region, age, and affluence. Governmentimposed non-pharmaceutical interventions had little correlation with consumer behavior. |
| Keywords: | Spanish flu, Pandemic, Income, Spending JEL Classification: N32, I18 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:571&r= |
| By: | Yoann Demoli (PRINTEMPS - Professions, institutions, temporalités - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines - CNRS - Centre National de la Recherche Scientifique, MSH Paris-Saclay - Maison des Sciences de l'Homme - Paris Saclay - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay) |
| Abstract: | La manière dont le changement des pratiques et des modes de vie contribue à la transition écologique, économique et sociale est un enjeu majeur pour les pouvoirs publics, à tous les échelons de gouvernement. Pour parvenir à amorcer cette transition, les politiques publiques visent à faire prendre conscience aux citoyen·ne·s de l'impact de leurs pratiques sur l'environnement, tout en veillant à ce que leur mise en œuvre ne paraisse pas décorrélée du quotidien, ni ne soit perçue comme entraînant contraintes ou exclusion sociale. S'inscrivant dans le cadre du projet Construire des mobilités durables, inclusives et responsables (CONDUIRE), financé par l'Agence de l'Environnement et de la Maîtrise de l'Énergie (ADEME), les actes du colloque « Peut-on se passer de la voiture hors des centres urbains ? » cherchent à analyser le problème de la dépendance automobile en zones peu denses – il s'agit notamment des espaces ruraux ou situés en périphérie des grandes villes –, ainsi que les différentes solutions à y apporter. Portant attention à l'objectif de préserver, lors de la conversion écologique des mobilités, leur capacité à inclure – on parle d'« inclusivité sociale » –, cet ouvrage s'attache également à interroger les pratiques de déplacements de ménages populaires résidant dans ces territoires. Il a ainsi pour ambition d'identifier les ressorts de la transition vers des mobilités plus durables, et aussi plus inclusives, au sein des espaces où l'automobile reste prégnante. Son fil rouge est le paradoxe selon lequel les solutions de substitution à la voiture sont proposées et mises en place quasi exclusivement dans les zones denses – il s'agit notamment des grandes villes –, pourtant les moins dépendants à l'automobile. Les espaces périphériques, pour autant caractérisés par un usage intensif et croissant de la voiture, lui connaissent en effet peu d'alternatives écologiques et inclusives. Aussi, le développement de la transition économique, écologique et sociale ne peut faire l'économie d'une étude approfondie des usages de la voiture dans de tels espaces qui, d'une part, contribuent certes d'une façon importante à la pollution atmosphérique mais qui, d'autre part, concentrent les populations pour lesquelles la voiture est à la fois indispensable, contraignante et coûteuse, comme le mouvement social des Gilets jaunes en 2018-2019 l'a laissé entrevoir. L'objectif de l'ouvrage est donc d'interroger la dépendance automobile à plusieurs échelles temporelles et spatiales, tout en proposant une analyse des alternatives à la voiture, y compris au sein des zones de peuplement les moins denses. À partir de divers exemples situés en France, mais aussi au Canada, la première partie de l'ouvrage offre un panorama historique et spatial de la dépendance à l'automobile, amenant des réflexions sur le futur de la voiture dans ces espaces. Dans un deuxième temps, l'ouvrage questionne les représentations et les usages contemporains de l'automobile hors des villes, au travers d'enquêtes auprès des populations belge, camerounaise et française. La troisième et dernière partie s'attache enfin à comprendre les conditions de possibilité (et d'impossibilité) des formes de mobilité alternative à la voiture au sein des divers territoires : covoiturages, motorisation électrique (notamment d'occasion) et tiers-lieux (espaces de coworking). |
| Keywords: | mobilité,covoiturage,ménages populaires,espace rural,espace périphérique |
| Date: | 2021–04–28 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03256926&r= |
| By: | Ryan Rafaty (University of Oxford); Geoffroy Dolphin (EPRG, CJBS, University of Cambridge); Felix Pretis (University of Oxford and University of Victoria) |
| Keywords: | Carbon Pricing, CO2 Emissions, Decarbonization, Carbon Tax, Climate Change, Climate Policy |
| JEL: | Q43 Q48 Q54 Q58 H23 |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2035&r= |
| By: | Nizam, Ahmed Mehedi |
| Abstract: | Although government transfer is a well-known fiscal variable, it can significantly influence the overall supply of money in the economy. Beneficiaries of government transfer program will consume a portion of it while the rest is saved and these initial savings will then be amplified inside the economy through the multiplier effect. Apart from consumption and savings a portion of government transfer will return to government in the form of taxes. Here, in the first place, we intuitively calculate the contribution of government transfer on private consumption, households' savings, government tax revenue and money supply. In the next step we provide a micro-foundation for our intuitive reasoning using a simple endowment economy with finitely lived households. Finally, we empirically calculate our proposed multipliers using impulse response analysis under structural panel VAR framework. Response of money supply to changes in government transfer uncovers a channel through which monetary and fiscal policy may interact. Moreover, variance decomposition of money supply indicates that a significant portion of variance in money supply can be explained in terms of government transfer under structural panel VAR framework. |
| Keywords: | Government transfer; money supply; fiscal policy; monetary policy; interaction between monetary and fiscal policy |
| JEL: | E52 E62 |
| Date: | 2021–08–26 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109394&r= |
| By: | Advani, Arun (University of Warwick, CAGE, the Institute for Fiscal Studies (IFS), and the LSE International Inequalities Institute (III).); Ooms, Tahnee (London School of Economics); Summers, Andy (London School of Economics, III, and CAGE.) |
| Abstract: | Policymakers tend to ‘treasure what is measured’ and overlook phenomena that are not. In an era of increased reliance on administrative data, existing policies also often determine what is measured in the first place. We analyse this two-way interaction between measurement and policy in the context of the investment incomes and capital gains that are missing from the UK’s official income statistics. We show that these ‘missing incomes’ change the picture of economic inequality over the past decade, revealing rising top income shares during the period of austerity. The underestimation of these forms of income in official statistics has diverted attention from tax policies that disproportionately benefit the wealthiest. We urge a renewed focus on how policy affects and is affected by measurement. |
| Keywords: | Inequality statistics; welfare measurement; savinga and investment income; capital gains; top incomes; tax policy JEL Classification: |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:543&r= |
| By: | Mustafa Coban (Institute for Employment Research (IAB)) |
| Abstract: | This article describes a new Stata command, rbprobit, for fitting recursive bivariate probit models, which differ from bivariate probit models in allowing the first dependent variable to appear on the right-hand side of the second dependent variable. Although the estimation of model parameters does not differ from the bivariate case, the existing commands biprobit and cmp do not consider the structural model’s recursive nature for postestimation commands. rbprobit estimates the model parameters, computes treatment effects of the first dependent variable, and gives the marginal effects of independent variables. In addition, marginal effects can be decomposed into direct and indirect effects if covariates appear in both equations. Moreover, the postestimation commands incorporate the two community-contributed goodness-of-fit tests scoregof and bphltest. Dependent variables of the recursive probit model may be binary, ordinal, or a mixture of both. I present and explain the rbprobit command and the available postestimation commands using data from the European Social Survey. Finally, I show an application of the difference-in-differences methodology if there is an interaction term between the first dependent variable and a group variable. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:21&r= |
| By: | Paulin Ibanda Kabaka (LAM - Les Afriques dans le monde - IRD - Institut de Recherche pour le Développement - Université Bordeaux Montaigne - Institut d'Études Politiques [IEP] - Bordeaux - IEP Bordeaux - Sciences Po Bordeaux - Institut d'études politiques de Bordeaux - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Dans ce chapitre, il est question de voir la place que ses cultures à destination de l'industrie dites cultures pérennes dans la province du Kwango. L'état des lieux sommaire ayant abouti à un constat de régression de cette agriculture industrielle, il sera fait allusion d'abord au recul de cette agriculture, ensuite une stratégie de relance agricole sera proposée. |
| Keywords: | Culture pérenne,culture industrielle,culture de rente,agriculture,café,cacao,palmier à huile,monoculture,polyculture,politique agricole,Kwango,Congo |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03298942&r= |
| By: | Alfred Galichon; Octavia Ghelfi; Marc Henry |
| Abstract: | We highlight the tension between stability and equality in non transferable utility matching. We consider many to one matchings and refer to the two sides of the market as students and schools. The latter have aligned preferences, which in this context means that a school's utility is the sum of its students' utilities. We show that the unique stable allocation displays extreme inequality between matched pairs. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06587&r= |
| By: | Yau-Huo Shr; Wendong Zhang (Center for Agricultural and Rural Development (CARD)) |
| Abstract: | Discrete choice experiments have been extensively used to value environmental quality; however, some important attributes may often be omitted due to design challenges. In the case of agricultural water pollution, omitting downstream water quality benefits could lead to biased estimates and misinterpretations of local water quality attributes presented in choice experiments. Using a split-sample design and a statewide survey of Iowa residents, we provide the first systematic evaluation of how households' willingness-to-pay for water quality improvement when downstream water quality benefits, hypoxic zone reduction in our case, are omitted. We find that omitting non-local water quality attributes significantly reduces the total economic value of nutrient reduction programs but does not bias the marginal willingness-to-pay for local water quality attributes. We also find suggestive evidence showing that such omission, in line with the theoretical prediction, only changes the preferences of respondents who are aware of the downstream impacts of plans that led to local water quality improvement. In addition, our results show that providing information on the non-local water quality benefits of nutrient reduction increases support for water quality improvement plans but only among local residents who are less informed on water quality issues. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ias:cpaper:21-wp620&r= |
| By: | Peng, Kun; Hu, Zhepeng; Robe, Michel A.; Adjemian, Michael K. |
| Keywords: | Agricultural Finance, Agribusiness, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312718&r= |
| By: | Victor Ajayi (EPRG, CJBS, University of Cambridge); David Reiner (EPRG, CJBS, University of Cambridge) |
| Keywords: | Bio-based plastics, mixed logit, discrete choice experiment, willingness to pay, industrial decarbonisation, carbon capture |
| JEL: | D12 C25 Q51 |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2033&r= |
| By: | Kim, Hyunjung; Herriges, Joseph A.; Lupi, Frank |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312882&r= |
| By: | Hötte, Kerstin; Jee, Su Jung; Srivastav, Sugandha |
| Abstract: | Technologies help adapt to climate change but little systematic research about these technologies and their interaction with mitigation exists. We identify climate change adaptation technologies (CCATs) in US patent data to study the technological frontier in adaptation. We find that patenting in CCATs was roughly stagnant over the past decades. CCATs form two main clusters: (1) science-intensive CCATs related to agriculture, health and monitoring technologies; and (2) engineering-based for coastal, water and infrastructure adaptation. 25% of CCATs help in climate change mitigation, and we infer that synergies can be maximized through well designed policy. CCATs rely more on public R&D than other inventions, and CCAT patents are citing more science over time, indicating a growing relevance of research as a knowledge source for innovation. Policymakers can use these results to get greater clarity on where R&D support for CCATs can be directed. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-19&r= |
| By: | Grey Gordon; Pablo Guerrón-Quintana |
| Keywords: | migration; population; debt; default; cities; bankruptcy |
| JEL: | E21 F22 F34 R23 R51 |
| Date: | 2021–07–30 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedrwp:92996&r= |
| By: | Paulick, Jan (Tilburg University, School of Economics and Management); Berndsen, Ron (Tilburg University, School of Economics and Management); Diehl, Martin; Heijmans, Ronald (Tilburg University, School of Economics and Management) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:57477131-2199-46bf-a2f1-5833269cfc42&r= |
| By: | Simplice A. Asongu (Yaounde, Cameroon); Nicholas M. Odhiambo (Pretoria, South Africa) |
| Abstract: | This research assesses the importance of credit access in modulating governance for gender inclusive education in 42 countries in Sub-Saharan Africa with data spanning the period 2004-2014. The Generalized Method of Moments is employed as empirical strategy. The following findings are established. First, credit access modulates government effectiveness and the rule of law to induce positive net effects on inclusive “primary and secondary education†. Second, credit access also moderates political stability and the rule of law for overall net positive effects on inclusive secondary education. Third, credit access complements government effectiveness to engender an overall positive impact on inclusive tertiary education. Policy implications are discussed with emphasis on Sustainable Development Goals. |
| Keywords: | Finance; Governance; Sub-Saharan Africa; Sustainable Development |
| JEL: | I28 I30 G20 O16 O55 |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:aak:wpaper:20/007&r= |
| By: | Lafond, François; Goldin, Ian; Koutroumpis, Pantelis; Winkler, Julian |
| Abstract: | We review recent research on the slowdown of labor productivity and examine the contribution of different explanations to this decline. Comparing the post-2005 period with the preceding decade for 5 advanced economies, we seek to explain a slowdown of 0.8 to 1.8pp. We trace most of this to lower contributions of TFP and capital deepening, with manufacturing accounting for the biggest sectoral share of the slowdown. No single explanation accounts for the slowdown, but we have identified a combination of factors which taken together account for much of what has been observed. In the countries we have studied, these are mismeasurement, a decline in the contribution of capital per worker, lower spillovers from the growth of intangible capital, the slowdown in trade, and a lower growth of allocative efficiency. Sectoral reallocation and a lower contribution of human capital may also have played a role in some countries. In addition to our quantitative assessment of explanations for the slowdown, we qualitatively assess other explanations, including whether productivity growth may be declining due to innovation slowing down. |
| JEL: | O40 E66 D24 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-12&r= |
| By: | Backhaus, Teresa (Center for Mathematical Economics, Bielefeld University); Breitmoser, Yves (Center for Mathematical Economics, Bielefeld University) |
| Abstract: | Reanalyzing 12 experiments on the repeated prisoner’s dilemma (PD), we robustly observe three distinct subject types: defectors, cautious cooperators and strong cooperators. The strategies used by these types are surprisingly stable across experiments and uncorrelated with treatment parameters, but their population shares are highly correlated with treatment parameters. As the discount factor increases, the shares of defectors decrease and the relative shares of strong cooperators increase. Structurally analyzing behavior, we next find that subjects have limited foresight and assign values to all states of the supergame, which relate to the original stage-game payoffs in a manner compatible with inequity aversion. This induces the structure of coordination games and approximately explains the strategies played using Schelling’s focal points: after (*c;c*) subjects play according to the coordination game’s cooperative equilibrium, after (*d;d*) they play according to its defective equilibrium, and after (*c;d*) or (*d;c*) they play according to its mixed equilibrium. |
| Keywords: | Repeated game, Behavior, Tit-for-tat, Mixed strategy, Memory, Belief-free equilibrium, Laboratory experiment |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:bie:wpaper:652&r= |
| By: | Paul Simshauser (Griffith Business School, Griffith University) |
| Keywords: | Energy Affordability, Fuel Poverty, Policy Targeting, Targeting Efficiency, Customer Hardship Policy |
| JEL: | D25 D80 G32 L51 Q41 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2108&r= |
| By: | Marko Corn; Nejc Ro\v{z}man |
| Abstract: | Unihedge is a decentralized platform for prediction markets with a novel approach to prediction market. Using Harberger Tax (HTAX) economic policies a new type of prediction market was build named HTAX prediction market. HTAX prediction market derivates from Dynamic PariMutuel (DPM) type of prediction markets thus offering its users an unlimited liquidity for any preferred time horizon. It tries to solve some problems of DPM by introducing a new incentive mechanism to support early information incorporation and a protection against share readjustment for hedgers. Platform also offers users other traits such as opportunity to create and operate prediction markets which is compensated by collecting trading fees from its user, or ability to earn fees from every trade by participate in staking process, or get involved with Decentralised Autonomous Organisation (DAO) where they can vote on various topics from platform development to allocation of funds. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11631&r= |
| By: | Yang, Zhengliang; Du, Xiaoxue; Hatzenbuehler, Patrick; Lu, Liang |
| Keywords: | Marketing, Agribusiness, Research Methods/Econometrics/Stats |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312633&r= |
| By: | Gabriel de Oliveira Guedes Nogueira; Marcel Otoboni de Lima |
| Abstract: | In order to make good investment decisions, it is vitally important for an investor to know how to make good analysis of financial time series. Within this context, studies on the forecast of the values and trends of stock prices have become more relevant. Currently, there are different approaches to dealing with the task. The two main ones are the historical analysis of stock prices and technical indicators and the analysis of sentiments in news, blogs and tweets about the market. Some of the most used statistical and artificial intelligence techniques are genetic algorithms, Support Vector Machines (SVM) and different architectures of artificial neural networks. This work proposes the improvement of a model based on the association of three distinct LSTM neural networks, each acting in parallel to predict the opening, minimum and maximum prices of stock exchange indices on the day following the analysis. The dataset is composed of historical data from more than 10 indices from the world's largest stock exchanges. The results demonstrate that the model is able to predict trends and stock prices with reasonable accuracy. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10065&r= |
| By: | Lin William Cong; Ke Tang; Jingyuan Wang; Yang Zhang |
| Abstract: | We predict asset returns and measure risk premia using a prominent technique from artificial intelligence -- deep sequence modeling. Because asset returns often exhibit sequential dependence that may not be effectively captured by conventional time series models, sequence modeling offers a promising path with its data-driven approach and superior performance. In this paper, we first overview the development of deep sequence models, introduce their applications in asset pricing, and discuss their advantages and limitations. We then perform a comparative analysis of these methods using data on U.S. equities. We demonstrate how sequence modeling benefits investors in general through incorporating complex historical path dependence, and that Long- and Short-term Memory (LSTM) based models tend to have the best out-of-sample performance. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.08999&r= |
| By: | Kristin MacDonald (StataCorp) |
| Abstract: | Presenting results effectively is a crucial step in statistical analyses, and creating tables is an important part of this step. In this presentation, I will introduce two new features in Stata 17—the updated table command and the new collect suite—that you can use to create, customize, and export tables. With table, you can now easily create cross-tabulations, tables of summary statistics, tables of regression results, and more. With the collect suite, you can create and customize tables of results returned by any Stata command. I will demonstrate how you can create table styles with your favorite customizations and apply them to any tables you create in the future. After creating and customizing a table, you can export to Word, Excel, LaTeX, PDF, Markdown, HTML, SMCL, and plain text. I will also show how you can incorporate your customized tables into complete reports containing formatted text, graphs, and other Stata results. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:5&r= |
| By: | Alejandro Romero-Torres; Marie-Douce Primeau; Janosch Ortmann; Thibaut Coulon; Julie Deslile; Marie-Pierre Leroux; Xavier Morin |
| Abstract: | In the context of the COVID-19 pandemic, several new work practices have emerged at all levels of organizations. In this rapport, we analyze the evolution of the work environment for project managers who are responsible for coordinating their teams and maintaining constant communication with different stakeholders using new information and communication technologies. More specifically, we have identified the main perceived changes in project management practices during the period of confinement and physical distancing. Through a mixed survey strategy collecting quantitative and qualitative data, we collected 112 stories about perceived changes. Our analysis reveals changes in four project management practices (communication management, change management, schedule management and stakeholders’ engagement) and a single change for project governance practice (decision-making process). These transformations seem to create negative impacts on teams, projects, and organizations. But some participants report benefits related to remote working and use of new technologies. It seems that people are accepting this new way of working. However, it seems that organizational structures and standards must also evolve to adapt themselves to the current context. We conclude the report with a series of recommendations for organizations carrying out projects. Dans le contexte de pandémie de la COVID-19, plusieurs nouvelles pratiques de travail ont émergé à tous les niveaux des organisations. Certains gestionnaires ont dû adapter leurs mécanismes de contrôle tandis que leurs employés ont gagné en autonomie et ont adapté leurs compétences et pratiques de communication et de prise de décisions dans un contexte incertain et changeant. Cette transformation suscite des questionnements. Nous nous intéressons principalement à l’évolution du cadre de travail des gestionnaires de projets qui ont la responsabilité de coordonner les activités de leurs équipes et de maintenir une communication constante avec différentes parties prenantes en utilisant de nouvelles technologies de l’information et de communication. Plus spécifiquement, nous avons identifié les principaux changements perçus dans les pratiques de gestion de projets pendant la période de confinement et de distanciation physique. Par l’entremise d’une stratégie d’enquête mixte recueillant des données quantitatives et qualitatives a été adoptée, nous avons collecté des 112 récits sur les changements perçus. Notre analyse relève des changements dans quatre pratiques en gestion de projets (la gestion de la communication, la gestion du changement, la gestion de l’échéancier et l’engagement des parties prenantes) et dans une pratique en gouvernance de projets (le processus décisionnel). Ces transformations semblent créer des impacts négatifs sur les équipes, les projets et les organisations, mais certains participants rapportent des bénéfices liés au travail à distance et l’utilisation de nouvelles technologies. Il semble que les individus acceptent ce nouveau mode de travail. Cependant, il semble que les structures organisationnelles et les normes doivent également évoluer pour s’adapter au contexte actuel. Nous concluons le rapport avec une série des recommandations pour les organisations réalisant des projets. |
| Keywords: | COVID-19,project management,practices,information technologies, COVID-19,gestion de projets,pratiques,technologies de l’information |
| JEL: | M12 M15 M54 |
| Date: | 2021–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:cir:cirpro:2021rp-17&r= |
| By: | Chopra, Felix (University of Bonn); Haaland, Ingar (University of Bergen and CESifo); Roth, Christopher (University of Warwick, briq, CESifo, CEPR, CAGE) |
| Abstract: | Using a large-scale online experiment with more than 8,000 U.S. respondents, we examine how the demand for a politics newsletter changes when the newsletter content is fact-checked. We first document an overall muted demand for factchecking when the newsletter features stories from an ideologically aligned source, even though fact-checking increases the perceived accuracy of the newsletter. The average impact of fact-checking masks substantial heterogeneity by ideology: factchecking reduces demand among respondents with strong ideological views and increases demand among ideologically moderate respondents. Furthermore, factchecking increases demand among all respondents when the newsletter features stories from an ideologically non-aligned source. |
| Keywords: | Fact-checking, News Consumption, Information, Media Bias, Belief Polarization JEL Classification: D83, D91, L82 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:563&r= |
| By: | Safae Ed-Douadi (Ecole Nationale de Commerce et de Gestion Tanger - UAE - Université Abdelmalek Essaâdi); Chafik Bakour (Ecole Nationale de Commerce et de Gestion Tanger - UAE - Université Abdelmalek Essaâdi) |
| Abstract: | In light of the changes experienced by the internal audit function, mainly that linked to the extension of its scope marked by the transition from the private sector to the public sector, another challenge for the function arises. is about its ability to be effective. The effectiveness of internal auditing, admittedly a concept that has started to receive special attention in the literature, but so far there is no consensus among researchers as to the best framework for the effectiveness of internal audit, and the factors that affect it. In this regard, the objective of this article is to propose a theoretical framework of internal audit effectiveness which includes: stakeholder theory, strategic actor theory, institutional theory and communication theory, as well as to propose a conceptual model, based on the logic of the four theories and on the literature, which assumes the existence of an influencing relationship between four factors (characteristics of listeners, support from senior management, quality of the internal audit function, the auditor-auditee relationship) and the effectiveness of the internal audit. |
| Abstract: | À la lumière des évolutions qu'a connues la fonction audit interne, principalement celle liée à l'extension de son champ d'application marqué par le passage du secteur privé au secteur public, un autre défi pour la fonction se présente, il s'agit de sa capacité à être efficace. L'efficacité de l'audit interne, certes que c'est un concept qui a commencé à faire l'objet d'une attention particulière de la littérature, mais jusqu'à présent, il n'existe pas de consensus entre les chercheurs quant au meilleur cadre pour l'efficacité de l'audit interne, et aux facteurs qui l'affectent. À cet égard, l'objectif du présent article est de proposer un cadre théorique d'efficacité de l'audit interne qui inclut : la théorie des parties prenantes, la théorie de l'acteur stratégique, la théorie institutionnelle et la théorie de communication, ainsi que de proposer un modèle conceptuel, en se basant sur la logique des quatre théories et sur la littérature, qui présume l'existence d'une relation d'influence entre quatre facteurs (caractéristiques des auditeurs, le soutien de la haute direction, la qualité de la fonction audit interne, la relation auditeurs audités) et l'efficacité de l'audit interne. |
| Keywords: | IA effectiveness,Factors of effectiveness,Public sector,Audit interne,Efficacité d'AI,Facteurs d'efficacité,Théories d'efficacité d'AI,Secteur public |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312856&r= |
| By: | Sharma, Bijay P.; Khanna, Madhu; Miao, Ruiqing |
| Keywords: | Resource/Energy Economics and Policy, Production Economics, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312745&r= |
| By: | Hua, Yizhou; Wang, Hong Holly; Wilson, Christine A. |
| Keywords: | Teaching/Communication/Extension/Profession, Research Methods/Statistical Methods, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312834&r= |
| By: | Drieschova, Alena |
| Abstract: | The paper analyses the role of social media in shifting the climate change discourse in the North Atlantic region. Changes in the media environment have removed traditional gatekeepers of information dissemination and empowered new kinds of actors to reach large audiences. Yet, the techniques and the particular messaging through which these audiences can be reached has had to change as well. Messages spread widely on social media if they get shared, liked, retweeted frequently. They need to provoke a reaction in their audience, that leads the audience to actively respond to the messages, be it only with a mouse click. Within the climate change field two new kinds of actors have the potential to seize upon this new opportunity structure: climate sceptics and pro-climate activist social movements. Through a qualitative social media analysis, this paper compares the specific messaging strategies these two communities have deployed. It finds that the climate strike movement, notably led by Greta Thunberg, could effectively seize the opportunities social media provide to reach large audiences. By contrast, climate sceptics have been significantly less successful. Counter-intuitively, the paper finds that digitization can not only empower tech-savvy individuals, but also specific, comparatively low tech, and hitherto marginalized individuals. Notably, young women, if they can draw on their vulnerability, aesthetics, and emotional messaging, can acquire high attention scores when advocating for political change. |
| Keywords: | Climate change,social media,Fridays for Future,climate strike,Greta Thunberg,climate skepticism,social movements,populism,discourse,aesthetics,images |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:khkgcr:29&r= |
| By: | Federico Vaccari |
| Abstract: | It is believed that interventions that change the media's costs of misreporting can increase the information provided by media outlets. This paper analyzes the validity of this claim and the welfare implications of those types of interventions that affect misreporting costs. I study a model of communication between an uninformed voter and a media outlet that knows the quality of two competing candidates. The alternatives available to the voter are endogenously championed by the two candidates. I show that higher costs may lead to more misreporting and persuasion, whereas low costs result in full revelation; interventions that increase misreporting costs never harm the voter, but those that do so slightly may be wasteful of public resources. I conclude that intuitions derived from the interaction between the media and voters, without incorporating the candidates' strategic responses to the media environment, do not capture properly the effects of these types of interventions. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11177&r= |
| By: | Boudreaux, Gregory L.; Lupi, Frank; Sohngen, Brent; Xu, Alan Yilan |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312884&r= |
| By: | Bradley Larsen; Carol Hengheng Lu; Anthony Lee Zhang |
| Abstract: | We analyze data on tens of thousands of alternating-offer, business-to-business negotiations in the wholesale used-car market, with each negotiation mediated (over the phone) by a third-party company. The data shows the identity of the employee mediating the negotiations. We find that who intermediates the negotiation matters: high-performing mediators are 22.03% more likely to close a deal than low performers. Effective mediators improve bargaining outcomes by helping buyers and sellers come to agreements faster, not by pushing disagreeing parties to persist, and have real effects on efficiency for some negotiations, overcoming some of the inefficiency inherent in incomplete-information settings. |
| JEL: | C7 D8 L1 L81 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29159&r= |
| By: | Wang, Feicheng; Liang, Zhe; Lehmann, Hartmut |
| Abstract: | This paper investigates the effects of trade liberalisation induced labour demand shocks on informal employment in China. We employ a local labour market approach to construct a regional measure of exposure to import tariffs by exploiting initial differences in industrial composition across prefectural cities and then link it with the employment status of individuals. Using three waves of household survey data between 1995 and 2007, our results show that workers from regions that experienced a larger tariff cut were more likely to be employed informally. Further results based on firm-level data reveal a consistent pattern; tariff reductions increased the share of informal workers within firms. Such effects are more salient among smaller and less productive firms. Our findings suggest an important margin of labour market adjustment in response to trade shocks in developing countries, i.e. employment adjustment along the formal-informal dimension. |
| Keywords: | Trade liberalisation,Import competition,Informal employment,Firms,China |
| JEL: | F14 F16 F66 J46 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:cegedp:426&r= |
| By: | Pichler, Anton; Farmer, J. Doyne |
| Abstract: | Natural and anthropogenic disasters frequently affect both the supply and demand side of an economy. A striking recent example is the Cover-19 pandemic which has created severe industry-specific disruptions to economic output in most countries. Since firms are embedded in production networks, these direct shocks to supply and demand will propagate downstream and upstream. We show that existing input-output models which allow for binding demand and supply constraints yield infeasible solutions when applied to pandemic shocks of three major European countries (Germany, Italy, Spain). We then introduce a mathematical optimisation procedure which is able to determine best-case feasible market allocations, giving a lower bound on total shock propagation. We find that even in this best-case scenario network effects substantially amplify the initial shocks. To obtain more realistic model predictions, we study the propagation of shocks bottom-up by imposing different rationing rules on firms if they are not able to satisfy the emergence of input bottlenecks, making the rationing assumption a key variable in predicting adverse economic impacts. We further establish that the magnitude of initial shocks and network density heavily influence model predictions. |
| Keywords: | Covid-19, production networks, input-output models, rationing, linear programming, economic shocks, shock propagation, economic impact |
| JEL: | C61 C67 D57 E23 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-05&r= |
| By: | Zeynep Clulow (EPRG, CJBS, University of Cambridge); Michele Ferguson (University of Queensland); Peta Ashworth (University of Queensland); David Reiner (EPRG, CJBS, University of Cambridge) |
| Keywords: | Political parties, public opinion, climate policy, energy policy |
| JEL: | D72 P18 Q42 Q48 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2106&r= |
| By: | Tiago Cavalcanti (University of Cambridge); Zeina Hasna (University of Cambridge); Cezar Santos (Banco de Portugal) |
| Keywords: | Climate change, carbon taxes, worker heterogeneity, labor reallocation |
| JEL: | E13 H23 J24 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2104&r= |
| By: | Mark J. Holmes (Department of Economics, Waikato University, New Zealand); Jesús Otero (Facultad de Economía, Universidad del Rosario, Colombia); Theodore Panagiotidis (Department of Economics, University of Macedonia, Greece) |
| Abstract: | This paper investigates the extent of convergence club formation in retail gasoline prices. Our study provides new insights through the use of a large disaggregated panel database for Canada that comprises three types of gasoline grades, namely regular, medium and premium, for a sample of 44 cities over a period of almost two decades. The paper analyses gasoline price data that are inclusive or exclusive of taxes. The findings suggest that the retail gasoline markets are not integrated in terms of requiring multiple numbers of convergence clubs to explain relative price movements across cities. In addition to this, wholesale gasoline prices cities are probably less integrated than retail prices. Key drivers of retail price divergence across cities include distances between cities and the need to be explicit on distinguishing fuel quality. These findings are robust to the inclusion or exclusion of taxes in retail gasoline prices. |
| Keywords: | Convergence, clubs, gasoline prices |
| JEL: | C33 Q43 R10 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:rim:rimwps:21-18&r= |
| By: | Drydakis, Nick |
| Abstract: | The study replicates the first European field experiment on gay men's labor market prospects in Greece. Utilizing the same protocol as the original study in 2006-2007, two follow-up field experiments took place in 2013-2014 and 2018-2019. The study estimated that gay men experienced occupational access constraints and wage sorting in vacancies offering lower remuneration. It was found that in 2013-2014 and 2018-2019, gay men experienced increasingly biased treatment compared to 2006-2007. Moreover, the results suggested that unemployment bore an association with occupational access constraints and wage sorting in vacancies offering lower remuneration for gay men. In each of the three experiments, this study captured recruiters' attitudes toward gay men. A one standard deviation increase in taste-discrimination attitudes against gay men decreased their access to occupations by 9.6%. Furthermore, a one standard deviation increase in statistical-discrimination attitudes against gay men decreased their access to occupations by 8.1%. According to the findings, in 2013-2014 and 2018-2019, firms excluding gay applicants expressed a higher level of taste- and statistical-discrimination attitudes compared to 2006-2007. A gay rights backlash due to the LGBTIQ+ group's attempt to advance its agenda, rising far-right rhetoric, and prejudice associated with economic downturns experienced in Greece might correspond with increasing biases against gay men. |
| Keywords: | Field experiment,Sexual orientation,Hiring discrimination,Wage sorting,Replication,Backlash,Unemployment,Economic recession |
| JEL: | C93 J7 J16 J31 J42 J64 J71 J83 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:glodps:915&r= |
| By: | Kafle, Kashi; Balasubramanya, Soumya |
| Abstract: | Frequent droughts and rapidly depleting groundwater reserves have deepened the water scarcity crisis in Jordan. Even though most farms use ‘water-saving’ technologies, groundwater depletion continues at an alarming rate. We investigate how perceptions of physical water availability in the past are related to farmers’ current irrigation behaviour – frequency of irrigation and methods used in determining irrigation need. Using primary data from a survey of 414 commercial farms in Mafraq and Azraq governorates, we find that respondents who perceived reduction in physical water availability and faced agricultural losses in the past irrigated more frequently and were more likely to use self-judgement in determining irrigation need. These relationships were more pronounced for smaller farms, farms with sandy soil, mono-cropping farms and farms where the owner was the manager. These effects were lower for farms that preferred internet-based and in-person approaches for receiving irrigation advice. In addition, while the frequency of irrigation was higher among stone-fruit farms, the probability of using self-judgement in determining irrigation need was higher in olive farms and vegetable farms. We argue that farmers’ irrigation behaviour must be considered for groundwater management policy and planning in Jordan. |
| Keywords: | Agribusiness, Agricultural and Food Policy, Food Security and Poverty |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:ags:unadrs:313230&r= |
| By: | Gorbunov, Vladimir |
| Abstract: | The paper presents a revision of the contemporary reductionistic demand theory, replacing the studying object, i.e. an individual, with a fuzzy collection of market buyers, regarded as a “statistical ensemble of consumers”. The new holistic market demand theory formally retains the neoclassical demand theory with reconsidering the utility function as a collective one. A nonparametric verification method is presented, which uses the economic (Konüs) and formula Fisher indexes. The method has a variational character based on the theory of ill-posed problems. Verification is carried out simultaneously with the construction of Konüs indexes. The method is demonstrated on an example of the new Giffen demand model. |
| Keywords: | Statistical consumers’ ensemble ∙ Collective utility function ∙ Verification ∙ Ill-posed problems ∙ Konüs indexes ∙ Giffen demand |
| JEL: | C18 C43 C61 D11 D12 |
| Date: | 2021–08–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109154&r= |
| By: | Blumberg, Joey; Goemans, Christopher; Manning, Dale |
| Keywords: | Resource/Energy Economics and Policy, Production Economics, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312796&r= |
| By: | Jie Zhu; Blanca Gallego |
| Abstract: | We propose a general formulation for stochastic treatment recommendation problems in settings with clinical survival data, which we call the Deep Survival Dose Response Function (DeepSDRF). That is, we consider the problem of learning the conditional average dose response (CADR) function solely from historical data in which unobserved factors (confounders) affect both observed treatment and time-to-event outcomes. The estimated treatment effect from DeepSDRF enables us to develop recommender algorithms with explanatory insights. We compared two recommender approaches based on random search and reinforcement learning and found similar performance in terms of patient outcome. We tested the DeepSDRF and the corresponding recommender on extensive simulation studies and two empirical databases: 1) the Clinical Practice Research Datalink (CPRD) and 2) the eICU Research Institute (eRI) database. To the best of our knowledge, this is the first time that confounders are taken into consideration for addressing the stochastic treatment effect with observational data in a medical context. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10453&r= |
| By: | Kang, Shijia; Wimmer, Stefan; Sauer, Johannes |
| Keywords: | Productivity Analysis, Marketing, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312920&r= |
| By: | Jha, Ajay Narayan (National Institute of Public Finance and Policy) |
| Abstract: | The two latest Finance Commissions - the Fourteenth Finance Commission (FCXIV) and the Fifteenth Finance Commission (FC-XV)- mark a break from the past. The paper explores the structural shift in federal finances with the abolition of the Planning Commission and contemporaneous circumstances that shaped the approach of the FC-XV and examines the intersections and divergence, continuity and change, with FC-XIV in terms of its treatment of and approach to the three core issues of vertical and horizontal devolution, grants-in-aid to the States and transfers to local governments. It argues that the pervasive impact of the pandemic has shaped the recommendations of FC-XV in several ways without compromising on the Constitutional principles and retaining the balance in federal transfers between the Union and the States and amongst the States. At a time when the growth prospects of the economy are uncertain, innovative use of targeted grants linked to performance-based criteria for specified sectors through the States and local governments address glaring gaps in public services and potentially trigger reform in critical sectors. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:npf:wpaper:21/342&r= |
| By: | Williams, Ryan Blake; Loneragan, Guy H.; Hamilton, Ashley A. |
| Keywords: | International Development, Resource/Energy Economics and Policy, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312799&r= |
| By: | Yotam Shem-Tov; Steven Raphael; Alissa Skog |
| Abstract: | This paper studies the effect of a restorative justice intervention targeted at youth ages 13 to 17 facing felony charges of medium severity (e.g., burglary, assault). Eligible youths were randomly assigned to participate in the Make-it-Right (MIR) restorative justice program or to a control group in which they faced criminal prosecution. We estimate the effects of MIR on the likelihood that a youth will be rearrested in the four years following randomization. Assignment to MIR reduces the likelihood of a rearrest within six months by 19 percentage points, a 44 percent reduction relative to the control group. Moreover, the reduction in recidivism persists even four years after randomization. Thus, our estimates show that juvenile restorative justice conferencing can reduce recidivism among youth charged with relatively serious offenses and can be an effective alternative to traditional criminal justice practices. |
| JEL: | J18 K14 K42 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29150&r= |
| By: | Varsha S. Kulkarni |
| Abstract: | The higher dimensional autoregressive models would describe some of the econometric processes relatively generically if they incorporate the heterogeneity in dependence on times. This paper analyzes the stationarity of an autoregressive process of dimension $k>1$ having a sequence of coefficients $\beta$ multiplied by successively increasing powers of $0 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09083&r= |
| By: | Ramit Debnath (EPRG, CJBS, University of Cambridge); Ronita Bardhan (Department of Architecture, University of Cambridge); Sarah Darby (University of Oxford); Kamiar Mohaddes (EPRG, CJBS, University of Cambridge); Minna Sunikka-Blank (Department of Architecture, University of Cambridge) |
| Keywords: | energy justce, poverty, computational social science, policy design, machine learning, textual analysis |
| JEL: | D63 I30 Q48 R20 |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2030&r= |
| By: | Christos Genakos (CJBS, University of Cambridge); Felix Grey (Faculty of Economics and Energy Policy Research Group, University of Cambridge); Robert Ritz (EPRG, CJBS, University of Cambridge) |
| Keywords: | Pass-through, imperfect competition, regulation, carbon pricing, airlines, political economy |
| JEL: | D43 H23 L51 L93 |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2023&r= |
| By: | Mattauch, Linus; van den Bijgaart, Inge; Klenert, David; Sulikova, Simona |
| Abstract: | Transport has a large number of significant externalities including carbon emissions, air pollution, accidents, and congestion. Active travel such as cycling and walking can reduce these externalities. Moreover, public health research has identified additional social gains from active travel due to health benefits of increased physical exercise. In fact, on a per mile basis, these benefits dominate the external social costs from car use by two orders of magnitude. We introduce health benefits and active travel options into an optimal taxation model of transport externalities to study appropriate policy responses. We characterise the optimal second-best fuel tax analytically: when physical exercise is considered welfare-enhancing, the optimal fuel tax increases. Under central parameter assumptions it rises by 49% in the US and 36% in the UK. This is due to the low fuel price elasticity of active travel. We argue that fuel taxes should be implemented jointly with other policies aimed at increasing the uptake of active travel to reap its full health benefits. |
| Keywords: | Transport Externalities, Congestion, Active travel, Fuel, Health Behaviour, Optimal Taxation |
| JEL: | H23 I12 Q53 Q54 Q58 R41 R48 Z28 |
| Date: | 2020–10 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-22&r= |
| By: | Grischa Perino (University of Hamburg, Germany); Robert Ritz (EPRG, CJBS, University of Cambridge); Arthur van Benthem (The Wharton School, University of Pennsylvania, USA) |
| Keywords: | overlapping policy, internal carbon leakage, waterbed ffect, cap-andtrade, carbon pricing, hybrid regulation |
| JEL: | H23 Q54 |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2034&r= |
| By: | Lin William Cong; Xi Li; Ke Tang; Yang Yang |
| Abstract: | We introduce systematic tests exploiting robust statistical and behavioral patterns in trading to detect fake transactions on 29 cryptocurrency exchanges. Regulated exchanges feature patterns consistently observed in financial markets and nature; abnormal first-significant-digit distributions, size rounding, and transaction tail distributions on unregulated exchanges reveal rampant manipulations unlikely driven by strategy or exchange heterogeneity. We quantify the wash trading on each unregulated exchange, which averaged over 70% of the reported volume. We further document how these fabricated volumes (trillions of dollars annually) improve exchange ranking, temporarily distort prices, and relate to exchange characteristics (e.g., age and userbase), market conditions, and regulation. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10984&r= |
| By: | OMOLLO, HAROLD; OLWENY, TOBIAS; OLUOCH, OLUOCH; WAMATANDA, JOSHUA |
| Abstract: | Theories are guided principles defining facts while using the outcome to predict the future. To some extent, hypotheses have also been used in support of several ideologies leading to theoretical evidence for scientists and the general public. In this perspective, financial theories are adopted to address debt and equity ethical dilemmas more so within pension fund portfolios according to financial pundits. Over time, pension fund managers in Kenya have been reaching out for known theories for possible adoption underpinning principals and theoretical framework when juggling with debts and equity decisions. This paper therefore addresses specific concerns raised by several proponents regarding financial theory practices interventions while considering relevant variables for the study. The conclusion of the matter is that the study illustrates how theories can be put into practice more so during decision making processes on specific portfolios. |
| Keywords: | Capital structure theories, Pension fund portfolios, financial theories and practices, Debts and equity investments, Optimal Levels, Exploratory Variable s. Debt equity ratios |
| JEL: | G21 |
| Date: | 2021–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109216&r= |
| By: | Zaineb Mezdoud; Carsten Hartmann; Mohamed Riad Remita; Omar Kebiri |
| Abstract: | In this article we propose a $\alpha$-hypergeometric model with uncertain volatility (UV) where we derive a worst-case scenario for option pricing. The approach is based on the connexion between a certain class of nonlinear partial differential equations of HJB-type (G-HJB equations), that govern the nonlinear expectation of the UV model and that provide an alternative to the difficult model calibration problem of UV models, and second-order backward stochastic differential equations (2BSDEs). Using asymptotic analysis for the G-HJB equation and the equivalent 2BSDE representation, we derive a limit model that provides an accurate description of the worst-case price scenario in cases when the bounds of the UV model are slowly varying. The analytical results are tested by numerical simulations using a deep learning based approximation of the underlying 2BSDE. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06965&r= |
| By: | Sium Bodha Hannadige; Jiti Gao; Mervyn J Silvapulle; Param Silvapulle |
| Abstract: | We develop a method for constructing prediction intervals for a nonstationary variable, such as GDP. The method uses a factor augmented regression [FAR] model. The predictors in the model includes a small number of factors generated to extract most of the information in a set of panel data on a large number of macroeconomic variables considered to be potential predictors. The novelty of this paper is that it provides a method and justification for a mixture of stationary and nonstationary factors as predictors in the FAR model; we refer to this as mixture-FAR method. This method is important because typically such a large set of panel data, for example the FRED-MD, is likely to contain a mixture of stationary and nonstationary variables. In our simulation study, we observed that the proposed mixture-FAR method performed better than its competitor that requires all the predictors to be nonstationary; the MSE of prediction was at least 33% lower for mixture-FAR. Using the data in FRED-QD for the US, we evaluated the aforementioned methods for forecasting the nonstationary variables, GDP and Industrial Production. We observed that the mixture-FAR method performed better than its competitors. |
| Keywords: | gross domestic product, high dimensional data, industrial production, macroeconomic forecasting, panel data |
| JEL: | C22 C33 C38 C53 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:msh:ebswps:2021-6&r= |
| By: | Graef, Inge (Tilburg University, School of Economics and Management); Prüfer, Jens (Tilburg University, School of Economics and Management) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:4d057c2c-2945-4915-8fe1-4083d02be6bf&r= |
| By: | Berning, Joshua P.; Bayham, Jude; Bonanno, Alessandro; Cleary, Rebecca; Baishya, Pratiksha |
| Keywords: | Food Consumption/Nutrition/Food Safety, Consumer/Household Economics, Health Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312801&r= |
| By: | Goedemé, Tim; Decerf, Benoit; Van den Bosch, Karel |
| Abstract: | The methodology currently used to measure poverty in the European Union faces some important limitations. Importantly, capturing the major aspects of poverty is done using a dashboard of indicators, which often tell conflicting stories. We propose a new income-based measure of poverty for Europe that captures in a consistent way the level of relative poverty, the intensity of poverty, poverty with a threshold anchored in time and a pan-European perspective of poverty in a single indicator. To do so, we work with a recently developed poverty index, the Extended Headcount ratio (EHC), and derive the relevant poverty lines to apply the index to poverty in Europe. We show empirically that our measure consistently captures the aspects typically monitored using a variety of indicators, and yield rankings that seem more aligned with intuitions than those obtained by these individual indicators. According to our measure, Eastern Europe is much poorer than Southern Europe, which, in turn, is much poorer than North-Western Europe. The evolution of our measure over time correlates most strongly with the at-risk-of-poverty rate in North-Western Europe and correlates most strongly with at-risk-of-poverty with the threshold anchored in time in Southern and Eastern Europe. |
| Keywords: | Poverty, Europe, at-risk-of-poverty, Europe 2020 poverty reduction target, extended headcount ratio, social indicators, EU-SILC |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-26&r= |
| By: | Francesco Armillei; Enrico Cavallotti |
| Abstract: | In September 2020 Italy held a constitutional referendum. On the same election days, many municipalities and some regions held municipal and regional elections. We exploit this unique occasion, caused by the unexpected Covid-19 crisis, to obtain a causal estimate of the effects of the overlap of concurrent elections on the referendum results. When the referendum overlaps with either municipal or regional elections, we find a positive effect on turnout and on the proportion of blank and null votes. We also find a quantitatively small but statistically significant effect on the referendum preferences. We interpret the results through the use of the calculus of voting model, exploiting a slightly modified version of the most widespread one in the literature. Our findings are relevant from a policy-making standpoint, with respect to both fostering turnout and reducing election organizational costs. |
| Keywords: | Concurrent elections, Voting behaviour, Referendum, Calculus of voting |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:baf:cbafwp:cbafwp20164&r= |
| By: | McCann, Laura M.; Michler, Jeffrey D.; Estrada Carmona, Natalia; Raneri, Jessica; McCann, Laura E. |
| Keywords: | International Development, Food Consumption/Nutrition/Food Safety, Resource/Energy Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312894&r= |
| By: | Simon Freyaldenhoven; Christian Hansen; Jorge Pérez Pérez; Jesse M. Shapiro |
| Abstract: | Linear panel models, and the "event-study plots" that often accompany them, are popular tools for learning about policy effects. We discuss the construction of event-study plots and suggest ways to make them more informative. We examine the economic content of different possible identifying assumptions. We explore the performance of the corresponding estimators in simulations, highlighting that a given estimator can perform well or poorly depending on the economic environment. An accompanying Stata package, -xtevent-, facilitates adoption of our suggestions. |
| JEL: | C23 C52 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29170&r= |
| By: | Lovén, Ida (AgriFood economics centre); Nordin, Martin (AgriFood economics centre) |
| Abstract: | A topical policy goal is to design agri-environmental schemes that not only protect the environment but also foster agricultural production. This paper contribute with new knowledge towards this ambition, exploring the role of agri-environmental schemes for farm survival. Employing rich farmlevel data on Swedish farms during 2001-2014, we explore farm survival using discrete-time hazard models and finds a significant association between agri-environmental schemes and farm survival. More specifically, the results suggests that participants are more likely to survive than farms without an agri-environmental scheme commitment and more extensive commitments favors increased survival up to a point when the commitment becomes too large in relation to other commitments and resources of the farm. Robustness analysis across subsamples of farms supports the finding that agri-environmental schemes are correlated with survival also for different groups of farms. Together, these results suggests that the agri-environmental schemes are important for farmers, and not only as a means to enable environmental protection. Consequently, this study contributes to policy, underlining the importance to encompass consequences beyond environmental concerns when assessing the overall benefits of the agri-environmental schemes. |
| Keywords: | agri-environmental schemes; farm survival; duration analysis; Sweden |
| JEL: | N50 |
| Date: | 2020–08–21 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:luagri:2020_002&r= |
| By: | Paul Hindsley; Craig E. Landry; Kurt Schnier; John C. Whitehead; Mohammadreza Zarei |
| Abstract: | We estimate demand models with revealed preference (RP) site selection and stated preference (SP) discrete choice experiment marine recreational fishing data. We combine RP data from the Marine Recreational Information Program (MRIP) creel survey with SP survey data from 2003/04. RP and SP data combination is motivated by two factors. Catch rate information in the RP data are often thin, and use of SP scenarios for changes in catch can improve variation while minimizing multicollinearity. The SP data can suffer from hypothetical bias, which often manifests itself as bias in the cost coefficient. There are eight SP trip decisions and one RP trip decision for each of 1928 anglers who provided enough information to be analyzed. Joint RP-SP generalized multinomial logit models are estimated. We find that the SP travel cost coefficient is much lower than the RP travel cost coefficient in absolute value, suggesting hypothetical bias in the SP data. This difference is reflected in the willingness to pay estimates, where the SP estimates for improved catch are much higher than the RP estimates. Attribute non-attendance (ANA) arises when survey respondents ignore choice experiment attributes. We use inferred ANA methods to identify respondents who may be ignoring the SP cost variable. The generalized multinomial logit model accounting for ANA is statistically preferred. The SP cost coefficient accounting for ANA is much higher in absolute value than the SP coefficient from the model that does not account for ANA. The ANA model indicates much more consistency between the RP and SP data. The smaller difference in the travel cost coefficients is also reflected in the willingness to pay estimates. Key Words: |
| JEL: | Q51 Q22 Q26 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:apl:wpaper:21-10&r= |
| By: | Jacques Fontanel (CESICE - Centre d'études sur la sécurité internationale et les coopérations européennes - IEPG - Sciences Po Grenoble - Institut d'études politiques de Grenoble - UPMF - Université Pierre Mendès France - Grenoble 2) |
| Abstract: | The morality defined by the political system of the market economy is based on the respect of debt repayment. However, public debt is different and has not to be analysed as a worse management of public resources. Contrary to private agents, State has not, in principle, a limited time horizon and it is possible to repay its debt over long periods by "rolling over its debt". Moreover, public debt helps to regulate the economy in times of crisis. When a Covid-19 arrives, public health becomes the national and international priority and the public debt is a solution to solve both the pandemic and the problems of unemployment, health costs and education gap that it causes. Public debt is an instrument for societal change, with less inequalities, poverty and prercariousness. |
| Abstract: | La moralité définie par le système politique de l'économie de marché est basée sur le respect du remboursement de la dette. Cependant, la dette publique ne doit pas être analysée comme une mauvaise gestion des ressources publiques. Contrairement aux agents privés, l'Etat n'a pas, en principe, un horizon temporel limité et il est possible de rembourser sa dette sur de longues périodes en "roulant sa dette". De plus, la dette publique permet de réguler l'économie en période de crise. Lorsqu'un Covid-19 arrive, la santé publique devient la priorité nationale et internationale et la dette publique est une solution pour résoudre à la fois la pandémie et les problèmes de chômage, de coûts de santé et de déficit éducatif que celle-ci occasionne. La dette publique est un instrument de changement sociétal, avec moins d'inégalités, de pauvreté et de précarité. |
| Keywords: | Covid-19,pandemic,public debt,inequalities,precariouness,Pandémie,dette publique,inégalités,précarité. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03322899&r= |
| By: | MAINAR Alfredo; PHILIPPIDIS George |
| Abstract: | In accordance with the European Commission definition (European Commission, 2018), the Bioeconomy encompasses not only on primary sectors that employ and produce biological resources, but also those activities that depend on biological resources to generate value added products (i.e., food, feed, materials and energy). With its ubiquitous presence across the economy, a closed circular accounting database covering the interlinking transaction flows between firms, households and foreign trade, offers unique analytical insights into the total and decomposed impact of the bioeconomy on economic growth and employment. To meet this challenge, for each of the EU member states and for the EU aggregate, a set of highly disaggregated bio-based sector account splits within the framework of a Social Accounting Matrix (dubbed “BioSAMs”) were constructed for the year 2010 (Mainar et al., 2018a). To maintain the temporal relevance of this approach, this report carries out the same endeavour for the more recent year of 2015 that maintains the same disaggregation detail of agricultural and non-agricultural bio-based sectors. In addition, to ensure improved continuity of the database for future updates, the report also focuses on the use of a more systematic method of estimation based on the reconciliation of four main databases. Namely, (i) the CoCo database from the CAPRI model, (through the use of re-estimated AgroSAMs -Mueller et al., 2009), (ii) National Accounts and (iii) Economic Accounts for Agriculture (EAA) from Eurostat and finally, (iv) the MAGNET model database. |
| Keywords: | Bioeconomy, Social Accounting Matrix |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc124810&r= |
| By: | Adél Bosch; Matthew Clance; Steven F. Koch |
| Abstract: | According to recent macroeconomic evidence (Bosch and Koch 2020b; Farrell and Kemp 2020), the global ï¬ nancial crisis is still impacting the South African ï¬ nancial landscape more than 10 years later. In an effort to better understand the effect of the ï¬ nancial crisis, we examine household debt dynamics, with particular attention to deleveraging, following the ï¬ nancial cycle peak. Our analysis is predicated on the National Income Dynamics Study, the ï¬ rst wave of which was conducted adjacent to the beginning of the crisis. We apply standard regression analysis ï¬ nding heterogeneity in debt and deleveraging at the household level, with both an uptick in short-term debt in the early stages of the crisis and a reduction in long-term debt, primarily mortgage debt, since. Overall, deleveraging was greatest amongst higher income households with relatively larger mortgage debt-to-income ratios, although that was partially offset in households with higher mortgage repayment costs relative to income. Long-term deleveraging was also more likely amongst households with higher vehicle debt-to-income ratios, but lower consumer debt-to-income ratios. |
| Keywords: | debt, Imputation, Deleveraging |
| JEL: | D14 D15 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:rza:wpaper:866&r= |
| By: | Sims, Kaitlyn M.; Xu, Licheng; Wang, Yang; Wolfe, Barbara |
| Keywords: | Health Economics and Policy, Institutional and Behavioral Economics, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312704&r= |
| By: | Carvalho, Vasco M. (University of Cambridge); Draca, Mirko (University of Warwick and CAGE); Kuhlen, Nikolas (University of Cambridge and The Alan Turing Institute) |
| Abstract: | How do firms and inventors move through ‘knowledge space’ as they develop their innovations? We propose a method for tracking patterns of ‘exploration and exploitation’ in patenting behaviour in the US for the period since 1920. Our exploration measure is constructed from the text of patents and involves the use of ‘Bayesian Surprise’ to measure how different current patent-based innovations are from existing portfolios. Our results indicate that there are distinct ‘life-cycle’ patterns to firm and inventor exploration. Furthermore, exploration activity is more geographically concentrated than general patenting, but this concentration is centred outside the main hubs of patenting. |
| Keywords: | JEL Classification: |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:575&r= |
| By: | Francis Breedon; Thórarinn G. Pétursson; Paolo Vitale |
| Abstract: | We analyse how capital controls affect FX microstructure, using as a case study the introduction and subsequent removal of controls in Iceland. We use a VAR of private order flow, Central Bank order flow and EURISK that allows for contemporaneous feedback effects to analyse the impact and information content of trades and find that controls have profound effects. When controls were introduced, volume plummeted, the information content of trading activity declined and became less responsive to macro news. While there was no recovery of trading volume after controls were abolished, the information content and responsiveness of trading activity increased sharply. |
| JEL: | C32 F31 F32 G14 G15 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:ice:wpaper:wp86&r= |
| By: | Li Guo; Wolfgang Karl H\"ardle; Yubo Tao |
| Abstract: | Cryptocurrencies return cross-predictability and technological similarity yield information on risk propagation and market segmentation. To investigate these effects, we build a time-varying network for cryptocurrencies, based on the evolution of return cross-predictability and technological similarities. We develop a dynamic covariate-assisted spectral clustering method to consistently estimate the latent community structure of cryptocurrencies network that accounts for both sets of information. We demonstrate that investors can achieve better risk diversification by investing in cryptocurrencies from different communities. A cross-sectional portfolio that implements an inter-crypto momentum trading strategy earns a 1.08% daily return. By dissecting the portfolio returns on behavioral factors, we confirm that our results are not driven by behavioral mechanisms. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11921&r= |
| By: | Jorge A. Bonilla; Claudia Aravena; Ricardo Morales-Betancourt |
| Abstract: | Addressing inequality is recognized a worldwide development objective. The literature has primarily focused on examining economic or social inequality, but rarely on environmental inequality. Since inequality is multidimensional, several facets may overlap imposing a disproportionate burden on vulnerable communities. This study investigates the magnitude of air-quality inequality in conjunction with economic and social inequalities in Bogota (Colombia). It explores where inequalities overlap and assesses alleviation measures by tackling air pollution. We develop a composite index to estimate performance in socioeconomic and air quality characteristics across the city and evaluate inequality with a variety of measures. Using an atmospheric-chemical transport model, we simulate the impact of three air pollution abatement policies: paving roads, industry fuel substitution, and diesel-vehicle renewal on fine particle concentrations, and compute their effect on inequality. Results show that allocation of air-quality across Bogota is highly unequal, exceeding economic or social inequality. Evidence indicates economic, social and air quality disparities intersect displaying southwest as the most vulnerable zone. Paving roads is the most progressive and cost-effective policy, reducing overall inequality between 19-84% with net benefits exceeding US$479 million. Our analysis also suggests that benefits of renewing diesel heavy- and light-duty vehicles do not compensate the costs. |
| Keywords: | inequality measures, air pollution, atmospheric chemical transport model, humanhealth, cost-benefit analysis. |
| JEL: | D63 Q52 Q56 |
| Date: | 2021–08–13 |
| URL: | http://d.repec.org/n?u=RePEc:col:000089:019465&r= |
| By: | Franky Juliano Galeano-Ramírez; Nicolás Martínez-Cortés; Carlos D. Rojas-Martínez |
| Abstract: | Economic policy decision-making requires constantly assessing the state of economic activity. However, this is not an easy task: official figures have significant lags, and the timely information is usually partial and has diffierent frequencies. This paper applies two types of short-term forecasting methodologies (Factor-MIDAS and DFM) for Colombian economic activity involving information with mixed frequencies. We present a heuristic process to select relevant variables, and we evaluate the proposed models' fits by comparing them with traditional forecasting methodologies. Overall, DFM and Factor-MIDAS forecasts are better than those generated by conventional methodologies, especially as the flow of information increases. In times of COVID-19, the model with the best relative fit was the DFM. **** RESUMEN: La toma de decisiones de política económica requiere evaluar constantemente el estado de la actividad económica. Sin embargo, ello no es una tarea fácil: las cifras oficiales tienen rezagos importantes y la información más oportuna suele ser parcial y tener frecuencias dispares. Este artículo aplica dos tipos de metodologías de pronóstico de corto plazo (Factor-MIDAS y DFM) para la actividad económica colombiana involucrando información con frecuencias mixtas. Se propone un proceso heurístico para la selección de variables relevantes y se evalúa el ajuste de los modelos comparándolo respecto a metodologías usuales de proyección. En general, los pronósticos de los modelos Factor-MIDAS y del DFM superan los generados por metodologías tradicionales, con resultados más precisos en la medida que aumenta el flujo de información. En tiempos del COVID-19, el modelo con el mejor ajuste relativo fue el DFM. |
| Keywords: | Colombian economic activity, nowcast, forecast, mixed frequency factor models, actividad económica colombiana, nowcast, pronóstico, modelos de frecuencia mixta con factores |
| JEL: | C53 E27 E52 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:borrec:1168&r= |
| By: | Nadeem Ul Haque (Pakistan Institute of Development Economics, Islamabad.); Amin Husain (Doktorand, Uppsala University.) |
| Abstract: | “For all practical purposes, the 22 families had preempted most investment permits, import licenses, foreign credits and government patronage because they controlled or influenced most of the decision-making forums handing out such permissions. They had virtually established a stranglehold on the system and were in a position to keep out any new entrepreneurs. The 22 families were a by-product of government policies and a primitive capitalistic system. The Government did not have the courage to change the company law of 1913 under which the industrial sector of Pakistan was still being governed in 1968. This antiquated framework of capital permitted the industrial sector to have managing agencies, cartels, trusts and all other antisocial practices aimed at cheating both the consumer and the Government. The latter became both a conscious and unconscious ally of the private industrialists by giving them generous protection, excessive tax concessions, explicit and hidden subsidies, and representation on many decision making forums.” |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2021:3&r= |
| By: | Srivastav, Sugandha; Rafaty, Ryan |
| Abstract: | The chasm between required and actual emissions abatement continues to grow in part because stringent climate laws and policies have repeatedly been blocked, repealed or weakened by obstructionist lobbies. Lobbying by the climate change countermovement dwarfs that by the climate movement. To make meaningful progress towards global emissions abatement, smart political strategies are needed. Drawing on evidence from current and past sociotechnical transitions and social movements, we propose a taxonomy of five strategic paradigms for overcoming obstructionism: antagonism ("name, shame, boycott and sue"), appeasement ("compensate the losers"), co-optation ("change from within"), institutionalism ("change the rules of the game") and countervailance ("support the alternative"). Each "world" of strategy addresses the problem of obstructionism through a different lens, reflecting a diversity of actors, tactics, and theories of change within the climate movement. We develop a heuristic model to explore how these strategies change a politician's incentives across different institutional contexts, both statically and dynamically. |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-07&r= |
| By: | Valdez Gonzalez, Natalia; Kee, Jennifer Y.; Palma, Marco A.; Pruitt, Ross; Anderson, Lindsay |
| Keywords: | Research Methods/Statistical Methods, Health Economics and Policy, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312645&r= |
| By: | Edmondson, Hailey; Thilmany McFadden, Dawn D.; Jablonski, Becca B. R. |
| Keywords: | Marketing, Agribusiness, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312859&r= |
| By: | Balafoutas, Loukas; Faravelli, Marco; Sheremeta, Roman |
| Abstract: | We conduct a field experiment on conflict in swimming pools. When all lanes are occupied, an actor joins the least crowded lane and asks one of the swimmers to move to another lane. The lane represents a contested scarce resource. We vary the actor’s valuation (high and low) for the good through the message they deliver. Also, we take advantage of the natural variation in the number of swimmers to proxy for their valuation. Consistent with theoretical predictions, a swimmer’s propensity to engage in conflict increases in scarcity (incentive effect) and decreases in the actor’s valuation (discouragement effect). We complement the results with survey evidence. |
| Keywords: | conflict; conflict resolution; field experiment |
| JEL: | C72 C91 D74 D91 |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109380&r= |
| By: | Giovanni Cerulli (IRCrES-CNR) |
| Abstract: | We present two related Stata modules, r_ml_stata and c_ml_stata, for fitting popular machine learning (ML) methods in both regression and classification settings. Using the recent Stata/Python integration platform (sfi) of Stata 16, these commands provide hyperparameters' optimal tuning via K-fold cross-validation using greed search. More specifically, they make use of the Python Scikit-learn API to carry out both cross-validation and outcome/label prediction. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:25&r= |
| By: | Moss, Charles B.; Schmitz, Andrew; Oehmke, James F.; Post, Lori A. |
| Keywords: | Community/Rural/Urban Development, Productivity Analysis, Labor and Human Capital |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312643&r= |
| By: | Kedrosky, Davis; Palma, Nuno |
| Abstract: | As late as 1750, Portugal had an output per head considerably higher than those of France or Spain. Yet just a century later, Portugal was Western Europe’s poorest country. In this paper we show that the discovery of massive quantities of gold in Brazil over the eighteenth century played a key role for the long-run development of Portugal’s economy. We focus on the economic resource curse: the loss of competitiveness of the tradables sector manifested in the rise of the price of non-traded goods relative to traded imports. Using original price data from archives for four Portuguese regions between 1650 and 1800, we show that a real exchange rate appreciation of about 30 percent occurred during the eighteenth century, which led to a loss of the competitiveness of national industry from which the country did not recover until considerably later. |
| Keywords: | Dutch Disease; resource curse; early modern Portugal; the Little Divergence JEL Classification: N10, N13, N50, N53, N73 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:574&r= |
| By: | Bastola, Sapana; Penn, Jerrod; Hu, Wuyang; Blazier, Michael |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312851&r= |
| By: | Mathilde Fajardy (EPRG, CJBS, University of Cambridge); David Reiner (EPRG, CJBS, University of Cambridge) |
| Keywords: | heating, cooling, electrification, decarbonisation, peak load management, demand response |
| JEL: | L95 O13 Q41 Q42 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:epgr2037&r= |
| By: | Li, Minghao; He, Xi; Zhang, Wendong; Gbeda, James M.; Qu, Shuyang; Rodgriguez, Lulu |
| Keywords: | International Relations/Trade, Agricultural and Food Policy, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312684&r= |
| By: | Magnus Reif |
| Abstract: | This paper provides insights into the time-varying dynamics of the German business cycle over the last five decades. To do so, I employ an open-economy time-varying parameter VAR with stochastic volatility, which I estimate by quasi-Bayesian techniques. The reduced-form analysis reveals substantial shifts in the variables’ long-run growth rates and shock volatilities over time. German trend inflation has strongly decreased and settled at a historically low level. GDP growth volatility exhibits marked fluctuations over time and has dropped to historically low levels only after the global financial crisis. The structural analysis employs externally identified oil supply shocks along with a recursive identification scheme to identify key macroeconomic shocks. The analysis reveals strong fluctuations in both the impact responses of macroeconomic aggregates to these shocks and the shock propagation processes. Thus, I conclude that business cycle stabilization in Germany is driven by both good policy and good luck. |
| Keywords: | time-varying parameters, Bayesian vector autoregression, counterfactuals, stochastic volatility, Great Moderation |
| JEL: | E31 E32 E52 E58 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9271&r= |
| By: | Chakraborty, Debapriya; Bunch, David S.; Xu, Bingzheng; Brownstone, David; Tal, Gil |
| Abstract: | The market for plug-in electric vehicles (PEVs) that primarily include battery electric vehicles (BEVs) and plug-in hybrid vehicles (PHEVs) has been rapidly growing in California for the past few years. Given the targets for PEV penetration in the state, it is important to have a better understanding of the pattern of technology diffusion and the factors that are driving the process. Using spatial analysis and Poisson count models, the researchers identify the importance of a neighborhood effect (at home locations) and workplace effect (at commute destinations) in supporting the diffusion of PEV technology in California. In the case of new BEV sales, they found that exposure to one additional BEVor PHEV within a 1-mile radius of a block group centroid is associated with a 0.2%increase in BEV sales in the block group. Interestingly, for new PHEV sales,the neighborhood effect of BEV sales is negative, suggesting that enhanced exposure to this type of technology (which is differentiated in distinctive ways from PHEVs) may impact new PHEV sales through a substitution effect. Specifically, higher BEVconcentration in an area can have an overall negative effect on new PHEV sales. While the neighborhood effect at residential locations is important, the workplace effect also have a notably important effect on new PEV sales. Both effects work in combination with socioeconomic, demographic, policy, and built environment factors in encouraging PEV adoption. These results suggest that policymakers should consider targeted programs and investments that can boost the impact of neighborhood and peer effects on PEV sales View the NCST Project Webpage |
| Keywords: | Engineering, Social and Behavioral Sciences, Plug-in electric vehicles, Peer effects, Spatial analysis, Count model |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt7fs8295j&r= |
| By: | Ali Recayi Ogcem (LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges); Ruth Tacneng (LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges); Amine Tarazi (LAPE - Laboratoire d'Analyse et de Prospective Economique - GIO - Gouvernance des Institutions et des Organisations - UNILIM - Université de Limoges) |
| Abstract: | We examine the relationship between trust and financial development using detailed regional data in Turkey. We distinguish different forms of trust (i.e., generalized, narrow, and wide) and investigate whether varying degrees of generalized and narrow trust, as well as wide and narrow trust imply different financial development outcomes. Moreover, we assess how different forms of trust and their combination affect financial development in the presence of ethnically fragmented populations. We use instrumental variable (IV) estimations to address endogeneity issues and the potential reverse causality between trust and financial development. Our main results indicate that wide trust has a significantly positive impact on financial development. Moreover, in regions where narrow trust is relatively high, we find financial development benefits from increasing generalized trust. Our findings also highlight that whereas wide trust leads to more developed financial markets in more ethnically fragmented regions, generalized trust plays a stronger role in less fragmented ones. Further, we also analyze the impact of trust on the proportion of credit backed by stable funds such as deposits. Our findings show that generalized trust plays an important role in mitigating the adverse effects that ethnic fractionalization have on the availability of deposits or stable sources to fund loans. On the whole, our study highlights the importance of distinguishing the impact of different forms and combinations of trust. Generalized trust, which is the focus of most studies, is not an all-encompassing one-size-fits-all solution to enhance economic performance. |
| Keywords: | Trust,Financial development,Regional development,Ethnic fractionalization |
| Date: | 2021–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-03322592&r= |
| By: | Sebastian Bunnenberg (Reutlingen University, ESB Business School) |
| Abstract: | Researchers use difference-in-differences models to evaluate the causal effects of policy changes. Because the empirical correlation across firms and time can be ambiguous, estimating consistent standard errors is difficult, and statistical inferences may be biased. I apply an approximate permutation test using simulated interventions to reveal the empirical error distribution of estimated policy effects. In contrast to existing econometric corrections, such as single or double clustering, this approach does not impose a specific parametric form on the residuals. In comparison with alternative parametric tests, this procedure maintains correct size with simulated and real-world interventions. Simultaneously, it improves power. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:14&r= |
| By: | Kundu, Debadrita; Katare, Bhagyashree; Tolhurst, Tor N. |
| Keywords: | Health Economics and Policy, Consumer/Household Economics, Environmental Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312680&r= |
| By: | Abelló, Francisco; Ribera, Luis A.; DeLaune, Paul B. |
| Keywords: | Risk and Uncertainty, Production Economics, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312788&r= |
| By: | Page, Elina T.; Feng, Wenhui; Saravana, Divya; Cash, Sean B. |
| Keywords: | Marketing, Food Consumption/Nutrition/Food Safety, Health Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312791&r= |
| By: | Michael D. Bordo |
| Abstract: | Digitalization of Money is a crossroad in monetary history. Advances in technology has led to the development of new forms of money: virtual (crypto) currencies like bitcoin; stable coins like libra/diem; and central bank digital currencies (CBDC) like the Bahamian sand dollar. These innovations in money and finance have resonance to earlier shifts in monetary history: 1) The shift in the eighteenth and nineteenth century from commodity money (gold and silver coins) to convertible fiduciary money and inconvertible fiat money; 2) the shift in the nineteenth and twentieth centuries from central bank notes to a central bank monopoly; 3) Then evolution since the seventeenth century of central banks and the tools of monetary policy. This paper analyzes the arguments for a CBDC through the lens of monetary history. The bottom line is that the history of transformations in monetary systems suggests that technical change in money is inevitably driven by the financial incentives of a market economy. Government has always had a key role in the provision of outside money, which is a public good. Government has also regulated inside money provided by the private sector. This held for fiduciary money and will likely hold for digital money. CBDC could make monetary policy more efficient, and it could transform the international monetary and payments systems. |
| JEL: | E42 E52 E58 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29171&r= |
| By: | Benoît Carmichael; Gilles Boevi Koumou; Kevin Moran |
| Abstract: | We use an equivalent form of Markowitz's mean-variance utility function, based on Rao's Quadratic Entropy (RQE), to enrich the standard capital asset pricing model (CAPM), both in the presence and in the absence of a risk-free asset. The resulting equilibrium, which we denote RQE-CAPM, offers important new insights about the pricing of risk. Notably, it reveals that the reason for which the standard CAPM does not price idiosyncratic risk is not only because the market portfolio is law of large numbers diversifed but also because the model implicitly assumes agents' total risk aversion and their correlation diversifcation risk preference balance each other exactly. We then demonstrate that idiosyncratic risk is priced in a general RQE-CAPM where agents' total risk aversion and their correlation diversifcation risk preference coeffcients are not necessary equal. Our general RQE-CAPM therefore offers a unifying way of thinking about the pricing of idiosyncratic risk, including cases where such risk is negatively priced, and is relevant for the literature assessing the idiosyncratic risk puzzle. It also provides a natural theoretical underpinning for the empirical tests of the CAPM or the pricing of idiosyncratic risk performed in some existence studies. Nous utilisons une forme équivalente de la fonction d'utilité moyenne-variance de Markowitz, basée sur l'entropie quadratique de Rao (RQE), pour enrichir le modèle standard d'évaluation des actifs financiers (CAPM), à la fois en présence et en l'absence d'un actif sans risque. L'équilibre qui en résulte, que nous désignons par RQE-CAPM, offre de nouvelles perspectives importantes sur l'évaluation du risque. Il révèle notamment que la raison pour laquelle le CAPM standard n'évalue pas le risque idiosyncratique n'est pas seulement due au fait que le portefeuille du marché est diversifié par la loi des grands nombres, mais aussi au fait que le modèle suppose implicitement que l'aversion totale au risque des agents et leur préférence pour le risque de diversification de la corrélation s'équilibrent exactement. Nous démontrons ensuite que le risque idiosyncratique est évalué dans un RQE-CAPM général où l'aversion totale au risque des agents et leurs coefficients de préférence pour le risque de diversification de la corrélation ne sont pas nécessairement égaux. Notre modèle RQE-CAPM général offre donc une façon unifiée de penser à la tarification du risque idiosyncratique, y compris les cas où ce risque est évalué négativement, et est pertinent pour la littérature évaluant l'énigme du risque idiosyncratique. Il fournit également une base théorique naturelle pour les tests empiriques du MEDAF ou de la tarification du risque idiosyncratique effectués dans certaines études d'existence. |
| Keywords: | Rao's Quadratic Entropy,Mean-Variance Model,Capital Asset Pricing Model,Idiosyncratic Risk,Correlation Diversiffcation, Entropie quadratique de Rao,modèle moyenne-variance,modèle d'évaluation des actifs financiers,risque idiosyncratique,corrélation et diversification |
| JEL: | G11 G12 |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:cir:cirwor:2021s-28&r= |
| By: | Ye Li; Simon Mayer |
| Abstract: | Stablecoins rise to meet the demand for safe assets in decentralized finance. Stablecoin issuers transform risky reserve assets into tokens of stable values, deploying a variety of tactics. To address the questions on the viability of stablecoins, regulations, and the initiatives led by large platforms, we develop a dynamic model of optimal stablecoin management and characterize an instability trap. The system is bimodal: stability can last for a long time, but once stablecoins break the buck following negative shocks, volatility persists. Debasement triggers a vicious cycle but is unavoidable as it allows efficient risk sharing between the issuer and stablecoin users. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9260&r= |
| By: | Martin Cesnak (National Bank of Slovakia); Jan Klacso (National Bank of Slovakia) |
| Abstract: | In this paper, we apply the borrowing capacity approach and the intrinsic value approach to assess property prices in Slovakia. We estimate the maximum attainable house price for a given household. It means that we apply downpayment, DSTI or DTI parameters in line with the macroprudential limits implemented by the NBS. We consider the possible top-up in the form of a consumer loan for households not having enough own capital. Finally, we make use of an internal database of NBS of individual retail loan data that gives us a better picture of the average income of borrowers. Results based on the SBC approach point to a possible overvaluation during the pre-crisis period in 2007 and 2008. After the crisis, lowering interest rates and increasing income led to a robust increase of affordability. Since 2014, the implementation of borrower-based measures decreased the affordability, at least for households with not enough own capital. Based on the results, borrower-based measures could under some circumstances ease the upward pressure on house prices even in an environment of historically low interest rates, unemployment and increasing income. |
| JEL: | G12 G18 E37 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:svk:wpaper:1080&r= |
| By: | Stadler, Manfred; Tobler Trexler, Céline; Unsorg, Maximiliane |
| Abstract: | Compatibility of network products is an important issue in markets for communication technology as well as hard- and software products. Empirical findings suggest that firms competing in these markets typically choose intermediate degrees of product compatibility. We present a strategic two-stage game of two firms deciding strategically or commonly on the degree of product compatibility in the first stage and on prices in the second stage. Indeed, partial compatibility constitutes a subgame perfect Nash equilibrium when coordination costs of standardization are high and the installed bases are low. |
| Keywords: | Compatibility,Network Products,Network Effects |
| JEL: | C72 L13 L15 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:tuewef:150&r= |
| By: | International Monetary Fund |
| Abstract: | The IMF’s Vulnerability Exercise (VE) is a cross-country exercise that identifies country-specific near-term macroeconomic risks. As a key element of the Fund’s broader risk architecture, the VE is a bottom-up, multi-sectoral approach to risk assessments for all IMF member countries. The VE modeling toolkit is regularly updated in response to global economic developments and the latest modeling innovations. The new generation of VE models presented here leverages machine-learning algorithms. The models can better capture interactions between different parts of the economy and non-linear relationships that are not well measured in ”normal times.” The performance of machine-learning-based models is evaluated against more conventional models in a horse-race format. The paper also presents direct, transparent methods for communicating model results. |
| Keywords: | Risk Assessment, Supervised Machine Learning, Prediction, Sudden Stop, Exchange Market Pressure, Fiscal Crisis, Debt, Financial Crisis, Economic Crisis, Economic Growth |
| Date: | 2021–05–07 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imftnm:2021/003&r= |
| By: | Devkota, Satis; Subedi, Dipak; Todd, Jessica E.; Adhikari, Shyam |
| Keywords: | Agricultural Finance, Agricultural and Food Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312709&r= |
| By: | Chakraborty, Debapriya; Bunch, David S.; Xu, Bingzheng; Tal, Gil; Brownstone, David |
| Abstract: | Sales of plug-in electric vehicles (PEVs), which include battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), have grown substantially in recent years. To encourage PEV adoption, policymakers have offered monetary incentives for new PEV purchases, invested in charging infrastructure, and provided use-based incentives like High-Occupancy Vehicle (HOV) lane access and parking benefits. But questions remain regarding where, for how long, and how much promotion and government support might be necessary to achieve the state’s targets. Existing research on technology diffusion indicates that exposure through neighbors, workplace peers, and other acquaintances can legitimize new technology for the mass market and accelerate its market penetration. Researchers from the University of California, Davis and Irvine examined the adoption of PEVs in California between 2014 and 2016, both spatially and temporally, to gain a better understanding of the technology diffusion process and the effect of technology exposure, while controlling for sociodemographic factors and the effect of PEV incentive programs on PEV adoption in the state. This policy brief summarizes the findings from that research and provides policy implications. View the NCST Project Webpage |
| Keywords: | Engineering, Social and Behavioral Sciences, Plug-in electric vehicles, Peer effects, Spatial analysis, Count model |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt5ch5k06r&r= |
| By: | Poddaturi, Dinesh R.; Hart, Chad E.; Schulz, Lee |
| Keywords: | Agricultural and Food Policy, Food Consumption/Nutrition/Food Safety, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312696&r= |
| By: | Crafts, Nicholas (CAGE, University of Warwick and University of Sussex) |
| Abstract: | This paper reviews the claim that economic policymakers in the post-Covid UK should learn the lessons of the 1940s. Post-1945 policies relating to delivering full employment, levelling up, upgrading social security, dealing with the public debt legacy, and addressing the productivity puzzle are considered. The paper finds many reasons to criticize 1940s’ policies. Although, superficially, outcomes appear to have been good, a closer look reveals significant failings notably concerning design of the welfare state and supply-side policy for growth. The main lesson from the 1940s is not to repeat the policy errors of those days. |
| Keywords: | economic growth; policy reform; post-war settlement; welfare state. JEL Classification: N14; N34. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:579&r= |
| By: | Chi Kong Chyong (EPRG, CJBS, University of Cambridge); Carmen Li (EPRG, CJBS, University of Cambridge); David Reiner (EPRG, CJBS, University of Cambridge); Fabien Roques (Université Paris-Dauphine a) |
| Keywords: | electricity planning, transmission capacity, geographic and technological diversification, mean-variance portfolio theory (MPT) |
| JEL: | Q48 L98 G11 Q42 C60 |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2022&r= |
| By: | Johnston, David W. (Monash University); Menon, Nidhiya (Brandeis University) |
| Abstract: | This paper explores the association between income and stated views on minimum living standards; that is, views on items and activities that no one in today's society should have to go without. Using data from a large nationally representative survey, we find the rich are less empathetic. In our baseline model, people at the bottom of the income distribution report 10% more items as essential than do people at the top of the income distribution. The negative relationship between income and recommended minimum living standards is robust to conditioning on a large covariate set, and remains evident when we use alternative measures of economic status, such as wealth and neighborhood advantage. We find that area-level income inequality amplifies the negative income gradient, and that the rich are no more empathetic towards children than they are towards adults. We also find that changes in people's views across time are relatively small, and unrelated to major economic life events. An explanation for this stability is that views are formed primarily in childhood. We find that economic status in childhood has strong effects on views during adulthood, but that intergenerational economic mobility is unimportant. |
| Keywords: | income, empathy, living standards, inequality, childhood shocks, culture |
| JEL: | D31 D63 D64 H24 H31 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14656&r= |
| By: | Anton A. Cheremukhin; Paulina Restrepo-Echavarria |
| Abstract: | When setting initial compensation, some firms set a fixed, non-negotiable wage while others bargain. In this paper we propose a parsimonious search and matching model with two-sided heterogeneity, where the choice of wage-setting protocol, wages, search intensity and degree of randomness in matching are endogenous. We find that posting and bargaining coexist as wage-setting protocols if there is sufficient heterogeneity in match quality, search costs or market tightness and that labor market tightness and relative costs of search play a key role in the optimal choice of the wage-setting mechanism. Finally, we show that bargaining prevalence is positively correlated with wages, residual wage dispersion and labor market tightness, both in the model and in the data. |
| Keywords: | wage posting; bargaining; search and matching; information |
| JEL: | J64 E24 J31 |
| Date: | 2021–08–12 |
| URL: | http://d.repec.org/n?u=RePEc:fip:feddwp:92985&r= |
| By: | Bozena Wielgoszewska (University College London, England); Alex Bryson (University College London, England); Monica Costa-Dias (University of Bristol and Institute for Fiscal Studies, England); Francesca Foliano (University College London, England); David Wilkinson (University College London, England) |
| Abstract: | The Covid-19 pandemic has caused unexpected disruptions to Western countries which affected women more adversely than men. Previous studies suggest that these gender differences are attributable to two main causes: women being over-represented in the most affected sectors of the economy and women, especially mothers, taking a bigger share of housework and childcare responsibilities following school closures. Using the data from four British nationally representative cohort studies, we test these two propositions. Our findings confirm that the adverse labour market effects of the covid-19 pandemic were still experienced by women a year into the covid-19 pandemic and that these effects were the most severe for women who lived with a partner and children. We show that adjusting for pre-pandemic job characteristics substantially attenuates the gaps, suggesting that women were over-represented in jobs disproportionately affected by covid-19 pandemic. However, the remaining gaps are not further attenuated by adjusting for the partner’s job characteristics or the number and age of children in the household, suggesting that the adversities experienced by women were not driven by their relative labour market position, as compared to their partners. The residual gender differences observed in the rates of active, paid work and furlough for those who live with partner and children point to the importance of unobserved factors such as social norms, preferences, or discrimination. These effects may be long lasting and jeopardise women’s longer-term position through the loss of experience, leading to reinforcement of gender inequalities or even reversal of the progress towards gender equality. |
| Keywords: | Covid-19; Pandemic; Gender; Employment; Furlough |
| JEL: | J16 J22 |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:qss:dqsswp:2123&r= |
| By: | Justin Wiltshire (University of California, Davis) |
| Abstract: | The synthetic control method has become a widely adopted empirical approach for estimating counterfactuals and treatment effects. The synth module written for Stata (Abadie, Diamond, and Hainmueller 2010) is widely used by practitioners and serves as the foundation for the synth_runner utilities package (Galiani and Quistorff 2018), which enhances functionality. An active literature has proposed numerous modifications to the "classic" approach, including a bias-correction procedure (Abadie and L'Hour 2020), analogous to that in Abadie and Imbens (2011) for matching estimators, to remove bias that results from differences in the predictor variables between a treated unit and its synthetic control donors. allsynth adds functionality to the synth module, which implements this bias-correction procedure and automates extension of the procedure to placebo runs for in-space randomization inference and graphing. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:15&r= |
| By: | Ramit Debnath (EPRG, CJBS, University of Cambridge); Sarah Darby (University of Oxford); Ronita Bardhan (Department of Architecture, University of Cambridge); Kamiar Mohaddes (EPRG, CJBS, University of Cambridge); Minna Sunikka-Blank (Department of Architecture, University of Cambridge) |
| Keywords: | energy policy, narratives, topic modelling, computational social science, text analysis, methodological framework |
| JEL: | Q40 Q48 R28 |
| Date: | 2020–07 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2019&r= |
| By: | Manuel Gavilano (OSIPTEL, Dirección de Politicas Regulatorias y Competencia); Paulo Chahuara (OSIPTEL, Dirección de Politicas Regulatorias y Competencia) |
| Abstract: | El objetivo del presente documento es analizar la interrelación entre las demandas de acceso o contratación del servicio de Internet fijo y móvil por parte de los hogares peruanos, en particular, del efecto de la contratación del Internet móvil sobre el acceso a Internet fijo. El trabajo se realizó con base a un modelo Probit bivariado aplicado sobre la muestra de hogares disponibles en la Encuesta Residencial de Servicios de Telecomunicaciones (ERESTEL); y, regresiones lineales (desde el enfoque clásico y bayesiano) y modelos VAR sobre series de tiempo construidas a partir de la información periódica que remiten las empresas operadoras al OSIPTEL. Los resultados del análisis muestran empíricamente la existencia de una relación de complementariedad o irrelevancia de la sustitución del Internet fijo por el móvil. No obstante, es necesario considerar que a futuro, con el despliegue de tecnologías mucho más avanzadas como las redes 5G, podrían ocurrir cambios estructurales que deriven en una situación donde los consumidores relacionen ambos tipos de acceso a Internet en la forma de sustitución, con lo cual resulta importante la actualización de los resultados encontrados. |
| Keywords: | Interrelación, Probit bivariado, VAR estructural, Regresión bayesiana. |
| JEL: | C22 C25 D12 L96 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:opt:doctra:41&r= |
| By: | Menon, Seetha (Department of Business and Economics) |
| Abstract: | The prevalence of metabolic risk factors that contribute to cardiovascular disease (CVD), such as hypertension and high plasma glucose levels have seen a substantial increase globally. Violence elevates stress and increases CVD risk and yet, there is sparse evidence on the relationship between domestic violence and CVD risk factors. This study presents new empirical evidence by leveraging biomarker data from a large nationally representative survey. I find (i) a consistent positive causal effect of physical violence on prevalence of hypertension amongst women, (ii) a positive causal effect of emotional and sexual violence on prevalence of hypertension amongst women, (iii) No discernible effects of domestic violence on CVD risk for the men in these relationships. |
| Keywords: | Cardiovascular risk; domestic violence; hypertension; diabetes |
| JEL: | I12 I14 J12 J16 |
| Date: | 2021–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:sdueko:2021_007&r= |
| By: | Dörr, Julian Oliver; Kinne, Jan; Lenz, David; Licht, Georg; Winker, Peter |
| Abstract: | Usually, offcial and survey-based statistics guide policy makers in their choice of response instruments to economic crises. However, in an early phase, after a sudden and unforeseen shock has caused incalculable and fast-changing dynamics, data from traditional statistics are only available with non-negligible time delays. This leaves policy makers uncertain about how to most effectively manage their economic countermeasures to support businesses, especially when they need to respond quickly, as in the COVID-19 pandemic. Given this information deficit, we propose a framework that guides policy makers throughout all stages of an unforeseen economic shock by providing timely and reliable data as a basis to make informed decisions. We do so by combining early stage 'ad hoc' web analyses, 'follow-up' business surveys, and 'retrospective' analyses of firm outcomes. A particular focus of our framework is on assessing the early effects of the pandemic, using highly dynamic and largescale data from corporate websites. Most notably, we show that textual references to the coronavirus pandemic published on a large sample of company websites and state-of-the-art text analysis methods allow to capture the heterogeneity of the crisis' effects at a very early stage and entail a leading indication on later movements in firm credit ratings. |
| Keywords: | COVID-19,impact assessment,corporate sector,corporate websites,web mining,NLP |
| JEL: | C38 C45 C55 C80 H12 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:21062&r= |
| By: | Qi Feng; Man Luo; Zhaoyu Zhang |
| Abstract: | We propose a deep signature/log-signature FBSDE algorithm to solve forward-backward stochastic differential equations (FBSDEs) with state and path dependent features. By incorporating the deep signature/log-signature transformation into the recurrent neural network (RNN) model, our algorithm shortens the training time, improves the accuracy, and extends the time horizon comparing to methods in the existing literature. Moreover, our algorithms can be applied to a wide range of applications such as state and path dependent option pricing involving high-frequency data, model ambiguity, and stochastic games, which are linked to parabolic partial differential equations (PDEs), and path-dependent PDEs (PPDEs). Lastly, we also derive the convergence analysis of the deep signature/log-signature FBSDE algorithm. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10504&r= |
| By: | Bornali Bhandari; Tulika Bhattacharya; Saurabh Bandyopadhyay; Ajaya K Sahu; Praveen Rawat; Pallavi Choudhuri; Mousumi Das; Jahnavi Prabhakar (National Council of Applied Economic Research) |
| Abstract: | The Economic Surveys (2014–15 and 2015–16) have, over the years, stressed on the need to create jobs to meet the needs of a burgeoning population. However, the question as to which sector has the most potential to create jobs and at what level have often been left unanswered. The objective of this paper is to identify the sectors of the Indian economy that are able to generate different types of skilled employment, both directly as well indirectly, by estimating their employment linkage effects with varying levels of skills using the Input– Output technique. The contribution of this paper is that it re-defines skills by combining three types of education, including general, vocational and technical education, and thus defines four types of skilled employment categories—low skilled, low-medium skilled, medium-high skilled, and high skilled employment. The paper incorporates these four types of skilled employment within the Input–Output framework, using the World Input–Output Database (WIOD), and estimates the forward and backward linkage effects related to employment with respect to four different skill types for India. The estimation of these employment linkage effects is critical to identify the key employment-generating sectors in the Indian economy with varying levels of skill. The study also urges policymakers to boost some select sectors in order to enhance different types of employment, thus proposing a way to take forward the ‘Skill India Mission’. |
| Keywords: | Education, Vocational Education, Skills, Vocational Skills, Entrepreneurship, Skilling, Creation of Occupations, Labour Mobility, India |
| JEL: | J24 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:127&r= |
| By: | Jun Xu (Zhejiang University of Finance and Economics, China); Michael Pollitt (EPRG, CJBS, University of Cambridge); Bai-Chen Xie (College of Management and Economics, Tianjin University, China); Chun-Han Yang (University of Oxford) |
| Keywords: | No.9 Document, Energy Law, power market reform |
| JEL: | K32 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2028&r= |
| By: | Yufeng Mao; Bin Peng; Mervyn J Silvapulle; Param Silvapulle; Yanrong Yang |
| Abstract: | This study decomposes the bilateral trade flows using a three-dimensional panel data model. Under the scenario that all three dimensions diverge to infinity, we propose an estimation approach to identify the number of global shocks and countryspecific shocks sequentially, and establish the asymptotic theories accordingly. From the practical point of view, being able to separate the pervasive and nonpervasive shocks in a multi-dimensional panel data is crucial for a range of applications, such as, international financial linkages, migration flows, etc. In the numerical studies, we first conduct intensive simulations to examine the theoretical findings, and then use the proposed approach to investigate the international trade flows from two major trading groups (APEC and EU) over 1982-2019, and quantify the network of bilateral trade. |
| Keywords: | three-dimensional panel data, bilateral trade, asymptotic theory |
| JEL: | C23 P45 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:msh:ebswps:2021-7&r= |
| By: | Bornali Bhandari; Tulika Bhattacharya (National Council of Applied Economic Research) |
| Abstract: | The Economic Surveys (2014–15 and 2015–16) have, over the years, stressed on the need to create jobs to meet the needs of a burgeoning population. However, the question as to which sector has the most potential to create jobs and at what level have often been left unanswered. The objective of this paper is to identify the sectors of the Indian economy that are able to generate different types of skilled employment, both directly as well indirectly, by estimating their employment linkage effects with varying levels of skills using the Input– Output technique. The contribution of this paper is that it re-defines skills by combining three types of education, including general, vocational and technical education, and thus defines four types of skilled employment categories—low skilled, low-medium skilled, medium-high skilled, and high skilled employment. The paper incorporates these four types of skilled employment within the Input–Output framework, using the World Input–Output Database (WIOD), and estimates the forward and backward linkage effects related to employment with respect to four different skill types for India. The estimation of these employment linkage effects is critical to identify the key employment-generating sectors in the Indian economy with varying levels of skill. The study also urges policymakers to boost some select sectors in order to enhance different types of employment, thus proposing a way to take forward the ‘Skill India Mission’. |
| Keywords: | Employment, India, Jobs, Input-output model, Skills |
| JEL: | C67 I29 J21 J23 J24 O1 O53 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:120&r= |
| By: | Sudiksha Joshi |
| Abstract: | Using a state-space system, I forecasted the US Treasury yields by employing frequentist and Bayesian methods after first decomposing the yields of varying maturities into its unobserved term structure factors. Then, I exploited the structure of the state-space model to forecast the Treasury yields and compared the forecast performance of each model using mean squared forecast error. Among the frequentist methods, I applied the two-step Diebold-Li, two-step principal components, and one-step Kalman filter approaches. Likewise, I imposed the five different priors in Bayesian VARs: Diffuse, Minnesota, natural conjugate, the independent normal inverse: Wishart, and the stochastic search variable selection priors. After forecasting the Treasury yields for 9 different forecast horizons, I found that the BVAR with Minnesota prior generally minimizes the loss function. I augmented the above BVARs by including macroeconomic variables and constructed impulse response functions with a recursive ordering identification scheme. Finally, I fitted a sign-restricted BVAR with dummy observations. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06553&r= |
| By: | Zhihao Xu; Clifford M. Hurvich |
| Abstract: | We propose a unified frequency domain cross-validation (FDCV) method to obtain an HAC standard error. Our proposed method allows for model/tuning parameter selection across parametric and nonparametric spectral estimators simultaneously. Our candidate class consists of restricted maximum likelihood-based (REML) autoregressive spectral estimators and lag-weights estimators with the Parzen kernel. We provide a method for efficiently computing the REML estimators of the autoregressive models. In simulations, we demonstrate the reliability of our FDCV method compared with the popular HAC estimators of Andrews-Monahan and Newey-West. Supplementary material for the article is available online. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06093&r= |
| By: | Thomas Couppié (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Céline Gasquet (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche) |
| Abstract: | En priorisant la formation en situation de travail, l'apprentissage génère un double effet de proximité : entre l'apprenti et l'entreprise et entre la spécialité de formation et le métier. Il peut ainsi remplir, davantage que la voie scolaire, une fonction de pré-recrutement, ou mener à une embauche sur des emplois correspondant à la spécialité de formation suivie. Pour les apprentis du secondaire, les entreprises valorisent cette double proximité au travers d'embauches directes en CDI. Les sortants du supérieur court en apprentissage bénéficient, pour leur part, de la plus-value de cette voie de formation, quel que soit le premier emploi occupé. |
| Keywords: | Enquête Génération,Premier emploi,Insertion professionnelle,Recrutement,Travail à durée indéterminée,Apprentissage |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03284486&r= |
| By: | NES Kjersti (European Commission - JRC); COLEN Liesbeth; CIAIAN Pavel (European Commission - JRC) |
| Abstract: | This report provides an overview of various market power indicators within the food industry in selected Member States (MS) in the EU. In addition, the report aims to examine whether the alternative market power indicators are qualitatively comparable proxies to measure market power in the food industry and to discuss the potential implications for the EU’s directive on unfair trading practices (UTPs). The report analyses the market power in-depth for the year 2016 and studies its dynamics over the period 2006-2017 in the selected MS. The report considers four alternative measures of market power: the concentration ratio (CR4), the Herfindahl-Hirschman Index (HHI), markups as well as turnover size, which is the market power measure used in the EU’s UTP directive. The report analyses are based on the firm-level accounting data available from the Orbis database. Due to limited data availability in some countries, the report considers 10 MS for calculation of the CR4, HHI and turnover indicator, and 7 MS for estimation of markups. The analyses are carried out for different (more aggregated) sectors of the food industry—i.e., retail, wholesale and manufacturing—, as well as for disaggregated subsectors within the wholesale and manufacturing sectors. |
| Keywords: | food chain, unfair trading practices (UTP), market power |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc125087&r= |
| By: | Maria Joao Proença (EfVET); Miha Zimsek (Skupnost VSS); Anita Goltnik Urnaut (Skupnost VSS); Alicia Leonor Sauli Miklavcic (Skupnost VSS); Ralph Hippe (CEDEFOP) |
| Abstract: | This report presents the results of the pilot study of SELFIE for work-based learning carried out in Hungary between September and December 2020. The study aimed at testing the tool before its launch online. In total, 14 VET colleges and 38 companies (operating in different sectors) were engaged in the pilot, involving 2090 users (teachers, students, school leaders and in-company trainers). In addition, 312 individuals (students, teachers, school leaders, school coordinators and in-company trainers) participated in the qualitative research carried out after the pilot. This research included interviews and focus groups, with the purpose of collecting further feedback. The overall results indicate that SELFIE WBL tool is user-friendly and easy to understand, well designed, and inclusive with its 360-degree reflection, as it engaged all those involved in WBL activities in the Hungarian WBL system. The SELFIE WBL tool and the report provided support to school leaders in the development and monitoring of the school’s digital strategy as well as provide relevant information to all stakeholders in the SELFIE WBL pilot, contributing to increasing the effectiveness of learning in VET schools and companies. |
| Keywords: | SELFIE, WBL, Hungary |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc125788&r= |
| By: | Page, Elina T.; Young, Sabrina K.; Sweitzer, Megan D.; Okrent, Abigail M. |
| Keywords: | Health Economics and Policy, Food Consumption/Nutrition/Food Safety, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312785&r= |
| By: | Sarah Schneider-Strawczynski (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Jérôme Valette (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This paper investigates the extent to which media impact immigration attitudes by modifying the salience of this topic. We measure the salience of immigration using original data including all the news covered on the main French national television evening news programs between 2013 and 2017. We combine this information with individual panel data that enable us to link each respondent to his/her preferred TV channel for political information. This allows us to address ideological self-selection into channels with individual-channel fixed effects. In contrast to prior evidence in the literature, we do not find that an increase in the salience of immigration necessarily drives natives' attitudes in a specific direction. Instead, our results suggest that it increases the polarization of natives by pushing individuals with moderate beliefs toward the two extremes of the distribution of attitudes. We show that these results are robust to controlling for differences in the framing of immigration-related subjects across TV channels. Conversely to priming, framing is found to drive natives' attitudes in very specific directions. |
| Keywords: | Immigration,Media,Polarization |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03322229&r= |
| By: | Sarah Schneider-Strawczynski (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Jérôme Valette (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This paper investigates the extent to which media impact immigration attitudes by modifying the salience of this topic. We measure the salience of immigration using original data including all the news covered on the main French national television evening news programs between 2013 and 2017. We combine this information with individual panel data that enable us to link each respondent to his/her preferred TV channel for political information. This allows us to address ideological self-selection into channels with individual-channel fixed effects. In contrast to prior evidence in the literature, we do not find that an increase in the salience of immigration necessarily drives natives' attitudes in a specific direction. Instead, our results suggest that it increases the polarization of natives by pushing individuals with moderate beliefs toward the two extremes of the distribution of attitudes. We show that these results are robust to controlling for differences in the framing of immigration-related subjects across TV channels. Conversely to priming, framing is found to drive natives' attitudes in very specific directions. |
| Keywords: | Immigration,Media,Polarization |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:psewpa:halshs-03322229&r= |
| By: | Marroi Laaraj (UM - Université de Montpellier); Walid Nakara (MRM - Montpellier Research in Management - UM - Université de Montpellier - Groupe Sup de Co Montpellier (GSCM) - Montpellier Business School - UM1 - Université Montpellier 1 - UPVD - Université de Perpignan Via Domitia - UM2 - Université Montpellier 2 - Sciences et Techniques - UPVM - Université Paul-Valéry - Montpellier 3, Montpellier Business School); Samuel Fosso Wamba (TBS - Toulouse Business School) |
| Abstract: | Le développement des nouvelles technologies de l'information et de la communication (NTIC) est un sujet suscitant un intérêt général croissant depuis quelques années. Parmi les nouvelles technologies « tendances », les Blockchains (BC) ont su se révéler être de vraies opportunités, qui enregistrent tout de même un niveau d'adoption relativement faible. L'objectif de cette étude est de comprendre ce qui pourrait freiner ou accélérer l'adoption des BC, en mettant l'accent sur les rôles précis joués par les cabinets de conseil dans ce processus. Sur la base des résultats obtenus, les principaux freins à l'adoption des BC sont l'immaturité technologique et le manque de compréhension de la part du grand public comme des entreprises. D'autre part, les cabinets de conseil peuvent être à l'origine d'une pollinisation positive comme négative. Leur rôle de pédagogue pourrait être critique face à l'incompréhension importante des BC. |
| Date: | 2020–11–05 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03311473&r= |
| By: | Ha, Sang Su; Sampson, Gabriel; Min, Doohong |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312867&r= |
| By: | Nolan, Brian; C. Palomino, Juan; G. Rodríguez, Juan; A. Marrero, Gustavo |
| Abstract: | This working paper was previously titled "Wealth inequality, intergenerational transfers and socioeconomic background" We estimate the contribution of intergenerational transfers (inheritances and gifts) and family background to wealth inequality in four OECD countries: France, Spain, Great Britain and the U.S. We compare the observed wealth distribution with a non-parametric counterfactual distribution where all differences in wealth associated with intergenerational transfers and family background are removed. Despite the diversity of the countries analysed, we find similar patterns. The combined contribution of intergenerational transfers and family background to wealth inequality is sizeable in the four countries, ranging from 36% in Great Britain to 49% in the U.S. When interactions between the two factors are accounted for, and the Shapley value decomposition is used to fully disentangle the contribution of each factor based on its marginal contribution, intergenerational transfers account for between 26% in Great Britain to 36% of wealth inequality in France, with family background ranging from 9% in France to 17% in the U.S. |
| JEL: | D31 D63 I24 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-15&r= |
| By: | Sarah Schneider-Strawczynski (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Jérôme Valette (CES - Centre d'économie de la Sorbonne - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | This paper investigates the extent to which media impact immigration attitudes by modifying the salience of this topic. We measure the salience of immigration using original data including all the news covered on the main French national television evening news programs between 2013 and 2017. We combine this information with individual panel data that enable us to link each respondent to his/her preferred TV channel for political information. This allows us to address ideological self-selection into channels with individual-channel fixed effects. In contrast to prior evidence in the literature, we do not find that an increase in the salience of immigration necessarily drives natives' attitudes in a specific direction. Instead, our results suggest that it increases the polarization of natives by pushing individuals with moderate beliefs toward the two extremes of the distribution of attitudes. We show that these results are robust to controlling for differences in the framing of immigration-related subjects across TV channels. Conversely to priming, framing is found to drive natives' attitudes in very specific directions. |
| Keywords: | Immigration,Media,Polarization |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:cesptp:halshs-03322229&r= |
| By: | Harding, Robin; Prem, Mounu; Ruiz, Nelson A.; Vargas, David L. |
| Abstract: | While existing work has demonstrated that campaign donations can buy access to benefits such as favorable legislation and preferential contracting, we highlight another use of campaign contributions: buying forbearance. Specifically, we argue that in return for campaign contributions, Colombian mayors who rely on donor-funding (compared to those who do not) choose not to enforce sanctions against illegal deforestation activities. Using a regression discontinuity design we show that deforestation is significantly higher in municipalities that elect donor-funded as opposed to self-funded politicians. Further analysis shows that only part of this effect can be explained by differences is contracting practices by donor-funded mayors. Instead, evidence from analysis of fire clearance, and of heterogeneity in the effects according to the presence of alternative formal and informal enforcement institutions, supports the interpretation that campaign contributions buy forbearance from enforcement of environmental regulations. |
| Keywords: | Campaign donations; Deforestation; Forbearance |
| JEL: | P48 Q56 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:rie:riecdt:84&r= |
| By: | Kaiser, Caspar; Vendrik, C.M. |
| Abstract: | Two recent papers argue that many results based on ordinal reports of happiness can be reversed with suitable monotonic increasing transformations of the associated happiness scale (Bond and Lang 2019; Schröder and Yitzhaki 2017). If true, empirical research utilizing such reports is in trouble. Against this background, we make four main contributions. First, we show that reversals are fundamentally made possible by explanatory variables having heterogenous effects across the distribution of happiness. We derive a simple test of whether reversals are possible by relabelling the scores of reported happiness and deduce bounds for ratios of coefficients under any labelling scheme. Second, we argue that in cases where reversals by relabelling happiness scores are impossible, reversals using an alternative method of Bond and Lang, which is based on ordered probit regressions, are highly speculative. Third, we make apparent that in order to achieve reversals, the analyst must assume that respondents use the response scale in a strongly non-linear fashion. However, drawing from the economic and psychological literature, we present arguments and evidence which suggest that respondents likely use response scales in an approximately linear manner. Fourth, using German SOEP data, we provide additional empirical evidence on whether reversals of effects of standard demographic variables are both possible and plausible. It turns out that reversals by either relabelling or by using Bond & Lang's approach are impossible or implausible for almost all variables of interest. Although our analysis uses happiness as a special case, our theoretical considerations are applicable to any type of subjective ordinal report. |
| Keywords: | ordinal reports, transformations of cardinal scales, happiness, subjective wellbeing, life satisfaction, Easterlin Paradox, General Social Survey, German Socio-Economic Panel |
| JEL: | I31 C25 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-19&r= |
| By: | Marcillo, Edgar; Useche, Maria P.; Reimão, Maira |
| Keywords: | Consumer/Household Economics, International Development, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312746&r= |
| By: | Peter Backus; Thien Nguyen |
| Abstract: | We evaluate the effect of the 2015 criminalization of the purchasing of sexual services in Northern Ireland on the market of such services, sexually transmitted infections and sexual violence. This sub-national change in sex market regulation gives us an opportunity to estimate the causal effects of this new law which has become increasingly popular with policymakers over the last 20 years. Based on newly constructed data sets, our results indicate that the law reduced, temporarily, the size of the market for sexual services and fees for sexual services, lowered sexually transmitted infection rates among women and increased sexual violence committed against women. These results are largely consistent with recent evidence on the effects of different kinds of sex market regulation. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:man:sespap:2106&r= |
| By: | Gambau, Borja; C. Palomino, Juan; G. Rodríguez, Juan; Sebastian, Raquel |
| Abstract: | We study the wage vulnerability to the stay-at-home orders and social distancing measures imposed to prevent COVID-19 contagion in the US by education, race, gender, and state. Under 2 months of lockdown plus 10 months of partial functioning we find that both wage inequality and poverty increase in the US for all social groups and states. For the whole country, we estimate an increase in inequality of 4.1 Gini points and of 9.7 percentage points for poverty, with uneven increases by race, gender, and education. The restrictions imposed to curb the spread of the pandemic produce a double process of divergence: both inequality within and between social groups increase, with education accounting for the largest part of the rise in inequality between groups. We also find that education level differences impact wage poverty risk more than differences by race or gender, making lower-educated groups the most vulnerable while graduates of any race and gender are similarly less exposed. When measuring mobility as the percentile rank change, most women with secondary education or higher move up, while most men without higher education suffer downward mobility. Our findings can inform public policy aiming to address the disparities in vulnerability to pandemic-related shocks across different socioeconomic groups. |
| Keywords: | COVID-19, inequality, poverty, mobility, United States |
| JEL: | D33 I32 J31 O51 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-11&r= |
| By: | Royer, Julien |
| Abstract: | We consider an extension of ARCH($\infty$) models to account for conditional asymmetry in the presence of high persistence. After stating existence and stationarity conditions, this paper develops the statistical inference of such models and proves the consistency and asymptotic distribution of a Quasi Maximum Likelihood estimator. Some particular specifications are studied and we introduce a Portmanteau test of goodness-of-fit. In addition, test procedures for asymmetry and GARCH validity are derived. Finally, we present an application on a set of equity indices to reexamine the preeminence of GARCH(1,1) specifications. We find strong evidence that the short memory feature of such models is not suitable for peripheral assets. |
| Keywords: | Quasi Maximum Likelihood Estimation, Moderate memory, Testing parameters on the boundary, Recursive design bootstrap |
| JEL: | C22 C51 C58 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109118&r= |
| By: | Christophe Guitton (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche, LEST - Laboratoire d'économie et de sociologie du travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique); Mickaële Molinari-Perrier (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche) |
| Abstract: | L'évolution de la relation formation-emploi au cours des dernières années confirme une tendance déjà observée au début des années 2000 et qui n'a cessé de s'amplifier depuis : le niveau de diplôme des actifs s'élève plus rapidement que le niveau de qualification des emplois. Les mêmes emplois étant pourvus à des niveaux de diplôme toujours plus élevés, la structure des qualifications de l'économie française se déforme vers le haut. Cette évolution, conjuguée à la diffusion de la logique compétence, interroge la validité même des normes de qualification, fondées sur le principe d'une mise en relation des formations et des emplois. |
| Keywords: | Structure d'emploi,Compétence,Niveau de formation,Critère d'embauche,Qualification,Relation formation-emploi |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03284598&r= |
| By: | Hughes, Megan N.; Reeling, Carson; Ma, Meilin |
| Keywords: | Environmental Economics and Policy, Agricultural and Food Policy, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312786&r= |
| By: | Gabrielle Penrose (Reserve Bank of Australia); Gianni La Cava (Reserve Bank of Australia) |
| Abstract: | Workers are partly able to predict when they will lose their jobs. However, they typically overpredict the probability of job loss, particularly during economic downturns. The unemployed typically underestimate how long they will be unemployed for. We link these insights on worker expectations of future job prospects to household spending decisions at unemployment. At unemployment, households reduce total spending by around 9 per cent on average. Workhorse consumption models, such as those based on the permanent income hypothesis, predict that households should reduce spending by more in response to unexpected job loss events than to expected ones. Contrary to this, we find that households reduce spending by similar amounts regardless of whether they expect job loss or not. We also find some evidence that the spending response is larger for households that are liquidity constrained, and for households that have been unemployed for longer. |
| Keywords: | expenditure; food consumption; unemployment; job uncertainty; subjective expectations; consumption |
| JEL: | D12 D84 J64 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:rba:rbardp:rdp2021-08&r= |
| By: | Ragnar Levy Gudmundarson; Manuel Guerra; Alexandra Bugalho de Moura |
| Abstract: | In this work the ruin probability of the Lundberg risk process is used as a criterion for determining the optimal security loading of premia in the presence of price-sensitive demand for insurance. Both single and aggregated claim processes are considered and the independent and the dependent cases are analyzed. For the single-risk case, we show that the optimal loading does not depend on the initial reserve. In the multiple risk case we account for arbitrary dependency structures between different risks and for dependencies between the probabilities of a client acquiring policies for different risks. In this case, the optimal loadings depend on the initial reserve. In all cases the loadings minimizing the ruin probability do not coincide with the loadings maximizing the expected profit. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10075&r= |
| By: | Grunert, Klaus G G.; Hesselberg, Julie |
| Keywords: | Marketing, Research Methods/Statistical Methods, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312642&r= |
| By: | Subhadeep Mukhopadhyay |
| Abstract: | A new nonparametric model of maximum-entropy (MaxEnt) copula density function is proposed, which offers the following advantages: (i) it is valid for mixed random vector. By `mixed' we mean the method works for any combination of discrete or continuous variables in a fully automated manner; (ii) it yields a bonafide density estimate with intepretable parameters. By `bonafide' we mean the estimate guarantees to be a non-negative function, integrates to 1; and (iii) it plays a unifying role in our understanding of a large class of statistical methods. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09438&r= |
| By: | Beghin, John; Gustafson, Christopher |
| Abstract: | We review the emerging international body of evidence on attitudes and willingness to pay (WTP) for novel foods produced with New Plant Engineering Techniques (NPETs). NPETs include genome/gene editing, cisgenesis, intragenesis, RNA interference and others. These novel foods are often beneficial for the environment and human health and more sustainable under increasingly prevalent climate extremes. These techniques can also improve animal welfare and disease resistance when applied to animals. Despite these promising attributes, evidence suggests that many, but not all consumers, discount these novel foods relative to conventional ones. Our systematic review sorts out findings to identify conditioning factors which can increase the acceptance of and WTP for these novel foods in a significant segment of consumers. International patterns of acceptance are identified. We also analyze how information and knowledge interact with consumer acceptance of these novel foods and technologies. Heterogeneity of consumers across cultures and borders, and in attitudes towards science and innovation emerges as key determinants of acceptance and WTP. Acceptance and WTP tend to increase when beneficial attributes—as opposed to producer-oriented cost-saving attributes—are generated by NPETs. NPETs improved foods are systematically less discounted than transgenic foods. Most of the valuation elicitations are based on hypothetical experiments and surveys and await validation through revealed preferences in actual purchases in food retailing environments. |
| Keywords: | Consumer/Household Economics |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:ags:nbaesp:313220&r= |
| By: | Yasin Kürsat Önder; Enes Sunel (-) |
| Abstract: | We propose a theory of domestic and foreign currency debt and limited commitment to exchange-rate and debt repayment policies. Exchange-rate depreciation is costly, but reduces the real value of domestic-currency debt and helps smooth consumption without the full punishment of default. However, during a global liquidity shock, government debt balances endogenously tilt towards hard-currency as in the data, although issuing local-currency debt to foreigners is needed the most to transfer the currency risk. This is because foreign lenders become more risk averse to holding nominal sovereign debt during stress episodes. We show that a modest depreciation of currency following adverse shocks precludes a sovereign default by inflating away outstanding local-currency debt burdens in contrast to a counterfactual economy with fully dollarized sovereign debt. The quantitative application of our theory accounts for the business cycle properties and the currency composition of sovereign debt in Mexico. |
| Keywords: | Sovereign default, inflationary bias, investor base, original sin |
| JEL: | E31 F34 F45 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:rug:rugwps:21/1023&r= |
| By: | Delgado, Michael; Ma, Meilin; Wang, Hong Holly |
| Keywords: | Risk and Uncertainty, Agricultural and Food Policy, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312793&r= |
| By: | Mr. Abdelhak S Senhadji; Alexander F. Tieman; Mr. Edward R Gemayel; Ms. Dora Benedek |
| Abstract: | The COVID-19 pandemic hit countries’ development agendas hard. The ensuing recession has pushed millions into extreme poverty and has shrunk government resources available for spending on achieving the United Nations Sustainable Development Goals (SDGs). This Staff Discussion Note assesses the current state of play on funding SDGs in five key development areas: education, health, roads, electricity, and water and sanitation, using a newly developed dynamic macroeconomic framework. |
| Keywords: | Sustainable Development Goals, Development, Fiscal Policy, Structural Reform; policy option; composite index; case study countries' SDG spending; financing gap; SDG performance; analysis of development strategy; Sustainable Development Goals (SDG); COVID-19; Human capital; Emerging and frontier financial markets; Infrastructure; Sub-Saharan Africa; Global |
| Date: | 2021–04–27 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfsdn:2021/003&r= |
| By: | Gavresi, Despina; Litina, Anastasia |
| Abstract: | This paper explores the interplay between past exposure to macroeconomic shocks and populist attitudes. We document that individuals who experienced a macroeconomic shock during their impressionable years (between 18 and 25 years of age), are currently more prone to voting for populist parties, and manifest lower trust both in national and European institutions. We use data from the European Social Survey (ESS) to construct the differential individual exposure to macroeconomic shocks during those years. Our findings suggest that it is not only exposure to current economic shocks that matters (see e.g., \citet{guiso2020economic}) but also past exposure to economic recessions, which has a persistent effect on the rise of populism. Analytically, past economic shocks are associated with a fall in trust in national and European institutions and a rise in anti-immigrant attitudes. Interestingly, the interplay between the two, i.e., past and current exposure to economic shocks, has a mitigating effect on the rise of populism, meaning that individuals who were exposed to economic shocks in the past are less likely to manifest populist attitudes when faced with a current crisis. |
| Keywords: | Macroeconomic Shocks, Trust, Attitudes, Populism |
| JEL: | D72 E60 F68 P16 Z13 |
| Date: | 2021–07–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:108909&r= |
| By: | Yixiao Lu; Yihong Wang; Tinggan Yang |
| Abstract: | In this paper, a new numerical method based on adaptive gradient descent optimizers is provided for computing the implied volatility from the Black-Scholes (B-S) option pricing model. It is shown that the new method is more accurate than the close form approximation. Compared with the Newton-Raphson method, the new method obtains a reliable rate of convergence and tends to be less sensitive to the beginning point. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.07035&r= |
| By: | Florian Englmaier; Stefan Grimm; Dominik Grothe; David Schindler; Simeon Schudy |
| Abstract: | Companies increasingly shift from hierarchical to team-based organizational structures. Scholars and practitioners alike have emphasized the potential of leadership to foster performance in these settings. However, the causal impact of leadership is difficult to identify, as in agile and crossfunctional teams leadership is often determined endogenously. This study exploits a unique opportunity to uncover the value of leadership in a non-routine task performed by teams with flat hierarchies. In a large-scale natural field experiment (>1200 participants in 280 teams), we randomly encourage teams to select a leader before performing a complex task. The leadership encouragement increases the fraction of teams solving the task within the given time limit by about 25% and teams’ remaining times by roughly 75%. Choosing a leader not only improves performance time-wise, but also team organization, without reducing the originality of solutions. Hence, leadership encouragements can serve as a cost-effective tool to foster team performance. |
| Keywords: | teamwork, leadership, non-routine analytical task, complex problem-solving, flat hierarchies |
| JEL: | C92 C93 J33 D03 M52 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9273&r= |
| By: | Sébastien Betermier; Nicholas Byrne; Jean-Sébastien Fontaine; Hayden Ford; Jason Ho; Chelsea Mitchell |
| Abstract: | “Reach for yield”—This is the commonly heard explanation for why pension plans shift their portfolios toward alternative assets. But we show that the new portfolios also hold more bonds, offer lower average returns and produce smaller and less volatile solvency deficits. These shifts are part of a broader strategy to reduce solvency risk. |
| Keywords: | Financial institutions; Financial markets; Financial system regulation and policies |
| JEL: | G11 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocsan:21-20&r= |
| By: | Lynn Riggs (Motu Economic and Public Policy Research); Livvy Mitchell (Motu Economic and Public Policy Research) |
| Abstract: | Efforts to reduce emissions to counter climate change are expected to have both costs and benefits, and these effects are likely to be unevenly distributed across the population. We examined the potential distributional impacts on employment in New Zealand from using different mitigation options (“pathways”) designed to achieve net zero emissions of long-lived gases and to reduce biogenic methane emissions by 24-47% by 2050. For the analysis, we developed the Distributional Impacts Microsimulation for Employment (DIM-E). DIM-E uses results from a computable general equilibrium (CGE) model, C-PLAN, to estimate which industries, workers and jobs are expected to be most affected by different options to achieve these reductions. Overall, our results are similar to those from previous research in that the net employment effects are predicted to be relatively small, though some industries will be more affected than others. Moreover, the top net negative and top net positive industries ranked fairly consistently across the four time periods and across the different pathways that were analysed. On the net positive side, transport industries tended to dominate the industry rankings, and in later periods, some agriculture industries also tended to rank highly (e.g., Dairy Cattle Farming and Sheep/Beef Farming). On the net negative side, various manufacturing industries tended to dominate the top ranks, though oil and gas extraction was also consistently ranked. We also found that very few groups of workers were negatively affected (in terms of the number of worker-jobs) by any of the proposed pathways especially over the long term. |
| Keywords: | Environmental Economics, Climate Change Mitigation, Distributional Impacts of Employment |
| JEL: | J01 Q52 R11 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:mtu:wpaper:21_07&r= |
| By: | Paul Simshauser (Griffith Business School, Griffith University) |
| Keywords: | Electricity, Renewable Energy Zones, transmission investment, locational investment signals |
| JEL: | D25 D80 G32 L51 Q41 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2103&r= |
| By: | Madeline Hanson; Daniela Hauser; Romanos Priftis |
| Abstract: | This paper extends the identification of unanticipated changes in average federal corporate and personal income tax rates in the United States, as proposed in Mertens and Ravn (2013), to the end of 2019, and assesses their propagation to economies with tight links to the US economy. While cuts in both taxes lead to significant short-run expansions in the US economy, their spillover effects on other countries differ markedly. A cut in corporate taxes can produce negative spillovers, indicating that the contractionary effects associated to the reallocation of investment and jobs by multinational firms outweigh the potential positive effects of increased demand for country-specific goods through trade with the US. The spillover effects of lower personal income taxes are more heterogeneous across countries but are, on average, expansionary, depending on the country-specific monetary policy stance. |
| Keywords: | Business fluctuations and cycles; Econometric and statistical methods; Exchange rate regimes; Fiscal policy; International topics |
| JEL: | H20 E62 F44 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocawp:21-41&r= |
| By: | Saman Nazir (Pakistan Institute of Development Economics, Islamabad.); Hafsa Hina (Pakistan Institute of Development Economics, Islamabad.) |
| Abstract: | School socioeconomic de/segregation is a primary policy concern as it can foster or limit children’s opportunities in society. This study measures the magnitude of school socioeconomic segregation in Pakistan. By using the data from the 2001-02 and 2018-19 Pakistan Social and Living Standards Measurements (PSLM) surveys, we estimated the school segregation at national, urban, and city levels. Our study suggests high levels of segregation in the public school for students from disadvantaged socioeconomic backgrounds. Segregation in schools has significantly increased over the years. Public schools are more segregated than low-cost and high-cost private schools at the national, all urban, and city levels. However, the low-cost private school is significantly less segregated than public and high-cost private schools. Additionally, we found the highest socioeconomic segregation (grades 1–10) for Islamabad, followed by Multan, Gujranwala, and Faisalabad. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2021:1&r= |
| By: | Carolina Arteaga |
| Abstract: | This paper presents new evidence showing that parental incarceration increases children's educational attainment. I collect criminal records for 90,000 low-income parents who have been convicted of a crime in Colombia, and link them with administrative data on the educational attainment of their children. I exploit exogenous variation in incarceration resulting from the random assignment of defendants to judges, and extend the standard framework to incorporate both conviction and incarceration decisions. I show that the effect of incarceration for a given conviction threshold can be identified. My results indicate that parental incarceration increases educational attainment by 0.78 years for the children of convicted parents on the margin of incarceration. |
| Keywords: | Incarceration, Education, Parenting |
| JEL: | I24 J24 K42 |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:tor:tecipa:tecipa-703&r= |
| By: | Matias D. Cattaneo; Rocio Titiunik |
| Abstract: | The Regression Discontinuity (RD) design is one of the most widely used non-experimental methods for causal inference and program evaluation. Over the last two decades, statistical and econometric methods for RD analysis have expanded and matured, and there is now a large number of methodological results for RD identification, estimation, inference, and validation. We offer a curated review of this methodological literature organized around the two most popular frameworks for the analysis and interpretation of RD designs: the continuity framework and the local randomization framework. For each framework, we discuss three main areas: (i) designs and parameters, which focuses on different types of RD settings and treatment effects of interest; (ii) estimation and inference, which presents the most popular methods based on local polynomial regression and analysis of experiments, as well as refinements, extensions and other methods; and (iii) validation and falsification, which summarizes an array of mostly empirical approaches to support the validity of RD designs in practice. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09400&r= |
| By: | Pangallo, Marco; Heinrich, Torsten; Jang, Yoojin; Scott, Alex; Tarbush, Bassel; Wiese, Samuel; Mungo, Luca |
| Abstract: | We show that the playing sequence–the order in which players update their actions–is a crucial determinant of whether the best-response dynamic converges to a Nash equilibrium. Specifically, we analyze the probability that the best-response dynamic converges to a pure Nash equilibrium in random n-player m-action games under three distinct playing sequences: clockwork sequences (players take turns according to a fixed cyclic order), random sequences, and simultaneous updating by all players. We analytically characterize the convergence properties of the clockwork sequence best-response dynamic. Our key asymptotic result is that this dynamic almost never converges to a pure Nash equilibrium when n and m are large. By contrast, the random sequence best-response dynamic converges almost always to a pure Nash equilibrium when one exists and n and m are large. The clockwork best-response dynamic deserves particular attention: we show through simulation that, compared to random or simultaneous updating, its convergence properties are closest to those exhibited by three popular learning rules that have been calibrated to human game-playing in experiments (reinforcement learning, fictitious play, and replicator dynamics). |
| Keywords: | Best-response dynamics, equilibrium convergence, random games, learning models in games |
| JEL: | C62 C72 C73 D83 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-02&r= |
| By: | Yi, Fujin; Liu, Huilin; Quan, Quan |
| Keywords: | Environmental Economics and Policy, Research Methods/Statistical Methods, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312853&r= |
| By: | Nassib Boueri |
| Abstract: | Geometric Mean Market Makers (G3M) such as Uniswap, Sushiswap or Balancer are key building blocks of the nascent Decentralised Finance system. We establish non-arbitrage bounds for the wealth process of such Automated Market Makers in the presence of transaction fees and highlight the dynamic of their so-called Impermanent Losses, which are incurred due to negative convexity and essentially void the benefits of portfolio diversification within G3Ms. We then turn to empirical data to establish if transaction fee income has historically been high enough to offset Impermanent Losses and allow G3M investments to outperform their continually rebalanced constant-mix portfolio counterparts. It appears that the median liquidity pool had a net nil ROI when taking Impermanent Losses into account. The cross-sectional dispersion of ROI has however been high and the pool net ROI ranking has been significantly autocorrelated for several weeks. This suggests that G3M pools are not yet efficiently arbitraged as agents may access ex-ante knowledge of which G3M pools are likely to be far better investment proposals than others. We finally focus on the UniswapV3 protocol, which introduced the notion of concentrated liquidity ranges and show that such a position can be replicated by leveraging a classic UniswapV2 pool while simultaneously hedging part of the underlying token price exposition. As such, the herein described Impermanent Loss dynamics also apply to UniswapV3 pools. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06593&r= |
| By: | Elizabeth Asiedu (Department of Economics, University of Kansas); Theophile T. Azomahou (African Economic Research Consortium); Neepa B. Gaekwa (State University of New York at Fredonia); Mahamady Ouedraogo (Universite Clermont-Auvergne, CNRS, CERDI) |
| Abstract: | We employ survey data for 108 developing countries over the period 2006-2017 and estimate an ordered probit model to determine the firm and country characteristics that affect the probability that a firm is energy poor - i.e., the firm will report that electricity is an obstacle to the firm's operations. We find that firms that experienced power outages and firms in the manufacturing industry are more likely to be energy poor. In contrast, majority-owned government firms and older firms are less likely to be energy poor. The gender of the firm owner and the size of the firm are not correlated with firm energy poverty. Among firms that experienced power outages, firm energy poverty increases with the frequency as well as the duration of outages. We also find that firms that operate in countries with weak institutions and in countries where residents have limited access to electricity are more likely to be energy poor. |
| Keywords: | Constraints, Electricity, Energy Poverty, Firms, Institution |
| JEL: | D22 O12 L20 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:kan:wpaper:202116&r= |
| By: | RUEDA CANTUCHE Jose (European Commission - JRC); KUTLINA-DIMITROVA Zornitsa |
| Abstract: | The purpose of the current brief is to provide first results on the link between employment and international trade ahead of a more comprehensive package that DG TRADE and JRC are preparing for an event in Autumn 2021 with the participation of DGs and Commissioners. EU exports supported almost 38 million jobs in the EU in 2019, up from 29 million in 2010. In 2019, 18% of the total EU employment were directly or indirectly linked to EU exports to non-EU countries, up by 3 p.p. from almost 15% in 2010. The labour productivity related to extra-EU exports increased by 17% from 2010 to 2019, similar to the whole EU economy for the same period. |
| Keywords: | Trade, Jobs, European Union, COVID-19 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc126043&r= |
| By: | Caputo, Vincenzina; Kilders, Valerie; Lusk, Jayson L. |
| Keywords: | Research Methods/Statistical Methods, Institutional and Behavioral Economics, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312695&r= |
| By: | Elize Massard da Fonseca; Andreza Davidian; Carolina Coutinho; Nidilaine Dias |
| Date: | 2021–07–08 |
| URL: | http://d.repec.org/n?u=RePEc:amc:tecnot:021&r= |
| By: | Funke, Franziska; Mattauch, Linus; van den Bijgaart, Inge; Godfray, Charles; Hepburn, Cameron; Klenert, David; Springmann, Marco; Treich, Nicholas |
| Abstract: | Livestock is known to play a significant role in climate change and to negatively impact global nitrogen cycles and biodiversity. However, economically efficient policies for regulating meat production and consumption are under-researched. In the absence of first-best policy instruments for the livestock sector, second-best consumption taxes on meat can address multiple environmental externalities simultaneously, while improving diet-related public health. Here, we review the empirical basis for the 'social costs of meat' and study rationales for regulatory efforts to tax meat in high-income countries from the perspective of public, behavioural and welfare economics: (i) multiple environmental externalities, (ii) adverse effects on one's own health, (iii) animal welfare, (iv) learning curves for 'alternative protein technologies', and (v) distributional effects. We conclude that meat is significantly underpriced and provide preliminary estimates of the environmental social costs associated with meat consumption. We identify several directions for future research towards optimal meat taxation. |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-08&r= |
| By: | Constantine Yannelis; Anthony Lee Zhang |
| Abstract: | We present both theory and evidence that increased competition may decrease rather than increase consumer welfare in subprime credit markets. We present a model of lending markets with imperfect competition, adverse selection and costly lender screening. In more competitive markets, lenders have lower market shares, and thus lower incentives to monitor borrowers. Thus, when markets are competitive, all lenders face a riskier pool of borrowers, which can lead interest rates to be higher, and consumer welfare to be lower. We provide evidence for the model’s predictions in the auto loan market using administrative credit panel data. |
| JEL: | D14 D4 G20 G21 G5 L62 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29169&r= |
| By: | Bergstrom, John; Landry, Craig; Salazar, John |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312805&r= |
| By: | Westhoff, Leonie; Bukodi, Erzsébet; H. Goldthorpe, John |
| Abstract: | In this paper, we seek to contribute to ongoing discussions of the relationship between income and class in analyses of social inequality and mobility. We argue that while class has sometimes been taken as a proxy for long-term earning levels, it is of greater importance, at least when treated in terms of the EGP schema or the European Socio-Economic Classification (ESEC), in capturing differences in the trajectories that employees' earnings follow over the course of their working lives. Moving beyond previous single country studies, we examine how far the theory that underlies ESEC is reflected in men's age-earnings trajectories across 14 European countries, while also taking into account any effects of their educational qualifications. Modelling data from the 2017 EU-SILC survey and focussing on men's full year/full-time equivalent gross annual earnings, we find that although the age-earnings trajectories that are estimated for different classes do reveal some cross-national variation, there are major features, of a theoretically expected kind, that are evident with our pooled sample and that regularly recur in individual countries. Class differences in earnings are at their narrowest for men in the youngest age group but then widen across older age groups. This occurs primarily because the earnings of men in the professional and managerial salariat, and especially in the higher salariat, show a marked rise with age, while the earnings of men in other classes rise far less sharply or remain flat. We also find evidence that these diverging trajectories are primarily shaped by individuals' class positions independently of their level of qualifications - however important the latter is in determining the class positions that they hold. What can be regarded as the logic of different forms of employment relations, as captured by ESEC, leads to a large degree of cross-national commonality in the association that exists between class and the trajectories of earnings over working life. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-17&r= |
| By: | Qiu, Huanguang; Hong, Junqiao; Wang, Xiangrui; Filipski, Mateusz J. |
| Keywords: | Community/Rural/Urban Development, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312654&r= |
| By: | Jaimovich, Dany; Toledo, Felipe |
| Abstract: | This paper analyzes the effects of the Chilean land reform (1962-1973) on the intensity of the current indigenous self-determination conflict (1990-2016). The Mapuche were actively involved in the land reform process, and at least 150,000 hectares were expropriated in their favor. Nevertheless, the counter-reform process, after the 1973 military coup, almost fully reverted these expropriations. This failed land reform potentially created local grievances that may explain some aspects of the current social and political conflict in the region. To test this hypothesis, a unique geocoded plot-level database for the Araucania Region has been assembled. The results from OLS estimates suggest that plots involved in the land reform are more likely to be invaded and attacked. The effect is larger for plots located around indigenous reservations and those in which there was direct Mapuche participation during the land reform. To deal with potential endogeneity problems, we implement an instrumental variable identification strategy based on historical rainfall in the region. The IV estimates mostly confirm the main results. We show that the development of intensive forestry plantations after the land reform is a potential channel for explaining our results. |
| Keywords: | Land reform, conflict, indigenous people, Chile. |
| JEL: | D74 N46 O13 Q15 |
| Date: | 2021–03–16 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109136&r= |
| By: | Assaf Razin; Alexander Horst Schwemmer |
| Abstract: | It has been well recognized that population ageing could generate structural changes centered around the dwindling labor force, on one hand, and the expanding dependency on the generosity of the welfare state, on the other hand. Ageing-related welfare state policy entails both fiscal issues and migration issues. The paper employs a general-equilibrium model with a policy-making focus, to help understand the mechanism governing the provision of social benefits, labor income taxation, capital income taxation, migration curbs on low skilled and high skilled, driven by the ageing of the population. Greater generosity of the welfare state comes together with policy, incentive compatible with the interests of the majority voters, of a more liberal migration policy. |
| JEL: | F3 H0 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29162&r= |
| By: | Jieyi Kang (Department of Land Economy, University of Cambridge); David Reiner (EPRG, CJBS, University of Cambridge) |
| Keywords: | Residential electricity, household consumption behaviour, China, machine learning |
| JEL: | C55 D12 R22 Q41 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2114&r= |
| By: | Shr, Yau-Huo (Jimmy); Hsu, Wen; Su, Jia-Shen |
| Keywords: | Environmental Economics and Policy, Health Economics and Policy, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312879&r= |
| By: | Yanwei Jia; Xun Yu Zhou |
| Abstract: | We propose a unified framework to study policy evaluation (PE) and the associated temporal difference (TD) methods for reinforcement learning in continuous time and space. We show that PE is equivalent to maintaining the martingale condition of a process. From this perspective, we find that the mean--square TD error approximates the quadratic variation of the martingale and thus is not a suitable objective for PE. We present two methods to use the martingale characterization for designing PE algorithms. The first one minimizes a "martingale loss function", whose solution is proved to be the best approximation of the true value function in the mean--square sense. This method interprets the classical gradient Monte-Carlo algorithm. The second method is based on a system of equations called the "martingale orthogonality conditions" with "test functions". Solving these equations in different ways recovers various classical TD algorithms, such as TD($\lambda$), LSTD, and GTD. Different choices of test functions determine in what sense the resulting solutions approximate the true value function. Moreover, we prove that any convergent time-discretized algorithm converges to its continuous-time counterpart as the mesh size goes to zero. We demonstrate the theoretical results and corresponding algorithms with numerical experiments and applications. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06655&r= |
| By: | Michael Pollitt (EPRG, CJBS, University of Cambridge); Geoffroy Dolphin (Resources for The Future) |
| Keywords: | climate policy, emissions trading, EU, net zero |
| JEL: | Q52 Q54 Q58 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2119&r= |
| By: | Pichler, Anton; Pangallo, Marco; del Rio-Chanona, R. Maria; Lafond, François; Farmer, J. Doyne |
| Abstract: | We analyse the economics and epidemiology of different scenarios for a phased restart of the UK economy. Our economic model is designed to address the unique features of the COVID-19 pandemic. Social distancing measures affect both supply and demand, and input-output constraints play a key role in restricting economic output. Standard models for production functions are not adequate to model the short-term effects of lockdown. A survey of industry analysts conducted by IHS Markit allows us to evaluate which inputs for each industry are absolutely necessary for production over a two month period. Our model also includes inventory dynamics and feedback between unemployment and consumption. We demonstrate that economic outcomes are very sensitive to the choice of production function, show how supply constraints cause strong network effects, and find some counter-intuitive effects, such as that reopening only a few industries can actually lower aggregate output. Occupation-specific data and contact surveys allow us to estimate how different industries affect the transmission rate of the disease. We investigate six different re-opening scenarios, presenting our best estimates for the increase in R0 and the increase in GDP. Our results suggest that there is a reasonable compromise that yields a relatively small increase in R0 and delivers a substantial boost in economic output. This corresponds to a situation in which all non-consumer facing industries reopen, schools are open only for workers who need childcare, and everyone who can work from home continues to work from home. |
| Keywords: | COVID-19, production networks, economic growth, epidemic spreading |
| JEL: | C61 C67 D57 E00 E23 I19 O49 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-12&r= |
| By: | Brzezinski, Adam; Deiana, Guido; Kecht, Valentin; Van Dijcke, David |
| Abstract: | Are lockdown policies effective at inducing physical distancing to counter the spread of COVID-19? Can less restrictive measures that rely on voluntary community action achieve a similar effect? Using data from 40 million mobile devices, we find that a lockdown increases the percentage of people who stay at home by 8\% across US counties. Grouping states with similar outbreak trajectories together and using an instrumental variablesapproach, we show that time spent at home can increase by as much as 39\%. Moreover, we show that individuals engage in limited physical distancing even in the absence of such policies, once the virus takes hold in their area. Our analysis suggests that non-causal estimates of lockdown policies' effects can yield biased results. We show that counties where people have less distrust in science, are more highly educated, or have higher incomes see a substantially higher uptake of voluntary physical distancing. This suggests that the targeted promotion of distancing among less responsive groups may be as effective as across-the-board lockdowns, while also being less damaging to the economy. |
| Keywords: | COVID-19, difference-in-differences, instrumental variables, NPI, community action, physical distancing, big data |
| JEL: | I12 I18 H12 H75 D04 |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-06&r= |
| By: | Marius Chevallier (GEOLAB - Laboratoire de Géographie Physique et Environnementale - CNRS - Centre National de la Recherche Scientifique - IR SHS UNILIM - Institut Sciences de l'Homme et de la Société - UNILIM - Université de Limoges - UCA - Université Clermont Auvergne - UCA [2017-2020] - Université Clermont Auvergne [2017-2020] - UBP - Université Blaise Pascal - Clermont-Ferrand 2, GEOLAB-CE - Capital Environnemental - GEOLAB - Laboratoire de Géographie Physique et Environnementale - CNRS - Centre National de la Recherche Scientifique - IR SHS UNILIM - Institut Sciences de l'Homme et de la Société - UNILIM - Université de Limoges - UCA - Université Clermont Auvergne - UCA [2017-2020] - Université Clermont Auvergne [2017-2020] - UBP - Université Blaise Pascal - Clermont-Ferrand 2); Camille Noûs (Laboratoire Cogitamus) |
| Abstract: | Although I am highly motivated by collaborative action research in which the problems, the surveys (definition and administration) and the analyses can be carried out with the participation of the people concerned by the survey, I often have an aftertaste of incompleteness. In my experience, the dialogue between respondents and interviewers has often seemed to me to be approximate and not very thorough, despite the energy that is put into it and the trust that is created between the people. Being both a researcher on cooperatives and an active member in cooperatives for the past fifteen years, I had the opportunity to experience for myself how research can feed practice: on the one hand I have a broad enough knowledge of the literature to know where to identify relevant issues and, on the other hand, I hear and share some of the questions and tensions experienced in cooperatives. I would like to share my experience in three cooperatives in which I have been particularly involved in France : Coop Atlantique, a veteran consumer cooperative (northern New Aquitaine), Railcoop, the first railway cooperative, which was born in 2019 but already has 8000 members and Le Temps de Vivre, a small cooperative with 40 members (café-library, third place, small town near Limoges). This work allows me to identify examples of research results that have been used for action and to see in what form this use has been made, distinguishing between the main contributions of the scientific method and the contributions of research results, which happens to be secondary in my practice. So, having analysed this experience of a practitioner who uses research myself, I think that this will help me to better find out how to deepen collaborative action research with structures of which I am not myself a member, by better targeting the facets of collaborative action research that are the most relevant. |
| Abstract: | Bien que très motivé par des recherches actions collaboratives à l'occasion desquelles les problématiques, les enquêtes (définition et administration) ainsi que les analyses peuvent être faites avec la participation des personnes concernées par l'enquête, j'ai souvent un arrière-goût d'inachevé. Lors de mes expériences, le dialogue entre personnes enquêtées et enquêtrices m'a paru souvent approximatif et peu approfondi malgré l'énergie que l'on y met et la confiance qui se crée entre les personnes. Étant à la fois chercheur sur les coopératives et sociétaire actif dans des coopératives depuis une quinzaine d'années, j'avais la possibilité d'expérimenter par moi-même en quoi la recherche peut nourrir la pratique : d'une part j'ai une connaissance assez vaste de la littérature pour savoir où identifier des problématiques pertinentes et, d'autre part, j'entends et partage une partie des interrogations et tensions vécues dans les coopératives. Je souhaite partager mon expérience dans trois coopératives dans lesquelles je me suis plus particulièrement impliqué : Coop Atlantique, vétérane des coopératives de consommation (nord Nouvelle Aquitaine), Railcoop, première coopérative ferroviaire, née en 2019 mais qui compte déjà 8000 sociétaires (France entière) et Le Temps de Vivre petite coopérative de 40 membres (café-librairie, tiers-lieu, petite ville proche de Limoges). Ce travail permet d'identifier des exemples de résultats de recherches qui ont été utilisés pour l'action et de voir sous quelle forme cette utilisation s'est faite, en distinguant les principaux apports que sont la méthode scientifique et les apports, qui se révèlent secondaires dans ma pratique, des résultats de recherche. Alors, ayant analysé moi-même ce vécu de praticien qui a recours à la recherche, je pense que cela pourra m'aider à mieux trouver comment approfondir les recherches actions collaboratives avec des structures dont je ne suis pas moi-même membre, en ciblant mieux les facettes de la recherche action collaborative qui sont les plus pertinentes |
| Date: | 2021–07–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03288618&r= |
| By: | Palma, Marco A.; Lusk, Jayson L.; Huseynov, Samir; Caputo, Vincenzina; Kee, Jennifer Y. |
| Keywords: | Research Methods/Statistical Methods, Institutional and Behavioral Economics, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312839&r= |
| By: | Xuan Liang; Jiti Gao; Xiaodong Gong |
| Abstract: | This paper considers a semiparametric spatial autoregressive panel data model with fixed effects with time-varying coefficients. The time-varying coefficients are allowed to follow an unknown function of time while the other parameters are assumed to be constants. We propose a "local linear concentrated quasi-maximum likelihood estimation" method to obtain consistent estimators for the spatial autoregressive coefficient, the variance of the error term and the nonparametric time-varying coefficients. We show that the estimators of the parametric components converge at the rate of sqrt(NT), and those of the nonparametric time-varying coefficients converge at the rate of sqrt(NTh). Monte Carlo simulations are conducted to illustrate the finite sample performance of our proposed method. We apply our method to study the spatial influences and the time-varying spillover effects in the wage level among 159 Chinese cities. |
| Keywords: | concentrated quasi-maximum likelihood estimation, local linear estimation, time-varying coefficient |
| JEL: | C21 C23 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:msh:ebswps:2021-5&r= |
| By: | Pierre-Guillaume Méon; Robin Rampaer; David Raymaekers |
| Abstract: | Using a survey of nearly 20,000 Mexican residents matched with data on 50 earthquakes, we observe evidence that people affected by an earthquake report a lower discount rate, implying greater patience. The effect is stronger for more intense earthquakes and is robust to controlling for a series of socioeconomic variables, locality, and event fixed effects. It is not driven by changes in risk aversion, expected future income streams, or life expectancy, nor is it impacted by people moving in or out of affected localities. People react in the same way regardless of their age at the time of the earthquake, in line with the life-long openness hypothesis. Estimates suggest that the effect of more intense earthquakes diminishes slowly, persisting over decades. This effect is independent of gender but varies with education and wealth. Finally, respondents who have experienced an earthquake adjust their savings and health-related behaviors in ways consistent with a decrease in their discount rate. |
| Keywords: | Natural disasters; Time preference |
| JEL: | D91 Q54 |
| Date: | 2021–08–17 |
| URL: | http://d.repec.org/n?u=RePEc:sol:wpaper:2013/330528&r= |
| By: | Stephen Littlechild (University of Birmingham and CJBS) |
| Keywords: | customer satisfaction, retail energy market, Trustpilot |
| JEL: | L15 L51 L94 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2027&r= |
| By: | Gao, Penghui; Secor, William; Escalante, Cesar L. |
| Keywords: | Agricultural Finance, Agribusiness, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312923&r= |
| By: | Arye L. Hillman; Ngo Van Long |
| Abstract: | Immigration policies in western democracies have often been contrary to the policies predicted by the mainstream theory of international economics. In particular, political parties that, according to economic theory, should adopt policies beneficial for lower-income voter-constituencies, have not protected workers from labor-market competition or from a fiscal burden of financing welfare-dependent immigrants. We explain the contradiction by accounting for immigrants as future voters. We identify a political principal-agent problem based on ego-rents from political office. Our theory predicts voter defection from worker-supported political-establishment parties to new-entrant anti-immigration political candidates and parties. We give a hearing to alternative interpretations of the evidence. |
| Keywords: | international migration, political ego rents, immigrant welfare dependency, immigration amnesties, political entry barriers, policy exceptionalism |
| JEL: | F22 F66 H53 P16 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9246&r= |
| By: | Jean-Baptiste Michau (X - École polytechnique) |
| Abstract: | One of the most severe challenges facing Western economies is a structural lack of demand due to population aging. This results in a situation of secular stagnation, characterized by depressed inflation, weak economic growth, and under-employment. This has been the case in Japan for the past 25 years, and should not evolve in the near future. The Eurozone and, to a lesser extent, the U.S. have now been in a similar situation for over a decade. While monetary policy is ineffective, fiscal policy has the potential to prop up demand. This requires implementing a massive stimulus such as to temporarily "overheat" the economy to permanently escape the low inflation trap. As the pandemic comes to an end, many countries across the world are implementing fiscal stimulus packages of unprecedented magnitudes. This offers a unique opportunity to bring stagnation to an end. The recent stimulus measures announced and implemented in the US correspond to such a strategy. The Eurozone, by contrast, has no such plans. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:ipppap:hal-03321881&r= |
| By: | Meerza, Syed Imran Ali; Brooks, Kathleen R.; Gustafson, Christopher R.; Yiannaka, Amalia |
| Keywords: | Institutional and Behavioral Economics, Research Methods/Statistical Methods, Health Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312876&r= |
| By: | Alvedalen, Janna (CIRCLE, Lund University) |
| Abstract: | Studies have argued for the pivotal role of large firms in Entrepreneurial Ecosystems (EE). The sudden closure of large firms can be expected to have a substantial negative impact on an EE. This paper investigates the resilience of an EE in the aftermath of a large firm exit in the Lund region. A qualitative case study shows how agency and resources turned the local EE into a dynamic center for Life Sciences. Factors that contributed to the resilience of the EE in Lund were entrepreneurial place leadership, local resources, and social capital. The study provides a framework to understand the transformation of an EE after a crisis. |
| Keywords: | entrepreneurial ecosystem; resilience; place leadership; social capital; entrepreneurship; closure of large firm |
| JEL: | L26 M21 O33 |
| Date: | 2021–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lucirc:2021_008&r= |
| By: | Jieyi Kang (Department of Land Economy, University of Cambridge); David Reiner (EPRG, CJBS, University of Cambridge) |
| Keywords: | Weather sensitivity, smart metering data, unsupervised learning, clusters, residential electricity, consumption patterns, Ireland |
| JEL: | C55 D12 R22 Q41 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2113&r= |
| By: | Mpoha, Salifya; Bonga-Bonga, Lumengo |
| Abstract: | The 2008/2009 Global Financial Crisis has accentuated the number of studies on contagion among researchers seeking to unravel the factors behind its impacts, effects and mechanisms. Several methodologies have been proposed to differentiate between contagion and other phenomenon related to the cross transmission of shocks. However, few studies distinguish between the sources of transmission of shocks and their effects on different emerging markets when analysing contagion phenomenon. This paper contributes to the literature by assessing dynamic spillover effects from two key markets (China and the U.S) to six major emerging economies from different regions making use of the wavelet analysis. The results support the presence of contagion during selected crisis periods and suggest variation in market response for each emerging market as well as shock source. The results of the paper show the heterogenous reactions of emerging markets from spillover shocks of different sources and provide useful insight to investors and asset managers seeking to diversify portfolios within the selected emerging markets as well as policy makers in establishing stronger regulations. |
| Keywords: | Shift Contagion, Interdependence, Wavelet Analysis, Emerging Economies, China, U.S, Maximal Overlap Discrete Wavelet Transform (MODWT), Continuous Wavelet-Transform (CWT), Wavelet Coherence, Wavelet Correlation. |
| JEL: | C13 C58 G15 |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109349&r= |
| By: | Gallagher, Nicholas; Mitchell, Paul D.; Ruark, Matt; Shelly, Kevin |
| Keywords: | Production Economics, Agricultural Finance, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312809&r= |
| By: | Aramayis Dallakyan (Texas A&M University) |
| Abstract: | In modern multivariate statistics, where high-dimensional datasets are ubiquitous, learning large inverse covariance matrices is a fundamental problem. A popular approach is to apply a penalty on the Gaussian log-likelihood and solve the convex optimization problem. Graphical lasso (Glasso) (Friedman et al. 2008) is one of the efficient and popular algorithms for imposing sparsity on the inverse covariance matrix. In this article, we introduce a corresponding new command glasso and explore the details of the algorithm. Moreover, we discuss widely used criteria for tuning parameter selection, such as the extended Bayesian information criterion (eBIC) and cross-validation (CV), and introduce corresponding commands. Simulation results and real data analysis illustrate the use of the Glasso. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:18&r= |
| By: | Maria Joao Proença (EfVET); Miha Zimsek (Skupnost VSS); Anita Goltnik Urnaut (Skupnost VSS); Alicia Leonor Sauli Miklavcic (Skupnost VSS); Ralph Hippe (CEDEFOP) |
| Abstract: | This report presents the results of the pilot study of SELFIE for work-based learning carried out in Poland between September and December 2020. The study aimed at testing the tool before its launch online. In total, 16 VET colleges and 16 companies (operating in different sectors) were engaged in the pilot, involving 2417 users (teachers, students, school leaders and in-company trainers). In addition, 304 individuals (students, teachers, school leaders, school coordinators and in-company trainers) participated in the qualitative research carried out after the pilot. This research included interviews and focus groups, with the purpose of collecting further feedback. The overall results indicate that SELFIE WBL tool is user-friendly and easy to understand, well designed, and inclusive with its 360-degree reflection, as it engaged all those involved in WBL activities in the Polish WBL system. The SELFIE WBL tool and the report provided support to school leaders in the development and monitoring of the school’s digital strategy as well as provide relevant information to all stakeholders in the SELFIE WBL pilot, contributing to increasing the effectiveness of learning in VET schools and companies. |
| Keywords: | SELFIE, WBL, POland |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc125795&r= |
| By: | van Beek, Andries (Tilburg University, School of Economics and Management); Borm, Peter (Tilburg University, School of Economics and Management); Quant, Marieke (Tilburg University, School of Economics and Management) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:223195b0-d201-458d-8402-718a48c78b4a&r= |
| By: | Leslie Sheng Shen |
| Abstract: | This paper proposes a "double adverse selection channel" of international transmission. It shows, theoretically and empirically, that financial systems with both global and local banks exhibit double adverse selection in credit allocation across firms. Global (local) banks have a comparative advantage in extracting information on global (local) risk, and this double information asymmetry creates a segmented credit market where each bank lends to the worst firms in terms of the unobserved risk factor. Given a bank funding (e.g., monetary policy) shock, double adverse selection affects firm financing at the extensive and price margins, generating spillover and amplification effects across countries. |
| Keywords: | Adverse selection; Global banking; Information asymmetry; International transmission; Monetary policy |
| JEL: | G21 F30 |
| Date: | 2021–08–10 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgif:1325&r= |
| By: | Yan, Minhao; Schmit, Todd M.; Gomez, Miguel I.; Baker, Michael James |
| Keywords: | Agricultural Finance, Agribusiness, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312674&r= |
| By: | Koichi Miyamoto |
| Abstract: | Pricing of financial derivatives, in particular early exercisable options such as Bermudan options, is an important but heavy numerical task in financial institutions, and its speed-up will provide a large business impact. Recently, applications of quantum computing to financial problems have been started to be investigated. In this paper, we first propose a quantum algorithm for Bermudan option pricing. This method performs the approximation of the continuation value, which is a crucial part of Bermudan option pricing, by Chebyshev interpolation, using the values at interpolation nodes estimated by quantum amplitude estimation. In this method, the number of calls to the oracle to generate underlying asset price paths scales as $\widetilde{O}(\epsilon^{-1})$, where $\epsilon$ is the error tolerance of the option price. This means the quadratic speed-up compared with classical Monte Carlo-based methods such as least-squares Monte Carlo, in which the oracle call number is $\widetilde{O}(\epsilon^{-2})$. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09014&r= |
| By: | Mariam Mohsin (Pakistan Institute of Development Economics, Islamabad.) |
| Abstract: | The structure versus agency debate has since long been under discussion in sociological theory and has also existed in organisational sociology for several decades. This research presents a brief analysis of the major extant work attempting to reconcile this dialectic. After an analysis of the works of Archer, Giddens, and Bourdieu, this paper uses the arguments presented in the works of Giddens and Bourdieu in acknowledgment of the importance of the unconscious mind in the context of this debate. In an attempt to present an understanding of the unconscious in the structure versus agency dialectic, this paper critiques the work of Akram (2012) and argues in favour of the use of collective unconscious instead of the personal unconscious in understanding this debate. Jung’s collective unconscious is conceptualised as the portion of the unconscious mind that has not existed in an individual’s personal conscious and thus is a better understanding of structure than the personal unconscious of Freud, which is more biologically than socially determined. The implications of this theoretical proposition are discussed in terms of organisational discourse. A further unpacking of the unconscious in the form of intuitional mechanisms is recommended. |
| Keywords: | Structure, Agency, Collective Unconscious, Collective Memory |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2021:6&r= |
| By: | Drago, Carlo |
| Abstract: | The analysis and measurement of poverty is a crucial and unsolved issue in the field of social science. This work aims to measure poverty as a multidimensional notion using a new composite indicator. However, subjective choices as different weighting schemes on the indicator's construction could affect their interpretation and policy. It is necessary to consider the possible weighting configurations randomly to overcome this problem, and it is proposed in this work as interval-based composite indicators based on the results. This work aims to obtain robust and reliable measures based on a relevant conceptual model of poverty we have identified, considering various factors as weightings. Methodologically speaking, it is proposed an original procedure for measuring poverty in which it is computed a different composite indicator for each simulated weighting scheme of the identified factors. The weighting scheme in the Monte-Carlo simulation randomly creates an interval-based composite indicator based on the results. The different intervals are compared using different criteria (upper bound, center, and lower bound), and various rankings help analyze extreme scenarios and policy hypotheses. Critical situations are identified in Sicilia, Calabria, Campania and Puglia. The results demonstrate a relevant and consistent indicator measurement and the shadow sector's relevant impact on the final measures |
| Keywords: | Poverty, composite indicators, interval data, interval-based composite indicators, symbolic data |
| JEL: | C02 C15 C43 I3 I32 |
| Date: | 2021–08–21 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109307&r= |
| By: | Luc Arrondel (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Jérôme Coffinet (Banque de France - Banque de France - Banque de France, UP1 - Université Paris 1 Panthéon-Sorbonne) |
| Abstract: | Between 2004 and 2014, the number of shareholders in France fell by approximately 50%. The over-cautiousness of savers observed after the crisis now seems less topical, especially since 2017 was marked in France by a tax reform designed to support shareholding: the implementation of a flat tax and the abolition of wealth tax, replaced by property wealth tax. We therefore analyze the risky portfolios of French households from the last two waves (2014-2015 and 2017-2018) of the INSEE's "Life History and Wealth" survey, which have the advantage of being panelized. Although the 2017-2018 survey comes a little early to analyze the full impact of these reforms, this paper provides an original analysis of the dynamics of households' risky portfolios over the last three years, just before (and shortly after) the implementation of these policies. We show first that the demand for risky assets depends strongly on the level of household wealth and expectations of returns on the stock market, two variables that have likely been affected by the recent reforms. These data also make it possible to assess the extent to which the announcement of the recent tax reform has led to changes in securities holdings. |
| Keywords: | Portfolio choice,equity demand,risk premium puzzle,household finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:halshs-03322577&r= |
| By: | Becker, Sascha O. (Department of Economics, Monash University and U Warwick); Pino, Francisco J. (Department of Economics, University of Chile); Vidal-Robert, Jordi (Department of Economics, University of Sydney) |
| Abstract: | The Protestant Reformation in the early 16th century challenged the monopoly of the Catholic Church. The printing press helped the new movement spread its ideas well beyond the cradle of the Reformation in Luther’s city of Wittenberg. The Catholic Church reacted by issuing indexes of forbidden books which blacklisted not only Protestant authors but all authors whose ideas were considered to be in conflict with Catholic doctrine. We use newly digitized data on the universe of books censored by the Catholic Church during the Counter-Reformation, containing information on titles, authors, printers and printing locations. We classify censored books by topic (religion, sciences, social sciences and arts) and language and record when and where books were indexed. Our results show that Catholic censorship did reduce printing of forbidden authors, as intended, but also negatively impacted on the diffusion of knowledge, and city growth. |
| Keywords: | Censorship; Counter-Reformation; Political Economy; Elite Human Capital. JEL Classification: D7; N93; J24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:562&r= |
| By: | Luc Arrondel (PSE - Paris School of Economics - ENPC - École des Ponts ParisTech - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - UP1 - Université Paris 1 Panthéon-Sorbonne - CNRS - Centre National de la Recherche Scientifique - EHESS - École des hautes études en sciences sociales - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS Paris - École normale supérieure - Paris - PSL - Université Paris sciences et lettres - EHESS - École des hautes études en sciences sociales - ENPC - École des Ponts ParisTech - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Jérôme Coffinet (Banque de France - Banque de France - Banque de France, UP1 - Université Paris 1 Panthéon-Sorbonne) |
| Abstract: | Between 2004 and 2014, the number of shareholders in France fell by approximately 50%. The over-cautiousness of savers observed after the crisis now seems less topical, especially since 2017 was marked in France by a tax reform designed to support shareholding: the implementation of a flat tax and the abolition of wealth tax, replaced by property wealth tax. We therefore analyze the risky portfolios of French households from the last two waves (2014-2015 and 2017-2018) of the INSEE's "Life History and Wealth" survey, which have the advantage of being panelized. Although the 2017-2018 survey comes a little early to analyze the full impact of these reforms, this paper provides an original analysis of the dynamics of households' risky portfolios over the last three years, just before (and shortly after) the implementation of these policies. We show first that the demand for risky assets depends strongly on the level of household wealth and expectations of returns on the stock market, two variables that have likely been affected by the recent reforms. These data also make it possible to assess the extent to which the announcement of the recent tax reform has led to changes in securities holdings. |
| Keywords: | Portfolio choice,equity demand,risk premium puzzle,household finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:hal:psewpa:halshs-03322577&r= |
| By: | Guodong Ding; Daniele Marazzina |
| Abstract: | In this work we analytically solve an optimal retirement problem, in which the agent optimally allocates the risky investment, consumption and leisure rate to maximise a gain function characterised by a power utility function of consumption and leisure, through the duality method. We impose different liquidity constraints over different time spans and conduct a sensitivity analysis to discover the effect of this kind of constraint. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09035&r= |
| By: | Thomas Dee; Elizabeth Huffaker; Cheryl Phillips; Eric Sagara |
| Abstract: | Before the 2020-21 school year, educators, policymakers, and parents confronted the stark and uncertain trade-offs implied by the health, educational, and economic consequences of offering instruction remotely, in person, or through a hybrid of the two. Most public schools in the U.S. chose remote-only instruction and enrollment fell dramatically (i.e., a loss of roughly 1.1 million K-12 students). We examine the impact of these choices on public-school enrollment using unique panel data that combine district-level enrollment trajectories with information on their instructional modes. We find offering remote-only instead of in-person instruction reduced enrollment by 1.1 percentage points (i.e., a 42 percent increase in disenrollment from -2.6 to -3.7 percent). The disenrollment effects of remote instruction are concentrated in kindergarten and, to a lesser extent, elementary schools. We do not find consistent evidence that remote instruction influenced middle or high-school enrollment or that hybrid instruction had an impact. |
| JEL: | I2 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29156&r= |
| By: | Anbinder, Tyler (George Washington University); Connor, Dylan (Arizona State University); O Grada, Cormac (University College, Dublin); Wegge, Simone (College of Staten Island and The Graduate Center—CUNY) |
| Abstract: | Automated census linkage algorithms have become popular for generating longitudinal data on social mobility, especially for immigrants and their children. But what if these algorithms are particularly bad at tracking immigrants? Using nineteenth-century Irish immigrants as a test case, we examine the most popular of these algorithms—that created by Abramitzky, Boustan, Eriksson (ABE), and their collaborators. Our findings raise serious questions about the quality of automated census links. False positives range from about one-third to one-half of all links depending on the ABE variant used. These bad links lead to sizeable estimation errors when measuring Irish immigrant social mobility. |
| Keywords: | JEL Classification: |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:568&r= |
| By: | Eriamiatoe Efosa Festus |
| Abstract: | This study investigates the role of logistics and its six components on trade flows in selected Economic Community of West Africa States (ECOWAS) countries. The impact of other macro-economic variables on trade flows was also investigated. Ten countries were selected in eight years period. We decomposed trade flows into import and export trade. The World Bank Logistics performance index was used as a measure of logistics performance. The LPI has six components, and the impact of these components on trade flows were also examined. The fixed-effect model was used to explain the cross-country result that was obtained. The results showed that logistics has no significant impact on both Import and export, thus logistics play no role on trade flows among the selected ECOWAS countries. The components of logistics except Timeliness of shipments in reaching the final destination ( CRC ),have no impact on trade flows. Income was found to be positively related to imports. Exchange rate, consumption and money supply, reserve and tariff have no significant impact on imports. Relative import price has an inverse and significant relationship with imports. GDP has a positive and significant impact on export trade. The study also found FDI, savings, exchange rate and labour to have insignificant impact on exports. Finally, we found that logistics is not a driver of trade among the selected ECOWAS countries. The study recommended the introduction of the single window system and improvement in border management in order to reduce the cost associated with Logistics and thereby enhance trade. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06441&r= |
| By: | Mjelde, James; Yeritsyan, Anna |
| Keywords: | Teaching/Communication/Extension/Profession, Institutional and Behavioral Economics, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312659&r= |
| By: | Gösser, Niklas; Gürer, Kaan; Haucap, Justus; Meyring, Bernd; Michailidou, Asimina; Schallbruch, Martin; Seeliger, Daniela; Thorwarth, Susanne |
| Abstract: | [Introduction:] The route to customers is becoming increasingly digital, for any business. There is hardly any business that is not focussing on reaching customers online. The Covid-19 pandemic has further accelerated this trend. In many markets, digital platforms have become essential tools for the sale of goods and services. On the one hand, there are transaction platforms for specific goods and services. They are specialist providers in their fields. Consumers access the relevant specialist to directly search for the product or service they intend to purchase, and they expect to directly conclude transactions on the platform ("transaction platforms"). These platforms typically generate the majority of their revenues from sales to consumers or commissions from these sales. On the other hand, there are attention platforms that provide information, entertainment and/or other services (e-mail accounts, translations, search functionality, social media contacts, software use, etc.) to users ("attention platforms"). These platforms are often free of charge for consumers and they generate most of their revenues from advertising. In order to maximize revenues these platforms often aim at maximizing the time that consumers spend within their ecosystems so as to channel consumers' attention to advertising clients or - in case of vertical integration - also to their own offerings. Through the selection of content such as ranking search results and also through advertising these attention platforms can have significant impact on which products receive consumer attention in the first place which enables them to affect and even steer competition. If platforms have such a significant effect on consumer attention that they can steer consumers towards some products and away from others, they may factually become a gatekeeper for these markets. (...) |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:dicedp:369&r= |
| By: | Ingrid Fasshauer (Université Gustave Eiffel, DICEN-IDF - Dispositifs d'Information et de Communication à l'Ère du Numérique - Paris Île-de-France - UPN - Université Paris Nanterre - CNAM - Conservatoire National des Arts et Métiers [CNAM] - Université Gustave Eiffel) |
| Abstract: | Livings labs, emerging forms of collaborative innovation including users in their real-life context, are more and more numerous in France. Even if part of them is organized in a network, they are very diverse in terms of portage, legal structure and above all business model. The latter is all the more crucial since Schuurman (2015) notes a mortality rate of 40% on living labs labeled by the largest network of living labs, European Network of Living Labs (ENoLL). A large number of living labs thus have an unwanted temporary nature (Leminen et al., 2012). Based on a survey, it highlights that three forms of value are generated by the living labs studied: knowledge creation, social impact and economic value. Revenues can be exclusively public, exclusively private or mixed. As for the sharing of value, it is a concern for several living labs which respond by ensuring the dissemination of their innovations to a wide audience. Only research-oriented laboratories have intellectual property protection practices. By taking these three dimensions into account, we propose a typology distinguishing between four categories of living labs. |
| Keywords: | Living Lab,Open Innovation,Business Model,Value sharing |
| Date: | 2020–09–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03312263&r= |
| By: | Uddin, Azhar; Gallardo, Karina; Rickard, Bradley J.; Alston, Julian M.; Sambucci, Olena |
| Keywords: | Agribusiness, Marketing, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312852&r= |
| By: | Martin Baumgaertner (THM Business School); Johannes Zahner (Philipps-Universitaet Marburg) |
| Abstract: | Dictionary approaches are at the forefront of current techniques for quantifying central bank communication. This paper proposes embeddings – a language model trained using machine learning techniques – to locate words and documents in a multidimensional vector space. To accomplish this, we gather a text corpus that is unparalleled in size and diversity in the central bank communication literature, as well as introduce a novel approach to text quantification from computational linguistics. Utilizing this novel text corpus of over 23,000 documents from over 130 central banks we are able to provide high quality text-representations –embeddings– for central banks. Finally, we demonstrate the applicability of embeddings in this paper by several examples in the fields of monetary policy surprises, financial uncertainty, and gender bias. |
| Keywords: | Word Embedding, Neural Network, Central Bank Communication, Natural Language Processing, Transfer Learning |
| JEL: | C45 C53 E52 Z13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:mar:magkse:202130&r= |
| By: | K Hervé Dakpo (ECO-PUB - Economie Publique - AgroParisTech - Université Paris-Saclay - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, D-ERDW - Department of Earth Sciences [Swiss Federal Institute of Technology - ETH Zürich] - ETH Zürich - Eidgenössische Technische Hochschule - Swiss Federal Institute of Technology [Zürich]); Laure Latruffe (GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique); Yann Desjeux (GREThA - Groupe de Recherche en Economie Théorique et Appliquée - UB - Université de Bordeaux - CNRS - Centre National de la Recherche Scientifique); Philippe Jeanneaux (VAS - VetAgro Sup - Institut national d'enseignement supérieur et de recherche en alimentation, santé animale, sciences agronomiques et de l'environnement, Territoires - Territoires - AgroParisTech - VAS - VetAgro Sup - Institut national d'enseignement supérieur et de recherche en alimentation, santé animale, sciences agronomiques et de l'environnement - AgroSup Dijon - Institut National Supérieur des Sciences Agronomiques, de l'Alimentation et de l'Environnement - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement - UCA - Université Clermont Auvergne) |
| Abstract: | Our objective is to extend the latent class stochastic frontier (LCSFM) model to compute productivity change, using the robust transitive productivity Fare-Primont index. The application is to three types of grazing livestock farms in France over the period 2002-2016. The LCSFM identified two classes of farms, intensive farms and extensive farms. Results indicate that productivity change and its components show only small differences between the LCSFM and the pooled model that does not account for heterogeneity. Differences across classes exist, but depend on farm type. |
| Abstract: | Notre objectif est d'étendre le modèle de frontière stochastique à classe de latence (LCSFM) pour calculer le changement de productivité, en utilisant l'indice de productivité transitif robuste de Fare-Primont. L'application porte sur trois types d'exploitations d'élevage herbivore en France sur la période 2002-2016. Le LCSFM a identifié deux classes d'exploitations, les exploitations intensives et les exploitations extensives. Les résultats indiquent que la variation de la productivité et ses composantes ne présentent que de faibles différences entre le LCSFM et le modèle groupé qui ne tient pas compte de l'hétérogénéité. Les différences entre les classes existent, mais dépendent du type d'exploitation. |
| Keywords: | Efficiency,Färe-Primont,France,Grazing livestock farms,Latent class stochastic frontier,Productivity |
| Date: | 2021–02–04 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03280138&r= |
| By: | James Alm (Tulane University); Jay A. Soled (Rutgers University) |
| Abstract: | For years, governments have instituted and administered tax amnesty programs of various forms. At least as measured by the metric of revenue collections, some of these programs have proven successful and others have not. However, none of these many programs properly accounts for the issue of recidivism in a meaningful manner. To address this problem and to enhance long-term tax compliance outcomes, this analysis advocates that legislative governing bodies make tax amnesty programs a one-time option: taxpayers who participate in one tax amnesty program would be barred from subsequent tax amnesty participation offered by the same taxing jurisdiction involving the same type of tax. |
| Keywords: | Tax amnesty, tax compliance, recidivism |
| JEL: | H26 H31 H71 K42 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:tul:wpaper:2115&r= |
| By: | Garber, Benjamin F.; Alwang, Jeffrey; Norton, George W. |
| Keywords: | Productivity Analysis, Teaching/Communication/Extension/Profession, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312730&r= |
| By: | Martinez, Dillen; Robinson, Chadelle R.H.; Miller, Maryfrances |
| Keywords: | Agribusiness, Agricultural and Food Policy, Teaching/Communication/Extension/Profession |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312658&r= |
| By: | Marc Fleurbaey; Ravi Kanbur; Dennis Snower; Dennis J. Snower |
| Abstract: | A model that only focuses on economics relations, and in which efficiency and equity are defined in terms of resource allocation may miss an important part of the picture. We propose an integrated model that embeds economic activities in a larger game of social interactions, and define comprehensive notions of efficiency and equity. Social interactions provide additional sources of inefficiencies and inequalities, including through the mere lack of coordination between the regulation mechanisms of the economics sphere and the social sphere. Remedies may require more than market solutions and redistribution of resources. In particular, social norms are likely to play an important role. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9259&r= |
| By: | Hackler, Darrene; Harpel, Ellen |
| Abstract: | Many economic development organizations (EDOs) have embraced the mission to support entrepreneurial firms in their communities. EDOs engage in their entrepreneurial ecosystems, in part, by providing resources, sometimes in the form of business incentives. The purpose of this report is to provide practitioners and policymakers with insights regarding the use of these incentives and guidance for offering incentives to entrepreneurial firms. Researchers and policymakers use a wide range of definitions for “entrepreneurial firm” and “incentive,” making it difficult to categorize and describe the current state of entrepreneurial firm incentives. Multiple additional research challenges, including a lack of data on program outcomes, hinder the ability to draw definitive policy guidance from both program evaluations and academic research. This report strives to sort this tangle of material into a framework that is helpful for policymakers and economic development practitioners. |
| Keywords: | entrepreneurship, startups, small business, incentives, economic development, incubators, accelerators, equity |
| JEL: | L26 O1 O11 O12 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109173&r= |
| By: | Jayne WOOLFORD (European Commission - JRC) |
| Abstract: | This report has been prepared as part of the Lagging Regions project of the JRC, which aimed to support the implementation of Smart Specialisation Strategies in selected low-growth and less developed regions in EU Member States. In April 2020 following the onset of the COVID-19 global pandemic, a series of questions was sent to Lagging Regions partner territories in order to determine their policy responses, specifically in the context of initial European Commission initiatives such as the Coronavirus Response Investment Initiative (CRII) under Cohesion Policy. This paper collects and builds on the responses received in order to give an indication of the potential consequences of the global public health crisis on some of the least developed regions of the European Union. |
| Keywords: | Smart Specialisation, Lagging Regions, Covid-19, Cohesion, |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc125914&r= |
| By: | PERIANEZ FORTE Inmaculada (European Commission - JRC); GUZZO Fabrizio (European Commission - JRC); HEGYI Fatime Barbara (European Commission - JRC); GIANELLE Carlo (European Commission - JRC) |
| Abstract: | This report comprises 10 case study reports at regional and national on the implementation of the Smart Specialisation policy across 4 EU countries. This analytical work seeks to provide a wide assessment of the smart specialisation policy experience along with some reflections for the 2021-2027 EU Cohesion policy. The reports were produced by national experts using a common conceptual framework and set of guidelines for data collection. They were also redacted according to a common structure which facilitates comparative analysis and information search in general. The case studies included in this report consists of three sections on (i) governance, (ii) the entrepreneurial discovery process and, (iii) monitoring and evaluation, plus a succinct account of some relevant implementation measures characterised by being experimentalThe section on governance provides an overview of the smart specialisation governance and comprises four parts focused on political support and leadership; autonomy and accountability of the smart specialisation management body; horizontal and vertical coordination; and stakeholder engagement. The section on the entrepreneurial discovery process looks at the main dimensions of the process and develops four parts focused on understanding the continuous entrepreneurial discovery process concept; the entrepreneurial discovery process organisation: structure, role, processes, resources, and the mobilisation and engagement of stakeholders; and capacity building. The last section on monitoring and evaluation consists of four parts focused on the general objectives and main results of the smart specialisation strategy; the specificity and usefulness of the smart specialisation monitoring system; the smart specialisation monitoring system usage; and the smart specialisation evaluation. |
| Keywords: | Smart Specialisation |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc124478&r= |
| By: | Catelén, Ana Laura |
| Abstract: | This paper describes the balance-of-payments dominance as a growth constraint to the Argentinian economy and briefly characterizes the unbalanced productive structure of the country as its main cause. Also, understanding that under this constraint domestic economic cycles depend on external shocks, auto-regressive vectors are used to characterize the short-run impact of these shocks on GDP, trade balance, and real wages. Results confirm that there is a bottleneck in the trade balance that blocks future growth possibilities, that GDP and wages are highly sensitive to variations in the terms of trade, that the increase in external debt does not produce economic growth or improvements in the purchasing power of the population, and that there is a vicious dynamic between capital flight and foreign debt. At the same time, there is evidence of the increase in external vulnerability since the change in the accumulation model in the 1970s. |
| Keywords: | Crecimiento Económico; Balanza de Pagos; Vulnerabilidad Externa; |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3471&r= |
| By: | Aron, Janine; Muellbauer, John |
| Abstract: | In a previous article, we considered key issues for comparing rates of excess mortality between countries and regions, with an application to European countries. This article compares the U.S. with Europe, and U.S. regions with the main European countries. The U.S. policy-makers had multiple advantages over European countries, such as Italy and Spain, in responding to the first wave of the Covid-19 pandemic: more time to react, with excess deaths lagging three weeks behind, and a younger, less densely-populated, less urban population. With the further passage of time, medical knowledge about Covid-19 has improved, health and testing capacities have been built up and practical experience has allowed both the private precautionary responses of citizens and of public policies to develop. This should have given countries and regions, for example, the U.S. South, the West and the Midwest, together accounting for 83 percent of the U.S. population, and where the spread of virus occurred later, a further advantage over those caught up in the first pandemic wave. Despite this, a comparison for the whole of the U.S. with Europe, excluding Russia, shows that the cumulative rate of excess mortality in 2020 was higher in the U.S.. And for the U.S. Northeast, the most comparable U.S. region, being closest to major European countries in the timing of the pandemic, and in population-density, age and urbanisation, the plausible measures of excess mortality prove substantially worse than for the worst-affected countries in Europe. These findings contradict recent claims by the U.S. President. |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-18&r= |
| By: | Easterlin, Richard A. (University of Southern California) |
| Abstract: | The answer is that people's evaluations of their income situation are based on different considerations when the economy is expanding and when it is contracting. When, in the course of economic growth, incomes generally are rising, evaluations tend to be dominated by "social comparison"—what is happening to the incomes of others. An increase in the incomes of others undercuts the tendency for happiness to grow with an increase in one's own income, and happiness remains fairly constant. But in a recession, as people increasingly have difficulty meeting their fixed financial obligations, the benchmark for income evaluations turns inward. "Financial hardship", the shortfall from one's own previous peak income, takes over, and the greater the shortfall, the less one's happiness. There is thus an asymmetry in the psychological roots of income evaluations when income is rising vs. falling , and this causes a corresponding asymmetry in the response of happiness to the direction of income change. |
| Keywords: | happiness, life satisfaction, subjective well-being, economic growth, GDP, income, easterlin paradox, recession, social comparison, financial hardship |
| JEL: | I31 D60 O10 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14645&r= |
| By: | Peter van de Ven (OECD) |
| Abstract: | The 2008 System of National Accounts (SNA) provides the international standards for compiling macro-economic statistics. In addition to the core set of accounts, the 2008 SNA also introduces satellite accounts, which are linked to, but distinct from, the central framework of national accounts. One type of satellite accounts involves some rearrangement of central classifications and the possible introduction of complementary elements, to give a more detailed description and monitoring of a certain theme, such as tourism, education, health, the digital economy and transport. They may involve some differences from the standards applied in the central framework, but they generally do not change the underlying concepts of the SNA in a fundamental way. The second type of satellite analysis is mainly based on concepts that are alternatives to those of the SNA. They may include a different production boundary, an enlarged concept of consumption or capital formation, an extension of the scope of assets, and so on. There is a growing demand for satellite accounts, especially for the first type of thematic satellite accounts. This paper aims to clarify the key steps for the compilation of such thematic satellite accounts, using the example of a satellite account for transport. |
| JEL: | E01 L91 |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:oec:stdaaa:2021/02-en&r= |
| By: | Jan Ditzen (Free University of Bolzano-Bozen) |
| Abstract: | The recent events that have plagued the global economy, such as the 2008 financial crisis or the 2020 COVID-19 outbreak, hint to multiple structural breaks in economic relationships. I present xtbreak, which implements the estimation of single and multiple break points and testing for structural breaks in time series and panel data. The estimation and the tests follow the methodologies developed in Andrews (1993, Econometrica), Bai and Perron (1998, Econometrica), and Ditzen, Karavias, and Westerlund (2021). For both time-series and panel-data regressions, five tools are provided: (i) a test of no structural change against the alternative of a specific number of changes, (ii) a test of the null hypothesis of no structural change against the alternative of an unknown number of structural changes, (iii) a test of the null of s changes against the alternative of s-1 changes, (iv) consistent break date estimators, and (v) asymptotically valid confidence intervals for the break dates. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:7&r= |
| By: | Carli, Francesco; Suetens, Sigrid (Tilburg University, School of Economics and Management); Uras, Burak (Tilburg University, School of Economics and Management); Visser, Philine |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiutis:918d8091-4038-4d14-af04-84076368f1fd&r= |
| By: | Andrew Friedson; Moyan Li; Katherine Meckel; Daniel I. Rees; Daniel W. Sacks |
| Abstract: | Medical experts have argued forcefully that using cigarettes harms health, prompting the adoption of myriad anti-smoking policies. The association between smoking and mortality may, however, be driven by unobserved factors, making it difficult to discern the underlying long-term causal relationship. In this study, we explore the effects of cigarette taxes experienced as a teenager, which are arguably exogenous, on adult smoking participation and mortality. A one-dollar increase in teenage cigarette taxes is associated with an 8 percent reduction in adult smoking participation and a 6 percent reduction in mortality. Mortality effects are most pronounced for heart disease and lung cancer. |
| Keywords: | smoking, cigarette taxes, mortality |
| JEL: | H20 I10 I12 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9232&r= |
| By: | Li, Xiaoyu; Klaiber, Allen; Gopalakrishnan, Sathya |
| Keywords: | Community/Rural/Urban Development, Environmental Economics and Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312823&r= |
| By: | Amuedo-Dorantes, Catalina (University of California, Merced); Antman, Francisca M. (University of Colorado, Boulder) |
| Abstract: | We explore whether fear of apprehension affects immigrants' labor market engagement by examining how ICE removals due to immigration violations and increased awareness of immigration raids impact their labor market outcomes. We find that ICE deportations are associated with reductions in the labor force participation and employment of likely undocumented immigrants when compared to similarly skilled foreign-born U.S.citizens. Effects are particularly strong among women, especially those with children, as well as in industries likely targeted by ICE raids. Controlling for perceived threats and de jure immigration policies has little impact on these results. |
| Keywords: | undocumented immigrants, immigration raids, labor supply |
| JEL: | J15 J61 J2 J3 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14646&r= |
| By: | Jooyoung Cha; Harold D. Chiang; Yuya Sasaki |
| Abstract: | This paper proposes a new method of inference in high-dimensional regression models and high-dimensional IV regression models. Estimation is based on a combined use of the orthogonal greedy algorithm, high-dimensional Akaike information criterion, and double/debiased machine learning. The method of inference for any low-dimensional subvector of high-dimensional parameters is based on a root-$N$ asymptotic normality, which is shown to hold without requiring the exact sparsity condition or the $L^p$ sparsity condition. Simulation studies demonstrate superior finite-sample performance of this proposed method over those based on the LASSO or the random forest, especially under less sparse models. We illustrate an application to production analysis with a panel of Chilean firms. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09520&r= |
| By: | Rihn, Alicia; Khachatryan, Hayk; Wei, Xuan |
| Keywords: | Agribusiness, Institutional and Behavioral Economics, Marketing |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312671&r= |
| By: | Christophe Baret (LEST - Laboratoire d'économie et de sociologie du travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique); Cathel Kornig (LEST - Laboratoire d'économie et de sociologie du travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique); Recotillet Isabelle (LEST - Laboratoire d'économie et de sociologie du travail - AMU - Aix Marseille Université - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Depuis plusieurs années les personnels hospitaliers alertent les médias, l'opinion publique et les politiques sur la dégradation des conditions de travail, le manque de moyens pour apporter des soins de qualité, le manque d'attractivité des salaires ou encore, l'augmentation des violences subies. Ils attendent une meilleure reconnaissance de leurs compétences, de leur investissement au travail et plus généralement du rôle sociétal crucial des métiers du soin. Dans le cadre d'une démarche scientifique, nous proposons ici de définir le concept de reconnaissance au travail, et de mesurer les écarts entre la perception actuelle de la reconnaissance par les personnels et leurs attentes de reconnaissance. Dans un premier temps nous présentons les quatre dimensions de la reconnaissance au travail qui font consensus dans la littérature internationale et la méthodologie de notre enquête statistique, réalisée dans un CHU français. Dans un second temps, nous exposons les différents résultats qui mettent en évidence quelles catégories de personnel se sentent les moins reconnues, de qui attendent-elles des signes de reconnaissance et quelles sont les pratiques de reconnaissance les plus attendues. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03213198&r= |
| By: | Da, Yabin; Xu, Yangyang; Yi, Fujin; McCarl, Bruce A. |
| Keywords: | Environmental Economics and Policy, Food Consumption/Nutrition/Food Safety, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312638&r= |
| By: | Eduardo Dávila; Ansgar Walther |
| Abstract: | This paper studies the optimal design of second-best corrective regulation, when some agents or activities cannot be perfectly regulated. We show that policy elasticities and Pigouvian wedges are sufficient statistics to characterize the marginal welfare impact of regulatory policies in a large class of environments. We show that the optimal second-best policy is determined by a subset of policy elasticities: leakage elasticities, and characterize the marginal value of relaxing regulatory constraints. We apply our results to scenarios with unregulated agents/activities and with uniform regulation across agents/activities. We illustrate our results in applications to shadow banking, scale-invariant regulation, asset substitution, and fire sales. |
| JEL: | D62 G18 G28 H21 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29160&r= |
| By: | Stuart Campbell; Lindsey Macmillan; Richard Murphy; Gill Wyness |
| Abstract: | This paper examines inequalities in the match between student and degree quality using linked administrative data from schools, universities and tax authorities. We analyse two measures of match at the university-subject level: undergraduate enrollment qualifications, and graduate earnings. We find for both that disadvantaged students match to lower quality degrees across the entire distribution of achievement, in a setting with uniform fees and a generous financial aid system. While there are negligible gender gaps in academic match, high-attaining women systematically undermatch in terms of expected earnings, driven by subject choice. These inequalities in match are largest among the most undermatched. |
| Keywords: | higher education, educational economics, college choice, mismatch, undermatch |
| JEL: | I23 I24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9261&r= |
| By: | Guillaume Denos (GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - Institut National de l'Horticulture et du Paysage, IAE Angers - Institut d'Administration des Entreprises (IAE) - Angers - UA - Université d'Angers); Christophe Maurel; François Pantin |
| Date: | 2020–06–02 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03274464&r= |
| By: | Fernanda Herrera |
| Abstract: | We examine the effects of introducing a political outsider to the nomination process leading to an election. To this end, we develop a sequential game where politicians -- insiders and outsiders -- make a platform offer to a party, and parties in turn decide which offer to accept; this process conforms the voting ballot. Embedded in the evaluation of a party-candidate match is partisan affect, a variable comprising the attitudes of voters towards the party. Partisan affect may bias the electorate's appraisal of a match in a positive or negative way. We characterize the conditions that lead to the nomination of an outsider and determine whether her introduction as a potential candidate has any effect on the winning policy and on the welfare of voters. We find that the victory of an outsider generally leads to policy polarization, and that partisan affect has a more significant effect on welfare than ideology extremism. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.05943&r= |
| By: | Bryan, Calvin; Manning, Dale; Goemans, Christopher; Sloggy, Matthew R. |
| Keywords: | Agricultural and Food Policy, Institutional and Behavioral Economics, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312784&r= |
| By: | Dominique Desbois (ECO-PUB - Economie Publique - INRA - Institut National de la Recherche Agronomique - AgroParisTech) |
| Abstract: | Le libéralisme contre le capitalisme Valérie Charolles Gallimard, Essay Folio n°667, 383 S. Diese überarbeitete und erweiterte Taschenbuchausgabe bietet dem Leser eine Reflexion, die vorschlägt, dem Ökonomismus, der unsere Gesellschaft beherrscht, zu entkommen. Dieser Ökonomismus nimmt die Form eines Zwanges an, der von ökonomischen Kräften ausgeübt wird, die uns zur Ohnmacht verurteilen. Zu diesem Zweck schlägt das Buch vor, die Grundlagen der Wirtschaft zu hinterfragen, zunächst in den Buchhaltungsprinzipien, die das Funktionieren der Unternehmen regeln, und stellt fest, dass das Humankapital in ihren Büchern nicht vorkommt. Diese Situation ist umso paradoxer, als die neue Wirtschaft zunehmend auf "Humankapital" basiert. In seinem Werk "The Wealth of Nations" setzt sich Adam Smith sehr kritisch mit Kapitaleinkommen auseinander. Für ihn muss das freie Spiel des Marktes eine gewisse Form der Gleichheit angesichts der vom Wettbewerb getroffenen Auswahl gewährleisten. Wie Adam Smith ist der Autor der Ansicht, dass der wirtschaftliche Reichtum aus der Arbeit und nicht aus dem Kapital kommt, denn Arbeit ist die theoretische Quelle allen Reichtums. Von der Beobachtung einer entwerteten Arbeit gehen wir zum Problem des Wertes der Arbeit über, bei dem die Arbeit nicht mehr nur als Last betrachtet wird, sondern gleichberechtigt mit dem Kapital in einer Weise behandelt würde, die den Grundlagen des Liberalismus besser entspricht. |
| Abstract: | Le libéralisme contre le capitalisme Valérie Charolles Gallimard, essay Folio n°667, 383 p. This revised and enlarged paperback edition provides readers with a reflection that aims to escape the economism that dominates our society. This economism takes the form of a constraint exerted by economic forces that condemn us to impotence. To this end, the book proposes to question the foundations of the economy first in the accounting principles that govern the functioning of companies, noting that human capital is absent from their books. This situation is all the more paradoxical as the new economy is increasingly based on "human capital". In his work "The Wealth of Nations", Adam Smith is very critical of income from capital. For him, the free play of the market must ensure a certain form of equality in the face of the selection made by competition. Like Adam Smith, the author considers that economic wealth comes from labour and not from capital, because labour is the theoretical source of all wealth. From the observation that labour is devalued, we move on to the problem of labour-value, where labour is no longer considered only as a burden but is treated on an equal footing with capital, in a way that is more consistent with the fundamentals of liberalism. |
| Abstract: | Le libéralisme contre le capitalisme Valérie Charolles Gallimard, essai Folio n°667, 383 p. Cette édition revue et augmentée dans un format poche met à disposition des lecteurs une réflexion qui se propose d'échapper à l'économisme qui domine notre société. Cet économisme se présente sous la forme d'une contrainte exercée par les forces économiques qui nous condamnent à l'impuissance. À cet effet, l'ouvrage se propose d'interroger les fondements de l'économie d'abord dans les principes comptables qui régissent le fonctionnement des entreprises, constatant que le capital humain est absent de leurs livres de comptes. Situation d'autant plus paradoxale que la nouvelle économie repose de plus en plus sur le « capital humain ». Dans son oeuvre « La richesse des nations », Adam Smith se montre très critique vis à vis des revenus tirés du capital. Pour lui, le libre jeu du marché doit assurer une certaine forme d'égalité devant la sélection opérée par la concurrence. À l'instar d'Adam Smith, l'auteure considère que la richesse économique provient du travail et non du capital car le travail est source théorique de toute richesse. Du constat d'un travail dévalorisé, on passe ainsi à la problématique de la valeur-travail où le travail n'est plus seulement considéré comme une charge mais serait traité sur un pied d'égalité avec le capital de façon plus cohérente avec les fondamentaux du libéralisme. |
| Date: | 2021–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03188316&r= |
| By: | Parvez, Rezwanul; Ali Meerza, Syed Imran; Hasan Khan Chowdhury, Nazea |
| Keywords: | Teaching/Communication/Extension/Profession, Community/Rural/Urban Development, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312912&r= |
| By: | Yuki Takahashi |
| Abstract: | Corrections among colleagues are an integral part of group work, but people may take corrections as personal criticism, especially corrections by women. I study whether people dislike collaborating with someone who corrects them and more so when that person is a woman. People, including those with high productivity, are less willing to collaborate with a person who has corrected them even if the correction improves group performance. Yet, people respond to corrections by women as negatively as by men. These findings suggest that although women do not face a higher hurdle, correcting colleagues is costly and reduces group efficiency. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10109&r= |
| By: | Nadeem Ul Haque (Pakistan Institute of Development Economics, Islamabad); David Orden (Institute for Society, Culture and Environment, Virginia Polytechnic Institute and State University, USA.) |
| Abstract: | This paper argues that successful public policy requires engaged research developing ideas and evidence from diverse vantage points. Pakistan’s social science research remains fragmented, under-resourced and dependent on external agendas. We describe a five-year pilot programme to enhance Pakistan’s research culture. Seventy-two crowd-sourced and competitively-selected projects at 46 geographically dispersed institutions were supported. Provincial universities were empowered and networking with the better-placed metropolitan institutions proved mutually beneficial to scholarship. Substantial research outputs were completed in important areas of policy. We conclude that such multi-year commitments to review and network engagement are vital to strengthening policy capacity. |
| Keywords: | Pakistan; Research Community; Social Sciences; Networking; Competitive Grants |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2020:25&r= |
| By: | Beatriz Rache; Letícia Nunes; Rudi Rocha |
| Date: | 2020–02–29 |
| URL: | http://d.repec.org/n?u=RePEc:amc:tecnot:001&r= |
| By: | Carli, Francesco; Suetens, Sigrid (Tilburg University, Center For Economic Research); Uras, Burak (Tilburg University, Center For Economic Research); Visser, Philine |
| Keywords: | group loan contracts; asymmetric contracts; joint liability; coordination game; microfinance; laboratory experiment |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiucen:918d8091-4038-4d14-af04-84076368f1fd&r= |
| By: | Stephen Jenkins (London School of Economics and Political Science); Fernando Rios-Avila (Levy Economics Institute) |
| Abstract: | Kapteyn and Ypma (KY; 2007, https://doi.org/10.1086/513298) is an influential study for the analysis of linked administrative and survey earnings data that was the first to allow for measurement errors in both sources of data. Allowing for measurement errors in administrative data, they find evidence that the oft-cited feature of mean-reversion errors in survey data virtually disappeared. In this talk, I introduce a new set of commands that facilitates the estimation of the KY measurement error model, expanding on the theoretical model proposed by KY, and incorporating insights from Meijer, Rohwedder, and Wansbeek (2012, https://doi.org/10.1198/jbes.2011.08166). These commands are ky_fit, a command that can be used to fit the KY model, including the proposed extensions; ky_estat, an add-on for estat that allows the user to obtain summary statistics of important features of the KY model, including measurements of data reliability; ky_p, an add-on for predict and margins that allows obtaining model predictions and marginal effects of the model; and ky_sim, a command that can simulate data based on the fitted models. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:33&r= |
| By: | Fazlul, Ishtiaque (University of Missouri); Jones, Todd R. (Mississippi State University); Smith, Jonathan (Georgia State University) |
| Abstract: | Millions of high school students who take an Advanced Placement (AP) course in one of over 30 subjects can earn college credit by performing well on the corresponding AP exam. Using data from four metro-Atlanta public school districts, we find that 15 percent of students' AP courses do not result in an AP exam. We predict that up to 32 percent of the AP courses that do not result in an AP exam would result in a score of 3 or higher, which generally commands college credit at colleges and universities across the United States. Next, we examine disparities in AP exam-taking rates by demographics and course taking patterns. Most immediately policy relevant, we find evidence consistent with the positive impact of school district exam subsidies on AP exam-taking rates. In fact, students on free and reduced-price lunch (FRL) in the districts that provide a higher subsidy to FRL students than non-FRL students are more likely to take an AP exam than their non-FRL counterparts, after controlling for demographic and academic covariates. |
| Keywords: | educational economics, advanced placement, high school coursework |
| JEL: | I22 I20 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14652&r= |
| By: | Ludovic Gouden\`ege; Andrea Molent; Antonino Zanette |
| Abstract: | Evaluating moving average options is a tough computational challenge for the energy and commodity market as the payoff of the option depends on the prices of a certain underlying observed on a moving window so, when a long window is considered, the pricing problem becomes high dimensional. We present an efficient method for pricing Bermudan style moving average options, based on Gaussian Process Regression and Gauss-Hermite quadrature, thus named GPR-GHQ. Specifically, the proposed algorithm proceeds backward in time and, at each time-step, the continuation value is computed only in a few points by using Gauss-Hermite quadrature, and then it is learned through Gaussian Process Regression. We test the proposed approach in the Black-Scholes model, where the GPR-GHQ method is made even more efficient by exploiting the positive homogeneity of the continuation value, which allows one to reduce the problem size. Positive homogeneity is also exploited to develop a binomial Markov chain, which is able to deal efficiently with medium-long windows. Secondly, we test GPR-GHQ in the Clewlow-Strickland model, the reference framework for modeling prices of energy commodities. Finally, we consider a challenging problem which involves double non-Markovian feature, that is the rough-Bergomi model. In this case, the pricing problem is even harder since the whole history of the volatility process impacts the future distribution of the process. The manuscript includes a numerical investigation, which displays that GPR-GHQ is very accurate and it is able to handle options with a very long window, thus overcoming the problem of high dimensionality. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11141&r= |
| By: | Dain Jung (Liaoning University); Do Won Kwak (Korea University); Kam Ki Tang (School of Economics, University of Queensland, Brisbane, Australia); Myra Yazbeck (University of Ottawa) |
| Abstract: | Although there is a large literature on the direct effects of job conditions such as unemployment or job insecurity on mental health, little is known about how the job conditions of individuals may amplify the impact of mental health shocks originated from sources unrelated to the labour market. This paper aims to fill this gap. Using the panel data from the Household, Income and Labour Dynamics in Australia (HILDA) survey, we first establish that negative life events unrelated to the labour market have significant adverse impact on individuals’ mental health, and then demonstrate that both job insecurity and job stress exacerbate the impact. We also find gender heterogeneity in the results that job insecurity and job stress affect mostly female workers. |
| Date: | 2021–08–17 |
| URL: | http://d.repec.org/n?u=RePEc:qld:uq2004:647&r= |
| By: | Lin William Cong; Charles M. C. Lee; Yuanyu Qu; Tao Shen |
| Abstract: | This study reports on the current state-of-affairs in the funding of entrepreneurship and innovations in China and provides a broad survey of academic findings on the subject. We also discuss the implications of these findings for public policies governing the Chinese financial system, particularly regulations governing the initial public offering (IPO) process. We also identify and discuss promising areas for future research. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10982&r= |
| By: | Vitus Püttmann; Jens Ruhose; Stephan L. Thomsen |
| Abstract: | Academics are increasingly expected to engage in public discussions. We study how engagement conditions affect academics’ engagement attitudes via a survey experiment among 4,091 tenured professors in Germany. Consistent with the crowding-out of intrinsic motivation, we find lesspositive attitudes when emphasizing public authorities’ demands and public expectations regarding science’s societal relevance. Effects are particularly strong among professors endorsing science–society relations. Moreover, effects are similar when highlighting risks associated with engagement, but more pronounced for females, and absent when emphasizing public support for academics’ engagement. We conclude that considering individual incentive structures and safeguarding against repercussions may promote academics’ engagement. |
| Keywords: | science communication, public engagement, professor, survey experiment, intrinsic motivation |
| JEL: | I23 O33 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9258&r= |
| By: | Tanveer, Muhammad; Mahmood, Haider; Haq, Ikram Ul; Rather, Raouf Ahmad; Ali, Haider |
| Abstract: | Higher Education Commission (HEC) in Pakistan is just established in this century, which is responsible for quality checks in higher educational institutes. This study describes the quality assurance framework and its passage toward expanding Pakistan's higher learning institutions. It intends to provide a comprehensive analysis of Pakistan's higher education initiatives, along with the forces behind such measures throughout the last decade. This study also aims to explore the role of the HEC in implementing those reforms. The research study focuses on teachers as significant players in Pakistan's cycle of improving higher education. The demand and supply of higher education are also discussed from a market approach perspective. The qualitative-quantitative aspects of higher education are analyzed. On behalf of observations, the findings presented with the core focus of the analytical approach are provided a balanced picture of the main policy proposals in Higher Education Institutions (HEIs) in both content and process terms. The study explored that amid many shortcomings, uncertainties, and flaws, multitudes of changes in higher education have been adopted and enforced at Pakistan's HEIs. We float and discuss many practical implications in this regard. |
| Keywords: | Higher Education, reforms, Pakistan Higher Education, Drivers for Quality Assurance, HEC |
| JEL: | I2 I21 |
| Date: | 2021–07–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109253&r= |
| By: | Michele Vodret; Iacopo Mastromatteo; Bence Tóth; Michael Benzaquen (LadHyX - Laboratoire d'hydrodynamique - X - École polytechnique - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | We provide an economically sound micro-foundation to linear price impact models, by deriving them as the equilibrium of a suitable agent-based system. Our setup generalizes the well-known Kyle model, by dropping the assumption of a terminal time at which fundamental information is revealed so to describe a stationary market, while retaining agents' rationality and asymmetric information. We investigate the stationary equilibrium for arbitrary Gaussian noise trades and fundamental information, and show that the setup is compatible with universal price diffusion at small times, and non-universal mean-reversion at time scales at which fluctuations in fundamentals decay. Our model provides a testable relation between volatility of prices, magnitude of fluctuations in fundamentals and level of volume traded in the market. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03016486&r= |
| By: | Janjala Chirakijja; Seema Jayachandran; Pinchuan Ong |
| Abstract: | This paper examines how the price of home heating affects mortality in the US. Exposure to cold is one of the reasons that mortality peaks in winter, and a higher heating price increases exposure to cold by reducing heating use. In addition, a higher price raises energy bills, which could also affect health by decreasing other healthpromoting spending. Our empirical approach combines spatial variation in the energy source used for home heating and temporal variation in the national prices of natural gas and electricity. We find that a lower heating price reduces winter mortality, driven mostly by cardiovascular and respiratory causes. The effect is especially large in highpoverty communities. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:msh:ebswps:2021-9&r= |
| By: | John Brondolo |
| Abstract: | This technical note and manual (TNM) addresses the following questions: (1) What are the main challenges in administering the value-added tax on imported digital services and the measures that countries have introduced to address the challenges?; (2) What are the main challenges in administering the value-added tax on low-value imported goods and the measures that countries have introduced to address the challenges? ;and (3) What are the key tasks in implementing the measures for improving the administration of the value-added tax on imported digital services and low-value imported goods? |
| Date: | 2021–05–21 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imftnm:2021/004&r= |
| By: | Mekky, Maher F.; Collins, Alan R.; Brooke, William |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312701&r= |
| By: | Zinsou Nakou (LAED - Laboratoire de recherche Entreprise et Developpement - ESP - École Supérieure Polytechnique de Dakar - UCAD - Université Cheikh Anta Diop [Dakar, Sénégal]); Serge Simen (LAED - Laboratoire de recherche Entreprise et Developpement - ESP - École Supérieure Polytechnique de Dakar - UCAD - Université Cheikh Anta Diop [Dakar, Sénégal]) |
| Abstract: | This paper proposes to deal with the way in wich Benin SMEs differentiate themselves on a competitive level thanks to the CSR practices implemented. We carried out a quantitative study based on a questionnaire with 481 Beninese SMEs whose data were presented and processed according to SPSS 21. To this end, we performed the analysis using a technique using structural equation modeling based on variance: partial least squares. Thus, our results confirm the claims that employees are the stakeholders with the greatest impact on competitiveness, mainly because of their ability to increase or reduce the productivity level of SMEs and their role in the value chain. On the other hand, with regard to the environment and customers, our results highlight the need to plan a socially responsible strategy that highlights the benefits that these two stakeholders can offer. Finally, our results also indicated that the development of CSR practices promotes the strengthening of links between SMEs and their stakeholders and that this improvement in turn affects competitiveness. |
| Abstract: | Ce papier se propose de traiter la manière dont se différencient les PME béninoises sur un plan concurrentiel grâce aux pratiques RSE mises en œuvre. Nous avons procédé à une étude quantitative basée sur un questionnaire avec 481 PME béninoises dont les données ont été présentées et traitées selon SPSS 21. A cet effet, nous avons effectué l'analyse à l'aide d'une technique de modélisation par équations structurelles basée sur la variance: les moindres carrés partiels. Ainsi, nos résultats confirment les déclarations selon lesquelles les employés sont les parties prenantes ayant le plus grand impact sur la compétitivité, principalement en raison de leur capacité à augmenter ou à réduire le niveau de productivité des PME et de leur rôle dans la chaîne de valeur. D'autre part, en ce qui concerne l'environnement et les clients, nos résultats soulignent la nécessité de planifier une stratégie socialement responsable qui souligne les avantages que ces deux parties prenantes peuvent offrir. Enfin, nos résultats ont indiqué également que le développement des pratiques de RSE favorise le renforcement des liens entre les PME et leurs parties prenantes et que cette amélioration affecte à son tour la compétitivité. |
| Keywords: | SMEs,stakeholders,relational improvements,competitive performance,CSR,performance concurrentielle,améliorations relationnelles,PME,parties prenantes,RSE |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03284880&r= |
| By: | Henrique Z. Motte; Rodrigo C. Oliveira |
| Abstract: | Peers play an essential role in cognitive and non-cognitive skills formation. Ordinal rank may also change incentives and environment, impacting students' efforts. Using two rich administrative data sets and a rule of admission at one top university in Brazil, we apply a regression discontinuity design to study the effect of class allocation on academic performance and labour market outcomes. The rule creates two potential effects on students: peer and ranking effects. |
| Keywords: | Affirmative action, Peer effect, Ranking effect, Brazil, Education |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-137&r= |
| By: | Ishtiaque Fazlul (Department of Economics, University of Missouri); Cory Koedel (Department of Economics, University of Missouri); Eric Parsons (Department of Economics, University of Missouri); Cheng Qian (Department of Economics, University of Missouri) |
| Abstract: | We evaluate the feasibility of estimating test-score growth for schools and districts with a gap year in test data. Our research design uses a simulated gap year in testing when a true test gap did not occur, which facilitates comparisons of district- and school-level growth estimates with and without a gap year. We find that growth estimates based on the full data and gap-year data are generally similar, establishing that useful growth measures can be constructed with a gap year in test data. Our findings apply most directly to testing disruptions that occur in the absence of other disruptions to the school system. They also provide insights about the test stoppage induced by COVID-19, although our work is just a first step toward producing informative school- and district-level growth measures from the pandemic period. |
| Keywords: | value-added modeling, growth modeling, test gap, COVID-19 test stoppage |
| JEL: | I20 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:umc:wpaper:2110&r= |
| By: | Janzen, Sarah A.; Magnan, Nicholas; Sharma, Sudhindra; Thompson, William M. |
| Keywords: | Community/Rural/Urban Development, Labor and Human Capital, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312711&r= |
| By: | Hopkins, Kelsey A.; McKendree, Melissa G. S.; Schaefer, K. Aleks; Rice, Emma D. |
| Keywords: | Agricultural and Food Policy, Agribusiness, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312710&r= |
| By: | Nicholas J. Cox (Durham University) |
| Abstract: | Whatever we do in statistical science should be rooted in careful and comprehensive description and exploration of the data. This presentation surveys various commands by the author for plotting univariate distributions, without neglecting the need for concise and genuinely informative numerical summaries. Graphical highlights include qplot (SJ) and multqplot (SJ) for quantile plots, the complementary distplot (SJ) for (empirical [cumulative]) distribution plots, multidensity (SSC) for density function estimates, stripplot (SSC) for strip plots and much more, and transplot (SSC) for trying out transformations. Numerical highlights include moments (SSC) as a convenience wrapper for summarize results and (last but not least) lmoments (SSC) for the greatly underappreciated L-moments and derived statistics. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:4&r= |
| By: | Borsboom, Charlotte; Füllbrunn, Sascha |
| Abstract: | Companies actively manipulate stock price ranges through IPOs, stock splits, and repurchases. Indeed, empirical results suggest that the stock's price range, whether at a high or low price level, affects market performance. Unfortunately, archival data does not allow us to test the effect of stock price levels on investor behavior due to uncontrolled confound effects. We thus conduct a controlled online experiment with 900 US retail investors to test whether a difference in stock price levels affects the investor's risk perception, the price forecast, and the investment. Even though we �nd no differences in risk perception and forecasts, our results show signi�cantly higher investments in high-priced stocks in comparison to low-priced stocks. This effect disappears when we allow fractional share purchases or restrict naive trading strategies. |
| Keywords: | stock price, nominal stock price puzzle, stock splits, number processing, fractional share purchases, naive trading strategies, numerosity |
| JEL: | C90 D14 G11 |
| Date: | 2021–08–18 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109286&r= |
| By: | Cinzia Colapinto (Dept. of Management, Università Ca' Foscari Venice); Vladi Finotto (Dept. of Management, Università Ca' Foscari Venice); Christine Mauracher (Dept. of Management, Università Ca' Foscari Venice) |
| Abstract: | The increasing interest in female entrepreneurship advanced our understanding of how psychological and personality traits and the contextual factors surrounding the decision of women to become founders influence their ways of establishing and managing organizations. Recent literature points to the fact that the differences among men and women as founders and leaders of organizations might exist also when major crises happen: in front of radical changes and events that abruptly disrupt the processes and operations of firms, women might manage situations in a peculiar way. From this perspective, Covid-19 represents a fruitful testbed. The onset of the pandemic had social and economic consequences at global level: the outbreak has caused major disruptions in supply chains and shifts in consumption patterns. Relevant current questions are how Covid-19 pandemic has been affecting female entrepreneurs and how resilient they were. The paper looks at women-owned wineries in the Northern part of Italy as an interesting case: indeed, the wine industry has been traditionally a male-dominated industry and it has been heavily impacted by the covid-19 pandemic. Through qualitative research we explore how female wineries were able to change their direction or implement new services. We find that women weigh strategic choices such as using e-commerce with the need to maintain extant relationships, make decisions influenced by the need to preserve communities and rely on peer-networks to provide mutual support. |
| Keywords: | wineries, digitalization, Covid-19 pandemic, female entrepreneurship, crisis management |
| JEL: | L26 L66 M19 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:vnm:wpdman:183&r= |
| By: | Narayana R. Kocherlakota |
| Abstract: | This paper studies the public debt implications of a class of Aiyagari (1994)-Bewley (1977)-Huggett (1993) (ABH) models of incomplete insurance in which agents face a near-zero probability of a highly adverse outcome. In generic models of this kind, there exists a public debt bubble, so that the government is able to borrow at a real interest rate that is perpetually below the economic growth rate. Given an equilibrium with a public debt bubble, the primary deficit and the level of debt are both strictly increasing in the real interest rate and in the fraction of government expenditures used for lumpsum transfers. There is no upper bound on the deficit level or long-run debt level that is sustainable in equilibrium. In a public debt bubble, regardless of its size, agents are better off in the long run if the government chooses policies that give rise to a larger debt and primary deficit. |
| JEL: | E62 H62 H63 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29138&r= |
| By: | PINSHI, Christian P.; MALATA, Alain |
| Abstract: | The Central Bank of Congo (BCC) lowered policy rate in response to uncertainty surrounding COVID-19. The impact of the pandemic on the economy is uncertain and depends on several factors. This cut in the policy rate would not help the economy to limit the fallout from COVID-19, so we should rethink other tactics and strategies, such as a good communication strategy and the deployment of unconventional measures. However, coordination with fiscal policy would be a determining factor in blurring the uncertain effects of the coronavirus crisis. |
| Keywords: | Monetary policy, Covid-19, uncertainty |
| JEL: | C32 E32 E44 E52 E63 |
| Date: | 2020–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109313&r= |
| By: | Kedagni, Desire; Krishna, Kala; Megalokonomou, Rigissa; Zhao, Yingyan |
| Abstract: | Using high quality administrative data on Greece we show that class size has a hump shaped effect on achievement. We do so both nonparametrically and parametrically, while controlling for potential endogeneity and allowing for quantile effects. We then embed our estimates for this relationship in a dynamic structural model with costs of hiring and firing.We argue that the linear specification form used in past work may be why it found mixed results. Our work suggests that while discrete reductions in class size may have mixed effects, discrete increases are likely to have very negative effects while marginal changes in class size would have small negative effects.We find optimal class sizes around 27 in the absence of adjustment costs and achievement maximizing ones around 15, and firing costs much larger than hiring costs consistent with the presence of unions. Despite this, reducing firing costs actually reduces achievement. Reducing hiring costs raises achievement and reduces class size. We show that class size caps are costly, and more so for small schools, even when set at levels well above average. |
| Date: | 2021–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:202104010700001085&r= |
| By: | D'Agostino, Mollie Cohen; Francisco, Jerel; Shaheen, Susan A; Sperling, Daniel |
| Keywords: | Arts and Humanities, Engineering, Law, Social and Behavioral Sciences |
| Date: | 2021–08–24 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt6s59c5b7&r= |
| By: | Saurav Goyal; Aroon Narayanan |
| Abstract: | We characterize ex-post implementable allocation rules for single object auctions under quasi-linear preferences with convex interdependent value functions. We show that requiring ex-post implementability is equivalent to requiring that the allocation rule must satisfy a condition that we call eventual monotonicity (EM), which is a weakening of monotonicity, a familiar condition used to characterize dominant strategy implementation. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09580&r= |
| By: | Serdar Erkilic; Hakan Husnu Toprak; Eda Altuntas Dursun; Yahya Kocakale |
| Abstract: | [TR] Bu calismada, vadeli dis ticaret kaynakli ihracat alacaklari ve ithalat borclarindan olusan ticari kredi verilerinin kalitesinin artirilmasi amaciyla Turkiye Cumhuriyet Merkez Bankasitarafindan kullanilan veri derleme yonteminin firma duzeyindedogrudan raporlama sistemi ile degistirilmesi sureci ele alinmakta, orneklem seciminde kullanilan yontem ve zaman serilerinin uretilmesine dair ayrintilar paylasilmaktadir. Derlenen yeni veriler, ihracat alacaklarini yukari yonlu, ithalat borclarini ise asagi yonlu etkilemistir. Resmi istatistik uretimindeonemi giderek artan mikro veri kullanimi ve dogrudan raporlama yontemi ile elde edilen veriler sonucu,Turkiye’nin ithalat borclarinin toplam ithalata orani gelismis ve gelismekte olan ulkelerin ortalama ve medyan degerlerine yakinsamistir. Notta ayrica,uluslararasi metodolojiye uyum kapsaminda menkul kiymetlerin sahiplik taniminda ve kisa vadeli dis borclardaki yurt disi yerlesiklerin mevduatlarinin vade ayriminda yapilan degisikliklere iliskin de bilgi verilmekte, soz konusucalismalarin;Kisa Vadeli Dis Borc, Uluslararasi Yatirim Pozisyonu, Finansal Kesim Disindaki Firmalarin Doviz Varlik ve Yukumlulukleri, Turkiye Brut Dis Borc Stokuve odemeler Dengesi istatistiklerine etkileri ozetlenmektedir. [EN] This study discusses the process of replacing the previousdata collection method used by the Central Bank of the Republic of Turkey with direct reporting method at companylevel to improvethe quality of trade credit and advances data due toexports, and imports, and shares the details of the method used in sample selection and production of time series. The newly compiled data have affected export receivablesupwards and import payables downwards. Due to use of direct reporting and micro data that has increasingly becomeimportant in the compilation of official statistics, the ratio of Turkey's import payables to total imports converges to the average and median ratios of developed and emergingcountries. The note also provides information on the methodological change regarding the ownership of debt securities within the scope of compliance withinternational methodology and maturity breakdown of non-residents'deposits in Short -Term External Debtwhile summarizing the effect of these aforementioned studies on the Short-Term External Debt, the International Investment Position, the Foreign Exchange Assets and Liabilities of Non-Financial Companies, the Gross External Debt Stock of Turkey and the Balance of Payments Statistics |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:econot:2103&r= |
| By: | Samarth Gupta (National Council of Applied Economic Research) |
| Abstract: | Do agglomeration-based spillovers impact firms more than the technical know-how obtained through inter-firm collaboration? Quantifying the effect of these treatments on firm performance can be valuable for policy-makers as well as managers/entrepreneurs. I observe the universe of Indian MSMEs inside an industrial cluster but with no collaboration (Treatment Group 1), those in collaboration with other firms for technical know-how but outside a cluster (Treatment Group 2) and those outside cluster with no collaboration (Control Group). Selection of firms into these treatments and sub-sequent performance of the firm may be simultaneously driven by observable factors. To address selection bias and overcome model mis-specifcation, I use two data-driven, model-selection methods, developed in Belloni et al. (2013) and Chernozhukov et al.(2015), to estimate causal impact of the treatments on GVA of ?rms. The results suggest that ATE of cluster and collaboration is nearly equal at 30%. I conclude by offering policy implications of the results. |
| Keywords: | Entrepreneurship, Firm Performance, SME |
| JEL: | L25 L26 |
| Date: | 2020–08 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:129&r= |
| By: | Ivan Kucherkov; Mattia Masolletti |
| Abstract: | The relevance of the topic is dictated by the fact that in recent decades, the threat to international security emanating from terrorism has increased many times. Terrorist organizations have become full-fledged subjects of politics on a par with political parties. In addition, enormous power and resources are concentrated in the hands of terrorist groups. Terrorist activity has become the usual way of leading a political struggle, expressing social protest. In addition, terrorism has become a tool in economic competition. Each terrorist action entails more and more human casualties. It breeds instability, fear, hatred, and distrust in society. The authors pay special attention to counter-terrorism activities in the North Caucasus Region. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11287&r= |
| By: | Matías Mrejen; Beatriz Rache; Letícia Nunes |
| Date: | 2021–05–04 |
| URL: | http://d.repec.org/n?u=RePEc:amc:tecnot:020&r= |
| By: | Michal Bencik (National Bank of Slovakia) |
| Abstract: | We study supply side factors of the labor market in the Czech Republic, Hungary, Poland and Slovakia. Common economic history of these Central European economies suggests that long run relationships should have resembling patterns. While we find that while for the Czech Republic and Hungary there exists a long run relation of equilibrium unemployment rate to real wages, capital stock and terms of trade; such relationship does not hold for Poland and Slovakia. Instead labor market trends are better described by the relationship of equilibrium real wages. This finding uncovers structural differences within the Visegrad countries. These differences relate to the extent, in which labor supply can adapt to shocks. In practice this would suggest that it was more efficient for Slovakia to conduct supply driven policies, as flexible employment contracts or industrial policies, to stabilize labor market conditions. On the contrary, the more efficient tool for the Czech Republic are wage oriented demand driven policies. |
| JEL: | E24 J31 |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:svk:wpaper:1079&r= |
| By: | Bechlioulis, Alexandros; Chletsos, Michael |
| Abstract: | The paper studies the relative effect between two groups, a treatment group of low-wage workers and a control group of high-wage workers, when a minimum wage reform is introduced. The empirical analysis uses a rich dataset from the Greek labor market over the period between 2010 and 2020. The study examines whether the employees’ responses and the potential effects of two different minimum wage reforms on unemployment were heterogenous. Our results are straightforward: among the two groups, the relative possibility of job loss is associated with an increase in the minimum wage, while the relative possibility of job search difficulty is strongly affected by a minimum wage cut. The former result is getting worse for employees who engaged in a minimum wage-intensive sector in the previous year and are now inactive. The latter result is reinforced for very young workers. |
| Keywords: | minimum wage; minimum wage reforms; job loss; job search difficulty; labor market |
| JEL: | C31 J08 J21 J23 |
| Date: | 2021–08–10 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109327&r= |
| By: | Biedny, Christina; Mason, Nicole M.; Caputo, Vincenzina; Snapp, Sieglinde S. |
| Keywords: | Environmental Economics and Policy, International Development, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312722&r= |
| By: | Kedagni, Desire |
| Abstract: | In this paper, I consider identification of treatment effects when the treatment is endogenous. The use of instrumental variables is a popular solution to deal with endogeneity, but this may give misleading answers when the instrument is invalid. I show that when the instrument is invalid due to correlation with the first stage unobserved heterogeneity, a second (also possibly invalid) instrument allows to partially identify not only the local average treatment effect but also the entire potential outcomes distributions for compliers. I exploit the fact that the distribution of the observed outcome in each group defined by the treatment and the instrument is a mixture of the distributions of interest. I write the identified set in the form of conditional moment inequalities, and provide an easily implementable inference procedure. Under some (testable) tail restrictions, the potential outcomes distributions are point-identified for compliers. Finally, I illustrate my methodology on data from the National Longitudinal Survey of Young Men to estimate returns to college using college proximity as (potential) instrument. I find that a college degree increases the average hourly wage of the compliers by 38-79%. |
| Date: | 2021–06–05 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:202106050700001056&r= |
| By: | Maczulskij, Terhi (ETLA - The Research Institute of the Finnish Economy); Haapanen, Mika (Jyväskylä University School of Business and Economics); Kauhanen, Antti (ETLA - The Research Institute of the Finnish Economy); Riukula, Krista (ETLA - The Research Institute of the Finnish Economy) |
| Abstract: | Using information on collective agreements and administrative data on mental ill-health, sickness absence, and job separations, we study the effect of decentralization on well-being at work in Finland. Our regression results with individual-and firm-level fixed effects show that decentralized wage bargaining leads to distinct outcomes for different employee groups. For example, white-collar employees in white-collar intensive firms show increased well-being at work. In contrast, all employees in blue-collar intensive firms show quite strong and negative responses to decentralization. Decentralization affects mostly job-separation behavior and mental ill-health, whereas no consistent effects for sickness absence are observed. Whether the mechanisms between decentralization and worker's well-being is explained by pay dispersion, wage level, or different preferences toward wage policy needs to be explored further. |
| Keywords: | decentralization, collective agreements, mental health disorder, sickness absence, job separation, blue-collar, white-collar |
| JEL: | J31 J51 J52 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14654&r= |
| By: | Vivien Lefebvre (LARGE - Laboratoire de Recherche en Gestion et Economie - UNISTRA - Université de Strasbourg); Anais Hamelin (LARGE - Laboratoire de Recherche en Gestion et Economie - UNISTRA - Université de Strasbourg) |
| Abstract: | L'introduction en bourse est une étape majeure du développement des entreprises. Cependant peu de travaux explorent l'articulation entre politique d'acquisition et introduction en bourse. Nos résultats soulignent que les PME françaises sont nombreuses à mener des acquisitions après l'introduction, même lorsqu'elles n'ont pas d'expérience préalable en la matière, adoptant une stratégie de croissance externe en deux étapes. Ainsi, nous montrons qu'il existe une imbrication étroite entre décisions financières et stratégiques dans le cadre de l'introduction en bourse. |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03278790&r= |
| By: | Michael Ewens; Kairong Xiao; Ting Xu |
| Abstract: | The increased burden of disclosure and governance regulations is often cited as a key reason for the significant decline in the number of publicly-listed companies in the U.S. We explore the connection between regulatory costs and the number of listed firms by exploiting a regulatory quirk: many rules trigger when a firm’s public float exceeds a threshold. Consistent with firms seeking to avoid costly regulation, we document significant bunching around multiple regulatory thresholds introduced from 1992 to 2012. We present a revealed preference estimation strategy that uses this behavior to quantify regulatory costs. Our estimates show that various disclosure and internal governance rules lead to a total compliance cost of 4.1% of the market capitalization for a median U.S. public firm. Regulatory costs have a greater impact on private firms’ IPO decisions than on public firms’ going private decisions. However, heightened regulatory costs only explain a small fraction of the decline in the number of public firms. |
| JEL: | G28 G32 K22 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29143&r= |
| By: | Pallavi Choudhuri (National Council of Applied Economic Research) |
| Abstract: | Over the last two decades, less than half of the Indians who sought jobs actually got them, with many more millions set to enter the job market over the next two decades. Despite extensive unemployment and under-employment, however, there is a growing shortage of skilled workers. One of the ways to address this skills shortage is to train unemployed youth and those who have dropped out of the labour market by imparting them the skills they lack, focusing on higher levels of both cognitive and non-cognitive skills that can enhance the adaptability and employability of workers. Another route is to formally recognise workers with skills acquired through informal and non-formal learning, and enhance the skills of such workers by providing them potential pathways into the formal labour market. A third route is to incentivise on-the-job training, not only in large firms, but also in micro, small, and medium industries (MSMEs), and building greater awareness on the returns to skilling. While the focus of policy makers has been on the creation of jobs, which is a daunting challenge, there is also need for discussions on job creators or entrepreneurs, and on the key skills that can equip more labour market aspirants and the existing workers to become job providers /opportunity entrepreneurs. As production processes have increasingly become more automated, the challenge is to impart transferable skills to workers that can enable them to ride through the wave of automation, and any resulting structural shifts in the labour market. A growing and related challenge is also to address the issue of women’s participation in the workforce. This necessitates not only a rethinking of ways to create appropriate jobs for women, but also equipping more women with the requisite life skills, while also training women to be able to work in both the skill-intensive and capital-intensive sectors in addition to the labour intensive industries. |
| Keywords: | Occupation, skills mismatch, employability, employment |
| JEL: | E24 J08 J21 J24 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:nca:ncaerw:121&r= |
| By: | Prisca Jöst; Ellen Lust |
| Abstract: | Are candidates who hand out clientelistic goods at election time less likely to provide services once they take office? This paper examines the poor's expectations of future service provision by candidates who hand out money and other goods versus those who do not. We hypothesize that the poor's expectations should depend on the density of social ties. To test this hypothesis, we use hierarchical models to analyse observational data and two conjoint experiments embedded in a unique survey of Kenyans, Malawians, and Zambians. |
| Keywords: | vote-buying, Clientelism, Social cohesion, Poverty, Service delivery |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:unu:wpaper:wp-2021-138&r= |
| By: | Lee, Daemyung; Rejesus, Roderick M.; Aglasan, Serkan; Connor, Lawson; Dinterman, Robert |
| Keywords: | Agricultural Finance, Risk and Uncertainty, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312731&r= |
| By: | Soheil Ghili; Vineet Kumar |
| Abstract: | This paper studies the effects of economies of density in transportation markets, focusing on ridesharing. Our theoretical model predicts that (i) economies of density skew the supply of drivers away from less dense regions, (ii) the skew will be more pronounced for smaller platforms, and (iii) rideshare platforms do not find this skew efficient and thus use prices and wages to mitigate (but not eliminate) it. We then develop a general empirical strategy with simple implementation and limited data requirements to test for spatial skew of supply from demand. Applying our method to ride-level, multi-platform data from New York City (NYC), we indeed find evidence for a skew of supply toward busier areas, especially for smaller platforms. We discuss the implications of our analysis for business strategy (e.g., spatial pricing) and public policy (e.g., consequences of breaking up or downsizing a rideshare platform) |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.05954&r= |
| By: | Chua, Kenn; Li, Qingxiao; Rahman, Khandker Wahedur; Yang, Xiaoli |
| Keywords: | Productivity Analysis, International Development, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312907&r= |
| By: | Michael Pollitt (EPRG, CJBS, University of Cambridge) |
| Keywords: | power sector reform, social cost benefit analysis, state of the market |
| JEL: | L94 |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2111&r= |
| By: | Ozili, Peterson Kitakogelu; Adamu, Ahmed |
| Abstract: | We examine whether countries that have high levels of financial inclusion have fewer non-performing loans and loan loss provisions in their banking sectors. The fixed effect panel regression methodology was used to analyse the effect of financial inclusion on bank non-performing loans and loan loss provisions. Using data from 48 countries, we find that greater formal account ownership is associated with high non-performing loans. Bank loan loss provisions are fewer in countries that have high levels of financial inclusion only when financial inclusion is achieved through the combined use of formal account ownership, bank branch supply and ATM supply. Also, non-performing loans are fewer in countries that experience economic boom and high levels of financial inclusion. |
| Keywords: | financial inclusion, non-performing loans, loan loss provisions, financial stability, bank stability, ATM, formal account ownership, credit risk, access to finance. |
| JEL: | G00 G20 G21 G23 G28 G29 O31 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109321&r= |
| By: | Nizam, Ahmed Mehedi |
| Abstract: | Contrary to existing literature, here we consider the foreign exchange reserve balance of a particular country as an indicator of how much goods, services and/or physical asset the country has transferred to the rest of the world in exchange of some fiat foreign currencies. On the other hand, the reserve balances of the rest of the world denominated in the currency of that particular country can be considered as the amount of goods, services and/or physical assets that the particular country has received from the rest of the world in exchange of its own fiat currencies. Hence, if we subtract the second quantity from the first one, we get an estimate of the extent of net non-monetary wealth that the particular country has transferred so far to the rest of the world in exchange of some fiat foreign money. We calculate the amount of net non-monetary wealth (thus defined) transferred to and from some major economies stemming from cross border financial transactions and analyze their long term and short term dynamics using VECM. The main objective of this study is to give a new perspective to what we conventionally mean by foreign exchange reserve of a country: Instead of assuming the reserve balance of a country as an asset we consider it as a measure of gross wealth (i.e., goods, services and physical asset) the country has transferred so far to other countries around the globe in exchange of some paper currencies with no intrinsic value. |
| Keywords: | Cross border trade, wealth redistribution, hard currencies |
| JEL: | E01 E21 F14 F41 |
| Date: | 2021–08–25 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109374&r= |
| By: | Albert Scott, Francisco; Sesmero, Juan Pablo; Balagtas, Joseph V. |
| Keywords: | Marketing, Agricultural and Food Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312766&r= |
| By: | Hermo, Santiago (Brown University); Päällysaho, Miika (Dept. of Economics, Stockholm University); Seim, David (Dept. of Economics, Stockholm University); Shapiro, Jesse (Brown University) |
| Abstract: | A large literature in cognitive science studies the puzzling “Flynn effect” of rising fluid intelligence (reasoning skill) in rich countries. We develop an economic model in which a cohort’s mix of skills is determined by different skills’ relative returns in the labor market and by the technology for producing skills. We estimate the model using administrative data from Sweden. Combining data from exams taken at military enlistment with earnings records from the tax register, we document an increase in the relative labor market return to logical reasoning skill as compared to vocabulary knowledge. The estimated model implies that changes in labor market returns explain 36 percent of the measured increase in reasoning skill, and can also explain the decline in knowledge. An original survey of parents, an analysis of trends in school curricula, and an analysis of occupational characteristics show evidence of increasing emphasis on reasoning as compared to knowledge. |
| Keywords: | Flynn effect; IQ; skill investment; human capital; administrative data |
| JEL: | J24 J31 O52 |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:sunrpe:2021_0002&r= |
| By: | Mattauch, Linus; Sommer, Stephan; Pahle, Michael |
| Abstract: | We conduct a discrete choice experiment with a sample of 6,000 German household heads to examine how fairness preferences influence the support for carbon taxes and revenue-recycling options. While it is well-known that carbon taxes are effective in reducing emissions and can be made progressive, they remain fairly unpopular with German citizens. Consequently, best practice to build public support for them remains a relevant question for which there is no consensus. We obtain two major results: First, while green spending is more popular in general, it is significantly more popular among those who are pro-environment and trust the government. Second, when restricted to options for direct revenue redistribution, Germans prefer lump-sum payments over directing payments to the poorest or the most affected. Importantly, choices over these options depend both on genuinely different conceptions of fairness and respondents' economic circumstances. Our findings have implications for building support for effective climate change mitigation policies with those who are not yet convinced. |
| Keywords: | carbon pricing, climate change mitigation, fairness, redistribution, environmental tax reform |
| JEL: | A13 H23 Q54 |
| Date: | 2020–10 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-23&r= |
| By: | Younghun Choi; Takuro Kobashi; Yoshiki Yamagata; Akito Murayama |
| Abstract: | Designing waterfront redevelopment generally focuses on attractiveness, leisure, and beauty, resulting in various types of building and block shapes with limited considerations on environmental aspects. However, increasing climate change impacts necessitate these buildings to be sustainable, resilient, and zero CO2 emissions. By producing five scenarios (plus existing buildings) with constant floor areas, we investigated how building and district form with building integrated photovoltaics (BIPV) affect energy consumption and production, self-sufficiency, CO2 emission, and energy costs in the context of waterfront redevelopment in Tokyo. From estimated hourly electricity demands of the buildings, techno-economic analyses are conducted for rooftop PV systems for 2018 and 2030 with declining costs of rooftop PV systems. We found that environmental building designs with rooftop PV system are increasingly economical in Tokyo with CO2 emission reduction of 2-9% that depends on rooftop sizes. Payback periods drop from 14 years in 2018 to 6 years in 2030. Toward net-zero CO2 emissions by 2050, immediate actions are necessary to install rooftop PVs on existing and new buildings with energy efficiency improvements by construction industry and building owners. To facilitate such actions, national and local governments need to adopt appropriate policies. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09029&r= |
| By: | Zulfiqar Ali (Pakistan Institute of Development Economics, Islamabad.); Fahd Zulfiqar (Pakistan Institute of Development Economics, Islamabad.) |
| Abstract: | Internationally, cinema has been recognised as one of the important sources of creating value, growth and employment. With huge box-office returns and internationalisation of filmic content, cinema has turned into a lucrative market for ensuring economic growth. In addition, recently, multiple cinematic avenues are also in vogue in the form of Over the Top (OTT) platforms which have pushed the medium of media content on screenplay, technical and performative fronts. When it comes to Pakistan, conceptualisation of cinema as a market for social change is lacking, both theoretically and pragmatically. The current study is an attempt towards that conceptualisation and hence explains emergence of Pakistani filmmaking with a focus on its history. The paper also provides a description of operable and non-operable institutions of cinema in Pakistan and economics of New Cinema which is primarily associated with the films produced post-2000. Finally, the paper prescribes a few policy recommendations based on the literature reviewed for the current study. |
| Keywords: | Cinema, Market, Pakistan Marshall-Lerner condition, Cointegration; Structural Break |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2020:28&r= |
| By: | Rughinis, Razvan; Rughinis, Cosima; Vulpe, Simona Nicoleta; Rosner, Daniel |
| Abstract: | We studied variability in General Data Protection Regulation (GDPR) awareness in relation to digital experience in the 28 European countries of EU27-UK, through secondary analysis of the Eurobarometer 91.2 survey conducted in March 2019 (N = 27,524). Education, occupation, and age were the strongest sociodemographic predictors of GDPR awareness, with little influence of gender, subjective economic well-being, or locality size. Digital experience was significantly and positively correlated with GDPR awareness in a linear model, but this relationship proved to be more complex when we examined it through a typological analysis. Using an exploratory k-means cluster analysis we identified four clusters of digital citizenship, across both dimensions of digital experience and GDPR awareness: the off-line citizens (22%), the social netizens (32%), the web citizens (17%), and the data citizens (29%). The off-line citizens ranked lowest in internet use and GDPR awareness; the web citizens ranked at about average values, while the data citizens ranked highest in both digital experience and GDPR knowledge and use. The fourth identified cluster, the social netizens, had a discordant profile, with remarkably high social network use, below average online shopping experiences, and low GDPR awareness. Digitalization in human capital and general internet use is a strong country-level correlate of the national frequency of the data citizen type. Our results confirm previous studies of the low privacy awareness and skills associated with intense social media consumption, but we found that young generations are evenly divided between the rather carefree social netizens and the strongly invested data citizens. In order to achieve the full potential of the GDPR in changing surveillance practices while fostering consumer trust and responsible use of Big Data, policymakers should more effectively engage the digitally connected yet politically disconnected social netizens, while energizing the data citizens and the web citizens into proactive actions for defending the fundamental rights to private life and data protection. |
| Keywords: | Privacy awareness; data citizenship; GDPR; Eurobarometer survey; cluster analysis |
| JEL: | Y80 |
| Date: | 2021–09 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109117&r= |
| By: | Jieyi Kang (Department of Land Economy, University of Cambridge); David Reiner (EPRG, CJBS, University of Cambridge) |
| Keywords: | Weather effects, residential electricity consumption, fixed-effects models, smart metering data |
| JEL: | C55 D12 R22 Q41 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2112&r= |
| By: | Lee, Juhee; Nemati, Mehdi; Allaire, Maura; Dinar, Ariel |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Community/Rural/Urban Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312919&r= |
| By: | Nolan, Brian; Weisstanner, David |
| Abstract: | The declining 'subjective social status' of the low-educated working class has been advanced as a prominent explanation for right-wing populism. The working class has certainly been adversely affected by rising income inequality over the past decades, but we do not actually know if their perceived standing in the social hierarchy has declined correspondingly over time. This paper examines trends in subjective social status in two 'most likely cases' - Germany and the US - between 1980 and 2018. We find that the subjective social status of the working class has not declined in absolute terms. However, there is evidence for relative status declines of the working class in Germany and substantial within-class heterogeneity in both countries. These findings imply that rising income inequality has a nuanced impact on status perceptions. When assessing the role of subjective social status for political outcomes, longitudinal perspectives that consider both absolute and relative changes seem promising. |
| Keywords: | subjective social status, income inequality, working class, absolute and relative changes |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-09&r= |
| By: | Park, Byungyul; Rejesus, Roderick M.; Aglasan, Serkan; Hagen, Stephen; Salas, William |
| Keywords: | Production Economics, Agricultural and Food Policy, Environmental Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312620&r= |
| By: | Lukasz Grzybowski; Ángela Munoz-Acevedo |
| Abstract: | We empirically assess the impact of the EU roaming regulation on mobile operators’ average revenues per user (ARPU) and retail prices. Using a differences-in-difference approach, hedonic price regressions and detailed operator and plan-level data we find that the regulation decreased mobile operator’s revenues per user, while it had no impact on tariffs during the latest phase of the regulation. |
| Keywords: | roaming, mobile telecommunications, regulation |
| JEL: | L13 L50 L96 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9235&r= |
| By: | Yang An (Department of Economics, University of Missouri); Cory Koedel (Department of Economics, University of Missouri) |
| Abstract: | We examine how teachers from two alternative preparation programs—Teach for America (TFA) and Kansas City Teacher Residency (KCTR)—contribute to the teacher labor market in and around Kansas City, Missouri. TFA and KCTR teachers are more likely than other teachers to work in charter schools, and more broadly, in schools with more low-income, low-performing, and underrepresented minority (Black and Hispanic) students. Teachers from both programs are more racial/ethnically diverse than the larger local-area teaching workforce, but only KCTR teachers are more diverse than teachers in the same districts where they work. We estimate value-added to achievement for teachers in both programs compared to non-program teachers, with the caveat that our KCTR sample for this analysis is small. In math we find large, positive impacts of TFA and KCTR teachers on test-score growth; in English Language Arts (ELA) we also estimate positive impacts but they are smaller. |
| Keywords: | alternative teacher pathways, alternative teacher certification, TFA, KCTR, urban teacher labor markets |
| JEL: | I20 I24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:umc:wpaper:2111&r= |
| By: | Asmaa Bentamar (UH2MC - Université Hassan II [Casablanca]); Kacem Taj (UH2MC - Université Hassan II [Casablanca]); Omar Ourahou (UH2MC - Université Hassan II [Casablanca]) |
| Abstract: | In a constantly changing society, organizations must adapt and be open to change. Reactivity, variety, costs, deadlines, innovation, increase their competitiveness, increase their flexibility and improve their performance. The approach by resources and capacities is a framework for analyzing competitive advantage. However, the contributions of this approach to the problem of reverse logistics are multiple. The main ambition of this article is therefore to provide a summary of the conceptual contributions. This literature review will allow analysis of the main relationships between resources, capacities and knowledge management and how these approaches can influence the competitiveness of the company, a discussion on the research perspective are presented and conceptual models are proposed. |
| Keywords: | Resources,Capacities,Competitiveness,Reverse logistics |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03281628&r= |
| By: | Orhun Sevinc |
| Abstract: | Using administrative data covering the economic geography of Turkish manufacturing firms I show that density increases a location’s productivity through both typical firm productivity and stronger association of firm size and productivity—a measure of within-sector allocative efficiency. IV estimates suggest a density elasticity of allocative efficiency that accounts for about one third of the overall impact of density on productivity. A model with decreasing returns to scale and convex cost of avoidance from the burden of regulations can explain the estimated density-allocative efficiency relationship on the grounds that denser locations provide lower degree of internal diseconomies. |
| Keywords: | Density, Allocative efficiency, Cities in developing economies |
| JEL: | R10 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:2125&r= |
| By: | Simon Blöthner; Mario Larch |
| Abstract: | While traditional empirical models using determinants like size and trade costs are able to predict RTA formation reasonably well, we demonstrate that allowing for machine detected non-linear patterns helps to improve the predictive power of RTA formation substantially. We employ machine learning methods and find that the fitted tree-based methods and neural networks deliver sharper and more accurate predictions than the probit model. For the majority of models the allowance of fixed effects increases the predictive performance considerably. We apply our models to predict the likelihood of RTA formation of the EU and the United States with their trading partners, respectively. |
| Keywords: | Regional Trade Agreements, neural networks, tree-based methods, high-dimensional fixed effects |
| JEL: | F14 F15 C45 C53 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9233&r= |
| By: | Zuo Quan Xu |
| Abstract: | This study exams a Pareto optimal insurance problem, where the insured maximizes her rank-dependent utility and the insurer employs the mean-variance premium principle. To eliminate some possible moral hazard issues, we only consider moral-hazard-free insurance contracts that obey the incentive compatibility constraint. The insurance problem is first formulated as a non-concave maximization problem involving Choquet expectation, then turned into a concave quantile optimization problem and finally solved by calculus of variations method. The optimal contract is expressed by a semi-linear second order double-obstacle ordinary differential equation with nonlocal operator. When the probability weighting function has a density, an effective numerical method is proposed to compute the optimal contract. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06940&r= |
| By: | Regmi, Madhav; Featherstone, Allen M.; Briggeman, Brian C.; Subedi, Dipak |
| Keywords: | Agricultural Finance, Agricultural and Food Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312655&r= |
| By: | Chi Kong Chyong (EPRG, CJBS, University of Cambridge); David Reiner (EPRG, CJBS, University of Cambridge); Dhruvak Aggarwal (EPRG, University of Cambridge) |
| Keywords: | Gazprom, European Commission, Market Power, Natural Gas, Security of Supply, Competition, Long-term contracts, Swap deals |
| JEL: | L95 L42 D47 D42 C63 P28 |
| Date: | 2021–05 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2115&r= |
| By: | Boudreaux, Gregory L.; Lupi, Frank; Sohngen, Brent; Xu, Alan Yilan |
| Keywords: | Environmental Economics and Policy, Resource/Energy Economics and Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312712&r= |
| By: | Schons Do Valle, Stella Z.; Amacher, Gregory S.; Cobourn, Kelly M.; Shinde, Nilesh N.; Gudimenda, Haripriya |
| Keywords: | Resource/Energy Economics and Policy, Community/Rural/Urban Development, Labor and Human Capital |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312703&r= |
| By: | Andrew Shaver (University of California, Merced); Leonardo Dantas (University of California, Merced); Amarpreet Kaur (University of California, Merced); Robert Kraemer (University of California, Merced); Tristan Jahn (University of California, Merced) |
| Abstract: | We consider how the U.S. news media reports on international affairs. Analyzing approximately 40 million news articles published between 2010 and 2020, we explore whether the American news media report differently on various international affairs topics based on partisan leanings. We then analyze approximately 25 million articles published by top online news sites to determine whether collective reporting shows disparities between the level of attention afforded major global issues and objective measures of their human costs (e.g. numbers of individuals killed). We find that left- and right-leaning news outlets tend to report on international affairs at similar rates but differ significantly in their likelihood of referencing particular issues. We find further strong evidence that the frequency of reporting on the international issues we study tracks only modestly with their associated human costs. Given evidence U.S. public and policymakers dependence on news reports for foreign affairs information, our findings raise fundamental questions about the influence of these reporting biases. |
| Keywords: | News Media; International Affairs; Reporting Bias |
| JEL: | F50 F22 D83 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pri:esocpu:27&r= |
| By: | Lafond, François; Farmer, J. Doyne; Greenwald, Diana |
| Abstract: | For many products, increases in cumulative production are associated with decreasing unit costs. However, a serious problem of reverse causality (lower prices leading to increasing demand) makes it difficult to use this relationship for policy. We study World War II, during which the demand for military products was largely exogenous, and the correlation between production, cumulative production and an exogenous time trend was limited. Our results indicate that decreases in cost can be attributed roughly equally to the growth of experience and to an exogenous time trend. |
| Keywords: | innovation policy, learning curve, natural experiment, World War II |
| JEL: | N62 |
| Date: | 2020–06 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-02&r= |
| By: | Arthur Dassan; Joelson Oliveira Sampaio, Vinícius Augusto Brunassi Silva, Rodrigo De-Losso |
| Abstract: | This paper compares water and sanitation services in municipalities that entered into a concession arrangement with a private operator versus those in a comparable control group of municipalities that continued with a public operator, and we explore five variables of interest: (i) water coverage; (ii) sewage collection; (iii) sewage treatment; (iv) average tariff; and (v) water losses. Using an empirical strategy and making improvements over previous literature, after controlling for municipality peculiarities, we adopt a difference-in-differences model with nearest neighbor matching (NNM) to evaluate private sector management impacts on these variables. We find a greater tariff increase in the first four years after a private operator's start after concession. We only identify weak evidence of greater sewage treatment increase in municipalities that change to a private operator and find no relevant or significant results for the other variables. In terms of policy, this paper contributes with the government clarifying the main benefits of privatizing water and sanitation services. |
| Keywords: | Water and Sanitation; Private sector management; Treatment Effect |
| JEL: | O18 H54 L95 Q53 |
| Date: | 2021–08–17 |
| URL: | http://d.repec.org/n?u=RePEc:spa:wpaper:2021wpecon22&r= |
| By: | Kedagni, Desire; Li, Lixiong; Mourifie, Ismael |
| Abstract: | In many set identified models, it is difficult to obtain a tractable characterization of the identified set. Therefore, empirical works often construct confidence region based on an outer set of the identified set. Because an outer set is always a superset of the identified set, this practice is often viewed as conservative yet valid. However, this paper shows that, when the model is refuted by the data, a nonempty outer set could deliver conflicting results with another outer set derived from the same underlying model structure, so that the results of outer sets could be misleading in the presence of misspecification. We provide a sufficient condition for the existence of discor- dant outer sets which covers models characterized by intersection bounds and the Artstein (1983) inequalities. We also derive sufficient conditions for the non-existence of discordant submodels, therefore providing a class of models for which constructing outer sets cannot lead to misleading interpretations. In the case of discordancy, we follow Masten and Poirier (2020) by developing a method to salvage misspecified models, but unlike them we focus on discrete relaxations. We consider all minimum relaxations of a refuted model which restore data-consistency. We find that the union of the identified sets of these minimum relaxations is misspecification-robust and has a new and intuitive empirical interpretation. |
| Date: | 2021–07–28 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:202107280700001131&r= |
| By: | Anne-Fleur Roos (CPB Netherlands Bureau for Economic Policy Analysis); Maaike Diepstraten (CPB Netherlands Bureau for Economic Policy Analysis); Rudy Douven (CPB Netherlands Bureau for Economic Policy Analysis) |
| Abstract: | It is often suggested that problematic debts antecede health problems. In this paper, we investigate whether individuals obtaining problematic debts are more likely to use mental healthcare or social guidance and/or financial help, and whether they have higher mental healthcare costs. We use nationwide individual-level panel data from the Netherlands for the years 2011-2015. We employ a difference-in-differences approach with individual fixed effects and find that obtaining problematic debt is strongly associated with ill (mental) health. We find that average mental healthcare expenditures increased with approximately 200 euro in 2014 and 2015 for individuals who experienced problematic debts in 2013. The effect corresponds to an increase of 30% of individual mental healthcare expenditures because of problematic debts. Furthermore, the use of mental healthcare increased with 7% and the use of social guidance and/or financial assistance increased with 40% after getting into problematic debt. We therefore conclude that policies that prevent people from getting into debt may generate positive external effects by saving on expenditures on healthcare or social guidance and/or financial assistance. It is often suggested that problematic debts antecede health problems. In this paper, we investigate whether individuals obtaining problematic debts are more likely to use mental healthcare or social guidance and/or financial help, and whether they have higher mental healthcare costs. We use nationwide individual-level panel data from the Netherlands for the years 2011-2015. We employ a difference-in-differences approach with individual fixed effects and find that obtaining problematic debt is strongly associated with ill (mental) health. We find that average mental healthcare expenditures increased with approximately 200 euro in 2014 and 2015 for individuals who experienced problematic debts in 2013. The effect corresponds to an increase of 30% of individual mental healthcare expenditures because of problematic debts. Furthermore, the use of mental healthcare increased with 7% and the use of social guidance and/or financial assistance increased with 40% after getting into problematic debt. We therefore conclude that policies that prevent people from getting into debt may generate positive external effects by saving on expenditures on healthcare or social guidance and/or financial assistance. |
| JEL: | I14 D14 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:cpb:discus:428.rdf&r= |
| By: | David Schenck (StataCorp) |
| Abstract: | Stata 17 introduced Bayesian support for many time-series and panel-data commands. In this talk, I will discuss Bayesian vector autoregression models, Bayesian DSGE models, and Bayesian panel-data models. Bayesian estimation is well suited to these models because economic considerations often impose structure that is captured well by informative priors. I will describe the main features of these commands as well as Bayesian diagnostics, posterior hypothesis tests, predictions, impulse–response functions, and forecasts. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:28&r= |
| By: | Martinez, Charles; Boyer, Christopher N.; Smith, Aaron; Yu, Tun-Hsiang E.; Rabinowitz, Adam N. |
| Keywords: | Agricultural Finance, Agricultural and Food Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312689&r= |
| By: | John C. Stevenson |
| Abstract: | A simple generative model of a foraging society generates significant wealth inequalities from identical agents on an equal opportunity landscape. These inequalities arise in both equilibrium and non-equilibrium regimes with some societies essentially never reaching equilibrium. Reproduction costs mitigate inequality beyond their affect on intrinsic growth rate. The highest levels of inequality are found during non-equilibrium regimes. Inequality in dynamic regimes is driven by factors different than those driving steady state inequality. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11892&r= |
| By: | Ms. Jennifer A. Elliott; Christopher Wilson; Mr. Tanai Khiaonarong; Nigel Jenkinson; Frank Adelmann; Anastasiia Morozova; Tamas Gaidosch; Nadine Schwarz; Ibrahim Ergen |
| Abstract: | The ability of attackers to undermine, disrupt and disable information and communication technology systems used by financial institutions is a threat to financial stability and one that requires additional attention. |
| Keywords: | Cyber risk;Cybersecurity;Financial regulation;operational resilience;risk management; information sharing; market infrastructure; sharing of information; cybercrime support services; evolution of cyberattack; Financial sector stability; Financial sector risk; Financial stability assessment; Financial sector; Global |
| Date: | 2020–12–07 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imfsdn:2020/007&r= |
| By: | Chenarides, Lauren; Gomez, Miguel I.; Richards, Timothy J.; Yonezawa, Koichi |
| Keywords: | Marketing, Agribusiness, Production Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312706&r= |
| By: | Zuzana Brokesova (University of Economics in Bratislava); Andrej Cupak (National Bank of Slovakia); Anthony Lepinteur (University of Luxembourg); Marian Rizov (University of Lincoln) |
| Abstract: | We analyse the relationship between wealth/assets and life satisfaction. Using the Household Finance and Consumption Survey microdata from Slovakia in 2017, we first show that real assets (being the major component of household wealth) and life satisfaction are positively correlated. We address endogeneity concerns thanks to the metadata of the survey: we use the interviewers ’ratings of the respondents’ quality of dwellings to instrument the value of real assets. We show that the 2SLS estimate is positive and higher than the baseline OLS estimate, confirming that real assets are measured with error in survey data. Finally, we use the paradata to show that living next to a neighbour with better house quality significantly decreases one’s happiness. Our results suggest that around half of the total effect of real assets on life satisfaction is relative. |
| JEL: | I30 D60 G51 C26 |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:svk:wpaper:1081&r= |
| By: | Paulick, Jan (Tilburg University, Center For Economic Research); Berndsen, Ron (Tilburg University, Center For Economic Research); Diehl, Martin; Heijmans, Ronald (Tilburg University, Center For Economic Research) |
| Keywords: | RTGS systems; banks; payments; tiering; liquidity; TARGET2 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiucen:57477131-2199-46bf-a2f1-5833269cfc42&r= |
| By: | Carriquiry, Miguel A.; Elobeid, Amani E.; Hayes, Dermot J.; Swenson, David A. |
| Keywords: | International Relations/Trade, Marketing, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312921&r= |
| By: | Takuya Ishihara; Toru Kitagawa |
| Abstract: | Consider a planner who has to decide whether or not to introduce a new policy to a certain local population. The planner has only limited knowledge of the policy's causal impact on this population due to a lack of data but does have access to the publicized results of intervention studies performed for similar policies on different populations. How should the planner make use of and aggregate this existing evidence to make her policy decision? Building upon the paradigm of `patient-centered meta-analysis' proposed by Manski (2020; Towards Credible Patient-Centered Meta-Analysis, Epidemiology), we formulate the planner's problem as a statistical decision problem with a social welfare objective pertaining to the local population, and solve for an optimal aggregation rule under the minimax-regret criterion. We investigate the analytical properties, computational feasibility, and welfare regret performance of this rule. We also compare the minimax regret decision rule with plug-in decision rules based upon a hierarchical Bayes meta-regression or stylized mean-squared-error optimal prediction. We apply the minimax regret decision rule to two settings: whether to enact an active labor market policy given evidence from 14 randomized control trial studies; and whether to approve a drug (Remdesivir) for COVID-19 treatment using a meta-database of clinical trials. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06473&r= |
| By: | Nitish Gupta; Jay Shah; Satwik Gupta; Ruchir Kaul |
| Abstract: | In this paper, we estimate the causal impact (i.e. Average Treatment Effect, ATT) of the EU ETS on GHG emissions and firm competitiveness (primarily measured by employment, turnover, and exports levels) by combining a difference-in-differences approach with semi-parametric matching techniques and estimators an to investigate the effect of the EU ETS on the economic performance of these German manufacturing firms using a Stochastic Production Frontier model. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.07163&r= |
| By: | Goodhue, Rachael E.; Kiesel, Kristin; Sexton, Richard J.; Spalding, Ashley |
| Keywords: | Food Consumption/Nutrition/Food Safety, Marketing, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312897&r= |
| By: | Naïs Segond (GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - Institut National de l'Horticulture et du Paysage); Gaëlle Pantin-Sohier (GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - Institut National de l'Horticulture et du Paysage); Ronan Symoneaux (ESA - Ecole supérieure d'Agricultures d'Angers); Allan Maignant |
| Date: | 2020–11–19 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03260918&r= |
| By: | Pedro Sant'Anna (Vanderbilt University) |
| Abstract: | In this presentation, I discuss the att_gt command, which implements three semiparametric estimators for a family of average treatment-effects parameters in difference-in-differences (DID) setups with multiple time periods discussed in Callaway and Sant’Anna (2020, https://doi.org/10.1016/j.jeconom.2020.12.001). The first estimator models the outcome evolution of the comparison group, the second is a properly reweighted inverse-probability weighted estimator, and the third is a doubly robust estimator that relies on less stringent modeling assumptions. Our implementation allows for the use of different comparison groups (“never-treated” or “not-yet-treated” units) and also allows for limited treatment anticipation. Our inference procedures account for multiple-testing problems. We discuss postestimation approaches that can be used in conjunction with our main implementation. We illustrate the program and provide a simulation study assessing the finite-sample performance of the inference procedures. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:13&r= |
| By: | Hadavand, Aboozar (Minerva University); Hamermesh, Daniel S. (Barnard College); Wilson, Wesley W. (University of Oregon) |
| Abstract: | Publishing in economics proceeds much more slowly on average than in the natural sciences, and more slowly than in other social sciences and finance. It is even relatively slower at the extremes. We demonstrate that much of the lag, especially at the extremes, arises from authors' dilatory behavior in revising their work. The marginal product of an additional round of re-submission at the top economics journals is productive of additional subsequent citations; but conditional on re-submission, journals taking more time is not productive, and authors spending more time is associated with reduced scholarly impact. We offer several proposals to speed up the publication process. These include no-revisions policies, such as Economic Inquiry's; limits on authors' time revising articles, and limits on editors waiting for dilatory referees. |
| Keywords: | procrastination, top journals, sociology of economics, slowness, editorial behavior |
| JEL: | A11 B20 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14643&r= |
| By: | Bechlioulis, Alexandros P.; Karamanis, Dimitrios |
| Abstract: | This paper studies the impact of Covid-19 lockdown on the i-banking use. During the first lockdown period in Greece, between April 13th and May 3rd, 2020, we conducted a survey of 4,807 respondents between 18 and 64 years old who participated in the labor force and used internet. The sample was appropriately weighted to accurately reflect the real population. The main result is straightforward: more days in a lockdown is associated with an increased possibility for further i-banking use. We also provide important insights to financial services’ providers by pointing out female gender, increasing age, living in a metropolitan area, and job security status as the most crucial predictors for shaping changing i-banking use. |
| Keywords: | Covid-19 health crisis; lockdown; i-banking use; respondents’ sentiments |
| JEL: | C83 G0 |
| Date: | 2020–11–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109392&r= |
| By: | Jullien, Bruno; Pavan, Alessandro; Rysman, Marc |
| Abstract: | The chapter has 9 sections, covering the theory of two-sided markets and related empirical work. Section 1 introduces the reader to the literature. Section 2 covers the case of markets dominated by a single monopolistic rm. Section 3 discusses the theoretical literature on competition for the market, focusing on pricing strategies that rms may follow to prevent entry. Section 4 discusses pricing in markets in which multiple platforms are active and serve both sides. Section 5 presents alternative models of platform competition. Section 6 discusses richer matching protocols whereby platforms pricediscriminate by granting access only to a subset of the participating agents from the other side and discusses the related literature on matching design. Section 7 discusses identication in empirical work. Section 8 discusses estimation in empirical work. Finally, Section 9 concludes. |
| Keywords: | Two-sided market; platform; pricing; network effects; matching |
| Date: | 2021–08–21 |
| URL: | http://d.repec.org/n?u=RePEc:tse:wpaper:125849&r= |
| By: | Selva Bahar Baziki; Tanju Capacioglu |
| Abstract: | This paper studies the effect of the introduction of and a subsequent easing in residential credit loan-to-value (LTV) ratio caps on bank lending and borrowers' loan usage with a unique and comprehensive bank-linked individual credit data set in a large emerging economy. We first show that following the introduction of an LTV cap, banks that were previously lending at rates above the limit have reduced residential lending, as targeted by the policy. We find that banks change their balance sheet composition as a response, replacing the reduction in residential lending with higher commercial loans and general-purpose loans issued to new residential borrowers. |
| Keywords: | Loan to value ratio, Credit risk, Housing loans, General-purpose loans, Credit spillover |
| JEL: | G21 G28 E51 E58 G20 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tcb:wpaper:2123&r= |
| By: | Florence Lefresne (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche) |
| Abstract: | Dans le cadre des 1ères Rencontres DGEF¨P-Céreq, cette intervention éclaire l'impact de la crise sur l'emploi des jeunes à partir des données de l'enquête Génération. |
| Keywords: | Enquête Génération,Crise sanitaire,Insertion professionnelle,Emploi des jeunes |
| Date: | 2020–11–26 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03286731&r= |
| By: | Bosch, Darrell J.; Zhang, Wei; Hu, Chenyang |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Agricultural and Food Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312697&r= |
| By: | Juan S. Morales-Castillo (University of Granada) |
| Abstract: | In many countries around the world, the public sector is decentralized to improve efficiency in the provision of public services. Until the publication of the paper by Martínez-Vazquez, Vulovic, and Liu (2011), the level of decentralization was approximated through the local income ratio. It has been shown that this covariate is endogenous and that because of the unobservable heterogeneity, it can generate correlation. The local autonomy ratio proposed by these authors is an indicator weighted by the inverse of the distance between municipalities, which in turn is weighted by the sum of the inverse of the distance between all municipalities in the country. However, we propose a local autonomy ratio, conditioned by the distance and population thresholds between the country's municipalities. It is evident that multiple distance and population restrictions must be tested until the effect of this ratio is found to be significant, as a covariate in an econometric model. To reduce the computational cost-time of the estimation, we automated the calculation of the indicator, programming local ratio autonomy in Stata 16 but calling Python. We use Python version 3.9. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:27&r= |
| By: | SungJe Byun; Aaron L. Game; Alexander Jiron; Pavel Kapinos; Kelly Klemme; Bert Loudis |
| Abstract: | The COVID-19 recession resulted in historic unemployment and a significant shock to much of the service sector. Despite these macroeconomic challenges, banks' risk-based capital buffers remain high and the number of bank failures remains low. Government relief programs, including the Coronavirus Aid, Relief, and Economic Security (CARES) Act, both directly and indirectly helped stabilize bank balance sheets during the crisis. |
| Date: | 2021–07–30 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgfn:2021-07-30-3&r= |
| By: | Roman Inderst; Eftichios Sartzetakis; Anastasios Xepapadeas |
| Abstract: | We posit that consumers' preferences for more sustainable products depend on the perceived social norm, which in turn is shaped by average consumption in society. We explore the implications of such preferences for firms' incentives to introduce more sustainable products and to co-operate in order to either foster or forestall their introduction. Our main motivation lies in the increasing pressure put on antitrust authorities to exert more leniency towards horizontal agreements that are motivated by sustainability considerations. |
| Date: | 2021–07–30 |
| URL: | http://d.repec.org/n?u=RePEc:aue:wpaper:2109&r= |
| By: | Bjørnskov, Christian; Voigt, Stefan; Khesali, Mahdi |
| Abstract: | Nine out of ten modern constitutions contain explicit emergency provisions, describing who can call a state of emergency (and under which conditions) and the additional powers government enjoys under a state of emergency. As states of emergency typically allocate additional powers to the executive, they lend themselves easily to abuse and provide political incentives to declare emergencies. In this paper, we analyze under what conditions government behavior under a state of emergency deviates from constitutional provisions and a de jure/de facto gap thus emerges. Such a gap can be caused by the unlawful declaration of an emergency, the noncompliance with constitutional provisions in the course of an emergency, or the perpetuation of a state of emergency beyond the constitutionally defined length. Based on a novel dataset comprising 853 emergency declarations, 115 are identified as unlawful. We find that events caused by political turmoil are more likely to be followed by an unlawful emergency than natural disasters. Autocratic governments are more likely to renege against the constitution than democratic governments. Focusing on the 97 emergencies declared as reactions to domestic events, we also find that bicameral systems are more likely to suffer from unlawful states of emergencies than unicameral ones, as are countries hit by recessions, and countries where the constitution justifies emergencies under more numerous conditions. |
| Keywords: | Constitutional political economy,constitutional emergency provisions,de jure/de facto gap,emergencies,public choice |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:ilewps:51&r= |
| By: | Olivia Jin; William Pyle |
| Abstract: | A growing literature connects labor market hardships to stronger preferences for government welfare and redistribution programs. Potential preference shifts with respect to other types of state involvement in the economy, however, have gone unexplored. We draw on both longitudinal and pseudo-panel data from Russia to explore how labor market hardships relate to preferences for public sector employment and employers. In fixed effects specifications, we demonstrate that feelings of job insecurity, experiences with wage arrears, and spells of unemployment all increase the attractiveness of work in the public sector. Pseudo-panel data provide only mixed evidence as to whether such effects endure over the longer run. |
| Keywords: | economic shocks, personal experience, public employment, political preferences |
| JEL: | H10 J45 J60 P35 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9229&r= |
| By: | David T. Frazier; Ruben Loaiza-Maya; Gael M. Martin; Bonsoo Koo |
| Abstract: | We propose a new method for Bayesian prediction that caters for models with a large number of parameters and is robust to model misspecification. Given a class of high-dimensional (but parametric) predictive models, this new approach constructs a posterior predictive using a variational approximation to a loss-based, or Gibbs, posterior that is directly focused on predictive accuracy. The theoretical behavior of the new prediction approach is analyzed and a form of optimality demonstrated. Applications to both simulated and empirical data using high-dimensional Bayesian neural network and autoregressive mixture models demonstrate that the approach provides more accurate results than various alternatives, including misspecified likelihood-based predictions |
| Keywords: | loss-based Bayesian forecasting, variational inference, Gibbs posteriors, proper scoring rules, Bayesian neural networks, M4 forecasting competition |
| JEL: | C11 C53 C58 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:msh:ebswps:2021-8&r= |
| By: | Advani, Arun (University of Warwick, CAGE, the Institute for Fiscal Studies (IFS), and the LSE International Inequalities Institute (III)); Tarrant, Hannah (London School of Economics III) |
| Keywords: | JEL Classification: |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:cge:wacage:577&r= |
| By: | Zongwu Cai (Department of Economics, The University of Kansas, Lawrence, KS 66045, USA); Ying Fang (The Wang Yanan Institute for Studies in Economics, Xiamen University, Xiamen, Fujian 361005, China and Department of Statistics, School of Economics, Xiamen University, Xiamen, Fujian 361005, China); Ming Lin (The Wang Yanan Institute for Studies in Economics, Xiamen University, Xiamen, Fujian 361005, China and Department of Statistics, School of Economics, Xiamen University, Xiamen, Fujian 361005, China); Shengfang Tang (Department of Statistics, School of Economics, Xiamen University, Xiamen, Fujian 361005, China) |
| Abstract: | This paper proposes a novel test to assess whether there exists heterogeneously distributional effect for an intervention on outcome of interest across different sub-populations defined by covariates of interest. Specifically, we develop a nonparametric test, a consistent test statistic based on the Cramer-von Mises type criterion, which is for the null hypothesis that the treatment has a constant quantile effect for all subpopulations defined by covariates of interest. Under some regular conditions, we establish the asymptotic distribution of the proposed test statistic under the null hypothesis and its consistency against fixed alternatives, together with studying the power of our test against a sequence of local alternatives. Furthermore, a nonparametric Bootstrap procedure is suggested to approximate the finite-sample null distribution of the proposed test and the asymptotic validity of the proposed Bootstrap test is also established. Through Monte Carlo simulations, we demonstrate the power properties of the test in finite samples. Finally, the proposed testing approach is applied to investigating whether there exists heterogeneity for the quantile treatment effect of maternal smoking during pregnancy on infant birth weight across different age groups of mothers. |
| Keywords: | Bootstrap; Conditional quantile treatment effect; Heterogeneity test; Nonparametric quantile regression; Nonparametric test. |
| JEL: | C12 C13 C14 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:kan:wpaper:202117&r= |
| By: | Nolan, Brian; Weisstanner, David; Goedemé, Tim; Paskov, Marii |
| Abstract: | In sociology and political science, social class is among the most commonly used indicators of command over economic resources. However, we know relatively little about how the nature of the relationship between social class and earnings varies across countries. In this paper, we utilize data from the European Union Statistics on Income and Living Conditions (EU-SILC) to study the relation between social class and earnings inequality across 30 European countries. We find that while working-class individuals have lower average earnings than their upper-class counterparts in all countries, there is considerable variation across countries in the earnings ratios. Class also contributes to overall earnings inequality. However, by using a variation of the Oaxaca-Blinder decomposition, we show that a sizeable share of between-class inequality can be accounted for by differences in the population composition of social classes. In sum, our results reveal that there is a non-negligible relationship between class and earnings, but the magnitude of class inequality, and how much class accounts for overall inequality, differs substantially across countries. |
| Keywords: | social class, earnings, inequality, cross-national variation, Europe. |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-03&r= |
| By: | Goedemé, Tim; Zsuzsa Lévay, Petra; Vanhille, Josefine; Verbist, Gerlinde |
| Abstract: | Understanding demand-side drivers and distribution of greenhouse gas emissions is key to design fair and efficient climate mitigation policies. In this study, we quantify the relationship between the carbon footprint of consumption and socio-economic characteristics of Belgian households. We use a dataset that combines household-level consumption data with an environmentally extended input-output model which quantifies the greenhouse gas emissions embedded in the supply chain of goods and services that households consume. Similar to studies in other countries, we find that the emission intensity (emissions per euro of expenditures) of consumption by households at the lower part of the income distribution is higher than that of richer households. The main reason is that poorer households spend a higher share of their expenditures on emissions intensive products, especially on energy and housing. We also find that living standards and household size are the most important determinants of household consumption-related emissions. The expenditure-elasticity of household emissions is less than unity, i.e. emissions increase with expenditures, but in a less than proportionate way. However, the elasticity changes when emissions from different consumption domains are analyzed. It is lowest for energy and housing and highest for services. |
| Keywords: | household carbon footprints, Environmental Engel curves, consumption-based emission accounting, elasticity, emission distribution |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-09&r= |
| By: | Lomonosov, Daniil |
| Abstract: | World oil prices in 2020 have undergone tangible shocks, which are associated primarily with two events - the collapse of the OPEC+ deal and the coronavirus pandemic. Based on the BVAR model of the oil market, the quantitative role of these events in the dynamics of oil prices was assessed, and the channels of their influence through structural shocks were identified. In the first half of 2020, at the time of the greatest decline, lack of consistency between oil producing countries, expectations of further growth in oil supply and uncertainty about a recovery in global demand played a dominant role, reducing oil prices by 86% at the peak of the decline. The direct contribution of the decline in the economic activity due to restrictive measures was more modest, reducing the price by 27.7% in April 2020. However, after reaching new agreements within the OPEC+ deal and some adaptation to the new conditions of a number of countries, the direction of the dynamics of oil prices changed. The main factor behind the rise in prices in the second half of the year, according to the model, is a noticeable decline in world oil production, which on average has increased the price of oil by 20.8% since May. |
| Keywords: | Oil prices; pandemic; OPEC+; global economic activity shock; oil supply shock; specific oil demand shock |
| JEL: | C32 E32 Q43 |
| Date: | 2021–07–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109319&r= |
| By: | Shinsuke Tanaka; Kensuke Teshima; Eric Verhoogen |
| Abstract: | This study examines the effect of a tightening of the U.S. air-quality standard for lead in 2009 on the relocation of battery recycling to Mexico and on infant health in Mexico. In the U.S., airborne lead dropped sharply near affected plants, most of which were battery-recycling plants. Exports of used batteries to Mexico rose markedly. In Mexico, production increased at battery-recycling plants, relative to comparable industries, and birth outcomes deteriorated within two miles of those plants, relative to areas slightly farther away. The case provides a salient example of a pollution-haven effect between a developed and a developing country. |
| JEL: | F18 I14 I15 O15 Q56 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29146&r= |
| By: | Laborde, David; Mamun, Abdullah A.; Martin, William J.; Piñeiro, Valeria; Vos, Rob |
| Keywords: | International Development, International Development, Environmental Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312847&r= |
| By: | Heidar Eyjolfsson; Dag Tj{\o}stheim |
| Abstract: | The paper discusses multivariate self- and cross-exciting processes. We define a class of multivariate point processes via their corresponding stochastic intensity processes that are driven by stochastic jumps. Essentially, there is a jump in an intensity process whenever the corresponding point process records an event. An attribute of our modelling class is that not only a jump is recorded at each instance, but also its magnitude. This allows large jumps to influence the intensity to a larger degree than smaller jumps. We give conditions which guarantee that the process is stable, in the sense that it does not explode, and provide a detailed discussion on when the subclass of linear models is stable. Finally, we fit our model to financial time series data from the S\&P 500 and Nikkei 225 indices respectively. We conclude that a nonlinear variant from our modelling class fits the data best. This supports the observation that in times of crises (high intensity) jumps tend to arrive in clusters, whereas there are typically longer times between jumps when the markets are calmer. We moreover observe more variability in jump sizes when the intensity is high, than when it is low. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.10176&r= |
| By: | Sylvie St-Onge; Victor Haines Iii; Felix Ballesteros-Leiva; Gwénaëlle Poilpot-Rocaboy (CREM - Centre de recherche en économie et management - UNICAEN - Université de Caen Normandie - NU - Normandie Université - UR1 - Université de Rennes 1 - UNIV-RENNES - Université de Rennes - CNRS - Centre National de la Recherche Scientifique) |
| Abstract: | Purpose Based on the conservation of resources (COR) theory (Hobfoll, 1989, 2002), this study first investigates the direct influence of core self-evaluations (CSEs) on work-to-family (W → F) and family-to-work (F → W) conflicts. Second, it tests the mediating impact of Social support from work and home domains in the associations between CSEs and both directions of work-family conflict. This study finally examines the moderating influence of CSEs in the associations between work and home domain social support and both directions of work-family conflict. Design/methodology/approach Human resources professionals (629), and engineers (169) employed in Canada completed an online survey. Both directions of work-family conflict were measured as well as CSEs, and work and home domain social support. Findings Results indicate that higher CSEs are associated with lower W → F and F → W conflicts. They also suggest an indirect association between CSEs and W → F conflict through supervisor support. The indirect association between CSEs and F → W conflict through home domain social support was also supported. Besides, it appears that CSEs moderate the association between home support and F → W conflict. Research limitations/implications Our findings underscore the relevance of considering both dispositional and environmental factors together in work-life research. Results question within- vs. cross-domain conceptualizations of work-life spillover. They also indicate how both differential choice and effectiveness operate in conjunction with managing work-life domains. Originality/value The research presents a comprehensive model linking work-family conflict, social support and CSEs. It draws from an integrative personality framework (Judge et al., 1998) and COR theory (Hobfoll, 1989) to explore the underlying processes of CSEs, often inferred but not specified or incorporated into work-life research. |
| Date: | 2020–09–09 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03276213&r= |
| By: | Bizimana, Jean Claude; Bryant, Henry L.; Worqlul, Abeyou W.; Richardson, James W. |
| Keywords: | Agricultural and Food Policy, International Development, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312815&r= |
| By: | Farmer, J. Doyne; Kleinnijenhuis, Alissa; Nahai-Williamson, Paul; Wetzer, Thom |
| Abstract: | We propose a structural framework for the development of system-wide financial stress tests with multiple interacting contagion, amplification channels and heterogeneous financial institutions. This framework conceptualises financial systems through the lens of five building blocks: financial institutions, contracts, markets, constraints, and behaviour. Using this framework, we implement a system-wide stress test for the European financial system. We obtain three key findings. First, the financial system may be stable or unstable for a given microprudential stress test outcome, depending on the system's shock-amplifying tendency. Second, the 'usability' of banks' capital buffers (the willingness of banks to use buffers to absorb losses) is of great consequence to systemic resilience. Third, there is a risk that the size of capital buffers needed to limit systemic risk could be severely underestimated if calibrated in the absence of system-wide approaches. |
| Keywords: | Systemic risk, stress testing, financial contagion, financial institutions, capital requirements, macroprudential policy |
| JEL: | G17 G21 G23 G28 C63 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-14&r= |
| By: | Cruz, Julio C.; House, Lisa A.; Court, Christa D.; Blare, Trent D. |
| Keywords: | Production Economics, Agricultural and Food Policy, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312927&r= |
| By: | Gebrehiwot, Berihu Assefa; Gebreeyesus, Mulu; Weldesilassie, Alebel Bayrau |
| Abstract: | Recognizing the immense potential for greater Chinese investment promotion and its contribution to Ethiopia’s industrialization and acknowledging the gaps, this paper aims to conduct a rigorous research through analysis of secondary sources and qualitative survey of Chinese enterprise doing business in Ethiopia in various sectors. In this regard, the key policy questions that this study tries to answer are ‘the involvement in and the contribution to Ethiopia’s industrialization and the challenges and opportunities they face. Hence, the overall objective of this research will be to (i) assess the trends in Chinese enterprises involvement in Ethiopia’s industrialization for the last decade, (ii) inform both the Chinese government and Ethiopian government on key business barriers and market failures that are constraining Chinese business entry and growth in Ethiopia; (iii) investigate the immense untapped investment potential from China that can be attracted and opportunities that Ethiopia could offer to Chinese investors; and (iv) propose policy options on how to address the challenges and thereby maximize the opportunities to enhance Chinese investment towards Ethiopia’s industrialization. |
| Keywords: | Enterprise, Investment, China, Ethiopia, FDI |
| JEL: | E22 |
| Date: | 2020–03–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109166&r= |
| By: | Leonardo Bonilla-Mejía; Erika Londoño-Ortega |
| Abstract: | Rural schools are usually behind in terms of learning, and part of this could be related to geographical isolation. We explore this hypothesis, assessing the causal effect of distance between rural schools and local governments on learning in Colombia. We use spatial discontinuous regression models based on detailed administrative records from the education system and granular geographic information. Results indicate that distance to towns and Secretary of Education has significant negative effects on students’ standardized test scores. We evaluated alternative mechanisms, finding that the effect of distance is partly explained by differences in critical educational inputs, such as teachers’ education attainment and contract stability. Finally, we assess the mediating role of a program providing monetary incentives to teachers and principals in remote areas. **** RESUMEN: Las escuelas rurales están generalmente rezagadas en términos de aprendizaje y parte de esto puede estar relacionado con el aislamiento geográfico. Este documento explora esta hipótesis, evaluando el efecto causal de la distancia entre las escuelas rurales y los gobiernos locales en el aprendizaje. Empleamos modelos de regresión discontinua espaciales a partir de registros administrativos detallados e información geográfica granular del sistema educativo. Los resultados indican que tanto la distancia a las cabeceras municipales como aquella a las Secretarías de Educación tiene efectos negativos y significativos sobre los puntajes en las pruebas estandarizadas de los alumnos. Estudiamos diferentes mecanismos, encontrando que el efecto de la distancia se explica en parte por diferencias importantes en insumos educativos, como la formación de los docentes y los nombramientos permanentes. Finalmente, estudiamos en que medida el programa de incentivos monetarios para escuelas en zonas de difícil acceso media estos resultados. |
| Keywords: | Geographic isolation, education, rural, Colombia, aislamiento geográfico, educación, rural, Colombia. |
| JEL: | R12 I21 I24 H75 R10 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:bdr:borrec:1169&r= |
| By: | Isaías Hazarmabeth Salgado-Ugarte (FES Zaragoza; Universidad Nacional Autónoma de México) |
| Abstract: | By solving the histograms' problems of origin dependency and discontinuity and by having guidance to choose the best bandwidth and the feasibility of variable bandwidth procedures, the kernel density estimators (KDEs) are powerful tools to explore and analyze data distributions. However, an important drawback of these methods is that they require a considerable number of calculations, which may require a long time to obtain the result, even using fast processors and moderate sample sizes. A way to overcome this problem is through ASHs, a procedure later recognized as being a part of the more general procedure. On the other hand, the information with a circular measure scale commonly occurs in diverse human activities. Circular data distribution must be understood to properly interpret its message. The rose diagram is the histogram equivalent, sharing the same drawbacks along with others derived from the circular scale. In this talk, I present a new program that permits the calculation of kernel density estimators for circular data with different weight functions by means of the ASH-WARP procedure with an impressive calculation time (from minutes to less than a second) when analyzing big datasets. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:3&r= |
| By: | Nolan, Brian; C. Palomino, Juan; Kuypers, Sarah; Marx, Ive |
| Abstract: | Measures taken to contain the spread of COVID-19 affect some workers' capability to work and hence earnings more than others. The initial impact may be mitigated, for instance by relying on savings and assets. Access to these buffers may, however, also vary considerably within and across countries. In this paper we estimate for Euro Area workers their potential earnings losses related to the COVID-19 labour supply shock (before state responses) using the Lockdown Working Ability Index and relate this to households' savings and assets observed in the Eurosystem Household Finance and Consumption Survey. We find that, on average across the Euro Area, affected households could only offset half of their losses by relying on their liquid assets, ranging from 25% in some countries to 80% in others. We also find that liquid asset buffers of households in the bottom earnings quintiles are often insufficient to prevent them from falling below a low earnings threshold. |
| Keywords: | earnings, assets, wealth, pandemic, lockdown |
| JEL: | D31 E24 G51 J21 J31 |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-10&r= |
| By: | Benjamin R. Handel; Jonathan T. Kolstad |
| Abstract: | The regulated insurance exchanges set up in the Affordable Care Act (ACA) were designed to deliver affordable, efficient health coverage through private insurers. It is crucial to study the complex industrial organization (IO) of these exchanges in order to assess their impacts to date, during the first decade of the ACA, and in order to project their impacts going forward. We revisit the inherent market failures in health care markets that necessitate key ACA exchange regulations and investigate whether they have succeeded in their goals of expanding coverage, creating robust marketplaces, providing product variety, and generating innovation in health care delivery. We discuss empirical IO research to date and also highlight shortcomings in the existing research that can be addressed moving forward. We conclude with a discussion of IO research-based policy lessons for the ACA exchanges and, more generally, for managed competition of private insurance in health care. |
| JEL: | G22 H2 I11 I13 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29178&r= |
| By: | Timothy J. Besley; Robin Burgess; Adnan Khan; Guo Xu |
| Abstract: | In recent years, there has been increasing interest in whether and how bureaucratic effectiveness contributes to development. Just what makes for an effective bureaucracy and what are the building blocks of state capacity remain subject to debate. This paper reviews the arguments connecting contemporary research using administrative data and field experiments to wider discussions of the origins of state capacity. Most current research has been focused on understanding specific features of the environment in which bureaucrats operate. We connect this to discussions of bureaucratic systems, specifically the relationship to politics, citizens, firms and NGOs. |
| JEL: | D72 D73 H83 O11 O12 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29163&r= |
| By: | Genz, Sabrina (Institute for Employment Research (IAB), Nuremberg); Schnabel, Claus (University of Erlangen-Nuremberg) |
| Abstract: | While numerous studies have analyzed the aggregate employment effects of digital technologies, this paper focuses on the employment development of individual workers exposed to digitalization. We use a unique linked employer-employee data set for Germany and a direct measure of the first-time introduction of cutting-edge digitalization technologies in establishments between 2011 and 2016. Applying a matching approach, we compare workers in establishments investing in digital technologies with similar employees in establishments that do not make such an investment. We find that the employment stability of incumbent workers is lower in investing than non-investing establishments, but most displaced workers easily find jobs in other firms, and differences in days in unemployment are small. We also document substantial heterogeneities in the employment effects across skill groups, occupational tasks performed, and gender. Employment reactions to digitalization are most pronounced for both low- and high-skilled workers, for workers with non-routine tasks, and for female workers. Our results underline the importance of tackling the impending digital divide among different groups of workers. |
| Keywords: | digitalization, employment, separations, skills, tasks |
| JEL: | J21 J63 O33 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14649&r= |
| By: | Egor Malkov |
| Abstract: | This paper develops a framework for assessing the welfare effects of labor income tax changes on married couples. I build a static model of couples' labor supply that features both intensive and extensive margins and derive a tractable expression that delivers a transparent understanding of how labor supply responses, policy parameters, and income distribution affect the reform-induced welfare gains. Using this formula, I conduct a comparative welfare analysis of four tax reforms implemented in the United States over the last four decades, namely the Tax Reform Act of 1986, the Omnibus Budget Reconciliation Act of 1993, the Economic Growth and Tax Relief Reconciliation Act of 2001, and the Tax Cuts and Jobs Act of 2017. I find that these reforms created welfare gains ranging from -0.16 to 0.62 percent of aggregate labor income. A sizable part of the gains is generated by the labor force participation responses of women. Despite three reforms resulted in aggregate welfare gains, I show that each reform created both winners and losers. Furthermore, I uncover two patterns in the relationship between welfare gains and couples' labor income. In particular, the reforms of 1986 and 2017 display a monotonically increasing relationship, while the other two reforms demonstrate a U-shaped pattern. Finally, I characterize the bias in welfare gains resulting from the assumption about a linear tax function. I consider a reform that changes tax progressivity and show that the linearization bias is given by the ratio between the tax progressivity parameter and the inverse elasticity of taxable income. Quantitatively, it means that linearization overestimates the welfare effects of the U.S. tax reforms by 3.6-18.1%. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09981&r= |
| By: | Lineback, Caitlinn; Caputo, Vincenzina; McKendree, Melissa G. S.; Kilders, Valerie |
| Keywords: | Marketing, Agricultural and Food Policy, International Relations/Trade |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312713&r= |
| By: | Amin, Modhurima D.; Astill, Gregory M.; Badruddoza, Syed; McCluskey, Jill J. |
| Keywords: | Marketing, Research Methods/Statistical Methods, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312765&r= |
| By: | Sergio Cifuentes (OSIPTEL, Dirección de Politicas Regulatorias y Competencia); Paulo Chahuara (OSIPTEL, Dirección de Politicas Regulatorias y Competencia) |
| Abstract: | Este trabajo cuantifica y caracteriza la proporción de consumidores influenciados por sesgos conductuales en sus decisiones respecto a los servicios de telecomunicaciones contratados. Para ello, a partir de la Encuesta Residencial de Servicios de Telecomunicaciones del año 2019, se construye un índice que mide la incidencia de sesgos en el comportamiento de los abonados peruanos utilizando sus motivos declarados para elegir la empresa operadora, las razones para pensar en cambiarse o permanecer con su proveedor de servicio, los aspectos asociados a la búsqueda de información de planes comerciales, entre otras dimensiones. La evidencia obtenida para el mercado de servicios de telecomunicaciones peruano muestra una participación sustantiva de consumidores condicionados por sesgos conductuales, además que estos abonados se caracterizan por resultados adversos en términos de contratar planes comerciales con bajos atributos, una menor percepción de calidad por los servicios de telecomunicaciones, un empoderamiento bajo como consumidores y mayor desconocimiento de las acciones de política del OSIPTEL. |
| Keywords: | Modelo económico estándar, racionalidad económica, economía del comportamiento, sesgos conductuales, diseño e implementación de políticas. |
| JEL: | C29 D12 L96 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:opt:doctra:44&r= |
| By: | Jorge M. Streb (ed.); Jessica Fastman; Augusto Mamone; Santiago Rebollini; Francisco Tomas Calderón |
| Abstract: | Como el anterior documento de trabajo (Documento de Trabajo 761, octubre de 2020), esta colección de ensayos se enfoca en diferentes elementos analíticos de la Teoría de Sentimientos Morales (TSM) de Smith. Fastman analiza cómo el tema de los “like” en la internet trastoca la sensación de amistad que describe TSM, al confundir la cercanía de las amistades reales con las virtuales. Mamone se pregunta hasta qué punto los valores morales en TSM son universales o relativos a una sociedad históricamente dada, comparándolos con los así llamados “valores asiáticos” y con algo mucho más concreto, el budismo. Rebollini contrasta el tratamiento de la justicia en Riqueza de las Naciones como uno de los deberes del Estado con el tratamiento en TSM, donde aparece como virtud y se discute su relación con la justicia legal. Tomas Calderón relaciona, en base a evidencia empírica moderna, la discusión de TSM sobre el amor con la pasión por el fútbol. |
| Keywords: | Adam Smith, amistad, valores, normas legales, pasiones |
| JEL: | B12 D01 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:cem:doctra:807&r= |
| By: | Amélie Charles (Audencia Business School); Chew Lian Chua (University of Nottingham Ningbo [China]); Olivier Darné (LEMNA - Laboratoire d'économie et de management de Nantes Atlantique - IEMN-IAE Nantes - Institut d'Économie et de Management de Nantes - Institut d'Administration des Entreprises - Nantes - UN - Université de Nantes - IUML - FR 3473 Institut universitaire Mer et Littoral - UBS - Université de Bretagne Sud - UM - Le Mans Université - UA - Université d'Angers - CNRS - Centre National de la Recherche Scientifique - IFREMER - Institut Français de Recherche pour l'Exploitation de la Mer - UN - Université de Nantes - ECN - École Centrale de Nantes); Sandy Suardi (University of Wollongong) |
| Abstract: | This paper develops a structural factor vector autoregressive (SFVAR) model to study the effect of oil price shock on economic activity. The model allows both types of uncertainty (real economic activity and oil price) to directly affect oil prices and economic activity. More importantly, the factor variable, which is akin to the macroeconomic uncertainty measure of Henzel and Rengel (2017), captures the significant indirect spillover effects of both supplyrelated (oil prices) and demand-related (business cycle) shocks on oil prices and economic activity. By incorporating the indirect effect of this macroeconomic uncertainty, the response of economic activity to oil price shocks is amplified. In some countries the real effect is prolonged. Results for net oil exporting (importing) countries show that an oil price hike has an appreciably positive (negative) effect on economic activity. The factor dynamics of all countries, except for France, are highly correlated with each other, while they are all moderately correlated with some commonly used measures of macroeconomic uncertainty. |
| Keywords: | Factor model,Outliers,Impulse response,Real Uncertainty,Oil price uncertainty |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03284089&r= |
| By: | Luca Rigotti; Arie Beresteanu |
| Abstract: | We provide a sharp identification region for discrete choice models in which consumers' preferences are not necessarily complete and only aggregate choice data is available to the analysts. Behavior with non complete preferences is modeled using an upper and a lower utility for each alternative so that non-comparability can arise. The identification region places intuitive bounds on the probability distribution of upper and lower utilities. We show that the existence of an instrumental variable can be used to reject the hypothesis that all consumers' preferences are complete, while attention sets can be used to rule out the hypothesis that all individuals cannot compare any two alternatives. We apply our methods to data from the 2018 mid-term elections in Ohio. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06282&r= |
| By: | Andrew I. Friedson; Moyan Li; Katherine Meckel; Daniel I. Rees; Daniel W. Sacks |
| Abstract: | Medical experts have argued forcefully that using cigarettes harms health, prompting the adoption of myriad anti-smoking policies. The association between smoking and mortality may, however, be driven by unobserved factors, making it difficult to discern the underlying long-term causal relationship. In this study, we explore the effects of cigarette taxes experienced as a teenager, which are arguably exogenous, on adult smoking participation and mortality. A one-dollar increase in teenage cigarette taxes is associated with an 8 percent reduction in adult smoking participation and a 6 percent reduction in mortality. Mortality effects are most pronounced for heart disease and lung cancer. |
| JEL: | H2 I10 I12 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29145&r= |
| By: | Sandra Dubouloz (IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc); Anne Berthinier-Poncet (LIRSA - Laboratoire interdisciplinaire de recherche en sciences de l'action - CNAM - Conservatoire National des Arts et Métiers [CNAM]); Luciana Castro Gonçalves (IRG - Institut de Recherche en Gestion - UPEC UP12 - Université Paris-Est Créteil Val-de-Marne - Paris 12 - Université Gustave Eiffel, ESIEE Paris); Emilie Ruiz (BETA - Bureau d'Économie Théorique et Appliquée - UL - Université de Lorraine - UNISTRA - Université de Strasbourg - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement); Catherine Thevenard-Puthod (IREGE - Institut de Recherche en Gestion et en Economie - USMB [Université de Savoie] [Université de Chambéry] - Université Savoie Mont Blanc) |
| Abstract: | L'objectif de cette recherche est de proposer une caractérisation fine des communautés qui interagissent lors des projets d'innovation, en s'interrogeant sur leur caractère mutuellement exclusif ou sur la potentielle porosité de leurs frontières. A travers trois études de cas d'entreprises du sport outdoor, nous caractérisons trois types de communautés d'innovation (les communautés de pratique, épistémiques et d'utilisateurs) à l'aide de cinq caractéristiques (leurs membres, objectifs, dynamique organisationnelle, mode de communication et la nature de leurs liens sociaux). Par ailleurs, des mécanismes intrinsèques et extrinsèques sont identifiés comme étant à l'origine du décloisonnement des trois types de communautés identifiées. |
| Keywords: | Objets-frontière,Constellation de communautés d'innovation,Communautés d'innovation,Communautés mixtes |
| Date: | 2020–07–07 |
| URL: | http://d.repec.org/n?u=RePEc:hal:wpaper:hal-02891869&r= |
| By: | Rodrigo R. Soares; Rudi Rocha; Michel Szklo |
| Keywords: | life expectancy, health, welfare, United States |
| Date: | 2021–08–11 |
| URL: | http://d.repec.org/n?u=RePEc:amc:wpaper:13&r= |
| By: | Mr. Leonardo Martinez; Mr. Santiago Acosta Ormaechea |
| Abstract: | This guide presents the analytical underpinnings and a user manual for the Excel-based Public Debt Dynamics Tool (DDT). |
| Keywords: | dynamics tool; dynamics equation; public debt projection; DDT input; public debt target; market-access countries debt sustainability; Fiscal stance; Debt sustainability analysis; Foreign currency debt; Exchange rate adjustments |
| Date: | 2021–05–28 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imftnm:2021/005&r= |
| By: | Grant, Alison; Lusk, Jayson L.; Widmar, Nicole Olynk |
| Keywords: | Teaching/Communication/Extension/Profession, Institutional and Behavioral Economics, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312747&r= |
| By: | Zhang, Mengling; Chen, Zhaojiu; Wu, Feng |
| Keywords: | Consumer/Household Economics, Community/Rural/Urban Development, Resource/Energy Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312641&r= |
| By: | Metin Uyanik; M. Ali Khan |
| Abstract: | This paper presents six theorems and ten propositions that can be read as deconstructing and integrating the continuity postulate under the rubric of pioneering work of Eilenberg, Wold, von Neumann-Morgenstern, Herstein-Milnor and Debreu. Its point of departure is the fact that the adjective continuous applied to a function or a binary relation does not acknowledge the many meanings that can be given to the concept it names, and that under a variety of technical mathematical structures, its many meanings can be whittled down to novel and unexpected equivalences that have been missed in the theory of choice. Specifically, it provides a systematic investigation of the two-way relation between restricted and full continuity of a function and a binary relation that, under convex, monotonic and differentiable structures, draws out the behavioral implications of the postulate. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11736&r= |
| By: | Nasir Iqbal (Pakistan Institute of Development Economics, Islamabad.); Fahd Zulfiqar (Pakistan Institute of Development Economics, Islamabad.) |
| Abstract: | This study explores the process of irregular migration that drives people to opt for illegal channels to migrate. The study further examines the impact of the COVID-19 pandemic on the socio-economic vulnerabilities of irregular migrant workers. We find that due to COVID-19, irregular migrants suffered job losses, with only a few cases of job restoration. Their predicament is compounded given their questionable legal status, economic vulnerabilities, the stance of governments of the host and origin countries, vulnerability to poverty, and resort only to social capital as social security. We suggest that the governments should intervene to facilitate irregular migrants during pandemics. |
| Keywords: | COVID-19; Irregular Migration; Pakistan; Europe |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2021:4&r= |
| By: | Dale Rhoda (Biostat Global Consulting) |
| Abstract: | Household surveys are a vital source of data on childhood vaccination in low- and middle-income countries. To evaluate effectiveness of government vaccination programs, the World Health Organization (WHO) has developed a set of outcome indicators that may be calculated from survey data. In this talk, I describe our collection of Stata programs—called Vaccination Coverage Quality Indicators (VCQI)—that WHO makes freely available so survey analysts can calculate those indicators in a consistent and transparent manner from surveys that can vary in many specific details. Although the collection consists of more than 300 ado-programs, the survey analyst interacts only with a single do-file—a "control program" that orchestrates calls to the other programs, as needed. Only moderate Stata skills are required for an analyst to adapt and run VCQI control programs. This work has prompted several improvements in Stata’s survey estimation commands, and the collection includes useful extensions to Stata’s survey capabilities (for example, meaningful confidence intervals when 0 or 100% of respondents have the outcome). Most of VCQI’s programs are highly interdependent and focused on the specific topic of childhood vaccination, but several are generically useful for survey data analysis. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:32&r= |
| By: | Ufer, Danielle; Ortega, David L.; Wolf, Christopher A.; Swanson, Janice; McKendree, Melissa G. S. |
| Keywords: | Environmental Economics and Policy, Institutional and Behavioral Economics, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312619&r= |
| By: | Dario Caldara; Chiara Scotti; Molin Zhong |
| Abstract: | We study the joint conditional distribution of GDP growth and corporate credit spreads using a stochastic volatility VAR. Our estimates display significant cyclical co-movement in uncertainty (the volatility implied by the conditional distributions), and risk (the probability of tail events) between the two variables. We also find that the interaction between two shocks--a main business cycle shock as in Angeletos et al. (2020) and a main financial shock--is crucial to account for the variation in uncertainty and risk, especially around crises. Our results highlight the importance of using multivariate nonlinear models to understand the determinants of uncertainty and risk. |
| Keywords: | Uncertainty; Tail risk; Joint conditional distributions; Main shocks |
| JEL: | C53 E23 E32 E44 |
| Date: | 2021–08–19 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fedgif:1326&r= |
| By: | Alvedalen, Janna (CIRCLE, Lund University); Carlsson, Bo (Case Western Reserve University) |
| Abstract: | Scaling-up is still underexplored in the Entrepreneurial Ecosystem literature. This paper presents a comparative analysis of five Entrepreneurial Ecosystems in Life Sciences in Sweden and the US, based on own data collection. It examines the factors that support or impede the scale-up process of firms in different geographical contexts. The paper outlines firm-specific and firm-external factors important to high-growth firms in Life Science and shows these factors differentiate across distinct geographical contexts. The study sheds light on key enablers and barriers to scaling-up in Entrepreneurial Ecosystems and the roles of different actors including growth ambition, technological expertise, management competence, business model alteration, funding, global firms, human capital, support organizations, local growth culture, hospitals and universities. |
| Keywords: | Entrepreneurial Ecosystem; scale-up; high-growth firms; Life Sciences; Sweden; U.S. |
| JEL: | L26 M21 O33 |
| Date: | 2021–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lucirc:2021_009&r= |
| By: | SOTO EMBODAS Iria (European Commission - JRC); DI BARTOLO Fabiola; RODRIGUEZ CEREZO Emilio (European Commission - JRC); BARREIRO HURLE Jesus (European Commission - JRC) |
| Abstract: | An EU financial contribution for eradication, control and surveillance programmes (veterinary programmes) can be granted to Member States (MS) based on the provisions of Regulation (EU) No 652/2014. The current methodology to calculate unit costs is based on Commission Decision C(2018) 2315 of 23 April 2018. However, during the first year of application several limitations were identified by both MS and EU officials.This technical report revises the methodologies that have previously been applied for unit cost calculations and develops a methodology for the reimbursement of the eradication, control and surveillance activities of Animal Health Programmes. The new methodology aims at reaching the highest level of administrative simplification possible while complying with the economy, efficiency and effectiveness principles of the Multiannual Financial Framework (2021-2027). The study was commissioned by DG SANTE. Our approach calculates unit costs for both testing and sampling activities. Unit cost calculations for sampling activities are based on two components: salary data from Eurostat statistics and sampling time data as determined by European Commission veterinary experts. Unit cost calculations for testing activities are also based on Eurostat statistics and on two additional components: material costs and testing times. For these last two components we used different data sources (i.e. EU Reference Laboratories, market data from commercial laboratories and a MS questionnaire).Significant methodological simplifications and improvements of the parameters used have been achieved in comparison to the previous methodological approach. This methodology proposes the grouping of data values utilised in the calculation of unit costs as a trade-off between simplification and accuracy. The number of unit costs proposed for sampling and testing activities is 24 and 216 respectively, representing a significant reduction in contrast to the unit costs under C(2018) 2315, where the number of unit costs were 162 and 1080 respectively. This new methodology also proposed an improvement in data acquisition by using data homogenous to all MS and harmonised EU statistical data (e.g. Eurostat). The use of the most up-to-date data available to estimate the costs of consumables and the time needed to perform a test also represent an improvement compared to previous methodologies, as the proposed parameters correlate better with real data than the previous approach. |
| Keywords: | Animal Health Programmes |
| Date: | 2021–06 |
| URL: | http://d.repec.org/n?u=RePEc:ipt:iptwpa:jrc124839&r= |
| By: | Rishi R. Sharma; Joel Slemrod; Michael Stimmelmayr |
| Abstract: | We develop a positive model of multinational firm behavior and analyze a firm’s incentive to transfer an intellectual property (IP) right of uncertain value offshore ex ante, i.e. before its success or failure is realized. With an asymmetric treatment of losses in the home country, the multinational firm will transfer its IP to a foreign low-tax country to avoid potentially negative profits at home. In addition, similar incentives exist to transfer the IP to a jurisdiction where tax rates are comparable or even higher than at home if the foreign jurisdiction offers a more symmetric treatment of losses. |
| Keywords: | intellectual property, corporate taxation, loss-offset, tax avoidance |
| JEL: | H25 H26 D21 F23 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9262&r= |
| By: | Andrew Foote |
| Abstract: | Recently, two public data products have been released that publish earnings outcomes for college graduates by program of study and institution: Post-Secondary Employment Outcomes and College Scorecard, from the Census Bureau and U.S. Department of Education, respectively. While the earnings data underlying the data products is similar, persons eligible for the frames of the two products is different, with College Scorecard restricted to only students that receive Title IV aid. This paper documents how these differences in the population studied affect the published earnings outcomes. I show that at an institution, of the institutions in my sample, an average of sixty percent of baccalaureate graduates receive Title IV aid, and that the lower the coverage, the large the difference in earnings measurement. Additionally, I show that short-run earnings outcomes are very similar for these two samples, while longer-run outcomes (10 years after graduation) are significantly lower for the Title IV population. I also show that program ranking can change significantly when considering the Title IV population rather than the entire graduate population. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:cen:wpaper:21-19&r= |
| By: | Parag Mahajan |
| Abstract: | This paper finds that establishment entry and exit—particularly the prevention of establishment exit—drive immigrant absorption and immigrant-induced productivity increases in U.S. local industries. Using a comprehensive collection of confidential survey and administrative data from the Census Bureau, it shows that inflows of immigrantworkers lead to more establishment entry and less establishment exit in local industries. These relationships are responsible for nearly all of long-run immigrant-induced job creation, with 78 percent accounted for by exit prevention alone, leaving a minimal role for continuing establishment expansion. Furthermore, exit prevention is not uniform: immigrant inflows increase the probability of exit by establishments from low productivity firms and decrease the probability of exit by establishments from high productivity firms. As a result, the increase in establishment count is concentrated at the top of the productivity distribution. A general equilibrium model proposes a mechanism that ties immigrantworkers to high productivity firms and shows how accounting for changes to the firm productivity distribution can yield substantially larger estimates of immigrant-generated economic surplus than canonical models of labor demand. |
| Keywords: | Immigration, Business Dynamics, Job Creation, Productivity, Firm Heterogeneity |
| JEL: | J23 J61 L11 F22 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:cen:wpaper:21-18&r= |
| By: | Maczulskij, Terhi; Haapanen, Mika; Kauhanen, Antti; Riukula, Krista |
| Abstract: | Abstract Using information on collective agreements and administrative data on mental ill-health, sickness absence, and job separations, we study the effect of decentralization on well-being at work in Finland. Our regression results with individual-and firm-level fixed effects show that decentralized wage bargaining leads to distinct outcomes for different employee groups. For example, white-collar employees in white-collar intensive firms show increased well-being at work. In contrast, all employees in blue-collar intensive firms show quite strong and negative responses to decentralization. Decentralization affects mostly job-separation behavior and mental ill-health, whereas no consistent effects for sickness absence are observed. Whether the mechanisms between decentralization and worker’s well-being is explained by pay dispersion, wage level, or different preferences toward wage policy needs to be explored further. |
| Keywords: | Decentralization, Collective agreements, Mental health disorder, Sickness absence, Job separation, Blue-collar, White-collar |
| JEL: | J31 J51 J52 |
| Date: | 2021–08–23 |
| URL: | http://d.repec.org/n?u=RePEc:rif:wpaper:89&r= |
| By: | Raul Anibal Feliz |
| Abstract: | The 11th edition of The Fed Explained: What the Central Bank Does (formerly The Federal Reserve System Purposes & Functions) details the structure, responsibilities, and work of the U.S. central banking system. The Federal Reserve System performs five functions to promote the effective operation of the U.S. economy and, more generally, to serve the public interest. It includes three key entities: the Board of Governors, 12 Federal Reserve Banks, and the Federal Open Market Committee. |
| Date: | 2021–08–11 |
| URL: | http://d.repec.org/n?u=RePEc:fip:g00002:4860&r= |
| By: | Brown, Austin L; D'Agostino, Mollie C; Fuller, Samuel J |
| Abstract: | The rapid growth of micromobility, which includes shared e-scooters and bicycles, seems poised to continue. There is a distinct need to understand which policies are most effective in maximizing the benefits and minimizing the issues for micromobility services. There is also a need to understand how different micromobility policies affect broader transportation systems, and to identify best practices for policy consistency across jurisdictional boundaries. |
| Keywords: | Social and Behavioral Sciences, Micromobility, Policy, scooters, e-bikes, shared mobility, Cities |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt2512g04j&r= |
| By: | Silvia Angerer; E. Glenn Dutcher; Daniela Glätzle-Rützler; Philipp Lergetporer; Matthias Sutter |
| Abstract: | Large, macroeconomic shocks in the past have been shown to influence economic decisions in the present. We study in an experiment with 743 subjects whether small-scale, seemingly negligible, events also affect the formation of risk preferences. In line with a reinforcement learning model, we find that subjects who won a random lottery took significantly more risk in a second lottery almost a year later. The same pattern emerges in another experiment with 136 subjects where the second lottery was played more than three years after the first lottery. So, small-scale, random, events affect the formation of risk preferences significantly. |
| Keywords: | reinforcement learning, risk preferences, preference formation, experiment |
| JEL: | C91 D01 D83 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9270&r= |
| By: | Collins, Amy C. |
| Abstract: | Habitat loss and fragmentation is currently the primary driver of biodiversity decline. Community forest management and wildlife crossing structures are two common conservation strategies applied to mitigate habitat loss and fragmentation. Community forest management is an approach that enables local communities to participate in forest management in order to reduce deforestation, and crossing structures are intended to mitigate the negative impacts of roads in fragmenting the landscape. To implement efficient design, their effectiveness needs to be examined using rigorous and appropriate methods. Herein, I assess the efficacy of each in the context of counterfactual assessments and baseline conditions. Using Pemba Island, Tanzania, as a case study, I monitor Community forest management, and use unprotected areas as the baseline. For wildlife crossing structures I examine structures along California highways, and use adjacent wildland areas absent of roads as the baseline. I employ methods such as remote sensing and hierarchical modeling to decipher forest cover change, wildlife movement, and behavioral responses within a fragmented habitat. I focus on particular anthropogenic stressors that may contribute to the efficacy of Community forest management and wildlife crossing structures, such as human population density, and light and noise pollution. The results offer solutions to the broader conservation community in how to evaluate the conservation tools we are currently utilizing. Furthermore, results guide the decision-making process for wildlife managers, practitioners, and agencies specific to these case studies and future conservation projects. |
| Keywords: | Life Sciences, road ecology, forest management, conservation |
| Date: | 2020–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:cdl:itsdav:qt94t1f52r&r= |
| By: | Vitaly Khrustalev; Mattia Masolletti |
| Abstract: | The article analyzes the legal framework regulating the legal provision of transport security in Russia. Special attention is paid to the role of prosecutor's supervision in the field of prevention of crimes in transport. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11732&r= |
| By: | Adrianna Bella (Center for Indonesia’s Strategic Development Initiatives, Jakarta, Indonesi); Temesgen Kifle (School of Economics, University of Queensland, Brisbane, Australia); Kam Ki Tang (School of Economics, University of Queensland, Brisbane, Australia) |
| Abstract: | Literature has shown inconclusive evidence regarding the relationship between smoking and body weight. Utilising panel data from the Indonesian Family Life Survey (IFLS) 1993–2014, this study sets out to re-investigate this relationship in Indonesia—a country with the world’s highest male smoking rate. We estimate the impacts of current and former smoking behaviours on BMI by addressing the endogeneity issues using fixed effects instrumental variables (FEIV) and fixed effects (FE) methods, respectively. We find no causal contemporaneous impact of smoking and smoking intensity on male and female BMI, however, we find that quitting smoking has positive but small effects on male BMI, and the magnitude of the effect is positively related to the previous smoking intensity, the duration of smoking, and the duration since quitting. |
| Keywords: | smoking, body weight, BMI, Indonesia |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:qld:uq2004:646&r= |
| By: | Bowei Guo (Faculty of Economics, University of Cambridge); David Newbery (Faculty of Economics, University of Cambridge) |
| Keywords: | Electricity trading, Market coupling, auctions, price forecasting |
| JEL: | F14 F15 Q47 Q48 L94 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2102&r= |
| By: | Somerville, Scott; Hart, Jarrett; Sumner, Daniel A. |
| Keywords: | Agricultural and Food Policy, Environmental Economics and Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312824&r= |
| By: | Matias Braun; Luis Felipe Cespedes; Sebastian Bustos |
| Abstract: | Productivity differentials have been documented as the main determinant of the variation of income per capita across countries. In this paper, we investigate whether the implementation of innovation-intensive or adoption-intensive business strategies by firms can explain differences in productivity levels and productivity growth across industries and countries. We compute a novel innovation-intensity strategy index for firms, based on textual analysis of financial reports issued in the US by firms from developed and developing countries and from a wide range of industries. We show that the index captures dimensions of the innovation process implemented by firms that go beyond R&D efforts. Our empirical results indicate that firms that pursue an innovation-based strategy exhibit higher productivity levels compared to firms that follow an adoption-based strategy. Nonetheless, the optimal business strategy depends on the distance to the world technology frontier. Firms far from the frontier grow faster when implementing an adoption-based strategy, but an innovation-based strategy better suits firms closer to the technological frontier. We provide evidence indicating that a country’s financial market sophistication, competition policy and innovation capabilities –such as educational level, availability of scientists and engineers, and intellectual property protection– are key determinants of the strategy implemented by firms. The empirical evidence suggests that middle-income traps may occur if competition policy, innovation capabilities and financial market sophistication are not enhanced as a country moves closer to the technology frontier. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:udc:wpaper:wp522&r= |
| By: | Fabrice Collard; Omar Licandro |
| Abstract: | This paper embeds firm dynamics into the Neoclassical model and provides a simple framework to solve for the transitional dynamics of economies moving towards more selection. As in the Neoclassical model, markets are perfectly competitive, there is only one good and two production factors (capital and labor). At equilibrium, aggregate technology is Neoclassical, but the average quality of capital and the depreciation rate are both endogenous and positively related to selection. At steady state, output per capita and welfare both raise with selection. However, the selection process generates transitional welfare losses that may reduce in around 60% long term (consumption equivalent) welfare gains. The same property is shown to be true in a standard general equilibrium model with entry and fixed production costs. |
| Keywords: | firm dynamics and selection, neoclassical model, capital irreversibility, investment distortions, transitional dynamics, welfare gains |
| JEL: | E13 E23 D60 O40 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9249&r= |
| By: | Richard Green (Imperial College Business School); Iain Staffell (Imperial College London) |
| Keywords: | Electricity Decarbonisation, Shapley Value, Carbon Pricing, Renewables |
| JEL: | L94 Q48 Q58 |
| Date: | 2021–03 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2105&r= |
| By: | Lori Chappell (KBR) |
| Abstract: | Excess relative risk (ERR) and excess absolute risk (EAR) are important metrics typically used in radiation epidemiology studies. Most studies of long-term radiation effects in Japanese atomic bomb survivors feature Poisson regression of grouped survival data. Risks are modeled on the excess risk scale using linear and log-linear functions of regression parameters, which are generally formulated to produce both ERR and EAR as output. Given the specific assumptions underlying these models, they are dubbed ERR and EAR models, respectively. Typically, these models are fit using the Epicure software that was specifically designed to fit these models, and they are difficult to reproduce in more accessible software. The flexibility of the bayesmh command can be utilized to fit these models within a Bayesian framework, which may increase accessibility in the broader statistical and epidemiological communities. In this presentation, I detail ERR and EAR model fitting and assumptions, and I give an example of how the models can be fit in Stata using Bayesian methods. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:29&r= |
| By: | Pichler, Anton; Lafond, François; Farmer, J. Doyne |
| Abstract: | We propose a simple model where the innovation rate of a technological domain depends on the innovation rate of the technological domains it relies on. Using data on US patents from 1836 to 2017, we make out-of-sample predictions and fond that the predictability of innovation rates can be boosted substantially when network effects are taken into account. In the case where a technology's neighbourhood further innovation rates are known, the average predictability gain is 28% compared to simpler time series model with do not incorporate network effects. Even when nothing is known about the future, we find positive average predictability gains of 20%. The results have important policy implications, suggesting that the effective support of a given technology must take into account the technological ecosystem surrounding the targeted technology. |
| Keywords: | innovation, technology, network, forecasting, patents, spacial econometrics |
| Date: | 2020–03 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-04&r= |
| By: | Amin, Modhurima D.; Badruddoza, Syed; Mantle, Steve |
| Keywords: | Productivity Analysis, Research Methods/Statistical Methods, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312764&r= |
| By: | Stefan Buehler; Nicolas Eschenbaum |
| Abstract: | This paper studies dynamic monopoly pricing for a broad class of Coasian and Non-Coasian settings. We show that the driving force behind pricing dynamics is the seller's incentive to trade up consumers to higher-valued consumption options. In Coasian settings, consumers can be traded up from the static optimum, and pricing dynamics arise until all trading-up opportunities are exhausted. In Non-Coasian settings, consumers cannot be traded up from the static optimum, and no pricing dynamics arise. Hence, dynamic monopoly pricing can be characterized by checking for trading-up opportunities in the static optimum. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.07146&r= |
| By: | Goedemé, Tim; Zardo Trindade, Lorena |
| Abstract: | In this report, we document and analyse how individual income components are aggregated into the EU-SILC target variables. Even though general and country-specific descriptions of income target variables are available in the EU-SILC methodological guidelines and in the national quality reports, it is often not clear how exactly each of the national income components is classified and aggregated into a target variable in practice. On the basis of a survey among national statistical institutes, we compiled a database which maps the exact classification of income components into the EU-SILC target variables. The focus of the database is on EU-SILC 2015, covering 26 EU-SILC countries. The database contains information on the composition of variables on total income before and after transfers; income from benefits, work and capital; social contributions and taxes. For each component, we look at compliance with Eurostat guidelines, misclassifications and omitted income sources, all potentially undermining cross-national comparability. This report is accompanied by a paper which brings together the main findings regarding challenges for cross-country comparability and recommendations for improving further the quality and comparability of the EU-SILC income variables. The MetaSILC 2015 database can be downloaded here: https://doi.org/10.7910/DVN/TLSZ4S |
| Date: | 2020–01 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-01&r= |
| By: | Raghav, Manu (DePauw University); Diette, Timothy M. (Washington and Lee University) |
| Abstract: | Greek-letter student social groups, better known as fraternities and sororities, are a ubiquitous feature on many American higher education campuses. These organizations, especially fraternities, have a reputation for encouraging unruly and improper behavior among both members and non-members. This paper investigates the effect of the degree of prevalence of these Greek organizations at a campus, as measured by the percentage of students who are members of fraternities and sororities, on the instances of liquor and drug law violations on campuses, as measured by the number of arrests for liquor and drug laws violations. Using a unique dataset, which combines data from three sources, we find that a larger percentage of students in fraternities (but not sororities) is associated with an increase in the number of arrests for drug law violations. A larger percentage of students in sororities (but not the percentage of students in fraternities) is associated with a larger number of arrests for liquor law violations. This result is highly significant and is robust across various specifications. |
| Keywords: | greek system in higher education institutions, illegal drug and alcohol use, crimes on higher education campuses |
| JEL: | I23 K42 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14660&r= |
| By: | Martin Cesnak (National Bank of Slovakia); Jan Klacso (National Bank of Slovakia); Roman Vasil (National Bank of Slovakia) |
| Abstract: | The National Bank of Slovakia has been actively implementing borrower-based measures since 2014. In this paper we provide a cost-benefit analysis of these measures. DSTI measures affected mainly the riskiest borrowers with at most secondary education and lower income. Exemptions from DTI limits are provided mainly to borrowers with a higher volume of loans and higher education. LTV limits affected mainly younger borrowers up to 35 years old. The impact of respective measures was affected by front-loading, by the gradual tightening of the limits and by other legislative changes. The highest impact is estimated in 2019, when the volume of newly granted loans was lowered by 17% due to the measures. The estimated impact on residential real estate prices is relatively mild. The current coronavirus pandemic is the first period when systemic risks could have materialized after the implementation of the measures. Due to the possible loan payment deferral the number of loans defaulted has remained relatively low, therefore LTV measures have not been able to limit credit losses. On the other hand, DSTI measures have helped to mitigate credit risk. Households affected the most by the pandemic were those with an already high debt burden even before the outbreak of the crisis. These households have used loan payment deferral to a larger extent. |
| JEL: | C58 D61 G21 G28 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:svk:wpaper:1082&r= |
| By: | Yim, Hyejin; Katare, Bhagyashree; Wetzstein, Michael E.; Park, Timothy A.; Wang, Hong Holly |
| Keywords: | Marketing, Agricultural and Food Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312685&r= |
| By: | Letícia Nunes |
| Date: | 2021–02–19 |
| URL: | http://d.repec.org/n?u=RePEc:amc:tecnot:016&r= |
| By: | Zanfrillo, Alicia Inés; Artola, María Antonia; de Vega, Raúl Ernesto; Morettini, Mariano; Narvarte, Alejandra; Marisquerena, Sergio Ezequiel |
| Abstract: | El Grupo Tercer Sector abordó inicialmente el estudio de la constitución, actividad económica y modalidades de gestión en las organizaciones asociativas del Partido de General Pueyrredon abordando posteriormente el acceso y uso a su infraestructura tecnológica. En la actualidad, con una mirada más amplia hacia los actores de la comunidad con los que se vinculan este tipo de entidades, se definen tres líneas de trabajo en el marco del desarrollo sostenible, la responsabilidad social -RS- y la reputación corporativa: (i) modelos comunicativos digitales, (ii) calidad de prestaciones informáticas y aplicaciones móviles, (iii) impacto ambiental de las prácticas organizativas mediadas por las tecnologías. |
| Keywords: | Responsabilidad Social; Huella de Carbono; Comunicación; Tecnologías de la Información y las Comunicaciones; |
| Date: | 2019–09 |
| URL: | http://d.repec.org/n?u=RePEc:nmp:nuland:3491&r= |
| By: | Alvedalen, Janna (CIRCLE, Lund University); Carlsson, Bo (Case Western Reserve University) |
| Abstract: | Entrepreneurial ecosystem (EE) is a popular concept in entrepreneurship studies that describes all actors and the interaction between actors in a specific geographical area. While studies have focused on a single case, this paper explores and compares the nature of five EEs in Life Sciences in Sweden and the US, based on own data collection in all five areas. The paper outlines commonalities and differences between how EEs operate and function in different territorial contexts. It also explores how national and local factors influence the rate and nature of entrepreneurship at the regional level. The paper shows how important it is to take a territorial perspective on EE, because EEs look different in distinct geographical and institutional contexts. |
| Keywords: | Entrepreneurial Ecosystem; Life Sciences; Sweden; US |
| JEL: | L26 M21 O33 |
| Date: | 2021–08–20 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:lucirc:2021_010&r= |
| By: | Rudi Rocha; Beatriz Rache; Letícia Nunes; Adriano Massuda |
| Date: | 2020–03–16 |
| URL: | http://d.repec.org/n?u=RePEc:amc:tecnot:002&r= |
| By: | Hamilton, Stephen F.; Richards, Timothy J.; Shafran, Aric; Vasilaky, Kathryn |
| Keywords: | Agricultural and Food Policy, Agribusiness, Productivity Analysis |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312678&r= |
| By: | Lars Ludolph |
| Abstract: | Refugees hosted across the developed world often work in low-quality jobs, regardless of education previously attained in their country of origin. In this paper, I analyse the long-term value of formal host-country education for refugees using the example of forcefully displaced Bosnians who arrived in Austria during the 1992-1995 Bosnian war. Deploying 22 years of Austrian microcensus data, I exploit the age at the time of forced migration as an instrument for the probability of receiving host-country instead of origin country education to recover local average treatment effects of education attained in Austria vis-à-vis Bosnia on labour market outcomes for refugees aged around schooling thresholds. These estimates show that attaining a formal degree in the host-country significantly reduces the probability of work below educational attainment and low-skill employment over the entire observation period. Income differences between Austrian and Bosnian degree holders are visible after more than two decades of stay in Austria. The discount on Bosnian education declines over time for men but not for women, suggesting that host-country degrees are particularly important to groups that faced cultural barriers to quality employment in their country of origin. |
| Keywords: | refugees, labour market integration, education |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9241&r= |
| By: | Ahmad, Abdul-Rahim; Tasadduq, Imran A.; Imam, Muhammad Hasan; Al-Ahmadi, Mohammad Saad; Ahmad, Muhammad Bilal; Tanveer, Muhammad; Mahmood, Haider |
| Abstract: | In the era of knowledge-based decision-making, there is an increasing need for administrators and instructors of engineering degree programs to make informed decisions on the currency, relevancy, and efficacy of instructional efforts. Academic accreditation through ABET provides the best practices and the means to establish the requisite quality improvement processes. Various regulatory and funding agencies for these engineering degree programs also actively call for accreditations. Nevertheless, the tedious, time-consuming, resource-intensive, and knowledge-based nature of these processes and decisions pronounces the need for a knowledge-based tool to intelligently support and automate various pertinent activities. Such activities span from information collection, aggregation, and analysis to decision analysis, support, and monitoring of outcomes. We propose a conceptual framework for researching, designing, and developing such a knowledge-based system. The proposed conceptual framework seeks to automate not only various tedious and complex activities but also facilitate knowledge-based decision analysis/support in continuous quality improvement processes. The focus is on the decisions, processes, and activities related to Course Assessments, Course Learning Outcomes, and Student Outcomes. This framework is expected to deliver systems that promise significant improvement in the efficiency and efficacy of instructors, administrators, and accreditors. |
| Keywords: | Expert Systems; Decision Support Systems; Intelligent Systems; Soft Computing; Academic Accreditation; ABET AccreditationExpert Systems; Decision Support Systems; Intelligent Systems; Soft Computing; Academic Accreditation; ABET Accreditation |
| JEL: | I2 I29 |
| Date: | 2021–08–05 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109151&r= |
| By: | Reed, Joshua J.; Jaenicke, Edward C.; Liu, Yizao; Wang, Emily; Zeballos, Eliana |
| Keywords: | Food Consumption/Nutrition/Food Safety, Marketing, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312742&r= |
| By: | Masashi Ieda |
| Abstract: | This paper investigates a continuous-time portfolio optimization problem with the following features: (i) a no-short selling constraint; (ii) a leverage constraint, that is, an upper limit for the sum of portfolio weights; and (iii) a performance criterion based on the lower mean square error between the investor's wealth and a predetermined target wealth level. Since the target level is defined by a deterministic function independent of market indices, it corresponds to the criterion of absolute return funds. The model is formulated using the stochastic control framework with explicit boundary conditions. The corresponding Hamilton-Jacobi-Bellman equation is solved numerically using the kernel-based collocation method. However, a straightforward implementation does not offer a stable and acceptable investment strategy; thus, some techniques to address this shortcoming are proposed. By applying the proposed methodology, two numerical results are obtained: one uses artificial data, and the other uses empirical data from Japanese organizations. There are two implications from the first result: how to stabilize the numerical solution, and a technique to circumvent the plummeting achievement rate close to the terminal time. The second result implies that leverage is inevitable to achieve the target level in the setting discussed in this paper. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09985&r= |
| By: | David Andrés-Cerezo (European University Institute); Natalia Fabra (Universidad Carlos III and CEPR) |
| Keywords: | Storage, electricity, market structure, investment, vertical relations |
| JEL: | L22 L94 |
| Date: | 2020–12 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2038&r= |
| By: | Shantanu Gupta; Zachary C. Lipton; David Childers |
| Abstract: | Researchers often face data fusion problems, where multiple data sources are available, each capturing a distinct subset of variables. While problem formulations typically take the data as given, in practice, data acquisition can be an ongoing process. In this paper, we aim to estimate any functional of a probabilistic model (e.g., a causal effect) as efficiently as possible, by deciding, at each time, which data source to query. We propose online moment selection (OMS), a framework in which structural assumptions are encoded as moment conditions. The optimal action at each step depends, in part, on the very moments that identify the functional of interest. Our algorithms balance exploration with choosing the best action as suggested by current estimates of the moments. We propose two selection strategies: (1) explore-then-commit (OMS-ETC) and (2) explore-then-greedy (OMS-ETG), proving that both achieve zero asymptotic regret as assessed by MSE. We instantiate our setup for average treatment effect estimation, where structural assumptions are given by a causal graph and data sources may include subsets of mediators, confounders, and instrumental variables. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.09265&r= |
| By: | Batiz-Lazo, Bernardo; González-Correa, Ignacio |
| Abstract: | This chapter considers the process of entrepreneurial activity to deploy financial technologies (fintech) through mandate-specific new companies in Latin America. We deal with important historical issues such as defining the term, establishing temporal and industrial activity boundaries, positioning this particular process within other organizational forms typical of the region, the role of women and other relevant issues such as the modernization of retail payments and personal lending. A central question is whether fintech start-ups have had a 'scissor' effect in the entrepreneurial process of Latin America: at the base of the pyramid (that is, reducing frictions to support overall entrepreneurial activity, increasing financial inclusion, etc.) and near the top (by creating new business leaders). As a result, this chapter provides an initial assessment of gender disparities and barriers enabling women entrepreneurs in the fintech ecosystem. |
| Keywords: | fintech, gender, women, entrepreneurship, startups, Latin America |
| JEL: | G2 J16 M13 N26 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109373&r= |
| By: | SHAH, MRUNAL; Ricker-Gilbert, Jacob; Omotilewa, Oluwatoba J. |
| Keywords: | International Development, Research Methods/Statistical Methods, Risk and Uncertainty |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312870&r= |
| By: | C. Palomino, Juan; G. Rodríguez, Juan; Sebastian, Raquel |
| Abstract: | Social distancing and lockdown measures taken to contain the spread of COVID-19 may have distributional economic costs beyond the contraction of GDP. Here we evaluate the capacity of individuals to work under a lockdown based on a Lockdown Working Ability index which considers their teleworking capacity and whether their occupation is essential or closed. Our analysis reveals substantial and uneven potential wage losses across the distribution all around Europe and we consistently find that both poverty and wage inequality rise in all European countries. Under four different scenarios (2 months of lockdown and 2 months of lockdown plus 6 months of partial functioning of closed occupations at 80%, 70% and 60% of full capacity) we estimate for 29 European countries an average increase in the headcount poverty index that goes from 4.9 to 9.4 percentage points and a mean loss rate for poor workers between 10% and 16.2%. The average increase in the Gini coefficient ranges between 3.5% to 7.3% depending on the scenario considered. Decomposing overall wage inequality in Europe, we find that lockdown and social distance measures produce a double process of divergence: both inequality within and between countries increase. |
| Keywords: | Wage inequality, Poverty, Teleworking, Social distancing, Europe |
| JEL: | D33 E24 J21 J31 |
| Date: | 2020–05 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-13&r= |
| By: | Ashish Kumar Sedai (Department of Economics, Colorado State University); Tooraj Jamasb (Copenhagen Business School); Rabindra Nepal (University of Wollongong); Ray Miller (Department of Economics, Colorado State University) |
| Keywords: | Electricity access, Electricity reliability, Instrumental variables, Marginalized groups, Welfare |
| JEL: | D12 D31 E12 I32 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2101&r= |
| By: | Patricio Troncoso (Heriot-Watt University) |
| Abstract: | In randomized control trials (RCT), intention-to-treat (ITT) analysis is customarily used to estimate the effect of the trial; however, in the presence of noncompliance, this can often lead to biased estimates because ITT completely ignores varying levels of actual treatment received. This is a known issue that can be overcome by adopting the complier average causal effect (CACE) approach, which estimates the effect the trial had on the individuals who complied with the protocol. This can be obtained via a latent class specification when compliance is unobserved in the control group, under certain reasonable assumptions, for example, randomization, exclusion restriction, and ignorable missingness. This model is fit as a mixture model for the outcome of interest with two latent classes: a) compliers and b) noncompliers. This presentation will briefly introduce the issues around noncompliance and the assumptions of the CACE model. It will then illustrate the use of the gsem command in Stata 15 onward to estimate this effect with open access data and compare across other commonly used software packages. Finally, results using this approach in the context of a recent school-based RCT in England, the Good Behaviour Game (GBG), will be discussed. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:10&r= |
| By: | Ottmar Edenhofer; Kai Lessmann; Ibrahim Tahri |
| Abstract: | Climate policy needs to set incentives for actors who face imperfect, distorted markets and large uncertainties about the costs and benefits of abatement. Investors price uncertain assets according to their expected return and risk (carbon beta). We study carbon pricing and financial incentives in a consumption-based asset pricing model distorted by technology spillover and timeinconsistency. We find that both distortions reduce the equilibrium asset return and delay investment in abatement. However, their effect on the carbon beta and risk premium of abatement can be decreasing (when innovation spillovers are not anticipated) or increasing (when climate policy is not credible). Efficiency can be restored by carbon pricing and financial incentives, implemented in our model by a regulator and by a long-term investment fund. The regulator commands carbon pricing and the fund provides subsidies to reduce technology costs or to boost investment returns. The investment subsidy creates a financial incentive that complements the carbon price. In this way the investment fund can support climate policy when the actions of the regulator fall short. These instruments must also consider the investment risk and the sequence of their implementation. The investment fund can then pave the way for carbon pricing in later periods by preventing a capital misallocation that would be too expensive to correct. Thus the investment fund improves the feasibility of ambitious carbon pricing. |
| Keywords: | carbon budget, CCAPM, policy instruments, external effect |
| JEL: | Q54 D81 G12 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9269&r= |
| By: | Irfan Aleem (Visiting Fellow, Brookings Doha Centre); Bushra Faizi (Researcher, Hamad Bin Khalifa University) |
| Abstract: | Pakistan’s exports have stagnated since 2013 after growing significantly during the previous decade. While many other factors have undoubtedly contributed, the evidence outlined in this paper indicates that the substantial increase in overall protection, driven by incidence of non-tariff measures, has had a major and decisive impact. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2021:2&r= |
| By: | Daron Acemoglu; Nicolás Ajzenman; Cevat Giray Aksoy; Martin Fiszbein; Carlos A. Molina |
| Abstract: | Using large-scale survey data covering more than 110 countries and exploiting within-country variation across cohorts and surveys, we show that individuals with longer exposure to democracy display stronger support for democratic institutions. We bolster these baseline findings using an instrumental-variables strategy exploiting regional democratization waves and focusing on immigrants’ exposure to democracy before migration. In all cases, the timing and nature of the effects are consistent with a causal interpretation. We also establish that democracies breed their own support only when they are successful: all of the effects we estimate work through exposure to democracies that are successful in providing economic growth, peace and political stability, and public goods. |
| JEL: | P16 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29167&r= |
| By: | Li, Ran; Xu, Yuetong; Chen, Jian; Qi, Danyi |
| Keywords: | Marketing, Research Methods/Statistical Methods, Food Consumption/Nutrition/Food Safety |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312878&r= |
| By: | Mariana Escobar (Banco de la Republica de Colombia); Lorenzo Pandolfi (Università di Napoli Federico II and CSEF); Alvaro Pedraza (The World Bank); Tomas Williams (George Washington University) |
| Abstract: | We exploit a novel dataset covering the universe of transactions in the Colombian Stock Exchange to analyze episodes of additions to and deletions from MSCI equity indexes. We find additions and deletions to have large price effects: the median cumulative abnormal return in absolute value is 5.5%. We show that these price effects are due to large demand shocks by different classes of international investors – not only passive funds and ETFs, but also active mutual funds, pension funds and government funds – which are not absorbed by arbitrageurs. Consistent with recent asset pricing models with limits to arbitrage, we estimate stock demand curves to be very inelastic: the demand elasticity for the median stock in our sample is -0.34, implying that a 1% increase in the demand for the stock increases its price by 2.9%. |
| Keywords: | index rebalancings; institutional investors; stocks demand elasticity; passive funds; arbitrage |
| JEL: | F32 G11 G15 |
| Date: | 2021–08–10 |
| URL: | http://d.repec.org/n?u=RePEc:sef:csefwp:621&r= |
| By: | Rabah Arezki; Alou Adesse Dama; Gregoire Rota-Graziosi |
| Abstract: | This paper explores the dynamic effects of trade liberalization on tax revenue using a worldwide panel dataset. Results point to statistically significant negative effect of liberalization on (non- resource) tax revenues in the short term and no significant effect in the medium term. Liberalization also alter the tax structure tilting revenues toward indirect taxes away from direct ones. Economies which have implemented value added taxes prior to liberalization have mitigated its negative effects on tax revenues. The evidence is supportive of the complementarity role of state capacity to reap the benefits of liberalization. |
| Keywords: | tax, tax structure, openness, liberalization, natural resources |
| JEL: | H20 H87 F13 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9244&r= |
| By: | Marion Lambert (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche); Isabelle Marion-Vernoux (CEREQ - Centre d'études et de recherches sur les qualifications - ministère de l'Emploi, cohésion sociale et logement - M.E.N.E.S.R. - Ministère de l'Education nationale, de l’Enseignement supérieur et de la Recherche) |
| Abstract: | Dans le cadre des 1ères Rencontres DGEF¨P-Céreq, cette intervention propose une synthèse des travaux du Céreq à partir des enquêtes qu'il a conduit ou conduit actuellement sur les pratiques de formation des entreprises et de leurs salariés. |
| Keywords: | Enquête DEFIS,Entreprise,Formation professionnelle,Crise économique |
| Date: | 2020–11–26 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:halshs-03286749&r= |
| By: | Paul Lambert (University of Leicester; Karolinska Institutet) |
| Abstract: | Fitting complex statistical models to very large datasets can be frustratingly slow. This is particularly problematic if multiple models need to be fit, for example, when using bootstrapping, cross-validation, or multiple imputation. I will introduce the mlad command, as an alternative to Stata's ml command, to estimate parameters using maximum likelihood. Rather than writing a Stata or Mata function to calculate the likelihood, mlad requires this to be written in Python. A key advantage is that there is no need to derive the gradient vector or the Hessian matrix because these are obtained through automatic differentiation using the Python Jax module. In addition, the functions for the likelihood, gradients, and Hessian matrix are compiled and able to use multiple processors. This makes maximizing likelihoods using mlad easier to implement and substantially faster than using ml with the advantage that all results are returned to Stata. Implementing mlad on the author’s own estimation commands leads to speed improvements of 70–98% compared with ml. The syntax of mlad is almost identical to that of ml, making it easy for programmers to add an option to their estimation command so that users using large datasets can benefit from the speed improvements. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:24&r= |
| By: | Nitish Gupta; Ruchir Kaul; Satwik Gupta; Jay Shah |
| Abstract: | The results based on the nonparametric nearest neighbor matching suggest a statistically significant positive effect of the EU ETS on the economic performance of the regulated firms during Phase I of the EU ETS. A year-by-year analysis shows that the effect was only significant during the first year of Phase I. The EU ETS, therefore, had a particularly strong effect when it was introduced. It is important to note that the EU ETS does not homogeneously affect firms in the manufacturing sector. We found a significant positive impact of EU ETS on the economic performance of regulated firms in the paper industry. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.07116&r= |
| By: | Beinhocker, Eric |
| Abstract: | The public health crisis caused by corona virus disease (COVID-19) has required social distancing measures that have resulted in drops in economic activity and employment not seen since the Great Depression. In response, several countries have introduced government guarantees of worker paychecks. This paper provides a simple analysis of the potential fiscal costs of introducing such a guarantee in the U.S. The analysis finds that a program providing a 100% paycheck guarantee for all non-public sector workers, capped at an annual salary of $100,000 and including healthcare benefits, would cost approximately $115.7 billion per month, or $347 billion for a 3-month program. The paper considers the sensitivity of this estimate to assumptions as well as alternative proposal scenarios. The paper concludes that the benefits of such a program in preserving employment are likely to far outweigh the fiscal costs. |
| Keywords: | COVID-19, unemployment policy, paycheck guarantee, fiscal cost |
| JEL: | H81 H84 J65 |
| Date: | 2020–04 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-07&r= |
| By: | Heshmatpour, Masoumeh; Hurley, Terrance M. |
| Keywords: | Productivity Analysis, Environmental Economics and Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312837&r= |
| By: | Álvaro A. Gutiérrez-Vargas (Research Centre for Operations Research and Statistics, KU Leuven) |
| Abstract: | Specific econometric models—such as the Cox regression, conditional logistic regression, and panel-data models—have likelihood functions that do not meet the so-called linear-form requirement. That means that the model's overall log-likelihood function does not correspond to the sum of each observation's log-likelihood contribution. Stata's ml command can fit said models using a particular group of evaluators: the d-family evaluators. Unfortunately, they have some limitations; one is that we cannot directly produce the score functions from the postestimation command predict. This missing feature triggers the need for tailored computational routines from developers that might need those functions to compute, for example, robust variance–covariance matrices. In this talk, I present a way to compute the score functions numerically using Mata's deriv() function with minimum extra programming other than the log-likelihood function. The procedure is exemplified by replicating the robust variance–covariance matrix produced by the clogit command using simulated data. The results show negligible numerical differences (e-09) between the clogit robust variance–covariance matrix and the numerically approximated one using Mata's deriv() function. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:20&r= |
| By: | Guillaume Denos (GRANEM - Groupe de Recherche Angevin en Economie et Management - UA - Université d'Angers - AGROCAMPUS OUEST - Institut Agro - Institut national d'enseignement supérieur pour l'agriculture, l'alimentation et l'environnement - Institut National de l'Horticulture et du Paysage, IAE Angers - Institut d'Administration des Entreprises (IAE) - Angers - UA - Université d'Angers); Christophe Maurel; François Pantin |
| Keywords: | innovation sociale,étude de cas,paradoxes organisationnels,tensions |
| Date: | 2020–10–21 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03274467&r= |
| By: | van Beek, Andries (Tilburg University, Center For Economic Research); Borm, Peter (Tilburg University, Center For Economic Research); Quant, Marieke (Tilburg University, Center For Economic Research) |
| Keywords: | projects; reliability; proportional influence measure; axiomatic characterization |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:tiu:tiucen:223195b0-d201-458d-8402-718a48c78b4a&r= |
| By: | Wrase Isabelle; Antje Junghans |
| Abstract: | Higher Education in Real Estate and Facility Management is provided at Universities and Universities of Applied Sciences (UAS) in Switzerland. The first Master of Science Program in Facility Management has been established at the Institute of Facility Management in 2008 at the Department of Life Sciences and Facility Management at Zurich UAS. The MSc in FM achieved accreditation by IFMA and attracted a high number of international students. Referring to IFMA all competence fields and the entire life cycle in Real Estate and FM where addressed. About ten years later the first Master of Science in Real Estate Management has been established at the School of business and finance at the UAS Luzern. Before that and in addition to the Bachelor and Master of Science Programs academic qualification was provided at Universities and UAS within professional training courses on academic level. The swiss education system provides several qualification tracs and involves training on the job and continuous education programs towards lifelong learning possibilities. Today about 18% of Bachelor graduates decide to continue studying on Master level at Swiss UAS. Higher education has become more and more important. Continuous education in the context of Real Estate and FM has been provided in Master of Advanced Studies (MAS) and Certificates of Advanced Studies (CAS) at several UAS and universities in Switzerland. Table 1 (see attachment) provides an overview of Higher Education programs in Real Estate and Facility Management in Switzerland, Netherland, and Norway at business schools and at faculties of architecture and the built environment. Research, education, and practice at the IFM are integrated towards an interdisciplinary approach. The IFM has expertise in strategic facilities management, real estate management, workplace management and business skills, as well as hospitality and service management, property technology, sustainability, and digital transformation. Research and Education at the Institute of Facility Management (IFM) at ZHAW: ZHAW is the largest UAS in Switzerland with 13’000 students and about 3000 employees. The Zurich UAS is located on three campus areas and is structured in eight schools from Architecture to Social Sciences. The IFM is located at the School of Life Sciences and Facility Management (LSFM) at the Lake of Zurich (Campus Wädenswil, Canton Zurich). In addition, IFM has a long tradition in the provision of continuous education courses in Zurich (Campus Zurich, Canton Zurich). Zurich is a very attractive location and ZHAW in the canton of Zurich and Winterthur provides an excellent environment for higher education in MSc REFM. In 2020/21 about 250 students have been enrolled in the bachelor in FM program. Main areas of education and research are: Workplace, FM in Health Care, and Real Estate and Service Management. Around 60 new Master students per year are expected with the new Curriculum of the MSc REFM starting by autumn 2022. Considered the interdisciplinary context of Real estate, architecture and engineering industry FM has become the missing link between realization, operation, and usability of the built environment. Reengineering of a Master of Science study program in Real Estate and Facility Management: The former Master of Science program came to the end of its life cycle after more than 13 years in existence. How should an existing Master of Science program be reengineered to attract students? Didactically, the heterogeneity of the students’ background must be dealt with in many Master of Science programs. This is also true for this MSc REFM. The article introduces fundamental considerations and presents a structural framework that is tailored to a reengineered teaching and learning process. Based on interviews with executives from the private sector and public administration, an expert workshop with participants from senior management from the private sector and public institutions, market and internal research at the IFM, student surveys, and requirements of the FM professional associations, it is shown that the (future) specialists and executives in real estate and facility management are confronted with challenges which require a holistic management of infrastructures - starting with the planning and creation through the use up to the dismantling (see also “Real Estate Economics: Volume 1 - Business Basics”, 3rd edition, edited by Karl-Werner Schulte, Munich, page 374). These requirements are also reflected in the GEFMA 100 guideline of the German Facility Management Association. Furthermore, the disciplines that are primarily to be located in a real estate life cycle, such as architecture, business administration and engineering, are supplemented by an entrepreneurial dimension consisting of content from disciplines such as personnel management, change management, law, operational technologies, building technology and IT. In addition, knowledge about topics in sustainability and digitalization is a nowadays must, nearly independently of the chosen study program. Instead of reengineering the MSc program on its own, the IFM choose to build strong cooperation and links with other departments at the ZHAW, and partners in the public and private real estate sector. The Reengineering of the MSc REFM curriculum has been also developed in cooperation with the division Banking Finance Insurance (ABF) at the School of Management and Law (SML), which is located in the city of Winterthur (Campus Winterthur, Canton Winterthur). Conclusion and outlook: Master of Science in Real Estate and Facility Management has become an academia and industry driven program IFM’s mission is the sustainable development of healthy work and living environments. Research and education are guided by basic understanding of Facilities Management definition as the integration of people, process, place, and technology. The institutes international network with universities and UAS, like international PhD Program with NTNU, participation in European research and students exchange programs is developing further. The IFM is looking forward to strengthening collaboration in research and education and starting the new interdisciplinary MSc REFM in autumn 2022. |
| Keywords: | Higher Education in Real Estate and Facility Management in Switzerland; Reengineering of a Master of Science study program in Real Estate and Facility Management; Research and Education at the Institute of Facility Management (IFM) at ZHAW |
| JEL: | R3 |
| Date: | 2021–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2021_221&r= |
| By: | McCullough, Michael P.; Hamilton, Lynn L.; Walters, Cory G. |
| Keywords: | Environmental Economics and Policy, Agricultural and Food Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312800&r= |
| By: | Robin Boadway; Katherine Cuff |
| Abstract: | Deaton (1979) showed that if preferences are weakly separable in goods and labour and quasihomothetic in goods and the government imposes an optimal linear progressive tax, commodity taxes are redundant. Hellwig (2009) generalized the Deaton theorem by showing that the allocation obtained under differential commodity taxes and an arbitrary linear progressive income tax is Pareto-dominated by one with uniform commodity taxes and a reformed linear progressive income tax. We show that both the Deaton theorem and the Hellwig extension continue to apply if a) the government implements a piecewise linear progressive income tax and b) labour varies along both the intensive and extensive margins. Some extensions are considered. |
| Keywords: | optimal income taxation, commodity taxation, piecewise linear income tax |
| JEL: | H21 H23 H24 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9265&r= |
| By: | Matilde Bombardini; Olimpia Cutinelli Rendina; Francesco Trebbi |
| Abstract: | This chapter investigates the non-market response of firms to international trade shocks increasing the level of competition in U.S. industries. Lobbying expenditures increase as a consequence of import changes related to the China shock. The effect on lobbying is not homogeneous across firms and it concentrates particularly in those producers which are behind the technological frontier. We discuss theoretical mechanisms driving lobbying of firms away from the technological frontier: not only the cost-benefit trade-off between innovation and lobbying is relatively less appealing for low productivity firms, but the collective action ability of low productivity firms improves after a competitive shock. |
| JEL: | D72 P48 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29120&r= |
| By: | Lapatinas, Athanasios; Litina, Anastasia; Zanaj, Skerdilajda |
| Abstract: | This paper establishes economic complexity as a powerful predictor of environmental attitudes. While the economic complexity index (ECI) has been associated with a series of economic outcomes, yet there has not been a link in the literature between ECI and environmental attitudes. This research pushes forward the hypothesis that economic complexity shapes cultural values and beliefs. We use a multilevel empirical analysis that associates aggregate values of the ECI, at the country level, with individual responses related to attitudes towards the environment. Our findings suggest that more complex economies are associated with: i) a higher likelihood to participate voluntarily in organizations targeting environmental protection; and ii) higher willingness to pay for the environment. To further reinforce our findings by ensuring identification we replicate the benchmark analysis using as a proxy of a country's level of economic complexity, the average ECI of the neighbouring countries (weighted by population and/or volume of trade) . With a similar intention, i.e., to mitigate endogeneity concerns as well as to further frame our findings as ``the cultural implications of ECI'' we replicate our analysis with a sample of second generation immigrants. The immigrant analysis, suggests that the level of economic complexity of the parents' country of origin, has a long-lasting effect on second generation immigrants' attitudes related to the environment. Because humankind’s attitudes and actions are of key importance for a sustainable future, a better understanding as to what drives environmental attitudes appears critical both for researchers and policy makers. |
| Keywords: | Economic Complexity Index; Environmental Attitudes; Multilevel analysis; Migration |
| JEL: | O3 Z1 |
| Date: | 2020–12–31 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:105067&r= |
| By: | Leonardo Bursztyn; David Y. Yang |
| Abstract: | People’s perceptions about others play an important role in shaping their own attitudes and behaviors, as well as social norms more broadly. This review presents a meta-analysis of the recent empirical literature that examines perceptions about others in the field. We document a number of stylized facts. Misperceptions about others are widespread, asymmetric, much larger when about out-group members, and positively associated with one’s own attitudes. Experimental treatments to re-calibrate misperceptions generally work as intended; they sometimes lead to meaningful changes in behaviors, though this often occurs only immediately after the treatments. We discuss different conceptual frameworks that could explain the origin, persistence, and rigidity of misperceptions about others. We point to several directions for future research. |
| JEL: | D8 D84 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29168&r= |
| By: | Marcillo, Edgar; Mullally, Conner C.; Reimão, Maira |
| Keywords: | Labor and Human Capital, International Development, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312751&r= |
| By: | Duke, Joshua M.; Liu, Zhongyuan; Johnston, Robert J.; Shober, Amy |
| Keywords: | Resource/Energy Economics and Policy, Environmental Economics and Policy, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312699&r= |
| By: | Kilders, Valerie; Caputo, Vincenzina; Lusk, Jayson L. |
| Keywords: | Research Methods/Statistical Methods, Research Methods/Statistical Methods, Institutional and Behavioral Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312694&r= |
| By: | Dalheimer, Bernhard; Brambach, Fabian; Yanita, Mirawati; Kreft, Holger; Bruemmer, Bernhard |
| Keywords: | Environmental Economics and Policy, Productivity Analysis, International Development |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312750&r= |
| By: | Mattauch, Linus; Zhao, Jiaxin |
| Abstract: | Carbon pricing is the efficient instrument to reduce emissions. However, the geographical and sectoral coverage of substantial carbon pricing is low, often due to concerns that pricing may increase economic inequality. Regulatory standards such as fuel economy standards are more popular. But do they have an equity advantage over carbon pricing? We develop two new formal models to identify economic situations, in which standards could be preferred over carbon pricing. First, we prove that an efficiency standard can be more equitable than carbon pricing when consumers exhibit a preference for high-carbon technology attributes. Evidence from the US vehicle market confirms this finding. Second, we show theoretically, and by means of a numerical application to the Chinese transport sector, that intensity standards are preferable when richer households consume more goods with higher carbon intensity. Our results hold when the revenue from carbon pricing is not very progressively redistributed. These insights can help advance decarbonisation when pricing remains unpopular. |
| Keywords: | Incidence, Distributional effects, Carbon pricing, Efficiency standards, Intensity standards |
| JEL: | H22 H23 Q52 Q54 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2020-25&r= |
| By: | Sayani Gupta; Rob J Hyndman; Dianne Cook; Antony Unwin |
| Abstract: | Deconstructing a time index into time granularities can assist in exploration and automated analysis of large temporal data sets. This paper describes classes of time deconstructions using linear and cyclic time granularities. Linear time granularities respect the linear progression of time such as hours, days, weeks and months. Cyclic time granularities can be circular such as hour-of-the-day, quasi-circular such as day-of-the-month, and aperiodic such as public holidays. The hierarchical structure of granularities creates a nested ordering: hour-of-the-day and second-of-the-minute are single-order-up. Hour-of-the-week is multiple-order-up, because it passes over day-of-the-week. Methods are provided for creating all possible granularities for a time index. A recommendation algorithm provides an indication whether a pair of granularities can be meaningfully examined together (a "harmony"), or when they cannot (a "clash'). Time granularities can be used to create data visualizations to explore for periodicities, associations and anomalies. The granularities form categorical variables (ordered or unordered) which induce groupings of the observations. Assuming a numeric response variable, the resulting graphics are then displays of distributions compared across combinations of categorical variables. The methods are implemented in the open source R package gravitas, providing functions for creating granularities and exploring the associated time series which are consistent with a tidy workflow (Grolemund & Wickham (2017)), and the probability distributions can be examined using the range of graphics available in ggplot2 (Wickham 2016). |
| Keywords: | data visualization, statistical distributions, time granularities, calendar algebra, periodicities, grammar of graphics, R |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:msh:ebswps:2020-35&r= |
| By: | David G. Blanchflower; Alex Bryson |
| Abstract: | Unemployment is notoriously difficult to predict. In previous studies, once country fixed effects are added to panel estimates, few variables predict changes in unemployment rates. Using panel data for 29 European countries over 439 months between 1985 and 2021 in an unbalanced country*month panel of just over 10000 observations, we predict changes in the unemployment rate 12 months in advance based on individuals’ fears of unemployment, their perceptions of the economic situation and their own household financial situation. Fear of unemployment predicts subsequent changes in unemployment 12 months later in the presence of country fixed effects and lagged unemployment. Individuals’ perceptions of the economic situation in the country and their own household finances also predict unemployment 12 months later. Business sentiment (industry fear of unemployment) is also predictive of unemployment 12 months later. The findings underscore the importance of the “economics of walking about”. The implication is that these social survey data are informative in predicting economic downturns and should be used more extensively in forecasting. We also generate a 29 country-level annual panel on life satisfaction from 1985-2020 from the World Database of Happiness and show that the consumer level fear of unemployment variable lowers well-being over and above the negative impact of the unemployment rate itself. Qualitative survey metrics were able to predict the Great Recession and the economic slowdown in Europe just prior to the COVID19 pandemic. |
| JEL: | J60 J64 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29172&r= |
| By: | Enrique Pinzón (StataCorp) |
| Abstract: | Stata 17 introduced two commands to fit difference-in-differences (DID) and difference-in-differences-in-differences (DDD) models. One of the commands is applicable to repeated cross-sectional data, didregress, and the other to panel/longitudinal data, xtdidregress. I will talk briefly about the theory behind DID and DDD models and then show how to fit the models by using the new commands. I will spend some time discussing the standard errors that are appropriate to use in different scenarios. I also discuss graphical diagnostics and tests that are relevant for DID and DDD specifications. Finally, I discuss new areas of development in the DID literature. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:12&r= |
| By: | Genz, Sabrina; Schnabel, Claus |
| Abstract: | While numerous studies have analyzed the aggregate employment effects of digital technologies, this paper focuses on the employment development of individual workers exposed to digitalization. We use a unique linked employer-employee data set for Germany and a direct measure of the first-time introduction of cutting-edge digitalization technologies in establishments between 2011 and 2016. Applying a matching approach, we compare workers in establishments investing in digital technologies with similar employees in establishments that do not make such an investment. We find that the employment stability of incumbent workers is lower in investing than non-investing establishments, but most displaced workers easily find jobs in other firms, and differences in days in unemployment are small. We also document substantial heterogeneities in the employment effects across skill groups, occupational tasks performed, and gender. Employment reactions to digitalization are most pronounced for both low- and high-skilled workers, for workers with non-routine tasks, and for female workers. Our results underline the importance of tackling the impending digital divide among different groups of workers. |
| Keywords: | digitalization,employment,separations,skills,tasks |
| JEL: | J21 J63 O33 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:iwqwdp:042021&r= |
| By: | Pär Holmberg (Research Institute of Industrial Economics (IFN), Stockholm); Thomas Tangerås (Research Institute of Industrial Economics (IFN), Stockholm) |
| Keywords: | Capacity mechanism, market design, reliability, resource efficiency |
| JEL: | D25 D47 Q40 Q48 |
| Date: | 2021–04 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2109&r= |
| By: | Annette Vissing-Jorgensen |
| Abstract: | Treasury yields spiked during the initial phase of COVID. The 10-year yield increased by 64 bps from March 9 to 18, 2020, leading the Federal Reserve to purchase $1T of Treasuries in 2020Q1. Fed purchases were causal for reducing Treasury yields based on the timing of purchases (which increased on March 19), the timing of yield reversal and Fed purchases in the MBS market, and evidence against confounding factors. Treasury-QE worked more via purchases than announcements. The yield spike was driven by liquidity needs of mutual funds, foreign official agencies, and hedge funds that were unaffected by the March 15 Treasury-QE announcement. |
| JEL: | E5 G12 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29128&r= |
| By: | Luis-Felipe Zanna; Mr. Giovanni Melina; Mr. Zamid Aligishiev |
| Abstract: | This note is a user’s manual for the DIGNAR-19 toolkit, an application aimed at facilitating the use of the DIGNAR-19 model by economists with no to little knowledge of Matlab and Dynare via a user-friendly Excel-based interface. he toolkit comprises three tools—the simulation tool, the graphing tool, and the realism tool—that translate the contents of an Excel input file into instructions for Matlab/Dynare programs. These programs are executed behind the scenes. Outputs are saved in a separate Excel file and can also be visualized in customizable charts. |
| Keywords: | COVID-19, Natural Resources, Public Investment, Debt Sustainability; simulation tool; toolkit manual; realism tool; policy scenario analysis; I. DIGNAR-19 toolkit; Labor supply; Public investment spending; Natural resources; Fiscal stance |
| Date: | 2021–06–23 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imftnm:2021/007&r= |
| By: | International Monetary Fund |
| Abstract: | This technical note addresses the following questions: • What are the main ways in which different countries assess and collect personal income tax (PIT) and social insurance contributions (SIC) liabilities (Section I)? • What is the case for transferring responsibility for a country’s SIC collection from its social insurance agency(ies) to its tax authority (Section II)? • What changes does such integration of collection functions involve (Section III)? • Are there any lessons from international experience to guide such reforms (Section IV)? • How to build on these lessons when planning a transfer of collection functions (Section V)? • Are there any beneficial alternatives to full integration of functions (Section VI)? |
| Date: | 2021–08–10 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imftnm:2021/008&r= |
| By: | Heshmatpour, Masoumeh; Peterson, Hikaru Hanawa |
| Keywords: | Marketing, Research Methods/Statistical Methods, Environmental Economics and Policy |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312871&r= |
| By: | Aboozar Hadavand; Daniel S. Hamermesh; Wesley W. Wilson |
| Abstract: | Publishing in economics proceeds much more slowly on average than in the natural sciences, and more slowly than in other social sciences and finance. It is even relatively slower at the extremes. We demonstrate that much of the lag, especially at the extremes, arises from authors’ dilatory behavior in revising their work. The marginal product of an additional round of re-submission at the top economics journals is productive of additional subsequent citations; but conditional on re-submission, journals taking more time is not productive, and authors spending more time is associated with reduced scholarly impact. We offer several proposals to speed up the publication process. These include no-revisions policies; limits on authors’ time revising articles, and limits on editors waiting for dilatory referees. |
| JEL: | A11 B31 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29147&r= |
| By: | Shahid Mehmood (Pakistan Institute of Development Economics, Islamabad.) |
| Abstract: | The recorded history of human civilisation is replete with instances of recessions that have brought financial despair upon the people. Pandemicinduced recessions are different because the adverse shock to the workings of the economy is purely biological rather than economic or financial. But they are no less destructive in their tendency to deflate economies and put all economic activity in peril. A study of the past episodes offers us a window into the lessons learned that could be valuable in managing today’s as well as future challenges caused by adverse shocks to the system. |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2021:5&r= |
| By: | Richard K. Crump; Stefano Eusepi; Domenico Giannone; Eric Qian; Argia M. Sbordone |
| Abstract: | We model the United States macroeconomic and financial sectors using a formal and unified econometric model. Through shrinkage, our Bayesian VAR provides a flexible framework for modeling the dynamics of thirty-one variables, many of which are tracked by the Federal Reserve. We show how the model can be used for understanding key features of the data, constructing counterfactual scenarios, and evaluating the macroeconomic environment both retrospectively and prospectively. Considering its breadth and versatility for policy applications, our modeling approach gives a reliable, reduced form alternative to structural models. |
| Keywords: | bayesian vector autoregressions; conditional forecasts; scenario analyses; financial conditions index |
| JEL: | C11 C32 C53 C54 E32 E37 |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:fip:fednsr:92983&r= |
| By: | David G. Blanchflower (Bruce V. Rauner ’78 Professor of Economics, Dartmouth College, Hanover, NH 03755-3514. Adam Smith School of Business, University of Glasgow and NBER); Alex Bryson (Professor of Quantitative Social Science, UCL Social Research Institute, University College London, 20 Bedford Way, London WC1H 0AL) |
| Abstract: | Unemployment is notoriously difficult to predict. In previous studies, once country fixed effects are added to panel estimates, few variables predict changes in unemployment rates. Using panel data for 29 European countries - Austria; Belgium; Bulgaria; Croatia; Cyprus; Czechia; Denmark; Estonia; Finland; France; Germany; Greece; Hungary; Ireland; Italy; Latvia; Lithuania; Luxembourg; Malta; Netherlands; Poland; Portugal; Romania; Slovakia; Slovenia; Spain; Sweden; Turkey and the UK - over 439 months between January 1985 and July 2021 in an unbalanced country*month panel of just over 10000 observations, we predict changes in the unemployment rate 12 months in advance based on individuals’ fears of unemployment, their perceptions of the economic situation and their own household financial situation. Fear of unemployment predicts subsequent changes in unemployment 12 months later in the presence of country fixed effects and lagged unemployment. Individuals’ perceptions of the economic situation in the country and their own household finances also predict unemployment 12 months later. Business sentiment (industry fear of unemployment) is also predictive of unemployment 12 months later. The findings underscore the importance of the “economics of walking about”. The implication is that these social survey data are informative in predicting economic downturns and should be used more extensively in forecasting. We also generate a 29 country-level annual panel on life satisfaction from 1985-2020 from the World Database of Happiness and show that the consumer level fear of unemployment variable lowers wellbeing over and above the negative impact of the unemployment rate itself. Qualitative survey metrics were able to predict the Great Recession and the economic slowdown in Europe just prior to the COVID pandemic. |
| Keywords: | unemployment, fear, sentiment, social attitudes, life satisfaction, recession, COVID |
| JEL: | J60 J64 J68 |
| Date: | 2021–08–01 |
| URL: | http://d.repec.org/n?u=RePEc:qss:dqsswp:2124&r= |
| By: | Shangen Li |
| Abstract: | We analyze a game of technology development where players allocate resources between exploration, which continuously expands the public domain of available technologies, and exploitation, which yields a flow payoff by adopting the explored technologies. The qualities of the technologies are correlated and initially unknown, and this uncertainty is fully resolved once the technologies are explored. We consider Markov perfect equilibria with the quality difference between the best available technology and the latest technology under development as the state variable. In all such equilibria, while the players do not fully internalize the benefit of failure owing to free-riding incentives, they are more tolerant of failure than in the single-agent optimum thanks to an encouragement effect. In the unique symmetric equilibrium, the cost of exploration determines whether free-riding prevails as team size grows. Pareto improvements over the symmetric equilibrium can be achieved by asymmetric equilibria where players take turns performing exploration. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.07218&r= |
| By: | Enisse Kharroubi |
| Abstract: | Using a model of strategic interactions between two countries, I investigate the gains to international coordination of financial regulation policies, and how these gains depend on global lending conditions. When global lending conditions are determined non-cooperatively, I show that coordinating regulatory policies leads to a Pareto improvement relative to the case of no cooperation. In the non-cooperative equilibrium, one region - the core - determines global lending conditions, leaving the other region - the periphery - in a sub-optimal situation. The periphery then tightens regulatory policy to reduce the cost of sub-optimal lending conditions. Yet, in doing so, it fails to internalise a cross-border externality: tightening regulatory policy in one region limits ex ante borrowing in the other region, which increases the cost of sub-optimal lending conditions for the periphery. The equilibrium with cooperative regulatory policies can then improve on this outcome as both regions take into account the cross-border externality and allow for larger ex ante borrowing, ending in a lower cost of suboptimal lending conditions for the periphery. |
| Keywords: | regulatory policy, global financial conditions, international coordination |
| JEL: | D53 D62 F38 F42 G18 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:bis:biswps:962&r= |
| By: | Tim Klausmann (Johannes Gutenberg University Mainz); Valentin Wagner (Johannes Gutenberg University Mainz); Isabell Zipperle (Johannes Gutenberg University Mainz) |
| Abstract: | We estimate rank response functions after receiving rank-order feedback in an online learning platform. We find that the shapes of the rank response functions depend on the outcome measure under consideration. For our effort measure, i.e., whether learners continue to interact with the platform, we can reject neither a linear nor a U-shaped rank response function. For our performance measure, i.e., correctly solved exercises, we find no clear pattern overall but suggestive evidence for a linearly decreasing rank response function for individuals in the lower half of the ability distribution, i.e., the lower the rank the lower the performance. |
| Keywords: | Rank response function, rank-order feedback, education, online learning platform |
| JEL: | I21 D83 |
| Date: | 2021–08–16 |
| URL: | http://d.repec.org/n?u=RePEc:jgu:wpaper:2111&r= |
| By: | Andres, Antonio Rodriguez; Otero, Abraham; Amavilah, Voxi Heinrich |
| Abstract: | Missing values and the inconsistency of the measures of the knowledge economy remain vexing problems that hamper policy-making and future research in developing and emerging economies. This paper contributes to the new and evolving literature that seeks to advance better understanding of the importance of the knowledge economy for policy and further research in developing and emerging economies. In this paper we use a supervised machine deep learning neural network (DLNN) approach to predict the knowledge economy index of 71 developing and emerging economies during the 1995-2017 period. Applied in combination with a data imputation procedure based on the K-closest neighbor algorithm, DLNN is capable of handling missing data problems better than alternative methods. A 10-fold validation of the DLNN yielded low quadratic and absolute error (0,382 +- 0,065). The results are robust and efficient, and the model’s predictive power is high. There is a difference in the predictive power when we disaggregate countries in all emerging economies versus emerging Central European countries. We explain this result and leave the rest to future endeavors. Overall, this research has filled in gaps due to missing data thereby allowing for effective policy strategies. At the aggregate level development agencies, including the World Bank that originated the KEI, would benefit from our approach until substitutes come along. |
| Keywords: | Machine deep learning neural networks; developing economies, emerging economies, knowledge economy, knowledge economy index, World Bank |
| JEL: | C45 C53 O38 O41 O57 P41 |
| Date: | 2021–04–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109137&r= |
| By: | Acerenza, Santiago; Ban, Kyunghoon; Kedagni, Desire |
| Abstract: | This paper studies identification of the marginal treatment effect (MTE) when a binary treatment variable is misclassified. We show under standard assumptions that the MTE is identified as the derivative of the conditional expectation of the observed outcome given the true propensity score, which is partially identified. We characterize the identified set for this propensity score, and then for the MTE. We use our MTE bounds to derive bounds on other commonly used parameters in the literature. We show that our bounds are tighter than the existing bounds for the local average treatment effect. We illustrate the practical relevance of our derived bounds through some numerical and empirical results. |
| Date: | 2021–06–18 |
| URL: | http://d.repec.org/n?u=RePEc:isu:genstf:202106180700001132&r= |
| By: | Ahn, Kunwon (Iowa State University); Winters, John V. (Iowa State University) |
| Abstract: | Formal education is correlated with entrepreneurial activity and success, but correlation does not indicate causation. Education and entrepreneurship are both influenced by other related factors. The current study estimates causal effects of formal education on entrepreneurship outcomes by instrumenting for an individual's years of schooling using cohort mean years of maternal schooling observed decades prior. We differentiate self-employment by industry employment growth and firm incorporation status. We have multiple important results. Formal schooling significantly increases the probability of self-employment in high-growth industries for both women and men. Education reduces the probability of male self-employment in shrinking industries. Education also increases incorporated self-employment for women and men and reduces unincorporated self-employment among men but not women. The overall probability of self-employment increases with education for women but is unaffected by education for men. The results suggest that formal education enhances entrepreneurship. |
| Keywords: | entrepreneurship, self-employment, education, human capital |
| JEL: | I20 J24 L26 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp14655&r= |
| By: | Yaya, OlaOluwa S; Adekoya, Oluwasegun B.; Babatunde, Oluwagbenga T. |
| Abstract: | The infant mortality rates in 45 Asian countries (1960-2018), obtained from the Federal Reserve Bank of St. Louis database, are investigated using the I(d) framework, which allows for simultaneous estimation of the degree of persistence and nonlinearities in infant mortality rates as well as their growth rates. A high degree of persistence in the decreases of mortality rate is found with nonlinear evidence in the majority of the cases, confirming nonlinear dynamics of mortality rates. In the growth of mortality rates, we find ten countries (Armenia, Indonesia, Israel, Japan, Kuwait, Myanmar, Saudi Arabia, Sri Lanka, Thailand, and UAE) with evidence of mean reversion. Health management in those listed countries needs to kick start interventions that improve the survival rates of infants. |
| Keywords: | Infant mortality rate; Death rate; Fractional persistence; Nonlinearity; Asia |
| JEL: | C22 C40 D60 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109368&r= |
| By: | Heboyan, Vahé; Hovhannisyan, Vardges; Bakhtavoryan, Rafael; Kondaridze, Magdana |
| Keywords: | Health Economics and Policy, Agricultural and Food Policy, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312914&r= |
| By: | Riccardo Bianchi Vimercati; Martin S. Eichenbaum; Joao Guerreiro |
| Abstract: | We address the question of how sensitive is the power of fiscal policy in the ZLB to the assumption of rational expectations. We do so through the lens of a standard NK model in which people are level-k thinkers. Our analysis weakens the case for using government spending to stabilize the economy when the ZLB binds. The less sophis- ticated people are, the smaller is the size of the government-spending multiplier. Our analysis strengthens the case for using tax policy to stabilize output when the ZLB is binding. The power of tax policy to stabilize the economy during the ZLB period is essentially undiminished when agents do not have rational expectations. Finally, we show that the way in which tax policy is communicated is critical to its effectiveness. |
| JEL: | E0 E32 E62 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29134&r= |
| By: | Yaya, OlaOluwa S; Adekoya, Oluwasegun B.; Babatunde, Oluwagbenga T. |
| Abstract: | The infant mortality rates in 45 Asian countries (1960-2018), obtained from the Federal Reserve Bank of St. Louis database, are investigated using the I(d) framework, which allows for simultaneous estimation of the degree of persistence and nonlinearities in infant mortality rates as well as their growth rates. A high degree of persistence in the decreases of mortality rate is found with nonlinear evidence in the majority of the cases, confirming nonlinear dynamics of mortality rates. In the growth of mortality rates, we find ten countries (Armenia, Indonesia, Israel, Japan, Kuwait, Myanmar, Saudi Arabia, Sri Lanka, Thailand, and UAE) with evidence of mean reversion. Health management in those listed countries needs to kick start interventions that improve the survival rates of infants. |
| Keywords: | Infant mortality rate; Death rate; Fractional persistence; Nonlinearity; Asia |
| JEL: | C22 C40 C60 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109370&r= |
| By: | Mr. Ales Bulir; Mr. Juan S Corrales; Andres Gonzalez; Dyna Heng; Diego Rodriguez; Daniel Baksa |
| Abstract: | This technical note and manual (TNM) addresses the following issues: • Evaluating the full implications from the policies adopted to mitigate the impact of the COVID-19 pandemic on the economy requires a well-developed macroeconomic framework. This note illustrates how such frameworks were used to analyze Colombia and Cambodia's shock impact at the beginning of the pandemic. • The use of macroeconomic frameworks is not to infer general policy conclusions from abstract models or empirical analysis but to help policymakers think through and articulate coherent forecasts, scenarios, and policy responses. • The two country cases illustrate how to construct a baseline scenario consistent with a COVID-19 shock within structural macroeconomic models. The scenario is built gradually to incorporate the available information, the pandemic's full effects, and the policy responses. • The results demonstrate the value of combining close attention to the data, near-term forecasting, and model-based analyses to support coherent policies. |
| Keywords: | TNM;potential GDP;fiscal policy variable;monetary policy rate;headline inflation;labor supply shock;modeling literature strand |
| Date: | 2021–04–01 |
| URL: | http://d.repec.org/n?u=RePEc:imf:imftnm:2021/001&r= |
| By: | David Anthoff; Francis Dennig; Johannes Emmerling |
| Abstract: | The consensus view amongst economists is that carbon prices, in order to be effcient, must be the same across the globe. But when there are inefficiencies in the allocation of capital so that consumers in different countries face different discount rates, we show that efficient carbon prices must be different across countries. This is a consequence of Hotelling’s familiar argument on the price of a non-renewable resource: it must grow at the rate of the next best use of marginal funds, which is equal to the country’s discount rate. If different countries discount at different rates, their carbon prices ought to grow at different rates as well. If they grow at different rates, they can’t be the same all of the time, as first-best carbon prices are. The computational climate policy literature has so far avoided this conclusion by altering time preferences in a country specific way through time-varying Negishi weights. We show that the use of such weights causes inefficient policy prescriptions and, furthermore, has the particularly undesirable consequence of incorrectly discounting future consumption more in countries with high growth rates. The existence of inefficiencies in the savings process - causing differences in discount rates - is well-known and should be acknowledged head on in climate policy analysis. Doing so results in global mitigation policy with carbon price paths for different countries growing (efficiently) at different rates. |
| Keywords: | carbon price, Hotelling rule, efficient climate policy, Negishi weights, integrated assessment models, discounting |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_9243&r= |
| By: | George Athanasopoulos; Nikolaos Kourentzes |
| Abstract: | The aim of this paper is to provide a thinking road-map and a practical guide to researchers and practitioners working on hierarchical forecasting problems. Evaluating the performance of hierarchical forecasts comes with new challenges stemming from both the structure of the hierarchy and the application context. We discuss several relevant dimensions for researchers and analysts: the scale and units of the time series, the issue of sparsity, the forecast horizon, the importance of multiple evaluation windows and the multiple objective decision context. We conclude with a series of practical recommendations. |
| Keywords: | Aggregation, coherence, hierarchical time series, reconciliation |
| JEL: | C18 C53 C55 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:msh:ebswps:2021-10&r= |
| By: | Farrukh Iqbal (Center for Social Policy Research.); Aadil Nakhoda (Institute of Business Administration, Karachi.) |
| Abstract: | Size-based industrial policy is usually justified in developing countries on the basis of positive externalities arising from an assumed inverse relationship between size and firm dynamism, whereby smaller firms generate jobs faster than larger firms and thus absorb more labour. Theoretically, such a profile could arise from the stylized lifecycle of the typical firm which starts small and grows on the basis of economies of scale until a point where such economies are fully exploited. A similar profile could also be generated by the rising age of the firm. In this case, the firm grows faster when young, driven by the effort, ideas and risk-taking of young owners and managers, but grows slower as they mature and become more risk averse and more cognizant of their firm’s capabilities. In recent decades, empirical support has been found for both size and age effects on employment growth in some developed and developing countries. For Pakistan, the joint effects of size and age on employment growth have not been studied at the national level, even though size-based industrial policies have long been applied and age-based policies are growing in popularity. We address this gap in this paper and report three key findings: (i) size is inversely related to employment growth among manufacturing firms in Pakistan; (ii) the effects appear to be concentrated among firms having 50 workers or less; and (iii) age is not a statistically significant determinant of employment growth when all manufacturing sub-sectors are considered in the aggregate. |
| Keywords: | Firm Size; Firm Age; Employment Growth; Manufacturing; Pakistan; Industrial Policy |
| JEL: | L25 O14 |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2020:27&r= |
| By: | Alexander S. Kritikos (DIW Berlin, University of Potsdam, IZA Bonn, IAB Nuremberg); Alexander Schiersch (DIW Berlin); Caroline Stiel (DIW Berlin) |
| Abstract: | In Germany, the productivity of professional services, a sector dominated by micro and small firms, declined by 40 percent between 1995 and 2014. This productivity decline also holds true for professional services in other European countries. Using a German firm-level dataset of 700,000 observations between 2003 and 2017, we analyze this largely uncovered phenomenon among professional services, the 4th largest sector in the EU15 business economy, which provide important intermediate services for the rest of the economy. We show that changes in the value chain explain about half of the decline and the increase in part-time employment is a further minor part of the decline. In contrast to expectations, the entry of micro and small firms, despite their lower productivity levels, is not responsible for the decline. We also cannot confirm the conjecture that weakening competition allows unproductive firms to remain in the market. |
| Keywords: | business services, labor productivity, productivity slowdown |
| JEL: | L84 O47 D24 L11 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:pot:cepadp:37&r= |
| By: | Carvalho, Mckenzie; Kim, Ayoung; Harri, Ardian; Smith, Rebecca C.; Turner, Steven C. |
| Keywords: | Community/Rural/Urban Development, Institutional and Behavioral Economics, Consumer/Household Economics |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312755&r= |
| By: | Matteo Michielon; Asma Khedher; Peter Spreij |
| Abstract: | Risk-neutral default probabilities can be implied from credit default swap (CDS) market quotes. In practice, mid CDS quotes are used as inputs, as their risk-neutral counterparts are not observable. We show how to imply risk-neutral default probabilities from bid and ask quotes directly by means of formulating the CDS calibration problem to bid and ask market quotes within the conic finance framework. Assuming the risk-neutral distribution of the default time to be driven by a Poisson process we prove, under mild liquidity-related assumptions, that the calibration problem admits a unique solution that also allows to jointly calculate the implied liquidity of the market. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.06578&r= |
| By: | Palardy, Nathan P.; Costanigro, Marco; Cannon, Joseph P.; Bayham, Jude |
| Keywords: | Marketing, Agricultural and Food Policy, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312911&r= |
| By: | Avenyo, Elvis Korku |
| Abstract: | Recognising that enterprises learn how to produce goods and services in the informal economy, this paper examines the effect of two learning processes (apprenticeship and ‘formal interactions’) on the product innovativeness of informal enterprises in Ghana. Employing unique survey data on 513 enterprises and the Type II Tobit model, our analyses reveal that apprenticeship, on the one hand, enhances the technological capability of enterprises leading to product innovativeness, while competitive formal interactions, on the other hand, provide important market feedback that enhances the innovativeness of enterprises. The paper concludes by discussing the policy implications of these findings. |
| Keywords: | Innovation; Informal Sector; Learning; SMEs; Ghana; sub-Saharan Africa (SSA) |
| JEL: | D22 L25 L53 O12 O17 O31 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:108839&r= |
| By: | Diller, Markus; Lorenz, Johannes; Schneider, Georg; Sureth, Caren |
| Abstract: | This study investigates how strategic tax transfer pricing of a multinational company (MNC) and two tax authorities in different countries affects production and tax avoidance decisions at the firm level and tax revenues at the country level. We employ a game-theoretical model to analyze the costs and benefits of two tax transfer pricing regimes (consistency vs. inconsistency) under asymmetric information. Though tax transfer pricing harmonization is considered a promising instrument to fight undesired tax avoidance, the implications are largely unclear. We find tax avoidance in equilibrium in both countries under inconsistency. Surprisingly, we identify conditions under which low-tax countries benefit from consistency while high-tax countries benefit from inconsistency. This explains how the strategic interaction of taxpayer and tax authorities under firm-level heterogeneity challenges the implementation of consistent regimes. Understanding the implications of (in)consistent transfer pricing rules is crucial when reforming transfer pricing regulations to fight tax avoidance and double taxation. |
| Keywords: | transfer pricing,transfer pricing inconsistency,tax avoidance,tax harmonization,strategic behavior,real effects |
| JEL: | H20 H26 C72 K34 F53 |
| Date: | 2021 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:arqudp:264&r= |
| By: | Adrien Auclert; Hannes Malmberg; Frederic Martenet; Matthew Rognlie |
| Abstract: | We use a sufficient statistic approach to quantify the general equilibrium effects of population aging on wealth accumulation, expected asset returns, and global imbalances. Combining population forecasts with household survey data from 25 countries, we measure the compositional effect of aging: how a changing age distribution affects wealth-to-GDP, holding the age profiles of assets and labor income fixed. In a baseline overlapping generations model this statistic, in conjunction with cross-sectional information and two standard macro parameters, pins down general equilibrium outcomes. Since the compositional effect is positive, large, and heterogeneous across countries, our model predicts that population aging will increase wealth-to- GDP ratios, lower asset returns, and widen global imbalances through the twenty-first century. These conclusions extend to a richer model in which bequests, individual savings, and the tax-and-transfer system all respond to demographic change. |
| JEL: | E21 F21 J11 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29161&r= |
| By: | Maryse Bresson (PRINTEMPS - Professions, institutions, temporalités - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines - CNRS - Centre National de la Recherche Scientifique, MSH Paris-Saclay - Maison des Sciences de l'Homme - Paris Saclay - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay); Jean Cartier-Bresson (Cemotev - Centre d'études sur la mondialisation, les conflits, les territoires et les vulnérabilités - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines, MSH Paris-Saclay - Maison des Sciences de l'Homme - Paris Saclay - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay); Monique Hirschhorn (CERLIS - UMR 8070 - Centre de recherche sur les liens sociaux - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UP - Université de Paris, MSH Paris-Saclay - Maison des Sciences de l'Homme - Paris Saclay - UVSQ - Université de Versailles Saint-Quentin-en-Yvelines - Université Paris-Saclay - CNRS - Centre National de la Recherche Scientifique - ENS Paris Saclay - Ecole Normale Supérieure Paris-Saclay) |
| Abstract: | Ce livre porte sur la production de savoirs en sciences sociales : il vise à éclairer la relation complexe entre les chercheurs académiques et la demande de savoirs émanant de divers acteurs, politiques, économiques, médiatiques…, ainsi que les conséquences de cette relation sur leur démarche et les résultats de leur recherche. Aboutissement d'un projet de recherche « Émergence » de la Maison des Sciences de l'Homme Paris-Saclay, cet ouvrage s'inscrit dans la continuité d'un autre, consacré à la vulnérabilité, qui soulevait, entre autres, le problème de l'efficacité des politiques publiques lorsqu'elles s'efforcent de répondre aux diverses crises et fragilités socio-économiques ou environnementales (Bresson Maryse, Geronimi Vincent & Pottier Nathalie (dir.), 2013. La Vulnérabilité, questions de recherche en sciences sociales, Fribourg, Academic Press Fribourg), et posait la question des savoirs qui peuvent éclairer leur action. Il élargit le questionnement en prenant en compte, à côté de la demande de savoirs des pouvoirs publics, celle du secteur privé, des associations, des groupes constitués, des citoyens et celle qui émane des chercheurs eux-mêmes. La tension qu'exerce cette demande multiforme est au cœur de la réflexion menée ici par des économistes et des sociologues de différents pays, avec pour fil conducteur l'idée que l'activité de recherche ne peut se réduire à l'expérience de contraintes (politiques, socioéconomiques, institutionnelles) insurmontables : réflexion riche car croisée entre des disciplines qui ne s'associent que rarement sur la recherche. De ce dialogue ouvert entre sociologues et économistes il ressort alors que, même lorsque la production de savoirs est strictement encadrée par des règles diverses, il reste toujours aux chercheurs la possibilité de s'interroger sur la marge de liberté dont ils disposent, d'en tirer les conséquences, et de développer des techniques de contournement. Par ailleurs, la demande peut être aussi celle d'utilisateurs directement intéressés aux problématiques traitées – décideurs, praticiens, ayant besoin de savoir orienté vers l'action (Policy oriented) ou citoyens cherchant les informations. Et il s'agit alors, pour les chercheurs, d'inventer des pratiques de recherche qui tiennent compte de ces logiques d'action. C'est donc un des intérêts du livre que de repenser ce que signifie l'autonomie des chercheurs, en tenant compte à la fois du renouvellement des contraintes et des formes d'encadrement d'une part, des savoirs co-construits et des libertés d'expérimenter d'autre part, et d'explorer comment ils peuvent « résister » aux injonctions et aux contrôles, mettant en place quelques ruses individuelles ou collectives pour protéger leur autonomie au travail. Au-delà, se pose la question déontologique de savoir si la recherche en sciences sociales peut répondre à la demande qui lui est adressée tout en contribuant, non au pouvoir des institutions et des idéologies dominantes, mais aux processus d'émancipations individuelles et collectives, au développement de la démocratie. Une question toujours ouverte, car elle est, in fine, au cœur même de la définition des sciences sociales et de leur importance dans la dynamique des sociétés. |
| Keywords: | sociologues,économistes,savoirs,demande sociale,participation |
| Date: | 2019–11–25 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-03257141&r= |
| By: | BAH, Mamadou Mouminy |
| Abstract: | This paper analyses the effects of agglomeration economies on firm labour misallocation, using the Ivorian firm data from 2013-2016. After measuring the degree of firm labour misallocation in the first step, we assess the level of labour misallocation in denser regions in the second step. The results show on the one hand that the average labour misallocation (labour gap) at the firm level is 2,825,887 FCFA ($5,137.97 ) over the period 2013-2016 and this gap has significantly decreased over years. On the other hand, firms located in denser regions exhibit lower labour misallocation. In terms of the magnitude, both localisation and urbanisation economies are large and statistically significant. A 10% increase in the degree of localisation in a region reduces the labour misallocation by 7.41% on average, while a 10% increase in the degree of urbanisation alters the labour misallocation by 4.26%. These findings confirm that labour misallocation has a geographical dimension, in addition to the firm characteristics. A sound policy needs to accounts for the spatial distribution of firms and the creation of active poles of development in major Ivorian regions. |
| Keywords: | Localisation, Urbanisation, Misallocation, Total factor productivity, firm-level data |
| JEL: | D24 L25 O4 R3 |
| Date: | 2021–08–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109314&r= |
| By: | Amir Sufi; Alan M. Taylor |
| Abstract: | Financial crises have large deleterious effects on economic activity, and as such have been the focus of a large body of research. This study surveys the existing literature on financial crises, exploring how crises are measured, whether they are predictable, and why they are associated with economic contractions. Historical narrative techniques continue to form the backbone for measuring crises, but there have been exciting developments in using quantitative data as well. Crises are predictable with growth in credit and elevated asset prices playing an especially important role; recent research points convincingly to the importance of behavioral biases in explaining such predictability. The negative consequences of a crisis are due to both the crisis itself but also to the imbalances that precede a crisis. Crises do not occur randomly, and, as a result, an understanding of financial crises requires an investigation into the booms that precede them. |
| JEL: | E32 E44 E7 G01 G10 N20 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29155&r= |
| By: | Hua, Yizhou; Wang, Hong Holly; Wilson, Christine A. |
| Keywords: | Teaching/Communication/Extension/Profession, Research Methods/Statistical Methods, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312895&r= |
| By: | Aroon Narayanan |
| Abstract: | This paper studies single-peaked domains where the designer is uncertain about the underlying alignment according to which the domain is single-peaked. The underlying alignment is common knowledge amongst agents, but preferences are private knowledge. Thus, the state of the world has both a public and private element, with the designer uninformed of both. I first posit a relevant solution concept called implementation in mixed information equilibria, which requires Nash implementation in the public information and dominant strategy implementation in the private information given the public information. I then identify necessary and sufficient conditions for social rules to be implementable. The characterization is used to identify unanimous and anonymous implementable social rules for various belief structures of the designer, which basically boils down to picking the right rules from the large class of median rules identified by Moulin (1980), and hence this result can be seen as identifying which median rules are robust to designer uncertainty. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11268&r= |
| By: | Nadeem Ul Haque (Pakistan Institute of Development Economics, Islamabad); Raja Rafi Ullah (Pakistan Institute of Development Economics, Islamabad) |
| Abstract: | Government’s footprint on the economy in Pakistan is more than what annual general government spending (22 percent of GDP) suggests. In addition to spending; about 200 State Owned Entities, SROs culture and cumbersome business regulations combine towards a footprint of the government amounting to approximately 67 percent on Pakistan’s Economy |
| Date: | 2020 |
| URL: | http://d.repec.org/n?u=RePEc:pid:wpaper:2020:26&r= |
| By: | Howry, Sierra S.; Jungbluth, Angela; Ratliff, English L. |
| Keywords: | Productivity Analysis, Marketing, Agricultural Finance |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312668&r= |
| By: | Subhadip Chakrabarti; Loyimee Gogoi; Robert P Gilles; Surajit Borkotokey; Rajnish Kumar |
| Abstract: | A network game assigns a level of collectively generated wealth to every network that can form on a given set of players. A variable network game combines a network game with a network formation probability distribution, describing certain restrictions on network formation. Expected levels of collectively generated wealth and expected individual payoffs can be formulated in this setting. We investigate properties of the resulting expected wealth levels as well as the expected variants of well-established network game values as allocation rules that assign to every variable network game a payoff to the players in a variable network game. We establish two axiomatizations of the Expected Myerson Value, originally formulated and proven on the class of communication situations, based on the well-established component balance, equal bargaining power and balanced contributions properties. Furthermore, we extend an established axiomatization of the Position Value based on the balanced link contribution property to the Expected Position Value. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.07047&r= |
| By: | C. Palomino, Juan; G. Rodríguez, Juan; Sebastian, Raquel |
| Abstract: | We evaluate the distributional consequences of social distancing for the case of Spanish regions. Under 2 months of lockdown plus 10 months of partial functioning our study consistently finds potential wage losses that are sizeable and uneven across the wage distribution all around Spain, but with different intensity depending on the region's productive structure. The increase of the headcount poverty index oscillates between 8.2 (Navarre) and 19.2 (the Balearic Islands) percentage points, while the Gini coefficient rises between 2.3 (Navarre) and 5.3 (the Balearic Islands) Gini points. We also find that inequality between regions increases, eroding regional cohesion in Spain. |
| Keywords: | COVID-19, poverty, inequality, teleworking, social distancing, regions, Spain |
| JEL: | D33 E24 J21 J31 |
| Date: | 2021–01 |
| URL: | http://d.repec.org/n?u=RePEc:amz:wpaper:2021-06&r= |
| By: | Qingyu Xu (Whiting School of Engineering, Johns Hopkins University, USA); Benjamin Hobbs (Whiting School of Engineering, Johns Hopkins University, USA) |
| Keywords: | Carbon policy, Border carbon adjustment, Electricity markets, Expansion planning, Market efficiency |
| JEL: | H23 L94 Q48 |
| Date: | 2020–11 |
| URL: | http://d.repec.org/n?u=RePEc:enp:wpaper:eprg2032&r= |
| By: | Howry, Sierra S.; Ratliff, English L.; Jungbluth, Angela |
| Keywords: | Teaching/Communication/Extension/Profession, Production Economics, Agribusiness |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312667&r= |
| By: | Lester R. Lusher; Winnie Yang; Scott E. Carrell |
| Abstract: | Publishing takes a long time in economics. Consequently, many authors release “working” versions of their papers. Using data on the NBER working paper series, we show that the dissemination of economics research suffers from an overcrowding problem: An increase in the number of weekly released working papers on average reduces downloads, abstract views, and media attention for each paper. Subsequent publishing and citation outcomes are harmed as well. Furthermore, descriptive evidence on viewership and downloads suggests working papers significantly substitute for the dissemination function of publication. These results highlight inefficiencies in the dissemination of economic research even among the most exclusive working paper series and suggest large social losses due to the slow publication process. |
| JEL: | I2 J01 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29153&r= |
| By: | Balasubramanya, Soumya; Buisson, Marie-Charlotte; Mitra, Archisman; Stifel, David |
| Keywords: | International Development, Agricultural and Food Policy, Teaching/Communication/Extension/Profession |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312900&r= |
| By: | Ajewole, Oluwafemi O.; Ayinde, Opeyemi E.; Tahirou, Abdoulaye; Miranda, Mario J.; Olaoye, Ibukun James |
| Keywords: | Productivity Analysis, International Development, Research Methods/Statistical Methods |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:ags:aaea21:312915&r= |
| By: | Tymon Słoczyński (Brandeis University) |
| Abstract: | This presentation describes hettreatreg, a Stata package to compute diagnostics for linear regression when treatment effects are heterogeneous. Following my recent paper, "Interpreting OLS Estimands When Treatment Effects Are Heterogeneous: Smaller Groups Get Larger Weights" (forthcoming, Review of Economics and Statistics), every OLS estimate of the coefficient on a binary variable ("treatment") in a linear model with additive effects can be represented as a weighted average of two other estimates, corresponding to average treatment effects on the treated (ATT) and untreated (ATU). Surprisingly, the weights on these estimates are inversely related to the proportion of observations in each group. Thus, when there are very few treated (untreated) observations, OLS estimates are similar to those of the ATT (ATU). When the sample is roughly balanced, OLS estimates are similar to those of the average treatment effect (ATE). The package hettreatreg estimates the OLS weights on ATT and ATU, computes the associated model diagnostics, and reports the implicit OLS estimates of ATE, ATT, and ATU. I illustrate the use of hettreatreg with empirical examples. |
| Date: | 2021–08–07 |
| URL: | http://d.repec.org/n?u=RePEc:boc:scon21:11&r= |
| By: | Wolfgang Karl H\"ardle; Rainer Schulz; Taojun Sie |
| Abstract: | Excessive house price growth was at the heart of the financial crisis in 2007/08. Since then, many countries have added cooling measures to their regulatory frameworks. It has been found that these measures can indeed control price growth, but no one has examined whether this has adverse consequences for the housing wealth distribution. We examine this for Singapore, which started in 2009 to target price growth over ten rounds in total. We find that welfare from housing wealth in the last round might not be higher than before 2009. This depends on the deflator used to convert nominal into real prices. Irrespective of the deflator, we can reject that welfare increased monotonically over the different rounds. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11915&r= |
| By: | Liang Zhao; Wei Li; Ruihan Bao; Keiko Harimoto; YunfangWu; Xu Sun |
| Abstract: | Trading volume movement prediction is the key in a variety of financial applications. Despite its importance, there is few research on this topic because of its requirement for comprehensive understanding of information from different sources. For instance, the relation between multiple stocks, recent transaction data and suddenly released events are all essential for understanding trading market. However, most of the previous methods only take the fluctuation information of the past few weeks into consideration, thus yielding poor performance. To handle this issue, we propose a graphbased approach that can incorporate multi-view information, i.e., long-term stock trend, short-term fluctuation and sudden events information jointly into a temporal heterogeneous graph. Besides, our method is equipped with deep canonical analysis to highlight the correlations between different perspectives of fluctuation for better prediction. Experiment results show that our method outperforms strong baselines by a large margin. |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:arx:papers:2108.11318&r= |
| By: | John Asker; Volker Nocke |
| Abstract: | This survey examines recent developments in economic research relating to antitrust, paying specific attention to research in the areas of collusion and merger enforcement. Research relating to both collusion and mergers has made significant advances in the last twenty years. With respect to collusion, this includes important theoretical and empirical work on the sustainability, structure, and impact of collusive schemes. With respect to mergers, this includes important work on the impact of enforcement institutions, both theoretical and empirical work on unilateral effects, and theoretical work on the selection of which mergers get proposed to antitrust agencies and optimal policy in the face of that selection. A feature of recent research is the increasing complementarity between empirical work (ranging from observational studies to model-based measurement) and theoretical work in advancing our understanding of collusive and merger-related phenomena. |
| JEL: | K21 L4 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:29175&r= |
| By: | Haofeng Jin; Zhentong Lu |
| Abstract: | Salespeople are widely employed in many industries and are perceived as an effective marketing strategy. However, due to lack of field data, direct empirical evidence on the effectiveness of salespeople is scarce. In this paper, leveraging a unique retail sales data set from a leading Chinese cold-drink manufacturer and information on its implemented salespeople assignment rule, we measure the causal effect of salespeople on product revenue. Our estimation strategy features a non-linear control function approach to address the endogeneity problem in salespeople assignment by exploiting the manufacturer’s internal allocation rules. Our results show that the marginal effect of the first salesperson is 16.2 percent and that of the second is 10.6 percent. We provide some evidence on the incentive issues caused by the manufacturer’s compensation plan as a possible explanation for the decreasing effect of an additional salesperson. |
| Keywords: | Labour markets; Service sector |
| JEL: | L81 M5 |
| Date: | 2021–08 |
| URL: | http://d.repec.org/n?u=RePEc:bca:bocawp:21-40&r= |
| By: | Douglas, Roger (The Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise) |
| Abstract: | All we need is a new welfare system, Superannuation - The miracle of compound interest normally works against ordinary people, now it works for us - Once the savings policies outlined in this paper are fully mature, 95% plus of all New Zealanders will retire with 4-5 million dollars in their super fund accounts. No longer will New Zealanders get less out in pensions than the government takes in taxes. Old age will never be a reason for poverty again. Health - Vets don’t have waiting lists, nor will New Zealanders when every New Zealander has a comprehensive catastrophic health policy ever year of their life. Patients with private insurance rarely have to queue. The policy outlined in this paper, gives you back your tax dollars, in a way that enables you to purchase your own insurance policy. Education - Will once again become the route to advancement, when we cut out the middleman and let parents pay the school direct, then the school will get a dollar for every dollar spent on education. Real equality of opportunity gives the same spending power to everyone- and lets them choose their education. Choice in the educational system will raise our standards of achievement. Choice will give low-income families the same options as everyone else. Housing -Our shared home ownership model of housing will bring home ownership within the reach of everyone who works. Residential section development will be pushed to the maximum extent possible, and at reasonable prices. Out of Work—Being out of work for any reason an accident, being sick or unemployed, will all be covered by the same out of work welfare policy framework, ending any future attempts to fiddle the system. Debt—New Zealand’s one trillion dollars of unfunded welfare debt for health and pensions will disappear over time. Those years of living beyond our means will be behind us and taxes will drop as a consequence. Poverty - The superannuation and health policies outlined in this paper will ensure that old age will never be a cause of poverty in New Zealand again. Far lower taxes allow workers to keep more of what they earn, much better incentives for people to work, better education and health policies will all help to lower poverty and keep it there. Economy—The lowest personal taxes in the world. That makes us one of the most attractive countries in the world. Taken together the policies in this paper will produce a strong and sustainable economic surge in New Zealand, and as a result our opportunities in life will be transformed. |
| Date: | 2021–07 |
| URL: | http://d.repec.org/n?u=RePEc:ris:jhisae:0189&r= |
| By: | Amavilah, Voxi Heinrich; Otero, Abraham; Andres, Antonio Rodriguez |
| Abstract: | Knowledge economy (KE) has been a central issue in the political economic literature of advanced economies, but little research has focused on the transition towards a KE in Africa. Using a latent profile analysis, six clusters of the KE were found in the region. The clusters range from very prepared with good performance in all KE dimensions (institutional, education, and innovation output) to very unprepared with low performance inf each KE dimension. Lastly, we offer policy recommendations that shed some light on the national and international economic policies towards a more knowledge-oriented environment. One such recommendation is that effective policies should consider both the similarities and dissimilarities of African knowledge economies. How precise that can be done is one direction future research can take. |
| Keywords: | Africa, model-based clustering; knowledge economy; cross-country comparisons; exploratory analysis |
| JEL: | C45 O10 O34 O35 O55 P00 P48 |
| Date: | 2021–03–15 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:109188&r= |